Exhibit 99.1

Cabot Oil & Gas Corporation Announces First Quarter 2013 Results

Equivalent Production Grew 50 Percent Year-Over-Year

HOUSTON, Apr. 24, 2013 /PRNewswire/ — Cabot Oil & Gas Corporation (NYSE: COG) today reported its financial results for the first quarter of 2013. Highlights for the quarter include:

·                  Production of 89.3 billion cubic feet equivalent (Bcfe), an increase of 50 percent over last year’s comparable quarter and 13 percent over the fourth quarter of 2012.

·                  Net income of $42.8 million, or $0.20 per share.

·                  Net income excluding selected items of $54.2 million, or $0.26 per share.

·                  Cash flow from operations of $212.7 million and discretionary cash flow of $234.4 million.

“The success of our drilling program in the Marcellus continues to drive record operating and financial metrics for the Company, including all-time highs for quarterly production, revenues, operating cash flows and discretionary cash flows, despite historically low realized natural gas prices,” said Dan O. Dinges, Chairman, President and Chief Executive Officer.

Equivalent production in the first quarter of 2013 was 89.3 Bcfe, with 85.2 Bcf of natural gas production and 691,000 barrels of liquids production. These figures represent a 50 percent increase in equivalent production compared to the first quarter of 2012 and an increase of 13 percent sequentially over the fourth quarter of 2012. “Gross Marcellus production during the first quarter of approximately one Bcf per day, resulted in the double-digit sequential production growth rate for the quarter,” commented Dinges. “As additional infrastructure projects throughout our Marcellus position come online during the year, it will afford us further increases in production.”

Cash flow from operations in the first quarter of 2013 was $212.7 million, compared to cash flow from operations of $131.8 million in the first quarter of 2012. Discretionary cash flow in the first quarter of 2013 was $234.4 million, compared to discretionary cash flow of $138.5 million in the first quarter of 2012. Higher equivalent production and to a lesser extent, higher realized crude oil prices, drove the quarter’s overall improvement, partially offset by lower realized natural gas prices and increased operating expenses associated with higher production.

Net income in the first quarter of 2013 was $42.8 million, or $0.20 per share, compared to net income of $18.3 million, or $0.09 per share, in the first quarter of 2012. Excluding the effect of selected items (detailed in the table below), net income was $54.2 million, or $0.26 per share, in the first quarter of 2013, compared to $28.5 million, or $0.14 per share, in the first quarter of 2012.

Natural gas price realizations, including the effect of hedges, were $3.45 per Mcf in the first quarter of 2013, down 5 percent compared to the first quarter of 2012. “More recently, the momentum in the natural gas market has shifted positively, as unhedged gas price realizations improved 24 percent between comparable first quarters,” added Dinges. Oil price realizations, including the effect of hedges, were $104.03 per Bbl, up 8 percent compared to the first quarter of 2012.

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Total per unit costs (including financing) decreased to $3.29 per thousand cubic feet equivalent (Mcfe) in the first quarter of 2013, down 15 percent from $3.85 per Mcfe in the first quarter of 2012. All operating expense categories decreased on a per unit basis relative to last year’s comparable quarter, except for transportation and gathering expense and general and administrative expense. Transportation and gathering expense per unit was $0.52 per Mcfe in the first quarter of 2013, up 2 percent from $0.51 per Mcfe in the first quarter of 2012. General and administrative expense per unit was $0.40 per Mcfe in the first quarter of 2013, up 5 percent from $0.38 per Mcfe in the first quarter of 2012, due primarily to an increase in stock-based compensation expense.

Financial Position and Liquidity

At March 31, 2013, the Company’s total debt was $1.1 billion, of which $365 million is outstanding under the Company’s credit facility. Effective April 17, 2013, the lenders under the Company’s revolving credit facility approved an increase in the Company’s borrowing base from $1.7 billion to $2.3 billion as part of the annual redetermination under the terms of the credit facility. Total lender commitments under the Company’s credit facility remained at $900 million, with $534 million of available credit under its facility at March 31, 2013.

As of March 31, 2013, the Company’s net debt to adjusted capitalization ratio was 34.3 percent, compared to 33.2 percent at December 31, 2012 (see attached table for the calculation).

Conference Call

Listen in live to Cabot Oil & Gas Corporation’s first quarter financial and operating results discussion with financial analysts on Thursday, April 25, 2013, at 9:30 a.m. EST (8:30 a.m. CST) at www.cabotog.com. The latest financial guidance, including the Company’s hedge positions, along with a replay of the webcast, which will be archived for one year, are available in the Investor Info section of the Company’s website at www.cabotog.com.

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 homepage at www.cabotog.com.

The statements regarding future financial performance and results and the other statements which are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties, including, but not limited to, market factors, the market price (including regional basis differentials) of natural gas and oil, results of future drilling and marketing activity, future production and costs, and other factors detailed in the Company’s Securities and Exchange Commission filings.

FOR MORE INFORMATION CONTACT
Matt Kerin (281) 589-4642

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OPERATING DATA

(1)  These realized prices include the realized impact of derivative instrument settlements.

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CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)

(In thousands, except per share amounts)

(1)      Includes the impact of the Company’s performance share awards, restricted stock, stock appreciation rights and expense associated with the Supplemental Employee Incentive Plan. The increase in the expense is due to the Company’s higher stock price and the resulting mark-to-market for liability awards.

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CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited)

(In thousands)

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)

(In thousands)

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Selected Item Review and Reconciliation of Net Income and Earnings Per Share

(In thousands, except per share amounts)

(1)             On July 28, 2010, the Company notified its employees of its plan to terminate its qualified and non-qualified pension plans, effective September 30, 2010. These amounts represent pension expenses related to the plan termination, including settlement costs and expenses related to the acceleration of amortization of prior service costs and actuarial losses over the period. Final distribution of the pension plan occurred as of the end of the second quarter 2012. Pension expense is included in General and administrative expense in the Condensed Consolidated Statement of Operations.

(2)             In February 2012, the Pennsylvania state legislature authorized the assessment of an impact fee on Marcellus shale production. This amount represents the initial year accrual related to our 2011 and prior wells. Expenses associated with the impact fee are included in Taxes other than income in the Condensed Consolidated Statement of Operations.

Discretionary Cash Flow Calculation and Reconciliation

(In thousands)

Net Debt Reconciliation

(In thousands)