HOUSTON, Jan. 19 /PRNewswire-FirstCall/ -- Cabot Oil & Gas Corporation (NYSE: COG) today announced that its Board of Directors declared a regular dividend of four cents ($0.04) per share on the Company's common stock. The dividend will be paid February 23, 2007, to all shareholders of record as of the close of business February 9, 2007.
Cabot also announced the vesting of its first grant of three-year performance shares as of December 31, 2006. For the performance period (January 1, 2004 to December 31, 2006), Cabot ranked fifth in total shareholder return when measured against 16 identified peers, which highlights a market value increase to $2.9 billion from under $1.0 billion at January 1, 2004. "Starting in 2004, we moved away from stock options as a component in our long-term incentive program and replaced them with performance shares," said Dan O. Dinges, Chairman, President and Chief Executive Officer.
Because of a 27 percent increase in the stock price during the fourth quarter of 2006, the vested performance shares, along with the ones granted in 2005 and 2006, incurred an incremental $6.4 million of expense reflected in the quarter. "While this expense for the fourth quarter is above our guidance, the stock price increase generated $621 million of market value in that same time period," commented Dinges.
Cabot Oil & Gas Corporation, headquartered in Houston, Texas, is a leading independent natural gas producer with substantial interests onshore Gulf Coast; 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 -0- 01/19/2007 /CONTACT: Scott Schroeder of Cabot Oil & Gas Corporation, +1-281-589-4993/ /Web site: http://www.cabotog.com / (COG) CO: Cabot Oil & Gas Corporation ST: Texas IN: OIL SU: DIV AF-TU -- LAF014 -- 0504 01/19/2007 12:32 EST http://www.prnewswire.com