Cabot Oil and Gas 2nd-quarter misses expectations
* Q2 adj EPS $0.05 vs est $0.06
* Q2 rev rises 11 percent to $265.7 million
July 24 (Reuters) - Cabot Oil & Gas Corp's second-quarter results missed analysts' expectations as lower natural gas price realizations offset higher production.
Second-quarter production rose 40 percent to 62.8 billion cubic feet of gas equivalent.
However, the gas-focused company realized a price of $3.39 per thousand cubic feet (Mcf), 27 percent lower than the second quarter of 2011.
April-June net income was $35.9 million, or 17 cents per share, compared with $54.7 million, or 26 cents per share, a year earlier.
Excluding items, earnings were 5 cents a share, missing analysts' estimates by a penny, according to Thomson Reuters I/B/E/S.
Operating revenue rose 11 percent to $265.7 million, but came in below analysts' estimates of $267.9 million.
The Houston-based company's average production in July has been higher than that of the second quarter due to increased activity in the Marcellus shale field, it said in a separate statement.
Shares of Cabot closed at $39.50 on Tuesday on the New York Stock Exchange.
- Exclusive: Angry with Washington, 1 in 4 Americans open to secession
- U.S. immigration protesters drop U.S. border blockade plan
- About 60,000 Syrian Kurds flee to Turkey from Islamic State advance |
- Secret Service investigates after man jumps White House fence, reaches doors
- Kentucky firefighter dies after ice bucket challenge accident