HOUSTON, Jan. 4, 2012 /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 accomplished by means of a stock distribution. The additional shares will be distributed on January 25, 2012 to shareholders of record on January 17, 2012.
"Additionally, Cabot's quarterly dividend payments will increase 33 percent as the Board elected to approve an increase in the cash dividend on a pre-split basis from $0.12 to $0.16 per share annually," said Dan O. Dinges, Chairman, President and Chief Executive Officer. "Post-split Cabot shareholders will have experienced an increase in the annual dividend from approximately $12.5 million to $16.6 million in the aggregate. After the split, the Company will have approximately 208 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 dividend, taking into account the split, of two cents ($0.02) per share on the Company's common stock. The dividend will be paid February 3, 2012 to all shareholders of record as of the close of business January 17, 2012.
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 http://www.cabotog.com/.
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SOURCE Cabot Oil & Gas Corporation