Cabot Oil & Gas Corporation Announces Second Quarter 2016 Financial and Operating Results
HOUSTON, July 29, 2016 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG) ("Cabot" or the "Company") today reported financial and operating results for the second quarter of 2016.
"Cabot's 2016 operating plan was designed to provide modest production growth while generating positive free cash flow despite a lower commodity price environment," said Dan O. Dinges, Chairman, President and Chief Executive Officer. "Our second quarter results delivered on this plan as the Company grew equivalent production 10 percent relative to the second quarter of last year while generating operating cash flow that exceeded our capital expenditures, pipeline investments, and dividends." Dinges added, "We anticipate significantly more positive free cash flow generation in the second half of the year based on the current commodity price outlook."
Second Quarter 2016 Financial Results
Equivalent production in the second quarter of 2016 was 151.8 billion cubic feet equivalent (Bcfe), consisting of 144.3 billion cubic feet (Bcf) of natural gas, 1.1 million barrels (Mmbbls) of crude oil and condensate, and 113,000 barrels (Bbls) of natural gas liquids (NGLs). The Company estimates that unscheduled downtime related to infrastructure maintenance negatively impacted natural gas production for the quarter by approximately 3.3 Bcf, or 36 million cubic feet (Mmcf) per day. "While our daily equivalent production for the quarter was in line with the mid-point of our guidance, the Company would have surpassed the high-end of our guidance range had we not experienced this unexpected downtime during the quarter," stated Dinges.
Cash flow from operating activities in the second quarter of 2016 was $85.2 million, compared to $171.2 million in the second quarter of 2015. Discretionary cash flow in the second quarter of 2016 was $97.6 million, compared to $183.2 million in the second quarter of 2015. Net loss in the second quarter of 2016 was $62.9 million, or $0.14 per share, compared to net loss of $27.5 million, or $0.07 per share, in the second quarter of 2015. Excluding the effect of selected items (detailed in the table below), net loss in the second quarter of 2016 was $30.2 million, or $0.07 per share, compared to net income of $14.6 million, or $0.03 per share, in the second quarter of 2015. EBITDAX in the second quarter of 2016 was $127.3 million, compared to $203.9 million in the second quarter of 2015. See the supplemental tables at the end of this press release for a reconciliation of non-GAAP measures including discretionary cash flow, net income (loss) excluding selected items, EBITDAX and net debt to adjusted capitalization ratio.
Natural gas price realizations, including the impact of derivatives, were $1.63 per thousand cubic feet (Mcf) in the second quarter of 2016, down 24 percent compared to the second quarter of 2015. Excluding the impact of derivatives, natural gas price realizations for the quarter implied a $0.40 discount to NYMEX settlement prices compared to a $0.89 discount to NYMEX settlement prices in the second quarter of 2015. Oil price realizations, including the impact of derivatives, were $40.30 per Bbl, down 28 percent compared to the second quarter of 2015. NGL price realizations were $12.43 per Bbl, down 29 percent compared to the second quarter of 2015.
Operating expenses (including financing) decreased to $2.22 per thousand cubic feet equivalent (Mcfe) in the second quarter of 2016, a 12 percent improvement compared to $2.52 per Mcfe in the second quarter of 2015. Cash operating expenses (excluding depreciation, depletion and amortization; stock-based compensation; exploratory dry hole cost; and amortization of debt issuance costs) decreased to $1.19 per Mcfe in the second quarter of 2016, a 12 percent improvement compared to $1.35 per Mcfe in the second quarter of 2015.
Cabot drilled seven net wells and completed 11 net wells during the second quarter of 2016, incurring a total of $70.9 million in capital expenditures associated with activity during this period.
Year-To-Date 2016 Financial Results
Equivalent production for the six-month period ended June 30, 2016 was 312.1 Bcfe, consisting of 297.4 Bcf of natural gas, 2.2 Mmbbls of crude oil and condensate, and 205,000 Bbls of NGLs.
For the six-month period ended June 30, 2016, cash flow from operating activities was $147.2 million, compared to $438.6 million for the six-month period ended June 30, 2015. Discretionary cash flow was $168.8 million for the six-month period ended June 30, 2016, compared to $423.4 million for the six-month period ended June 30, 2015. For the six-month period ended June 30, 2016, net loss was $114.1 million, or $0.25 per share, compared to net income of $12.7 million, or $0.03 per share, for the six-month period ended June 30, 2015. Excluding the effect of selected items, net loss was $85.6 million, or $0.19 per share, compared to net income of $64.0 million, or $0.15 per share, for the six-month period ended June 30, 2015. EBITDAX for the six-month period ended June 30, 2016 was $228.3 million, compared to $483.3 million for the six-month period ended June 30, 2015.
Natural gas price realizations, including the impact of derivatives, were $1.55 per Mcf for the six-month period ended June 30, 2016, down 33 percent compared to the six-month period ended June 30, 2015. Oil price realizations, including the impact of derivatives, were $34.06 per Bbl, down 32 percent compared to the six-month period ended June 30, 2015. NGL price realizations were $10.09 per Bbl, down 29 percent compared to the six-month period ended June 30, 2015.
Operating expenses (including financing) decreased to $2.24 per Mcfe for the six-month period ended June 30, 2016, a seven percent improvement compared to $2.41 per Mcfe for the six-month period ended June 30, 2015. Cash operating expenses (excluding depreciation, depletion and amortization; stock-based compensation; exploratory dry hole cost; and amortization of debt issuance costs) decreased to $1.18 per Mcfe for the six-month period ended June 30, 2016, a nine percent improvement compared to $1.30 per Mcfe in the six-month period ended June 30, 2015.
Cabot drilled 17 net wells and completed 32 net wells during the six-month period ended June 30, 2016, incurring a total of $162.5 million in capital expenditures associated with activity during this period.
Operational Highlights
Marcellus Shale
During the second quarter of 2016, the Company averaged 1,535 Mmcf per day of net Marcellus production (1,798 gross operated Mmcf per day), an increase of 14 percent compared to the second quarter of 2015. During the second quarter, the Company drilled seven net wells, completed eight net wells and placed 12 net wells on production including a four-well pad that was placed on production 10 days prior to the quarter-end and had minimal impact on second quarter production as the wells were still cleaning up in line.
Cabot is currently operating one rig and recently added a second completion crew in the Marcellus Shale. "Based on continued efficiency gains, lower service costs and our improved outlook for natural gas price realizations, we are increasing our activity levels in our high-return Marcellus asset beginning with the addition of a second completion crew." Dinges added, "Cabot is the lowest cost producer in Northeast Pennsylvania and generates rates of return over 100 percent under current price expectations so we plan to opportunistically increase our market share during 2017 as we await the in-service of our new infrastructure projects beginning in late-2017."
Eagle Ford Shale
Cabot's net production in the Eagle Ford Shale during the second quarter of 2016 was 14,312 barrels of oil equivalent (Boe) per day, an increase of 10 percent sequentially compared to the first quarter of 2016. Net oil production during the quarter was 12,360 Bbls per day, an increase of four percent sequentially compared to the first quarter of 2016. During the second quarter, the Company did not drill any wells; however, Cabot completed and placed on production three net wells.
Cabot plans to drill two Eagle Ford wells during the third quarter and will not complete or place on production an additional Eagle Ford well until the fourth quarter.
Financial Position and Liquidity
As of June 30, 2016, Cabot had total debt of $1.5 billion and cash on hand of $517.5 million. The Company's net debt to adjusted capitalization ratio and net debt to trailing twelve months EBITDAX ratio were 26.2 percent and 1.8x, respectively, compared to 50.1 percent and 2.5x as of December 31, 2015.
Total commitments under the Company's revolving credit facility remain unchanged at $1.8 billion, with approximately $1.7 billion currently available to the Company. The Company currently has no debt outstanding under the credit facility, resulting in approximately $2.2 billion of liquidity.
Third Quarter and Full-Year 2016 Guidance
Cabot has provided third quarter net production guidance of 1,575 to 1,600 Mmcf per day for natural gas; 10,000 to 10,500 Bbls per day for crude oil and condensate; and 1,200 to 1,250 Bbls per day for NGLs. The Company expects its natural gas price realizations (before the impact of derivatives) to average between $0.80 and $0.90 below NYMEX settlement prices for the third quarter based on the assumption of an average NYMEX settlement price of approximately $2.80. "Despite a widening of basis in the third quarter due to higher NYMEX prices, our natural gas price realizations before the impact of derivatives are forecasted to be over 25 percent higher than our second quarter realizations based on the mid-point of our differential guidance,'' commented Dinges.
Cabot has increased its 2016 capital budget from $325 million to $345 million to reflect the incremental capital for the completion of an additional 15 to 20 net wells during the second half of the year, partially offset by efficiency gains and cost savings realized throughout the year. Since the production impact from these additional wells will not be realized until early 2017, the Company's 2016 production growth guidance range of two to seven percent remains unchanged. For further disclosure on Cabot's natural gas pricing exposure by index and updated unit cost guidance for the third quarter, please see the current Guidance slide in the Investor Relations section of the Company's website.
Conference Call
A conference call is scheduled for Friday, July 29, 2016, at 9:30 a.m. Eastern Time to discuss second quarter 2016 financial and operating results. 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. The latest financial guidance, including the Company's derivative positions, is also available in the Investor Relations section of 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.
The statements regarding future financial performance and results and the other statements which are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties, including, but not limited to, market factors, the market price (including regional basis differentials) of natural gas and oil, results of future drilling and marketing activity, future production and costs, and other factors detailed in the Company's Securities and Exchange Commission filings.
FOR MORE INFORMATION CONTACT
Matt Kerin (281) 589-4642
| OPERATING DATA |
|||||||||||||||
| Quarter Ended |
Six Months Ended |
||||||||||||||
| 2016 |
2015 |
2016 |
2015 |
||||||||||||
| PRODUCTION VOLUMES |
|||||||||||||||
| Natural gas (Bcf) |
144.3 |
128.4 |
297.4 |
290.2 |
|||||||||||
| Crude oil and condensate (Mbbl) |
1,139.3 |
1,447.9 |
2,248.9 |
2,875.5 |
|||||||||||
| Natural gas liquids (NGLs) (Mbbl) |
112.9 |
164.2 |
205.0 |
330.1 |
|||||||||||
| Equivalent production (Bcfe) |
151.8 |
138.0 |
312.1 |
309.4 |
|||||||||||
| AVERAGE SALES PRICE |
|||||||||||||||
| Natural gas, including hedges ($/Mcf) |
$ |
1.63 |
$ |
2.15 |
$ |
1.55 |
$ |
2.32 |
|||||||
| Natural gas, excluding hedges ($/Mcf) |
$ |
1.55 |
$ |
1.75 |
$ |
1.52 |
$ |
2.02 |
|||||||
| Crude oil and condensate, including hedges ($/Bbl) |
$ |
40.30 |
$ |
56.10 |
$ |
34.06 |
$ |
50.00 |
|||||||
| Crude oil and condensate, excluding hedges ($/Bbl) |
$ |
40.51 |
$ |
56.10 |
$ |
34.16 |
$ |
50.00 |
|||||||
| NGL ($/Bbl) |
$ |
12.43 |
$ |
17.44 |
$ |
10.09 |
$ |
14.23 |
|||||||
| AVERAGE UNIT COSTS ($/Mcfe) |
|||||||||||||||
| Direct operations |
$ |
0.17 |
$ |
0.26 |
$ |
0.17 |
$ |
0.23 |
|||||||
| Transportation and gathering |
0.71 |
0.71 |
0.70 |
0.71 |
|||||||||||
| Taxes other than income |
0.06 |
0.08 |
0.05 |
0.07 |
|||||||||||
| Exploration |
0.02 |
0.04 |
0.03 |
0.05 |
|||||||||||
| Depreciation, depletion and amortization |
0.97 |
1.10 |
0.99 |
1.06 |
|||||||||||
| General and administrative (excluding stock-based compensation) |
0.09 |
0.08 |
0.10 |
0.09 |
|||||||||||
| Stock-based compensation |
0.05 |
0.06 |
0.06 |
0.05 |
|||||||||||
| Interest expense |
0.14 |
0.18 |
0.15 |
0.15 |
|||||||||||
| $ |
2.22 |
$ |
2.52 |
$ |
2.24 |
$ |
2.41 |
||||||||
| WELLS DRILLED |
|||||||||||||||
| Gross |
7 |
44 |
17 |
87 |
|||||||||||
| Net |
7 |
37 |
17 |
78 |
|||||||||||
| Gross success rate |
100% |
100% |
100% |
100% |
|||||||||||
| WELLS COMPLETED |
|||||||||||||||
| Gross |
11 |
36 |
32 |
75 |
|||||||||||
| Net |
11 |
33 |
32 |
72 |
|||||||||||
| CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) |
|||||||||||||||
| (In thousands, except per share amounts) |
|||||||||||||||
| Quarter Ended |
Six Months Ended |
||||||||||||||
| 2016 |
2015 |
2016 |
2015 |
||||||||||||
| OPERATING REVENUES |
|||||||||||||||
| Natural gas |
$ |
223,232 |
$ |
224,806 |
$ |
450,811 |
$ |
584,997 |
|||||||
| Crude oil and condensate |
46,156 |
81,233 |
76,833 |
143,791 |
|||||||||||
| Gain (loss) on derivative instruments |
(27,184) |
(6,819) |
(8,190) |
27,304 |
|||||||||||
| Brokered natural gas |
2,596 |
3,813 |
5,776 |
8,640 |
|||||||||||
| Other |
2,016 |
3,264 |
3,527 |
6,330 |
|||||||||||
| 246,816 |
306,297 |
528,757 |
771,062 |
||||||||||||
| OPERATING EXPENSES |
|||||||||||||||
| Direct operations |
26,477 |
36,112 |
52,513 |
72,129 |
|||||||||||
| Transportation and gathering |
107,560 |
98,295 |
217,213 |
219,531 |
|||||||||||
| Brokered natural gas |
2,021 |
2,885 |
4,587 |
6,624 |
|||||||||||
| Taxes other than income |
8,973 |
11,611 |
14,967 |
22,891 |
|||||||||||
| Exploration |
3,738 |
5,298 |
10,121 |
14,030 |
|||||||||||
| Depreciation, depletion and amortization |
147,533 |
152,513 |
309,420 |
328,009 |
|||||||||||
| General and administrative (excluding stock-based compensation) |
12,946 |
11,354 |
30,715 |
27,972 |
|||||||||||
| Stock-based compensation(1) |
7,301 |
8,624 |
17,906 |
14,535 |
|||||||||||
| 316,549 |
326,692 |
657,442 |
705,721 |
||||||||||||
| Earnings (loss) on equity method investments |
(73) |
1,512 |
1,935 |
2,933 |
|||||||||||
| Gain (loss) on sale of assets |
(878) |
(79) |
477 |
59 |
|||||||||||
| INCOME (LOSS) FROM OPERATIONS |
(70,684) |
(18,962) |
(126,273) |
68,333 |
|||||||||||
| Loss on debt extinguishment |
4,709 |
— |
4,709 |
— |
|||||||||||
| Interest expense |
21,963 |
24,168 |
46,338 |
47,734 |
|||||||||||
| Income (loss) before income taxes |
(97,356) |
(43,130) |
(177,320) |
20,599 |
|||||||||||
| Income tax expense (benefit) |
(34,446) |
(15,622) |
(63,216) |
7,852 |
|||||||||||
| NET INCOME (LOSS) |
$ |
(62,910) |
$ |
(27,508) |
$ |
(114,104) |
$ |
12,747 |
|||||||
| Earnings (loss) per share - Basic |
$ |
(0.14) |
$ |
(0.07) |
$ |
(0.25) |
$ |
0.03 |
|||||||
| Weighted-average common shares outstanding |
465,068 |
413,713 |
448,455 |
413,530 |
|||||||||||
| (1) |
Includes the impact of the Company's performance share awards, restricted stock, stock appreciation rights and expense associated with the Supplemental Employee Incentive Plan. |
||||||
| CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) |
|||||||
| (In thousands) |
|||||||
| June 30, |
December 31, |
||||||
| ASSETS |
|||||||
| Current assets |
$ |
659,238 |
$ |
144,786 |
|||
| Properties and equipment, net (Successful efforts method) |
4,762,680 |
4,976,879 |
|||||
| Other assets |
148,552 |
131,373 |
|||||
| $ |
5,570,470 |
$ |
5,253,038 |
||||
| LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||||
| Current liabilities |
$ |
228,490 |
$ |
235,552 |
|||
| Long-term debt, net (excluding current maturities) |
1,519,849 |
1,996,139 |
|||||
| Deferred income taxes |
745,085 |
807,236 |
|||||
| Other liabilities |
199,447 |
204,923 |
|||||
| Stockholders' equity |
2,877,599 |
2,009,188 |
|||||
| $ |
5,570,470 |
$ |
5,253,038 |
||||
| CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) |
|||||||||||||||
| (In thousands) |
|||||||||||||||
| Quarter Ended |
Six Months Ended |
||||||||||||||
| 2016 |
2015 |
2016 |
2015 |
||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES |
|||||||||||||||
| Net income (loss) |
$ |
(62,910) |
$ |
(27,508) |
$ |
(114,104) |
$ |
12,747 |
|||||||
| Deferred income tax expense (benefit) |
(35,322) |
(7,921) |
(64,294) |
7,160 |
|||||||||||
| (Gain) loss on sale of assets |
878 |
79 |
(477) |
(59) |
|||||||||||
| Exploratory dry hole cost |
18 |
16 |
18 |
178 |
|||||||||||
| (Gain) loss on derivative instruments |
27,184 |
6,819 |
8,190 |
(27,304) |
|||||||||||
| Net cash received (paid) in settlement of derivative instruments |
11,305 |
51,045 |
11,305 |
88,730 |
|||||||||||
| Income charges not requiring cash |
156,465 |
160,694 |
328,140 |
341,948 |
|||||||||||
| Changes in assets and liabilities |
(12,464) |
(12,014) |
(21,534) |
15,191 |
|||||||||||
| Net cash provided by operating activities |
85,154 |
171,210 |
147,244 |
438,591 |
|||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES |
|||||||||||||||
| Capital expenditures |
(67,162) |
(250,001) |
(159,399) |
(645,092) |
|||||||||||
| Acquisitions |
— |
(16,149) |
— |
(16,300) |
|||||||||||
| Proceeds from sale of assets |
— |
(79) |
49,828 |
3,002 |
|||||||||||
| Investment in equity method investments |
(6,519) |
(5,036) |
(18,171) |
(10,114) |
|||||||||||
| Net cash used in investing activities |
(73,681) |
(271,265) |
(127,742) |
(668,504) |
|||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES |
|||||||||||||||
| Net increase (decrease) in debt |
(64,000) |
118,000 |
(477,000) |
243,000 |
|||||||||||
| Sale of common stock, net |
1 |
— |
995,279 |
— |
|||||||||||
| Dividends paid |
(9,300) |
(8,274) |
(17,582) |
(16,537) |
|||||||||||
| Stock-based compensation tax benefit |
— |
2,049 |
— |
5,486 |
|||||||||||
| Capitalized debt issuance costs |
— |
(7,838) |
(3,223) |
(7,838) |
|||||||||||
| Other |
— |
(2,599) |
— |
79 |
|||||||||||
| Net cash provided by (used in) financing activities |
(73,299) |
101,338 |
497,474 |
224,190 |
|||||||||||
| Net increase (decrease) in cash and cash equivalents |
$ |
(61,826) |
$ |
1,283 |
$ |
516,976 |
$ |
(5,723) |
|||||||
| Selected Item Review and Reconciliation of Net Income and Earnings Per Share |
|||||||||||||||
| (In thousands, except per share amounts) |
|||||||||||||||
| Quarter Ended |
Six Months Ended |
||||||||||||||
| 2016 |
2015 |
2016 |
2015 |
||||||||||||
| As reported - net income (loss) |
$ |
(62,910) |
$ |
(27,508) |
$ |
(114,104) |
$ |
12,747 |
|||||||
| Reversal of selected items: |
|||||||||||||||
| (Gain) loss on sale of assets |
878 |
79 |
(477) |
(59) |
|||||||||||
| (Gain) loss on derivative instruments (1) |
38,489 |
57,864 |
19,495 |
61,426 |
|||||||||||
| Loss on debt extinguishment |
4,709 |
— |
4,709 |
— |
|||||||||||
| Drilling rig termination fees |
— |
69 |
3,188 |
5,153 |
|||||||||||
| Stock-based compensation expense |
7,301 |
8,624 |
17,906 |
14,535 |
|||||||||||
| Tax effect on selected items |
(18,647) |
(24,553) |
(16,268) |
(29,836) |
|||||||||||
| Net income (loss) excluding selected items |
$ |
(30,180) |
$ |
14,575 |
$ |
(85,551) |
$ |
63,966 |
|||||||
| As reported - earnings (loss) per share |
$ |
(0.14) |
$ |
(0.07) |
$ |
(0.25) |
$ |
0.03 |
|||||||
| Per share impact of reversing selected items |
0.07 |
0.10 |
0.06 |
0.12 |
|||||||||||
| Earnings (loss) per share including reversal of selected items |
$ |
(0.07) |
$ |
0.03 |
$ |
(0.19) |
$ |
0.15 |
|||||||
| Weighted average common shares outstanding |
465,068 |
413,713 |
448,455 |
413,530 |
|||||||||||
| (1) |
This amount represents the non-cash mark-to-market changes of our commodity derivative instruments recorded in gain (loss) on derivative instruments in the Condensed Consolidated Statement of Operations. |
||||||
| Discretionary Cash Flow Calculation and Reconciliation |
|||||||||||||||
| (In thousands) |
|||||||||||||||
| Quarter Ended |
Six Months Ended |
||||||||||||||
| 2016 |
2015 |
2016 |
2015 |
||||||||||||
| As reported - net income (loss) |
$ |
(62,910) |
$ |
(27,508) |
$ |
(114,104) |
$ |
12,747 |
|||||||
| Plus (less): |
|||||||||||||||
| Deferred income tax expense (benefit) |
(35,322) |
(7,921) |
(64,294) |
7,160 |
|||||||||||
| (Gain) loss on sale of assets |
878 |
79 |
(477) |
(59) |
|||||||||||
| Exploratory dry hole cost |
18 |
16 |
18 |
178 |
|||||||||||
| (Gain) loss on derivative instruments |
27,184 |
6,819 |
8,190 |
(27,304) |
|||||||||||
| Net cash received (paid) in settlement of derivative instruments |
11,305 |
51,045 |
11,305 |
88,730 |
|||||||||||
| Income charges not requiring cash |
156,465 |
160,694 |
328,140 |
341,948 |
|||||||||||
| Discretionary cash flow |
97,618 |
183,224 |
168,778 |
423,400 |
|||||||||||
| Changes in assets and liabilities |
(12,464) |
(12,014) |
(21,534) |
15,191 |
|||||||||||
| Net cash provided by operations |
$ |
85,154 |
$ |
171,210 |
$ |
147,244 |
$ |
438,591 |
|||||||
| EBITDAX Calculation and Reconciliation |
|||||||||||||||
| (In thousands) |
|||||||||||||||
| Quarter Ended |
Six Months Ended |
||||||||||||||
| 2016 |
2015 |
2016 |
2015 |
||||||||||||
| As reported - net income (loss) |
$ |
(62,910) |
$ |
(27,508) |
$ |
(114,104) |
$ |
12,747 |
|||||||
| Plus (less): |
|||||||||||||||
| Loss on debt extinguishment |
4,709 |
— |
4,709 |
— |
|||||||||||
| Interest expense |
21,963 |
24,168 |
46,338 |
47,734 |
|||||||||||
| Income tax expense (benefit) |
(34,446) |
(15,622) |
(63,216) |
7,852 |
|||||||||||
| Depreciation, depletion and amortization |
147,533 |
152,513 |
309,420 |
328,009 |
|||||||||||
| Exploration |
3,738 |
5,298 |
10,121 |
14,030 |
|||||||||||
| (Gain) loss on sale of assets |
878 |
79 |
(477) |
(59) |
|||||||||||
| Non-cash (gain) loss on derivative instruments |
38,489 |
57,864 |
19,495 |
61,426 |
|||||||||||
| (Earnings) loss on equity method investments |
73 |
(1,512) |
(1,935) |
(2,933) |
|||||||||||
| Stock-based compensation |
7,301 |
8,624 |
17,906 |
14,535 |
|||||||||||
| EBITDAX |
$ |
127,328 |
$ |
203,904 |
$ |
228,257 |
$ |
483,341 |
|||||||
| Net Debt Reconciliation |
|||||||
| (In thousands) |
|||||||
| June 30, |
December 31, |
||||||
| Current portion of long-term debt |
$ |
20,000 |
$ |
20,000 |
|||
| Long-term debt, net |
1,519,849 |
1,996,139 |
|||||
| Total debt |
$ |
1,539,849 |
$ |
2,016,139 |
|||
| Stockholders' equity |
2,877,599 |
2,009,188 |
|||||
| Total capitalization |
$ |
4,417,448 |
$ |
4,025,327 |
|||
| Total debt |
$ |
1,539,849 |
$ |
2,016,139 |
|||
| Less: Cash and cash equivalents |
(517,490) |
(514) |
|||||
| Net debt |
$ |
1,022,359 |
$ |
2,015,625 |
|||
| Net debt |
$ |
1,022,359 |
$ |
2,015,625 |
|||
| Stockholders' equity |
2,877,599 |
2,009,188 |
|||||
| Total adjusted capitalization |
$ |
3,899,958 |
$ |
4,024,813 |
|||
| Total debt to total capitalization ratio |
34.9% |
50.1% |
|||||
| Less: Impact of cash and cash equivalents |
8.7% |
—% |
|||||
| Net debt to adjusted capitalization ratio |
26.2% |
50.1% |
|||||
SOURCE Cabot Oil & Gas Corporation
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