where we stand where we are going
|
|
- Gabriel Wiggins
- 5 years ago
- Views:
Transcription
1 where we stand where we are going Third-Quarter 2018 Earnings Call October 26, 2018
2 Forward-Looking Statements and Other Disclaimers This presentation includes forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The statements regarding future financial and operating performance and results, strategic pursuits and goals, market prices, future hedging and risk management activities, and other statements that are not historical facts contained in this report are forward-looking statements. The words expect, project, estimate, believe, anticipate, intend, budget, plan, forecast, outlook, target, predict, may, should, could, will and similar expressions are also intended to identify forward-looking statements. Such statements involve risks and uncertainties, including, but not limited to, market factors, market prices (including geographic basis differentials) of natural gas and crude oil, results of future drilling and marketing activity, future production and costs, legislative and regulatory initiatives, electronic, cyber or physical security breaches and other factors detailed herein and in our other Securities and Exchange Commission (SEC) filings. See Risk Factors in Item 1A of the Form 10-K and subsequent public filings for additional information about these risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Any forward-looking statement speaks only as of the date on which such statement is made, and Cabot Oil & Gas (the Company or Cabot ) does not undertake any obligation to correct or update any forward-looking statement, whether as the result of new information, future events or otherwise, except as required by applicable law. This presentation may contain certain terms, such as resource potential, risked or unrisked resources, potential locations, risked or unrisked locations, EUR (estimated ultimate recovery) and other similar terms that describe estimates of potentially recoverable hydrocarbons that the SEC rules prohibit from being included in filings with the SEC. These estimates are by their nature more speculative than estimates of proved, probable and possible reserves and may not constitute reserves within the meaning of SEC rules and accordingly, are subject to substantially greater risk of being actually realized. These estimates are based on the Company s existing models and internal estimates. Actual locations drilled and quantities that may be ultimately recovered from the Company s interests could differ substantially. Factors affecting ultimate recovery include the scope of the Company s ongoing drilling program, which will be directly affected by the availability of capital, drilling and production costs, availably of drilling services and equipment, drilling results, lease expirations, transportation constraints, regulatory approvals, actual drilling results, including geological and mechanical factors affecting recovery rates, and other factors. These estimates may change significantly as development of the Company s assets provide additional data. Investors are urged to consider carefully the disclosures and risk factors about Cabot s reserves in the Form 10 K and other reports on file with the SEC. This presentation also refers to Discretionary Cash Flow, EBITDAX, Free Cash Flow, Adjusted Net Income (Loss), Return on Capital Employed (ROCE) and Net Debt calculations and ratios. These non-gaap financial measures are not alternatives to GAAP measures, and should not be considered in isolation or as an alternative for analysis of the Company s results as reported under GAAP. For additional disclosure regarding such non-gaap measures, including definitions of these terms and reconciliations to the most directly comparable GAAP measures, please refer to Cabot s most recent earnings release at and the Company s related 8-K on file with the SEC. 2
3 Q Highlights Daily equivalent production of 2,029 Mmcfe per day Net income of $122.3 million (or $0.28 per share); adjusted net income (non-gaap) of $108.9 million (or $0.25 per share) Net cash provided by operating activities of $242.2 million; discretionary cash flow (non- GAAP) of $298.8 million Free cash flow (non-gaap) of $28.6 million Return on capital employed (ROCE) (non- GAAP) of 10.8 percent for the trailing twelve months Returned $188.5 million of cash to shareholders through dividends and share repurchases Announced a 17 percent dividend increase, the Company s third dividend increase in the last 18 months Reduced debt by $237.0 million, resulting in annualized interest expense savings of $15.3 million Improved operating expenses per unit by 18 percent relative to the prior-year comparable quarter Q Q Q Equivalent Production (Mmcfe/d) 2,029 1,895 1,843 Realized Gas Price (Incl. Hedges) ($/Mcf) $2.36 $2.15 $2.03 Realized Gas Price (Excl. Hedges) ($/Mcf) $2.36 $2.11 $2.01 Net Income ($mm) $122.3 $42.4 $17.6 Adjusted Net Income (non-gaap) ($mm) $108.9 $57.9 $32.0 Discretionary Cash Flow (non-gaap) ($mm) $298.8 $196.5 $207.2 EBITDAX (non-gaap) ($mm) $291.6 $232.1 $218.6 Operating Expenses 1 ($/Mcfe) $1.69 $1.85 $2.06 LTM Net Debt / EBITDAX (Non-GAAP) 0.9x 0.8x 1.0x 3 Note: See supplemental tables at the end of the presentation for a reconciliation of non-gaap measures 1 Includes direct operations, transportation and gathering, taxes other than income, exploration, DD&A, general and administrative, and interest expense
4 Cabot Oil & Gas Overview 2017 Year-End Proved Reserves: 9.7 Tcfe (13% year-over-year increase) 2017 Production: 1,878 Mmcfe/d (10% year-over-year increase) 2018E Production Growth: 7% - 8% (12% - 13% on a debt-adjusted per share basis) 2018E Capital Expenditures: $940 million 2019E Production Growth: 20% - 25% (25% - 30% on a debt-adjusted per share basis) 2019E Capital Expenditures: $800 - $850 million MARCELLUS SHALE ~3,000 Remaining Undrilled Locations Year-End 2017 Net Producing Horizontal Wells: E Wells Placed on Production: 80 Net Wells Inventory Life Based on 2018E Activity: ~35 years 4
5 Cabot Oil & Gas Strategy Disciplined capital allocation focused on delivering debt-adjusted per share growth, generating positive free cash flow, improving corporate returns on capital employed, increasing return of capital to shareholders, and maintaining a strong balance sheet Deliver growth in production and reserves per debt-adjusted share while generating positive free cash flow 2018E production growth of 7% - 8% (12% - 13% per debt-adjusted share) 2018E free cash flow generation of approximately $250 mm E production growth of 20% - 25% (25% - 30% per debt-adjusted share) 2019E free cash flow generation of $650 mm - $700 mm 1 (~7% yield 2 ) Generate an improving return on capital employed (ROCE) that exceeds our cost of capital TTM Q ROCE of 10.8%, an increase of over 500 basis points relative to TTM Q E ROCE of over 20% 1 Increase the return of capital to shareholders through dividends and share repurchases Expected to return over $820 mm of capital in 2018, implying ~8.7% total shareholder yield 2,3,4 Increased dividend by 17 percent, the Company s third dividend increase in the last 18 months Repurchased approximately 30 million shares year-to-date Cabot is committed to returning >50% of free cash flow to shareholders annually through dividends and share repurchases Maintain a strong balance sheet to maximize financial flexibility Net debt / LTM EBITDAX of 0.9x as of 9/30/2018 Liquidity of ~$2.1 bn including cash on hand of $316 mm as of 9/30/2018 Paid down $237 mm of 6.44% senior notes in July Based on forward curves as of the week of 10/22/ Based on market capitalization as of October 25, Assumes year-to-date 2018 share repurchases and estimated full-year dividend payments 4 As of October 26, 2018 Note: See supplemental tables at the end of the presentation for a reconciliation of non-gaap measures
6 Proven Track Record of Debt-Adjusted per Share Growth Daily Production Per Debt-Adjusted Share Year-End Proved Reserves Per Debt-Adjusted Share Note: Debt-adjusted share count is calculated as the sum of the annual weighted average shares outstanding plus the incremental debt shares by dividing total debt by the average annual share price.
7 Industry-Leading Cost Structure Continues to Improve $1.21 Total Company All-Sources Finding & Development Costs ($/Mcfe) $0.87 $0.55 $0.71 $0.57 $0.37 $ $0.65 Marcellus All-Sources Finding & Development Costs ($/Mcf) $0.49 $0.40 $0.43 $0.31 $0.26 $
8 Resulting in a Continued Reduction in Breakeven Prices Cash Operating Expenses ($/Mcfe) Operating Transportation¹ Taxes O/T Income Cash G&A² Financing³ Exploration 4 $1.88 $1.74 $1.31 $1.30 $1.30 $1.16 $1.13 $1.06 $0.99 $ Q Q Q Includes all demand charges and gathering fees 2 Excludes stock-based compensation 3 Excludes non-cash interest expense associated with income tax reserves and amortization of deferred financing cost 4 Excludes dry hole cost
9 Cabot s 2019 Operating Plan is Expected to Deliver Continued Improvement in ROCE Return on Capital Employed (ROCE) >20% 10.8% 5.7% TTM Q TTM Q E¹ 9 Note: See supplemental tables at the end of the presentation for a reconciliation of non-gaap measures 1 Based on forward curves as of the week of 10/22/2018
10 and a Significant Expansion of Free Cash Flow Free Cash Flow ($ mm) $650 - $700 $250 ~7% free cash flow yield 2 $ E¹ 2019E¹ Note: See supplemental tables at the end of the presentation for a reconciliation of non-gaap measures 1 Based on forward curves as of the week of 10/22/ Based on market capitalization as of 10/25/2018
11 Cabot is Committed to Returning Capital to Shareholders Return of Capital to Shareholders ($mm) $1,000 $900 $800 Dividends Share Repurchases Remaining share repurchase authorization of 20mm shares 1 $700 $600 $500 $400 $300 $200 $100 $0 Commodity Price Downturn $710 Year-to- Date (as of Oct. 26, 2018) $165 $139 $124 $13 $17 $25 $33 $33 $36 $79 $ E Increased Increased Increased Increased Dividend Dividend Dividend Dividend 33% 100% 150% 40% Cabot is committed to returning >50% of free cash flow to shareholders annually through dividends and share repurchases 11 1 As of October 26, 2018 Note: The chart above excludes the Company s 2016 equity issuance
12 Cabot s Balance Sheet is Well-Positioned to Provide Financial Flexibility Through the Commodity Price Cycle Net Debt to LTM EBITDAX 2.5x Target Leverage Ratio: 1.0x 1.5x 1.8x 1.4x 1.4x 1.2x 0.9x 1.0x 0.9x Q Note: See supplemental tables at the end of the presentation for a reconciliation of non-gaap measures
13 Thickest Marcellus Section Across the Trend With Two Distinct, Incremental Reservoirs Separated by the Purcell Limestone Cabot is positioned in the thickest producing Marcellus interval in the basin ~ feet of Marcellus section across Cabot s acreage position N Purcell Limestone a frac barrier that separates the Upper and Lower Marcellus reservoirs is 25 feet or thicker across 90% of Cabot s acreage position (up to 90 feet thick) Tully / Geneseo formations are 900 1,900 feet above the intervals shown in Bradford / Susquehanna Counties, PA 13
14 Cabot s Marcellus Position is the Most Prolific U.S. Onshore Natural Gas Resource Play Estimated Ultimate Recovery (EUR) Bcfe/1,000 Lateral Feet Based on Gen 4 / 5 completion designs Based on older Gen 1 / 2 / 3 completion designs Represents >70% of the Lower Marcellus EUR per 1,000 lateral feet for comparable well design Plan to test Gen 5 design on a few Upper Marcellus wells in 2H 2018 Appalachian Gas Play Non-Appalachian Gas Play Peer Average: 2.17 Bcfe / 1, Source: Current investor presentations as of February 16, Peers include Antero Resources, Chesapeake Energy, Eclipse Resources, EQT Corporation, Gulfport Energy, Range Resources, and Southwestern Energy. For companies with multiple type curves, a weighted average was used based on location count or acreage, based on current allocation of drilling capital.
15 2018 is an Inflection Year for Cabot 1.05 Bcf/d Remaining capacity associated with Trains 2 & Mmcf/d 150 Mmcf/d 250 Mmcf/d ~2.4 Bcf/d 350 Mmcf/d (COG transport capacity): years Mmcf/d (COG 2.4 transport capacity): 15 years 150 Mmcf/d (3 rd party transport capacity): 3 years 50 Mmcf/d (Long-term firm sales): 15 years ~4.0 Bcf/d Q Gross Production Atlantic Sunrise (In service as of October 6, 2018) Lackawanna Energy Center Power Plant (Trains 1 & 2 online; Train 3 on schedule for December 2018) PennEast (2020) Leidy South (As early as Q4 2021) Future Gross Production Capacity Based on Firm Transport / Firm Sales Secured as of Q Cabot continues to evaluate new opportunities to increase firm transport capacity / firm sales and remains confident it can organically grow its production base above 4.0 Bcf/d through the following opportunities: 1) additional sales on currently approved takeaway projects (i.e. PennEast) 2) incremental sales on potential future expansion projects 3) increasing in-basin market share 4) new in-basin demand projects 5) future greenfield takeaway projects (including Constitution Pipeline) 15 Note: COG firm transport capacity / firm sales are stated on a gross basis before royalties
16 16 Appendix
17 2018 and Preliminary 2019 Capital Budget and Operating Plan 2018E Production Growth: 7% - 8% (12% - 13% on a debt-adjusted per share basis) 2018E Total Program Spending: $940 mm (includes $70 mm of equity pipeline investments) Marcellus Shale Exploration Areas Pipeline Investments Corporate 2% 7% 8% Net Marcellus Wells Placed on Production Due to larger pad sizes in Q1 and the 2 nd completion crew not coming online until February 2018, no wells were placed on production during 0 Q1 20 Q Q Q3 2018E Q4 2018E Net Production (Mmcfe/d) 1,884 1,895 2,029 ~2,225 2,275 83% Q Q Q Q4 2018E Full-year 2019 production growth guidance of 20% - 25% (25% - 30% on a debt-adjusted per share basis) 2019E total program spending of $800 mm - $850 mm 17
18 2018 and Preliminary 2019 Guidance Full-year 2018 daily production growth guidance: 7% - 8% (12% - 13% on a debt-adjusted per share basis) Q production guidance: 2,225 2,275 Mmcfe/d 2018 total program spending: $940 million 2018 Guidance Marcellus Shale: $780 million Exploration Areas: $75 million Pipeline Investments: $70 million Corporate: $15 million 2018 Marcellus Shale wells placed on production: 80 net wells 2018 income tax rate guidance: 24% Q4 2018E Natural Gas Price Exposure By Index NYMEX less ~($0.35) 28% Fixed Price (~$2.85) 20% Transco Z6 NNY less ~($0.65) 17% Leidy Line 10% TGP Z4 300 Leg 10% Power Pricing 6% Dominion 6% Millennium 3% Note: Fixed price percentages above include volumes associated with sales agreements that have floor prices. An additional deduct of ~$0.05 per Mcf should be applied to account for fuel use deferred tax rate guidance: 100%+ (The Company expects to receive a refund in 2018 associated with the recent repeal of the corporate alternative minimum tax) Full-year 2019 daily production growth guidance: 20% - 25% (25% - 30% on a debt-adjusted per share basis) Preliminary 2019 Guidance 2019 total program spending: $800 - $850 million 2019 average differential to NYMEX: $0.30 per Mcf income tax rate guidance: 24% 2019 deferred tax rate guidance: 100% Q4 2018E Cost Assumptions ($/Mcfe, unless otherwise noted) Direct operations $ $0.09 Transportation and gathering $ $0.68 Taxes other than income $ $0.03 Depreciation, depletion and amortization $ $0.53 Interest expense $ $0.09 General and administrative ($mm) 2 $13 - $15 Exploration ($mm) 3 $5 - $6 (1) Based on forward curves as of the week of 10/22/2018 (2) Excluding stock-based compensation (3) Excluding exploratory dry hole costs; includes exploration administration expense and geophysical expenses
19 Financial Position and Risk Management Profile Debt Maturity Schedule ($mm) as of 9/30/2018 (Including Weighted Average Coupon Rate) $600 $500 $400 $300 $200 $100 $0 $237mm repaid in July 2018 $67 $87 $188 Q $62 $575 $ Hedge Position 1 Capitalization / Liquidity Natural Gas (NYMEX) Swaps Total Volume (Bcf) Average Price per Mcf Natural Gas (NYMEX) Basis Swaps Total Volume - Leidy (Bcf) Average Price per Mcf (Leidy) Total Volume Transco (Bcf) Average Price per Mcf (Transco) 98.0 $ ($0.68) 10.7 $0.41 As of 9/30/2018 $bn Cash and Cash Equivalents $0.3 Debt $1.3 Net Debt $1.0 Net Capitalization $3.1 Liquidity $2.1 Net Debt / Capitalization 31.7% Net Debt / LTM EBITDAX 0.9x 19 1 As of October 26, Based on the midpoint of the production guidance range
20 Hedge Summary 2018 Natural Gas Swaps # of Total $/Mcf Pricing Index Contracts Mcf/Day Fixed Price Duration LDS NYMEX ,574 $2.93 Feb-18 Dec-18 LDS NYMEX 5 48,572 $3.10 Feb-18 Oct Natural Gas Basis Swaps # of Total $/Mcf Pricing Index Contracts Mcf/Day Fixed Price Duration Leidy 5 48,572 ($0.71) Jan-18 Dec-18 Leidy 5 48,572 ($0.68) Feb-18 Dec-18 Transco 3 26,143 $0.42 Jan-18 Dec Natural Gas Basis Swaps # of Total $/Mcf Pricing Index Contracts Mcf/Day Fixed Price Duration Leidy ,716 ($0.55) Jan-19 Dec-19 Transco 3 29,143 $0.42 Jan-19 Dec-19 Note: As of October 26, 2018
21 Reconciliation of Net Income to Adjusted Net Income and Adjusted Earnings Per Share 21
22 22 EBITDAX Calculation and Reconciliation
23 23 Net Debt Reconciliation
24 24 Discretionary Cash Flow and Free Cash Flow Calculation and Reconciliation
25 25 Return on Capital Employed Calculation
where we stand where we are going
where we stand where we are going 2018 Heikkinen Energy Conference August 15, 2018 Forward-Looking Statements and Other Disclaimers This presentation includes forward looking statements within the meaning
More informationwhere we stand where we are going
where we stand where we are going J.P. Morgan 2018 Energy Conference June 18-19, 2018 Forward-Looking Statements and Other Disclaimers This presentation includes forward looking statements within the meaning
More informationwhere we stand where we are going
where we stand where we are going Fourth-Quarter and Full-Year 2018 Earnings Call February 22, 2019 Forward-Looking Statements and Other Disclaimers This presentation includes forward looking statements
More informationwhere we stand where we are going
where we stand where we are going EnerCom s The Oil & Gas Conference August 20, 2018 Forward-Looking Statements and Other Disclaimers This presentation includes forward looking statements within the meaning
More informationScotia Howard Weil Energy Conference. March 25-26, 2019
Scotia Howard Weil Energy Conference March 25-26, 2019 Forward-Looking Statements and Other Disclosures This presentation includes forward looking statements within the meaning of Section 27A of the Securities
More informationJune 2016 Investor Presentation
June 2016 Investor Presentation CABOT OIL & GAS OVERVIEW 2015 Production: 602.5 Bcfe (13% growth) 2015 Year-End Proved Reserves: 8.2 Tcfe (11% growth) 2016E Drilling Activity: ~30 net wells 2016E Production
More informationInvestor Presentation January 2017
Investor Presentation January 2017 FORWARD-LOOKING STATEMENTS AND OTHER DISCLAIMERS This presentation includes forward looking statements within the meaning of Section 27A of the Securities Act of 1933,
More informationOil-focused initiative in the Eagle Ford Shale production growth guidance of 28% - 41% Initial 2015 production growth guidance of 20% - 30%
INVESTOR PRESENTATION EnerCom s The Oil & Gas Conference 19 August 18, 2014 KEY INVESTMENT HIGHLIGHTS Extensive Inventory of Low-Risk, High-Return Drilling Opportunities Industry-Leading Production and
More informationCabot Oil & Gas Corporation Announces First-Quarter 2018 Results
Cabot Oil & Gas Corporation Announces First-Quarter 2018 Results NEWS PROVIDED BY Cabot Oil & Gas Corporation Apr 27, 2018, 06:30 ET HOUSTON, April 27, 2018 /PRNewswire/ -- Cabot Oil & Gas Corporation
More informationSOUTHWESTERN ENERGY ANNOUNCES SECOND QUARTER 2017 FINANCIAL AND OPERATING RESULTS
NEWS RELEASE SOUTHWESTERN ENERGY ANNOUNCES SECOND QUARTER 2017 FINANCIAL AND OPERATING RESULTS Houston, Texas August 3, 2017...Southwestern Energy Company (NYSE: SWN) today announced its financial and
More informationSOUTHWESTERN ENERGY ANNOUNCES FIRST QUARTER 2018 RESULTS
NEWS RELEASE SOUTHWESTERN ENERGY ANNOUNCES FIRST QUARTER 2018 RESULTS Delivers solid operating performance and executes new credit facility Spring, Texas April 26, 2018...Southwestern Energy Company (NYSE:
More informationAntero Resources Reports First Quarter 2018 Financial and Operating Results
Antero Resources Reports First Quarter 2018 Financial and Operating Results Denver, Colorado, April 25, 2018 Antero Resources Corporation (NYSE: AR) ( Antero or the Company ) today released its first quarter
More information3Q Quarterly Update. October 30, 2018
3Q 2018 Quarterly Update October 30, 2018 Forward-Looking Statements and Other Disclaimers Forward-Looking Statements and Cautionary Statements The foregoing contains forward-looking statements within
More informationAntero Resources Reports Fourth Quarter and Year- End 2013 Financial and Operating Results
Antero Resources Reports Fourth Quarter and Year- End 2013 Financial and Operating Results February 26, 2014 DENVER, Feb. 26, 2014 /PRNewswire/ -- (Logo: http://photos.prnewswire.com/prnh/20131101/la09101logo)
More informationSOUTHWESTERN ENERGY ANNOUNCES CAPITAL PROGRAM AND GUIDANCE FOR 2009
2350 N. Sam Houston Parkway East Suite 125 Houston, Texas 77032 (281) 618-4700 Fax: (281) 618-4820 NEWS RELEASE SOUTHWESTERN ENERGY ANNOUNCES CAPITAL PROGRAM AND GUIDANCE FOR 2009 Production Projected
More informationCompany Overview. March 2012
Company Overview March 2012 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities
More informationFirst Quarter 2016 Earnings Call Presentation April 28, 2016
First Quarter 2016 Earnings Call Presentation April 28, 2016 FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of
More informationCredit Suisse 23 rd Annual Energy Summit
Credit Suisse 23 rd Annual Energy Summit Bill Way, President and CEO Compete and Win NYSE: SWN Forward-Looking Statements This presentation includes forward-looking statements. Forward-looking statements
More informationAntero Resources Reports Second Quarter 2017 Financial and Operational Results and Increases 2017 Production Guidance
NEWS RELEASE Antero Resources Reports Second Quarter 2017 Financial and Operational Results and Increases 2017 Production Guidance 8/2/2017 DENVER, Aug. 2, 2017 /PRNewswire/ -- Antero Resources Corporation
More informationThird Quarter 2016 Earnings Call Presentation October 27, 2016
Third Quarter 2016 Earnings Call Presentation October 27, 2016 FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of
More informationEQT Reports Record Earnings for 2013 Production Sales Volume Growth of 43%
EQT Reports Record Earnings for 2013 Production Sales Volume Growth of 43% PITTSBURGH, PA (February 13, 2014) -- EQT Corporation (NYSE: EQT) today announced 2013 net income attributable to EQT of $390.6
More informationSOUTHWESTERN ENERGY ANNOUNCES 2017 OPERATIONAL AND FINANCIAL RESULTS
NEWS RELEASE SOUTHWESTERN ENERGY ANNOUNCES 2017 OPERATIONAL AND FINANCIAL RESULTS Houston, Texas March 1, 2018...Southwestern Energy Company (NYSE: SWN) today announced its financial and operating results
More informationSOUTHWESTERN ENERGY ANNOUNCES 2015 FINANCIAL AND OPERATING RESULTS
NEWS RELEASE SOUTHWESTERN ENERGY ANNOUNCES 2015 FINANCIAL AND OPERATING RESULTS Houston, Texas February 25, 2016...Southwestern Energy Company (NYSE: SWN) today announced its financial and operating results
More informationNYSE:CRK. Second Quarter 2018 Results
NYSE:CRK Second Quarter 2018 Results This presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act
More informationAntero Resources Reports Second Quarter 2013 Financial Results, Utica First Production and Well Rates
Antero Resources Reports Second Quarter 2013 Financial Results, Utica First Production and Well Rates Highlights: Net daily production averaged 458 MMcfe/d, up 115% over second quarter 2012 production
More informationAntero Resources Reports First Quarter 2013 Results
Antero Resources Reports First Quarter 2013 Results DENVER, May 13, 2013 /PRNewswire/ -- Highlights: Net daily production averaged 383 MMcfe/d, up 114% over first quarter 2012 production from continuing
More informationAntero Resources Reports Third Quarter 2013 Financial and Operational Results
Antero Resources Reports Third Quarter 2013 Financial and Operational Results Highlights: Net daily production averaged 566 MMcfe/d, a 25% increase over second quarter 2013 and a 128% increase over third
More informationAntero Resources Reports Third Quarter 2013 Financial and Operational Results
Antero Resources Reports Third Quarter 2013 Financial and Operational Results DENVER, Nov. 6, 2013 /PRNewswire/ -- (Logo: http://photos.prnewswire.com/prnh/20131101/la09101logo) Highlights: Net daily production
More informationEnerCom s The Oil & Gas Conference. August 15, 2012
EnerCom s The Oil & Gas Conference August 15, 2012 Overview of Operations 16 Bakken Tulsa based company founded in 1963 with long history of operations in the Mid-Continent Integrated approach to business
More informationInvestor Presentation. Jefferies 2013 Global Energy Conference Houston, TX November 12, 2013
Investor Presentation Jefferies 2013 Global Energy Conference Houston, TX November 12, 2013 KEY INVESTMENT HIGHLIGHTS Extensive Inventory of Low-Risk, High-Return Drilling Opportunities Industry-Leading
More informationAntero Resources Reports Fourth Quarter and Full Year 2016 Financial and Operational Results
Antero Resources Reports Fourth Quarter and Full Year 2016 Financial and Operational Results Denver, Colorado, February 28, 2017 Antero Resources Corporation (NYSE: AR) ( Antero or the Company ) today
More informationOctober 2017 Update. Enhancing our Future NYSE: SWN
October 2017 Update Enhancing our Future NYSE: SWN Southwestern Energy Company General Information Southwestern Energy Company is a leading natural gas and oil company with operations predominantly in
More informationEQT REPORTS SECOND QUARTER 2018 RESULTS Board authorizes $500 million share repurchase program
EQT REPORTS SECOND QUARTER 2018 RESULTS Board authorizes $500 million share repurchase program PITTSBURGH (July 26, 2018) -- EQT Corporation (NYSE: EQT) today announced financial and operational performance
More informationCHESAPEAKE ENERGY CORPORATION REPORTS FINANCIAL AND OPERATIONAL RESULTS FOR THE 2010 THIRD QUARTER
FOR IMMEDIATE RELEASE NOVEMBER 3, 2010 CHESAPEAKE ENERGY CORPORATION REPORTS FINANCIAL AND OPERATIONAL RESULTS FOR THE 2010 THIRD QUARTER Company Reports 2010 Third Quarter Net Income to Common Stockholders
More informationFirst Quarter 2016 Supplemental Slides May 4, 2016
First Quarter 2016 Supplemental Slides May 4, 2016 Company Overview: More Than Just an E&P Company NYSE: RICE NYSE: RMP Upstream Marcellus + Utica Shale Development Rice Midstream Holdings Ohio Gathering
More informationCautionary Statements
INVESTOR PRESENTATION NYSE: ECR August 27 August 27 Cautionary Statements Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities
More informationAntero Resources Reports Second Quarter 2018 Financial and Operational Results
August 1, 2018 Antero Resources Reports Second Quarter 2018 Financial and Operational Results DENVER, Aug. 1, 2018 /PRNewswire/ -- Antero Resources Corporation (NYSE: AR) ("Antero" or the "Company") today
More informationQ Conference Call May 19, 2014
Q1 2014 Conference Call May 19, 2014 Forward-Looking & Other Cautionary Statements Forward-Looking Statements All statements included in this presentation by Samson Resources Corporation (the Company or
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 8-K
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event
More informationFirst Quarter 2016 Review. Hal Hickey Harold Jameson Ricky Burnett. Chief Executive Officer Chief Operating Officer Chief Financial Officer
First Quarter 2016 Review Hal Hickey Harold Jameson Ricky Burnett Chief Executive Officer Chief Operating Officer Chief Financial Officer May 4, 2016 Strategic Plan Update 2 Focus Area # Improvement Plan
More informationEQT REPORTS SECOND QUARTER 2016 EARNINGS Increases 2016 drilling plan
...... EQT REPORTS SECOND QUARTER 2016 EARNINGS Increases 2016 drilling plan PITTSBURGH, PA (July 28, 2016) -- EQT Corporation (NYSE: EQT) today announced second quarter 2016 net loss attributable to EQT
More informationSOUTHWESTERN ENERGY ANNOUNCES QUARTERLY AND 2018 RESULTS Continued outperformance, advantaged balance sheet, foundation set for value growth
NEWS RELEASE SOUTHWESTERN ENERGY ANNOUNCES QUARTERLY AND 2018 RESULTS Continued outperformance, advantaged balance sheet, foundation set for value growth SPRING, Texas February 28, 2019...Southwestern
More informationEQT Reports Second Quarter 2012 Earnings
July 26, 2012 EQT Reports Second Quarter 2012 Earnings Strong Operating Performance Overshadowed By Lower Commodity Prices PITTSBURGH--(BUSINESS WIRE)-- EQT Corporation (NYSE: EQT) today announced second
More informationEQT REPORTS SECOND QUARTER 2014 EARNINGS
EQT REPORTS SECOND QUARTER 2014 EARNINGS Reiterates full-year production volume guidance PITTSBURGH, PA (July 24, 2014) -- EQT Corporation (NYSE: EQT) today announced second quarter 2014 net income attributable
More information2015 FINANCIAL SUMMARY
2015 FINANCIAL SUMMARY Selected Financial Results SELECTED FINANCIAL RESULTS Three months ended Twelve months ended December 31, December 31, 2015 2014 2015 2014 Financial (000 s) Funds Flow (4) $ 102,674
More informationEQT Reports First Quarter 2012 Earnings
EQT Reports First Quarter 2012 Earnings PITTSBURGH--(BUSINESS WIRE)-- EQT Corporation (NYSE: EQT) today announced first quarter 2012 earnings of $72.0 million, or $0.48 per diluted share. First quarter
More information3Q 2017 Investor Update. Rick Muncrief, Chairman and CEO Nov. 2, 2017
3Q 2017 Investor Update Rick Muncrief, Chairman and CEO Nov. 2, 2017 Recent Highlights Raising 2017 oil growth guidance from 40% to 45% year-over-year Current oil production averaging 75,000 BBL/D Increasing
More informationSOUTHWESTERN ENERGY ANNOUNCES THIRD QUARTER 2018 RESULTS. Operational outperformance captures increasing value from high quality liquids portfolio
NEWS RELEASE SOUTHWESTERN ENERGY ANNOUNCES THIRD QUARTER 2018 RESULTS Operational outperformance captures increasing value from high quality liquids portfolio Spring, Texas October 25, 2018...Southwestern
More informationDahlman Rose Ultimate Oil Service Conference
Dahlman Rose Ultimate Oil Service Conference December 3, 2012 Overview of Operations 16 Bakken Tulsa based company founded in 1963 with long history of operations in the Mid-Continent Integrated approach
More informationThird Quarter 2018 Earnings Call Presentation NOVEMBER 1, 2018
Third Quarter 2018 Earnings Call Presentation NOVEMBER 1, 2018 Legal Disclaimer 2 NO OFFER OR SOLICITATION This presentation includes a discussion of a proposed business combination transaction (the Transaction
More informationFayetteville Shale Transaction
Fayetteville Shale Transaction Supplement to August Investor Update September 4, 2018 Forward-Looking Statements This presentation includes forward-looking statements. Forward-looking statements relate
More informationN e w s R e l e a s e
N e w s R e l e a s e Chesapeake Energy Corporation P. O. Box 18496 Oklahoma City, OK 73154 FOR IMMEDIATE RELEASE JANUARY 17, 2006 JEFFREY L. MOBLEY, CFA VICE PRESIDENT INVESTOR RELATIONS AND RESEARCH
More informationAntero Resources Reports Fourth Quarter and Full Year 2017 Financial and Operating Results
NEWS RELEASE Antero Resources Reports Fourth Quarter and Full Year 2017 Financial and Operating Results 2/13/2018 DENVER, Feb. 13, 2018 /PRNewswire/ -- Antero Resources Corporation (NYSE: AR) ("Antero"
More information4Q Quarterly Update. February 19, 2019
4Q 2018 Quarterly Update February 19, 2019 Forward-Looking Statements and Other Disclaimers The foregoing contains forward-looking statements within the meaning of Section 27A of the Securities Act of
More informationEQT REPORTS THIRD QUARTER 2014 EARNINGS Operational Results Continue to Improve GP Achieves Maximum Distribution Threshold
EQT REPORTS THIRD QUARTER 2014 EARNINGS Operational Results Continue to Improve GP Achieves Maximum Distribution Threshold PITTSBURGH, PA (October 23, 2014) -- EQT Corporation (NYSE: EQT) today announced
More informationSecond Quarter 2016 Earnings Call Presentation August 3, 2016
Second Quarter 216 Earnings Call Presentation August 3, 216 FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements. All statements, other than statements of historical facts,
More informationEV Energy Partners, L.P. Citi MLP/Midstream Infrastructure Conference
EV Energy Partners, L.P. Citi MLP/Midstream Infrastructure Conference August 17, 2016 Forward-Looking Statement Statements made in this presentation that are not historical facts are forward-looking statements
More informationAntero Resources Reports Fourth Quarter and Full Year 2018 Financial and Operational Results and 2018 Reserves
February 13, 2019 Antero Resources Reports Fourth Quarter and Full Year 2018 Financial and Operational Results and 2018 Reserves DENVER, Feb. 13, 2019 /PRNewswire/ -- Antero Resources Corporation (NYSE:
More informationInvestor Presentation
1 Investor Presentation February 2017 Forward-Looking Statements and Other Disclaimers 2 FORWARD-LOOKING STATEMENTS This presentation and the oral statements made in connection therewith may contain forward
More informationThis presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
NYSE:CRK June 2018 This presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking
More informationThird Quarter 2017 Supplement. October 2017 NBL
Third Quarter 2017 Supplement October 2017 3Q17 KEY HIGHLIGHTS Solid and differential operational execution Volumes Significantly Exceeding Original Expectations Volumes of 355 MBoe/d, 10 MBoe/d above
More informationInvestor Presentation HOWARD WEIL ENERGY CONFERENCE MARCH 2015
Investor Presentation HOWARD WEIL ENERGY CONFERENCE MARCH 2015 Forward-Looking Statements and Other Disclaimers This presentation contains forward-looking statements within the meaning of Section 27A of
More informationSOUTHWESTERN ENERGY ANNOUNCES SECOND QUARTER 2018 RESULTS
NEWS RELEASE SOUTHWESTERN ENERGY ANNOUNCES SECOND QUARTER 2018 RESULTS Raises full year 2018 production guidance with no increase to capital investment guidance Expects portfolio to generate modest free
More informationTuesday, August 7,
NEWS ENERGEN CORPORATION 605 Richard Arrington Jr. Blvd. N. Birmingham, AL 35203-2707 For Release: 6:00 a.m. ET Contacts: Julie S. Ryland Tuesday, August 7, 2018 205.326.8421 ENERGEN PRODUCTION IN 2Q18
More informationInvestor Presentation. November 2018
Investor Presentation November 2018 Forward-Looking Statements and Other Disclaimers Forward-Looking Statements and Cautionary Statements The foregoing contains forward-looking statements within the meaning
More informationEARNINGS RESULTS FOURTH QUARTER 2016
EARNINGS RESULTS FOURTH QUARTER 2016 Cautionary Language This presentation contains statements, estimates and projections which are forward-looking statements (as defined in Section 21E of the Securities
More informationEnerCom The Oil and Gas Conference 23
EnerCom The Oil and Gas Conference 23 Forward Looking Statements This presentation contains certain forward-looking statements within the meaning of the federal securities laws, including the safe harbor
More informationCapturing the Core: Transformative Acquisition of Vantage Energy Inc. September 26, 2016
RICE MIDSTREAM PARTNERS Capturing the Core: Transformative Acquisition of Vantage Energy Inc. September 26, 2016 1 www.riceenergy.com Acquisition Summary Enhancing Core, Dry-Gas Position in Appalachia
More informationRice Midstream Partners First Quarter 2016 Supplemental Slides May 4,
Rice Midstream Partners First Quarter 2016 Supplemental Slides May 4, 2016 1 www.ricemidstream.com RMP: High Growth MLP in Prolific Appalachian Basin TOP-TIER GROWTH DRIVEN BY ACTIVE CUSTOMERS Strategically
More informationRICK MUNCRIEF, CHAIRMAN & CEO FEBRUARY 21, 2019 NYSE: WPX
RICK MUNCRIEF, CHAIRMAN & CEO FEBRUARY 21, 2019 NYSE: WPX 2018: A Pivotal Year of Progress W I L L I S T O N P E R M I A N FOCUSED PORTFOLIO Sold San Juan Gallup in 2018 to become a premier operator in
More informationNet income excluding certain items, non-gaap measure $ 41,759 $ 0.25 $ 64,547 $ % $ 80,396 $ 0.48 $ 260,195 $ %
RANGE RESOURCES CORPORATION TABLE 1 CALCULATION OF CASH FLOW EXCLUDING CERTAIN ITEMS A NON-GAAP MEASURE (Dollar amounts in thousands, except per share) Quarter Ended December 31, Twelve Months Ended December
More informationSOUTHWESTERN ENERGY ANNOUNCES SECOND QUARTER 2014 FINANCIAL AND OPERATING RESULTS
NEWS RELEASE SOUTHWESTERN ENERGY ANNOUNCES SECOND QUARTER 2014 FINANCIAL AND OPERATING RESULTS Houston, Texas July 31, 2014...Southwestern Energy Company (NYSE: SWN) today announced its financial and operating
More informationRex Energy Exceeds Third Quarter Production Guidance and Discloses Initial Horizontal Utica Shale Well Results
Rex Energy Exceeds Third Quarter Production Guidance and Discloses Initial Horizontal Utica Shale Well Results Company exceeds third quarter production high case guidance by 4% Third quarter daily production
More informationUltra Petroleum Corp. Michael D. Watford Chairman, President and CEO
Ultra Petroleum Corp. Michael D. Watford Chairman, President and CEO May 2013 Ultra Petroleum Corp. is an independent exploration and production company focused on developing its long-life natural gas
More information3Q17 Earnings Call November 2, 2017
3Q17 Earnings Call November 2, 2017 ForwardLooking Statements This presentation contains forwardlooking statements. All statements, other than statements of historical facts, included in this presentation
More informationCautionary Statements
INVESTOR PRESENTATION NYSE: ECR March 208 March 208 Cautionary Statements Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities
More informationINVESTOR PRESENTATION FEBRUARY 2019
INVESTOR PRESENTATION FEBRUARY 2019 FORWARD LOOKING STATEMENT This presentation includes "forward-looking statements" for purposes of the safe harbor provisions of the Private Securities Litigation Reform
More informationSOUTHWESTERN ENERGY ANNOUNCES FIRST QUARTER 2014 FINANCIAL AND OPERATING RESULTS
NEWS RELEASE SOUTHWESTERN ENERGY ANNOUNCES FIRST QUARTER 2014 FINANCIAL AND OPERATING RESULTS Houston, Texas May 1, 2014...Southwestern Energy Company (NYSE: SWN) today announced its financial and operating
More informationAnalyst Presentation November 2016
Analyst Presentation November 2016 EQT Cautionary Statements EQT Corporation (NYSE: EQT) EQT Plaza 625 Liberty Avenue, Suite 1700 Pittsburgh, PA 15222 Pat Kane - Chief Investor Relations Officer (412)
More informationForward Looking Statements
November 6, 2009 Forward Looking Statements This document contains forward looking statements. All statements other than statements of historical facts included in this document, including but not limited
More informationDahlman Rose Oil Service and Drilling Conference. Wednesday, November 30, :50 a.m.
Dahlman Rose Oil Service and Drilling Conference Wednesday, November 30, 2011 10:50 a.m. Overview of Operations Tulsa based company founded in 1963 with long history of operations in the Mid-Continent
More informationEnerCom s London Oil & Gas Conference. June 11, 2013
EnerCom s London Oil & Gas Conference June 11, 2013 Overview of Operations 16 Bakken Tulsa based diversified energy company incorporated in 1963 Integrated approach to business allows Unit to balance its
More informationGHS 100 Energy Conference. June 24, 2014
GHS 100 Energy Conference June 24, 2014 Forward-Looking Statement Statements made in this presentation that are not historical facts are forward-looking statements within the meaning of the U.S. Private
More informationLAREDO PETROLEUM ANNOUNCES 2014 FIRST-QUARTER FINANCIAL AND OPERATING RESULTS
15 West 6 th Street, Suite, 900 Tulsa, Oklahoma 74119 (918) 513-4570 Fax: (918) 513-4571 www.laredopetro.com LAREDO PETROLEUM ANNOUNCES 2014 FIRST-QUARTER FINANCIAL AND OPERATING RESULTS TULSA, OK May
More informationAnalyst Presentation October 27, 2016
Analyst Presentation October 27, 2016 EQT Cautionary Statements EQT Corporation (NYSE: EQT) EQT Plaza 625 Liberty Avenue, Suite 1700 Pittsburgh, PA 15222 Pat Kane - Chief Investor Relations Officer (412)
More informationCapital One Securities, Inc. Energy Conference. December 11, 2013
Capital One Securities, Inc. Energy Conference December 11, 2013 Forward-Looking Statement This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act
More informationAntero Resources to Acquire 55,000 Net Acres in the Core of the Marcellus Shale
NEWS RELEASE Antero Resources to Acquire 55,000 Net Acres in the Core of the Marcellus Shale 6/9/2016 DENVER, June 9, 2016 /PRNewswire/ -- Antero Resources Corporation (NYSE: AR) ("Antero" or the "Company")
More information2Q Quarterly Update. August 1, 2018
2Q 2018 Quarterly Update August 1, 2018 Forward-Looking Statements and Other Disclaimers Forward-Looking Statements and Cautionary Statements The foregoing contains forward-looking statements within the
More informationRex Energy Corporate Presentation. July 2016
Rex Energy Corporate Presentation July 2016 2 Forward Looking Statements and Presentation of Information Forward-Looking Statements Statements in this presentation that are not historical facts are forward-looking
More informationEQT REVISED 2015 OPERATIONAL FORECAST
EQT REVISED 2015 OPERATIONAL FORECAST February 5, 2015 -- EQT Corporation (NYSE: EQT) issued a revised 2015 capital expenditure (CAPEX) forecast of $2.05 billion, excluding business development and land
More informationOctober 2018 Investor Update
October 2018 Investor Update Repositioning to Win Contact: Paige Penchas Vice President, Investor Relations paige_penchas@swn.com Phone: (832) 796-4068 NYSE: SWN Forward-Looking Statements This presentation
More informationEnerCom s The Oil & Services Conference. February 20, 2013
EnerCom s The Oil & Services Conference February 20, 2013 Overview of Operations 16 Bakken Tulsa based diversified energy company incorporated in 1963 Integrated approach to business allows Unit to balance
More informationN e w s R e l e a s e
N e w s R e l e a s e Chesapeake Energy Corporation P. O. Box 18496 Oklahoma City, OK 73154 FOR IMMEDIATE RELEASE OCTOBER 3, 2005 INVESTOR CONTACT: JEFFREY L. MOBLEY, CFA VICE PRESIDENT- INVESTOR RELATIONS
More informationQuarterly Update 1Q17 MAY 3, 2017
Quarterly Update Q7 MAY 3, 207 Forward-Looking Statements and Other Disclaimers This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 933 and
More informationFirst Quarter 2011 Investor Update
First Quarter 2011 Investor Update FINANCIAL & OPERATING RESULTS MAY 4, 2011 Forward-looking statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities
More informationInvestor Presentation J.P. Morgan Global High Yield and Leveraged Finance Conference FEBRUARY 2016
Investor Presentation J.P. Morgan Global High Yield and Leveraged Finance Conference FEBRUARY 2016 Forward-Looking Statements and Other Disclaimers This presentation contains forward-looking statements
More informationSOUTHWESTERN ENERGY COMPANY (Exact name of registrant as specified in its charter)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event
More informationInvestor Presentation Bank of America Merrill Lynch Energy Credit Conference JUNE 2017
Investor Presentation Bank of America Merrill Lynch Energy Credit Conference JUNE 207 Forward-Looking Statements and Other Disclaimers This presentation contains forward-looking statements within the meaning
More informationAcquisition of Oil & Gas Properties in Mid-Continent
Acquisition of Oil & Gas Properties in Mid-Continent July 11, 2012 Significant Overlap in Core Operating Area Pro forma Acreage Position in Core Mid-Continent Area Material acreage overlap with existing
More informationIPAA OGIS New York April 2015
Tunkhannock, Pennsylvania Wilmington Field, California Atlantic Rim, Wyoming IPAA OGIS New York April 2015 April 20, 2015 Forward-Looking Statements Forward-Looking Statements. This presentation includes
More information