Cabot Gains Net Income of $167.4 Million for 2007
Cabot Oil & Gas Corporation reported net income of $167.4 million, or $1.73 per share for the twelve months ended December 31, 2007. This compares to net income of $321.2 million, or $3.32 per share for 2006 full year. Net income in 2006 included a significant gain ($145.1 million after-tax) on the sale of assets. Excluding selected items (related to gain on sale and impairments) in both full year periods, the comparison for net income would become $161.9 million ($1.67 per share) for 2007 versus $178.5 million ($1.84 per share) for 2006. Cash flow from operations and discretionary cash flow for the year set new all time highs with $462.1 million and $472.7 million, respectively, up significantly from the prior year on both accounts.
Realized prices between 2007 and 2006 were relatively stable for both natural gas and oil. This stability was aided by results from the Company's hedge activity that provided a positive pickup for natural gas and a slight reduction for oil prices. The specific levels for natural gas were $7.23 per Mcf for 2007 versus $7.13 per Mcf for 2006, while oil was $67.16 per barrel and $65.03 per barrel for 2007 and 2006, respectively.
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