COG - Cabot Oil & Gas Q3 free cash flow falls short of breakeven
Cabot Oil & Gas (COG) -3.8% after-hours following mixed Q3 results, as adjusted earnings edged estimates while revenues fell 32% Y/Y to a below-consensus $291M.On a GAAP basis, the company lost $0.04/share, compared with a $0.22/share profit in the prior-year period.Q3 free cash flow came in just shy of breakeven, vs. $72.4M in the same period last year, but Cabot says it expects to generate $125M-$150M of free cash flow during Q4 and finish positive for the full year, "despite the expectation for the lowest average annual Nymex natural gas price on record since 1995."Q3 natural gas production averaged 2.41M cfe/day at an average realized price of $1.51/Mcf, excluding the impact of derivatives.Cabot reaffirms Q4 production guidance of 2.3M-2.35M cfe/day, which includes the impact of previously announced price-related curtailments during the quarter, and reaffirms its full-year forecast of 2.325M-2.34M cfe/day based on a $575M capital spending program.For FY 2021, Cabot
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Cabot Oil & Gas Q3 free cash flow falls short of breakeven