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Cabot Oil & Gas reports dip in Q2 adjusted profit, falls short of estimates

Cabot Oil & Gas Corp. on July 27 reported $57.9 million, or 13 cents per share, in adjusted net income for the second quarter, compared to $64.0 million, or 14 cents per share, in the second quarter a year ago.

The S&P Global Market Intelligence consensus normalized earnings estimate for the second quarter was 19 cents per share.

Net income totaled $42.4 million, compared to $21.5 million in the second quarter a year ago. Cabot recorded revenue of $453.4 million in the second quarter, compared to $460.5 million in the second quarter a year ago.

The Appalachian gas driller said production came to 1.9 Bcfe/d in the second quarter, about level with a year earlier.