Reuters) – Cabot Oil and Gas Corp (COG.N) reported a quarterly profit that topped analysts estimates, on the again of higher realized costs and increased manufacturing.
The company, which will get its bulk of revenue from pure gas, mentioned whole manufacturing rose to 172.6 billion cubic toes equivalent (Bcfe) from 164.2 Bcfe.
Gross sales worth of pure fuel, excluding hedges, rose practically 10 % to $2.15 per thousand cubic ft, while crude costs were up by 23.5 p.c at $54.77 per barrel.
North American energy corporations have ramped up production, in tandem with OPEC’s efforts to cut global output, to benefit from rising prices. Final 12 months, U.S. fuel costs NGc1 averaged 18.2 percent greater and crude CLc1 averaged 17 % above 2016 prices.
Cabot’s net loss narrowed to $44.Four million, or 10 cents per share, within the quarter ended Dec. 31, from $292.8 million, or sixty three cents per share, a Investopedia year earlier. The reported quarter included a tax advantage of $242.9 million related to the U.S.
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