DOW JONES NEWSWIRES
Cabot Oil & Gas Corp.'s (COG) second-quarter profit dropped
53% on lower natural-gas prices as well as a loss from the sale of
property.
Chief Executive Dan Dinges said the quarter was the 25th
profitable one in a row.
The independent natural-gas producer also announced the
completion of four horizontal gas wells in three different
reservoirs and said it increased its investments 5.3% to $500
million this year.
Cabot reported profit of $25.5 million, or 25 cents a share,
down from $54.6 million, or 55 cents a share, a year earlier.
The latest results included a $16.6 million loss on the sale of
property. Excluding items, earnings fell to 38 cents a share from
71 cents.
Revenue dropped 18% to $204.8 million.
Analysts' estimates were for per-share earnings of 33 cents on
revenue of $205.2 million, according to a poll by Thomson
Reuters.
Production climbed 10% to 25.6 billion of cubic feet
equivalent.
Natural-gas prices fell 22% to $7.25, and oil prices declined
15% to $83.76 from a year earlier.
Cabot's shares closed at $37.12, up 5.2%, amid a broad market
rally and were inactive after hours.
-By Kathy Shwiff, Dow Jones Newswires; 212-416-2357;
Kathy.Shwiff@dowjones.com