Cabot Oil & Gas Reaffirms 2018 Production Growth Guidance - Quick Facts

(RTTNews) - Cabot Oil & Gas Corp. (COG) reaffirmed on Friday its total 2018 daily production growth guidance of 10 to 15 percent or 18 to 23 percent on a divestiture-adjusted basis. It also continued to project full-year capital budget of $950 million.

For the second quarter of 2018, Cabot provided net production guidance in a range of 1,850 to 1,900 Mmcfe per day.

The company also updated its operating expense guidance for the remaining nine months of 2018 as a result of the divestiture of Cabot's Eagle Ford Shale assets in the first-quarter.

"Our 2018 plan remains on track to deliver double-digit corporate returns, double-digit growth in production per debt-adjusted share, and over $180 million of positive free cash flow at current prices," noted Chairman, President and CEO Dan Dinges.

Further, the company said it remains confident in its three-year plan to generate between $1.6 and $2.5 billion of after-tax cumulative free cash flow based on a range of NYMEX prices of $2.75 to $3.25 per Mmbtu.