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Wednesday, April 24, 2013

More earnings....Cabot Oil and Gas [COG] and Hess [HES]

Cabot Oil & Gas Corporation (NYSE: COG) today reported its financial results for the first quarter of 2013. Highlights for the quarter include:

*    Production of 89.3 billion cubic feet equivalent (Bcfe), an increase of 50 percent over last year's comparable quarter and 13 percent over the fourth quarter of 2012.
*    Net income of $42.8 million, or $0.20 per share.
*    Net income excluding selected items of $54.2 million, or $0.26 per share.
*    Cash flow from operations of $212.7 million and discretionary cash flow of $234.4 million.

"The success of our drilling program in the Marcellus continues to drive record operating and financial metrics for the Company, including all-time highs for quarterly production, revenues, operating cash flows and discretionary cash flows, despite historically low realized natural gas prices," said Dan O. Dinges, Chairman, President and Chief Executive Officer......Read the entire Cabot Oil and Gas earnings report.

Hess Corporation (NYSE: HES) today reported net income of $1,276 million for the quarter ended March 31, 2013. Adjusted earnings, which exclude gains on asset sales and other items affecting comparability of earnings between periods, were $669 million, or $1.95 per common share, representing a 30 percent increase on a per share basis over the same quarter last year.

The Corporation generated net cash flow from operations of $819 million during the first quarter while reducing capital and exploratory expenditures by $355 million, a reduction of 18 percent in the year over year period. The Company continues to make progress on its asset sales.

In the first quarter, the Corporation completed the sales of its interests in the Beryl area fields in the United Kingdom North Sea, the Azeri-Chirag-Guneshli (ACG) fields in Azerbaijan, and announced the sale of its acreage in the Eagle Ford shale play in Texas, relieving Hess of approximately $500 million of future capital requirements over the next three years......Read the entire Hess earnings report.

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