Cabot Oil & Gas, the Texas-based independent oil and natural gas producer, said its second-quarter profit rose to $54.7 million, or 53 cents a share, from $21.7 million, or 21 cents a share, a year earlier. On an adjusted basis, Cabot earned 41 cents a share. Revenue came in at $240.7 million.
Analysts were expecting Cabot to earn 28 cents a share, on revenue of $246.4 million. Cabot (COG) also announced the sale of $285 million worth of assets in Wyoming, Colorado and Utah to an undisclosed buyer. Master limited partnership BreitBurn also announced the purchase of assets for the same amount in the same area, though neither company confirmed the deal with each other.
The transaction has an effective date of September 1, 2011, is scheduled to close in early October 2011, Cabot said in a statement. Cabot said it added four new horizontal wells in the Eagleford Shale in South Texas during the second quarter. The company also said it is currently producing 420-430 million cubic feet of gas per day in the Marcellus Shale in Pennsylvania.
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