Cabot Oil & Gas Corporation (COG) saw its loss widen to $292.76 million, or $0.63 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $111.12 million, or $0.27 a share. Revenue during the quarter grew 12.71 percent to $316.49 million from $280.79 million in the previous year period. Gross margin for the quarter expanded 464 basis points over the previous year period to 91.53 percent.
Operating loss for the quarter was $443.48 million, compared with an operating loss of $157.67 million in the previous year period.
"Our 2016 performance demonstrates Cabot's ability to deliver strong operational and financial results despite lower commodity prices for the majority of the year," said Dan O. Dinges, chairman, president and chief executive officer. "The Company delivered production and reserves growth while spending within operating cash flow during a year in which we realized record-low natural gas prices, highlighting Cabot's world-class asset base and the consistent execution by our employees." Dinges added, "Based on our current outlook for 2017, we anticipate another year of production and reserves growth while generating positive free cash flow."
Operating cash flow drops significantly
Cabot Oil & Gas Corporation has generated cash of $392.38 million from operating activities during the year, down 47.03 percent or $348.36 million, when compared with the last year. The company has spent $353.22 million cash to meet investing activities during the year as against cash outgo of $993.33 million in the last year. It has incurred net capital expenditure of $324.73 million on net basis during the year, down 66.32 percent or $639.53 million from year ago.
Cash flow from financing activities was $458.87 million for the year, up 97.65 percent or $226.71 million, when compared with the last year.
Working capital turns positive
Working capital of Cabot Oil & Gas Corporation has turned positive to $458.07 million on Dec. 31, 2016 from negative $90.77 million on Dec. 31, 2015. Current ratio was at 2.78 as on Dec. 31, 2016, up from 0.61 on Dec. 31, 2015.
Debt comes down
Cabot Oil & Gas Corporation has recorded a decline in total debt over the last one year. It stood at $1,520.53 million as on Dec. 31, 2016, down 23.83 percent or $475.61 million from $1,996.14 million on Dec. 31, 2015. Total debt was 29.68 percent of total assets as on Dec. 31, 2016, compared with 37.94 percent on Dec. 31, 2015. Debt to equity ratio was at 0.59 as on Dec. 31, 2016, down from 0.99 as on Dec. 31, 2015.
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