A presentation made at the Howard Weil Energy Conference in New Orleans, LA on March 18, 2013 by Cabot Oil & Gas. The presentation contains important information about their drilling cost structure--showing they have some of the lowest shale drilling costs in the industry.
ACV down slightly for the year on weaker than typical 4Q results. Number of mega relationship contracts up for 2012, lifting ACV when overall contract numbers were down. BPO expanded on several large deals while ITO performance was off for 2012. Asia Pacific surged in 2012 while EMEA struggled on a weak first half. Guarded optimism for 2013 with a possible slowdown second quarter.
Topaz Resources, Inc. (OTCBB: TOPZ) today announced that Grass Roots Research and Distribution, Inc. (www.grassrootsrd.com), the Investor Awareness Industry's Research Firm of Choice, has issued its 2nd Research Report with a Buy Recommendation on Topaz Resources.
Grass Roots' report stated: "Topaz is one of the most exciting junior oil and gas exploration and production companies. The Company is transforming itself from a start-up stage to a development stage oil and gas Company.
Key Market Developments in 2011: Market Vista BriefingEverest Group
How has the global services industry been impacted by the economic slowdown? Why has global services delivery increased in Central & Eastern Europe? And what about Africa? Our Market vista webinar reviews the state of the global services industry in 2011 and outlook for 2012.
This webinar will provide facts and insights on the decline in outsourcing transactions, reduction in operating margins across leading service providers, and captive adoption in emerging locations.
ACV down slightly for the year on weaker than typical 4Q results. Number of mega relationship contracts up for 2012, lifting ACV when overall contract numbers were down. BPO expanded on several large deals while ITO performance was off for 2012. Asia Pacific surged in 2012 while EMEA struggled on a weak first half. Guarded optimism for 2013 with a possible slowdown second quarter.
Topaz Resources, Inc. (OTCBB: TOPZ) today announced that Grass Roots Research and Distribution, Inc. (www.grassrootsrd.com), the Investor Awareness Industry's Research Firm of Choice, has issued its 2nd Research Report with a Buy Recommendation on Topaz Resources.
Grass Roots' report stated: "Topaz is one of the most exciting junior oil and gas exploration and production companies. The Company is transforming itself from a start-up stage to a development stage oil and gas Company.
Key Market Developments in 2011: Market Vista BriefingEverest Group
How has the global services industry been impacted by the economic slowdown? Why has global services delivery increased in Central & Eastern Europe? And what about Africa? Our Market vista webinar reviews the state of the global services industry in 2011 and outlook for 2012.
This webinar will provide facts and insights on the decline in outsourcing transactions, reduction in operating margins across leading service providers, and captive adoption in emerging locations.
The global outsourcing industry is constantly evolving through new contracting award characteristics and an expanding universe of successful service providers. ISG's TPI Index helps industry participants, enterprises and organizations keep pace and capitalize from the latest data on outsourcing trends. It is the authoritative source for marketplace intelligence related to outsourcing: transaction structures and terms, industry adoption, geographic prevalence and service provider metrics.
Financial Analysis - PetroChina Company Limited explores, develops, and produ...BCV
Financial Analysis - PetroChina Company Limited explores, develops, and produces crude oil and natural gas. The Company also refines, transports, and distributes crude oil and petroleum products
Chesapeake Energy May 2012 Investor Presentation with "Blame Media" Slide #2Marcellus Drilling News
The original May 2012 Investor Presentation file uploaded to Chesapeake Energy's website. This original version has a slide (#2) which blames an "unprecedented negative media campaign" for the company's recent troubles. Chesapeake replaced the original with a different slide within a few hours.
The global outsourcing industry is constantly evolving through new contracting award characteristics and an expanding universe of successful service providers. ISG's TPI Index helps industry participants, enterprises and organizations keep pace and capitalize from the latest data on outsourcing trends. It is the authoritative source for marketplace intelligence related to outsourcing: transaction structures and terms, industry adoption, geographic prevalence and service provider metrics.
Financial Analysis - PetroChina Company Limited explores, develops, and produ...BCV
Financial Analysis - PetroChina Company Limited explores, develops, and produces crude oil and natural gas. The Company also refines, transports, and distributes crude oil and petroleum products
Chesapeake Energy May 2012 Investor Presentation with "Blame Media" Slide #2Marcellus Drilling News
The original May 2012 Investor Presentation file uploaded to Chesapeake Energy's website. This original version has a slide (#2) which blames an "unprecedented negative media campaign" for the company's recent troubles. Chesapeake replaced the original with a different slide within a few hours.
Andrew Wiswell, NAL Energy's President and CEO, presents at the CIBC 2012 Whistler Institutional Investor Conference at Whistler, B.C., at 8 a.m. PST (9 a.m. MST, 11 a.m. EST).
Financial Analysis - National Oilwell Varco Inc. is a worldwide provider of e...BCV
Financial Analysis - National Oilwell Varco Inc. is a worldwide provider of equipment and components used in oil and gas drilling and production operations, oilfield services
The 3Q12 Global TPI Index, which measures commercial outsourcing contracts with an annual contract value (ACV) of $5 million or more, totaled $4.8 billion, the second-highest third-quarter total on record but a decline of 6 percent from the third quarter of 2011 and 10 percent from the second quarter of 2012. Excluding the Atos-Siemens mega-deal awarded a year ago, third-quarter ACV would have been up 18 percent year-over-year.
Through the first three quarters of 2012, ACV has grown 3 percent to $14.8 billion, led by the ongoing surge of outsourcing activity and contract values in Asia Pacific, a continued climb in the value of contracts for business process outsourcing (BPO) globally, and an increase in large contract activity, especially in emerging markets. The number of mega-relationships, defined as contracts with an ACV of $100 million or more, is up 100 percent year-to-date and has already exceeding the full-year total from 2011.
Quarterly legislative action update: Marcellus and Utica shale region (4Q16)Marcellus Drilling News
A quarterly update from the legal beagles at global law firm Norton Rose Fulbright. A quarterly legislative action update for the second quarter of 2016 looking at previously laws acted upon, and new laws introduced, affecting the oil and gas industry in Pennsylvania, Ohio and West Virginia.
An update from Spectra Energy on their proposed $3 billion project to connect four existing pipeline systems to flow more Marcellus/Utica gas to New England. In short, Spectra has put the project on pause until mid-2017 while it attempts to get new customers signed.
A letter from Rover Pipeline to the Federal Energy Regulatory Commission requesting the agency issue the final certificate that will allow Rover to begin tree-clearing and construction of the 511-mile pipeline through Pennsylvania, West Virginia, Ohio and Michigan. If the certificate is delayed beyond the end of 2016, it will delay the project an extra year due to tree-clearing restrictions (to accommodate federally-protected bats).
DOE Order Granting Elba Island LNG Right to Export to Non-FTA CountriesMarcellus Drilling News
An order issued by the U.S. Dept. of Energy that allows the Elba Island LNG export facility to export LNG to countries with no free trade agreement with the U.S. Countries like Japan and India have no FTA with our country (i.e. friendly countries)--so this is good news indeed. Although the facility would have operated by sending LNG to FTA countries, this order opens the market much wider.
A study released in December 2016 by the London School of Economics, titled "On the Comparative Advantage of U.S. Manufacturing: Evidence from the Shale Gas Revolution." While America has enough shale gas to export plenty of it, exporting it is not as economic as exporting oil due to the elaborate processes to liquefy and regassify natural gas--therefore a lot of the gas stays right here at home, making the U.S. one of (if not the) cheapest places on the planet to establish manufacturing plants, especially for manufacturers that use natural gas and NGLs (natural gas liquids). Therefore, manufacturing, especially in the petrochemical sector, is ramping back up in the U.S. For every two jobs created by fracking, another one job is created in the manufacturing sector.
Letter From 24 States Asking Trump & Congress to Withdraw the Unlawful Clean ...Marcellus Drilling News
A letter from the attorneys general from 24 of the states opposed to the Obama Clean Power Plan to President-Elect Trump, RINO Senate Majority Leader Mitch McConnel and RINO House Speaker Paul Ryan. The letter asks Trump to dump the CPP on Day One when he takes office, and asks Congress to adopt legislation to prevent the EPA from such an egregious overreach ever again.
Report: New U.S. Power Costs: by County, with Environmental ExternalitiesMarcellus Drilling News
Natural gas and wind are the lowest-cost technology options for new electricity generation across much of the U.S. when cost, public health impacts and environmental effects are considered. So says this new research paper released by The University of Texas at Austin. Researchers assessed multiple generation technologies including coal, natural gas, solar, wind and nuclear. Their findings are depicted in a series of maps illustrating the cost of each generation technology on a county-by-county basis throughout the U.S.
Annual report issued by the U.S. Energy Information Administration showing oil and natural gas proved reserves, in this case for 2015. These reports are issued almost a year after the period for which they report. This report shows proved reserves for natural gas dropped by 64.5 trillion cubic feet (Tcf), or 16.6%. U.S. crude oil and lease condensate proved reserves also decreased--from 39.9 billion barrels to 35.2 billion barrels (down 11.8%) in 2015. Proved reserves are calculated on a number of factors, including price.
The monthly tabulation and prediction from the U.S. Energy Information Administration on production and activity in the largest 7 U.S. shale plays. All 7 shale plays will experience a decrease in natural gas production from the previous month due to low commodity prices.
Velocys is the manufacturer of gas-to-liquids (GTL) plants that convert natural gas (a hyrdocarbon) into other hydrocarbons, like diesel fuel, gasoline, and even waxes. This PowerPoint presentation lays out the Velocys plan to get the company growing. GTL plants have not (so far) taken off in the U.S. Velocys hopes to change that. They specialize in small GTL plants.
PA DEP Revised Permit for Natural Gas Compression Stations, Processing Plants...Marcellus Drilling News
In January 2016, Gov. Wolf announced the DEP would revise its current general permit (GP-5) to update the permitting requirements for sources at natural gas compression, processing, and transmission facilities. This is the revised GP-5.
PA DEP Permit for Unconventional NatGas Well Site Operations and Remote Piggi...Marcellus Drilling News
In January 2016, PA Gov. Wolf announced the Dept. of Environmental Protection would develop a general permit for sources at new or modified unconventional well sites and remote pigging stations (GP-5A). This is the proposed permit.
Onerous new regulations for the Pennsylvania Marcellus Shale industry proposed by the state Dept. of Environmental Protection. The new regs will, according to the DEP, help PA reduce so-called fugitive methane emissions and some types of air pollution (VOCs). This is liberal Gov. Tom Wolf's way of addressing mythical man-made global warming.
The monthly Short-Term Energy Outlook (STEO) from the U.S. Energy Information Administration for December 2016. This issue makes a couple of key points re natural gas: (1) EIA predicts that natural gas production in the U.S. for 2016 will see a healthy decline over 2015 levels--1.3 billion cubic feet per day (Bcf/d) less in 2016. That's the first annual production decline since 2005! (2) The EIA predicts the average price for natural gas at the benchmark Henry Hub will climb from $2.49/Mcf (thousand cubic feet) in 2016 to a whopping $3.27/Mcf in 2017. Why the jump? Growing domestic natural gas consumption, along with higher pipeline exports to Mexico and liquefied natural gas exports.
A sort of "year in review" for the gas industry in the northeast. If you could boil it all down, the word that appears prominently throughout is "delay" with respect to important natgas pipeline projects. From the Constitution, which should have already been built by now, to smaller projects, delays were the prominent trend for 2016.
The Pennsylvania Public Utility Commission responded to each point raised in a draft copy of the PA Auditor General's audit of how Act 13 impact fee money, raised from Marcellus Shale drillers, gets spent by local municipalities. The PUC says it's not their job to monitor how the money gets spent, only in how much is raised and distributed.
Pennsylvania Public Utility Commission Act 13/Impact Fees Audit by PA Auditor...Marcellus Drilling News
A biased look at how 60% of impact fees raised from PA's shale drilling are spent, by the anti-drilling PA Auditor General. He chose to ignore an audit of 40% of the impact fees, which go to Harrisburg and disappear into the black hole of Harrisburg spending. The Auditor General claims, without basis in fact, that up to 24% of the funds are spent on items not allowed under the Act 13 law.
The final report from the Pennsylvania Dept. of Environmental Protection that finds, after several years of testing, no elevated levels of radiation from acid mine drainage coming from the Clyde Mine, flowing into Ten Mile Creek. Radical anti-drillers tried to smear the Marcellus industry with false claims of illegal wastewater dumping into the mine, with further claims of elevated radiation levels in the creek. After years of testing, the DEP found those allegations to be false.
FERC Order Denying Stay of Kinder Morgan's Broad Run Expansion ProjectMarcellus Drilling News
Several anti-drillers filed an appeal of the Federal Energy Regulatory Commission's Certificate for the Kinder Morgan Broad Run Expansion Project, asking for a stay claiming a removal of 40 acres of forest for a compressor station would irreparably harm Mom Earth. FERC has ruled against the stay and told the antis Mom Earth will be just fine.
हम आग्रह करते हैं कि जो भी सत्ता में आए, वह संविधान का पालन करे, उसकी रक्षा करे और उसे बनाए रखे।" प्रस्ताव में कुल तीन प्रमुख हस्तक्षेप और उनके तंत्र भी प्रस्तुत किए गए। पहला हस्तक्षेप स्वतंत्र मीडिया को प्रोत्साहित करके, वास्तविकता पर आधारित काउंटर नैरेटिव का निर्माण करके और सत्तारूढ़ सरकार द्वारा नियोजित मनोवैज्ञानिक हेरफेर की रणनीति का मुकाबला करके लोगों द्वारा निर्धारित कथा को बनाए रखना और उस पर कार्यकरना था।
27052024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
‘वोटर्स विल मस्ट प्रीवेल’ (मतदाताओं को जीतना होगा) अभियान द्वारा जारी हेल्पलाइन नंबर, 4 जून को सुबह 7 बजे से दोपहर 12 बजे तक मतगणना प्रक्रिया में कहीं भी किसी भी तरह के उल्लंघन की रिपोर्ट करने के लिए खुला रहेगा।
01062024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
03062024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
ys jagan mohan reddy political career, Biography.pdfVoterMood
Yeduguri Sandinti Jagan Mohan Reddy, often referred to as Y.S. Jagan Mohan Reddy, is an Indian politician who currently serves as the Chief Minister of the state of Andhra Pradesh. He was born on December 21, 1972, in Pulivendula, Andhra Pradesh, to Yeduguri Sandinti Rajasekhara Reddy (popularly known as YSR), a former Chief Minister of Andhra Pradesh, and Y.S. Vijayamma.
In a May 9, 2024 paper, Juri Opitz from the University of Zurich, along with Shira Wein and Nathan Schneider form Georgetown University, discussed the importance of linguistic expertise in natural language processing (NLP) in an era dominated by large language models (LLMs).
The authors explained that while machine translation (MT) previously relied heavily on linguists, the landscape has shifted. “Linguistics is no longer front and center in the way we build NLP systems,” they said. With the emergence of LLMs, which can generate fluent text without the need for specialized modules to handle grammar or semantic coherence, the need for linguistic expertise in NLP is being questioned.
role of women and girls in various terror groupssadiakorobi2
Women have three distinct types of involvement: direct involvement in terrorist acts; enabling of others to commit such acts; and facilitating the disengagement of others from violent or extremist groups.
Welcome to the new Mizzima Weekly !
Mizzima Media Group is pleased to announce the relaunch of Mizzima Weekly. Mizzima is dedicated to helping our readers and viewers keep up to date on the latest developments in Myanmar and related to Myanmar by offering analysis and insight into the subjects that matter. Our websites and our social media channels provide readers and viewers with up-to-the-minute and up-to-date news, which we don’t necessarily need to replicate in our Mizzima Weekly magazine. But where we see a gap is in providing more analysis, insight and in-depth coverage of Myanmar, that is of particular interest to a range of readers.
31052024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
Future Of Fintech In India | Evolution Of Fintech In IndiaTheUnitedIndian
Navigating the Future of Fintech in India: Insights into how AI, blockchain, and digital payments are driving unprecedented growth in India's fintech industry, redefining financial services and accessibility.
2. KEY INVESTMENT HIGHLIGHTS
– Over 3 000 identified drilling locations in the sweet spot of the Marcellus Shale
3,000
Extensive Inventory of with rates of return that rival or exceed all of the top U.S. liquids plays at current
commodity prices
Low-Risk, High-Return
– Oil-focused initiatives in the Eagle Ford Shale, Marmaton oil play and Pearsall
Drilling Opportunities
g pp Shale
– Production growth of approximately 43% for the second consecutive year
Industry Leading
– Midpoint of 2013 guidance implies a third consecutive year exceeding 40%
p g p y g
Production and Reserve production growth
Growth – 2012 proved reserve growth of 27% for a three-year reserve CAGR of 23%
– 2012 all sources finding costs of $0.87 per Mcfe
Low Cost Structure – 2012 all sources Marcellus finding costs of $0.49 per Mcfe
– 2012 per unit cash costs1 of $1.67 p Mcfe
p $ per
– $605 million of liquidity as of 12/31/2012
Strong Financial Position – Net debt to adjusted capitalization of 33% as of 12/31/2012
and Financial Flexibility – Net debt to proved reserves of $0.27 per Mcfe as of 12/31/2012
– Approximately 53% hedged at the midpoint of 2013 production guidance
1Excludes DD&A, exploration expense, stock-based compensation and pension termination expenses
stock based
3. ASSET OVERVIEW
2012 Production: 267.7 Bcfe
2012 Year-End Proved Reserves: 3.8 Tcfe
Marcellus Shale
~200,000 net acres
2012 Drilling Activity: 69.7 net wells
Current Rig Count: 5
Marmaton – Penn Lime
~70,000 net acres
2012 Drilling Activity: 18.9 net wells
Eagle Ford Shale / Pearsall Shale Current Rig Count: 2
~62,000 net Eagle Ford acres
~71,000 net Pearsall acres
2012 Drilling Activity: 25.8 net wells
Current Rig Count: 4
4. PROVEN TRACK RECORD OF PRODUCTION GROWTH…
400
350
300
267.7
2013
Bcfe
250
Guidance:
35% - 50%
200 187.5
Liquids (N t)
Li id (Net)
42.8%
Gas (Net)
150 130.6
43.5%
100
50
0
2010 2011 2012 2013E
6. POSITIVE RESERVE REVISIONS DESPITE LOW NATURAL GAS PRICES
370
927 (115) (67) (38) 3,842
(268)
3,033
cfe
Bc
Year-End 2011 Additions Performance Pricing Deletions¹ Sales Production Year-End 2012
Proved Revisions Revisions Proved
Reserves Reserves
96% Gas 96% Gas
59% PD 60% PD
16.2 R/P 14.4 R/P
1Deletions
e et o s assoc ated with t e 5 yea PUD rule, p a y in East Texas
associated t the 5-year U u e, primarily ast e as
8. PEER LEADING PRODUCTION AND RESERVE GROWTH
Production Per Debt-Adjusted Share CAGR (2010 – 2012)
42%
30%
26% 24% 22%
17% 16% 15%
Peer median: 11%
8% 8%
2%
(0%) (2%) (3%)
(9%)
COG Peer A Peer B Peer C Peer D Peer E Peer F Peer G Peer H Peer I Peer J Peer K Peer L Peer M Peer N
Reserves Per Debt-Adjusted Sh CAGR (2010 – 2012)
R P D bt Adj t d Share
18% 17% 15%
9%
5% 4% 2% Peer median: (2%)
(1%) (2%) (4%)
(10%)
(12%)
(18%)
(21%)
(36%)
COG Peer C Peer E Peer F Peer L Peer D Peer A Peer J Peer K Peer H Peer M Peer G Peer I Peer B Peer N
Source: Cabot Oil & Gas, company filings
Peer group includes: CXO, EQT, KWK, NBL, NFX, PXD, QEP, RRC, SM, SWN, UPL, WPX, XCO and XEC
9. DISCIPLINED CAPITAL SPENDING FOCUSED ON THE DRILL-BIT
2012 Capital Program: $979 million 2013 Capital Program:
($809 million net of JV and asset sales) $950 million - $1.025 billion
Other Other
10% 5%
Eagle Ford /
Marmaton /
Eagle Ford / Pearsall
Marmaton / 30%
Pearsall
27%
Marcellus Marcellus
63% 65%
Production
Equipment / Exploration Land Exploration
Other 4% Production 6% 3%
4% Equipment /
Land Other
9% 6%
Drilling Drilling
83% 85%
11. USE OF PROCEEDS FOR POTENTIAL FREE CASH FLOW IN 2014
Broker
$75mm Estimate
$17mm
Range:
Broker Implied
$1,361mm
Estimate Free Cash
–
Range: Flow
$1,894mm
$900mm – Median:
$1,250mm $376mm
Median:
Median: $1,579mm
$1 579mm
$1,111mm
2014E Capital Expenditures¹ Current Regular Dividend Estimated Capital Implied 2014 Free Cash Flow 2014E Cash Flow¹
Commitment for Constitution Median 2014 Henry Hub /
WTI Broker Estimates:
p
Pipeline
$4.00
$4 00 per Mmbtu / $92.02 per Bbl
M bt $92 02
Acceleration of Marcellus Drilling Program
g g
Dividend Policy
(Special Di id d I
(S i l Dividend / Increase Regular
R l Pay D
P Down Revolver Borrowings
R l B i
Dividend / Share Buybacks)
1Based on broker consensus estimates as of March 4, 2013; cash flow estimates based on consensus cash flow per share estimates multiplied by current outstanding share count
12.
13. CABOT MARCELLUS SUMMARY
Wells Producing: 197 H 39 V
H,
WOPL: 14 wells (235 Stages)
Completing: 8 wells (179 Stages)
WOC: 11 wells (204 Stages)
Horizontal Rigs: 5
Cumulative
Production
7+ BCF
Reilly
Pad
6-7 BCF
Zick Pad
5-6 BCF
4-5
4 5 BCF
3-4 BCF
2-3 BCF ~ 3 Miles
Bare Earth LiDAR with Aerial photo, Township Lines, Cabot Wells and Acreage
14. EVOLUTION OF CABOT’S MARCELLUS PROGRAM
2013 and
2010 2011 2012
beyond
• 13% HBP • 29% HBP • 43% HBP • Expected to be 60% HBP
• Reduced stage spacing from • Drilling days reduced • Implemented 200 ft. stage by year-end 2013
300 ft. to 250 ft. • Reduced completion cost spacing • Transition into
• Divested midstream assets per stage • Tested Upper Marcellus development mode
• 44 producing Hz wells • 107 producing Hz wells • Tested downspacing (improved efficiencies /
• De-risked eastern edge of reduced costs)
our acreage position • Additional testing of Upper
• 185 producing Hz wells Marcellus
• Record gross production of • Additional downspacing
1.038
1 038 Bcf per day testing
1,100 Gross Marcellus Daily Production
1,000
900
800
Mmcfpd
700
600
500
400
300
200
100
0
Dec-09 Dec-10 Dec-11 Dec-12
15. CONTINUED PERFORMANCE IMPROVEMENTS IN THE MARCELLUS
Horizontal Length Average IP and 30-Day Rate
30 Day
4.5 4.1 20.0
3.8 16.8 17.4
4.0 3.4 15.1 14.5
3.5 15.0 14.0
Thousand Ft.
3.0
30 2.7 11.9
11 9
Mmcfpd
d
d
2.5 2.1 8.7
10.0
2.0 7.4 7.2
1.5 5.9
1.0 5.0
0.5
05
0.0 0.0
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
Average Number of Stages EUR
20.0 15.0 14.1
17.7 13.2
15.6 11.2
15.0 13.4
10.0
10 0
Stages
s
7.8
Bcf
10.0 8.5
5.0
4.6 5.0
5.0
0.0 0.0
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
Number of wells: 2008 - 5, 2009 - 29, 2010 - 55, 2011 – 40, 2012 – 40
Note: Data excludes wells drilled in the northern portion of our acreage position
16. MARCELLUS OPERATING EFFICIENCIES
Drilling Days to TD
40
32
30 26
Days
20
20 16
10
Record of
10 days
0
2009 2010 2011 2012
Completion Cost Per Stage
$200 $180
$165
$150
ge
$150
$000s Per Stag
$105
$100
$50
$0
2009 2010 2011 2012
17. EVOLUTION OF MARCELLUS FRAC STAGE SPACING
125 ft. 50 ft
ft.
Composite Bridge Plug Avg. Lateral Length 3,500 ft.
Avg. Number Stages 10
2 ft. perf cluster 6 SPF Avg. EUR 8.0 Bcf
(Shots per foot)
350 ft. Spacing
75 ft. 50 ft.
Avg. Lateral Length 3,500 ft.
Avg. Number Stages 14
Avg.
Avg EUR 11.2
11 2 Bcf
250 ft. Spacing
50 ft. 50 ft.
Avg. Lateral Length 3,500 ft.
Avg. Number Stages 17-18
Avg.
A EUR 14.0 Bcf
14 0 B f
200 ft. Spacing
p g
18. CABOT HAD 15 OF THE TOP 20 PA MARCELLUS HORIZONTAL
WELLS IN 2012
8.0
Cabot is the only publicly-traded company in the top 20!
7.0
6.0
Cumulativ Production (Bcf)
5.0
50
n
4.0
ve
3.0
2.0
0
1.0
0.0
PEER PEER COG COG COG COG COG COG COG PEER PEER COG COG COG COG COG COG COG COG PEER
#1 #1 #1 #1 #1
19. MARCELLUS PROGRAM OVERVIEW AND ECONOMICS
2012 Program Highlights 2013 Planned Activities
69.7 net wells drilled Operate 5 rigs for the majority of the year
6 wells turned in line with an EUR over 20 Bcf Expect to spud ~85 wells
Fastest well to 5 Bcf of cumulative production: 2013 program will average slightly longer lateral lengths
accomplished in 205 days than the 2012 program
4 wells turned in line reached 1 Bcf of cumulative Entire 2013 program will utilize 200’ frac stage spacing
production in 40 days or less
Continue to focus on operational efficiencies to further
5 wells turned in line in with a peak 24-hour production improve well economics
rate over 30 Mmcf per day
4 wells achieved spud to TD in 10 days
Typical Well Parameters (Based on 2012 Program) Typical Well IRR Sensitivity
EUR: 14 Bcf 150%
130%
IP Rate: 17.3 Mmcfpd
125%
Lateral Length: 4,100’
BTAX %IRR
100%
Number of Stages Per Well: 18 100%
Total D&C: $6.5 million 70%
75%
Average Working Interest: 100%
Average Revenue Interest: 85% 50%
$3.00 $3.50 $4.00
Gas Price Differential: NYMEX less $0.05 per Mmbtu Henry Hub $ / Mmbtu
20. HYPOTHETICAL 10-WELL PAD WITH 160+ POTENTIAL STAGES
Current Hypothetical
2-well
2 well pad 10 well pad
10-well
Location & road costs / well $200,000 $40,000
Rig mobilization / well $175,000 $35,000
Frac mobilization / well $110,000 $22,000
Idle move day rig costs / well $225,000 $85,000
Total $710,000 $182,000
1,000 ft Cost savings / well
(relative to 2-well pad) $528,000
$
500 ft
N 1,000 ft.
21. GROWING CAPACITY IN THE MARCELLUS
– 2013 program: Right-of-ways and permits essentially complete
Ri ht f d it ti ll l t
Compression – 2014 program: Right-of-ways essentially complete and permitting on schedule
– Exit rate gathering / dehydration capacity:
and – 2012: 1.4 Bcf per day
Dehydration – 2013E: 2.0 Bcf per day
– 2014E: 2.9 Bcf per day
– C
Current Markets:
tM k t
– Tennessee Gas Pipeline – 300 Line: OH, PA, NY, NJ, CT
Takeaway – Transco Pipeline – Liedy System: PA, NY, NJ, DC, MD
and – Millennium Pipeline: NY, NJ, RI, CT
Markets – Planned Markets – March 2015:
– Tennessee Gas Pipeline – 200 Line: MA
– Iroquois Pipeline Zones 1 & 2: NY, CT, Canada
– Evaluate all opportunities for participation in expansion projects
Firm Transportation – Firm Transportation:
and – C
Current: 300 Mmcf per d
t M f day
Firm Sales – March 2015: 850 Mmcf per day
– Firm Sales: 400 Mmcf per day
22.
23. EAGLE FORD AND PEARSALL
Austin Chalk
San A t i
S Antonio
target
Eagle Ford Powderhorn
Presidio
Buda
Del Rio Shale Buckhorn
Georgetown
Edwards
Glen Rose
Rodessa
Upper Bexar
Lower Bexar target
Pearsall target
Cow Creek (James) Net acres
Pine Island Shale target
Eagle Ford: ~62,000
Sligo Pearsall: ~71,000
24. EAGLE FORD - BUCKHORN
All W ll
Wells Down-spacing R lt
D i Results
Average 30- EUR / Lateral
Wells Drilled: 44 Day Rate Foot
Stages (Boepd) (Boe)
Current Drilling: 1 Spacing
Well A 23 766 79
g
Wells Producing: 41 1,200
1 200’
Completing / Waiting on Well B 25 492 60
3
Completion
Avg 24 Hour IP: ~650 Boepd
p Well C 20 790 80
(Plant yield of 90 Bbl Ngl / mmcf)
400’
Avg 30 day rate: ~440 Boepd Well D 20 493 56
Avg completed lateral length: ~5 000 Ft
5,000 Ft. Well E 16 410 76
400’
EUR Range all wells: 380-550 Mboe Well F 17 437 72
Down-spacing increases total mapped locations in our
Buckhorn area to over 550 locations, doubling our
potential recoverable reserves in the area
25. PEARSALL SHALE
4 Pearsall wells with 30+ days of production Wells Drilled: 9
30-day average production rate: 631 Boepd
Current Drilling: 3
~56% oil
Wells Producing / Flowing Back 5
Drilling days: 40-45 days spud to spud
Average CWC (including science): ~$10.0MM Completing / WOC / WOPL 4
Estimated 2013 Gross Well Count 15
N S
Rodessa
~20
20 Pearsall
miles
Sligo
Consistent Pearsall section across COG acreage position
g p
Frio Atascosa
La Salle McMullen
~71,000 Net Acres
26. PENN LIME – MARMATON
Extended Reach Laterals
– 4 extended reach lateral wells drilled to date
with 3 wells currently producing
– Average lateral length: ~9,300’
N
Beaver
– Average frac stages per well: 30
– Average EUR: 230 Mboe
g Texas Beaver
– Average IP rate: 792 Boepd .
OK
TX
– ~90% oil
Perryton
– $4 3MM - $4 5MM estimated CWC
$4.3MM $4.5MM ti t d Hansf ord
S Lipscomb
Ochiltree 0 4 8 mi
COG Operated Wells
– 24 producing wells
– 4 wells drilling / waiting on completion ~70,000 Net Acres
27. U.S. NATURAL GAS DEMAND DRIVERS CONTINUE TO LOOK FAVORABLE…
Over
O 45 gigawatts of coal-fired generating capacity is estimated to be retired between 2012 and 2016...
i tt f l fi d ti it i ti t d t b ti d b t d 2016
25.0 22.4
20.0
watts
15.0 10.9
10 9
Gigaw
10.0 8.2
5.0 1.4 2.7
0.0
2012 2013 2014 2015 2016
Source: EIA Annual Energy Outlook 2013 Early Release Reference case
…with a potential for over 48 gigawatts of capacity from gas-fired generation newbuilds coming online during the same time period
15.0 Under Construction Proposed
10.5
10 5 10.9 10.2
10 2
10.0 8.5 8.8
Gigawatts
5.0
0.0
00
2012 2013 2014 2015 2016
Source: BENTEK Energy, “Power Jump-Starts New Gas Market Cycle”
Potential for incremental industrial demand of 3.3 Bcf/d by 2019 from new ethylene crackers, methanol and fertilizer plants, and gas-to-liquids projects
4.0
3.3
3.0
2.3
Bcf /d
2.0 1.6
1.3
1.0
10 0.7
07
0.1 0.2
0.0
2013 2014 2015 2016 2017 2018 2019
Source: Companies data, Morgan Stanley Commodities Research estimates
28. …RESULTING IN A POSITIVE OUTLOOK FOR LONG-TERM DEMAND
New i li
N pipeline systems in Mexico could potentially add 5 1 B f/d of incremental export capacity b 2016
t i M i ld t ti ll dd 5.1 Bcf/d f i t l t it by
6.0 5.1
3.7
4.0
2.7
27
Bcf /d
d
2.0
0.9
0.0
2013 2014 2015 2016
Source: Company reports and presentations
Over 24 Bcf/d of proposed/potential U.S. LNG export facilities are currently approved or pending approval
4.0 3.4
3.0
30 2.8
28 2.6
26 2.4
2.1
1.8 1.7
Bcf /d
2.0 1.5 1.4 1.3 1.3 1.1
1.0 0.8
0.0
00
Gulf Coast Golden Pass Lake Charles Cheniere - Freeport LNG Cameron LNG Gulf LNG Excelerate Oregon LNG Sabine Pass Pangea LNG Cove Point Others
Corpus Christi
Source: FERC Office of Energy Projects (as of March 11, 2013)
Increased demand for natural gas in transportation could reach 3.6 Bcf/d by 2020 as natural gas vehicles penetrate heavy use end markets
4.0 3.6
3.0 2.7
Bcf /d
1.9
2.0 1.3
0.8
1.0
10 0.5
0.2 0.3
0.0
2013 2014 2015 2016 2017 2018 2019 2020
Source: Credit Suisse Equity Research estimates
29. INVESTMENT SUMMARY
Simple Growth Story
3,000+ Remaining Locations in the
Sweet Spot of the Marcellus Shale
Transitioning from Acreage Capture to
Efficient Pad Development by 2014
p y
Cash Flow Positive Investment Program in 2013
($3.50 per Mmbtu and $90 per barrel)
30. Thank you
Thank you
The statements regarding future financial performance and results and the other
The statements regarding future financial performance and results and the other
statements which are not historical facts contained in this presentation are
forward‐looking statements that involve risks and uncertainties, including, but
not limited to, market factors, the market price of natural gas and oil, results of
future drilling and marketing activity, future production and costs, and other
f d illi d k i i i f d i d d h
factors detailed in the Company’s Securities and Exchange Commission filings.