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Cabot Oil and Gas 2nd-quarter misses expectations
July 24, 2012 / 10:36 PM / 5 years ago

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.

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