Cabot Oil & Gas Corporation (COG) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $105.72 million, or $ 0.23 a share in the quarter, against a net loss of $51.19 million, or $0.12 a share in the last year period.
Revenue during the quarter surged 83.67 percent to $517.84 million from $281.94 million in the previous year period. Gross margin for the quarter expanded 460 basis points over the previous year period to 94.46 percent. Operating margin for the quarter period stood at positive 36.71 percent as compared to a negative 19.54 percent for the previous year period.
Operating income for the quarter was $190.12 million, compared with an operating loss of $55.09 million in the previous year period.
"Our significant increase in net income and cash flow for the quarter highlights the impact of higher realized natural gas prices due to the recent tightening of the U.S. natural gas market," said Dan O. Dinges, Chairman, President and Chief Executive Officer. "Based on our improved outlook for natural gas price realizations throughout the year, we have increased our production guidance range to reflect our confidence in delivering a higher level of returns-focused growth in 2017."
Operating cash flow improves significantly
Cabot Oil & Gas Corporation has generated cash of $269.38 million from operating activities during the quarter, up 301.39 percent or $202.27 million, when compared with the last year period.
The company has spent $215.75 million cash to meet investing activities during the quarter as against cash outgo of $54.06 million in the last year period. It has incurred capital expenditure of $208.01 million on net basis during the quarter, up 390.49 percent or $165.60 million from year ago period.
The company has spent $14.68 million cash to carry out financing activities during the quarter as against cash inflow of $565.75 million in the last year period.
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