HOUSTON, April 28, 2017 /PRNewswire/ -- Cabot Oil
& Gas Corporation (NYSE: COG) ("Cabot" or the "Company") today
reported financial and operating results for the first quarter of
2017.
First Quarter 2017 Highlights
- Equivalent daily production growth of seven percent relative to
the prior-year comparable quarter
- Net income of $105.7 million
compared to a net loss of $51.2
million in the prior-year comparable quarter
- Cash flow from operating activities of $269.4 million, an increase of 301 percent
relative to the prior-year comparable quarter
- EBITDAX of $306.3 million, an
increase of 202 percent relative to the prior-year comparable
quarter
- Generated positive free cash flow (cash flow from operating
activities less capital expenditures) for the fourth consecutive
quarter
- Natural gas price realizations improved by 77 percent relative
to the prior-year comparable quarter
- Operating expenses per unit improved by 11 percent relative to
the prior-year comparable quarter
- Increased full-year 2017 production growth guidance range from
5 - 10 percent to 8 - 12 percent
"Our significant increase in net income and cash flow for the
quarter highlights the impact of higher realized natural gas prices
due to the recent tightening of the U.S. natural gas market," said
Dan O. Dinges, Chairman, President
and Chief Executive Officer. "Based on our improved outlook for
natural gas price realizations throughout the year, we have
increased our production guidance range to reflect our confidence
in delivering a higher level of returns-focused growth in
2017."
First Quarter 2017 Financial Results
Equivalent production for the first quarter of 2017 was 170.1
billion cubic feet equivalent (Bcfe), consisting of 163.8 billion
cubic feet (Bcf) of natural gas, 921.0 thousand barrels (Mbbls) of
crude oil and condensate, and 123.5 Mbbls of natural gas liquids
(NGLs). Equivalent daily production was in line with the high-end
of the Company's guidance range for the quarter.
Net income for the first quarter of 2017 was $105.7 million, or $0.23 per share, compared to a net loss of
$51.2 million, or $0.12 per share, for the first quarter of 2016.
Excluding the effect of selected items (detailed in the table
below), net income was $89.1 million,
or $0.19 per share, compared to a net
loss of $55.4 million, or
$0.13 per share, for the first
quarter of 2016. Cash flow from operating activities for the first
quarter of 2017 was $269.4 million,
compared to $67.1 million for the
first quarter of 2016. Discretionary cash flow for the first
quarter of 2017 was $273.0 million,
compared to $71.2 million for the
first quarter of 2016. EBITDAX for the first quarter of 2017 was
$306.3 million, compared to
$101.4 million for the first quarter
of 2016. See the supplemental tables at the end of this press
release for a reconciliation of non-GAAP measures including
discretionary cash flow, net income (loss) excluding selected
items, EBITDAX and net debt to adjusted capitalization ratio.
Natural gas price realizations, including the impact of
derivatives, were $2.64 per thousand
cubic feet (Mcf) for the first quarter of 2017, a 77 percent
improvement compared to first quarter of 2016 and a 36 percent
sequential improvement compared to the fourth quarter of 2016.
Excluding the impact of derivatives, natural gas price realizations
for the quarter were $2.65 per Mcf,
representing a $0.67 discount to
NYMEX settlement prices. Oil price realizations, including the
impact of derivatives, were $46.73
per barrel (Bbl), an increase of 69 percent compared to the first
quarter of 2016. NGL price realizations were $20.71 per Bbl, an increase of 187 percent
compared to the first quarter of 2016.
Operating expenses (including financing) decreased to
$2.01 per thousand cubic feet
equivalent (Mcfe) in the first quarter of 2017, an 11 percent
improvement compared to $2.26 per
Mcfe in the first quarter of 2016. Cash operating expenses
(excluding depreciation, depletion and amortization; stock-based
compensation; exploratory dry hole cost; and amortization of debt
issuance costs) decreased to $1.15
per Mcfe in the first quarter of 2017, a two percent improvement
over the first quarter of 2016. All operating expense categories
decreased on a per unit basis relative to last year's comparable
quarter except for transportation and gathering, which increased
primarily as a result of a charge associated with transportation
expenses in the Eagle Ford, and taxes other than income, which
increased primarily as a result of higher crude oil prices and the
receipt of a production tax refund in the first quarter of 2016.
The Company has reaffirmed its cost guidance for the full-year.
Cabot incurred a total of $212.2
million of capital expenditures during the first quarter of
2017 including $142.0 million of
drilling and facilities capital associated with drilling 21 gross
(21.0 net) wells and completing 25 gross (24.0 net) wells;
$67.9 million of leasehold
acquisition capital associated with grassroots leasing efforts,
primarily in new exploratory operating areas; and $2.4 million of other capital. Additionally, the
Company contributed $7.7 million to
its equity pipeline investments in the Atlantic Sunrise and
Constitution projects during the first quarter of 2017. "Recently,
we have highlighted our plans to evaluate new platforms for future
growth that generate competitive full-cycle returns," stated
Dinges. "While this is not an easy task, we have identified two new
exploratory areas where we have the potential to build sizable,
contiguous acreage positions at a low cost of entry that have
garnered investment capital in a similar manner as our Marcellus
asset did over ten years ago." Added Dinges, "As we have
demonstrated over the years, we will continue to remain disciplined
with our capital as we assess these new opportunities."
See the supplemental table at the end of this press release
reconciling the capital expenditures for the quarter.
First Quarter 2017 Operational Highlights
Marcellus Shale
During the first quarter of 2017, Cabot averaged 1,782 million
cubic feet (Mmcf) per day of net Marcellus production (2,088 gross
operated Mmcf per day), an increase of six percent sequentially
compared to the fourth quarter of 2016. During the first quarter,
the Company drilled and completed 14 net wells and placed 23 net
wells on production. "20 of the wells placed on production during
the quarter were completed with our fourth generation completion
design and the average cumulative production for these wells is
outperforming our 4.4 Bcf per 1,000 lateral feet type curve,"
commented Dinges.
Cabot's operating efficiencies in the Marcellus Shale continue
to improve, highlighted by another record-low quarter for drilling
costs per foot, which were 12 percent lower in the first quarter of
2017 as compared to the full-year 2016 average.
Cabot is currently operating two rigs and utilizing one 24-hour
completion crew in the Marcellus Shale and plans to remain at this
level for the remainder of the year.
Eagle Ford Shale
Cabot's net production in the Eagle Ford Shale during the first
quarter of 2017 was 12,059 barrels of oil equivalent (Boe) per day
(84% oil), an increase of 15 percent sequentially compared to the
fourth quarter of 2016. During the first quarter, the Company
drilled 7 net wells and completed and placed on production 10 net
wells.
Cabot's operating efficiencies in the Eagle Ford Shale continue
to improve, highlighted by another record-low quarter for drilling
costs per foot, which were 13 percent lower in the first quarter of
2017 as compared to the full-year 2016 average.
Cabot is currently operating one rig and utilizing one
completion crew in the Eagle Ford Shale and plans to remain at this
level for the remainder of the year.
Financial Position and Liquidity
As of March 31, 2017, Cabot had
total debt of $1.5 billion and cash
on hand of $537.5 million. The
Company's net debt to adjusted capitalization ratio and net debt to
trailing twelve months EBITDAX ratio were 26.6 percent and 1.3x,
respectively, compared to 28.5 percent and 1.8x as of December 31, 2016.
Effective April 11, 2017, Cabot's
borrowing base was unanimously reaffirmed by its 20 lenders at
$3.2 billion. Total commitments under
the Company's credit facility remain unchanged at $1.8 billion, with approximately $1.7 billion currently available to Cabot. The
Company currently has no debt outstanding under the credit
facility, resulting in approximately $2.2
billion of liquidity. Cabot's next annual borrowing base
redetermination is scheduled for April
2018.
Second Quarter and Full-Year 2017 Guidance Update
Cabot has provided second quarter 2017 net production guidance
of 1,780 to 1,820 Mmcf per day for natural gas; 12,000 to 12,500
Bbls per day for crude oil and condensate; and 1,350 to 1,400 Bbls
per day for NGLs.
Based on recent outperformance from its fourth generation
Marcellus wells, coupled with an improving natural gas price
outlook throughout Appalachia, the Company has increased its 2017
production growth guidance range from 5 - 10 percent to 8 - 12
percent. Additionally, the Company has increased its capital budget
for the year to reflect an increase of up to $125 million for exploratory leasing and testing,
resulting in full-year 2017 exploration and production (E&P)
spending of up to $775 million
(depending on the success of its exploratory activities). In
addition, Cabot anticipates approximately $70 million of contributions to its equity
pipeline investments resulting in total 2017 program spending of
$845 million. Despite the increase in
spending, the Company is currently forecasting over $250 million of positive free cash flow for the
year based on recent Strip prices.
For further disclosure on Cabot's natural gas pricing exposure
by index and cost guidance, please see the current Guidance slide
in the Investor Relations section of the Company's website.
Conference Call Webcast and Supplemental Earnings
Materials
A conference call is scheduled for Friday, April 28, 2017, at 9:30 a.m. Eastern Time to discuss first quarter
2017 financial and operating results. A supplemental presentation
is also available in the Investor Relations section of the
Company's website at www.cabotog.com. To access the live
audio webcast, please visit the Investor Relations section of the
Company's website. A replay of the call will also be available on
the Company's website.
Cabot Oil & Gas Corporation, headquartered in Houston, Texas, is a leading independent
natural gas producer with its entire resource base located in the
continental United States. For
additional information, visit the Company's website at
www.cabotog.com.
This press release 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", "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 the Company 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.
FOR MORE INFORMATION CONTACT
Matt Kerin (281) 589-4642
OPERATING
DATA
|
|
|
Three Months
Ended
March 31,
|
|
2017
|
|
2016
|
PRODUCTION
VOLUMES
|
|
|
|
Natural gas
(Bcf)
|
163.8
|
|
|
153.1
|
|
Crude oil and
condensate (Mbbl)
|
921.0
|
|
|
1,109.6
|
|
Natural gas liquids
(NGLs) (Mbbl)
|
123.5
|
|
|
92.1
|
|
Equivalent production
(Bcfe)
|
170.1
|
|
|
160.3
|
|
|
|
|
|
AVERAGE SALES
PRICE
|
|
|
|
Natural gas,
including hedges ($/Mcf)
|
$
|
2.64
|
|
|
$
|
1.49
|
|
Natural gas,
excluding hedges ($/Mcf)
|
$
|
2.65
|
|
|
$
|
1.49
|
|
Crude oil and
condensate, including hedges ($/Bbl)
|
$
|
46.73
|
|
|
$
|
27.65
|
|
Crude oil and
condensate, excluding hedges ($/Bbl)
|
$
|
46.68
|
|
|
$
|
27.65
|
|
NGL
($/Bbl)
|
$
|
20.71
|
|
|
$
|
7.22
|
|
|
|
|
|
AVERAGE UNIT COSTS
($/Mcfe)
|
|
|
|
Direct
operations
|
$
|
0.14
|
|
|
$
|
0.16
|
|
Transportation and
gathering
|
0.73
|
|
|
0.68
|
|
Taxes other than
income
|
0.05
|
|
|
0.04
|
|
Exploration
|
0.04
|
|
|
0.04
|
|
Depreciation,
depletion and amortization
|
0.79
|
|
|
1.01
|
|
General and
administrative (excluding stock-based compensation)
|
0.09
|
|
|
0.11
|
|
Stock-based
compensation
|
0.05
|
|
|
0.07
|
|
Interest
expense
|
0.12
|
|
|
0.15
|
|
|
$
|
2.01
|
|
|
$
|
2.26
|
|
|
|
|
|
|
|
|
|
WELLS DRILLED
(1)
|
|
|
|
Gross
|
21
|
|
|
10
|
|
Net
|
21.0
|
|
|
10.0
|
|
|
|
|
|
WELLS COMPLETED
(1)
|
|
|
|
Gross
|
25
|
|
|
15
|
|
Net
|
24.0
|
|
|
15.0
|
|
|
|
|
|
|
|
|
|
|
|
(1) Wells drilled
represents wells drilled to total depth during the period. Wells
completed includes wells completed during the period, regardless of
when they were drilled.
|
CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)
|
|
|
|
Three Months
Ended
March 31,
|
(In thousands,
except per share amounts)
|
|
2017
|
|
2016
|
OPERATING
REVENUES
|
|
|
|
|
Natural
gas
|
|
$
|
433,442
|
|
|
$
|
227,578
|
|
Crude
oil and condensate
|
|
42,990
|
|
|
30,676
|
|
Gain on
derivative instruments
|
|
33,384
|
|
|
18,994
|
|
Brokered
natural gas
|
|
4,695
|
|
|
3,180
|
|
Other
|
|
3,332
|
|
|
1,513
|
|
|
|
517,843
|
|
|
281,941
|
|
OPERATING
EXPENSES
|
|
|
|
|
Direct
operations
|
|
24,641
|
|
|
26,035
|
|
Transportation and
gathering
|
|
123,474
|
|
|
109,652
|
|
Brokered natural
gas
|
|
4,046
|
|
|
2,566
|
|
Taxes other than
income
|
|
9,058
|
|
|
5,994
|
|
Exploration
|
|
6,198
|
|
|
6,383
|
|
Depreciation,
depletion and amortization
|
|
135,100
|
|
|
161,887
|
|
General and
administrative (excluding stock-based compensation)
|
|
15,447
|
|
|
17,267
|
|
Stock-based
compensation(1)
|
|
8,253
|
|
|
10,606
|
|
|
|
326,217
|
|
|
340,390
|
|
Earnings (loss) on
equity method investments
|
|
(1,283)
|
|
|
2,009
|
|
Gain (loss) on sale
of assets
|
|
(223)
|
|
|
1,354
|
|
INCOME (LOSS) FROM
OPERATIONS
|
|
190,120
|
|
|
(55,086)
|
|
Interest
expense
|
|
20,771
|
|
|
24,375
|
|
Other
expense
|
|
424
|
|
|
503
|
|
Income (loss) before
income taxes
|
|
168,925
|
|
|
(79,964)
|
|
Income tax expense
(benefit)
|
|
63,205
|
|
|
(28,770)
|
|
NET INCOME
(LOSS)
|
|
$
|
105,720
|
|
|
$
|
(51,194)
|
|
Earnings (loss) per
share - Basic
|
|
$
|
0.23
|
|
|
$
|
(0.12)
|
|
Weighted-average
common shares outstanding
|
|
465,348
|
|
|
431,841
|
|
|
|
|
|
|
|
|
|
(1)
Includes the impact of the Company's performance share awards,
restricted stock, stock appreciation rights and expense associated
with the Supplemental Employee Incentive Plan.
|
CONDENSED
CONSOLIDATED BALANCE SHEET (Unaudited)
|
|
(In
thousands)
|
March 31,
2017
|
|
December 31,
2016
|
ASSETS
|
|
|
|
Current
assets
|
$
|
748,313
|
|
|
$
|
715,881
|
|
Properties and
equipment, net (Successful efforts method)
|
4,328,360
|
|
|
4,250,125
|
|
Other
assets
|
167,715
|
|
|
156,563
|
|
|
$
|
5,244,388
|
|
|
$
|
5,122,569
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities
|
$
|
224,395
|
|
|
$
|
257,812
|
|
Long-term debt,
net
|
1,520,870
|
|
|
1,520,530
|
|
Deferred income
taxes
|
590,575
|
|
|
579,447
|
|
Other
liabilities
|
201,369
|
|
|
197,113
|
|
Stockholders'
equity
|
2,707,179
|
|
|
2,567,667
|
|
|
$
|
5,244,388
|
|
|
$
|
5,122,569
|
|
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
|
|
|
Three Months
Ended
March 31,
|
(In
thousands)
|
2017
|
|
2016
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
Net income
(loss)
|
$
|
105,720
|
|
|
$
|
(51,194)
|
|
Deferred income tax
expense (benefit)
|
53,289
|
|
|
(28,973)
|
|
(Gain) loss on sale
of assets
|
223
|
|
|
(1,354)
|
|
Exploratory dry hole
cost
|
2,842
|
|
|
—
|
|
Gain on derivative
instruments
|
(33,384)
|
|
|
(18,994)
|
|
Net cash paid in
settlement of derivative instruments
|
(1,524)
|
|
|
—
|
|
Income charges not
requiring cash
|
145,855
|
|
|
171,675
|
|
Changes in assets and
liabilities
|
(3,643)
|
|
|
(4,048)
|
|
Net cash provided by
operating activities
|
269,378
|
|
|
67,112
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
Capital
expenditures
|
(208,384)
|
|
|
(92,237)
|
|
Proceeds from sale of
assets
|
374
|
|
|
49,828
|
|
Investment in equity
method investments
|
(7,742)
|
|
|
(11,652)
|
|
Net cash used in
investing activities
|
(215,752)
|
|
|
(54,061)
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
Net borrowings
(repayments) of debt
|
—
|
|
|
(413,000)
|
|
Sale of common stock,
net
|
—
|
|
|
995,278
|
|
Dividends
paid
|
(9,306)
|
|
|
(8,282)
|
|
Tax withholdings on
stock award vestings
|
(5,414)
|
|
|
(5,022)
|
|
Capitalized debt
issuance costs
|
—
|
|
|
(3,223)
|
|
Other
|
37
|
|
|
—
|
|
Net cash provided by
(used in) financing activities
|
(14,683)
|
|
|
565,751
|
|
|
|
|
|
Net increase in cash
and cash equivalents
|
$
|
38,943
|
|
|
$
|
578,802
|
|
Selected Item
Review and Reconciliation of Net Income and Earnings Per
Share
|
|
|
Three Months
Ended
March 31,
|
(In thousands,
except per share amounts)
|
2017
|
|
2016
|
As reported - net
income (loss)
|
$
|
105,720
|
|
|
$
|
(51,194)
|
|
Reversal of selected
items:
|
|
|
|
(Gain) loss on sale
of assets
|
223
|
|
|
(1,354)
|
|
(Gain) loss on
derivative instruments(1)
|
(34,908)
|
|
|
(18,994)
|
|
Drilling rig
termination fees
|
—
|
|
|
3,188
|
|
Stock-based
compensation expense
|
8,253
|
|
|
10,606
|
|
Tax effect on
selected items
|
9,767
|
|
|
2,382
|
|
Net income (loss)
excluding selected items
|
$
|
89,055
|
|
|
$
|
(55,366)
|
|
As reported -
earnings (loss) per share
|
$
|
0.23
|
|
|
$
|
(0.12)
|
|
Per share impact of
selected items
|
(0.04)
|
|
|
(0.01)
|
|
Earnings (loss) per
share excluding selected items
|
$
|
0.19
|
|
|
$
|
(0.13)
|
|
Weighted-average
common shares outstanding
|
465,348
|
|
|
431,841
|
|
|
|
|
|
|
|
|
|
(1) This amount represents the
non-cash mark-to-market changes of our commodity derivative
instruments recorded in gain (loss) on derivative instruments in
the Condensed Consolidated Statement of Operations.
|
Discretionary Cash
Flow Calculation and Reconciliation
|
|
|
Three Months
Ended
March 31,
|
(In
thousands)
|
2017
|
|
2016
|
Net income
(loss)
|
$
|
105,720
|
|
|
$
|
(51,194)
|
|
Plus
(less):
|
|
|
|
Deferred income tax
expense (benefit)
|
53,289
|
|
|
(28,973)
|
|
(Gain) loss on sale
of assets
|
223
|
|
|
(1,354)
|
|
Exploratory dry hole
cost
|
2,842
|
|
|
—
|
|
Gain on derivative
instruments
|
(33,384)
|
|
|
(18,994)
|
|
Net cash paid in
settlement of derivative instruments
|
(1,524)
|
|
|
—
|
|
Income charges not
requiring cash
|
145,855
|
|
|
171,675
|
|
Discretionary cash
flow
|
273,021
|
|
|
71,160
|
|
Changes in assets and
liabilities
|
(3,643)
|
|
|
(4,048)
|
|
Net cash provided by
operating activities
|
$
|
269,378
|
|
|
$
|
67,112
|
|
EBITDAX
Calculation and Reconciliation
|
|
|
Three Months
Ended
March 31,
|
(In
thousands)
|
2017
|
|
2016
|
Net income
(loss)
|
$
|
105,720
|
|
|
$
|
(51,194)
|
|
Plus
(less):
|
|
|
|
Interest
expense
|
20,771
|
|
|
24,375
|
|
Other
expense
|
424
|
|
|
503
|
|
Income tax expense
(benefit)
|
63,205
|
|
|
(28,770)
|
|
Depreciation,
depletion and amortization
|
135,100
|
|
|
161,887
|
|
Exploration
|
6,198
|
|
|
6,383
|
|
(Gain) loss on sale
of assets
|
223
|
|
|
(1,354)
|
|
Non-cash (gain) loss
on derivative instruments
|
(34,908)
|
|
|
(18,994)
|
|
(Earnings) loss on
equity method investments
|
1,283
|
|
|
(2,009)
|
|
Stock-based
compensation
|
8,253
|
|
|
10,606
|
|
EBITDAX
|
$
|
306,269
|
|
|
$
|
101,433
|
|
Net Debt
Reconciliation
|
|
(In
thousands)
|
March 31,
2017
|
|
December 31,
2016
|
Total debt
|
$
|
1,520,870
|
|
|
$
|
1,520,530
|
|
Stockholders'
equity
|
2,707,179
|
|
|
2,567,667
|
|
Total
capitalization
|
$
|
4,228,049
|
|
|
$
|
4,088,197
|
|
|
|
|
|
Total debt
|
$
|
1,520,870
|
|
|
$
|
1,520,530
|
|
Less: Cash and cash
equivalents
|
(537,485)
|
|
|
(498,542)
|
|
Net debt
|
$
|
983,385
|
|
|
$
|
1,021,988
|
|
|
|
|
|
Net debt
|
$
|
983,385
|
|
|
$
|
1,021,988
|
|
Stockholders'
equity
|
2,707,179
|
|
|
2,567,667
|
|
Total adjusted
capitalization
|
$
|
3,690,564
|
|
|
$
|
3,589,655
|
|
|
|
|
|
Total debt to total
capitalization ratio
|
36.0
|
%
|
|
37.2
|
%
|
Less: Impact of cash
and cash equivalents
|
9.4
|
%
|
|
8.7
|
%
|
Net debt to adjusted
capitalization ratio
|
26.6
|
%
|
|
28.5
|
%
|
Capital
Expenditures
|
|
|
|
Three Months
Ended
March 31,
|
(In
thousands)
|
|
2017
|
|
2016
|
Cash paid for capital
expenditures
|
|
$
|
208,384
|
|
|
$
|
92,237
|
|
Change in accrued
capital costs
|
|
6,695
|
|
|
(549)
|
|
Exploratory dry hole
cost
|
|
(2,842)
|
|
|
—
|
|
Capital
expenditures
|
|
$
|
212,237
|
|
|
$
|
91,688
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/cabot-oil--gas-corporation-announces-first-quarter-2017-results-300447773.html
SOURCE Cabot Oil & Gas Corporation