Cabot Oil & Gas Corp., Houston, posted second-quarter 2021 daily production of 2,205 MMcfed (100% natural gas), 1% below the production guidance range due to longer than anticipated maintenance downtime at a third-party compressor station and modest operational delays during the quarter.
In second-quarter 2021, Cabot drilled 28.0 net wells, completed 24.1 net wells, and placed 22.1 net wells on production.
Second-quarter 2021 net income was $30.5 million, compared to $30.4 million in the prior-year period. Adjusted net income was $105.5 million, compared to $18.0 million in the prior-year period, and net cash provided by operating activities was $178.9 million, compared to $136.4 million in the prior-year period.
Cabot incurred a total of $166.0 million of capital expenditures in second-quarter 2021, including $161.2 million of drilling and facilities capital, $1.8 million of leasehold acquisition capital, and $3.0 million of other capital. Capital expenditures for the quarter were in line with the company's prior guidance for higher activity levels during the quarter, in which Cabot drilled five more wells and completed 121 more stages than forecasted as a result of continued efficiency gains in its operations.
Cabot’s standalone operating plan for the year is expected to deliver an average net production rate of 2,350 MMcfed from a capital program of $530-540 million. Cabot has also provided its standalone third quarter 2021 production guidance of 2,275-2,325 MMcfed.