Cabot Oil & Gas Production Up, Profits Down for 2Q12
Cabot Oil & Gas released their second quarter results yesterday. Cabot’s gas production rose an impressive 40% over the second quarter of last year. But because the commodity price of gas has been so low, Cabot’s profitability took a hit. Net income for Cabot from April through June was $35.9 million (17 cents per share), compared to $54.7 million last year at this time (26 cents per share).
Cabot issued two press releases covering second quarter results. The first covers finances and adds useful high level production numbers: