Investor Presentation

EnerCom's The Oil & Gas Conference Denver, CO August 12, 2013

KEY INVESTMENT HIGHLIGHTS

Extensive Inventory of Low-Risk, High-Return Drilling Opportunities Industry Leading Production and Reserve Growth
Over 3,000 identified drilling locations in the sweet spot of the Marcellus Shale with rates of return that rival or exceed all of the top U.S. liquids plays at current commodity prices 25+ years of Marcellus inventory at current drilling levels Oil-focused initiative in the Eagle Ford Shale Increased 2013 production guidance range from 35% - 50% to 44% - 54% Midpoint of 2013 guidance implies a three-year production CAGR of 45% 2012 proved reserve growth of 27% for a three-year reserve CAGR of 23% Q2 2013 per unit cash costs1 of $1.36 per Mcfe

Low Cost Structure

2012 all sources finding costs of $0.87 per Mcfe 2012 all sources Marcellus finding costs of $0.49 per Mcfe $566 million of liquidity as of 6/30/2013

Strong Financial Position and Financial Flexibility

1Excludes

Net debt to adjusted capitalization ratio of 32% as of 6/30/2013 Approximately 65% hedged at the midpoint of 2013 production guidance 45 natural gas collar contracts for 2014 at a weighted average floor of $4.10 per Mcf

DD&A, exploration expense, stock-based compensation and pension termination expenses

ASSET OVERVIEW
2012 Year-End Proved Reserves: 3.8 Tcfe Q2 2013 Production: 1.046 Bcfe per day 2013E Drilling Activity: 155 165 net wells

Marcellus Shale ~200,000 net acres Current Rig Count: 6 (as of August 21, 2013) 2013E Drilling Activity: ~100 net wells

Eagle Ford Shale / Pearsall Shale ~62,000 net Eagle Ford acres ~71,000 net Pearsall acres Current Rig Count: 2 2013E Drilling Activity: ~45 net wells

Marmaton Penn Lime ~70,000 net acres 2013E Drilling Activity: ~10 net wells

PROVEN TRACK RECORD OF PRODUCTION GROWTH

400 350 300

267.7 2013 Guidance: 44% - 54% (increased from 35%50%)

Bcfe

250 200 150 100 50 0 130.6 43.5% 187.5 42.8%

Liquids (Net) Gas (Net)

2010

2011

2012

2013E

AND RESERVE GROWTH

4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2.1 31.1% 3.0 2.7 12.3% Liquids (Net) Gas (Net) 26.7% 3.8 ?

Tcfe

2009

2010

2011

2012

2013E

SUPERIOR RESERVE REPLACEMENT AND FINDING COSTS

Reserve Replacement Ratio 700% 600% 500% 400% 300% 200% 100% 0% 603% 390% 255% 417%

2009

2010

2011

2012

$3.00 $2.26 $/Mcfe $2.00 $1.00 $0.00

All-Sources F&D Costs

$1.05

$1.21

$0.87

2009

2010

2011

2012

PEER LEADING PRODUCTION AND RESERVE GROWTH

42% 30% 26%

Production Per Debt-Adjusted Share CAGR (2010 2012)

24%

22%

17%

16%

15% 8% 8% 2% (0%)

Peer median: 11%

(2%) Peer L

(3%) Peer M

COG

Peer A

Peer B

Peer C

Peer D

Peer E

Peer F

Peer G

Peer H

Peer I

Peer J

Peer K

(9%) Peer N

18%

17%

Reserves Per Debt-Adjusted Share CAGR (2010 2012)

15% 9% 5% 4% 2% (1%) (2%) (4%)

Peer median: (2%)

(10%)

(12%)

(18%)

(21%) (36%)

COG

Peer C

Peer E

Peer F

Peer L

Peer D

Peer A

Peer J

Peer K

Peer H

Peer M

Peer G

Peer I

Peer B

Peer N

Source: Cabot Oil & Gas, company filings Peer group includes: CXO, EQT, KWK, NBL, NFX, PXD, QEP, RRC, SM, SWN, UPL, WPX, XCO and XEC

DISCIPLINED CAPITAL SPENDING FOCUSED ON THE DRILL-BIT

2012 Capital Program: $979 million ($809 million net of JV and asset sales)
Other 10%

2013 Capital Program: $1.1 billion - $1.2 billion

Other 5%

Eagle Ford / Marmaton / Pearsall 27% Marcellus 63%

Eagle Ford / Marmaton / Pearsall 30% Marcellus 65%

Production Equipment / Other 4% Land 9%

Exploration 4%

Production Equipment / Other 5%

Land 5%

Exploration 3%

Drilling 83%

Drilling 87%

INDUSTRY LEADING COST STRUCTURE

Operating $2.50 $2.47 $2.12
$0.52 $0.42

Transportation

Taxes O/T Income

G&A

Financing

$0.57

$2.00 $1.76
$0.38 $0.40 $0.43 $0.27 $0.29 $0.15 $0.15 $0.39 $0.25 $0.18

$1.67
$0.26

$ / Mcfe

$1.50

$1.20 - $1.60
$0.15 $0.20 $0.15 $0.20 $0.10 $0.20 $0.50 $0.60

$1.00

$0.13

$0.54

$0.50

$0.91

$0.76

$0.57

$0.44

$0.30 $0.40

$0.00
1 Excludes

2009

2010

2011

2012

2013E

stock-based compensation and pension termination expenses

USE OF PROCEEDS FOR POTENTIAL FREE CASH FLOW IN 2014

$34mm Broker Estimate Range: $1,190mm $1,548mm Average: $1,342mm
2014E Capital Expenditures Current Regular Dividend (Recently increased by 100% effective August 2013) Estimated Capital Commitment for Constitution Pipeline Implied 2014 Free Cash Flow

$75mm Implied Free Cash Flow: $278mm

Broker Estimate Range: $1,477mm $1,981mm Average: $1,729mm

2014E Cash Flow

Average 2014 Henry Hub / WTI Broker Estimates: $4.01 per Mmbtu / $92.00 per Bbl

Acceleration of Marcellus Drilling Program

Dividend Policy (Increase Regular Dividend / Share Buybacks / Special Dividend)

1Based

Acceleration of Eagle Ford Drilling Program Pay Down Revolver Borrowings

on broker consensus estimates as of August 7, 2013; cash flow estimates based on consensus cash flow per share estimates multiplied by current outstanding share count

MARCELLUS SHALE

CABOT MARCELLUS SUMMARY

Rig Count: 6 (as of August 21, 2013) Wells Producing: 226 H, 39 V WOPL: 10 wells (245 Stages) Completing: 14 wells (266 Stages) WOC: 15 wells (347 Stages)

2 wells (37 stages) IP rate: 51.2 Mmcf/d

2 wells (27 stages) IP rate: 34.8 Mmcf/d

Cumulative Production

8+ BCF 7-8 BCF 6-7 BCF 5-6 BCF 4-5 BCF 3-4 BCF 2-3 BCF

Zick Pad

Reilly Pad

Bare Earth LiDAR with Aerial photo, Township Lines, Cabot Wells and Acreage

~ 3 Miles

EVOLUTION OF CABOTS MARCELLUS PROGRAM

2010
13% HBP Reduced stage spacing from 300 ft. to 250 ft. Divested midstream assets 44 producing Hz wells

2011
29% HBP Drilling days reduced Reduced completion cost per stage 107 producing Hz wells

2012
43% HBP Implemented 200 ft. stage spacing Tested Upper Marcellus Tested downspacing De-risked eastern edge of our acreage position 185 producing Hz wells

2013 and beyond

Expected to be 60% HBP by year-end 2013 Transition into development mode (improved efficiencies / reduced costs) Additional testing of Upper Marcellus Additional downspacing testing

1,100 1,000 900 800 700 600 500 400 300 200 100 0 Dec-09

Gross Marcellus Daily Production

Mmcfpd

Dec-10

Dec-11

Dec-12

CONTINUED PERFORMANCE IMPROVEMENTS IN THE MARCELLUS

Horizontal Length
4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 3.4 2.7 2.1 3.8 4.1 20.0 15.0 15.1 11.9 7.4 8.7 5.9 7.2

Average IP and 30-Day Rate

16.8 14.0 17.4 14.5

Thousand Ft.

Mmcfpd
2010 2011 2012

10.0 5.0

2008

2009

0.0

2008

2009

2010

2011

2012

Average Number of Stages

20.0 15.0 13.4 8.5 4.6 15.6 17.7 15.0

EUR
13.2 11.2 10.0 14.1

Stages

10.0 5.0 0.0

Bcf

7.8 5.0

5.0 0.0

2008

2009

2010

2011

2012

2008

2009

2010

2011

2012

Number of wells: 2008 - 5, 2009 - 29, 2010 - 55, 2011 40, 2012 40 Note: Data excludes wells drilled in the northern portion of our acreage position

MARCELLUS OPERATING EFFICIENCIES

Drilling Days to TD
30 20 10 0
Record of 8 days

26 20 16

Days

14

2010

2011

2012

2013 YTD

Completion Cost Per Stage1

$200 $165

$000s Per Stage

$150 $100 $50 $0 2010

$150 $105 <$90

2011

2012

2013 YTD

1 Pressure

pumping costs only

CABOT MARCELLUS ECONOMICS

Typical Well IRR Sensitivity
$6.5 million D&C 200% 175% BTAX %IRR 150% 125% 100% 75% 50% 70% $3.00 $3.50 Henry Hub ($ / Mmbtu) $4.00 $4.50 80% 115% 100% 150% 130% $6.0 million D&C 195%

170%

Typical Well Parameters (Based on 2012 Program) EUR: 14.1 Bcf IP Rate: 17.4 Mmcfpd Lateral Length: 4,100 Number of Stages Per Well: 18 Average Working Interest: 100% Average Revenue Interest: 85% Gas Price Differential: NYMEX less $0.05 per Mmbtu

COG MARCELLUS MARKETING STRATEGY Diversifying on Multiple Pipelines Firm Transportation Arrangements Long-Term Sales Agreements (Firm Sales) Investing in New Pipeline Projects Opportunistic Hedging Program

INTERSTATE PIPELINE MARKETS

Canada

NY

Iroquois

VT

TGP 200 Line

MA
Boston

NH

Constitution Laser

Millennium

CT

TGP 300 Line

Hartford

RI

Springville Transco
PA

Susquehanna County

Long Island New York City

NJ

Charlotte

Current Markets Tennessee Gas Pipeline (300) Transco Gas Pipeline Millennium Gas Pipeline 2015 Market Additions Iroquois Pipeline Tennessee Gas Pipeline (200) TransCanada Pipeline (via Iroquois)

FIRM TRANSPORTATION AND LONG-TERM SALES CONTRACTS

Firm Transportation Contracts 2013 (current) 2014 (current / target) 2015 (current / target)*** 325 Mmcf per day 325 Mmcf per day / 450 Mmcf per day 875 Mmcf per day / 1 Bcf per day

***The increase from 2014 to 2015 includes 500 Mmcf/d of firm capacity associated with Constitution Pipeline

Firm transportation contracts include volumes COG moves under its own firm capacity Targeted firm transportation volumes are subject to closing on agreements COG is currently negotiating 100% of COGs volumes are gathered under a long-term firm agreement

Long-Term Sales Contracts (8-15 years in duration) 2013 (current) 2014 2015 325 Mmcf per day 450 Mmcf per day 615 Mmcf per day

Long-term sales contracts include volumes COG moves under its customers firm capacity Long-term sales contract volumes will change going forward as new opportunities become available

INFRASTRUCTURE UPDATE Maximum Interstate Delivery Capacity

Compression, Dehydration & Measurement Capacity Year-end 2013 Year-end 2014 Year-end 2015 2.2 Bcf per day 3.4 Bcf per day 3.7 Bcf per day

Note: Capacity volumes above are indicative deliverability estimates for facilities that are in place or planned for those periods; these are not production estimates.

2013 MARCELLUS SALES BY INDEX AND UNHEDGED REALIZED PRICING

COG 2013 Marcellus Sales By Index
Index NYMEX Dominion Transmission*** Columbia Gas Transmission Other
***Approximately 70% of the volumes sold at Dominion Transmission pricing are hedged through 2013

% of COG 2013 Marcellus Sales 65% 19% 11% 5%

COG Unhedged Realized Marcellus Pricing

Period Q1 2013 Q2 2013 July 2013 Estimated August December 2013 Differential to NYMEX ($/Mcf) ($0.01) $0.01 ($0.15) ($0.10 - $0.15)

EAGLE FORD SHALE

EAGLE FORD SHALE SUMMARY

~62,000 net acres Current operated rig count: 2 Added a second rig in late July that will focus solely on multi-well pad development (3 6 wells per pad)
1,000 750 650 450

Peak 24-Hour Rate and 30-Day Rate

900 570

Boepd

500 250 0

Operated wells producing: 50 Operated wells currently drilling: 2 Operating wells completing: 2 Average completed well cost: ~$6.5mm Multi-well pad drilling expected to reduce well costs by $500,000 - $600,000 per well

Program Average

Last 6 Wells

15 10

15

Drilling Days to TD

Days

400 down-spacing results continue to reinforce the concept, resulting in ~500 identified undrilled locations remaining in COGs 100% owned and operated Buckhorn area Recently completed an extended lateral well (8,000+) with a 24-hour peak rate of ~1,130 Boepd and a 120-day rate of ~1,100 Boepd

10

5 0

2012

Q1 2013

Q2 2013

SIMPLE GROWTH STORY 3,000+ Locations in the Sweet Spot of the Marcellus Shale Implying 25+ Years of Inventory at Current Drilling Levels Currently Producing 1.2 Bcf/d of Gross Marcellus Production From Only 8% of Our Identified Locations Transitioning From Acreage Capture to Efficient Pad Development in 2014 Cash Flow Neutral Investment Program in 2013 While Growing Production 44% to 54%

Thank you
The statements regarding future financial performance and results and the other statements which are not historical facts contained in this presentation are forward-looking statements that involve risks and uncertainties, including, but not limited to, market factors, the market price of natural gas and oil, results of future drilling and marketing activity, future production and costs, and other factors detailed in the Companys Securities and Exchange Commission filings.