HOUSTON, Feb. 26 /PRNewswire-FirstCall/ -- 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 March 30, 2007 to shareholders of record on March 16, 2007.
"Additionally, Cabot's dividend payments will increase 50 percent as the Board elected to approve a $0.12 annual per share dividend that otherwise would have been $0.08 per share post-split," said Dan O. Dinges, Chairman, President and Chief Executive Officer. "Post-split Cabot shareholders have experienced a 125 percent increase in the annual dividend (approximately $5.1 million to $11.5 million in the aggregate) since early 2005. After the split, the Company will have approximately 96 million shares outstanding, which over the longer term should increase the liquidity in our stock."
Cabot Oil & Gas Corporation, headquartered in Houston, Texas is a leading independent natural gas producer with substantial interests in the Gulf Coast, including Texas and Louisiana; the West, with the Rocky Mountains and Mid-Continent; the East and in Canada. For additional information, visit the Company's Internet homepage at www.cabotog.com.
SOURCE Cabot Oil & Gas Corporation
CONTACT: Scott Schroeder, +1-281-589-4993, for Cabot Oil & Gas Corporation
7253 02/26/2007 08:00 EST http://www.prnewswire.com