Cabot Oil and Gas Corporation Valuation Report, June 2010 - Strategic and Operational Analysis


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GlobalData

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Cabot Oil and Gas Corporation (Cabot) is an independent oil and gas company engaged in the development, exploitation and exploration of oil and gas assets in North America. During 2009 the company reorganized its segments into two regions including the North Region and the South Region. The North Region includes the companys Rocky Mountain and Appalachian Basin assets and the South Region includes the Anadarko basin and assets in Texas and Louisiana. Cabots two largest fields include the Brachfield Southeast in East Texas (Southern Region) and Dimock in Susquehanna County, Pennsylvania (Northern Region). Each of these fields accounted for more than 15% of the companys total proved reserves at the end of 2009. Additionally, the company is focusing its drilling and production activities in the Angie field of East Texas (South Region) 2009 onwards. Together, the Brachfield, Dimock and Angie fields contributed almost 43% to the companies total proved reserves at the end of 2009. Further, the company sold all of its Canadian properties to a private Canadian company in April 2009. 

Scope

  • Investment Thesis: This section highlights the companies new ventures, liquidity issues, assets analysis, hedging, new projects details, capex funding, geographical results of oil and gas operations, and other related analysis. 
  • Goals and Strategies: Provide highlights on their existing and upcoming challenges with the possible strategies. 
  • SWOT: This section highlights the companies internal strength, weakness, opportunities and threats to better understand their position in the market
  • Production and Development profile: This section highlights the companies forecasted crude oil and natural gas production from their existing and upcoming assets. It also covers the detailed information and analysis on the producing and development assets. 
  • Exploration and M&A trends: This section includes exploration assets information resulted due to new discoveries, new drilling and other activities. Additionally, M&A section highlights the companies recent assets transactions, joint ventures, acquisition, and divestment activities during the specified period. 
  • Financial Forecast and Valuation: This section highlights the detailed financial forecast of the companies for coming five years. This section also provides intrinsic value of the companies by using different valuation techniques. 
  • Peer Group: This section compares peer group performance with the main companies on the basis of share prices, financial ratios, operational and financial parameters and other related activities. 
Reasons to buy

The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to:

  • Provide detailed analysis to those who are interested in knowing the companies existing and future business strategies.
  • Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates. 
  • Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies. 
  • Use the analysis for strategy and planning, M&A identifications, and competitor analysis.
Table Of Contents

1 Table of Contents 3
1.1 List of Tables 5
1.2 List of Figures 7

2 Cabot Oil and Gas Corporation, Company Overview 9

3 Cabot Oil and Gas Corporation, Watchlist For 2010 12

4 Cabot Oil and Gas Corporation, Investment Summary 13
4.1 High Reserve Life Provides Potential To Increase Production Significantly 13
4.2 Marcellus Activities will Support Production Growth, However, Recent Penalties Imposed By PaDEP May Derail Growth Plan 14
4.3 Transitioning Capital Allocation Towards More Liquids Production 14
4.4 Strong Financial and Operational Performance 15

5 Cabot Oil and Gas Corporation, SWOT Analysis 17
5.1 Strengths 17
5.1.1 Long Reserve Life 17
5.1.2 Strong Financial and Operational Performance 17
5.1.3 Excellent Hedging Performance 17
5.2 Weaknesses 17
5.2.1 Very Low Level of Production 17
5.2.2 Production Skewed Towards Natural Gas 18
5.3 Opportunities 18
5.3.1 Rising Crude Oil and Liquids Production 18
5.3.2 Potential to Increase Reserves Significantly 19
5.4 Threats 19
5.4.1 Penalties Related to Environmental Contamination in Pennsylvania 19

6 Cabot Oil and Gas Corporation, Goals and Stategies 20
6.1 Pursuing Lower Risk Drilling Opportunities that Provide More Predictable Results To Accelerate Production Growth 20
6.2 Invest Capital in the Highest Return Opportunities Available 20
6.3 Maintain Spending Discipline 21
6.4 Manage Balance Sheet to Ensure Liquidity 22

7 Cabot Oil and Gas Corporation, Production and Development Overview 24
7.1 Production and Development Profile 24
7.2 Focus on Continued Expansion of Marcellus Operations in the Northern Region to Support Future Natural Gas Production Growth 26
7.3 Accelerated Drilling in Pettet and Increasing Leasehold Position in Oil Window of Eagle Ford Shale to Boost Liquids Production from the Southern Regions 29
7.4 Costs Incurred 35

8 Cabot Oil and Gas Corporation, Merger and Acquisition Highlights 36
8.1 Merger and Acquisition Activity 36
8.2 Reserve Additions and Associated Costs 37

9 Cabot Oil and Gas Corporation, Outlook 39

10 Cabot Oil and Gas Corporation, Forecast Financial Statements 40
10.1 Income Statement (20072014) 41
10.2 Balance Sheet (20072014) 42
10.3 Cash Flow Statement (20072014) 43
10.4 Financial Ratios 43

11 Cabot Oil and Gas Corporation, Valuation 47
11.1 Net Asset Value 47
11.2 Valuation Horizon 49

12 Cabot Oil and Gas Corporation, Peer Comparison 51

13 Cabot Oil and Gas Corporation, Key Risks 57
13.1 Total Production Highly Skewed Towards Natural Gas 57
13.2 Limited Control Over Non-Operated Properties 57
13.3 Environmental Risks Related to Hydraulic Fracturing in Marcellus 57

14 Cabot Oil and Gas Corporation, Detailed Financial and Operational Metrics 58
14.1 Cabot Oil & Gas Corporation, Quarterly Results of Oil & Gas Operations Per boe Produced 58
14.1.1 Results of Oil and Gas Operations Per boe Produced, Q2, 2009-Q2, 2010 58
14.1.2 Results of Oil & Gas Operations Per Boe Growth Rates, Q2, 2009-Q2, 2010 59
14.2 Cabot Oil & Gas Corporation, Quarterly E&P Costs Trends 60
14.2.1 Upstream Capital Expenditure, Q2, 2009-Q2, 2010 60
14.3 Cabot Oil & Gas Corporation, Total Oil and Gas Production 61
14.3.1 Total Crude Oil and Natural Gas Production Trend, Q2, 2009-Q2, 2010 61
14.3.2 Total Crude Oil and Natural Gas Production, By Country/Region, Q2, 2009-Q2, 2010 62
14.4 Cabot Oil & Gas Corporation, Crude Oil Production 63
14.4.1 Total Crude Oil Production Trend, Q2, 2009-Q2, 2010 63
14.4.2 Crude Oil Production, By Country/Region, Q2, 2009-Q2, 2010 64
14.5 Cabot Oil & Gas Corporation, Natural Gas Production 65
14.5.1 Total Natural Gas Production Trend, Q2, 2009-Q2, 2010 65
14.5.2 Natural Gas Production, By Country/Region, Q2, 2009-Q2, 2010 66
14.6 Cabot Oil & Gas Corporation, Production and Reserves Trends 67
14.6.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2004-2009 67
14.6.2 Total Crude Oil and Natural Gas Production and Reserves By Country/Region, 2004-2009 68
14.6.3 Total Crude Oil and Natural Gas Reserve Changes, 2004-2009 69
14.7 Crude Oil/Liquids Production and Reserve 70
14.7.1 Crude Oil/Liquids Production and Reserve Trend, 2004-2009 70
14.7.2 Crude Oil Production and Reserves By Country/Region, 2004-2009 71
14.7.3 Crude Oil/Liquids Reserve Changes, 2004-2009 72
14.8 Natural Gas Production and Reserves 73
14.8.1 Natural Gas Production and Reserve Trend, 2004-2009 73
14.8.2 Natural Gas Production and Reserves, By Country/Region, 2004-2009 74
14.8.3 Natural Gas Reserve Changes, 2004-2009 75
14.9 Total Crude Oil and Natural Gas Reserves Life Index 76
14.9.1 Total Crude Oil and Natural Gas Reserves Life Index, 2004-2009 76
14.9.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2004-2009 77
14.10 Cabot Oil & Gas Corporation, E&P Costs Trends 78
14.10.1 Upstream Capital Expenditure, 2004-2009 78
14.10.2 Acquisition Costs By Country/Region, 2004-2009 79
14.10.3 Exploration and Development Costs, By Country/Region, 2004-2009 80
14.11 Oil and Gas Cost Per boe, $/boe 81
14.11.1 Oil and Gas Cost Per boe, $/boe, 2004-2009 81
14.11.2 Oil and Gas Cost Per boe, $/boe, By Country/Region, 2004-2009 83
14.12 Cabot Oil & Gas Corporation, Reserve Replacement Ratio 84
14.12.1 Oil and Gas Production Replacement Ratio, 2004-2009 84
14.12.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2004-2009 86
14.13 Cabot Oil and Gas Corporation, Results of Oil and Gas Operations Trend 87
14.13.1 Oil and Gas Revenue and Expenses, 2004-2009 87
14.13.2 Oil and Gas Revenue and Expenses, By Country/Region, 2004-2009 88
14.14 Oil and Gas Revenue and Expenses, Per boe 89
14.14.1 Oil and Gas Revenue and Expenses, By boe, 2004-2009 89
14.14.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2004-2009 90
14.14.3 Oil and Gas Performance Metrics 91
14.15 Cabot Oil & Gas Corporation, Land Holdings and Well Data 92
14.15.1 Gross and Net Developed and Undeveloped Acreage, 2004-2009 92
14.15.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2004-2009 93
14.16 Well Statistics 96
14.16.1 Producible Oil and Gas Well, 2004-2009 96
14.16.2 Producible Oil and Gas Well, By Country/Region, 2004-2009 97
14.16.3 Exploration and Development Wells Drilled, 2004-2009 102
14.16.4 Exploration and Development Wells Drilled, By Country/Region, 2004-2009 104
14.16.5 Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 2004-2009 106
14.16.6 Developed Reserves per Well, By Country/Region, 2004-2009 107

15 Appendix 108
15.1 Methodology 108
15.1.1 Coverage 108
15.1.2 Secondary Research 108
15.1.3 Primary Research 108
15.2 Data Sources 109
15.2.1 Company Source 109
15.2.2 SEC/Other Regulatory Filings 109
15.2.3 Agency Reports 109
15.2.4 Other Sources 109
15.3 Methodology for Company Valuation 109
15.4 Expert Panel Validation 109
15.5 Units of Measure 110
15.6 About GlobalData 110
15.7 Disclosure 111
15.8 Disclaimer 111
 
Table 1: Cabot Oil and Gas Corporation, Key Events, June 2009June 2010 10
Table 2: Cabot Oil and Gas Corporation, Upcoming Production, Mboe, 20102014 25
Table 3: Cabot Oil and Corporation, Recent Transactions as a Seller, 20062010 35
Table 4: Cabot Oil and Gas Corporation, Recent Transactions as a Buyer, 20062010 36
Table 5: Cabot Oil and Gas Corporation, Forecast Production, 20062014 39
Table 6: Cabot Oil and Gas Corporation, Price Forecast, 20102014 39
Table 7: Cabot Oil and Gas Corporation, Income Statement, $m, 20072014 40
Table 8: Cabot Oil and Gas Corporation, Balance Sheet, $m, 20072014 41
Table 9: Cabot Oil and Gas Corporation, Cash Flow Statement, $m, 20072014 42
Table 10: Cabot Oil and Gas Corporation, Profitability Ratios, 20072014 43
Table 11: Cabot Oil and Gas Corporation, Other Ratios, 20072014 44
Table 12: GlobalData, Price Forecast, 20102014 46
Table 13: Cabot Oil and Gas Corporation, Net Asset Value, 2010 47
Table 14: Cabot Oil and Gas Corporation, Prospective Acreage and Non Proven Reserves, 2010 47
Table 15: Cabot Oil and Gas Corporation, NPV of Oil/NGL Reserves, $/bbl, 2010 47
Table 16: Cabot Oil and Gas Corporation, NPV of Natural Gas Reserves, $/Mcf, 2010 48
Table 17: Cabot Oil and Corporation, NPV of Total Crude Oil and Natural Gas Reserves, $/boe, 2010 48
Table 18: Cabot Oil and Gas Corporation, Sensitivity Analysis on Fair Value, $/share, 2010 48
Table 19: Cabot Oil and Gas Corporation and Peer Group Comparison, Financial Ratios, 2009 51
Table 20: Cabot Oil and Gas Corporation and Peer Group Comparison, Operational and Financial Performance, 2009 52
Table 21: Cabot Oil & Gas Corporation, Results of Oil & Gas Operations Per boe Produced, $/boe, Q2, 2009-Q2, 2010 57
Table 22: Cabot Oil & Gas Corporation, Results of Oil & Gas Operations Per boe Growth Rates, %, Q2, 2009-Q2, 2010 58
Table 23: Cabot Oil & Gas Corporation, Upstream Capital Expenditure, Q2, 2009-Q2, 2010 59
Table 24: Cabot Oil & Gas Corporation, Total Crude Oil and Natural Gas, Production, Q2, 2009-Q2, 2010 60
Table 25: Cabot Oil & Gas Corporation, Total Oil & Gas Production, By Country/Region, MMboe, Q2, 2009-Q2, 2010 61
Table 26: Cabot Oil & Gas Corporation, Total Crude Oil Production, MMbbl, Q2, 2009-Q2, 2010 62
Table 27: Cabot Oil & Gas Corporation, Crude Oil Production, By Country/Region, MMbbl, Q2, 2009-Q2, 2010 63
Table 28: Cabot Oil & Gas Corporation, Total Natural Gas Production, Bcf, Q2, 2009-Q2, 2010 64
Table 29: Cabot Oil & Gas Corporation, Natural Gas Production, By Country/Region, Bcf, Q2, 2009-Q2, 2010 65
Table 30: Cabot Oil & Gas Corporation, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2004-2009 66
Table 31: Cabot Oil & Gas Corporation, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 2004-2009 67
Table 32: Cabot Oil & Gas Corporation, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2004-2009 68
Table 33: Cabot Oil & Gas Corporation, Crude Oil Production and Reserves Metrics, MMbbl, 2004-2009 69
Table 34: Cabot Oil & Gas Corporation, Crude Oil Production and Reserves, By Country/Region, MMbbl, 2004-2009 70
Table 35: Cabot Oil & Gas Corporation, Crude Oil Reserve Changes, MMbbl, 2004-2009 71
Table 36: Cabot Oil & Gas Corporation, Natural Gas Production and Reserves Metrics, Bcf, 2004-2009 72
Table 37: Cabot Oil & Gas Corporation, Natural Gas Production and Reserves, By Country/Region, Bcf, 2004-2009 73
Table 38: Cabot Oil & Gas Corporation, Natural Gas Reserve Changes, Bcf, 2004-2009 74
Table 39: Cabot Oil & Gas Corporation, Oil and Gas Reserves Life Index, Years, 2004-2009 75
Table 40: Cabot Oil & Gas Corporation, Oil and Gas Reserves Life Index, By Country/Region, Years, 2004-2009 76
Table 41: Cabot Oil & Gas Corporation, Upstream Capital Expenditure, $m, 2004-2009 77
Table 42: Cabot Oil & Gas Corporation, Proved and Unproved Acquisition Costs, By Country/Region, $m, 2004-2009 78
Table 43: Cabot Oil & Gas Corporation, Exploration and Development Costs, By Country/Region, $m, 2004-2009 79
Table 44: Cabot Oil & Gas Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2004-2009 80
Table 45: Cabot Oil & Gas Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, By Country/Region, 2004-2009 82
Table 46: Cabot Oil & Gas Corporation, Oil and Gas Production Replacement Ratio, %, 2004-2009 83
Table 47: Cabot Oil & Gas Corporation, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2004-2009 85
Table 48: Cabot Oil & Gas Corporation, Revenue and Expenses, $m, 2004-2009 86
Table 49: Cabot Oil & Gas Corporation, Revenue and Expenses, By Country/Region, $m, 2004-2009 87
Table 50: Cabot Oil & Gas Corporation, Oil and Gas Revenue and Expenses, $/boe, 2004-2009 88
Table 51: Cabot Oil & Gas Corporation, Oil and Gas Revenue and Expenses, $/boe, By Country/Region, 2004-2009 89
Table 52: Cabot Oil & Gas Corporation, Oil and Gas Performance Metrics, 2004-2009 90
Table 53: Cabot Oil & Gas Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2004-2009 91
Table 54: Cabot Oil & Gas Corporation, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2004-2009 93
Table 55: Cabot Oil & Gas Corporation, Producible Oil and Gas Wells, 2004-2009 95
Table 56: Cabot Oil & Gas Corporation, Producible Oil and Gas Wells, By Country/Region, 2004-2009 99
Table 57: Cabot Oil & Gas Corporation, Exploratory and Developed Wells, 2004-2009 101
Table 58: Cabot Oil & Gas Corporation, Exploratory and Developed Wells, By Country/Region, 2004-2009 103
Table 59: Cabot Oil & Gas Corporation, Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 2004-2009 105
Table 60: Cabot Oil & Gas Corporation, Developed Reserves per Well, By Country/Region, 2004-2009 106 
Figure 1: Cabot Oil and Gas Corporation, Operating Regions, 2010 9
Figure 2: Cabot Oil and Gas Corporation, Financial and Operational Overview, 20052009 10
Figure 3: Cabot Oil and Gas Corporation, Share Price Movement, June 2009June 2010 11
Figure 4: Cabot Oil and Gas Corporation and Peer Group Average, Crude Oil and Natural Gas Reserve and Production, MMboe, 20072009 13
Figure 5: Cabot Oil and Gas Corporation, Expected Susquehanna Production, MMboe, 20102011 14
Figure 6: Cabot Oil and Gas Corporation and Peers, Finding Cost Per Boe and Net Income Margin, 20072009 16
Figure 7: Cabot Oil and Gas Corporation and Peers, Total Production, MMboe, 20082010 18
Figure 8: Cabot Oil and Gas Corporation, Proved Reserves Breakdown, MMboe, 2009 20
Figure 9: Cabot Oil and Gas Corporation, Cash Flow From Operations and Capital Expenditure, $m, 20052014 22
Figure 10: Cabot Oil and Gas Corporation, Total Debt and Debt to Equity Ratio, 20052014 23
Figure 11: Cabot Oil and Gas Corporation, Total Production By Type, Mboe, 20072009 25
Figure 12: Cabot Oil and Gas Corporation, Total Production Growth, Mboe, 20072014 25
Figure 13: Cabot Oil and Gas Corporation, Total Production By Region, Mboe, 20072009 26
Figure 14: Cabot Oil and Gas Corporation, Marcellus Operations, 2010 27
Figure 15: Cabot Oil and Gas Corporation, Susquehanna County 5 Year Plan, 2010 28
Figure 16: Cabot Oil and Gas Corporation, Susquehanna County Production Growth, MMcfe/d, Q1 2010Q4 2011 28
Figure 17: Cabot Oil and Gas Corporation, Haynesville and Bossier Shale Activity, 2010 30
Figure 18: Cabot Oil and Gas Corporation, Haynesville and Bossier Shale Competitive Landscape, 2010 31
Figure 19: Cabot Oil and Gas Corporation, Middle Bossier Shale Competitive Landscape, 2010 31
Figure 20: Cabot Oil and Gas Corporation, Pettet Activity, 2010 32
Figure 21: Cabot Oil and Gas Corporation, Cotton Valley Taylor Sand (Minden) Activity , 2010 33
Figure 22: Cabot Oil and Gas Corporation, James Lime (County Line) Activity , 2010 33
Figure 23: Cabot Oil and Gas Corporation, Eagle Ford Shale Activity, 2010 34
Figure 24: Cabot Oil and Gas Corporation, Total Costs Incurred, $m, 20052009 35
Figure 25: Cabot Oil and Gas Corporation, Comparison of Exploration Cost and Reserve Addition Through Drillbit, 20052009 37
Figure 26: Cabot Oil and Gas Corporation, Comparison of Acquisition Cost and Reserve Addition Through Acquisitions, 20052009 38
Figure 27: Cabot Oil and Gas Corporation, Valuation Range, 2010 50
Figure 28: Cabot Oil and Gas Corporation and Peer Group, Relative Share Price Performance Index, June 2009June 2010 51
Figure 29: Cabot Oil and Gas Corporation and Peer Group, F&D Costs and Reserve Replacement, 2009 54
Figure 30: Cabot Oil and Gas Corporation and Peer Group, E&P Operational and Financial Performance, $/boe, 2009 54
Figure 31: Cabot Oil and Gas Corporation and Peer Group, Total Reserves and Production, MMboe, 2009 55
Figure 32: Cabot Oil and Gas Corporation and Peer Group, Comparative Valuation Multiples, 2010 56
Figure 33: Cabot Oil & Gas Corporation, Results of Oil & Gas Operations Per boe Produced, $/boe, Q2, 2009-Q2, 2010 58
Figure 34: Cabot Oil & Gas Corporation, Upstream Capital Expenditure, $m, Q2, 2009-Q2, 2010 60
Figure 35: Cabot Oil & Gas Corporation, Total Crude Oil and Natural Gas, Production, MMboe, Q2, 2009-Q2, 2010 61
Figure 36: Cabot Oil & Gas Corporation, Total Oil & Gas Production, By Country/Region, MMboe, Q2, 2009-Q2, 2010 62
Figure 37: Cabot Oil & Gas Corporation, Total Crude Oil Production, MMbbl, Q2, 2009-Q2, 2010 63
Figure 38: Cabot Oil & Gas Corporation, Crude Oil Production, By Country/Region, MMbbl, Q2, 2009-Q2, 2010 64
Figure 39: Cabot Oil & Gas Corporation, Total Natural Gas Production, Bcf, Q2, 2009-Q2, 2010 65
Figure 40: Cabot Oil & Gas Corporation, Natural Gas Production, By Country/Region, Bcf, Q2, 2009-Q2, 2010 66
Figure 41: Cabot Oil & Gas Corporation, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2004-2009 67
Figure 42: Cabot Oil & Gas Corporation, Total Oil & Gas Production, By Country/Region, MMboe, 2004-2009 68
Figure 43: Cabot Oil & Gas Corporation, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2009 69
Figure 44: Cabot Oil & Gas Corporation, Crude Oil Production and Reserves Metrics, MMbbl, 2004-2009 70
Figure 45: Cabot Oil & Gas Corporation, Oil Production, By Country/Region, MMbbl, 2004-2009 71
Figure 46: Cabot Oil & Gas Corporation, Crude Oil Reserve Changes, MMbbl, 2009 72
Figure 47: Cabot Oil & Gas Corporation, Natural Gas Production and Reserves Metrics, Bcf, 2004-2009 73
Figure 48: Cabot Oil & Gas Corporation, Gas Production, By Country/Region, Bcf, 2004-2009 74
Figure 49: Cabot Oil & Gas Corporation, Natural Gas Reserve Changes, Bcf, 2009 75
Figure 50: Cabot Oil & Gas Corporation, Oil and Gas Reserves Life Index, Years, 2004-2009 76
Figure 51: Cabot Oil & Gas Corporation, Upstream Capital Expenditure, $m, 2004-2009 78
Figure 52: Cabot Oil & Gas Corporation, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2004-2009 81
Figure 53: Cabot Oil & Gas Corporation, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2004-2009 84
Figure 54: Cabot Oil & Gas Corporation, Revenue and Expenses, $m, 2004-2009 87
Figure 55: Cabot Oil & Gas Corporation, Oil and Gas Revenue and Expenses, $/boe, 2004-2009 89
Figure 56: Cabot Oil & Gas Corporation, Oil and Gas Performance Metrics, 2004-2009 91
Figure 57: Cabot Oil & Gas Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2004-2009 92
Figure 58: Cabot Oil & Gas Corporation, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2004-2009 93
Figure 59: Cabot Oil & Gas Corporation, Total Net Undeveloped Acreage, By Country/Region, Acres, 2004-2009 93
Figure 60: Cabot Oil & Gas Corporation, Total Gross Developed Acreage, By Country/Region, Acres, 2004-2009 94
Figure 61: Cabot Oil & Gas Corporation, Total Net Developed Acreage, By Country/Region, Acres, 2004-2009 94
Figure 62: Cabot Oil & Gas Corporation, Producible Oil and Gas Wells, 2004-2009 96
Figure 63: Cabot Oil & Gas Corporation, Gross Producible Gas Wells, By Country/Region, Number, 2004-2009 97
Figure 64: Cabot Oil & Gas Corporation, Gross Producible Oil & Gas Wells, By Country/Region, Number, 2004-2009 97
Figure 65: Cabot Oil & Gas Corporation, Gross Producible Oil Wells, By Country/Region, Number, 2004-2009 98
Figure 66: Cabot Oil & Gas Corporation, Net Oil & Gas Wells as % of Gross Oil & Gas Wells, By Country/Region, %, 2004-2009 98
Figure 67: Cabot Oil & Gas Corporation, Net Producible Gas Wells, By Country/Region, Number, 2004-2009 99
Figure 68: Cabot Oil & Gas Corporation, Net Producible Oil & Gas Wells, By Country/Region, Number, 2004-2009 99
Figure 69: Cabot Oil & Gas Corporation, Net Producible Oil Wells, By Country/Region, Number, 2004-2009 100
Figure 70: Cabot Oil & Gas Corporation, Exploratory and Developed Wells, 2004-2009 102