Exhibit

HOUSTON, October 23, 2015/PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG) today reported its financial and operating results for the third quarter of 2015. “Even in the face of persistent headwinds resulting from lower commodity prices, Cabot continues to deliver positive operating results while lowering our cost structure through an improvement in operating efficiencies and a strict focus on capital discipline," said Dan O. Dinges, Chairman, President and Chief Executive Officer.

Equivalent production in the third quarter of 2015 was 142.1 billion cubic feet equivalent (Bcfe), consisting of 133.0 billion cubic feet (Bcf) of natural gas and 1.5 million barrels (Mmbbls) of liquids (crude oil/condensate/natural gas liquids). These figures represent increases of 7 percent, 5 percent, and 57 percent, respectively, compared to the third quarter of 2014.

Cash flow from operations in the third quarter of 2015 was $146.4 million, compared to $358.3 million in the third quarter of 2014. Discretionary cash flow in the third quarter of 2015 was $150.4 million, compared to $296.0 million in the third quarter of 2014. Net loss in the third quarter of 2015 was $15.5 million, or $0.04 per share, compared to net income of $100.8 million, or $0.24 per share, in the third quarter of 2014. Excluding the effect of selected items including a $17.6 million after-tax non-cash mark-to-market loss on natural gas derivatives, net loss was $2.2 million, or $0.01 per share, in the third quarter of 2015, compared to net income of $85.0 million, or $0.20 per share, in the third quarter of 2014. EBITDAX in the third quarter of 2015 was $167.6 million, compared to $325.9 million in the third quarter of 2014. Significant reductions in realized prices for both natural gas and oil were the primary drivers for the lower results in the quarter, partially offset by higher equivalent production and lower overall operating expenses. See the supplemental tables at the end of this press release for a reconciliation of non-GAAP measures including discretionary cash flow, net income excluding selected items, EBITDAX and net debt to adjusted capitalization ratio.

Natural gas price realizations, including the effect of hedges, were $2.02 per thousand cubic feet (Mcf) in the third quarter of 2015, down 34 percent compared to the third quarter of 2014. Excluding the impact of hedges, natural gas price realizations for the quarter were $1.68 per Mcf, representing a $1.09 discount to NYMEX settlement prices. Oil price realizations were $43.71 per barrel (Bbl), down 54 percent compared to the third quarter of 2014.

For the nine-month period ended September 30, 2015, cash flow from operations was $585.0 million, compared to $943.3 million for the nine-month period ended September 30, 2014. Discretionary cash flow was $573.8 million for the nine-month period ended September 30, 2015, compared to $947.8 million for the nine-month period ended September 30, 2014. For the nine-month period ended September 30, 2015, net loss was $2.8 million, or $0.01 per share, compared to net income of $326.2 million, or $0.78 per share, for the nine-month period ended September 30, 2014. Excluding the effect of selected items including a $57.0 million after-tax non-cash mark-to-market loss on natural gas derivatives, net income was $62.5 million, or $0.15 per share, compared to $310.0 million, or $0.74 per share, for the nine-month period ended September 30, 2014. EBITDAX for the nine-month period ended September 30, 2015 was $651.0 million, compared to $1,045.7 million for the nine-month period ended September 30, 2014.

The Company has provided fourth quarter net production guidance of 1,475 to 1,600 million cubic feet (Mmcf) per day for natural gas, as it continues to curtail a portion of its Marcellus production, and 14,000 to 15,500 Bbls per day for liquids. The Company expects its natural gas price realizations before the impact of hedges to average between $0.90 and $1.00 below NYMEX settlement prices for the fourth quarter.

Based on the fourth quarter production guidance, the Company has adjusted its full-year 2015 equivalent production growth guidance range to 12 to 14 percent. Additionally, Cabot is reducing its 2015 capital program guidance to $850 million. “The reduction in investment dollars for 2015 is a result of continued improvements in operating efficiencies, further reductions in service costs, and our decision to defer the completion of a portion of our stages in both the Marcellus and Eagle Ford,” highlighted Dinges. “In addition, we plan to release a rig in the Marcellus in early December, bringing the Marcellus rig count down to two rigs by year-end.” For further disclosure on Cabot's natural gas pricing exposure by index and updated unit cost guidance for the fourth quarter, please see the current Guidance slide in the Investor Relations section of the Company's website.

The Company has initiated its preliminary 2016 production growth guidance range at 2 to 10 percent, for which the low-end takes into account potential price-related production curtailments throughout the year based on current market price expectations and the high-end reflects an uncurtailed program predicated on an improvement in price realizations. This production growth range is based on a capital budget of $615 million. In addition, Cabot anticipates approximately $150 million of contributions to its equity method investments in the Constitution and Atlantic Sunrise pipelines, the exact timing of which will be dependent on the regulatory approval process and the corresponding impact on the timing of construction activities. Drilling, completion and facilities capital will account for approximately 93 percent of the capital budget, with approximately 74 percent allocated to the Marcellus Shale and 26 percent allocated to the Eagle Ford Shale. The Company expects to drill approximately 60 net wells in 2016, including 50 net wells in the Marcellus Shale and 10 net wells in the Eagle Ford Shale. The Company anticipates completing approximately 90 wells in 2016, including 65 net wells in the Marcellus Shale and 25 net wells in the Eagle Ford Shale.

“As has been our primary focus for years, this market-responsive plan is focused on improving our capital efficiency while generating measured growth from a cash flow positive operating program,” stated Dinges. “Based on our budgeted price assumptions, the only anticipated borrowing will relate to the funding of our equity investments in the Constitution and Atlantic Sunrise pipelines.” Dinges added, “Additionally, our 2016 capital program includes a sufficient amount of growth capital, which will allow for an acceleration of production growth in 2017 assuming our new takeaway projects are placed in-service in a timely manner.”

A conference call is scheduled for Friday, October 23, 2015, at 9:30 a.m. Eastern Time to discuss third quarter 2015 financial and operating results. To access the live audio webcast, please visit the Investor Relations section of the Company's website at www.cabotog.com. A replay of the call will also be available on the Company's website. The latest financial guidance, including the Company's hedge positions, is also available in the Investor Relations section of the Company's website.

The statements regarding future financial performance and results and the other statements which are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties, including, but not limited to, market factors, the market price (including regional basis differentials) of natural gas and oil, results of future drilling and marketing activity, future production and costs, and other factors detailed in the Company's Securities and Exchange Commission filings.



	Quarter Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
PRODUCED NATURAL GAS (Bcf) & LIQUIDS (Mbbl)
Natural Gas
Appalachia	130.6			123.4			415.6			354.6
Other	2.4			3.3			7.6			9.7
Total	133.0			126.7			423.2			364.3

Crude/Condensate/NGL	1,513			961			4,719			2,608

Equivalent Production (Bcfe)	142.1			132.4			451.5			379.9

PRICES⁽¹⁾
Average Produced Gas Sales Price ($/Mcf)
Appalachia	$	2.00		$	3.04		$	2.22		$	3.39
Other	$	2.71		$	3.86		$	2.74		$	4.48
Total	$	2.02		$	3.06		$	2.23		$	3.41

Average Crude/Condensate Price ($/Bbl)	$	43.71		$	94.79		$	48.00		$	97.05

WELLS DRILLED
Gross	27			49			114			125
Net	27			46			105			108
Gross success rate	100		%	98		%	100		%	99		%



	Quarter Ended September 30,					Nine Months Ended September 30,
	2015			2014		2015			2014
OPERATING REVENUES
Natural gas	$	222,963		$	347,970	$	807,960		$	1,218,540
Crude oil and condensate	59,014			82,563		202,804			228,047
Gain (loss) on derivative instruments	17,364			71,906		44,668			69,577
Brokered natural gas	4,010			6,501		12,650			27,794
Other	1,945			3,077		8,277			11,049
	305,296			512,017		1,076,359			1,555,007
OPERATING EXPENSES
Direct operations	34,818			37,802		106,947			109,241
Transportation and gathering	102,121			85,966		321,652			247,707
Brokered natural gas	3,020			5,680		9,643			24,570
Taxes other than income	11,407			10,933		34,298			36,794
Exploration	4,930			8,812		18,960			19,963
Depreciation, depletion and amortization	144,326			154,013		472,335			458,995
General and administrative (excluding stock-based compensation)	14,015			13,901		41,989			46,219
Stock-based compensation⁽¹⁾	(2,913		)	5,678		11,622			15,123
	311,724			322,785		1,017,446			958,612
Earnings (loss) on equity method investments	1,648			1,063		4,581			1,819
Gain (loss) on sale of assets	3,756			46		3,814			(2,735		)
INCOME (LOSS) FROM OPERATIONS	(1,024		)	190,341		67,308			595,479
Interest expense	24,510			17,422		72,244			50,312
Income (loss) before income taxes	(25,534		)	172,919		(4,936		)	545,167
Income tax (benefit) expense	(10,020		)	72,131		(2,169		)	218,928
NET INCOME (LOSS)	$	(15,514	)	$	100,788	$	(2,767	)	$	326,239
Earnings (loss) per share - Basic	$	(0.04	)	$	0.24	$	(0.01	)	$	0.78
Weighted-average common shares outstanding	413,846			416,173		413,636			416,785

(In thousands)



	September 30, 2015		December 31, 2014
ASSETS
Current assets	$	215,421	$	413,447
Properties and equipment, net (Successful efforts method)	5,141,404		4,925,711
Other assets	127,847		98,558
Total assets	$	5,484,672	$	5,437,716

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities	$	265,585	$	499,018
Long-term debt, excluding current maturities	2,017,000		1,752,000
Deferred income taxes	874,702		843,876
Other liabilities	205,648		200,089
Stockholders' equity	2,121,737		2,142,733
Total liabilities and stockholders’ equity	$	5,484,672	$	5,437,716



	Quarter Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$	(15,514	)	$	100,788		$	(2,767	)	$	326,239
Deferred income tax expense	1,066			62,986			8,226			181,439
(Gain) loss on sale of assets	(3,756		)	(46		)	(3,814		)	2,735
Exploratory dry hole cost	6			4,300			184			6,454
(Gain) loss on derivative instruments	(17,364		)	(71,906		)	(44,668		)	(69,577		)
Net cash received (paid) in settlement of derivative instruments	45,097			40,073			133,827			24,811
Income charges not requiring cash	140,823			159,755			482,771			475,677
Changes in assets and liabilities	(3,996		)	62,352			11,195			(4,528		)
Net cash provided by operating activities	146,362			358,302			584,954			943,250

CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(174,747		)	(347,128		)	(819,839		)	(964,741		)
Acquisitions	(12		)	(15,826		)	(16,312		)	(15,826		)
Proceeds from sale of assets	4,378			4,668			7,380			3,913
Restricted cash	—			—			—			28,094
Investment in equity method investments	(10,684		)	(6,554		)	(20,798		)	(28,784		)
Net cash used in investing activities	(181,065		)	(364,840		)	(849,569		)	(977,344		)

CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in debt	42,000			419,000			285,000			465,000
Treasury stock repurchases	—			(119,767		)	—			(119,767		)
Dividends paid	(8,275		)	(8,339		)	(24,812		)	(25,018		)
Stock-based compensation tax benefit	(5,486		)	(14,353		)	—			6,001
Capitalized debt issuance costs	—			(5,626		)	(7,838		)	(5,626		)
Other	5			—			84			91
Net cash provided by financing activities	28,244			270,915			252,434			320,681

Net (decrease) increase in cash and cash equivalents	$	(6,459	)	$	264,377		$	(12,181	)	$	286,587

(In thousands, except per share amounts)



	Quarter Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
As reported - net income (loss)	$	(15,514	)	$	100,788		$	(2,767	)	$	326,239
Reversal of selected items, net of tax:
(Gain) loss on sale of assets	(2,379		)	(28		)	(2,437		)	1,646
(Gain) loss on derivative instruments ⁽¹⁾	17,563			(19,154		)	56,975			(26,936		)
Drilling rig termination fees	—			—			3,256			—
Stock-based compensation expense	(1,845		)	3,416			7,427			9,100
Net income (loss) excluding selected items	$	(2,175	)	$	85,022		$	62,454		$	310,049
As reported - earnings (loss) per share	$	(0.04	)	$	0.24		$	(0.01	)	$	0.78
Per share impact of reversing selected items	0.03			(0.04		)	0.16			(0.04		)
Earnings per share including reversal of selected items	$	(0.01	)	$	0.20		$	0.15		$	0.74
Weighted average common shares outstanding	413,846			416,173			413,636			416,785

(In thousands)



	Quarter Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Discretionary Cash Flow
As reported - net income (loss)	$	(15,514	)	$	100,788		$	(2,767	)	$	326,239
Plus (less):
Deferred income tax expense	1,066			62,986			8,226			181,439
(Gain) loss on sale of assets	(3,756		)	(46		)	(3,814		)	2,735
Exploratory dry hole cost	6			4,300			184			6,454
(Gain) loss on derivative instruments	(17,364		)	(71,906		)	(44,668		)	(69,577		)
Net cash received (paid) in settlement of derivative instruments	45,097			40,073			133,827			24,811
Income charges not requiring cash	140,823			159,755			482,771			475,677
Discretionary Cash Flow	150,358			295,950			573,759			947,778
Changes in assets and liabilities	(3,996		)	62,352			11,195			(4,528		)
Net cash provided by operating activities	$	146,362		$	358,302		$	584,954		$	943,250



	Quarter Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
As reported - net income (loss)	$	(15,514	)	$	100,788		$	(2,767	)	$	326,239
Plus (less):
Interest expense	24,510			17,422			72,244			50,312
Income tax (benefit) expense	(10,020		)	72,131			(2,169		)	218,928
Depreciation, depletion and amortization	144,326			154,013			472,335			458,995
Exploration	4,930			8,812			18,960			19,963
(Gain) loss on sale of assets	(3,756		)	(46		)	(3,814		)	2,735
Non-cash (gain) loss on derivative instruments	27,733			(31,833		)	89,159			(44,766		)
Stock-based compensation and other	(4,561		)	4,615			7,041			13,304
EBITDAX	$	167,648		$	325,902		$	650,989		$	1,045,710

(In thousands)



	September 30, 2015			December 31, 2014
Current portion of long-term debt	$	20,000		$	—
Long-term debt	2,017,000			1,752,000
Total debt	$	2,037,000		$	1,752,000
Stockholders’ equity	2,121,737			2,142,733
Total Capitalization	$	4,158,737		$	3,894,733

Total debt	$	2,037,000		$	1,752,000
Less: Cash and cash equivalents	(8,773		)	(20,954		)
Net Debt	$	2,028,227		$	1,731,046

Net debt	$	2,028,227		$	1,731,046
Stockholders’ equity	2,121,737			2,142,733
Total Adjusted Capitalization	$	4,149,964		$	3,873,779

Total debt to total capitalization ratio	49.0		%	45.0		%
Less: Impact of cash and cash equivalents	0.1		%	0.3		%
Net Debt to Adjusted Capitalization Ratio	48.9		%	44.7		%



October 23, 2015		FOR MORE INFORMATION CONTACT
		Matt Kerin (281) 589-4642