HOUSTON, Oct. 29, 2020 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG) ("Cabot" or the "Company") today reported financial and operating results for the third quarter of 2020.

"2020 has proven to be the most challenging year for natural gas prices in the last 25 years, resulting from a multi-year trend of overcapitalization of both oil and natural gas assets across our industry," stated Dan O. Dinges, Chairman, President and Chief Executive Officer. "However, we are optimistic about the path forward as our industry as a whole has begun to adopt a similar philosophy on disciplined capital allocation that has been paramount to Cabot's strategy for years, which is centered on delivering strong corporate returns, generating free cash flow, returning capital to shareholders, and maintaining a strong balance sheet. We believe this capital discipline, along with rebounding demand largely driven by exports, will continue to move natural gas supply and demand toward a more sustainable balance, allowing Cabot to deliver a significant expansion of free cash flow in 2021 and beyond, while also increasing our return on and of capital."

Third Quarter 2020 Financial Results

Third quarter 2020 daily production was 2,406 million cubic feet equivalent (Mmcfe) per day (100 percent natural gas). During the third quarter of 2020, the Company drilled 13.0 net wells, completed 18.1 net wells, and placed 28.2 net wells on production.

Third quarter 2020 natural gas price realizations, including the impact of derivatives, were $1.57 per thousand cubic feet (Mcf), a decrease of 26 percent compared to the prior-year period. Excluding the impact of derivatives, third quarter 2020 natural gas price realizations were $1.51 per Mcf, representing a $0.47 discount to NYMEX settlement prices compared to a $0.34 discount in the prior-year period. Third quarter 2020 operating expenses (including interest expense) were $1.41 per thousand cubic feet equivalent (Mcfe), an improvement of one percent compared to the prior-year period.

Third quarter 2020 net loss was $15.0 million, or $0.04 per share, compared to net income of $90.4 million, or $0.22 per share, in the prior-year period. Third quarter 2020 adjusted net income (non-GAAP) was $37.3 million, or $0.09 per share, compared to $119.7 million, or $0.29 per share, in the prior-year period. Third quarter 2020 EBITDAX (non-GAAP) was $163.7 million, compared to $283.6 million in the prior-year period.

Third quarter 2020 net cash provided by operating activities was $129.1 million, compared to $270.9 million in the prior-year period. Third quarter 2020 discretionary cash flow (non-GAAP) was $146.9 million, compared to $275.5 million in the prior-year period. Third quarter 2020 free cash flow (non-GAAP) was ($0.3) million, compared to $72.4 million in the prior-year period. "Despite lower realized prices and the corresponding impact of strategic price-related curtailments on our production volumes, Cabot was able to deliver a free cash breakeven program during the third quarter," commented Dinges. "Based on the current NYMEX futures, we expect to generate between $125 and $150 million of free cash flow during the fourth quarter, resulting in our fifth consecutive year of positive free cash flow generation, despite the expectation for the lowest average annual NYMEX natural gas price on record since 1995."

Cabot incurred a total of $128.4 million of capital expenditures in the third quarter of 2020 including $119.2 million of drilling and facilities capital, $2.0 million of leasehold acquisition capital, and $7.2 million of other capital.

See the supplemental tables at the end of this press release for a reconciliation of non-GAAP measures including adjusted net income, discretionary cash flow, EBITDAX, free cash flow, net debt to adjusted capitalization ratio, and return on capital employed (ROCE).

Year-to-Date 2020 Financial Results

Daily equivalent production for the nine-month period ended September 30, 2020 was 2,333 Mmcfe per day (100 percent natural gas). During the nine-month period ended September 30, 2020, the Company drilled 49.2 net wells, completed 62.3 net wells, and placed 62.2 net wells on production.

Natural gas price realizations, including the impact of derivatives, were $1.60 per Mcf for the nine-month period ended September 30, 2020, a decrease of 38 percent compared to the prior-year period. For the nine-month period ended September 30, 2020, operating expenses (including interest expense) were $1.44 per Mcfe.

For the nine-month period ended September 30, 2020, net income was $69.3 million, or $0.17 per share, compared to $534.1 million, or $1.27 per share, in the prior-year period. Adjusted net income (non-GAAP) was $109.3 million, or $0.27 per share, compared to $578.0 million, or $1.38 per share, in the prior-year period. EBITDAX (non-GAAP) for the nine-month period ended September 30, 2020 was $489.6 million, compared to $1,108.3 million in the prior-year period.

For the nine-month period ended September 30, 2020, net cash provided by operating activities was $470.4 million, compared to $1,182.8 million in the prior-year period. Discretionary cash flow (non-GAAP) for the nine-month period ended September 30, 2020 was $464.6 million, compared to $1,083.2 million in the prior-year period. Free cash flow (non-GAAP) for the nine-month period ended September 30, 2020 was ($13.8) million, compared to $453.5 million in the prior-year period.

Cabot incurred a total of $463.9 million of capital expenditures during the nine-month period ended September 30, 2020 including $449.0 million of drilling and facilities capital, $3.3 million of leasehold acquisition capital, and $11.6 million of other capital.

Financial Position and Liquidity

As of September 30, 2020, Cabot had total debt of $1.2 billion and cash on hand of $0.2 million. The Company's debt-to-total capitalization ratio and debt-to-trailing twelve months EBITDAX ratio (non-GAAP) were 35.4 percent and 1.5x, respectively, compared to 36.2 percent and 0.9x as of December 31, 2019.  As of September 30, 2020, the Company had $28.0 million outstanding under its credit facility, resulting in approximately $1.5 billion of liquidity. "While our leverage ratio has increased moderately throughout 2020 as a result of reduced EBITDAX due to lower price realizations, we anticipate a significant reduction in our leverage in 2021 through a combination of higher EBITDAX resulting from improved price realizations and lower absolute debt levels as we plan to utilize a portion of our expected free cash flow to retire our 2021 debt maturities," said Dinges.

Upper Marcellus Operations Update

Cabot has placed five Upper Marcellus wells on production during 2020, which have been producing for an average of 140 days. These wells are located across the eastern, western, and northern areas of the Company's acreage position and are offset to currently producing Lower Marcellus wells. Based on the production history to date, on average these wells are currently exceeding the estimated ultimate recovery (EUR) of 2.7 billion cubic feet (Bcf) per thousand lateral feet that was reported at year-end for Cabot's 2018 and 2019 Upper Marcellus wells. "We believe these results continue to demonstrate the productivity of this distinct, economic interval across our 173,000 net acre position in the core of the dry gas window in northeast Pennsylvania," noted Dinges. "We plan to continue to allocate a modest amount of capital to the Upper Marcellus annually as we continue to optimize our well design and lateral placement across this interval, with the intent of moving to full development of our Upper Marcellus inventory at the tail end of this decade. We expect to develop the Upper Marcellus at an average lateral length greater than 10,000 feet, which would provide significant well cost savings, further improving the economics of our Upper Marcellus inventory."

Fourth Quarter / Full-Year 2020 and Preliminary 2021 Guidance

Cabot has reaffirmed its fourth quarter 2020 production guidance range of 2,300 to 2,350 Mmcfe per day, which includes the impact of previously announced price-related curtailments during the quarter. The Company has also reaffirmed its full-year 2020 production guidance range of 2,325 to 2,340 Mmcfe per day based on a capital program of $575 million.

Cabot has also provided preliminary 2021 production guidance of 2,350 Mmcfe per day from a capital program of $530 to $540 million, representing a seven percent reduction in capital spending year-over-year at the midpoint of the range. "Despite the expectation for higher price realizations and cash flow in 2021, our capital allocation priorities remain focused on maintaining our current production levels, funding our current dividend, retiring our 2021 debt maturities, and opportunistically returning incremental free cash flow to shareholders as we continue to target a minimum return of capital of at least 50 percent of free cash flow annually," stated Dinges. "While we will continue to analyze the natural gas market outlook as we evaluate the potential for disciplined investment in modest levels of growth capital in the future, it is our belief that the natural gas price futures for 2022 and beyond, which are currently in backwardation, do not warrant incremental levels of capital investment above our current maintenance capital requirements at this time."

Inaugural Sustainability Accounting Standards Board (SASB) Report

Cabot today issued its inaugural SASB report, highlighting the Company's commitment to environmental responsibility, workforce health and safety, business ethics, and risk management. The report is available at www.cabotog.com/corporate-responsibility. "At Cabot, we strive not only to be a leading independent producer of natural gas, but to also be a leader in safe, responsible operations, to minimize our impact on the environment, and to be a valued partner to our employees and communities," commented Dinges. "We believe this commitment, along with our operational success, continues to create value for our shareholders and other stakeholders in our communities. With the issuance of this inaugural SASB report, we are adding transparency into our environmental, social and governance programs, further highlighting our focus on sustainable and responsible operations."

Conference Call Webcast

A conference call is scheduled for Friday, October 30, 2020, at 9:30 a.m. Eastern Time to discuss third quarter 2020 financial and operating results. To access the live audio webcast, please visit the Investor Relations section of the Company's website. A replay of the call will also be available on the Company's website.

Cabot Oil & Gas Corporation, headquartered in Houston, Texas, is a leading independent natural gas producer with its entire resource base located in the continental United States. For additional information, visit the Company's website at www.cabotog.com.

This press release includes forward‐looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The statements regarding future financial and operating performance and results, returns to shareholders, strategic pursuits and goals, market prices, future hedging and risk management activities, and other statements that are not historical facts contained in this report are forward-looking statements. The words "expect", "project", "estimate", "believe", "anticipate", "intend", "budget", "plan", "forecast", "outlook", "predict", "may", "should", "could", "will" and similar expressions are also intended to identify forward-looking statements. Such statements involve risks and uncertainties, including, but not limited to, the continuing effects of the COVID-19 pandemic and the impact thereof on the Company's business, financial condition and results of operations, the availability of cash on hand and other sources of liquidity to fund our capital expenditures, the repayment of our debt maturities and our dividends, actions by, or disputes among or between, the Organization of Petroleum Exporting Countries and other producer countries, market factors, market prices (including geographic basis differentials) of natural gas and crude oil, results of future drilling and marketing activity, future production and costs, pipeline projects, legislative and regulatory initiatives, electronic, cyber or physical security breaches and other factors detailed herein and in our other Securities and Exchange Commission (SEC) filings. See "Risk Factors" in Item 1A of the Company's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q for additional information about these risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated.  Any forward-looking statement speaks only as of the date on which such statement is made, and the Company does not undertake any obligation to correct or update any forward-looking statement, whether as the result of new information, future events or otherwise, except as required by applicable law.

FOR MORE INFORMATION CONTACT
Matt Kerin (281) 589-4642

Explanation and Reconciliation of Non-GAAP Financial Measures

We report our financial results in accordance with accounting principles generally accepted in the United States (GAAP). However, we believe certain non-GAAP performance measures may provide financial statement users with additional meaningful comparisons between current results and results of prior periods. In addition, we believe these measures are used by analysts and others in the valuation, rating and investment recommendations of companies within the oil and natural gas exploration and production industry. See the reconciliations throughout this release of GAAP financial measures to non-GAAP financial measures for the periods indicated. 

We have also included herein certain forward-looking non-GAAP financial measures. Due to the forward-looking nature of these non-GAAP financial measures, we cannot reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measures, such as future impairments and future changes in capital. Accordingly, we are unable to present a quantitative reconciliation of such forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures. Reconciling items in future periods could be significant.

Reconciliation of Net (Loss) Income to Adjusted Net Income and Adjusted Earnings Per Share

Adjusted Net Income and Adjusted Earnings per Share are presented based on our belief that these non-GAAP measures enable a user of the financial information to understand the impact of these items on reported results. Adjusted Net Income is defined as net income or loss plus gain and loss on sale of assets, gain and loss on derivative instruments, stock-based compensation expense, severance expense, interest expense related to income tax reserves and tax effect on selected items. Additionally, this presentation provides a beneficial comparison to similarly adjusted measurements of prior periods. Adjusted Net Income and Adjusted Earnings per Share are not measures of financial performance under GAAP and should not be considered as alternatives to net income or loss and earnings or loss per share, as defined by GAAP. 

Return on Capital Employed

Return on Capital Employed (ROCE) is defined as Adjusted Net Income (defined above) plus after-tax net interest expense divided by average capital employed, which is defined as total debt plus stockholders' equity. ROCE is presented based on our belief that this non-GAAP measure is useful information to investors when evaluating our profitability and the efficiency with which we have employed capital over time. ROCE is not a measure of financial performance under GAAP and should not be considered an alternative to net income or loss, as defined by GAAP. 

Discretionary Cash Flow and Free Cash Flow Calculation and Reconciliation

Discretionary Cash Flow is defined as net cash provided by operating activities excluding changes in assets and liabilities. Discretionary Cash Flow is widely accepted as a financial indicator of an oil and gas company's ability to generate cash which is used to internally fund exploration and development activities, return capital to shareholders through dividends and share repurchases, and service debt. Discretionary Cash Flow is presented based on our belief that this non-GAAP measure is useful information to investors when comparing our cash flows with the cash flows of other companies that use the full cost method of accounting for oil and gas producing activities or have different financing and capital structures or tax rates. Discretionary Cash Flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating activities or net income or loss, as defined by GAAP, or as a measure of liquidity.

Free Cash Flow is defined as Discretionary Cash Flow (defined above) less capital expenditures and investment in equity method investments. Free Cash Flow is an indicator of a company's ability to generate cash flow after spending the money required to maintain or expand its asset base. Free Cash Flow is presented based on our belief that this non-GAAP measure is useful information to investors when comparing our cash flows with the cash flows of other companies. Free Cash Flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating activities or net income or loss, as defined by GAAP, or as a measure of liquidity. 

EBITDAX Calculation and Reconciliation

EBITDAX is defined as net income or loss plus interest expense, other expense, income tax expense and benefit, depreciation, depletion and amortization (including impairments), exploration expense, gain and loss on sale of assets, non-cash gain and loss on derivative instruments, earnings and loss on equity method investments, cash distributions received from equity method investments, and stock-based compensation expense. EBITDAX is presented based on our belief that this non-GAAP measure is useful information to investors when evaluating our ability to internally fund exploration and development activities and to service or incur debt without regard to financial or capital structure. EBITDAX is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating activities or net income or loss, as defined by GAAP, or as a measure of liquidity.

Net Debt Reconciliation

The total debt to total capitalization ratio is calculated by dividing total debt by the sum of total debt and total stockholders' equity. This ratio is a measurement which is presented in our annual and interim filings and we believe this ratio is useful to investors in determining our leverage. Net Debt is calculated by subtracting cash and cash equivalents from total debt. Net Debt and the Net Debt to Adjusted Capitalization ratio are non-GAAP measures which we believe are also useful to investors since we have the ability to and may decide to use a portion of our cash and cash equivalents to retire debt. Additionally, as we may incur additional expenditures without increasing debt, it is appropriate to apply cash and cash equivalents to debt in calculating the Net Debt to Adjusted Capitalization ratio.

Capital Expenditures

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SOURCE Cabot Oil & Gas Corporation

HOUSTON, Oct. 28, 2020 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG) today announced that its Board of Directors declared a regular dividend of ten cents ($0.10) per share on the Company's common stock. The dividend will be paid on November 23, 2020 to all shareholders of record as of the close of business on November 12, 2020.

Cabot Oil & Gas Corporation, headquartered in Houston, Texas is a leading independent natural gas producer, with its entire resource base located in the continental United States.  For additional information, visit the Company's homepage at www.cabotog.com.

FOR MORE INFORMATION CONTACT
Matt Kerin (281) 589-4642  

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SOURCE Cabot Oil & Gas Corporation

HOUSTON, Oct. 7, 2020 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG) ("Cabot" or the "Company") today provided an operational update for the third quarter of 2020 and announced updated 2020 guidance.

Third Quarter 2020 Operational Update

"On September 18, 2020, Cabot commenced a strategic curtailment program in response to weakness in regional natural gas prices throughout Appalachia, resulting in an estimated average daily curtailment of approximately 372 million cubic feet equivalent (Mmcfe) per day of gross production during the last 13 days of the quarter," stated Dan O. Dinges, Chairman, President and Chief Executive Officer. "While our low cost structure affords us the opportunity to deliver cash margins even in the lows of the natural gas price cycle, we continue to evaluate all opportunities to enhance value for our shareholders including the decision to temporarily forgo production in anticipation of generating higher margins for our volumes in the near future. Despite our price-related curtailments in September, Cabot's third quarter production still fell within our previously disclosed guidance range."

Cabot expects production for the third quarter of 2020 to be approximately 2,406 Mmcfe per day. Natural gas price realizations, including the impact of derivatives, are expected to be $1.57 per thousand cubic feet (Mcf) in the third quarter of 2020. Excluding the impact of derivatives, natural gas price realizations for the quarter are expected to be $1.51 per Mcf, representing a $0.47 discount to NYMEX settlement prices.

Updated 2020 Guidance

Taking into account the anticipated impact of continued price-related curtailments in October, which have averaged an estimated 450 Mmcfe per day of gross production month-to-date, Cabot has provided a fourth quarter 2020 production guidance range of 2,300 to 2,350 Mmcfe per day, resulting in an updated full-year 2020 production guidance range of 2,325 to 2,340 Mmcfe per day based on a capital program of $575 million. "While natural gas prices across North America currently remain challenged due to lower seasonal demand during the shoulder season and storage levels that are nearing capacity, we remain optimistic about the improving natural gas supply and demand outlook heading into 2021, which has resulted in a significant increase in the 2021 natural gas price futures since late July," noted Dinges. "This improvement in the natural gas price outlook is expected to result in a meaningful expansion in Cabot's free cash flow next year, which will allow the Company to utilize excess free cash flow for increased return of capital to shareholders and the repayment of our 2021 debt maturities."

2021 NYMEX Hedging Update

Cabot recently initiated its 2021 hedging position as a result of the improvement in the NYMEX futures for 2021. Currently, the Company has 138.5 million Mmbtu of NYMEX natural gas collars with a weighted average floor price of $2.63 per Mmbtu and a weighted average ceiling price of $3.01 per Mmbtu. The Company also has 18.3 million Mmbtu of NYMEX natural gas swaps with a weighted average price of $2.74 per Mmbtu. "Given the improvement in the 2021 NYMEX futures during the third quarter, we have implemented a price risk management strategy for 2021 to mitigate downside risk while still offering upside potential," commented Dinges. "Our hedging strategy continues to be focused on opportunistically locking in downside protection while maintaining some level of market price exposure if natural gas prices continue to move higher as a result of improving natural gas balances."

Cabot Oil & Gas Corporation, headquartered in Houston, Texas, is a leading independent natural gas producer with its entire resource base located in the continental United States. For additional information, visit the Company's website at www.cabotog.com.

This press release includes forward–looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The statements regarding future financial and operating performance and results, returns to shareholders, strategic pursuits and goals, market prices, future hedging and risk management activities, and other statements that are not historical facts contained in this report are forward-looking statements. The words "expect", "project", "estimate", "believe", "anticipate", "intend", "budget", "plan", "forecast", "outlook", "predict", "may", "should", "could", "will" and similar expressions are also intended to identify forward-looking statements. Such statements involve risks and uncertainties, including, but not limited to, the continuing effects of the COVID-19 pandemic and the impact thereof on the Company's business, financial condition and results of operations, the availability of cash on hand and other sources of liquidity to fund our capital expenditures, the repayment of our debt maturities and our dividends, actions by, or disputes among or between, the Organization of Petroleum Exporting Countries and other producer countries, market factors, market prices (including geographic basis differentials) of natural gas and crude oil, results of future drilling and marketing activity, future production and costs, pipeline projects, legislative and regulatory initiatives, electronic, cyber or physical security breaches and other factors detailed herein and in our other Securities and Exchange Commission (SEC) filings. See "Risk Factors" in Item 1A of the Company's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q for additional information about these risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated.  Any forward-looking statement speaks only as of the date on which such statement is made, and the Company does not undertake any obligation to correct or update any forward-looking statement, whether as the result of new information, future events or otherwise, except as required by applicable law.

FOR MORE INFORMATION CONTACT
Matt Kerin (281) 589-4642

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SOURCE Cabot Oil & Gas Corporation

HOUSTON, Oct. 1, 2020 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG) ("Cabot" or the "Company") announced today that it plans to release its financial and operating results on Thursday, October 29, 2020, after market closes. The Company will host its third quarter 2020 earnings conference call on Friday, October 30, 2020 at 9:30 a.m. Eastern Time.

To access the live audio webcast, please visit the Investor Relations section of the Company's website at www.cabotog.com. A replay of the call will also be available on the Company's website.

Cabot Oil & Gas Corporation, headquartered in Houston, Texas, is a leading independent natural gas producer with its entire resource base located in the continental United States. For additional information, visit the Company's website at www.cabotog.com.

FOR MORE INFORMATION CONTACT
Matt Kerin (281) 589-4642

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SOURCE Cabot Oil & Gas Corporation

BENSALEM, Pa., Sept. 30, 2020 /PRNewswire/ -- Law Offices of Howard G. Smith reminds investors of the upcoming October 13, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Cabot Oil & Gas Corporation ("Cabot Oil" or "the Company") (NYSE: COG) securities between October 23, 2015 and June 12, 2020, inclusive (the "Class Period").

Investors suffering losses on their Cabot Oil investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

On July 26, 2019, the Company disclosed that it had received two proposed Consent Order and Agreements related to two Notices of Violation it had received from the Pennsylvania Department of Environmental Protection in 2017 for failure to prevent the migration of gas into fresh groundwater sources in the area surrounding Susquehanna County, Pennsylvania.

On this news, Cabot Oil's share price fell $2.63, or over 12%, to close at $19.16 per share on July 26, 2019.

On June 15, 2020, following a grand jury investigation, the Pennsylvania attorney general's office charged Cabot Oil with 15 criminal counts due to its failure to fix faulty gas wells, which polluted Pennsylvania's water supplies through stray gas migration.

On this news, Cabot Oil's share price fell $0.67 per share, or 3.34%, to close at $19.40 per share on June 15, 2020.

The complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company had inadequate environmental controls and procedures and/or failed to properly mitigate known issues related to those controls and procedures; (2) as a result, the Company, among other issues, failed to fix faulty gas wells, thereby polluting Pennsylvania's water supplies through stray gas migration; (3) that the foregoing was foreseeably likely to subject the Company to increased governmental scrutiny and enforcement, as well as increased reputational and financial harm; (4) that Defendants continually downplayed its potential civil and/or criminal liabilities with respect to such environmental matters; and (5) as a result, the Company's public statements were materially false and misleading at all relevant times.

If you purchased or otherwise acquired Cabot Oil securities, you may move the Court no later than October 13, 2020 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com

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SOURCE Law Offices of Howard G. Smith

NEW YORK, Sept. 29, 2020 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Cabot Oil & Gas Corporation ("Cabot" or the "Company") (NYSE: COG) and certain of its officers. The class action, filed in United States District Court for the Southern District of Texas, Houston Division, and docketed under 20-cv-02827, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired Cabot securities between October 23, 2015, and June 12, 2020, both dates inclusive (the "Class Period"), seeking to recover damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

If you are a shareholder who purchased Cabot securities during the class period, you have until October 13, 2020, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at newaction@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

[Click here for information about joining the class action] 

Cabot is an independent oil and gas company that explores, exploits, develops, produces, and markets oil and gas properties in the U.S.

Cabot primarily focuses its oil and gas efforts on the Marcellus Shale located in Susquehanna County, Pennsylvania. Cabot's gas procuring activities in Pennsylvania have been the subject of controversy for over a decade, with the Company repeatedly denying any responsibility for environmental damage observed in the state.

The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational, and compliance policies.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Cabot had inadequate environmental controls and procedures and/or failed to properly mitigate known issues related to those controls and procedures; (ii) as a result, Cabot, among other issues, failed to fix faulty gas wells, thereby polluting Pennsylvania's water supplies through stray gas migration; (iii) the foregoing was foreseeably likely to subject Cabot to increased governmental scrutiny and enforcement, as well as increased reputational and financial harm; (iv) Cabot continually downplayed its potential civil and/or criminal liabilities with respect to such environmental matters; and (v) as a result, the Company's public statements were materially false and misleading at all relevant times.

On July 26, 2019, during intraday trading hours, Cabot filed a quarterly report on Form 10-Q with the Securities and Exchange  Commission, reporting the Company's financial and operating results for the quarter ended June 30, 2019 (the "2Q19 10-Q"). The 2Q19 10-Q disclosed that the Company had received two proposed Consent Order and Agreements ("CO&As") related to two Notices of Violation ("NOVs") it had received from the Pennsylvania Department of Environmental Protection ("PaDEP") back in June and November 2017, respectively, for failure to prevent the migration of gas into fresh groundwater sources in the area surrounding Susquehanna County, Pennsylvania. 

Following the release of the 2Q19 10-Q, Cabot's stock price fell $2.63 per share, or 12.07%, to close at $19.16 per share on July 26, 2019.

Then, on June 15, 2020, during pre-market hours, following a grand jury investigation, the Pennsylvania attorney general's office charged Cabot with fifteen criminal counts arising from its failure to fix faulty gas wells, thereby polluting Pennsylvania's water supplies through stray gas migration.

On this news, Cabot's stock price fell $0.67 per share, or 3.34%, to close at $19.40 per share on June 15, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com

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SOURCE Pomerantz LLP

NEW YORK, Sept. 14, 2020 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Cabot Oil & Gas Corporation ("Cabot" or the "Company") (NYSE: COG) and certain of its officers.  The class action, filed in United States District Court for the Southern District of Texas, Houston Division, and docketed under 20-cv-02827, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired Cabot securities between October 23, 2015, and June 12, 2020, both dates inclusive (the "Class Period"), seeking to recover damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

If you are a shareholder who purchased Cabot securities during the class period, you have until October 13, 2020, to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.   To discuss this action, contact Robert S. Willoughby at newaction@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

[Click here for information about joining the class action] 

Cabot is an independent oil and gas company that explores, exploits, develops, produces, and markets oil and gas properties in the U.S.

Cabot primarily focuses its oil and gas efforts on the Marcellus Shale located in Susquehanna County, Pennsylvania.  Cabot's gas procuring activities in Pennsylvania have been the subject of controversy for over a decade, with the Company repeatedly denying any responsibility for environmental damage observed in the state.

The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational, and compliance policies.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Cabot had inadequate environmental controls and procedures and/or failed to properly mitigate known issues related to those controls and procedures; (ii) as a result, Cabot, among other issues, failed to fix faulty gas wells, thereby polluting Pennsylvania's water supplies through stray gas migration; (iii) the foregoing was foreseeably likely to subject Cabot to increased governmental scrutiny and enforcement, as well as increased reputational and financial harm; (iv) Cabot continually downplayed its potential civil and/or criminal liabilities with respect to such environmental matters; and (v) as a result, the Company's public statements were materially false and misleading at all relevant times.

On July 26, 2019, during intraday trading hours, Cabot filed a quarterly report on Form 10-Q with the Securities and Exchange  Commission, reporting the Company's financial and operating results for the quarter ended June 30, 2019 (the "2Q19 10-Q").  The 2Q19 10-Q disclosed that the Company had received two proposed Consent Order and Agreements ("CO&As") related to two Notices of Violation ("NOVs") it had received from the Pennsylvania Department of Environmental Protection ("PaDEP") back in June and November 2017, respectively, for failure to prevent the migration of gas into fresh groundwater sources in the area surrounding Susquehanna County, Pennsylvania. 

Following the release of the 2Q19 10-Q, Cabot's stock price fell $2.63 per share, or 12.07%, to close at $19.16 per share on July 26, 2019.

Then, on June 15, 2020, during pre-market hours, following a grand jury investigation, the Pennsylvania attorney general's office charged Cabot with fifteen criminal counts arising from its failure to fix faulty gas wells, thereby polluting Pennsylvania's water supplies through stray gas migration.

On this news, Cabot's stock price fell $0.67 per share, or 3.34%, to close at $19.40 per share on June 15, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com

View original content:http://www.prnewswire.com/news-releases/shareholder-alert--pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-cabot-oil--gas-corporation--of-class-action-lawsuit-and-upcoming-deadline---cog-301130653.html

SOURCE Pomerantz LLP

HOUSTON, July 30, 2020 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG) ("Cabot" or the "Company") today reported financial and operating results for the second quarter of 2020.

"Cabot Oil & Gas demonstrated its continued ability to deliver profitability during this global pandemic, which has contributed to a historically-low natural gas price environment, resulting in the lowest quarterly average NYMEX price on record since the third quarter of 1995," stated Dan O. Dinges, Chairman, President and Chief Executive Officer. "We anticipate that the improving demand outlook for natural gas, in conjunction with accelerated structural declines in supply resulting from significant activity cuts across all onshore basins, will provide tailwinds for natural gas prices this winter."

Second Quarter 2020 Financial Results

Second quarter 2020 daily production was 2,229 million cubic feet equivalent (Mmcfe) per day (100 percent natural gas), exceeding the high-end of the Company's guidance range. During the second quarter of 2020, the Company drilled 14.2 net wells, completed 31.2 net wells, and placed 25.0 net wells on production.

Second quarter 2020 natural gas price realizations, including the impact of derivatives, were $1.52 per thousand cubic feet (Mcf), a decrease of 33 percent compared to the prior-year period. Excluding the impact of derivatives, second quarter 2020 natural gas price realizations represented a $0.30 discount to NYMEX settlement prices compared to a $0.44 discount in the prior-year period. Second quarter 2020 operating expenses (including interest expense) were $1.44 per thousand cubic feet equivalent (Mcfe).

Second quarter 2020 net income was $30.4 million, or $0.08 per share, compared to $181.0 million, or $0.43 per share, in the prior-year period. Second quarter 2020 adjusted net income (non-GAAP) was $18.0 million, or $0.05 per share, compared to $150.6 million, or $0.36 per share, in the prior-year period. Second quarter 2020 EBITDAX (non-GAAP) was $136.9 million, compared to $311.1 million in the prior-year period.

Second quarter 2020 net cash provided by operating activities was $136.4 million, compared to $326.7 million in the prior-year period. Second quarter 2020 discretionary cash flow (non-GAAP) was $119.2 million, compared to $301.9 million in the prior-year period. Second quarter 2020 free cash flow (non-GAAP) was ($63.3) million, compared to $72.7 million in the prior-year period. "Lower realized prices during the second quarter, coupled with our decision to sequentially decline production volumes into a lower price environment associated with the spring shoulder season, resulted in our first free cash flow deficit since the second quarter of 2018," commented Dinges. "Based on the current NYMEX futures, we anticipate a significant expansion in our free cash flow during the second half of 2020 driven by an improvement in realized prices, higher production volumes, and lower capital expenditures, allowing Cabot to deliver positive free cash flow for a fifth consecutive year."

Cabot incurred a total of $175.3 million of capital expenditures in the second quarter of 2020 including $171.8 million of drilling and facilities capital, $0.5 million of leasehold acquisition capital, and $3.0 million of other capital.

See the supplemental tables at the end of this press release for a reconciliation of non-GAAP measures including adjusted net income, discretionary cash flow, EBITDAX, free cash flow, net debt to adjusted capitalization ratio, and return on capital employed (ROCE).

Year-to-Date 2020 Financial Results

Daily equivalent production for the six-month period ended June 30, 2020 was 2,296 Mmcfe per day (100 percent natural gas). During the six-month period ended June 30, 2020, the Company drilled 36.2 net wells, completed 44.2 net wells, and placed 34.0 net wells on production.

Natural gas price realizations, including the impact of derivatives, were $1.62 per Mcf for the six-month period ended June 30, 2020, a decrease of 42 percent compared to the prior-year period. For the six-month period ended June 30, 2020, operating expenses (including interest expense) were $1.45 per Mcfe.

For the six-month period ended June 30, 2020, net income was $84.3 million, or $0.21 per share, compared to $443.8 million, or $1.05 per share, in the prior-year period. Adjusted net income (non-GAAP) was $72.0 million, or $0.18 per share, compared to $458.4 million, or $1.08 per share, in the prior-year period. EBITDAX (non-GAAP) for the six-month period ended June 30, 2020 was $325.8 million, compared to $824.7 million in the prior-year period.

For the six-month period ended June 30, 2020, net cash provided by operating activities was $341.3 million, compared to $911.9 million in the prior-year period. Discretionary cash flow (non-GAAP) for the six-month period ended June 30, 2020 was $317.7 million, compared to $807.7 million in the prior-year period. Free cash flow (non-GAAP) for the six-month period ended June 30, 2020 was ($13.5) million, compared to $381.1 million in the prior-year period. "Our modest free cash flow deficit during the first half of the year was a result of our capital program being heavily weighted towards the first half of the year, while our production volumes are more heavily weighted towards the second half of the year," noted Dinges. "We expect that our planned sequential increase in production during the third and fourth quarters, in addition to a declining capital spending profile, will allow for a return to positive free cash flow generation during the second half of the year."

Cabot incurred a total of $335.6 million of capital expenditures during the six-month period ended June 30, 2020 including $329.9 million of drilling and facilities capital, $1.3 million of leasehold acquisition capital, and $4.4 million of other capital.

Financial Position and Liquidity

As of June 30, 2020, Cabot had total debt of $1.2 billion and cash on hand of $117.2 million. The Company's net debt-to-adjusted capitalization ratio (non-GAAP) and net debt-to-trailing twelve months EBITDAX ratio (non-GAAP) were 33.7 percent and 1.2x, respectively, compared to 32.2 percent and 0.7x as of December 31, 2019.  As of June 30, 2020, the Company had no debt outstanding under its credit facility.

Subsequent to the end of the second quarter, the Company repaid $87.0 million of maturities associated with its 6.51% weighted-average senior notes.

Third Quarter and Full-Year 2020 Guidance

Cabot has provided its third quarter 2020 production guidance range of 2,400 to 2,450 Mmcfe per day, resulting in the reaffirmation of the Company's full-year 2020 production guidance range of 2,350 to 2,375 Mmcfe per day based on a capital program of $575 million. "Despite our expectation for the 2020 average NYMEX price to be the lowest on record since 1995, we expect our capital program for the year to be fully funded within cash flow and to generate enough free cash flow to cover the majority of our dividend," said Dinges. "While we do not plan to provide our official 2021 guidance until early next year, based on a 2021 NYMEX price assumption of $2.75 per MMbtu, which is roughly in line with the current NYMEX futures, we can deliver similar production volumes as 2020 from a modestly lower maintenance capital program, while generating a free cash flow yield¹ of approximately eight percent and a ROCE between 19 and 20 percent. Our prioritization for the deployment of our free cash flow in 2021 is funding our regular quarterly dividend, repayment of our 2021 debt maturities, and additional opportunistic returns of capital to shareholders."

For further information on Cabot's natural gas pricing exposure by index and cost guidance, please see the current Guidance slide in the Investor Relations section of the Company's website.

¹ Based on the Company's current market capitalization as of July 30, 2020

Conference Call Webcast

A conference call is scheduled for Friday, July 31, 2020, at 9:30 a.m. Eastern Time to discuss second quarter 2020 financial and operating results. To access the live audio webcast, please visit the Investor Relations section of the Company's website. A replay of the call will also be available on the Company's website.

Cabot Oil & Gas Corporation, headquartered in Houston, Texas, is a leading independent natural gas producer with its entire resource base located in the continental United States. For additional information, visit the Company's website at www.cabotog.com.

This press release includes forward‐looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The statements regarding future financial and operating performance and results, returns to shareholders, strategic pursuits and goals, market prices, future hedging and risk management activities, and other statements that are not historical facts contained in this report are forward-looking statements. The words "expect", "project", "estimate", "believe", "anticipate", "intend", "budget", "plan", "forecast", "outlook", "predict", "may", "should", "could", "will" and similar expressions are also intended to identify forward-looking statements. Such statements involve risks and uncertainties, including, but not limited to, the continuing effects of the COVID-19 pandemic and the impact thereof on the Company's business, financial condition and results of operations, the availability of cash on hand and other sources of liquidity to fund our capital expenditures, the repayment of our debt maturities and our dividends, actions by, or disputes among or between, the Organization of Petroleum Exporting Countries and other producer countries, market factors, market prices (including geographic basis differentials) of natural gas and crude oil, results of future drilling and marketing activity, future production and costs, pipeline projects, legislative and regulatory initiatives, electronic, cyber or physical security breaches and other factors detailed herein and in our other Securities and Exchange Commission (SEC) filings. See "Risk Factors" in Item 1A of the Company's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q for additional information about these risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated.  Any forward-looking statement speaks only as of the date on which such statement is made, and the Company does not undertake any obligation to correct or update any forward-looking statement, whether as the result of new information, future events or otherwise, except as required by applicable law.

FOR MORE INFORMATION CONTACT
Matt Kerin (281) 589-4642