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CABOT OIL & GAS REPORTS THIRD QUARTER RESULTS

 CABOT OIL & GAS REPORTS THIRD QUARTER RESULTS
 HOUSTON, Oct. 26 /PRNewswire/ -- Cabot Oil & Gas Corporation


(NYSE: COG) today reported net income for the third quarter of $162,000 or 1 cent per share, compared with a net loss of $1.8 million, or 9 cents per share, in the third quarter of last year. Net income for the nine months was $500,000, or 3 cents per share, after taking into account a charge recorded in the second quarter of $2.7 million, or 13 cents per share, for the settlement of a previously announced tax dispute between the company and its former parent, Cabot Corporation. Excluding this charge, net income for nine months would have been $3.3 million, or 16 cents per share, compared with $500,000, or 3 cents per share, in the prior year.
 Cabot Oil & Gas Chairman and Chief Executive Officer, Charles P. Siess, Jr. said, "We are very pleased to be able to report a profitable third quarter, taking into consideration this is a period when we purchase a lot of gas to meet customer demand while filling inventory with lower cost gas."
 Natural gas production volume for the quarter was up 0.4 billion cubic feet (Bcf) over last year, to 10.7 (Bcf). For nine months, natural gas production was up 8 percent, to 34.3 Bcf compared with 31.7 Bcf during the same period last year. The increase in production volume is attributable to the company's Anadarko region.
 The company's weighted average natural gas price for the third quarter increased 28 cents to $2.07 per thousand cubic feet (Mcf) from $1.79 per Mcf in 1991. Prices increased in the Appalachian and the Anadarko regions by 16 cents and 48 cents per Mcf, respectively. The average natural gas price for the nine months was down 1 percent to $2.02 per Mcf from $2.05 per Mcf during the same period in 1991, principally as a result of a greater weighting of sales from the company's Anadarko region and depressed natural gas prices in the first quarter.
 "The higher gas prices received in the last two quarters affirms our optimistic outlook for the natural gas industry. Prices are continuing to increase. Our October prices are expected to be about 50 cents higher than last year," Siess said.
 Discretionary cash flow for the quarter was $7.1 million compared with $6.1 million in 1991. Discretionary cash flow for the nine months, without the tax settlement charge, would have been $28.4 million compared with $28.0 last year.
 Cabot Oil & Gas is a leading U.S. independent natural gas producer and marketer headquartered in Houston, with regional offices in Pittsburgh, and Oklahoma City, Okla.
 CABOT OIL & GAS
 Operating Data
 Three Months Ended Nine Months Ended
 9/30/92 9/30/91 9/30/92 9/30/91
 Produced Natural Gas Volumes
 (Bfc):
 Appalachia 6.2 6.2 19.4 19.7
 Anadarko 4.5 4.1 14.9 12.0
 Total 10.7 10.3 34.3 31.7
 Purchased Natural Gas Volumes
 (Bfc):
 Appalachia 5.7 4.1 12.3 12.8
 Anadarko 1.0 0.9 3.0 2.9
 Total 6.7 5.0 15.3 15.7
 Purchased gas cost ($/Mcf) $1.79 $1.47 $1.69 $1.65
 Natural Gas Sales Volumes(Bcf):
 Appalachia 9.7 8.2 30.2 30.3
 Anadarko 5.4 4.8 17.9 14.7
 Total 15.1 13.0 48.1 45.0
 Average Gas Sales Prices $/Mcf):
 Appalachia $2.30 $2.14 $2.35 $2.38
 Anadarko $1.66 $1.18 $1.45 $1.39
 Total $2.07 $1.79 $2.02 $2.05
 Crude/Condensate Volumes(MBbl) 43 38 122 111
 Crude/Condensate Price(MBbl) $20.87 $19.96 $19.27 $19.42
 Number of Wells Drilled:
 Gross 37 45 70 122
 Net 34.2 44.9 60.8 117.5
 Condensed Consolidated Statement of Income
 (In millions except per share amount)
 (Unaudited)
 Three Months Ended Nine Months Ended
 9/30/92 9/30/91 9/30/92 9/30/91
 Revenues:
 Natural gas $31.2 $23.3 $96.9 $92.5
 Crude Oil and Condensate 0.9 0.8 2.3 2.1
 Other 0.7 1.0 2.6 3.1
 Total 32.8 25.1 101.8 97.7
 Costs and Expenses:
 Costs of natural gas 9.0 4.9 25.7 24.8
 Operations 8.0 7.4 23.6 23.5
 Exploration 1.3 2.5 4.3 6.1
 Administrative and other 4.4 4.4 12.7 14.5
 Depreciation, depletion
 and amortization 7.7 6.5 23.7 21.4
 Total 30.4 25.7 90.0 90.3
 Other income 0.1 -- 0.2 0.2
 Income (loss) from operations 2.5 (0.6) 12.0 7.6
 Interest income -- -- -- 1.8
 Interest expense (2.5) (2.4) (7.3) (6.9)
 Income(loss) before income taxes 0.0 (3.0) 4.7 2.5
 Income tax expense(benefit)(a) (0.2) (1.2) 4.2 0.9
 Net income(loss) 0.2 (1.8) 0.5 1.6
 Earnings dedicated to
 Class B common stock -- -- -- 1.1
 Net income(loss)available
 to all common stockholders 0.2 (1.8) 0.5 0.5
 Earnings(loss) per share(a) 1 cent (9 cents) 3 cents 3 cents
 Common shares outstanding(000)20,465 20,465 20,465 20,465
 ----
 NOTE: (a) YTD 1992 includes $2.7 million expense, or 13 cents per share, for settlement of prior period taxes.
 Condensed Consolidated Balance Sheet
 (Unaudited)
 Sept. 30, Dec. 31,
 1992 1991
 (in millions)
 Current assets $27.6 $32.9
 Property, equipment and other assets 304.6 301.4
 Total assets 332.2 334.3
 Current liabilities 33.6 35.9
 Other liabilities 4.9 2.3
 Long-term debt 107.0 105.0
 Deferred income taxes 69.3 71.9
 Stockholders' equity 117.4 119.2
 Total liabilities and
 stockholders' equity $332.0 $334.3
 Condensed Consolidated Statement of Cash Flows
 (Unaudited)
 Three months ended Nine Months Ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 (in millions)
 Net income (loss)(a) $0.2 $(1.8) $0.5 $1.6
 Income charges
 not requiring cash 5.6 5.4 20.8 20.3
 Changes in assets
 and liabilities, net (6.2) 1.5 1.3 9.7
 Exploration expense 1.3 2.5 4.3 6.1
 Cash provided by operations 0.9 7.6 26.9 37.7
 Capital expenditures (11.1) (12.6) (26.7) (37.0)
 Proceeds from sales of assets 0.1 0.1 0.2 0.7
 Exploration expense (1.3) (2.5) (4.3) (6.1)
 Cash used by investing (12.3) (15.0) (30.8) (42.4)
 Increase in debt 11.6 9.8 4.6 6.8
 Dividends and other, net (0.8) (0.8) (2.4) (2.4)
 Cash provided by financing 10.8 9.0 2.2 4.4
 Net increase (decrease) in
 cash and cash equivalents $(0.6) $1.6 $(1.7) $(0.3)
 Discretionary cash flow (net
 income plus non-cash charges
 and exploration)(a) $7.1 $6.1 $25.7 $28.0
 NOTE: (a) YTD 1992 includes $2.7 million expense for settlement of prior period taxes.
 -0- 10/26/92
 /CONTACT: Roger Klatt, 713-589-4636, or Steven Tholen, 713-589-4696, of Cabot Oil & Gas/
 (COG) CO: Cabot Oil & Gas Corporation ST: Texas IN: OIL SU: ERN


DH -- NE010 -- 4628 10/26/92 09:51 EST
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