This is a Z4 Research pre-call note.
The 2Q20 Numbers:
- Cabot Oil & Gas (COG) volumes were above the high end of guidance taking the Street by surprise. The second quarter was meant to show a stronger sequential decline due largely to a lighter completion schedule with pads of longer lateral wells taking longer to complete. Activity in the quarter, however, was robust, much of it clearly towards quarter-end and despite capex that was markedly lower than expected ($175 mm spent vs Street at $213 mm), some price-related curtailments during the quarter, and downtime at