UPDATE: Cabot Oil Posts Upbeat Q4 Earnings, Lowers 2015 Capital Budget

reported better-than-expected results for the fourth quarter and lowered its 2015 capital budget. The Houston, Texas-based company posted a quarterly loss of $221.8 million, or $0.54 per share, versus a year-ago profit of $77.9 million, or $0.19 per share. Excluding items, the company's earnings rose to $0.23 per share from $0.18 per share. Its revenue climbed 26.8% to $618 million. However, analysts were projecting earnings of $0.22 per share on revenue of $550.4 million. Natural-gas price realizations, including the impact of derivatives, slipped 14% y/y to $2.96 per thousand cubic feet in the fourth quarter, while oil price realizations, including the impact of derivatives, declined 24% to $72.35 per barrel. Production volume increased 25% to 151.9 billion cubic feet equivalent. As of December 31, 2014, Cabot Oil's total debt was $1.8 billion. "2014 was another exemplary year for Cabot Oil & Gas as the Company once again generated strong growth in production, reserves, earnings and cash flows amid a weakening commodity price backdrop," stated Dan O. Dinges, Chairman, President and Chief Executive Officer. Dinges added, "While Cabot is well-positioned to navigate through this commodity cycle due to our high-quality asset base and our strong financial position, we are not immune to the current market conditions and have adjusted our 2015 program accordingly to focus on managing the balance sheet, preserving capital and maximizing returns," Cabot lowered its capital budget for 2015 to $900 million. The company now expects production growth to 10% to 18%, versus its earlier forecast of 20% to 30% growth. Cabot Oil shares rose 0.69% to close at $27.71 yesterday.