Cabot Oil & Gas Reports Financial and Operating Results from Q1 2015

Cabot Oil & Gas Corporation (NYSE:COG) announced its financial and operating results for first quarter 2015, which saw a 40 percent increase in production.

Highlights of the first quarter 2015 when compared to Q1 2014 include:

• Production of 171.4 billion cubic feet equivalent (Bcfe), an increase of 43 percent
• Liquids production (crude oil/condensate/natural gas liquids) of 1.6 million barrels (Mmbbls), an increase of 132 percent
• Total unit costs (including financing) of $2.33 per thousand cubic feet equivalent (Mcfe), a 12 percent improvement
• Total cash unit costs (including financing) of $1.22 per Mcfe, a 10 percent improvement
• Subsequent to the end of the first quarter, the Company closed an amendment to its revolving credit facility that increased the borrowing base to $3.4 billion; increased the lenders’ commitments to $1.8 billion; extended the maturity date three additional years; and reduced the drawn and undrawn pricing based on current leverage levels. As of the end of the first quarter, the Company had $265 million of borrowings outstanding under its revolving credit facility

Dan O. Dinges, president, CEO and chairman, commented:

Cabot delivered an impressive operational performance in the first quarter, highlighted by the 15 percent sequential growth in daily production volumes over the fourth quarter of last year. Our robust production levels were predicated on higher base-load volumes in the Marcellus during the quarter driven by increased seasonal demand and favorable natural gas sales contracts for the winter heating season; however, as we have communicated in the past, our plan is to reduce production levels beginning in the second quarter in response to the current environment throughout Appalachia.

Click here to read the full Cabot Oil & Gas Corporation (NYSE:COG) press release.