July 23 - Oil and natural gas company Cabot Oil and Gas Corp (COG.N) reported a second-quarter profit that beat estimates, helped by an increase in production.
For the quarter, the company's net income was $25.5 million, or 25 cents a share, compared with $54.6 million or 55 cents a share, a year earlier.
Excluding items, net income was 38 cents a share. Total operating revenue was $204.8 million.
Analysts were expecting Cabot to earn 33 cents a share, on revenue of $207.4 million, according to Reuters Estimates.
"The production growth rate was driven by a 42 percent increase in the East region and a 20 percent increase in the Gulf Coast region," Chief Executive Dan Dinges said in a statement.
The company also announced dividend of 3 cents a share for the quarter.
Looking ahead, Cabot said it increased its 2009 investment program to $500 million from $475 million. It said the increased amount was earmarked for more activity in its East Texas and Marcellus shale properties.
Shares of the company closed at $37.12 Thursday on the New York Stock Exchange..
For the quarter, the company's net income was $25.5 million, or 25 cents a share, compared with $54.6 million or 55 cents a share, a year earlier.
Excluding items, net income was 38 cents a share. Total operating revenue was $204.8 million.
Analysts were expecting Cabot to earn 33 cents a share, on revenue of $207.4 million, according to Reuters Estimates.
"The production growth rate was driven by a 42 percent increase in the East region and a 20 percent increase in the Gulf Coast region," Chief Executive Dan Dinges said in a statement.
The company also announced dividend of 3 cents a share for the quarter.
Looking ahead, Cabot said it increased its 2009 investment program to $500 million from $475 million. It said the increased amount was earmarked for more activity in its East Texas and Marcellus shale properties.
Shares of the company closed at $37.12 Thursday on the New York Stock Exchange..
