EXHIBIT 99.1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the year ended December 31, 1999
CABOT OIL & GAS CORPORATION SAVINGS INVESTMENT PLAN
(Full Title of the Plan)
CABOT OIL & GAS CORPORATION
1200 Enclave Parkway, Houston, Texas 77077
(Name of issuer of securities held pursuant to
the plan and address of principal executive offices)
Commission file number 1-10447
<PAGE>
CABOT OIL & GAS CORPORATION
SAVINGS INVESTMENT PLAN
INDEX
<TABLE>
<CAPTION>
Page
----
<S> <C>
Signature Page.......................................................... 2
Report of Independent Accountants, Financial Statements,
and Supplemental Schedules............................................ F pages
Exhibit 23.1 - Consent of Independent Accountants
</TABLE>
-1-
<PAGE>
SIGNATURE PAGE
Pursuant to the requirements of the Securities Act of 1934, the
Administrator has duly caused this Annual Report to be signed by the undersigned
thereunto duly authorized.
CABOT OIL & GAS CORPORATION
SAVINGS INVESTMENT PLAN
BY: CABOT OIL & GAS CORPORATION
ADMINISTRATIVE COMMITTEE,
Administrator of the Cabot Oil & Gas
Corporation Savings Investment Plan
BY: /s/ PAUL F. BOLING
-----------------------------------------
Paul F. Boling
Vice President, Finance
(Executive Officer Duly Authorized to
Sign on Behalf of Registrant)
June 28, 2000
-2-
<PAGE>
CABOT OIL & GAS CORPORATION
SAVINGS INVESTMENT PLAN
FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE
WITH REPORT OF INDEPENDENT ACCOUNTANTS
AS OF DECEMBER 31, 1999 AND 1998
AND FOR THE YEAR ENDED DECEMBER 31, 1999
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page
----
<S> <C>
Report of Independent Accountants........................................ 1
Financial Statements:
Statement of Net Assets Available for Benefits
as of December 31, 1999 and 1998.................................. 2
Statement of Changes in Net Assets Available for
Benefits for the Year Ended December 31, 1999..................... 3
Notes to Financial Statements....................................... 4 - 11
Supplemental Schedule*:
Schedule of Assets Held for Investment Purposes
as of December 31, 1999........................................... 12
* Other schedules required by Section 2520.103-10 of the Department of Labor
Rules and Regulations for Reporting and Disclosure under ERISA have been
omitted because they are not applicable.
</TABLE>
F-1
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Participants and Administrator of the
Cabot Oil & Gas Corporation Savings Investment Plan
In our opinion, the accompanying statement of net assets available for benefits
and the related statement of changes in net assets available for benefits
present fairly, in all material respects, the net assets available for benefits
of Cabot Oil & Gas Corporation Savings Investment Plan (the Plan) as of December
31, 1999 and 1998 and the changes in net assets available for benefits for the
year ended December 31, 1999 in conformity with accounting principles generally
accepted in the United States. These financial statements are the responsibility
of the Plan's management; our responsibility is to express an opinion on these
financial statements based on our audits. We conducted our audits of these
statements in accordance with auditing standards generally accepted in the
United States, which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for the opinion expressed above.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule of the Plan is
presented for the purpose of additional analysis and is not a required part of
the basic financial statements but is supplementary information required by the
Department of Labor Rules and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974. The supplemental schedule is
the responsibility of the Plan's management. The supplemental schedule has been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
PricewaterhouseCoopers LLP
Houston, Texas
June 23, 2000
F-2
<PAGE>
CABOT OIL & GAS CORPORATION
SAVINGS INVESTMENT PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1999 AND 1998
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
December 31,
--------------------------
1999 1998
----------- -----------
<S> <C> <C>
Investments, at fair value (Notes 1 and 2):
Cabot Oil & Gas Corporation Common Stock.......... $ 1,669,083 $ 1,711,862
*Cabot Corporation Common Stock.................... 2,766,568 4,122,299
*Fidelity Magellan Fund............................ 9,825,279 7,668,168
*Spartan U.S. Equity Index Fund Portfolio.......... 6,927,856 5,806,807
Fidelity U.S. Bond Index Portfolio................ 1,752,733 1,478,809
*Fidelity Growth and Income Portfolio.............. 3,277,564 3,014,746
Fidelity Retirement Growth Fund................... 1,440,588 742,904
Fidelity Stock Selector Fund...................... 1,325,412 1,083,488
*Fidelity Money Market Trust:
Retirement Money Market Portfolio............... 4,471,091 4,944,224
Loans to Participants............................. 613,852 747,427
----------- -----------
Net assets available for plan benefits.............. $34,070,026 $31,320,734
=========== ===========
* Represents more than five percent of the net assets available for plan
benefits.
</TABLE>
The accompanying notes are an integral part
of these financial statements.
<PAGE>
CABOT OIL & GAS CORPORATION
SAVINGS INVESTMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1999
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
Additions to net assets attributed to:
Investment income:
Interest.................................................. $ 97,742
Dividends................................................. 1,820,724
Net depreciation in fair value of equities................ (862,442)
Net appreciation in fair value of mutual funds............ 2,487,615
-----------
Total investment income................................. 3,543,639
Contributions:
Employer.................................................. 723,773
Participants.............................................. 1,629,760
-----------
Total additions......................................... 5,897,172
-----------
Deductions from net assets attributed to:
Benefits paid to participants............................ 3,135,265
Administrative fees...................................... 12,615
-----------
Total deductions....................................... 3,147,880
-----------
2,749,292
Beginning of year........................................... 31,320,734
-----------
End of year................................................. $34,070,026
===========
</TABLE>
The accompanying notes are an integral part
of these financial statements.
<PAGE>
CABOT OIL & GAS CORPORATION
SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1999 AND 1998
--------------------------------------------------------------------------------
1. DESCRIPTION OF PLAN
The following brief description of the Cabot Oil & Gas Corporation Savings
Investment Plan (the Plan) is provided for general information purposes
only. Participants should refer to the summary plan description and legal
plan document for more complete information.
GENERAL
Cabot Oil & Gas Corporation (COGC or Company) was previously a subsidiary
of Cabot Corporation (Cabot). In February 1990, the Company completed its
initial public offering of approximately 18% of the total outstanding
shares of common stock and, accordingly, ceased to be a wholly-owned
subsidiary of Cabot. On March 28, 1991, Cabot completed an exchange offer.
Following the completion of the exchange offer, the Company became 100%
publicly-owned and ceased to be a subsidiary of Cabot.
Effective January 1, 1991, COGC established the Plan, a defined
contribution plan, in which participation is voluntary on the part of the
employees. Employees are eligible to become a participant in the Plan upon
the first day of employment.
Prior to the commencement of the Plan, COGC employees participated in the
Cabot Profit Sharing and Savings Plan (PSSP) and the Cabot Employee Stock
Ownership Plan (ESOP). All COGC employees who were members of the PSSP
automatically became a participant in the Plan on January 1, 1991, were
100% vested with respect to balances in the PSSP and ESOP as of December
31, 1990, and had their PSSP and ESOP account balances transferred to the
Plan. The Plan assumed legal responsibility for the accrued benefits of
such affected employees on January 1, 1991.
Benefits under the ESOP were frozen as of December 31, 1990. The ESOP
balance is comprised of Cabot and/or COGC common stock. The participant is
not eligible to withdraw, exchange, or take a loan against the ESOP balance
while an active COGC employee. Dividends earned on the ESOP common stock
are distributed to the other Plan investment election(s) according to the
participant's most recent investment election. If such an election is not
made by a participant, dividends from the ESOP are placed in the money
market fund.
CONTRIBUTIONS
A participant can contribute in the aggregate from 1% to 15% of eligible
compensation as defined in the Plan on a pre-tax (before federal and state
taxes are withheld) and/or after-tax basis through payroll deductions,
except for employees residing in the state of Pennsylvania. Pennsylvania
requires that state taxes be withheld before the pre-tax contribution. The
participant is always fully vested in his or her contributions made on
either a pre-tax or after-tax basis.
The Company provides an incentive for each employee to participate in the
pre-tax portion of the Plan by matching 100% of the first 4% of eligible
compensation contributed. None of the after-tax contributions by a
participant are matched by the Company.
<PAGE>
VESTING
The participant is credited with a year of vesting service for each plan
year in which he or she has 1,000 or more hours of service. The Company
matching contribution vests 20% per year after the first year of vesting
service, with 100% vesting attained after five years of vesting service.
Service with Cabot prior to January 1, 1991 counts as vesting service under
the Plan to the extent and in the same manner as computed under PSSP. A
participant's account becomes 100% vested with less than five years of
vesting service as a result of either (i) permanent and total disability,
(ii) death (account value is paid to the designated beneficiary), or (iii)
attainment of age 65. The Plan was amended in February 1993 to fully vest
certain participants who were terminated due to a reduction in workforce.
If a participant leaves COGC and is rehired within five years, the prior
service with COGC will be restored under the Plan. Additionally, if the
participant was partially vested when the employment was initially
terminated, COGC will redeposit any amount of the matching contribution
which was forfeited from the account (because the participant left before
becoming 100% vested) after repayment by the participant of his or her
previous distribution, if any.
INVESTMENT OPTIONS AND OTHER ELECTIONS
The Plan offers eight different investment options with varying levels of
risk for the participant to choose from. The options available at the end
of each year were as follows:
- The Fidelity Retirement Money Market Portfolio seeks stability of
principal and high money market yields. The portfolio manager invests
in a variety of money market instruments, including certificates of
deposit, banker's acceptances, commercial paper, repurchase agreements
and obligations of the U.S. Government.
- The Fidelity Magellan Fund seeks capital appreciation primarily
through investments in common stock, diversified across many sectors
of the market. Some of the companies in the fund's portfolio are
well-known, while other firms are smaller or less well-known.
- The Spartan U.S. Equity Index Portfolio seeks to match the
compositions and total return of the Standard and Poor's Daily Stock
Price Index of 500 common stocks (the S&P 500 Index), while keeping
transaction costs and other expenses low. The portfolio manager tries
to achieve this objective by investing primarily in common stocks of
the 500 companies that make up the S&P 500 Index. Dividends are
reinvested automatically in participant accounts creating a
compounding effect on its value.
- The Fidelity U.S. Bond Index Portfolio seeks to match the investment
returns of the Lehman Brothers Aggregate Bond Index.
- The Fidelity Growth & Income Portfolio is a growth and income fund. It
seeks high total return through a combination of current income and
capital appreciation. This fund invests primarily in domestic and
foreign stocks, focusing on those that pay current dividends and offer
potential growth of earnings, such as common stocks, securities
convertible into common stocks, preferred stocks and fixed-income
securities.
<PAGE>
- The Fidelity Retirement Growth Fund is a growth fund that seeks
long-term capital appreciation by investing primarily in common
stocks, although it can invest in all types of securities. The Fund
was created exclusively for tax-advantaged accounts, and therefore
intends to realize capital gains without regard to a shareholder's
current tax liability.
- The Fidelity Stock Selector Fund is a growth fund. Using a
computer-aided quantitative approach, it seeks capital growth by
investing in common domestic and foreign stocks which are determined
to be undervalued relative to their industry's norms.
- Cabot Oil & Gas Corporation Savings Investment Plan participants were
allowed to invest in COGC common stock effective the second quarter of
1994. Dividends paid on COGC common stock are automatically reinvested
in COGC common stock.
The Plan also allows the participants to (i) change the percentage of pay
withheld through payroll deduction a maximum of four times per year, with
changes taking effect the first pay period after advance notice, (ii)
change investment fund options for future contributions at any time,
directly by telephone with the Fidelity Management Trust Company (Trustee),
(iii) transfer the total balance of his or her accumulated investments from
one fund to another twelve times per year, and (iv) discontinue
participation in the Plan at any time, to be effective the first pay period
after advance notice. Re-enrollment can be at any time, except after a
hardship withdrawal.
PAYMENT OF BENEFITS
A participant eligible for a distribution from the Plan may elect to
receive an immediate lump sum payment, or if the participant's account
balance exceeds $5,000 he or she can defer the payment up to age 70.5.
An exception is made for those participants who (i) had shares of Cabot
stock transferred from the PSSP and/or ESOP to the Plan and (ii) exchanged
shares of Cabot common stock in his or her PSSP and/or ESOP account for
shares of COGC common stock pursuant to an exchange offer completed by
Cabot in April 1991. Such participants can have the stock balance paid in
cash or as common stock certificates. If the participant decides to sell
such stock certificates, the commission fee will be reflected in the net
asset value of the stock trade. Balances transferred to the Plan from the
PSSP and/or ESOP retain payment options provided under the PSSP and/or
ESOP.
WITHDRAWALS DURING EMPLOYMENT
A participant is eligible to make certain withdrawals while employed. The
first category of funds that are eligible for withdrawal represent amounts
that were transferred from the PSSP. The second category represents amounts
contributed under the Plan. Different rules apply to the withdrawal,
depending on the category. If the participant was a former member in the
PSSP, the participant is eligible to make either a voluntary withdrawal or
a hardship withdrawal from the amounts that were transferred. A voluntary
withdrawal may be made from the PSSP after-tax and employer contribution
accounts. Two voluntary withdrawals can be made per year, provided that not
more than two are made within three months of each other. A voluntary
withdrawal will be deducted from the participant's account in a specific
order as provided for in the Plan.
<PAGE>
A participant is also eligible for a hardship withdrawal from his or her
PSSP pre-tax account under the following conditions, (i) in a year in which
the participant has already made two voluntary withdrawals and (ii) when
three months have not elapsed since the time of the last voluntary
withdrawal. Special rules apply which determine the hierarchy of access to
the various sources of funds including (i) the participant has already
withdrawn the full amount of both the after-tax contributions and the
vested Company contributions, (ii) the participant must have fully
exhausted the ability to obtain funds from any other source, including a
loan from the Plan, and (iii) the participant submitted an application to
the administrative committee for a hardship withdrawal. Following a
hardship withdrawal, there will be an automatic 12-month suspension of the
participant's pre-tax contributions.
A participant can withdraw at any time an amount equal to the after-tax
contributions made to the Plan after January 1, 1991. The minimum
withdrawal amount is $500. A withdrawal of after-tax contributions requires
a withdrawal of a proportionate share of investment earnings thereon, which
will be taxable and will include 10% early distribution tax if made before
age 59.5 under current tax laws. Additionally, the participant can withdraw
an amount equal to the pre-tax contributions made to the plan after January
1, 1991 at any time after age 59.5. This withdrawal will be taxable, but
will not include the 10% early distribution tax under current tax laws.
LOANS TO PARTICIPANTS
A participant can borrow up to 50% of his or her vested account balance
(excluding ESOP) while in the Plan. The amount borrowed may be from a
minimum of $1,000 to a maximum of $50,000, but never more than 50% of the
vested account balance. Only one loan can be outstanding at any one time. A
loan must be repaid by payroll deduction over a period not to exceed five
years; early payoff is permitted. The loan interest rate is set by the
administrative committee. For the 1999 plan year, it was 1% above the prime
rate charged by COGC's principal commercial bank in effect at the time of
the loan. The set-up fee and the ongoing administrative fee for the loan
are charged directly to the participant's account on a quarterly basis. The
Plan was amended in 1996 to limit loans to members who are active
employees.
WITHDRAWALS UPON TERMINATION OF EMPLOYMENT
A participant can withdraw the total vested amount in the Plan account as a
result of either (i) termination of employment (ii) retirement at age 65 or
at age 55 or later with 10 years of service or (iii) permanent and total
disability or death. The full value of the Plan account will be paid and
will be subject to income tax when the participant retires or qualifies as
permanently and totally disabled, unless an election is made by the
participant to roll over the funds as allowed by the Internal Revenue Code.
If death occurs before retirement, the full value of the account will be
paid to the designated beneficiary. The Plan was amended in 1996 to have
any portion of an eligible rollover distribution paid directly to an
eligible retirement plan specified by the distributee in a direct rollover.
<PAGE>
DISPOSITION OF FORFEITURES BY PARTICIPANTS
A forfeiture of unvested benefits shall be accounted for in the following
manner. First, the forfeiture shall be credited to the Company contribution
account of a re-employed participant for whom a reinstatement of prior
forfeiture is required. Second, the forfeiture shall be applied toward the
account of a former participant pursuant to the unclaimed benefit
provisions of the Plan. To the extent that forfeitures for any Plan year
exceed the amounts required to reinstate the accounts noted above, they
will be applied against the next succeeding Company contribution.
For the years ended 1999 and 1998, employer contributions were reduced by
approximately $22,600 and $20,000, respectively, from forfeited nonvested
accounts.
ROLLOVER CONTRIBUTIONS
Generally, if a participant received a qualified total distribution as
defined in the Internal Revenue Code of 1986 as amended, the participant
can deposit or "rollover" those funds into the Plan if approved by the
Administrative Committee.
PARTICIPANT ACCOUNTS
Each participant's account is credited with the employee's contribution,
the Company contributions and the proportionate allocation of the earnings
of the Plan, as defined.
PLAN TRUSTEE
Fidelity Management Trust Company was appointed trustee of the Plan by a
contract dated June 1, 1991. Under the contract, the trustee shall hold all
property received, manage the Plan and invest and reinvest Plan assets.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION
The accompanying financial statements have been prepared on the accrual
basis of accounting in accordance with generally accepted accounting
principles.
USE OF ESTIMATES
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of net assets available for
benefits at the date of the financial statements and the reported amounts
of changes in net assets available for benefits during the reporting
period. Actual results could differ from those estimates.
VALUATION OF INVESTMENTS
Investments are recorded at fair market value based on market prices that
have been provided by the Trustee.
NET APPRECIATION IN FAIR MARKET VALUE OF INVESTMENTS
The statement of changes in net assets available for Plan benefits presents
the net appreciation in the fair market value of investments which consists
of realized gains or losses and the unrealized appreciation (depreciation)
on those investments.
<PAGE>
ADMINISTRATIVE EXPENSES
Administrative expenses consist of all expenses incident to the
administration, termination or protection of the Plan, including, but not
limited to, legal, accounting, investment manager and trustee fees. All
administrative expenses, except for expenses associated with loans to
participants, were paid by the Company in 1999.
RISKS AND UNCERTAINTIES
The Plan provides for various investment options in any combination of
stocks and mutual funds. Investment securities are exposed to various
risks, such as market and credit risk. Due to the level of risk associated
with certain investment securities, it is at least reasonably possible that
changes in the values of investment securities will occur in the near term
and that such changes could materially affect the amounts reported in the
statement of net assets available for plan benefits.
3. PLAN TERMINATION
While the Company has not expressed any intent to discontinue its
contributions or terminate the Plan, it may to do so at any time. In the
event of such a discontinuance or termination of the Plan, all amounts
credited to the accounts of participants shall become fully vested and
non-forfeitable.
4. TAX STATUS OF PLAN
The Plan is designed to constitute a "Qualified Plan" under the provisions
of Section 401(a) of the Internal Revenue Code and, therefore, be exempt
from federal income tax under the provisions of Section 501(a). The Plan
obtained its latest determination letter on October 23, 1993, in which the
Internal Revenue Service stated that the Plan was in compliance with the
applicable requirements of the Internal Revenue Code. The Plan was amended
in 1994, 1996, 1998 and 1999, subsequent to the receipt of the
determination letter. The Plan Administrator and the Plan's tax counsel
believe that the Plan is currently designed and being operated in
compliance with the applicable requirements of the Internal Revenue Code.
Therefore, no provision for income taxes has been included in the Plan's
financial statements.
<PAGE>
5. PARTY-IN-INTEREST TRANSACTIONS
The Plan invests in various Fidelity mutual funds and portfolios. These
investments are considered party-in-interest transactions because Fidelity
Management Trust Company serves as trustee of the Plan. The Plan management
has approved these investment options.
6. SUBSEQUENT EVENTS
The Plan was amended on March 1, 2000 to fully vest certain participants
who were terminated due to a reduction in workforce. Additionally, the
amendment grants service credits to all employees who become employed by
the Company as a result of an acquisition or merger for purposes of
eligibility and vesting.
<PAGE>
7. INVESTMENTS
The following invormation represents a detailed presentation of the
Statement of Changes in Net Assets Available for Benefits for the year
ended December 31, 1999:
<TABLE>
<CAPTION>
Participant Directed
-------------------------------------------------------------------------------
Spartan Fidelity Fidelity Fidelity
Cabot Oil & Fidelity U.S. Equity U.S. Bond Growth and Retirement
Gas Corporation Magellan Index Index Income Growth
Common Stock Fund Portfolio Portfolio Portfolio Fund
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Interest.................................$ 2,772 $ 30,755 $ 13,703 $ 5,703 $ 8,837 $ 3,081
Dividends................................ 817 813,485 121,178 118,285 217,175 166,671
Net appreciation in fair
value of investments.................... 212,980 1,081,760 1,070,832 (130,151) 89,089 246,369
---------- ---------- ---------- ---------- ---------- ----------
Total investment income............... 216,569 1,926,000 1,205,713 (6,163) 315,101 416,121
Contributions:
Employer................................. 32,692 200,012 144,587 39,421 122,077 41,149
Participants............................. 68,285 619,646 369,655 96,554 320,818 123,528
---------- ---------- ---------- ---------- ---------- ----------
Total additions....................... 317,546 2,745,658 1,719,955 129,812 757,996 580,798
Deductions from net assets attributed to:
Benefits paid to participants............. 234,463 1,024,371 561,652 81,761 293,313 64,450
Loan withdrawals.......................... - 116,977 26,340 723 28,468 30,585
Administrative fees....................... 50 5,895 619 219 871 2,096
---------- ---------- ---------- ---------- ---------- ----------
Total deductions...................... 234,513 1,147,243 588,611 82,703 322,652 97,131
---------- ---------- ---------- ---------- ---------- ----------
Interfund Transfers (net).................. (125,812) 558,696 (10,295) 226,815 (172,526) 214,017
Net increase (decrease)............... (42,779) 2,157,111 1,121,049 273,924 262,818 697,684
Beginning of year.......................... 1,711,862 7,668,168 5,806,807 1,478,809 3,014,746 742,904
---------- ---------- ---------- ---------- ---------- ----------
End of year................................$1,669,083 $9,825,279 $6,927,856 $1,752,733 $3,277,564 $1,440,588
========== ========== ========== ========== ========== ==========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Non-Participant
Participant Directed Directed
-------------------------------------- ------------
Fidelity Money
Fidelity Market Trust: Cabot
Stock Retirement Corporation
Selector Money Market Participant Common
Fund Portfolio Loans Stock Total
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Interest.................................$ 2,976 $ 29,915 $ - $ - $ 97,742
Dividends................................ 141,016 242,097 - - 1,820,724
Net appreciation in fair
value of investments.................... 129,715 - - (1,075,421) 1,625,173
---------- ---------- ---------- ---------- -----------
Total investment income............... 273,707 272,012 - (1,075,421) 3,543,639
Contributions:
Employer................................. 38,968 104,867 - - 723,773
Participants............................. 97,487 291,266 (357,479) - 1,629,760
---------- ---------- ---------- ---------- -----------
Total additions....................... 410,162 668,145 (357,479) (1,075,421) 5,897,172
Deductions from net assets attributed to:
Benefits paid to participants............. 69,667 504,731 50,932 249,925 3,135,265
Loan withdrawals.......................... 19,123 52,620 (274,836) - -
Administrative fees....................... 1,569 1,296 - - 12,615
---------- ---------- ---------- ---------- -----------
Total deductions...................... 90,359 558,647 (223,904) 249,925 3,147,880
---------- ---------- ---------- ---------- -----------
Interfund Transfers (net).................. (77,879) (582,631) - (30,385) -
Net increase (decrease)............... 241,924 (473,133) (133,575) (1,355,731) 2,749,292
Beginning of year.......................... 1,083,488 4,944,224 747,427 4,122,299 31,320,734
---------- ---------- ---------- ---------- -----------
End of year................................$1,325,412 $4,471,091 $ 613,852 $2,766,568 $34,070,026
========== ========== ========== ========== ===========
</TABLE>
<PAGE>
CABOT OIL & GAS CORPORATION
SAVINGS INVESTMENT PLAN
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1999
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Current of
Description Units held Cost fair value
----------- ---------- ---------- -----------
<S> <C> <C> <C>
* Fidelity Retirement Money Market Portfolio...... 4,471,091 $4,471,091 $ 4,471,091
* Fidelity Magellan Fund.......................... 71,912 6,674,881 9,825,279
* Spartan U.S. Equity Index Portfolio............. 132,998 3,900,105 6,927,856
* Fidelity U.S. Bond Index Portfolio.............. 172,005 1,830,090 1,752,733
* Fidelity Growth & Income Fund................... 69,499 2,580,377 3,277,564
* Fidelity Retirement Growth Fund................. 55,729 1,151,740 1,440,588
* Fidelity Stock Selector Fund.................... 41,419 1,134,324 1,325,412
* Cabot Oil & Gas Corporation common stock........ 103,909 1,442,658 1,669,083
Cabot Corporation common stock.................. 135,782 979,253 2,766,568
* Participant loans............................... 613,852 613,852
----------- -----------
$24,778,371 $34,070,026
=========== ===========
* Represents a party-in-interest
</TABLE>
<PAGE>
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Registration
Statements on Form S-8 (File No.'s 33-35478, 33-71134, 33-35476, 333-37632 and
33-53723) and Form S-3 (File 333-83819) of Cabot Oil & Gas Corporation of our
report dated June 23, 2000 relating to the financial statements and supplemental
schedule of Cabot Oil & Gas Corporation Savings Investment Plan, which appears
in this Form 11-K.
PricewaterhouseCoopers LLP
Houston, Texas
June 28, 2000
