HOUSTON, July 24, 2013 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG) today announced that its Board of Directors declared a two-for-one stock split of the Company's common stock to be issued in the form of a stock dividend. The additional shares will be distributed on August 14, 2013 to shareholders of record on August 6, 2013.
"Additionally, Cabot's quarterly dividend payments will increase 100 percent as the Board elected to approve an increase in the cash dividend on a pre-split basis from $0.08 to $0.16 per share annually," said Dan O. Dinges, Chairman, President and Chief Executive Officer. "The Board's decision to double the dividend was due to the Company's long-term prospects for free cash flow generation." Dinges added, "After the split, the Company will have approximately 422 million shares outstanding, which over the longer term should increase the liquidity in our stock."
The Company also announced that its Board of Directors declared a regular quarterly cash dividend, taking into account the split, of two cents ($0.02) per share on the Company's common stock. The dividend will be paid on August 23, 2013 to all shareholders of record as of the close of business on August 6, 2013.
Cabot Oil & Gas Corporation, headquartered in Houston, Texas is a leading independent natural gas producer with its entire resource base located in the continental United States. For additional information, visit the Company's Internet homepage at www.cabotog.com.
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SOURCE Cabot Oil & Gas Corporation