Cabot Oil & Gas Corp.'s (COG) net income for the third quarter of 2014 rose to $100.8 million or $0.24 per share, from $69.9 million, or $0.17 per share in the third quarter of 2013.
Excluding the effect of selected items, net income was $85.0 million, or $0.20 per share, compared to $74.6 million or $0.18 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.22 per share. Analysts' estimates typically exclude special items.
Operating revenues for the quarter was $512.02 million, higher than last year's $435.85 million. Wall Street analysts had a consensus revenue estimate of $515.76 million for the quarter.
The company has reaffirmed its 2015 production growth guidance range of 20 to 30 percent. This production growth range is based on an average gross Marcellus production rate range of 1.8 to 2.0 Bcf per day and an average net liquids production range of 18,000 to 20,000 Bbls per day, of which approximately 88 percent is crude oil. The Company's capital budget for 2015 is $1.53 to $1.60 billion.
The company expects to drill 180 to 190 net wells in 2015, including 95 to 100 net wells in the Marcellus Shale and 80 to 85 net wells in the Eagle Ford Shale.
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