Cabot Oil & Gas misses by $0.01, misses on revs
Reports Q1 (Mar) earnings of $0.26 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.27; revenues rose 36.6% year/year to $509.8 mln vs the $539.12 mln consensus.
- Production of 119.9 billion cubic feet equivalent (Bcfe), an increase of 34 percent over last year's comparable quarter.
- Higher equivalent production and realized natural gas prices drove the quarter's overall improvement, partially offset by lower realized oil prices and increased operating expenses associated with higher production.
- Total per unit costs (including financing) decreased to $2.66 per Mcfe in the first quarter of 2014, down 19 percent from $3.29 per Mcfe in the first quarter of 2013. All operating expense categories decreased on a per unit basis relative to last year's comparable quarter except for exploration expense, which was flat relative to the first quarter of 2013, and transportation and gathering expense, which increased as a result of slightly higher transportation rates and new transportation agreements in the Marcellus.