Table of Contents
1 Table of Contents 2
1.1 List of Tables 5
1.2 List of Figures 6
2
Investment Summary 8
2.1 Resource Potential 9
2.2 Lower Cost Structure
Relative to Its Peers 9
2.3 Production Growth 11
2.4 Stable Balance
sheet 13
3 Company Overview 15
3.1 Strategy and Vision 16
3.1.1
Company Vision and Mission 16
3.1.2 Business Strategy 16
3.2
Production and Reserves 16
3.3 Exploration and Appraisal 20
3.4 Share
Performance 23
3.5 Shareholding Structure 24
3.6 Key Management 24
4 Operations Summary 28
4.1 The United States 29
4.1.1 Overview 29
4.1.2 Production and Reserves 30
4.1.3 Exploration and Development 32
4.1.4 Outlook 34
4.2 Canada 35
4.2.1 Overview 35
4.2.2 Production
and Reserves 35
4.2.3 Exploration and Development 35
5 Financial
Outlook 36
5.1 Income Statement (2005-2012) 37
5.2 Balance Sheet
(2005-2012) 38
5.3 Cash Flow Statement (2005-2012) 39
5.4 Key Ratios
(2005-2012) 40
6 Valuation 41
6.1 Sum-of-Parts Analysis 41
6.2
Comparative Valuation 45
7 Peer Group Analysis 47
7.1 Share Price
Performance 47
7.2 Operational and Financial Performance 48
8 Key
Risks 51
8.1 Crude oil and natural gas prices 51
8.2 Political
Instability 51
8.3 Competition 51
8.4 Reserves and Drilling operations
51
9 Market Scenario 52
9.1 The United States 52
9.1.1 Reserves
and Production 52
9.1.2 Imports and Exports 53
9.1.3 Infrastructure
53
9.1.4 Regulations 53
9.1.5 Key Fiscal Regime 54
9.2 Canada
54
1.1.1 Reserves and Production 54
1.1.2 Import and Exports 54
1.1.3 Infrastructure 55
1.1.4 Regulations 55
1.1.5 Key Fiscal Regime
55
1.1.6 Private versus State Participation 56
10 Appendix 57
10.1
Methodology 57
10.1.1 Coverage 57
10.1.2 Secondary Research 58
10.1.3 Primary Research 58
10.1.4 Forecasts 59
10.2 Key Economic
Assumptions 61
10.3 Expert Panel Validation 62
10.4 Definitions 62
10.5 Unit Of Measure 63
10.6 Disclosure information 63
10.7 Disclaimer
63
1.1 List of Tables
Table 1: Cabot Oil & Gas Corporation, The
United States and Canada, Reserves, Resource, Production and Well Information,
2007 9
Table 2: Cabot Oil & Gas Corporation, Key Corporate Events,
1935-2007 15
Table 3: Cabot Oil & Gas Corporation, Acreage Position,
2003-2007 21
Table 4: Cabot Oil & Gas Corporation, Well Data, 2003-2007
21
Table 5: Cabot Oil & Gas Corporation, Top Institutional Shares Holding,
2008 24
Table 6: Cabot Oil & Gas Corporation, The United States, Acreage
and Well Data, 2003-2007 34
Table 7: Cabot Oil & Gas Corporation, Income
Statement ($ Million), 2005-2012 37
Table 8: Cabot Oil & Gas Corporation,
Balance Sheet ($ Million), 2005-2012 38
Table 9: Cabot Oil & Gas
Corporation, Cash Flow Statement ($ Million), 2005-2012 39
Table 10: Cabot
Oil & Gas Corporation, Key Ratios, 2005-2012 40
Table 11: Cabot Oil & Gas
Corporation, Summary of Target Price ($/share), 2008 41
Table 12: Cabot
Oil & Gas Corporation, Sum-of Parts Valuation, 2008 42
Table 13: Cabot Oil
& Gas Corporation, Net Asset Value Sensitivity, 2008 42
Table 14: North
America, Upstream Oil and Gas, M&A Deal Multiple, January 2008-May 2008 44
Table 15: Cabot Oil & Gas Corporation, Comparative Valuations, 2007 45
Table 16: Cabot Oil & Gas Corporation, Company Vs. Peer Group Operational and
Financial Performance, 2007 48
Table 17: Canada, Federal Corporate Income
Tax , 2007 56
Table 18: Canada, Provincial Corporate Income Tax, 2007
56
Table 19: Brent Blend NYMEX Future Prices 61
1.2 List of
Figures
Figure 1: Cabot Oil & Gas Corporation, Share Price Performance,
June 2002-June 2008 8
Figure 2: Cabot Oil & Gas Corporation Vs Peer
Group, 5-Year Average Lifting Costs ($/Mcfe) 10
Figure 3: Cabot Oil &
Gas Corporation Vs Peer Group 5-Year Average Reserve Replacement Costs
($/Mcfe) 10
Figure 4: Cabot Oil & Gas Corporation, Wells Drilled and
Success Ratio, 2003-2007 11
Figure 5: Cabot Oil & Gas Corporation Vs
Peer Group, Total Reserves, Production, Reserves Life and Reserves
Replacement, 2007 12
Figure 6: Cabot Oil & Gas Corporation, Production,
Bcfe, 2003-2008 13
Figure 7: Cabot Oil & Gas Corporation, Capital
Expenditure and Cash Flow, 2003-2007 14
Figure 8: Cabot Oil & Gas
Corporation, Total Production and Reserves, 2003-2007 17
Figure 9: Cabot
Oil & Gas Corporation, Production, Bcfe, 2003-2008E 17
Figure 10: Cabot
Oil & Gas Corporation, Proved Reserves, 2007 18
Figure 11: Cabot Oil &
Gas Corporation, Proved Reserves Quantity Information, 2007 19
Figure 12:
Cabot Oil & Gas Corporation, Acquisition, Exploration and Development Cost, $
Million, 2003-2007 22
Figure 13: Cabot Oil & Gas Corporation, Well Data,
2003-2007 22
Figure 14: Cabot Oil & Gas Corporation, Share Performance,
June 2002--June 2008 23
Figure 15: Cabot Oil & Gas Corporation,
Exploration and Production Asset Map, 2008 28
Figure 16: Cabot Oil & Gas
Corporation, Exploration and Production Assets Map, The United States, 2008
29
Figure 17: Cabot Oil & Gas Corporation, The United States,
Production, Bcfe, 2003-2008 31
Figure 18: Cabot Oil & Gas Corporation,
The United States, Proved Reserves, Bcfe, 2003-2007 31
Figure 19: Cabot
Oil & Gas Corporation, Valuation per share, By Region, 2008 43
Figure 20:
Cabot Oil & Gas Corporation Vs Peer Group, Key Valuation Multiples, 2008
46
Figure 21: Cabot Oil & Gas Corporation Vs. Peer Group Share Price
Performance, June 2007-June 2008 47
Figure 22: Cabot Oil & Gas
Corporation, F&D costs and Reserve Replacement Ratio, 2003-2007 49
Figure
23: Cabot Oil & Gas Corporation, Cost per Boe, 5yr Average 49
Figure 24:
Cabot Oil & Gas Corporation, Reserve Vs. Peer Group, MMboe, 2007 50
Figure 25: Cabot Oil & Gas Corporation, Production Vs. Peer Group, MMboe,
2007 50
Figure 26: The United States, Crude Oil and Natural Gas,
Production and Consumption, 1996-2007 52
Figure 27: Canada, Crude Oil
and Natural Gas, Production and Consumption, 1996-2007 54
Figure 28:
Global Markets Direct Methodology 57
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