Table of Contents Table of Contents 2 List of Tables 5 List of Figures 6 Company Snapshot 9 Key Information 9 Company Overview 9 Cabot Oil & Gas Corporation, Valuation and Financial Data 10 Cabot Oil & Gas Corporation, Share Price Performance 10 Share Price Performance, Q4, 2014-Q4, 2015 10 Cabot Oil & Gas Corporation, Key Valuation Metrics 11 Key Valuation Metrics, Q4, 2014-Q4, 2015 11 Cabot Oil & Gas Corporation, Quarterly Results of Oil & Gas Operations Per boe Produced 12 Results of Oil & Gas Operations Per boe Produced, Q4, 2014-Q4, 2015 12 Results of Oil & Gas Operations Per boe Growth Rates, Q4, 2014-Q4, 2015 13 Cabot Oil & Gas Corporation, Quarterly E&P Costs Trends 14 Upstream Capital Expenditure, Q4, 2014-Q4, 2015 14 Cabot Oil & Gas Corporation, Quarterly Production Trends 15 Cabot Oil & Gas Corporation, Total Oil and Gas Production 15 Total Crude Oil and Natural Gas Production Trend, Q4, 2014-Q4, 2015 15 Total Crude Oil & Natural Gas Production, By Country/Region, Q4, 2014-Q4, 2015 16 Cabot Oil & Gas Corporation, Crude Oil Production 17 Total Crude Oil Production Trend, Q4, 2014-Q4, 2015 17 Crude Oil Production, By Country/Region, Q4, 2014-Q4, 2015 18 Cabot Oil & Gas Corporation, Natural Gas Production 19 Total Natural Gas Production Trend, Q4, 2014-Q4, 2015 19 Natural Gas Production, By Country/Region, Q4, 2014-Q4, 2015 20 Cabot Oil & Gas Corporation, Valuation and Financial Data, 2011-2015 21 Cabot Oil & Gas Corporation, Share Price Performance, 2011-2015 21 Share Price Performance, 2011-2015 21 Key Valuation Metrics, 2011-2015 22 Cabot Oil & Gas Corporation, Production and Reserves Trends 23 Total Oil and Gas, Reserves and Production 23 Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 23 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 25 Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 27 Crude Oil/Liquids Production and Reserve 28 Crude Oil/Liquids Production and Reserve Trend, 2011-2015 28 Crude Oil Production and Reserves By Country/Region, 2011-2015 29 Crude Oil/Liquids Reserve Changes, 2011-2015 31 Natural Gas Production and Reserve 32 Natural Gas Production and Reserve Trend, 2011-2015 32 Natural Gas Production and Reserves, By Country/Region, 2011-2015 33 Natural Gas Reserve Changes, 2011-2015 35 Total Crude Oil and Natural Gas Reserves Life Index 36 Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 36 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 37 Cabot Oil & Gas Corporation, E&P Costs Trends 39 Allocation of the Upstream Capital Expenditure 39 Upstream Capital Expenditure, 2011-2015 39 Acquisition Costs By Country/Region, 2011-2015 40 Exploration and Development Costs, By Country/Region, 2011-2015 42 Oil and Gas Cost Per boe, US$/boe 44 Oil and Gas Cost Per boe, US$/boe, 2011-2015 44 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 46 Cabot Oil & Gas Corporation, Reserve Replacement Ratio 48 Oil and Gas Production Replacement Ratio 48 Oil and Gas Production Replacement Ratio, 2011-2015 48 Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 50 Cabot Oil & Gas Corporation, Results of Oil & Gas Operations Trend 54 Oil and Gas Revenue and Expenses 54 Oil and Gas Revenue and Expenses, 2011-2015 54 Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 56 Oil and Gas Revenue and Expenses, Per boe 61 Oil and Gas Revenue and Expenses, By boe, 2011-2015 61 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 62 Oil and Gas Performance Metrics 66 Cabot Oil & Gas Corporation, Land Holdings and Well Data 67 Developed and Undeveloped Acreage 67 Gross and Net Developed and Undeveloped Acreage, 2011-2015 67 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 68 Well Statistics 71 Producible Oil and Gas Well, 2011-2015 71 Producible Oil and Gas Well, By Country/Region, 2011-2015 72 Exploration and Development Wells Drilled, 2011-2015 76 Exploration and Development Wells Drilled, By Country/Region, 2011-2015 77 Recent Developments 78 Cabot Oil & Gas Corporation - Recent Developments 78 Apr 29, 2016: Cabot Oil & Gas Announces First Quarter 2016 Financial And Operating Results 78 Apr 22, 2016: New York DEC Denies Water Quality Certification For Proposed Constitution Pipeline 80 Feb 19, 2016: Cabot Oil & Gas Announces Fourth Quarter And Full-Year 2015 Financial And Operating Results, Reports 11 Percent Reserve Growth To 8.2 Tcfe, Provides Marcellus Shale Inventory Update 81 Feb 02, 2016: Cabot Oil & Gas Provides Fourth Quarter and Full Year 2015 Operational Update, Announces Updated 2016 Operating Plan and Capital Budget 83 Dec 02, 2015: Cabot Oil & Gas Corporation Announces New Directors 84 Oct 28, 2015: UGI Energy Services Announces Completion Of The Auburn Loop 85 Oct 23, 2015: Cabot Oil & Gas Announces Third Quarter 2015 Financial And Operating Results 85 Jul 24, 2015: Cabot Oil & Gas Announces Second Quarter 2015 Financial And Operating Results 87 Jul 13, 2015: Warren Resources Provides Operational Update 89 Apr 24, 2015: Cabot Oil & Gas Announces First Quarter 2015 Financial And Operating Results, Increases Borrowing Base And Amends Credit Facility 92 Appendix 95 Methodology 95 Coverage 95 Secondary Research 95 Primary Research 95 Data Information Sources 96 Company Source 96 SEC/Other Regulatory Filings 96 Other Sources 96 Expert Panel Validation 96 Data Definition 96 Oil and Gas Reserves 96 Units of Measure 97 About GlobalData 97 Disclosure 97 Disclaimer 97

List of Tables Table 1: Cabot Oil & Gas Corporation, Key Facts 9 Table 2: Cabot Oil & Gas Corporation, Share Price Performance, Q4, 2014-Q4, 2015 10 Table 3: Cabot Oil & Gas Corporation, Key Valuation Metrics, Q4, 2014-Q4, 2015 11 Table 4: Cabot Oil & Gas Corporation, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2014-Q4, 2015 12 Table 5: Cabot Oil & Gas Corporation, Results of Oil & Gas Operations Per boe Growth Rates, %, Q4, 2014-Q4, 2015 13 Table 6: Cabot Oil & Gas Corporation, Upstream Capital Expenditure, Q4, 2014-Q4, 2015 14 Table 7: Cabot Oil & Gas Corporation, Total Crude Oil and Natural Gas, Production, Q4, 2014-Q4, 2015 15 Table 8: Cabot Oil & Gas Corporation, Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2014-Q4, 2015 16 Table 9: Cabot Oil & Gas Corporation, Total Crude Oil Production, mmbbl, Q4, 2014-Q4, 2015 17 Table 10: Cabot Oil & Gas Corporation, Crude Oil Production, By Country/Region, mmbbl, Q4, 2014-Q4, 2015 18 Table 11: Cabot Oil & Gas Corporation, Total Natural Gas Production, bcf, Q4, 2014-Q4, 2015 19 Table 12: Cabot Oil & Gas Corporation, Natural Gas Production, By Country/Region, bcf, Q4, 2014-Q4, 2015 20 Table 13: Cabot Oil & Gas Corporation, Share Price Performance, 2011-2015 21 Table 14: Cabot Oil & Gas Corporation, Key Valuation Metrics, 2011-2015 22 Table 15: Cabot Oil & Gas Corporation, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 24 Table 16: Cabot Oil & Gas Corporation, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 26 Table 17: Cabot Oil & Gas Corporation, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 27 Table 18: Cabot Oil & Gas Corporation, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 28 Table 19: Cabot Oil & Gas Corporation, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 30 Table 20: Cabot Oil & Gas Corporation, Crude Oil Reserve Changes, mmbbl, 2011-2015 31 Table 21: Cabot Oil & Gas Corporation, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 32 Table 22: Cabot Oil & Gas Corporation, Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 34 Table 23: Cabot Oil & Gas Corporation, Natural Gas Reserve Changes, bcf, 2011-2015 35 Table 24: Cabot Oil & Gas Corporation, Oil and Gas Reserves Life Index, Years, 2011-2015 36 Table 25: Cabot Oil & Gas Corporation, Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 38 Table 26: Cabot Oil & Gas Corporation, Upstream Capital Expenditure, US$ mil, 2011-2015 39 Table 27: Cabot Oil & Gas Corporation, Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 41 Table 28: Cabot Oil & Gas Corporation, Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 43 Table 29: Cabot Oil & Gas Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 45 Table 30: Cabot Oil & Gas Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 47 Table 31: Cabot Oil & Gas Corporation, Oil and Gas Production Replacement Ratio, %, 2011-2015 48 Table 32: Cabot Oil & Gas Corporation, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 53 Table 33: Cabot Oil & Gas Corporation, Revenue and Expenses, US$ mil, 2011-2015 55 Table 34: Cabot Oil & Gas Corporation, Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 60 Table 35: Cabot Oil & Gas Corporation, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 61 Table 36: Cabot Oil & Gas Corporation, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 65 Table 37: Cabot Oil & Gas Corporation, Oil and Gas Performance Metrics, 2011-2015 66 Table 38: Cabot Oil & Gas Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 67 Table 39: Cabot Oil & Gas Corporation, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2011-2015 70 Table 40: Cabot Oil & Gas Corporation, Producible Oil and Gas Wells, 2011-2015 71 Table 41: Cabot Oil & Gas Corporation, Producible Oil and Gas Wells, By Country/Region, 2011-2015 75 Table 42: Cabot Oil & Gas Corporation, Exploratory and Developed Wells, 2011-2015 76 Table 43: Cabot Oil & Gas Corporation, Exploratory and Developed Wells, By Country/Region, 2011-2015 77 List of Figures Figure 1: Cabot Oil & Gas Corporation, Share Price Performance, USD/Share, Q4, 2014-Q4, 2015 10 Figure 2: Cabot Oil & Gas Corporation, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q4, 2014-Q4, 2015 11 Figure 3: Cabot Oil & Gas Corporation, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2014-Q4, 2015 12 Figure 4: Cabot Oil & Gas Corporation, Upstream Capital Expenditure, US$ mil, Q4, 2014-Q4, 2015 14 Figure 5: Cabot Oil & Gas Corporation, Total Crude Oil and Natural Gas, Production, mmboe, Q4, 2014-Q4, 2015 15 Figure 6: Cabot Oil & Gas Corporation, Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2014-Q4, 2015 16 Figure 7: Cabot Oil & Gas Corporation, Total Crude Oil Production, mmbbl, Q4, 2014-Q4, 2015 17 Figure 8: Cabot Oil & Gas Corporation, Crude Oil Production, By Country/Region, mmbbl, Q4, 2014-Q4, 2015 18 Figure 9: Cabot Oil & Gas Corporation, Total Natural Gas Production, bcf, Q4, 2014-Q4, 2015 19 Figure 10: Cabot Oil & Gas Corporation, Natural Gas Production, By Country/Region, bcf, Q4, 2014-Q4, 2015 20 Figure 11: Cabot Oil & Gas Corporation, Share Price Performance, USD/Share, 2011-2015 21 Figure 12: Cabot Oil & Gas Corporation, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 22 Figure 13: Cabot Oil & Gas Corporation, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 23 Figure 14: Cabot Oil & Gas Corporation, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 25 Figure 15: Cabot Oil & Gas Corporation, Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 25 Figure 16: Cabot Oil & Gas Corporation, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 27 Figure 17: Cabot Oil & Gas Corporation, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 28 Figure 18: Cabot Oil & Gas Corporation, Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 29 Figure 19: Cabot Oil & Gas Corporation, Oil Production, By Country/Region, mmbbl, 2011-2015 29 Figure 20: Cabot Oil & Gas Corporation, Crude Oil Reserve Changes, mmbbl, 2015 31 Figure 21: Cabot Oil & Gas Corporation, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 32 Figure 22: Cabot Oil & Gas Corporation, Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 33 Figure 23: Cabot Oil & Gas Corporation, Gas Production, By Country/Region, bcf, 2011-2015 33 Figure 24: Cabot Oil & Gas Corporation, Natural Gas Reserve Changes, bcf, 2015 35 Figure 25: Cabot Oil & Gas Corporation, Oil and Gas Reserves Life Index, Years, 2011-2015 36 Figure 26: Cabot Oil & Gas Corporation, Gas Reserve Life Index, By Country/Region, Years, 2011-2015 37 Figure 27: Cabot Oil & Gas Corporation, Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 37 Figure 28: Cabot Oil & Gas Corporation, Oil Reserve Life Index, By Country/Region, Years, 2011-2015 38 Figure 29: Cabot Oil & Gas Corporation, Upstream Capital Expenditure, US$ mil, 2011-2015 39 Figure 30: Cabot Oil & Gas Corporation, Proved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 40 Figure 31: Cabot Oil & Gas Corporation, Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 40 Figure 32: Cabot Oil & Gas Corporation, Development Costs, By Country/Region, US$ mil, 2011-2015 42 Figure 33: Cabot Oil & Gas Corporation, Exploration Costs, By Country/Region, US$ mil, 2011-2015 42 Figure 34: Cabot Oil & Gas Corporation, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 44 Figure 35: Cabot Oil & Gas Corporation, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, $/boe, 2011-2015 46 Figure 36: Cabot Oil & Gas Corporation, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, $/Boe, 2011-2015 46 Figure 37: Cabot Oil & Gas Corporation, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, $/boe, 2011-2015 47 Figure 38: Cabot Oil & Gas Corporation, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 48 Figure 39: Cabot Oil & Gas Corporation, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 50 Figure 40: Cabot Oil & Gas Corporation, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 50 Figure 41: Cabot Oil & Gas Corporation, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 51 Figure 42: Cabot Oil & Gas Corporation, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 51 Figure 43: Cabot Oil & Gas Corporation, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 52 Figure 44: Cabot Oil & Gas Corporation, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 52 Figure 45: Cabot Oil & Gas Corporation, Revenue and Expenses, US$ mil, 2011-2015 54 Figure 46: Cabot Oil & Gas Corporation, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 56 Figure 47: Cabot Oil & Gas Corporation, Exploration Expenses, By Country/Region, US$ mil, 2011-2015 56 Figure 48: Cabot Oil & Gas Corporation, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 57 Figure 49: Cabot Oil & Gas Corporation, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 57 Figure 50: Cabot Oil & Gas Corporation, Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 58 Figure 51: Cabot Oil & Gas Corporation, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 58 Figure 52: Cabot Oil & Gas Corporation, Production Costs, By Country/Region, US$ mil, 2011-2015 59 Figure 53: Cabot Oil & Gas Corporation, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 59 Figure 54: Cabot Oil & Gas Corporation, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 61 Figure 55: Cabot Oil & Gas Corporation, Exploration Expenses per boe, By Country/Region, $/boe, 2011-2015 62 Figure 56: Cabot Oil & Gas Corporation, Income Tax/(Benefit) per boe, By Country/Region, $/boe, 2011-2015 62 Figure 57: Cabot Oil & Gas Corporation, Lifting Cost per boe, By Country/Region, $/boe, 2011-2015 63 Figure 58: Cabot Oil & Gas Corporation, Annual Net Income per boe, By Country/Region, $/boe, 2011-2015 63 Figure 59: Cabot Oil & Gas Corporation, Oil & Gas Revenue per boe, By Country/Region, $/boe, 2011-2015 64 Figure 60: Cabot Oil & Gas Corporation, Total DD&A per boe, By Country/Region, $/boe, 2011-2015 64 Figure 61: Cabot Oil & Gas Corporation, Total Revenue per boe, By Country/Region, $/boe, 2011-2015 65 Figure 62: Cabot Oil & Gas Corporation, Oil and Gas Performance Metrics, 2011-2015 66 Figure 63: Cabot Oil & Gas Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 67 Figure 64: Cabot Oil & Gas Corporation, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2011-2015 68 Figure 65: Cabot Oil & Gas Corporation, Total Net Undeveloped Acreage, By Country/Region, Acres, 2011-2015 68 Figure 66: Cabot Oil & Gas Corporation, Total Gross Developed Acreage, By Country/Region, Acres, 2011-2015 69 Figure 67: Cabot Oil & Gas Corporation, Total Net Developed Acreage, By Country/Region, Acres, 2011-2015 69 Figure 68: Cabot Oil & Gas Corporation, Producible Oil and Gas Wells, 2011-2015 71 Figure 69: Cabot Oil & Gas Corporation, Gross Productive Gas Wells, By Country/Region, Number, 2011-2015 72 Figure 70: Cabot Oil & Gas Corporation, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 72 Figure 71: Cabot Oil & Gas Corporation, Gross Productive Oil Wells, By Country/Region, Number, 2011-2015 73 Figure 72: Cabot Oil & Gas Corporation, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 73 Figure 73: Cabot Oil & Gas Corporation, Net Productive Gas Wells, By Country/Region, Number, 2011-2015 74 Figure 74: Cabot Oil & Gas Corporation, Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 74 Figure 75: Cabot Oil & Gas Corporation, Net Productive Oil Wells, By Country/Region, Number, 2011-2015 75 Figure 76: Cabot Oil & Gas Corporation, Exploratory and Developed Wells, 2011-2015 76