Stock Monitor: Sundance Energy Australia Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 24, 2018 / If you want access to our free earnings report on Cabot Oil & Gas Corp. (NYSE: COG) ("Cabot"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=COG. Cabot reported its first quarter fiscal 2018 operating and financial results on April 27, 2018. The independent oil and gas Company outperformed top- and bottom-line expectations and re-affirmed guidance for FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Cabot Oil & Gas most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
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Earnings Highlights and Summary
For the quarter ended March 31, 2018, Cabot recorded operating revenues of $473.2 million compared to $517.8 million in Q1 2017. The Company's reported numbers topped analysts' estimates of $463.3 million.
Cabot's equivalent production was 169.6 billion cubic feet equivalent (Bcfe), consisting of 164.6 billion cubic feet (Bcf) of natural gas, 754.0 thousand barrels (Mbbls) of crude oil and condensate, and 75.1 Mbbls of natural gas liquids (NGLs). Production for all three product categories exceeded the high-end of the Company's guidance for the reported quarter.
During Q1 2018, Cabot's operating expenses decreased to $1.58 per thousand cubic feet equivalent (Mcfe), reflecting a 21% improvement compared to the prior year's same period.
Cabot reported net income of $117.2 million, or $0.26 per share, in Q1 2018 compared to net income of $105.7 million, or $0.23 per share, in Q1 2017. The Company's reported quarter adjusted net income was $128.5 million, or $0.28 per share, compared to adjusted net income of $89.1 million, or $0.19 per share, in the prior-year's same period. Cabot's earnings surpassed Wall Street's estimates of $0.26 per share.
Operating Results
During Q1 2018, Cabot's natural gas price realizations, including the impact of derivatives, were $2.44 per thousand cubic feet (Mcf), down 8% on a y-o-y basis. For the reported quarter, the Company's oil price realizations, including the impact of derivatives, were $63.61 per barrel (Bbl), representing an increase of 36% compared to the prior year's corresponding period. Cabot's NGL price realizations for Q1 2018 jumped 155 to $23.75 per Bbl,
During Q1 2018, Cabot averaged 1,822 million cubic feet (Mmcf) per day of net Marcellus production, reflecting an increase of 3% sequentially, despite the Company not placing any wells on production during the reported quarter. In Q2 2018, Cabot plans to place 20.0 net wells on production, of which 16.0 net wells have already been turned to sales.
Cabot is currently operating three rigs and two completion crews in the Marcellus Shale.
Financial Position and Liquidity
As of March 31, 2018, Cabot had total debt of $1.5 billion and cash on hand of $964.9 million. The Company's net debt to adjusted capitalization ratio and net debt to trailing twelve months earnings before interest, taxes, depreciation, depletion, amortization, and exploration expenses (EBITDAX) ratio were 18.8% and 0.5x, respectively, compared to 29.2% and 1.0x as of December 31, 2017.
Cabot incurred a total of $167.3 million of capital expenditures in Q1 2018 including $158.2 million of drilling and facilities capital, $7.4 million of leasehold acquisition capital, and $1.7 million of other capital. Additionally, the Company contributed $35.4 million to its equity pipeline investments in the reported quarter.
For Q1 2018, Cabot's net cash provided by operating activities was $272.8 million compared to $269.4 million in the prior year's same period. The Company's reported quarter free cash flow was $88.6 million compared to $56.9 million in the prior year's same period.
Share Repurchase Program Update
During Q1 2018, Cabot repurchased 8.3 million shares at a weighted-average share price of $24.85. After the end of the first-quarter, the Company repurchased an additional 1.6 million shares at a weighted-average share price of $23.40 under a Rule 10b5-1 plan, resulting in year-to-date repurchases of approximately 10.0 million shares at a weighted-average share price of $24.61. The Company has 20.1 million shares remaining under its current share repurchase program authorization.
Outlook
Cabot provided second-quarter 2018 net production guidance of 1,850 to 1,900 Mmcfe per day. The Company also reaffirmed its total 2018 daily production growth guidance of 10 to 15% and its full-year capital budget of $950 million.
Cabot noted that its 2018 plan remains on track to deliver double-digit corporate returns, double-digit growth in production per debt-adjusted share, and over $180 million of positive free cash flow at current prices.
Stock Performance Snapshot
May 23, 2018 - At Wednesday's closing bell, Cabot Oil & Gas' stock marginally dropped 0.04%, ending the trading session at $22.78.
Volume traded for the day: 5.61 million shares.
After yesterday's close, Cabot Oil & Gas' market cap was at $10.32 billion.
The stock has a dividend yield of 1.05%.
The stock is part of the Basic Materials sector, categorized under the Independent Oil & Gas industry.
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