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CABOT OIL & GAS REPORTS FIRST QUARTER RESULTS

 HOUSTON, April 27 /PRNewswire/ -- Cabot Oil & Gas Corp. (NYSE: COG) today reported net income for the first quarter of $3.9 million, or 19 cents per share, on revenues of $43.5 million, compared with net income of $2.4 million, or 12 cents per share, on revenues of $38.4 million in the first quarter of 1992. Discretionary cash flow was $14.3 million, or 70 cents per share, compared with $13.4 million, or 65 cents per share, for the first quarter of 1992.
 The weighted average natural gas price received by the company during the first quarter of 1993 increased 44 cents -- to $2.43 per thousand cubic feet (Mcf), up from 1.99 per Mcf in 1992. The average price increased 33 cents -- to $2.72 per Mcf for the Appalachian region and 53 cents -- to $1.81 per Mcf for the Anadarko region.
 Cabot Oil & Gas chairman and chief executive officer John H. Lollar said, "The higher gas prices we received in the first quarter confirm our optimistic outlook for the natural gas industry. We expect our April and May prices to be 70 to 80 cents higher than last year. Prices are improving as natural-gas supply balances tighten. Natural gas demand is increasing, while industry ability to deliver gas is declining at an ever-faster rate."
 Production volume for the quarter was essentially flat for the fourth quarter of 1992 at 126.2 million cubic feet equivalent of natural gas per day (Mcfepd). This compares with 137.5 Mcfepd for the first quarter of 1992. Production was down due to weather conditions that delayed the drilling and turning of wells in-line during the first quarter and the continued testing of wells in the Medina Trend of Pennsylvania. Futhermore, production for the 1992 first quarter included the benefits of wells turned in-line that had been shut-in during 1991.
 "Although production was down in the first quarter, we expect our average production for 1993 to increase modestly compared with 1992 due to our drilling and property-acquisition program this year," Lollar said.
 Cabot Oil & Gas is a leading U.S. independent natural gas producer and marketer with headquarters in Houston and regional offices in Pittsburgh and Oklahoma City.
 Cabot Oil & Gas Operating Data
 Three Months Ended
 3/31/93 3/31/92
 Produced natural Gas Volume (Bcf)
 Appalachia 6.6 6.9
 Anadarko 4.5 5.4
 Total 11.1 12.3
 Purchased Natural Gas Volumes (Bcf)
 Appalachia 3.6 3.3
 Anadarko 1.0 1.0
 Total 4.6 4.3
 Purchased Gas Cost ($/Mcf) $1.92 $1.58
 Natural Gas Sales Volumes (Bcf)
 Appalachia 11.5 11.8
 Anadarko 5.4 6.5
 Total 16.9 18.3
 Average Gas Sales Prices ($/Mcf)
 Appalachia $2.72 $2.39
 Anadarko $1.81 $1.28
 Total $2.43 $1.99
 Crude/Condensate Volumes (MBbl) 43 41
 Crude/Condensate Price (MBbl) $17.90 $17.73
 Number of Wells Drilled
 Gross 16 13
 Net 15.1 8.6
 CABOT OIL AND GAS RESULTS
 CONDENSED CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
 (in millions, except per share amounts)
 Three Months Ended
 March 31,
 1993 1992
 Revenues:
 Natural Gas $41.1 $36.4
 Crude Oil and Condensate 0.8 0.7
 Other 1.6 1.3
 Total 43.5 38.4
 Costs and Expenses:
 Costs of Natural Gas 13.0 10.2
 Operations 6.9 6.3
 Exploration 1.8 1.4
 Taxes other than income 2.2 1.7
 Administrative 4.3 4.8
 Depreciation, depletion and
 amortization 7.7 8.3
 Total 35.9 32.7
 Other income 0.7 0.1
 Income from Operations 8.3 5.8
 Interest Expense (2.6) (2.4)
 Income before income taxes 5.7 3.4
 Income tax expense 1.8 1.0
 Net income $3.9 $2.4
 Earnings per share 19 cents 12 cents
 Common shares outstanding
 (in thousands) 20,465 20,465
 CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
 (in millions)
 March 31, Dec. 31,
 1993 1992
 Assets:
 Current assets $33.7 $41.7
 Property, equipment and other assets 307.2 307.0
 Total assets $340.9 $348.7
 Liabilities and stockholders equity:
 Current liabilities $28.0 $32.8
 Long-term debt 112.0 120.0
 Deferred income taxes 73.3 71.6
 Other liabilities 6.2 6.0
 Stockholders' equity 121.4 118.3
 Total liabilities and stockholders'
 equity $340.9 $348.7
 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
 (in millions)
 Three Months Ended
 March 31,
 1993 1992
 Cash Flows From Operating Activity:
 Net income $3.9 $2.4
 Income charges not requiring cash 8.6 9.5
 Changes in operating assets and
 liabilities, net 2.2 6.3
 Exploration expense 1.8 1.4
 Cash provided by operations 16.5 19.6
 Cash Flow of Investing Activities:
 Capital expenditures (8.4) (7.9)
 Proceeds from sale of assets 1.1 0.1
 Exploration expense (1.8) (1.4)
 Cash used by investing (9.1) (9.2)
 Cash Flows From Financing Activities:
 Decrease in debt (7.0) (11.0)
 Dividends and other, net (0.8) (0.8)
 Cash used by financing (7.8) (11.8)
 Net decrease in cash and cash
 equivalents $(0.4) $(1.4)
 Discretionary cash flow $14.3 $13.4
 -0- 4/27/93
 /CONTACT: Roger Klatt, 713-589-4636, or Steven Tholen, 713-589-4696, both of Cabot Oil and Gas/
 (COG)


CO: Cabot Oil & Gas Corp. ST: Texas IN: OIL SU: ERN

DD-CH -- NE019 -- 1395 04/27/93 12:39 EDT
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