-=Cabot Oil & Gas (COG) reported earnings on Fri 26 July 2019 (b/o)

Cabot Oil & Gas beats by $0.03, beats on revs; updates capital budget to $800-820 million

Reports Q2 (Jun) earnings of $0.36 per share, excluding non-recurring items, $0.03 better thanthe S&P Capital IQ Consensus of $0.33; revenues rose 17.8% year/year to $534.12 mln vs the $476.1 mln S&P Capital IQ Consensus. Daily equivalent production of 2,349 million cubic feet equivalent (Mmcfe) per day, an increase of 24 percent relative to the prior-year period. Improved operating expenses per unit to $1.41 per thousand cubic feet equivalent (Mcfe), a 24 percent reduction relative to the prior-year period.

Preliminary Full-Year 2020 Guidance: Cabot has updated its 2019 capital budget to a range of $800 million to $820 millionto reflect the incremental drilling and completion activity on the previously referenced eight-well pad and an increase in drilling activity for the year by four net wells resulting from continued efficiency gains on the three fully-contracted drilling rigs. Cabot has provided its preliminary2020 production growth guidanceof five percent (seven to eight percent on a debt-adjusted per share basis). The Company's 2020 program is expected to deliver $375 million to $400 million of free cash flow at a $2.50 NYMEX price and $525 million to $550 million of free cash flow at a $2.75 NYMEX price.