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EX - 99.1 2 cog03312021ex991.htm EX - 99.1 April 29 , 2021 Cabot Oil & Gas Corporation NEWS RELEASE Cabot Oil & Gas Corporation Reports First Quarter 2021 Results , Increases Quarterly Base Dividend by 10 Percent First Quarter 2021 Highlights 840 Gessner Rd . , Houston , Texas 77024-4152 P. O. Box 4544 , Houston , Texas 77210-4544 ( 281 ) 589-4600 HOUSTON , Apr. 29 , 2021 / PRNewswire / -- Cabot Oil & Gas Corporation ( NYSE : COG ) ( " Cabot " or the " Company " ) today reported financial and operating results for the first quarter of 2021 . Exhibit 99.1 FOR MORE INFORMATION CONTACT Matt Kerin ( 281 ) 589-4642 " Relative to the prior - year period , Cabot's free cash flow and adjusted net income both grew by over 175 percent , highlighting the Company's ability to deliver robust financial results in a more normalized natural gas price environment , " said Dan O. Dinges , Chairman , President and Chief Executive Officer . " We remain on track to deliver strong growth in our earnings , return on capital employed , and free cash flow this year , which supports our focus on increasing our capital returns and further enhancing shareholder value . " First Quarter 2021 Financial Results Net income of $ 126.4 million ( or $ 0.32 per share ) ; adjusted net income ( non - GAAP ) of $ 150.0 million ( or $ 0.38 per share ) Net cash provided by operating activities of $ 290.5 million ; free cash flow ( non - GAAP ) of $ 137.6 million Return on capital employed ( ROCE ) ( non - GAAP ) for the trailing 12 months of 10.4 percent Repaid $ 88.0 million of senior notes that matured in January 2021 Announced a 10 percent increase in the Company's quarterly base dividend to $ 0.11 per share 1 See the supplemental tables at the end of this press release for a reconciliation of non - GAAP measures , including adjusted net income , discretionary cash flow , EBITDAX , free cash flow , net debt to adjusted capitalization ratio , and ROCE . First quarter 2021 daily production was 2,287 million cubic feet equivalent ( Mmcfe ) per day ( 100 percent natural gas ) . During the first quarter of 2021 , the Company drilled 25.1 net wells , completed 13.0 net wells , and placed 21.0 net wells on production .