UPDATE: Cabot Oil Shares Drop On Downbeat Q3 Earnings

Shares of Cabot Oil & Gas

fell more than 2.5% after the company reported weaker-than-expected third-quarter earnings. The Houston, Texas-based company posted a quarterly profit of $100.8 million, versus a year-ago profit of $69.9 million. EPS rose to $0.24 from $0.17. Excluding special items, the company's earnings slipped to $0.20 per share from $0.18 per share. Its revenue climbed 17.5% to $512 million. However, analysts were expecting earnings of $0.22 per share on revenue of $516 million. Its production volume climbed to 132.4 billion cubic feet equivalent, a 24% rise versus the year-ago period. Production volume for liquids surged 7% to 961,000 barrels. Natural gas price realizations declined 9% to $3.06 per thousand cubic feet, while oil price realizations slipped 9% to $94.79 per barrel. The company's operating expenses rose 4.5% to $322.8 million. Cash flow from operations rose 29% to $358.3 million. "The results posted in the most recently completed quarter once again highlight the quality of our operations and assets," said Dan O. Dinges, Chairman, President and Chief Executive Officer. "We made improvements in every key category, even in the face of strong headwinds." Cabot Oil reaffirmed its 2015 production growth forecast range of 20% to 30%. Cabot Oil shares fell 2.61% to $30.62 at 10:30 a.m. ET.