Cabot Oil & Gas Posts Q2 Profit

(RTTNews) - Cabot Oil & Gas Corp. (COG) reported that its net income for the second quarter of 2017 was $21.5 million, or $0.05 per share, compared to a net loss of $62.9 million, or $0.14 per share, for the second quarter of 2016.

Net income for the second quarter of 2017 included the impact of a non-cash, after-tax impairment charge of $43.2 million primarily associated with non-core oil and gas properties and related pipeline assets in West Virginia, Virginia and Ohio that were classified as held for sale as of June 30, 2017.

Excluding the effect of this impairment and other selected items, net income was $64.0 million, or $0.14 per share, compared to a net loss of $30.2 million, or $0.07 per share, for the second quarter of 2016.

Equivalent production for the second quarter of 2017 was 173.1 billion cubic feet equivalent (Bcfe), consisting of 166.2 billion cubic feet (Bcf) of natural gas, 1,014.0 thousand barrels (Mbbls) of crude oil and condensate, and 132.4 Mbbls of natural gas liquids (NGLs).

Operating revenue for the quarter rose to $460.46 million from last year's $246.83 million.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.15 per share and revenues of $457.65 million. Analysts' estimates typically exclude special items.

Cabot has provided third quarter 2017 net production guidance of 1,750 to 1,800 Mmcf per day for natural gas; 13,000 to 13,750 Bbls per day for crude oil and condensate; and 1,350 to 1,450 Bbls per day for NGLs.

The company has reaffirmed its 2017 production growth guidance range of 8 - 12 percent (including 10 - 15 percent oil production growth) and its total 2017 program spending of $845 million, which is comprised of $775 million of exploration and production (E&P) spending and $70 million of contributions to its equity pipeline investments.