Cabot Oil & Gas Corp. (COG - Free Report) , based in Houston, Texas, is an independent oil and gas exploration company with producing properties mainly in the continental U.S. Founded over 100 years ago in Pennsylvania, Cabot originally operated in the Appalachian Mountains of the eastern U.S. before moving the bulk of its activities to the Gulf Coast.
Today, the company has three domestic focus areas: the Appalachian Basin, east Texas, and Rocky Mountains. Cabot mainly concentrates on high-impact natural gas-focused drilling in the Marcellus Shale and supplements it with Eagle Ford-based liquids program in Texas' Eagle Ford play.
Currently, Cabot has a Zacks Rank #2 (Buy) but that could change following its second quarter 2016 earnings report which has just released.
We have highlighted some of the key details from the just-released announcement below:
Earnings: Loss per share (excluding special items) came in at 7 cents, narrower than Zacks Consensus Estimate of loss of 8 cents.
Revenue: Revenue misses expectations. Revenue of $246.8 million was below the Zacks Consensus Estimate of $278 million.
Key Stats: Cabot’s overall production during the quarter totaled 151.8 billion cubic feet equivalent (Bcfe) – 95.1% gas – up from the prior year quarter volume of 138.0 Bcfe. Natural gas output was 144.3 Bcf, while liquids production came in at 1,252.2 thousand barrels (MBbl). The average realized natural gas price (excluding hedges) was down 11.4% from the year-ago quarter to $1.55 per thousand cubic feet, while average crude/condensate price realization fell 27.8% to $40.51 per barrel. Meanwhile, natural gas liquids fetched $12.43 per barrel as against $17.44 a year back.
Check back later for our full write up on this Cabot earnings report later!
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