Cabot Oil (COG) Q2 Earnings and Revenues Miss Estimates

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Cabot Oil (COG) Q2 Earnings and Revenues Miss Estimates


Cabot Oil & Gasoline Company’s COG second-quarter 2021 internet earnings per share — adjusted for particular gadgets — of 26 cents missed the Zacks Consensus Estimate of 27 cents as a result of lower-than-anticipated manufacturing volumes. Nevertheless, the determine improved from the year-ago quarter’s backside line of 5 cents per share, attributable to a year-over-year enhance in realized pure gasoline costs and reined-in prices.

The corporate’s quarterly revenues of $324.67 million missed the Zacks Consensus Estimate of $440 million and fell from the year-ago gross sales of $332.35 million.

Manufacturing, Costs, Prices & Drilling Statistics

Within the quarter below assessment, Cabot’s total manufacturing summed 200.6 billion cubic ft equal (Bcfe) comprising 100% pure gasoline. The determine lagged the Zacks Consensus Estimate of 205 Bcfe in addition to dipped 1.13% from the prior-year quantity of 202.9Bcfe. 

Common realized pure gasoline worth (excluding hedges) rose to $2.05 per thousand cubic ft from the year-ago quarter’s $1.42.

Whole working bills have been $270.eight million, down 2.7% from the determine reported in second-quarter 2020. The depreciation and amortization prices fell 3.2% yr over yr to $91.55 million.

Whole common unit prices decreased to $1.41 per thousand cubic ft equal (Mcfe) from the year-ago determine of $1.44.

Cabot drilled 28 wells and accomplished 27 through the quarter.

Cabot Oil & Gasoline Company Value, Consensus and EPS Shock

Cabota Oil & Gas Corporation Price, Consensus and EPS Surprise

Cabot Oil & Gasoline Company price-consensus-eps-surprise-chart | Cabot Oil & Gasoline Company Quote

Monetary Place

Working money flows have been $178.9 million (up 31.2% yr over yr) whereas capital expenditures totaled $151.Three million (down 17.1%). As of Jun 30, 2021, the corporate had money and money equivalents price $158.1 million and a complete debt of $946.Three million with debt-to-capitalization of 29.2%.

Within the quarter below assessment, Cabot entered right into a definitive settlement with Cimarex Vitality Co. XEC to merge in an all-stock deal. Per the phrases of the deal, which is unanimously permitted by each corporations’ board members, Cimarex shareholders will obtain 4.0146 Cabot frequent inventory for every Cimarex frequent inventory they maintain.

The Cabot-Cimarex merger will mix two main trade operators, and world-class gasoline and oil services to type a diversified vitality large, thus creating a chance for extra free money move all through the market cycle and better returns for buyers.

Steering

For the third quarter of 2021, Cabot tasks its internet manufacturing outlook within the vary of two,275-2,325 million cubic ft equal a day (Mmcfe).

For 2021, this Houston-based firm reiterates its manufacturing steerage of two,350 Mmcfe per day from an anticipated capital program of $530-$540 million. 

Zacks Rank & Different Key Picks

Cabot at the moment sports activities a Zacks Rank #1 (Robust Purchase). Different top-ranked gamers within the vitality house embody Matador Sources Firm MTDR and Continental Sources, Inc. CLR, every presently flaunting a Zacks Rank of 1. You possibly can see the entire record of right now’s Zacks #1 Rank shares right here.

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The views and opinions expressed herein are the views and opinions of the writer and don’t essentially replicate these of Nasdaq, Inc.



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