Cabot Oil & Gas Posts Loss In Q4, Adj. EPS Beats View - Quick Facts

(RTTNews) - Cabot Oil & Gas Corp. (COG) on Friday reported a net loss of $221.8 million, or $0.54 per share in the fourth quarter of 2014, versus an income of $77.9 million, or $0.19 per share, last year. Excluding the effect of the impairment and other selected items, net income was $95.3 million, or $0.23 per share, in the fourth quarter of 2014. On average, thirty-six analysts polled by Thomson Reuters expected the company to report earnings of $0.22 per share for the quarter. Analysts' estimates typically exclude special items.

The Houston, Texas-based company's quarterly operating revenues grew year-on-year to $618.0 million from $487.46 million. Analysts had a consensus revenue estimate of $550.36 million for the quarter. Equivalent production in the 2014 fourth quarter was 151.9 Bcfe, comprising 143.8 Bcf of natural gas and 1.4 Mmbbls of liquids.

As a result of the decline in both crude oil and natural gas prices since Cabot released its initial 2015 budget in October 2014, the firm has adjusted its 2015 operating plan to realign its capital budget with anticipated operating cash flows. Based on budgeted price realizations, including the impact of hedges, of $2.45 per Mcf for natural gas and $55.00 per Bbl for crude oil, Cabot's updated 2015 capital budget is $900 million, excluding nearly $70 million of contributions to its equity investments in Constitution Pipeline and Central Penn Line.

In addition, the firm reported year-end proved reserves of 7.4 trillion cubic feet equivalent or Tcfe, up 36 percent over year-end 2013.