Cabot Oil & Gas Corporation claims 2018 as best year, so far

2/22/2019

Editors Note: Included below is an edited view of Cabot's report, referencing upstream related results. For the full report, please visit the company's website.

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Marcellus shale graphic. Photo: Cabot.

HOUSTON -- Cabot Oil & Gas Corporation has announced the best year of its nearly three-decade public-company history that provided record financial results, the culmination and in-service of several long-dated infrastructure initiatives, and continued momentum on the free cash flow front.

"In early 2018 we reaffirmed our commitment to creating long-term shareholder value through disciplined capital allocation by announcing a strategy focused on delivering debt-adjusted per share growth, generating positive free cash flow, improving corporate returns on capital employed, increasing return of capital to shareholders, and maintaining a strong balance sheet," stated Dan O. Dinges, chairman, president and CEO. "I am happy to say that our 2018 program delivered on this strategy on all fronts."

Full-Year 2018 Highlights

  • Net income of $557.0 million (or $1.25 per share); adjusted net income (non-GAAP) of $531.2 million (or $1.19 per share)
  • Free cash flow (non-GAAP) of $296.6 million, marking the third consecutive year of positive free cash flow
  • Production of 735.0 Bcfe, an increase of 7% year-over-year (14% on a divestiture-adjusted basis)
  • Proved reserves of 11.6 Tcfe, an increase of 19% year-over-year (25% on a divestiture-adjusted basis)
  • Operating expenses per unit of $1.76/Mcfe, a 13% improvement year-over-year

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