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Cabot Oil & Gas Beats by a Penny

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Independent natural gas producer Cabot Oil & Gas  (NYSE: COG  )  reported earnings after the bell on Thursday that beat analyst estimates for its third quarter by $0.01 per share. It posted adjusted earnings per share of $0.18, which was better than analyst expectations of $0.17 per share.

Revenue of $435.9 million, which was up 47% year over year, was just slightly below Wall Street's predictions for revenue of $442.8 million as production jumped 61% from the year-ago period to 107.1 billion cubic feet equivalent. Even though Marcellus production was pressured by pricing issues leading to volumes being held back for a brief period of time at the end of the quarter, equivalent production still grew 13% sequentially.

With a capital spending program of between $1.375 to $1.475 billion, 30% to 50% of the budget will be spent on drilling and completion activities, with more than 75% of the drilling and completion capital focused on its Marcellus Shale operations. The mid-point of it guidance for 2014 unit costs of $2.65 per Mcfe implies more than a 10% decrease relative to the mid-point of 2013 unit cost guidance.


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Rich Duprey
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Rich has been a Fool since 1998 and writing for the site since 2004. After 20 years of patrolling the mean streets of suburbia, he hung up his badge and gun to take up a pen full time.

Having made the streets safe for Truth, Justice and Krispy Kreme donuts, he now patrols the markets looking for companies he can lock up as long-term holdings in a portfolio. So follow me on Facebook and Twitter for the most important industry news in retail and consumer products and other great stories.

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Related Tickers

7/28/2015 4:00 PM
COG $26.80 Up +0.36 +1.36%
Cabot Oil & Gas Co… CAPS Rating: ***

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