Exhibit 99.1

Cabot Oil & Gas Corporation Announces Second Quarter Results

Equivalent Production Grew 40 Percent Year-Over-Year

HOUSTON, July 24, 2012 - Cabot Oil & Gas Corporation (NYSE: COG) today reported financial results for the second quarter of 2012.  Highlights for the second quarter of 2012 include:

·                  Production of 62.8 Bcfe, an increase of 40 percent over last year’s comparable quarter and a 5 percent increase over the first quarter of 2012.

·                  Net income of $35.9 million, or $0.17 per share.

·                  Net income excluding selected items of $10.2 million, or $0.05 per share.

·                  Cash flow from operations of $159.4 million and discretionary cash flow of $142.1 million.

Second Quarter 2012

Production during the second quarter of 2012 was 62.8 Bcfe, with 59.2 Bcf of natural gas production and 593 thousand barrels of liquids production. These figures represent increases of 40 percent, 37 percent, and 96 percent, respectively, compared to the second quarter of 2011.

“Even with delays occurring in gathering our natural gas, the quarter results once again demonstrated the potential of our prolific acreage, with significant production growth reported over last year,” said Dan O. Dinges, Chairman, President and Chief Executive Officer.  “Not only did liquids and natural gas production increase year-over-year, both also grew from quarter to quarter.  Because of these results and our outlook, we are confidently reaffirming our production guidance.”

The Company reported net income of $35.9 million, or $0.17 per share, for the second quarter of 2012, compared to the second quarter of 2011 when the Company reported net income of $54.7 million, or $0.26 per share. Excluding the effect of selected items (which are detailed in the table below), net income was $10.2 million, or $0.05 per share, for the second quarter of 2012, compared to $42.9 million, or $0.20 per share, for the second quarter of 2011. The decline in net income was driven by lower natural gas price realizations and higher operating expenses, partially offset by higher production.

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Cash flow from operations for the second quarter of 2012 was $159.4 million, compared to the second quarter of 2011 when cash flow from operations was $129.5 million. Discretionary cash flow for the second quarter of 2012 was $142.1 million, compared to the second quarter of 2011 when discretionary cash flow was $150.5 million.

Including the effect of hedges, natural gas price realizations were $3.39 per Mcf for the second quarter of 2012, down 27 percent compared to the second quarter of 2011.  Oil price realizations were $102.61 per barrel, up 8 percent compared to the second quarter of 2011.

Total expenses trended higher between the comparable second quarters driven by higher production volumes.  Depreciation, depletion and amortization increased due to higher equivalent production volumes, however, the per unit rate continues to move lower.  General & administrative expenses increased primarily due to the final accounting for the terminated pension plan of $13.8 million pre-tax and legal costs and other professional fees.  Transportation expense increases relate to new gathering arrangements, primarily in northeast Pennsylvania, and greater volumes.  Additionally, exploration expense increased as the Company expensed its Brown Dense well.  “Since our investment plans for the foreseeable future are in existing areas of operations, the Marcellus, Eagle Ford/Pearsall, and Marmaton, the limited production coming from our first Brown Dense exploration well does not support its cost and therefore the well was written off,” stated Dinges.  “We will monitor peer activity before making any additional capital expenditures in the play.”

Year-to-Date 2012

Production during the six-month period ended June 30, 2012 was 122.4 Bcfe, with 115.7 Bcf of natural gas production and 1.1 million barrels of liquids production. These figures represent increases of 48 percent, 45 percent, and 114 percent, respectively, compared to the six-month period ended June 30, 2011.

For the six-month period ended June 30, 2012, net income was $54.3 million, or $0.26 per share, compared to net income of $67.6 million, or $0.32 per share, for the six-month period ended June 30, 2011.

Excluding the effect of selected items (which are detailed in the table below), net income was $38.7 million, or $0.19 per share, for the six-month period ended June 30, 2012, compared to $63.7 million, or $0.30 per share, for the six-month period ended June 30, 2011.

“For the first half of the year total costs, including financing, increased in absolute terms, but fell $0.32 per unit between the first halves of 2012 and 2011,” commented Dinges.  “The compression of earnings was driven by a 19 percent decrease in per unit revenues as a result of the continued downward pressure on natural gas prices.”

For the six-month period ended June 30, 2012, cash flow from operations was $291.1 million, compared to cash flow from operations of $220.7 million for the six-month period ended June 30, 2011. Discretionary cash flow was $280.7 million for the six-month period ended June 30, 2012, compared to discretionary cash flow of $262.8 million for the six-month period ended June 30, 2011.

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Financial Position and Liquidity

At June 30, 2012, the Company’s total debt was $972 million, of which $210 million were borrowings outstanding under the Company’s credit facility. The Company’s total commitments under its credit facility are $900 million, resulting in $689 million of available credit under its facility at June 30, 2012. The borrowing base under the credit facility was reaffirmed during the quarter at $1.7 billion.

As of June 30, 2012, the Company’s net debt to adjusted capitalization ratio was 30.2%, compared to 30.4% as of December 31, 2011 (see attached table for the calculation).

Conference Call

Listen in live to Cabot Oil & Gas Corporation’s second quarter financial and operating results discussion with financial analysts on Wednesday, July 25, 2012 at 9:30 a.m. EDT (8:30 a.m. CDT) at www.cabotog.com.  The latest financial guidance, including the Company’s hedge positions, along with a replay of the web cast, which will be archived for one year, are available in the investor relations 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 Internet 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.

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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 and restricted stock amortization as well as expense related to stock appreciation rights.  Also includes expense for the Supplemental Employee Incentive Plan.

(2)     All Earnings Per Share and Weighted Average Common Share figures have been retroactively adjusted for the 2-for-1 split of the Company’s common stock effective January 25, 2012.

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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)

Discretionary Cash Flow Calculation and Reconciliation

(In thousands)

Net Debt Reconciliation

(In thousands)

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