Exhibit 99.1

 

 

NEWS RELEASE

    Cabot Oil & Gas Corporation

 

 

840 Gessner Rd., Houston, Texas 77024-4152

 

P. O. Box 4544, Houston, Texas 77210-4544

 

(281) 589-4600

 

 

FOR RELEASE

FOR MORE INFORMATION CONTACT

February 20, 2012

Scott Schroeder (281) 589-4993

 

Cabot Oil & Gas Corporation Announces 2011 Results,

Record Production of 187.5 Bcfe

 

HOUSTON, February 20, 2012 - Cabot Oil & Gas Corporation (NYSE: COG) today announced its 2011 financial results, including net income of $122.4 million, or $0.59 per share, taking into account the recent 2-for-1 stock split.  Cash flow from operations for the full year 2011 was $501.8 million and discretionary cash flow was $549.2 million.  These results compare to 2010 net income of $103.4 million, or $0.50 per share, cash flow from operations of $484.9 million and discretionary cash flow of $471.9 million.  The full year selected items, detailed in an attached table, increase net income to $139.2 million, or $0.67 per share, compared to $102.4 million, or $0.49 per share, as adjusted for 2010.

 

“In 2011, we continued our focused effort primarily in two basins with outstanding results that were not only recognized in our operating performance, but also in our total shareholder return,” said Dan O. Dinges, Chairman, President and Chief Executive Officer. “We exceeded 3.0 Tcfe of total proved reserves, grew production 44 percent and reduced overall leverage at the same time.”

 

For 2011, equivalent production reached a record 187.5 Bcfe, establishing a new benchmark for both absolute production and for year-over-year growth of 43.5 percent.  The price received for natural gas was $4.46 per Mcf in 2011 versus $5.69 per Mcf in 2010, while oil was $90.49 per barrel in 2011 versus $97.91 per barrel in 2010.  Gains associated with the hedge portfolio once again added to price realizations and improved overall revenues in 2011 by $86.3 million.  “In spite of our hedge book, we still experienced just over a 20 percent decline in gas prices and about an eight percent decline in realized oil prices year-over-year.  Fortunately, our significant production growth more than offset the softness in commodity pricing to generate increased net income,” commented Dinges.  “Also contributing, our total operating expense per unit fell 27 percent year-over-year.  We also reduced leverage year-over-year, even with a significant investment program, lowering our net adjusted capitalization ratio to 30.4 percent.”

 

Fourth Quarter

 

The reported 2011 fourth quarter figures include net income of $26.4 million, or $0.13 per share, $126.5 million for cash flow from operations and $121.0 million for discretionary cash flow.  These compare to 2010 fourth quarter net income of $49.1 million, or $0.24 per share, cash flow from operations of $117.4 million and discretionary cash flow of $89.8 million. Removing the selected items, which are highlighted in

 

1


The following information was filed by Cabot Oil Gas Corp (COG) on Tuesday, February 21, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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