Cabot Oil & Gas Corporation (NYSE: COG) announced that its Board of Directors declared a three-for-two stock split of the Company's Common Stock to be accomplished by means of a stock distribution. The additional shares will be distributed on March 31, 2005 to shareholders of record on March 18, 2005. In lieu of issuing fractional shares, the Company will pay cash for such fractional shares based on the closing price of the Common Stock on the record date. Additionally, Cabot will maintain its dividend at $0.04 per share per quarter following the split.
"After the split, the Company will have approximately 49 million shares outstanding, which over the longer term should have the impact of increasing liquidity in our stock," said Dan O. Dinges, Chairman, President and Chief Executive Officer. "I am also pleased that this will result in an effective 50% increase in dividend value."