An updated PowerPoint from COG presented at the Barclays CEO Energy/Power Conference 2015 in New York City, September 2015. Cabot is one of (perhaps THE) most successful drillers in the Marcellus Shale.
Cabot Oil & Gas Slide Presentation at Merrill Lunch Energy ConferenceMarcellus Drilling News
The slide presentation used by Cabot Oil & Gas at the November 2014 Merrill Lynch Energy Conference in Miami, FL. The slides provide an update on Cabot's Marcellus Shale drilling program in Susquehanna County, PA, along with details on their new and growing Eagle Ford drilling program.
Cabot Oil & Gas Marcellus & Eagle Ford Presentation at BOA Merrill Lynch Glob...Marcellus Drilling News
PowerPoint presentation with loads of useful maps and charts that details Cabot's shale drilling program in the northeast Marcellus--in Susquehanna County, PA. Cabot is the lowest price producer MDN is aware of. They estimate in 2014 their breakeven cost to drill--the cost at which they will start turning a profit--is a low, low 80 cents per thousand cubic feet of natural gas ($0.80 Mcf). It is an astonishing number.
Citi 2014 Global Energy and Utilities Conference - Cabot PresentationMarcellus Drilling News
The Cabot Oil & Gas PowerPoint presentation used during Cabot's address to the delegates at the Citi 2014 Global Energy and Utilities Conference in Boston, MA on May 14-15, 2014. The presentation has a number of interesting, inside bits of information useful to those who track the happenings in the Marcellus Shale.
Cabot Oil & Gas' latest Investor Presentation, prepared for the EnerCom Oil & Gas Conference held in Denver (August 12, 2013). The presentation contains a number of interesting slides, including a map of their well locations and a map of interstate pipelines detailing how they get all that gas (now over 1 Bcf/d) to market.
Nichols is the editor/associate publisher of Hydrocarbon Processing magazine. At present, he manages all content and business development for Hydrocarbon Processing, as well as data/content for Gulf Publishing Company’s Data Division. This includes all data content for Hydrocarbon Processing’s Construction Boxscore Database, annual Market Data Book and US Gas Plant Directory.
Michael Bowen Oil and Gas consultancy give a review with respect to oil and gas penetrating investments.Oil and gas offerings, nevertheless, can be particularly risky.
Understand the relationship between:
(1)Cost of investment
(2)Expected return
(3)Risk assessment
Cabot Oil & Gas Slide Presentation at Merrill Lunch Energy ConferenceMarcellus Drilling News
The slide presentation used by Cabot Oil & Gas at the November 2014 Merrill Lynch Energy Conference in Miami, FL. The slides provide an update on Cabot's Marcellus Shale drilling program in Susquehanna County, PA, along with details on their new and growing Eagle Ford drilling program.
Cabot Oil & Gas Marcellus & Eagle Ford Presentation at BOA Merrill Lynch Glob...Marcellus Drilling News
PowerPoint presentation with loads of useful maps and charts that details Cabot's shale drilling program in the northeast Marcellus--in Susquehanna County, PA. Cabot is the lowest price producer MDN is aware of. They estimate in 2014 their breakeven cost to drill--the cost at which they will start turning a profit--is a low, low 80 cents per thousand cubic feet of natural gas ($0.80 Mcf). It is an astonishing number.
Citi 2014 Global Energy and Utilities Conference - Cabot PresentationMarcellus Drilling News
The Cabot Oil & Gas PowerPoint presentation used during Cabot's address to the delegates at the Citi 2014 Global Energy and Utilities Conference in Boston, MA on May 14-15, 2014. The presentation has a number of interesting, inside bits of information useful to those who track the happenings in the Marcellus Shale.
Cabot Oil & Gas' latest Investor Presentation, prepared for the EnerCom Oil & Gas Conference held in Denver (August 12, 2013). The presentation contains a number of interesting slides, including a map of their well locations and a map of interstate pipelines detailing how they get all that gas (now over 1 Bcf/d) to market.
Nichols is the editor/associate publisher of Hydrocarbon Processing magazine. At present, he manages all content and business development for Hydrocarbon Processing, as well as data/content for Gulf Publishing Company’s Data Division. This includes all data content for Hydrocarbon Processing’s Construction Boxscore Database, annual Market Data Book and US Gas Plant Directory.
Michael Bowen Oil and Gas consultancy give a review with respect to oil and gas penetrating investments.Oil and gas offerings, nevertheless, can be particularly risky.
Understand the relationship between:
(1)Cost of investment
(2)Expected return
(3)Risk assessment
A PowerPoint presentation from Rice Energy used by management on a May 7, 2015 earnings call. Lots of great detail and maps covering Rice's active drilling programs in both the Marcellus and Utica Shale plays.
A PowerPoint investor presentation with a number of new and updated details about Rice Energy's operations in both the Marcellus and Utica region. The presentation lays out how Rice continues to weather the challenging low price environment--and how they plan to expand in the future.
PowerPoint presentation from Cabot Oil & Gas at the 2016 EnerCom Oil & Gas Conference. Lots of great slides. MDN's favorite is #12, which shows that since 2012 Cabot has drilled 18 of the top 20 most productive Marcellus Shale wells in Pennsylvania. Astonishing!
PowerPoint slide deck from Cabot Oil & Gas updating investors on the company's recent history and future plans. Cabot is the premier Marcellus Shale gas producer in the "dry gas" area of northeastern Pennsylvania (Susquehanna County). This update highlights a new 10-well pad producing over 200 million cubic feet of natural gas per day--simply astonishing. A lot of other great information in this presentation.
An investor presentation issued by Rice Energy to accompany their 2Q14 financial and operations update and analyst call. The slide deck is full of details of Rice's assets and operations in the Marcellus and Utica Shale region. Definitely worth your time to review!
Chesapeake Investor Presentation for the Howard Weil Annual Energy ConferenceMarcellus Drilling News
An updated PowerPoint slide deck presentation presented by Chesapeake Energy at the Howard Weil Annual Energy Conference being held in New Orleans on March 24, 2014. The presentation shows that Chessy plans to continue trimming divisions and subsidiaries it considers "noncore," and plans to continue to reduce captial expenditure spending on new drilling. The presentation also reveals Chessy will laser focus on producing more natural gas liquids in 2014.
A PowerPoint presentation from Rice Energy used by management on a May 7, 2015 earnings call. Lots of great detail and maps covering Rice's active drilling programs in both the Marcellus and Utica Shale plays.
A PowerPoint investor presentation with a number of new and updated details about Rice Energy's operations in both the Marcellus and Utica region. The presentation lays out how Rice continues to weather the challenging low price environment--and how they plan to expand in the future.
PowerPoint presentation from Cabot Oil & Gas at the 2016 EnerCom Oil & Gas Conference. Lots of great slides. MDN's favorite is #12, which shows that since 2012 Cabot has drilled 18 of the top 20 most productive Marcellus Shale wells in Pennsylvania. Astonishing!
PowerPoint slide deck from Cabot Oil & Gas updating investors on the company's recent history and future plans. Cabot is the premier Marcellus Shale gas producer in the "dry gas" area of northeastern Pennsylvania (Susquehanna County). This update highlights a new 10-well pad producing over 200 million cubic feet of natural gas per day--simply astonishing. A lot of other great information in this presentation.
An investor presentation issued by Rice Energy to accompany their 2Q14 financial and operations update and analyst call. The slide deck is full of details of Rice's assets and operations in the Marcellus and Utica Shale region. Definitely worth your time to review!
Chesapeake Investor Presentation for the Howard Weil Annual Energy ConferenceMarcellus Drilling News
An updated PowerPoint slide deck presentation presented by Chesapeake Energy at the Howard Weil Annual Energy Conference being held in New Orleans on March 24, 2014. The presentation shows that Chessy plans to continue trimming divisions and subsidiaries it considers "noncore," and plans to continue to reduce captial expenditure spending on new drilling. The presentation also reveals Chessy will laser focus on producing more natural gas liquids in 2014.
The ICS Group, LLC introduces The Intelligent Well Pad. The Patented technology was developed with our client partners to solve the issues of security, safety, and data transmission from remote locations. This technology is now being used by our clients companies around the world.
For more information call ICS Group at 337-889-3000 or email: Michael Baker at m.baker@goicsg.com
WiGig or IEEE 802.11ad, uses 60GHz spectrum to reach theoretical speeds as high as 7Gbps (bits per second), over a shorter range than today's Wi-Fi technologies. That's a lot more speed: The fastest Wi-Fi system, 802.11ac, tops out at just over 1Gbps.
Fixed Mobile Convergence has been one of the most interesting topics of research and telecom development. My presentation puts light on some of the key features of FMC.
A presentation delivered by Cabot Oil & Gas at the Scotia Howard Weil Energy Conference in New Orleans in March 2016. During the presentation we learn Cabot plans to complete 40 wells in the Marcellus in 2016 and grow production slightly--up to 7% in 2016 over 2015.
Energy Industry Report: Energy Perspectives - January 2015Duff & Phelps
This edition of Energy Perspectives provides a recap of industry activity in 2014. Despite fairly consistent falling crude oil prices over the past six months, the industry experienced a record number of oilfield (OFS) M&A transactions for the fourth year in a row, achieving 329 announced transactions in 2014. For more detail on recent OFS trends, public comps and deal activity, read the report.
Oil & Money 2015
Chair: Bob Maguire - Managing Director The Carlyle Group
Panel: Poppy Allonby - Managing Director, Natural Resources BlackRock Investment Management
Michael Hafner - Head of Oil & Gas Investment Banking, EMEA UBS
Alastair Maxwell - Co-Head of Global Energy Goldman Sachs
Christof Rühl - Global Head of Research Abu Dhabi Investment Authority
Credit Suisse, 19th Annual Summit Energy Conference
February 13, 2014
Rob Saltiel
President and CEO
Atwood Oceanics, Inc.
Atwood Oceanics, Inc. is a global offshore drilling contractor engaged in the drilling and completion of exploratory and developmental oil and gas wells. The company currently owns 13 mobile offshore drilling units and is constructing three ultra-deepwater drillships. The company was founded in 1968 and is headquartered in Houston, Texas. Atwood Oceanics, Inc. common stock is traded on the New York Stock Exchange under the symbol "ATW."
State of the Canadian Oilfield Services Industry and 2015 Outlook WebinarMNP LLP
This presentation was part of an online webinar targeted toward Oilfield Services (OFS) businesses. It gives a clear picture of the current state of the OFS industry as well as a forecast for the future, including strategies for taking advantage of forthcoming opportunities and potential challenges OFS operators may face. It also provides an overview of MNP LLP's Oilfield Services team and the assistance we can provide.
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.
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.
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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/
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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.
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
‘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।
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।
2. 2
CABOT OIL & GAS ASSET OVERVIEW
2014 Year-End Proved Reserves: 7.4 Tcfe
2014 Production: 531.8 Bcfe
2015E Production Growth: 10% - 18%
2015E Drilling Activity: ~115 net wells
Eagle Ford Shale
~89,000 net acres
>1,300 locations
Current Rig Count: 1
2015E Drilling Activity: ~45 net wells
Marcellus Shale
~200,000 net acres
>3,000 locations
Current Rig Count: 3
2015E Drilling Activity: ~70 net wells
3. Best-in-class asset base provides competitive rates-of-return in the current market environment
• Peer-leading rates of return and EUR per lateral foot in the Marcellus Shale
• Marcellus: >50% IRR at $2.00 per Mcf realized price
• Eagle Ford: >50% IRR at $65.00 per Bbl realized price
Strategy is to provide returns-focused growth as opposed to “growth for the sake of growth”
• Cabot expects to generate 10% - 18% production growth in 2015 despite a 45% reduction in drilling
and completion spending
• Modest level of outspend anticipated under current commodity price realizations
Low-cost structure
• 2014 total company all-sources finding costs of $0.71 per Mcfe
• 2014 Marcellus-only all-sources finding costs of $0.43 per Mcf
• 2014 total company cash costs1 of $1.27 per Mcfe
• 2014 Marcellus-only cash costs1 of $0.80 per Mcf
Strong balance sheet provides financial flexibility in a low commodity price environment
• Conservative leverage position: Debt / LTM EBITDAX2 of 1.7x at Q2 2015
• Financial flexibility: Recently increased credit facility commitments to $1.8 billion, with only $383
million of borrowings outstanding as of June 30, 2015
• Hedge position provides downside protection: ~31% of 2015E natural gas production hedged
3
WELL POSITIONED TO NAVIGATE A CHALLENGING MARKET IN 2015
1 Excludes DD&A, exploration expense, and stock-based compensation
2 EBITDAX is a non-GAAP measure defined as net income plus interest expense, income tax expense, depreciation, depletion and amortization, exploration expense,
gains and losses resulting from the sale of assets, non-cash gains and losses on derivative instruments, and stock-based compensation expense and other
4. 4
2015 OPERATING PLAN AND CAPITAL PROGRAM
DOUBLE-DIGIT PRODUCTION GROWTH DESPITE A 45% DECLINE IN CAPITAL
SPENDING, HIGHLIGHTING COG’S CAPITAL EFFICIENCY
2015E Capital Program:
$900 million
Land
4%
Drilling &
Completion
80%
Production
Equipment /
Other
12%
Exploration
4%
FY 2014 FY 2015
Completed Frac Stages
177
~115
FY 2014 FY 2015
Net Wells Drilled
$1,315
~$720
FY 2014 FY 2015
Drilling and Completion Capital ($mm)
(~35%)
(~35%)
(~45%)
2015E D&C Capital:
$720 million
Marcellus
60%
Eagle Ford
40%
6. 6
…WHILE MAINTAINING A CONSERVATIVE BALANCE SHEET
1 EBITDAX is a non-GAAP measure defined as net income plus interest expense, income tax expense, depreciation, depletion and amortization, exploration expense,
gains and losses resulting from the sale of assets, non-cash gains and losses on derivative instruments, and stock-based compensation expense and other
1.5x
1.4x 1.3x
0.9x
1.2x
1.7x
0.0x
0.5x
1.0x
1.5x
2.0x
2010 2011 2012 2013 2014 LTM Q2
2015
Net Debt to EBITDAX1
7. 7
INDUSTRY-LEADING COST STRUCTURE
1 Includes all demand charges and gathering fees
2 Excludes stock-based compensation
$1.76
$1.67
$1.28 $1.27 $1.26
$0.00
$0.50
$1.00
$1.50
$2.00
2011 2012 2013 2014 1H 2015
CashUnitCosts($/Mcfe)
Operating Transportation¹ Taxes O/T Income Cash G&A² Financing
3-Year F&D Costs:
Total Company
($/Mcfe)
3-Year F&D Costs:
Marcellus Only
($/Mcfe)
$1.30
$0.65
$1.02
$0.56
$0.76
$0.48
$0.68
$0.43
8. 8
CABOT’S LOW-COST STRUCTURE IS DESIGNED TO WEATHER ALL
COMMODITY CYCLES
Source: 2014 company filings
1 Excludes gathering, transport, processing and marketing costs
Peers include: Antero Resources, EQT, Range Resources and Southwestern Energy
$0.00
$0.25
$0.50
$0.75
$1.00
$1.25
COG Peer A Peer B Peer C Peer D
CashUnitCosts($/Mcfe)
Operating Costs G&A Interest
2014 Cash Costs Per Unit vs. Appalachia Peers ($/Mcfe)1
0
100
200
300
400
500
600
700
800
900
Peer B COG Peer D Peer A Peer C
ProductionPerEmployee(Mmcfe)
2014 Production Per Employee vs. Appalachia Peers (Mmcfe)
10. 10
CABOT’S MARCELLUS SHALE SUMMARY
~200,000 net acres
Operated rig count: 3
2015E drilling activity: ~70 net wells
2015E average gross daily production: 1.7 – 1.8 Bcf/d
– Production levels from quarter to quarter will
ultimately be dictated by price realizations and
potential curtailments
– Flexibility to accelerate / decelerate completion
capital throughout the year
Reduction in drilling and completion activity in 2015 is
predicated on lower anticipated natural gas price
realizations throughout Appalachia as we await the in-
service of new takeaway capacity
COG plans to accelerate activity upon the in-service of
Constitution Pipeline in 2H 2016
COG’s best-in-class Marcellus assets generate >50%
IRR at a realized price of $2.00 per Mcf
Currently testing 500’ - 800’ downspacing between
laterals, which would increase inventory / resource
potential / NAV, if successful
1.54
1.7 – 1.8
FY 2014 FY 2015
Average Gross Daily Marcellus Production
(Bcf/d)
6.0
3.5
FY 2014 FY 2015
Average Marcellus Rig Count
$850
~$430
FY 2014 FY 2015
Marcellus Drilling and Completion Capital
($mm)
11. 11
CABOT OIL & GAS CONTINUES TO DRILL THE MOST PROLIFIC WELLS IN
THE MARCELLUS SHALE
Includes content supplied by IHS Global, Inc.; copyright IHS Global, Inc., 2015, All Rights Reserved. Includes all horizontal / directional Marcellus wells in Pennsylvania and West Virginia with a
production start date from January 2012 to December 2014
1 As measured by max 30-day rate
Note: Peers include Antero Resources, Chesapeake Energy, Chief Oil & Gas, EQT, Inflection Energy, PGE, Shell, Vantage Energy and Warren Resources
Cabot
70
Peer A
7
Peer B
7
Peer C
4
Peer D
3
Peer E
3
Peer F
3
Peer G
1
Peer H
1
Peer I
1
Top 100 Marcellus Wells By Operator1
1%
1%
1%
1%
2%
5%
5%
10%
20%
26%
Peer I
Peer E
Peer H
Peer A
Peer D
Peer B
Peer G
Peer F
Peer C
Cabot
Percentage of Operator’s Total Wells in Top 100
12. 12
CABOT’S EUR PER FOOT AND F&D COSTS REMAIN BEST-IN-CLASS IN
THE MARCELLUS AND UTICA
Source: Company presentations as of 08/03/15; peers include Antero Resources, EQT Corporation, Gulfport Energy, Noble Energy, Range Resources and
Rice Energy
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
ImpliedF&DCost($/Mcfe)
EURper1,000ft.oflateral(Bcfe)
13. 13
CABOT’S MARCELLUS SHALE ECONOMICS
Typical Marcellus Well Parameters
EUR: 18 Bcf (3.6 Bcf per 1,000’)
D&C Cost: $5.6MM
Facilities Cost: $400K
Lateral Length: 5,000’
17%
51%
96%
152%
8%
37%
65%
102%
0%
25%
50%
75%
100%
125%
150%
175%
$1.50 $2.00 $2.50 $3.00
BTAX%IRR
Realized Natural Gas Price Held Flat ($/Mmbtu)
2015 Program Well 2014 Program Well
Cabot’s YTD 2015
realized natural
gas price:
$2.32
Number of Stages: 25
Average Working Interest: 100%
Average Net Revenue Interest: 85%
Even assuming wider differentials in Appalachia persist, the incremental Cabot Marcellus well produced
into the local market generates a rate of return of >55% based on the current NYMEX strip1
Note: Single well economics are all-in and include capital associated with road, pad and production facilities.
1 Assumes NYMEX strip as of August 5, 2015, held flat after year 9. Assumes regional differential of ($1.00) for the life of the well.
14. 14
CABOT’S MARCELLUS DRILLING AND COMPLETION COST SAVINGS
Marcellus AFE Well Costs By Component YTD Marcellus Well Cost Savings By Category
(40%)
(30%)
(20%)
(10%)
0%
FracServices
DrillingServices
CompletionServices
Facilities
DrillingRig
Tangibles
Completion
Services
31%
Drilling
Services
29%
Frac
Services
19%
Drilling Rig
7%
Facilities
7%
Tangibles
7%
15. 15
CABOT’S MARCELLUS DRILLING EFFICIENCIES
Marcellus Drilling Days (Spud to TD)1
16.9
14.3
13.6
12.8 12.4
10.5
6.9
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Record
1 Normalized to a 5,000’ lateral length
16. 16
CABOT’S PRICE REALIZATION OUTLOOK IMPROVES SIGNIFICANTLY WITH THE
ADDITION OF NEW TAKEAWAY CAPACITY TO FAVORABLY PRICED MARKETS
15%
25%
49%
3%
24%
20%
43%
36%
19%
11%
9% 8%
8%
6% 4%
20%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Q3 2015E 2017E 2018E
%ofSalesbyIndex
Gulf Coast / Mid-Atlantic New England / NY / Canada NE PA DTI TCO Fixed Price
Illustrative
Differential
to NYMEX
($/Mcf)1
($0.95) –
($1.05)
($0.14) –
($0.45)
$0.18 –
($0.09)
Access to more favorably
priced markets in 2017 / 2018
results in a significant
improvement in differentials
1 Illustrative differential ranges are based on indicative quotes from trading counterparties and third-party research as of 8/5/2015. These projections involve risks and uncertainties that could
cause actual results to differ materially from projected results. Analysis assumes a 2H 2016 in-service for Constitution Pipeline and a Q3 2017 in-service for Atlantic Sunrise Pipeline. Differential
ranges are based on the following gross production ranges – Q3 2015E: 1.55 to 1.60 Bcf/d; 2017E: 2.1 to 2.4 Bcf/d; 2018E: 2.4 to 3.0 Bcf/d.
17. 17
SUPPLY GROWTH IS WANING…
DECREASED ACTIVITY AND FLATTENING PRODUCTION IN THE MARCELLUS
0
2
4
6
8
10
12
14
16
18
Bcf/d
Marcellus Region Natural Gas Production (Bcf/d)1
Source: 1 EIA Drilling Productivity Report as of July 13, 2015; 2 Baker Hughes North America Rotary Rig Count as of July 31, 2015
21 21 20 20 17 11 10
25 28 28 26 29 33 26
27 26 26 29 21 18
15
73 75 74 75
67
62
51
0
20
40
60
80
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Current
Marcellus Horizontal Rig Count2
NE PA SW / Central PA WV
18. 18
…WHILE DEMAND GROWTH IS ON THE HORIZON
APPROXIMATELY 8 BCF PER DAY OF POTENTIAL NEW TAKEAWAY CAPACITY
FROM CABOT’S NORTHEAST PENNSYLVANIA SUPPLY AREA
Source: Public filings; internal estimates
0
1
2
3
4
5
6
7
8
Bcf/d
TCO East Side Expansion TGP Niagara NFG Northern Access 2015
NFG Tuscarora Lateral Leidy Southeast Expansion Constitution Pipeline
Algonquin AIM DTI New Market NFG Central Tioga
NFG Northern Access 2016 Millennium Valley Lateral Atlantic Sunrise
Millennium Expansion PennEast Atlantic Bridge
Virginia Southside Expansion Access Northeast TGP Northeast Energy Direct
20. 20
CABOT’S EAGLE FORD SHALE SUMMARY
10,308
17,889
Q2 2014 Q2 2015
Net Eagle Ford Production (Boe/d)
Frio
La Salle
Atascosa
McMullen
COG Eagle Ford Shale Acreage Position
Buckhorn
~78K net acres
~89,000 net acres
– Buckhorn: ~78,000 net acres
– Presidio: ~11,000 net acres
Operated rig count: 1
2015E net liquids production growth: 50% - 60%
Plan to drill ~45 wells and place 40 to 45 wells
on production during 2015
– Anticipate ~20 wells in backlog at year-end
– Flexibility to accelerate completion capital if
prices warrant
Gross drilling inventory: >1,300 locations
(assuming 300’ spacing)
Presidio
~11K net acres
21. 21
CABOT’S EAGLE FORD SHALE ECONOMICS
18%
38%
61%
90%
7%
17%
27%
40%
0%
20%
40%
60%
80%
100%
$45.00 $55.00 $65.00 $75.00
BTAX%IRR
WTI Oil Price Held Flat ($/Bbl)
2015 Program Well 2014 Program Well
Typical Eagle Ford Well Parameters
EUR: 565 MBoe
D&C Cost: $6.0MM
Facilities / Pumping Unit Cost: $600K
Lateral Length: 7,700’
Number of Stages: 30
Average Working Interest: 100%
Average Net Revenue Interest: 75%
Cabot’s YTD
2015 realized
oil price:
$50.00
Note: Single well economics are all-in and include capital associated with road, pad, production facilities and pumping units.
22. 22
CABOT’S EAGLE FORD DRILLING AND COMPLETION COST SAVINGS
Eagle Ford AFE Well Costs By Component YTD Eagle Ford Well Cost Savings By Category
(40%)
(30%)
(20%)
(10%)
0%
DrillingServices
DrillingRig
FracServices
CompletionServices
Facilities/ArtificialLift
Tangibles
% Reduction Due to Efficiency Gains % Reduction Due to Pricing
Frac
Services
42%
Completion
Services
20%
Drilling
Services
14%
Facilities /
Artificial Lift
10%
Tangibles
8%
Drilling Rig
6%
23. 23
CABOT’S EAGLE FORD DRILLING EFFICIENCIES
1 Normalized to a 7,700’ lateral length
Eagle Ford Drilling Days (Spud to TD)1
15.0
12.5 11.4
8.8 8.7 8.8
6.2
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Record
Eagle Ford Drilling Costs ($ / Lateral Foot)
$419
$370 $400
$344
$296 $276
$201
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Record
25. Thank you
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 factors
detailed in the Company’s Securities and Exchange Commission
filings.
25