HOUSTON, Feb. 19, 2016 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG) ("Cabot" or the "Company") today reported financial and operating results for the fourth quarter and full-year ended December 31, 2015.
"Despite a significant year-over-year reduction in capital spending, Cabot generated double-digit reserve and production growth for the sixth consecutive year while continuing to improve its industry-leading cost structure," said Dan O. Dinges, Chairman, President and Chief Executive Officer. "Finding costs and operating costs decreased 20 percent and 7 percent per unit, respectively, highlighting our capital efficient, low-cost asset base. As we previously highlighted in our 2016 budget announcement, we remain committed to our strategy of disciplined capital allocation with a focus on maintaining a strong balance sheet. We believe our low-cost structure, high-quality assets and capital discipline will allow us to successfully navigate through this challenged market environment."
Full-Year 2015 Financial Results
Equivalent production was 602.5 billion cubic feet equivalent (Bcfe) in 2015, consisting of 566.0 billion cubic feet (Bcf) of natural gas, 5.4 million barrels (Mmbbls) of crude oil and condensate, and 667,000 barrels (Bbls) of natural gas liquids (NGLs). These figures represent increases of 13 percent, 11 percent, 51 percent, and 79 percent, respectively, compared to 2014.
Cash flow from operations was $740.7 million in 2015, compared to $1.2 billion in 2014. Discretionary cash flow in 2015 was $699.1 million, compared to $1.3 billion in 2014. Net loss in 2015 was $113.9 million, or $0.28 per share, compared to net income of $104.5 million, or $0.25 per share, in 2014. Excluding the effect of selected items (detailed in the table below), net income was $55.4 million, or $0.13 per share, in 2015, compared to net income of $404.6 million, or $0.97 per share, in 2014. EBITDAX in 2015 was $815.2 million, compared to $1.4 billion in 2014. Significant reductions in realized prices for both natural gas and oil were the primary drivers for the lower results during the year, partially offset by higher equivalent production and lower overall expenses. See the supplemental tables at the end of this press release for a reconciliation of non-GAAP measures including discretionary cash flow, net income excluding selected items, EBITDAX and net debt to adjusted capitalization ratio.
Natural gas price realizations, including the impact of derivatives, were $2.15 per thousand cubic feet (Mcf) in 2015, down 34 percent compared to 2014. Excluding the impact of derivatives, natural gas price realizations for 2015 were $1.81 per Mcf, representing an $0.85 discount to NYMEX settlement prices. Oil price realizations were $45.72 per Bbl, down 48 percent compared to 2014. NGL price realizations were $12.56 per Bbl, down 61 percent compared to 2014.
Operating expenses (including financing) decreased to $2.37 per thousand cubic feet equivalent (Mcfe) in 2015, an improvement of 7 percent from $2.56 per Mcfe in 2014.
Cabot drilled or participated in a total of 133 net wells during 2015 and incurred a total of $773.5 million in capital expenditures associated with activity during this period.
Fourth Quarter 2015 Financial Results
Equivalent production in the fourth quarter of 2015 was 151.0 Bcfe, consisting of 142.8 Bcf of natural gas, 1.2 Mmbbls of crude oil and condensate, and 175,000 Bbls of NGLs. Equivalent production was roughly flat with fourth quarter 2014 volumes due to curtailments in the Marcellus Shale and lower operating activity levels company-wide.
Cash flow from operations in the fourth quarter of 2015 was $155.8 million, compared to $293.2 million in the fourth quarter of 2014. Discretionary cash flow in the fourth quarter of 2015 was $125.3 million, compared to $324.2 million in the fourth quarter of 2014. Net loss in the fourth quarter of 2015 was $111.1 million, or $0.27 per share, compared to a net loss of $221.8 million, or $0.54 per share, in the fourth quarter of 2014. Excluding the effect of selected items (detailed in the table below), net loss was $6.4 million, or $0.02 per share, compared to net income of $95.3 million, or $0.23 per share, for the fourth quarter of 2014. EBITDAX for the fourth quarter of 2015 was $164.2 million, compared to $356.7 million for the fourth quarter of 2014.
Natural gas price realizations, including the impact of derivatives, were $1.94 per Mcf in the fourth quarter of 2015, down 34 percent compared to the fourth quarter of 2014. Excluding the impact of derivatives, natural gas price realizations for the quarter were $1.52 per Mcf, representing a $0.75 discount to NYMEX settlement prices. Oil price realizations were $37.74 per Bbl, down 48 percent compared to the fourth quarter of 2014. NGL price realizations were $11.69 per Bbl, down 56 percent compared to the fourth quarter of 2014.
Operating expenses (including financing) decreased to $2.30 per Mcfe in the fourth quarter of 2015, a 7 percent improvement compared to $2.47 per Mcfe in the fourth quarter of 2014.
Cabot drilled or participated in a total of 27 net wells during the fourth quarter of 2015 and incurred a total of $96.7 million in capital expenditures associated with activity during this period.
Year-End 2015 Financial Position and Liquidity
As of December 31, 2015, the Company's net debt to adjusted capitalization ratio was 50.2 percent, compared to 44.7 percent at December 31, 2014. The Company's total debt was $2.0 billion, of which $413 million was outstanding under the Company's $1.8 billion credit facility.
Year-End 2015 Proved Reserves
The Company reported year-end proved reserves of 8.2 trillion cubic feet equivalent (Tcfe), an increase of 11 percent over year-end 2014. Specific highlights from the Company's year-end reserve report include:
- Total company all-sources finding and development costs of $0.57 per Mcfe
- Marcellus-only all-sources finding and development costs of $0.31 per Mcf
- Total company all-sources reserve replacement of 231 percent
- Marcellus-only all-sources reserve replacement of 278 percent
"Despite a significant year-over-year reduction in both capital spending and the commodity prices used in calculating year-end reserves, Cabot generated double-digit reserve growth for the sixth consecutive year, which we believe will stand out among our peers during this down cycle in the industry," commented Dinges.
The table below reconciles the components driving the 2015 reserve increase:
Proved Reserves Reconciliation (in Bcfe) | |
Balance at December 31, 2014 | 7,401 |
Revisions of prior estimates | 426 |
Extensions, discoveries and other additions | 966 |
Production | (603) |
Balance at December 31, 2015 | 8,190 |
As of December 31, 2015, 96 percent of Cabot's year-end proved reserves were natural gas and 92 percent were located in the Marcellus Shale. Approximately 59 percent of the year-end proved reserves were classified as proved developed (PD) and 41 percent were classified as proved undeveloped (PUD), of which 11 percent were drilled uncompleted PUDs and 30 percent were undrilled PUDs.
Marcellus Shale Inventory and Estimated Ultimate Recovery (EUR) Update
As a result of the Company's successful downspacing tests throughout its Marcellus Shale position, the Company has reduced its spacing between laterals from 1,000 feet to between 700 and 800 feet. The resulting impact is an increase in its Marcellus location count from approximately 3,000 locations to approximately 3,450 locations. The production history for the downspaced wells implies no reduction in EURs relative to the 1,000-foot spaced wells.
Additionally, based on the Company's year-end reserve bookings for 250 producing Lower Marcellus wells that have been completed at the current well design utilizing 200-foot stage spacing, Cabot has increased its guidance for Lower Marcellus EUR per 1,000 lateral feet from 3.6 Bcf to 3.8 Bcf. "Cabot's wells in Northeast Pennsylvania continue to set the bar for well performance as highlighted by this increase in estimated recoveries per foot," stated Dinges. "Based on state reported data, the Company has 18 of the top 20 wells drilled in the state of Pennsylvania since 2012 as measured by cumulative production despite recent curtailments throughout the field."
Conference Call
A conference call is scheduled for Friday, February 19, 2016, at 9:30 a.m. Eastern Time to discuss fourth quarter and full-year 2015 financial and operating results. To access the live audio webcast, please visit the Investor Relations section of the Company's website at www.cabotog.com. A replay of the call will also be available on the Company's website. The latest financial guidance, including the Company's hedge positions, is also available in the Investor Relations section of 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.
The statements regarding future financial performance and results and the other statements which are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties, including, but not limited to, market factors, the market price (including regional basis differentials) of natural gas and oil, results of future drilling and marketing activity, future production and costs, and other factors detailed in the Company's Securities and Exchange Commission filings.
FOR MORE INFORMATION CONTACT
Matt Kerin (281) 589-4642
OPERATING DATA | |||||||||||||||
Quarter Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
PRODUCTION | |||||||||||||||
VOLUMES | |||||||||||||||
Natural Gas (Bcf) | |||||||||||||||
Appalachia | 140.4 | 141.0 | 556.0 | 495.6 | |||||||||||
Other | 2.4 | 2.8 | 10.0 | 12.4 | |||||||||||
Total | 142.8 | 143.8 | 566.0 | 508.0 | |||||||||||
Liquids (Mbbl) | |||||||||||||||
Crude/Condensate | 1,203 | 1,242 | 5,429 | 3,588 | |||||||||||
Natural Gas Liquids (NGLs) | 175 | 112 | 667 | 373 | |||||||||||
Equivalent Production (Bcfe) | 151.0 | 151.9 | 602.5 | 531.8 | |||||||||||
PRICES(1) | |||||||||||||||
Average Natural Gas Sales Price ($/Mcf) | |||||||||||||||
Appalachia | $ | 1.94 | $ | 2.94 | $ | 2.15 | $ | 3.26 | |||||||
Other | $ | 2.20 | $ | 3.85 | $ | 2.61 | $ | 4.34 | |||||||
Total | $ | 1.94 | $ | 2.96 | $ | 2.15 | $ | 3.28 | |||||||
Average Crude/Condensate Price ($/Bbl) | $ | 37.74 | $ | 72.35 | $ | 45.72 | $ | 88.50 | |||||||
Average NGL Price ($/Bbl) | $ | 11.69 | $ | 26.44 | $ | 12.56 | $ | 31.81 | |||||||
WELLS DRILLED | |||||||||||||||
Gross | 28 | 75 | 142 | 200 | |||||||||||
Net | 27 | 68 | 133 | 177 | |||||||||||
Gross success rate | 100% | 100% | 100% | 100% | |||||||||||
(1) These realized prices include the realized impact of derivative instrument settlements. | |||||||||||||||
Quarter Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Realized Impacts to Gas Pricing | $ | 0.42 | $ | 0.16 | $ | 0.34 | $ | (0.13) | |||||||
Realized Impacts to Oil Pricing | $ | — | $ | 3.54 | $ | — | $ | 0.85 | |||||||
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) (In thousands, except per share amounts) | |||||||||||||||
Quarter Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
OPERATING REVENUES | |||||||||||||||
Natural gas | $ | 217,084 | $ | 372,085 | $ | 1,025,044 | $ | 1,590,625 | |||||||
Crude oil and condensate | 45,407 | 85,842 | 248,211 | 313,889 | |||||||||||
Gain (loss) on derivative instruments | 12,018 | 149,742 | 56,686 | 219,319 | |||||||||||
Brokered natural gas | 3,733 | 6,622 | 16,383 | 34,416 | |||||||||||
Other | 2,550 | 3,713 | 10,826 | 14,762 | |||||||||||
280,792 | 618,004 | 1,357,150 | 2,173,011 | ||||||||||||
OPERATING EXPENSES | |||||||||||||||
Direct operations | 33,867 | 36,288 | 140,814 | 145,529 | |||||||||||
Transportation and gathering | 105,936 | 101,614 | 427,588 | 349,321 | |||||||||||
Brokered natural gas | 2,949 | 5,459 | 12,592 | 30,030 | |||||||||||
Taxes other than income | 8,511 | 10,218 | 42,809 | 47,012 | |||||||||||
Exploration | 8,500 | 8,783 | 27,460 | 28,746 | |||||||||||
Depreciation, depletion and amortization | 149,876 | 173,765 | 622,211 | 632,760 | |||||||||||
Impairment of oil and gas properties(1) | 114,875 | 771,037 | 114,875 | 771,037 | |||||||||||
General and administrative (excluding stock-based compensation) | 13,777 | 14,919 | 55,764 | 61,134 | |||||||||||
Stock-based compensation(2) | 2,058 | 6,333 | 13,680 | 21,456 | |||||||||||
440,349 | 1,128,416 | 1,457,793 | 2,087,025 | ||||||||||||
Earnings (loss) on equity method investments | 1,834 | 1,262 | 6,415 | 3,080 | |||||||||||
Gain (loss) on sale of assets | 52 | 19,855 | 3,866 | 17,120 | |||||||||||
INCOME (LOSS) FROM OPERATIONS | (157,671) | (489,295) | (90,362) | 106,186 | |||||||||||
Interest expense | 24,666 | 23,471 | 96,911 | 73,785 | |||||||||||
Income (loss) before income taxes | (182,337) | (512,766) | (187,273) | 32,401 | |||||||||||
Income tax expense (benefit)(3) | (71,213) | (290,995) | (73,382) | (72,067) | |||||||||||
NET INCOME (LOSS) | $ | (111,124) | $ | (221,771) | $ | (113,891) | $ | 104,468 | |||||||
Earnings (loss) per share - Basic | $ | (0.27) | $ | (0.54) | $ | (0.28) | $ | 0.25 | |||||||
Weighted-average common shares outstanding | 413,875 | 413,035 | 413,696 | 415,840 | |||||||||||
(1) | Includes the impairment of oil and gas properties in the fourth quarter of 2015 in certain non-core fields in south Texas, east Texas and Louisiana due to a significant decline in commodity prices in late 2015. Includes the impairment of oil and gas properties in the fourth quarter of 2014 in certain non-core fields, primarily in east Texas, due to a significant decline in commodity prices in late 2014 and management's decision not to pursue further activity in these non-core areas in the current price environment. |
(2) | Includes the impact of the Company's performance share awards, restricted stock, stock appreciation rights and expense associated with the Supplemental Employee Incentive Plan. |
(3) | Includes the impact of incremental deferred income tax (benefit) expense due to a change in state income tax rates used in establishing deferred state income taxes based on updated state apportionment factors in states in which it operates as a result of the composition and location of the Company's asset base and the location of the Company's customers. In the fourth quarter of 2015 and 2014, the Company recorded a deferred income tax expense of $2.8 million and deferred income tax benefit of $102.5 million, respectively. |
CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) (In thousands) | |||||||
December 31, | December 31, | ||||||
Assets | |||||||
Current assets | $ | 144,786 | $ | 413,447 | |||
Properties and equipment, net (Successful efforts method) | 4,976,879 | 4,925,711 | |||||
Other assets | 140,234 | 98,558 | |||||
Total assets | $ | 5,261,899 | $ | 5,437,716 | |||
Liabilities and Stockholders' Equity | |||||||
Current liabilities | $ | 235,552 | $ | 499,018 | |||
Long-term debt, excluding current maturities | 2,005,000 | 1,752,000 | |||||
Deferred income taxes | 807,236 | 843,876 | |||||
Other liabilities | 204,923 | 200,089 | |||||
Stockholders' equity | 2,009,188 | 2,142,733 | |||||
Total liabilities and stockholders' equity | $ | 5,261,899 | $ | 5,437,716 | |||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) (In thousands) | |||||||||||||||
Quarter Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Cash Flows From Operating Activities | |||||||||||||||
Net income (loss) | $ | (111,124) | $ | (221,771) | $ | (113,891) | $ | 104,468 | |||||||
Deferred income tax expense (benefit) | (81,194) | (294,006) | (72,968) | (112,567) | |||||||||||
Impairment of oil and gas properties | 114,875 | 771,037 | 114,875 | 771,037 | |||||||||||
(Gain) loss on sale of assets | (52) | (19,855) | (3,866) | (17,120) | |||||||||||
Exploratory dry hole cost | 3,268 | 1,453 | 3,452 | 7,907 | |||||||||||
(Gain) loss on derivative instruments | (12,018) | (149,742) | (56,686) | (219,319) | |||||||||||
Net cash received (paid) in settlement of derivative instruments | 60,462 | 56,905 | 194,289 | 81,716 | |||||||||||
Income charges not requiring cash | 151,124 | 180,186 | 633,895 | 655,863 | |||||||||||
Changes in assets and liabilities | 30,442 | (31,022) | 41,637 | (35,550) | |||||||||||
Net cash provided by operating activities | 155,783 | 293,185 | 740,737 | 1,236,435 | |||||||||||
Cash Flows From Investing Activities | |||||||||||||||
Capital expenditures | (135,763) | (514,891) | (955,602) | (1,479,632) | |||||||||||
Acquisitions | — | (198,911) | (16,312) | (214,737) | |||||||||||
Proceeds from sale of assets | 273 | 35,579 | 7,653 | 39,492 | |||||||||||
Restricted cash | — | — | — | 28,094 | |||||||||||
Investment in equity method investments | (8,275) | (9,273) | (29,073) | (38,057) | |||||||||||
Net cash used in investing activities | (143,765) | (687,496) | (993,334) | (1,664,840) | |||||||||||
Cash Flows From Financing Activities | |||||||||||||||
Net increase (decrease) in debt | (12,000) | 140,000 | 273,000 | 605,000 | |||||||||||
Treasury stock repurchases | — | (19,085) | — | (138,852) | |||||||||||
Dividends paid | (8,278) | (8,260) | (33,090) | (33,278) | |||||||||||
Stock-based compensation tax benefit | — | (7,376) | — | (1,375) | |||||||||||
Capitalized debt issuance costs | — | — | (7,838) | (5,626) | |||||||||||
Other | 1 | (1) | 85 | 90 | |||||||||||
Net cash provided by (used in) financing activities | (20,277) | 105,278 | 232,157 | 425,959 | |||||||||||
Net decrease in cash and cash equivalents | $ | (8,259) | $ | (289,033) | $ | (20,440) | $ | (2,446) | |||||||
Selected Item Review and Reconciliation of Net Income and Earnings Per Share (In thousands, except per share amounts) | |||||||||||||||
Quarter Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
As reported - net income (loss) | $ | (111,124) | $ | (221,771) | $ | (113,891) | $ | 104,468 | |||||||
Reversal of selected items, net of tax: | |||||||||||||||
Impairment of oil and gas properties | 72,736 | 486,669 | 72,736 | 486,669 | |||||||||||
(Gain) loss on sale of assets | (33) | (12,525) | (2,448) | (10,800) | |||||||||||
(Gain) loss on derivative instruments(1)
| 30,673 | (58,564) | 87,126 | (86,803) | |||||||||||
Drilling rig termination fees | — | — | 3,219 | — | |||||||||||
Stock-based compensation expense | 1,303 | 3,995 | 8,662 | 13,535 | |||||||||||
Deferred income tax expense (benefit)(2) | — | (102,490) | — | (102,490) | |||||||||||
Net income (loss) excluding selected items | $ | (6,445) | $ | 95,314 | $ | 55,404 | $ | 404,579 | |||||||
As reported - earnings (loss) per share | $ | (0.27) | $ | (0.54) | $ | (0.28) | $ | 0.25 | |||||||
Per share impact of reversing selected items | 0.25 | 0.77 | 0.41 | 0.72 | |||||||||||
Earnings per share including reversal of selected items | $ | (0.02) | $ | 0.23 | $ | 0.13 | $ | 0.97 | |||||||
Weighted average common shares outstanding | 413,875 | 413,035 | 413,696 | 415,840 | |||||||||||
(1) | Effective April 1, 2014, the Company discontinued hedge accounting for its commodity derivatives on a prospective basis. 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. |
(2) | Includes the impact of incremental deferred income tax benefit due to a change in state income tax rates used in establishing deferred state income taxes based on updated state apportionment factors in states in which it operates as a result of the composition and location of the Company's asset base and the location of the Company's customers. |
Discretionary Cash Flow Calculation and Reconciliation (In thousands) | |||||||||||||||
Quarter Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Discretionary Cash Flow | |||||||||||||||
As reported - net income (loss) | $ | (111,124) | $ | (221,771) | $ | (113,891) | $ | 104,468 | |||||||
Plus (less): | |||||||||||||||
Deferred income tax expense (benefit) | (81,194) | (294,006) | (72,968) | (112,567) | |||||||||||
Impairment of oil and gas properties | 114,875 | 771,037 | 114,875 | 771,037 | |||||||||||
(Gain) loss on sale of assets | (52) | (19,855) | (3,866) | (17,120) | |||||||||||
Exploratory dry hole cost | 3,268 | 1,453 | 3,452 | 7,907 | |||||||||||
(Gain) loss on derivative instruments | (12,018) | (149,742) | (56,686) | (219,319) | |||||||||||
Net cash received (paid) in settlement of derivative instruments | 60,462 | 56,905 | 194,289 | 81,716 | |||||||||||
Income charges not requiring cash | 151,124 | 180,186 | 633,895 | 655,863 | |||||||||||
Discretionary Cash Flow | 125,341 | 324,207 | 699,100 | 1,271,985 | |||||||||||
Changes in assets and liabilities | 30,442 | (31,022) | 41,637 | (35,550) | |||||||||||
Net cash provided by operations | $ | 155,783 | $ | 293,185 | $ | 740,737 | $ | 1,236,435 | |||||||
EBITDAX Calculation and Reconciliation (in thousands) | |||||||||||||||
Quarter Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
As reported - net income (loss) | $ | (111,124) | $ | (221,771) | $ | (113,891) | $ | 104,468 | |||||||
Plus (less): | |||||||||||||||
Interest expense | 24,666 | 23,471 | 96,911 | 73,785 | |||||||||||
Income tax expense (benefit) | (71,213) | (290,995) | (73,382) | (72,067) | |||||||||||
Depreciation, depletion and amortization | 149,876 | 173,765 | 622,211 | 632,760 | |||||||||||
Impairment of oil and gas properties | 114,875 | 771,037 | 114,875 | 771,037 | |||||||||||
Exploration | 8,500 | 8,783 | 27,460 | 28,746 | |||||||||||
(Gain) loss on sale of assets | (52) | (19,855) | (3,866) | (17,120) | |||||||||||
Non-cash (gain) loss on derivative instruments | 48,444 | (92,837) | 137,603 | (137,603) | |||||||||||
(Earnings) loss on equity method investments | (1,834) | (1,262) | (6,415) | (3,080) | |||||||||||
Stock-based compensation and other | 2,058 | 6,333 | 13,680 | 21,456 | |||||||||||
EBITDAX | $ | 164,196 | $ | 356,669 | $ | 815,186 | $ | 1,402,382 | |||||||
Net Debt Reconciliation (In thousands) | |||||||
December 31, | December 31, | ||||||
Current portion of long-term debt | $ | 20,000 | $ | — | |||
Long-term debt | 2,005,000 | 1,752,000 | |||||
Total debt | $ | 2,025,000 | $ | 1,752,000 | |||
Stockholders' equity | 2,009,188 | 2,142,733 | |||||
Total Capitalization | $ | 4,034,188 | $ | 3,894,733 | |||
Total debt | $ | 2,025,000 | $ | 1,752,000 | |||
Less: Cash and cash equivalents | (514) | (20,954) | |||||
Net Debt | $ | 2,024,486 | $ | 1,731,046 | |||
Net debt | $ | 2,024,486 | $ | 1,731,046 | |||
Stockholders' equity | 2,009,188 | 2,142,733 | |||||
Total Adjusted Capitalization | $ | 4,033,674 | $ | 3,873,779 | |||
Total debt to total capitalization ratio | 50.2% | 45.0% | |||||
Less: Impact of cash and cash equivalents | —% | 0.3% | |||||
Net Debt to Adjusted Capitalization Ratio | 50.2% | 44.7% | |||||
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/cabot-oil--gas-corporation-announces-fourth-quarter-and-full-year-2015-financial-and-operating-results-reports-11-percent-reserve-growth-to-82-tcfe-provides-marcellus-shale-inventory-update-300222771.html
SOURCE Cabot Oil & Gas Corporation
