• Cabot Oil & Gas continues to follow a three-prong strategy adopted in 1996: growth through the drill bit; pursuit of synergistic acquisitions; and exploitation of marketing expertise
• As a result, today the Company is no longer the Appalachia and Mid-continent company that went public in 1990
• The Company is being repositioned as a more diversified domestic E&P company which has the additional upside potential as a result of recent exploration activities
• Cabot has over 1 Tcfe in proved reserves with a 15-year reserve life in four core areas: Gulf Coast, Rocky Mountains, Mid-continent and Appalachia
• 96% of Cabot's reserves are natural gas
• The Company operates approximately 2,800 miles of pipeline and 4 billion cubic feet of storage capacity in its Appalachia Region

• Cabot will gradually adjust reserves from 60% long-life reserves and 40% growth areas to 40% long-life and 60% growth, thus securing a more optimal mix of reserves
• The Company will continue to high grade assets by selling off low-performing, low-return properties while looking to acquire growth assets, most likely in the Gulf Coast and Rocky Mountains Regions

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