Cabot Oil & Gas : Tuohy Brothers’ 2019 Conference Presentation

Tuohy Brothers' 2019 Drill, Fill, & Chill Conference

August 8, 2019

Forward-Looking Statements and Other Disclosures

This presentation includes forward‐looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The statements regarding future financial and operating performance and results, returns to shareholders, strategic pursuits and goals, market prices, future hedging and risk management activities, and other statements that are not historical facts contained in this report are forward-looking statements. The words "expect", "project", "estimate", "believe", "anticipate", "intend", "budget", "plan", "forecast", "outlook", "target", "predict", "may", "should", "could", "will" and similar expressions are also intended to identify forward-looking statements. Such statements involve risks and uncertainties, including, but not limited to, market factors, market prices (including geographic basis differentials) of natural gas and crude oil, results of future drilling and marketing activity, future production and costs, legislative and regulatory initiatives, electronic, cyber or physical security breaches and other factors detailed herein and in our other Securities and Exchange Commission (SEC) filings. See "Risk Factors" in Item 1A of the Form 10-K and subsequent public filings for additional information about these risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Any forward-looking statement speaks only as of the date on which such statement is made, and Cabot Oil & Gas (the "Company" or "Cabot") does not undertake any obligation to correct or update any forward-looking statement, whether as the result of new information, future events or otherwise, except as required by applicable law.

This presentation may contain certain terms, such as resource potential, risked or unrisked resources, potential locations, risked or unrisked locations, EUR (estimated ultimate recovery) and other similar terms that describe estimates of potentially recoverable hydrocarbons that the SEC rules prohibit from being included in filings with the SEC. These estimates are by their nature more speculative than estimates of proved, probable and possible reserves and may not constitute "reserves" within the meaning of SEC rules and accordingly, are subject to substantially greater risk of being actually realized. These estimates are based on the Company's existing models and internal estimates. Actual locations drilled and quantities that may be ultimately recovered from the Company's interests could differ substantially. Factors affecting ultimate recovery include the scope of the Company's ongoing drilling program, which will be directly affected by the availability of capital, drilling and production costs, availably of drilling services and equipment, drilling results, lease expirations, transportation constraints, regulatory approvals, actual drilling results, including geological and mechanical factors affecting recovery rates, and other factors. These estimates may change significantly as development of the Company's assets provide additional data. Investors

are urged to consider carefully the disclosures and risk factors about Cabot's reserves in the Form 10‐K and other reports on file with the SEC.

This presentation also refers to Discretionary Cash Flow, EBITDAX, Free Cash Flow, Adjusted Net Income (Loss), Return on Capital Employed (ROCE) and Net Debt calculations and ratios. These non-GAAP financial measures are not alternatives to GAAP measures, and should not be considered in isolation or as an alternative for analysis of the Company's results as reported under GAAP. For additional disclosure regarding such non-GAAP measures, including definitions of these terms and reconciliations to the most directly comparable GAAP measures, please refer to Cabot's most recent earnings release at www.cabotog.comand the Company's related 8-K on file with the SEC.

2

Cabot Oil & Gas Overview

Marcellus Shale

~2,900 Remaining Undrilled Locations1

Year-End 2018 Net Operated Producing Horizontal Wells: 647

2018 Wells Placed on Production: 84 Net Wells

2019E Wells Drilled and Completed: ~90 Net Wells

2019E Wells Placed on Production: ~85 Net Wells

2018 Year-End Proved Reserves: 11.6 Tcfe

(19% growth year-over-year, 25% per debt-adjusted share2)

2018 Production: 2,014 Mmcfe/d

(7% growth year-over-year, 12% per debt-adjusted share2)

2019E Production Growth: 16% - 18% (24% - 26% per debt-adjustedshare2)

2019E Capital Expenditures: $800 - $820 million

Preliminary 2020E Production Growth: 5% (7% - 8% per debt-adjustedshare2)

Preliminary 2020E Capital Expenditures: $700 - $725 million

1 As of year-end 2018

2 Debt-adjusted share count is calculated as the sum of the annual weighted average shares outstanding plus the incremental "debt shares" by dividing average total debt by the average annual share price

3

2020 Preliminary Capital Budget and Operating Plan

2020E Production Growth: 5% (7% - 8% per debt-adjusted share1)

2020E Total Program Spending: $700 - $725 mm

Preliminary 2020 Marcellus Stages Turned-In-Line (TIL) by Quarter

~75% of planned stages TIL between June and December

Drilling, Completion and Facilities		Production Equipment
Land / GDS2/ Other

3%

4%

Q1 2020E

free cash

Q2 2020E	Q3 2020E	Q4 2020E
~6%	cash flow~7% free
	1,2

Q4 Marcellus Exit Growth Rates by Year flow yieldcash1,2 flow

93%

~5% free1,2

flow yield cash flow

yield1,2

yield1,2 26%

Accelerated Q4 2018 production ramp

associated with the in-service of Atlantic Sunrise led to an outsized 2018 exit growth rate, resulting in anomalous full-year 2019 growth

6%

8%

5%

Q4 16 - Q4 17	Q4 17 - Q4 18	Q4 18 - Q4 19E	Q4 19E - Q4 20E
Growth Rate	Growth Rate	Growth Rate3	Growth Rate 3

(1)	Debt-adjusted share count is calculated as the sum of the annual weighted average shares outstanding plus the incremental "debt shares" by dividing average total debt by the average annual share price	4
(2)	GDS (GasSearch Drilling Services Corporation) is a wholly-owned subsidiary of Cabot Oil & Gas Corporation that performs construction, water hauling, trucking, and roustabout services for Cabot
(3)	Based on the midpoint of 2019 guidance

Cabot Oil & Gas Strategy

Disciplined capital allocation focused on:

•	Delivering growth per debt-adjusted share	•	Increasing return of capital to shareholders
•	Generating positive free cash flow	•	Maintaining a strong balance sheet

• Improving corporate returns on capital employed

	•	2018 production growth of 7% (12% per debt-adjusted share1)
Deliver growth in production and reserves	•	2018 reserve growth of 19% (25% per debt-adjusted share1)
per debt-adjusted share while	•	2018 free cash flow generation of $297mm
generating positive free cash flow	•	2019E production growth of 16% - 18% (24% - 26% per debt-adjusted share1)
	•	2019E free cash flow generation of $550 - $575mm at $2.70 NYMEX (7.8% yield2)
Generate an improving return on capital employed	•	TTM Q2 2019 ROCE of 23.5%, an increase of 1500 basis points relative to TTM Q2 2018
(ROCE) that exceeds our cost of capital	•	2019E ROCE of 21% - 23% at $2.70 NYMEX
	•	Returned $163.4mm of capital through dividends and share repurchases in Q2 2019
Increase the return of capital to shareholders	•	Returned over $1.0bn of capital in 2018 including ~38.5mm shares repurchased
•	Increased dividend four times in the last two years
through dividends and share repurchases
•	Cabot is committed to returning >50% of free cash flow to shareholders annually through dividends and share
		repurchases
	•	Net debt / LTM EBITDAX of 0.6x as of 6/30/2019
Maintain a strong balance sheet	•	Liquidity of ~$1.7bn as of 6/30/2019, including $241.4mm of cash on hand
to maximize financial flexibility	•	Paid down $304mm of senior notes at maturity in 2018, resulting in annualized interest expense savings of
		$21.8mm

Note: See supplemental tables at the end of the presentation for a reconciliation of non-GAAP measures
1	Debt-adjusted share count is calculated as the sum of the annual weighted average shares outstanding plus the incremental "debt shares" by dividing average total debt by the average annual share price	5
2	Based on market capitalization as of August 6, 2019 and midpoint of guidance range