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Cabot Oil & Gas Discusses Benefit Plans
May 24, 2004

HOUSTON, May 24 /PRNewswire-FirstCall/ -- Cabot Oil & Gas Corporation (NYSE: COG) today announced the decision of its Benefits Administrative Committee to retain Mann Frankfort Stein & Lipp CPAs, L.L.P. as auditors for the Company's Saving Investment Plan, along with the Company's Pension Plan.

"In our ongoing effort to manage the escalating costs associated with our benefit plans while still using high quality service providers, the Benefits Administrative Committee decided to seek a well-respected accounting firm to handle the audits related to our benefit plans," said Scott C. Schroeder, Chief Financial Officer of the Company and Chairman of the Committee. Schroeder continued, "This move is purely economic and not the result of any disagreements with the previous firm. Specifically Cabot has seen increases in its benefit plan audit fees that have outpaced the fee increases associated with its financial statement audit.

"Mann Frankfort replaces PricewaterhouseCoopers LLP who previously performed the benefit plan audits. We have a long-standing good relationship with PricewaterhouseCoopers, who will continue to perform the financial statement audit for the Company," added Schroeder.

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 an expansion effort in Canada. For additional information, visit the Company's Internet homepage at www.cabotog.com .

SOURCE  Cabot Oil & Gas Corporation
    -0-                             05/24/2004
    /CONTACT:  Scott Schroeder of Cabot Oil & Gas Corporation,
+1-281-589-4993/
    /Web site:  http://www.cabotog.com /
    (COG)

CO:  Cabot Oil & Gas Corporation; Mann Frankfort Stein & Lipp CPAs, L.L.P.
ST:  Texas
IN:  OIL
SU:  ACC

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0655 05/24/2004 18:00 EDT http://www.prnewswire.com