Cabot Oil & Gas Corp. (COG) reported a second-quarter loss of $27.5 million or $0.07 per share, compared to profit of $118.4 million or $0.28 per share, last year. Excluding the effect of selected items, net income was $14.6 million, or $0.03 per share, in the second quarter of 2015.
On average, 35 analysts polled by Thomson Reuters expected the company to report profit per share of $0.04 for the quarter. Analysts' estimates typically exclude special items.
Operating revenues decreased to $306.30 million from $533.19 million, a year ago. Analysts expected revenue of $372.99 million for the quarter.
Equivalent production in the second quarter of 2015 was 138.0 billion cubic feet equivalent (Bcfe), consisting of 128.4 billion cubic feet (Bcf) of natural gas and 1.6 million barrels (Mmbbls) of liquids.
"Despite our strategic decision to curtail Marcellus volumes in the second quarter due to the adverse price environment, Cabot still generated production growth and reduced unit costs year-over-year," said Dan Dinges, Chairman, President and CEO.
The company has provided third quarter net production guidance of 1,375 to 1,425 Mmcf per day for natural gas and 15,750 to 17,000 Bbls per day for liquids. The company expects its natural gas price realizations before the impact of hedges to average between $0.95 and $1.05 below NYMEX settlement prices for the third quarter.
Cabot's full-year equivalent production growth guidance range of 10 to 18 percent remains unchanged. Cabot's 2015 capital program also remains unchanged at $900 million.
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