Cabot Oil & Gas Expands Share Buyback Program - Quick Facts

(RTTNews) - Cabot Oil & Gas Corp. (COG) said its Board has authorized an increase in the company's share repurchase program by 25.0 million shares, bringing the current remaining authorization to 31.5 million shares, or approximately eight percent of the current shares outstanding.

"Cabot remains committed to returning a minimum of 50 percent of its annual free cash flow to shareholders in any given year, while also preserving cash on the balance sheet to support continued opportunistic returns of capital, even in the lows of the natural gas price cycle," said Dan Dinges, CEO.

During the second quarter of 2019, the company repurchased 5.1 million shares at a weighted-average share price of $24.63. Since the start of the share repurchase program in the second quarter of 2017, the company has reduced its shares outstanding by over 10 percent to 418.4 million shares.