February 2016 Investor Presentation

CABOT OIL & GAS OVERVIEW

2015 Production: 602.5 Bcfe (13% growth)

2015 Year-End Proved Reserves: 8.2 Tcfe (11% growth)
2016E Drilling Activity: ~30 net wells
2016E Production Growth: 2% - 7%

Eagle Ford Shale Marcellus Shale

~85,500 net acres ~200,000 net acres
~1,300 locations ~3,450 locations
No Rigs Currently Running Current Rig Count: 1
2015 Drilling Activity: 49 net wells 2015 Drilling Activity: 83 net wells
2016E Drilling Activity: ~5 net wells 2016E Drilling Activity: ~25 net wells

2
 KEY INVESTMENT HIGHLIGHTS

Peer-leading EUR per lateral foot in the Marcellus Shale

Extensive Inventory of
Recently increased Marcellus EUR per 1,000 feet guidance from 3.6 Bcf to 3.8 Bcf
Low-Risk, High-Quality
Drilling Opportunities Recent downspacing tests resulted in a 15% increase in Marcellus location count to
~3,450 locations

Disciplined Capital 2016 capital spending guidance of $325 million, a 58% reduction year-over-year
Spending Driving 2016 production growth guidance of 2% - 7% despite the significant reduction in spending
Production and
2015 reserve growth of 11% despite reduced activity levels and lower price realizations
Reserve Growth

2015 total company all-sources finding costs of $0.57 per Mcfe

2015 Marcellus-only all-sources finding costs of $0.31 per Mcf

Low Cost Structure
2015 total company cash costs1 of $1.27 per Mcfe

2015 Marcellus-only cash costs1 of $0.82 per Mcf (direct LOE of $0.04 per Mcf)

Focused on Conservative leverage position: Debt / LTM EBITDAX2 of 2.5x at year-end 2015
Maintaining a Strong Financial flexibility: $413 million of borrowings outstanding on the Companys $1.8 billion
Financial Position facility at year-end 2015

1 Excludes DD&A, exploration expense, and stock-based compensation

2EBITDAX is a non-GAAP measure defined as net income plus interest expense, income tax expense, depreciation, depletion and amortization, exploration expense, 3
gains and losses resulting from the sale of assets, non-cash gains and losses on derivative instruments, and stock-based compensation expense and other
2016 CAPITAL BUDGET AND OPERATING PLAN
CONTINUED FOCUS ON CAPITAL EFFICIENCY

2016E Capital Program: Net Wells Drilled

$325 mm (excludes $80 - $150 mm 133
of equity method investments)
Land Other
5% 3% ~30

FY 2015 FY 2016E

Net Wells Completed

102

Drilling, Completion ~55

and Facilities
92%

2016E D&C Capital1:

FY 2015 FY 2016E
$300 mm

Average Lateral Lengths (Ft.)

Eagle Ford
30% FY 2015 FY 2016E
~9,500
~7,000 ~7,400
~5,900

Marcellus
70% Marcellus Eagle Ford

1 Includes facilities and pumping units 4

 PROVEN TRACK RECORD OF PRODUCTION AND RESERVE GROWTH

Annual Production (Bcfe)

700 602.5
600 531.8
2016
500 413.6 13.3% Guidance:
Bcfe

400 2% - 7%
28.6%
300 Liquids
200 Gas

100
0
2013 2014 2015 2016E

Year-End Proved Reserves (Tcfe)

9.0
8.0 7.4 8.2
7.0 10.7%
6.0 5.5
Tcfe

5.0 35.7%
4.0 Liquids
3.0 Gas
2.0
1.0
0.0
2013 2014 2015

5
WHILE MAINTAINING A CONSERVATIVE BALANCE SHEET

Net Debt to EBITDAX1

2.5x

1.3x
1.2x

0.9x

2012 2013 2014 2015

1EBITDAX is a non-GAAP measure defined as net income plus interest expense, income tax expense, depreciation, depletion and amortization, exploration expense, 6
gains and losses resulting from the sale of assets, non-cash gains and losses on derivative instruments, and stock-based compensation expense and other
 INDUSTRY-LEADING COST STRUCTURE

Operating Transportation Taxes O/T Income Cash G&A Financing

$2.00
$1.76
$1.67

$1.50
Cash Unit Costs ($/Mcfe)

$1.28 $1.27 $1.27 $1.25

$1.00

$0.50

$0.00
2011 2012 2013 2014 2015 2016E

3-Year F&D Costs:

Total Company $1.30 $1.02 $0.76 $0.68 $0.62
($/Mcfe)

3-Year F&D Costs:

Marcellus Only $0.65 $0.56 $0.48 $0.43 $0.39
($/Mcfe)
1 Includes all demand charges and gathering fees
2 Excludes stock-based compensation 7
3 Mid-point of 2016 guidance
MARCELLUS SHALE
 CABOTS MARCELLUS SHALE SUMMARY

~200,000 net acres Marcellus Planned Lateral Lengths (Ft.)

Operated rig count: 1 ~7,000

~5,900
2015 activity: 83 net wells drilled / 58 net wells completed ~5,300

2016E activity: ~25 net wells drilled / ~40 net wells completed

Cabots reduction in drilling and completion activity in 2016 is

predicated on lower anticipated natural gas price realizations
throughout Appalachia as we await the in-service of new takeaway
capacity
FY 2014 FY 2015 FY 2016E
Cabots year-end backlog of uncompleted wells allows for reduced
capital spending in 2016, while providing flexibility into 2017
Year-End Drilled Uncompleted Net Wells
Marcellus well costs have declined over 30% year-over-year to $6.7
million for a 7,000 lateral, driven by continued efficiency gains and
lower service costs 63

Recently increased EUR per 1,000 guidance from 3.6 Bcf to 3.8 48
Bcf, further solidifying Cabots productivity per well as best-in-
class across the Marcellus

Success of recent downspacing tests between 700 and 800 feet

(down from 1,000 feet) has resulted in a 15% increase in location
count to ~3,450 net locations
Year-End 2015 Year-End 2016E

9
 SUCCESSFUL RESULTS FROM CABOTS DOWNSPACING TESTS HAVE RESULTED
IN A 15% INCREASE IN MARCELLUS LOCATIONS

Comparison of Cabots 700- to 800-foot spaced wells vs. 1,000-foot spaced type curve

1,000 Cabots 1,000-foot spaced Lower Marcellus type curve

Average of Cabots 700 to 800-foot downspaced wells
Daily Production per Stage (Mcf/d)

800

600

400

200

0
0 200 400 600 800 1,000 1,200
Days

10
 CABOT OIL & GAS CONTINUES TO DRILL THE MOST PROLIFIC WELLS IN
THE MARCELLUS SHALE

Top 100 Marcellus Wells By Operator1 Percentage of Operators Total Wells in Top 100

Peer G
Peer H Cabot 21%
Peer F 1
1
Peer E 3
Peer I
3 Peer E 6%
1
Peer D
4
Peer D 4%

Peer C Peer I 4%
6

Peer A 3%
Peer B
6
Peer H 1%

Peer A
7 Peer F 1%

Cabot Peer C 1%
68
Peer B <1%

Peer G <1%

Includes content supplied by IHS Global, Inc.; copyright IHS Global, Inc., 2016, All Rights Reserved. Includes all horizontal / directional Marcellus wells in Pennsylvania and West Virginia with a
production start date from January 2012 to December 2015
1 As measured by max 30-day rate 11
Note: Peers include Antero Resources, Chesapeake Energy, Chief Oil & Gas, EQT, PGE, Range Resources, Rice Energy, Vantage Energy and Warren Resources
 CABOT HAS 18 OF THE TOP 20 WELLS DRILLED IN PENNSYLVANIA SINCE 2012

Cumulative Natural Gas Production (Bcf)

16.3

13.2 13.0 12.9

11.8 11.7
11.4 11.4
10.7
10.1 9.9 9.7 9.7 9.6 9.6 9.6 9.6 9.6 9.4 9.3

Source: PA DEP Oil & Gas Reporting Website; production data through December 2015. Includes all wells drilled on or after 1/1/2012 12
 CABOTS MARCELLUS DRILLING AND COMPLETION COST SAVINGS

Marcellus AFE Well Costs By Component Marcellus Well Cost Savings By Category
% Reduction Due to Efficiency Gains % Reduction Due to Pricing
Tangibles
6%

Completion
Completion

Drilling Rig
Facilities

Services

Tangibles
Facilities
Services

Services

Services
Drilling
9%

Frac
31%

0%
Drilling Rig
8%
(10%)

(20%)

(30%)

Frac (40%)
Services
18%

(50%)

Drilling
Services
28% (60%)

13
 CABOTS MARCELLUS DRILLING EFFICIENCIES

Marcellus Drilling Days (Spud to TD)1

16.9
14.3
13.6
12.8 12.4
10.5
9.4 9.4

6.0

Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Record

1 Normalized to a 5,000 lateral length 14

 SUPPLY GROWTH IS WANING
DECREASED ACTIVITY AND FLATTENING PRODUCTION IN THE MARCELLUS

Marcellus Region Natural Gas Production (Bcf/d)1

18

16
Bcf/d

14

12

10

Marcellus Horizontal Rig Count2

NE PA SW / Central PA WV

73 75 74 75
67
62
27 26 26 29 51
20 18 43
16
25 28 28 26 15 29
30
33
25 12
19
21 21 20 20 17 13
11 10 9 4
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Current

Source: 1 EIA Drilling Productivity Report as of February 8, 2016; 2 Baker Hughes North America Rotary Rig Count as of February 12, 2016 15
 WHILE DEMAND GROWTH IS ON THE HORIZON
APPROXIMATELY 8 BCF PER DAY OF POTENTIAL NEW TAKEAWAY CAPACITY
FROM CABOTS NORTHEAST PENNSYLVANIA SUPPLY AREA

5
Bcf/d

0
Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18

Constitution Pipeline Algonquin AIM DTI New Market

NFG Central Tioga NFG Northern Access 2016 UGI Sunberry
Millennium Valley Lateral Atlantic Sunrise DTI Leidy South
PennEast Atlantic Bridge Virginia Southside Expansion
TGP Orion Millennium Expansion Access Northeast
TGP Northeast Energy Direct

Source: Public filings; internal estimates 16

CABOTS ESTIMATED 2016 PRICE EXPOSURE BY INDEX
CABOTS DIFFERENTIALS ARE ESTIMATED TO IMPROVE YEAR-OVER-YEAR BY $0.15 PER MCF1

Other
3%

TCO
6%
MPL
7% Leidy
31%
DTI
8%

Fixed Price
12%

TGP
NYMEX 17%
16%

1 Based on market indications as of February 16, 2016; before the impact of derivatives 17
EAGLE FORD SHALE
 CABOTS EAGLE FORD SHALE SUMMARY

~85,500 net acres Eagle Ford Lateral Lengths (Ft.)

~9,500
Buckhorn: ~75,000 net acres
~7,300 ~7,400
Presidio: ~10,500 net acres

No rigs currently operating

2015 activity: 49 net wells drilled / 44 net wells completed

2016E activity: ~5 net wells drilled / ~15 net wells completed FY 2014 FY 2015 FY 2016E

2016 activity levels are predicated on meeting all mandatory

near-term drilling / operating commitments necessary to Year-End Drilled Uncompleted Net Wells
maintain current leasehold position

Anticipate 13 wells in backlog at year-end 2016 23

Flexibility to accelerate completion capital if prices

warrant in 2016 13

Gross Eagle Ford locations: ~1,300 locations

Year-End 2015 Year-End 2016E

19
 CABOTS EAGLE FORD DRILLING AND COMPLETION COST SAVINGS

Eagle Ford AFE Well Costs By Component Eagle Ford Well Cost Savings By Category
% Reduction Due to Efficiency Gains % Reduction Due to Pricing
Drilling Rig
7%
Frac

Facilities / Artificial Lift

Tangibles Services

Completion Services
8% 31%

Drilling Services
Frac Services
Facilities /

Drilling Rig

Tangibles
Artificial Lift
13%

0%

(10%)

(20%)

(30%)

(40%)

(50%)
Drilling
Services
16% Completion (60%)
Services
25%
(70%)

20
 CABOTS EAGLE FORD DRILLING EFFICIENCIES

Eagle Ford Drilling Days (Spud to TD)1

15.0
12.5 11.4
8.8 8.7 8.8 8.2 8.0
6.2

Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Record

Eagle Ford Drilling Costs ($ / Lateral Foot)

$419 $400
$370 $344
$296 $280
$232 $205 $181

Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Record

1 Normalized to a 7,700 lateral length 21

Thank you
The statements regarding future financial performance and results
and the other statements which are not historical facts contained in
this presentation are forward-looking statements that involve risks
and uncertainties, including, but not limited to, market factors, the
market price of natural gas and oil, results of future drilling and
marketing activity, future production and costs, and other factors
detailed in the Companys Securities and Exchange Commission
filings.

22