Cabot Oil & Gas (NYSE: COG) reported Q4 EPS of $0.55, $0.03 worse than the analyst estimate of $0.58. Revenue for the quarter came in at $716.3 million versus the consensus estimate of $652.49 million.

"In early 2018 we reaffirmed our commitment to creating long-term shareholder value through disciplined capital allocation by announcing a strategy focused on delivering debt-adjusted per share growth, generating positive free cash flow, improving corporate returns on capital employed, increasing return of capital to shareholders, and maintaining a strong balance sheet," stated Dan O. Dinges, Chairman, President and Chief Executive Officer. "I am happy to say that our 2018 program delivered on this strategy on all fronts."

Full-Year 2018 Highlights

New Records

• Net income of $557.0 million (or $1.25 per share); adjusted net income (non-GAAP) of $531.2 million (or $1.19 per share)
• Free cash flow (non-GAAP) of $296.6 million, marking the third consecutive year of positive free cash flow
• Production of 735.0 billion cubic feet equivalent (Bcfe), an increase of seven percent year-over-year (14 percent on a divestiture-adjusted basis)
• Proved reserves of 11.6 trillion cubic feet equivalent (Tcfe), an increase of 19 percent year-over-year (25 percent on a divestiture-adjusted basis)
• Operating expenses per unit of $1.76 per thousand cubic feet equivalent (Mcfe), a 13 percent improvement year-over-year

Other Strategic Milestones

• Return on capital employed (ROCE) (non-GAAP) of 15.9 percent, an improvement of 860 basis points year-over-year
• Returned approximately $1.0 billion of capital to shareholders through dividends and share repurchases, including a 40 percent increase in the quarterly dividend per share and an eight percent reduction in shares outstanding
• Retired $304 million of senior notes at maturity, resulting in annualized interest expense savings of $21.8 million
• Total company all-sources finding and development costs of $0.30 per Mcfe and Marcellus-only all-sources finding and development costs of $0.26 per thousand cubic feet (Mcf)
• Reduced debt-to-EBITDAX to 1.0x at year-end 2018

For earnings history and earnings-related data on Cabot Oil & Gas (COG) click here.