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EX - 99.1 2 cog06302021ex991.htm EX - 99.1 July 30 , 2021 ● ● ● Cabot Oil & Gas Corporation ● HOUSTON , Jul . 30 , 2021 / PRNewswire / Cabot Oil & Gas Corporation ( NYSE : COG ) ( " Cabot " or the " Company " ) today reported financial and operating results for the second quarter of 2021 . Second Quarter 2021 Highlights NEWS RELEASE Cabot Oil & Gas Corporation Reports Second Quarter 2021 Results Exhibit 99.1 840 Gessner Rd . , Houston , Texas 77024-4152 P. O. Box 4544 , Houston , Texas 77210-4544 ( 281 ) 589-4600 FOR MORE INFORMATION CONTACT Matt Kerin ( 281 ) 589-4642 Net income of $ 30.5 million ( or $ 0.08 per share ) ; adjusted net income ( non - GAAP ) of $ 105.5 million ( or $ 0.26 per share ) EBITDAX ( non - GAAP ) of $ 245.1 million Net cash provided by operating activities of $ 178.9 million ; discretionary cash flow ( non - GAAP ) of $ 215.4 million ; free cash flow ( non - GAAP ) of $ 64.1 million Second Quarter 2021 Financial Results Return on capital employed ( ROCE ) ( non - GAAP ) for the trailing 12 months of 13.0 percent Net debt to trailing 12 months EBITDAX ratio ( non - GAAP ) of 0.9x ; net debt to adjusted capitalization ratio ( non - GAAP ) of 27.9 percent Announced transformational merger with Cimarex Energy Co. ( " Cimarex " ) , creating a premier , diversified , free cash flow focused energy company 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 . Second quarter 2021 daily production was 2,205 million cubic feet equivalent ( Mmcfe ) per day ( 100 percent natural gas ) . Production for the second quarter of 2021 was one percent below the production guidance range due to longer than anticipated maintenance downtime at a third - party compressor station and modest operational delays during the quarter that pushed the timing of certain wells brought on production to later in the second quarter and into the first part of the third quarter of 2021 . During the second quarter of 2021 , the Company drilled 28.0 net wells , completed 24.1 net wells , and placed 22.1 net wells on production .