Cabot Oil & Gas Corporation Reports Second Quarter 2020 Resu

|Jul 30|magazine58 min read

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

 

OPERATING DATA



Quarter Ended
 June 30,


Six Months Ended
 June 30,


2020


2019


2020


2019

PRODUCTION VOLUMES








Natural gas (Bcf)

202.9



213.8



417.8



418.6


Equivalent production (Bcfe)

202.9



213.8



417.8



418.6


Daily equivalent production (Mmcfe/day)

2,229



2,349



2,296



2,313










AVERAGE SALES PRICE








Natural gas, including hedges ($/Mcf)

$

1.52



$

2.27



$

1.62



$

2.80


Natural gas, excluding hedges ($/Mcf)

$

1.42



$

2.20



$

1.58



$

2.64










AVERAGE UNIT COSTS ($/Mcfe)(1)








Direct operations

$

0.09



$

0.08



$

0.08



$

0.09


Transportation and gathering

0.67



0.66



0.67



0.67


Taxes other than income

0.02



0.02



0.02



0.02


Exploration

0.02



0.02



0.02



0.03


Depreciation, depletion and amortization

0.47



0.45



0.47



0.45


General and administrative (excluding stock-based
compensation)

0.07



0.08



0.08



0.08


Stock-based compensation

0.04



0.03



0.06



0.05


Interest expense

0.07



0.07



0.07



0.06



$

1.44



$

1.41



$

1.45



$

1.45


















WELLS DRILLED (2)








Gross

19



24



41



49


Net

14.2



24.0



36.2



49.0










WELLS COMPLETED (2)








Gross

36



28



49



42


Net

31.2



28.0



44.2



42.0


_______________________________________________________________________________

(1)

 Total unit cost may differ from the sum of the individual costs due to rounding.



(2)

 Wells drilled represents wells drilled to total depth during the period. Wells completed includes wells completed during
the period, regardless of when they were drilled.

 

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)



Quarter Ended
 June 30,


Six Months Ended
 June 30,

(In thousands, except per share amounts)

2020


2019


2020


2019

OPERATING REVENUES








   Natural gas

$

288,286



$

470,482



$

658,626



$

1,103,656


   Gain on derivative instruments

43,974



63,649



60,036



71,906


   Other

88



(14)



143



236



332,348



534,117



718,805



1,175,798


OPERATING EXPENSES








Direct operations

17,423



18,093



34,667



36,427


Transportation and gathering

135,249



141,689



278,581



279,022


Taxes other than income

3,352



3,640



7,090



9,487


Exploration

4,579



4,504



6,769



10,548


Depreciation, depletion and amortization

94,622



96,147



194,757



188,405


General and administrative (excluding stock-based
compensation)

14,885



16,168



32,011



32,126


Stock-based compensation(1)

8,281



6,721



24,584



21,853



278,391



286,962



578,459



577,868


Earnings (loss) on equity method investments



3,650



(59)



7,334


Loss on sale of assets

(241)





(170)



(1,500)


INCOME FROM OPERATIONS

53,716



250,805



140,117



603,764


Interest expense, net

14,543



14,567



28,754



26,748


Other expense

48



143



114



287


Income before income taxes

39,125



236,095



111,249



576,729


Income tax expense

8,751



55,086



26,965



132,957


NET INCOME

$

30,374



$

181,009



$

84,284



$

443,772


Earnings per share - Basic

$

0.08



$

0.43



$

0.21



$

1.05


Weighted-average common shares outstanding

398,576



422,141



398,460



422,626


_______________________________________________________________________________

(1)

Includes the impact of our performance share awards and restricted stock.


 

CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited)


(In thousands)

June 30,
 2020


December 31,
 2019

ASSETS




Current assets

$

463,934



$

568,248


Properties and equipment, net (Successful efforts method)

4,002,492



3,855,706


Other assets

61,444



63,291



$

4,527,870



$

4,487,245


LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities

$

206,388



$

241,034


Current portion of long-term debt

175,000



87,000


Long-term debt, net (excluding current maturities)

1,045,495



1,133,025


Deferred income taxes

754,108



702,104


Other liabilities

180,900



172,595


Stockholders' equity

2,165,979



2,151,487



$

4,527,870



$

4,487,245


 

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)



Quarter Ended
 June 30,


Six Months Ended
 June 30,

(In thousands)

2020


2019


2020


2019

CASH FLOWS FROM OPERATING ACTIVITIES








  Net income

$

30,374



$

181,009



$

84,284



$

443,772


Depreciation, depletion and amortization

94,622



96,147



194,757



188,405


Deferred income tax expense

8,045



64,645



52,089



152,647


Loss on sale of assets

241





170



1,500


Exploratory dry hole cost

2,068



3



2,011



16


Gain on derivative instruments

(43,974)



(63,649)



(60,036)



(71,906)


Net cash received in settlement of derivative instruments

19,423



15,397



19,423



68,377


Stock-based compensation and other

7,641



6,584



23,463



21,058


Income charges not requiring cash

751



1,746



1,560



3,880


Changes in assets and liabilities

17,245



24,768



23,612



104,188


Net cash provided by operating activities

136,436



326,650



341,333



911,937










CASH FLOWS FROM INVESTING ACTIVITIES








Capital expenditures

(182,481)



(225,850)



(331,183)



(421,500)


Proceeds from sale of assets

227





275



2,346


Investment in equity method investments



(3,303)



(35)



(5,131)


Distribution of investment from equity method investments



758





758


Proceeds from sale of equity method investments





(9,424)




Net cash used in investing activities

(182,254)



(228,395)



(340,367)



(423,527)










CASH FLOWS FROM FINANCING ACTIVITIES








Net borrowings (repayments) of debt







(7,000)


Treasury stock repurchases



(125,260)





(156,638)


Dividends paid

(39,858)



(38,092)



(79,675)



(67,697)


Tax withholdings on vesting of stock awards

(19)



(987)



(6,332)



(10,557)


Capitalized debt issuance costs



(7,411)





(7,411)


Net cash used in financing activities

(39,877)



(171,750)



(86,007)



(249,303)


Net (decrease) increase in cash, cash equivalents and
restricted cash

$

(85,695)



$

(73,495)



$

(85,041)



$

239,107



 

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 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 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 and earnings per share, as defined by GAAP.


Quarter Ended
 June 30,


Six Months Ended
 June 30,

(In thousands, except per share amounts)

2020


2019


2020


2019

As reported - net income

$

30,374



$

181,009



$

84,284



$

443,772


Reversal of selected items:








Loss on sale of assets

241





170



1,500


Gain on derivative instruments(1)

(24,551)



(48,252)



(40,613)



(3,529)


Stock-based compensation expense

8,281



6,721



24,584



21,853


Severance expense



2,124





2,124


Interest expense related to income tax reserves







(3,052)


Tax effect on selected items

3,656



8,998



3,617



(4,315)


Adjusted net income

$

18,001



$

150,600



$

72,042



$

458,353


As reported - earnings per share

$

0.08



$

0.43



$

0.21



$

1.05


Per share impact of selected items

(0.03)



(0.07)



(0.03)



0.03


Adjusted earnings per share

$

0.05



$

0.36



$

0.18



$

1.08


Weighted-average common shares outstanding

398,576



422,141



398,460



422,626


_______________________________________________________________________________

(1)

This amount represents the non-cash mark-to-market changes of our commodity derivative instruments recorded in   
Gain on derivative instruments in the Condensed Consolidated Statement of Operations.


 

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, as defined by GAAP.


Twelve Months Ended June 30,

(In thousands)

2020


2019

Interest expense, net

$

56,958



$

56,563


Interest expense related to income tax reserves (1)



5,453


Tax benefit

(12,996)



(14,274)


After-tax interest expense, net (A)

43,962



47,742






As reported - net income

321,582



841,153


Adjustments to as reported - net income, net of tax

(9,128)



(38,088)


Adjusted net income (B)

312,454



803,065






Adjusted net income before interest expense, net (A + B)

$

356,416



$

850,807






Total debt - beginning of twelve month period

$

1,219,555



$

1,522,572


Stockholders' equity - beginning of twelve month period

2,344,804



2,154,174


Capital employed - beginning of twelve month period

3,564,359



3,676,746






Total debt - end of twelve month period

1,220,495



1,219,555


Stockholders' equity - end of twelve month period

2,165,979



2,344,804


Capital employed - end of twelve month period

3,386,474



3,564,359






Average capital employed (C)

$

3,475,417



$

3,620,553






Return on average capital employed (ROCE) (A + B) / C

10.3

%


23.5

%

_______________________________________________________________________________

(1)

Interest expense related to income tax reserves is included in the adjustments to as reported - net income, net of tax.

 


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, 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, as defined by GAAP, or as a measure of liquidity.



Quarter Ended
 June 30,


Six Months Ended
 June 30,

(In thousands)


2020


2019


2020


2019

Net cash provided by operating activities


$

136,436



$

326,650



$

341,333



$

911,937


Changes in assets and liabilities


(17,245)



(24,768)



(23,612)



(104,188)


Discretionary cash flow


119,191



301,882



317,721



807,749


Capital expenditures


(182,481)



(225,850)



(331,183)



(421,500)


Investment in equity method investments




(3,303)



(35)



(5,131)


Free cash flow


$

(63,290)



$

72,729



$

(13,497)



$

381,118


 

EBITDAX Calculation and Reconciliation

EBITDAX is defined as net income plus interest expense, other expense, income tax expense, 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, as defined by GAAP, or as a measure of liquidity.


Quarter Ended
 June 30,


Six Months Ended
 June 30,

(In thousands)

2020


2019


2020


2019

Net income

$

30,374



$

181,009



$

84,284



$

443,772


Plus (less):








Interest expense, net

14,543



14,567



28,754



26,748


Other expense

48



143



114



287


Income tax expense

8,751



55,086



26,965



132,957


Depreciation, depletion and amortization

94,622



96,147



194,757



188,405


Exploration

4,579



4,504



6,769



10,548


Loss on sale of assets

241





170



1,500


Non-cash gain on derivative instruments

(24,551)



(48,252)



(40,613)



(3,529)


(Earnings) loss on equity method investments



(3,650)



59



(7,334)


Equity method investment distributions



4,779





9,508


Stock-based compensation

8,281



6,721



24,584



21,853


EBITDAX

$

136,888



$

311,054



$

325,843



$

824,715



 

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.

(In thousands)

June 30,
 2020


December 31,
 2019

Current portion of long-term debt

$

175,000



$

87,000


Long-term debt, net

1,045,495



1,133,025


Total debt

$

1,220,495



$

1,220,025


Stockholders' equity

2,165,979



2,151,487


Total capitalization

$

3,386,474



$

3,371,512






Total debt

$

1,220,495



$

1,220,025


Less: Cash and cash equivalents

(117,164)



(200,227)


Net debt

$

1,103,331



$

1,019,798






Net debt

$

1,103,331



$

1,019,798


Stockholders' equity

2,165,979



2,151,487


Total adjusted capitalization

$

3,269,310



$

3,171,285






Total debt to total capitalization ratio

36.0

%


36.2

%

Less: Impact of cash and cash equivalents

2.3

%


4.0

%

Net debt to adjusted capitalization ratio

33.7

%


32.2

%


 

Capital Expenditures



Quarter Ended
 June 30,


Six Months Ended
 June 30,

(In thousands)

2020


2019


2020


2019

Cash paid for capital expenditures

$

182,481



$

225,850



$

331,183



$

421,500


Change in accrued capital costs

(5,149)



(5,466)



6,397



3,168


Exploratory dry hole cost

(2,068)



(3)



(2,011)



(16)


Capital expenditures

$

175,264



$

220,381



$

335,569



$

424,652


 

Cision View original content:http://www.prnewswire.com/news-releases/cabot-oil--gas-corporation-reports-second-quarter-2020-results-301103518.html

SOURCE Cabot Oil & Gas Corporation