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Wiki	Wiki Summary
Inflation	An infection is the invasion of an organism's body tissues by pathogens, their multiplication, and the reaction of host tissues to the infectious agents and the toxins they produce. An infectious disease, also known as a transmissible disease or communicable disease, is an illness resulting from an infection.
Financial ratio	A financial ratio or accounting ratio is a relative magnitude of two selected numerical values taken from an enterprise's financial statements. Often used in accounting, there are many standard ratios used to try to evaluate the overall financial condition of a corporation or other organization.
Financial law	Financial law is the law and regulation of the insurance, derivatives, commercial banking, capital markets and investment management sectors. Understanding Financial law is crucial to appreciating the creation and formation of banking and financial regulation, as well as the legal framework for finance generally.
Natural-gas processing	Natural-gas processing is a range of industrial processes designed to purify raw natural gas by removing impurities, contaminants and higher molecular mass hydrocarbons to produce what is known as pipeline quality dry natural gas. Natural gas has to be processed in order to prepare it for final use and ensure that elimination of contaminants.Natural-gas processing starts underground or at the well-head.
Developed country	A developed country (or industrialized country, high-income country, more economically developed country (MEDC), advanced country) is a sovereign state that has a high quality of life, developed economy and advanced technological infrastructure relative to other less industrialized nations. Most commonly, the criteria for evaluating the degree of economic development are gross domestic product (GDP), gross national product (GNP), the per capita income, level of industrialization, amount of widespread infrastructure and general standard of living.
Natural gas in the United States	Natural gas was the United States' largest source of energy production in 2016, representing 33 percent of all energy produced in the country. Natural gas has been the largest source of electrical generation in the United States since July 2015.
Shale gas in the United States	Shale gas in the United States is an available source of natural gas. Led by new applications of hydraulic fracturing technology and horizontal drilling, development of new sources of shale gas has offset declines in production from conventional gas reservoirs, and has led to major increases in reserves of U.S. natural gas.
United Nations Convention to Combat Desertification	The United Nations Convention to Combat Desertification in Those Countries Experiencing Serious Drought and/or Desertification, Particularly in Africa (UNCCD) is a Convention to combat desertification and mitigate the effects of drought through national action programs that incorporate long-term strategies supported by international cooperation and partnership arrangements.\nThe Convention, the only convention stemming from a direct recommendation of the Rio Conference's Agenda 21, was adopted in Paris, France, on 17 June 1994 and entered into force in December 1996.
Complemented lattice	In the mathematical discipline of order theory, a complemented lattice is a bounded lattice (with least element 0 and greatest element 1), in which every element a has a complement, i.e. an element b satisfying a ∨ b = 1 and a ∧ b = 0.
Theatre of the Relatively Talentless	The Theatre of the Relatively Talentless (TORT) is a student theatrical company that puts on musicals and other performances written, produced, directed and performed by law students of the University of Minnesota Law School. TORT is a campus life program through the University of Minnesota Student Activities Office and operates under the purview of the Law School.
Automatic Dependent Surveillance–Broadcast	Automatic Dependent Surveillance–Broadcast (ADS–B) is a surveillance technology in which an aircraft determines its position via satellite navigation or other sensors and periodically broadcasts it, enabling it to be tracked. The information can be received by air traffic control ground stations as a replacement for secondary surveillance radar, as no interrogation signal is needed from the ground.
International business	International business refers to the trade of goods, services, technology, capital and/or knowledge across national borders and at a global or transnational scale. \nIt involves cross-border transactions of goods and services between two or more countries.
Surgery	Surgery is a medical or dental specialty that uses operative manual and instrumental techniques on a person to investigate or treat a pathological condition such as a disease or injury, to help improve bodily function, appearance, or to repair unwanted ruptured areas.\nThe act of performing surgery may be called a surgical procedure, operation, or simply "surgery".
Internal rate of return	Internal rate of return (IRR) is a method of calculating an investment’s rate of return. The term internal refers to the fact that the calculation excludes external factors, such as the risk-free rate, inflation, the cost of capital, or financial risk.
Age of Discovery	The Age of Discovery (or the Age of Exploration), as known as the early modern period, was a period largely overlapping with the Age of Sail, approximately from the 15th century to the 17th century in European history, in which seafaring Europeans explored regions across the globe.\nThe extensive overseas exploration, with the Portuguese and the Spanish at the forefront, later joined by the Dutch, the English and the French, emerged as a powerful factor in European culture, most notably the European encounter and colonization of the Americas.
Mergers and acquisitions	In corporate finance, mergers and acquisitions (M&A) are transactions in which the ownership of companies, other business organizations, or their operating units are transferred or consolidated with other entities. As an aspect of strategic management, M&A can allow enterprises to grow or downsize, and change the nature of their business or competitive position.
A Successful Man	A Successful Man (Spanish: Un hombre de éxito) is a 1986 Cuban drama film directed by Humberto Solás. It was screened in the Un Certain Regard section at the 1987 Cannes Film Festival and it was entered into the 15th Moscow International Film Festival.
Reserve requirement	A reserve requirement is a central bank regulation that sets the minimum amount that a commercial bank must hold in liquid assets. This minimum amount, commonly referred to as the commercial bank's reserve, is generally determined by the central bank on the basis of a specified proportion of deposit liabilities of the bank.
Actuarial present value	The actuarial present value (APV) is the expected value of the present value of a contingent cash flow stream (i.e. a series of payments which may or may not be made).
Present value interest factor	In economics, Present value interest factor, also known by the acronym PVIF, is used in finance theory to refer to the output of a calculation, used to determine the monthly payment needed to repay a loan. The calculation has a number of variable factors, which include the quantity borrowed, the given interest rate, the number of regular intervals at which the loan is to be repaid and the term of the loan.
Non-functional requirement	In systems engineering and requirements engineering, a non-functional requirement (NFR) is a requirement that specifies criteria that can be used to judge the operation of a system, rather than specific behaviours. They are contrasted with functional requirements that define specific behavior or functions.
Market requirements document	A market requirements document (MRD) in project management and systems engineering, is a document that expresses the customer's wants and needs for the product or service.\nIt is typically written as a part of product marketing or product management.
Sustainable development	Sustainable development is an organizing principle for meeting human development goals while also sustaining the ability of natural systems to provide the natural resources and ecosystem services on which the economy and society depend. The desired result is a state of society where living conditions and resources are used to continue to meet human needs without undermining the integrity and stability of the natural system.
Environmental ethics	In environmental philosophy, environmental ethics is an established field of practical philosophy "which reconstructs the essential types of argumentation that can be made for protecting natural entities and the sustainable use of natural resources." The main competing paradigms are anthropocentrism, physiocentrism (called ecocentrism as well), and theocentrism. Environmental ethics exerts influence on a large range of disciplines including environmental law, environmental sociology, ecotheology, ecological economics, ecology and environmental geography.
Classified information	Classified information is material that a government body deems to be sensitive information that must be protected. Access is restricted by law or regulation to particular groups of people with the necessary security clearance and need to know, and mishandling of the material can incur criminal penalties.
Cournot competition	Cournot competition is an economic model used to describe an industry structure in which companies compete on the amount of output they will produce, which they decide on independently of each other and at the same time. It is named after Antoine Augustin Cournot (1801–1877) who was inspired by observing competition in a spring water duopoly.
Swimsuit competition	A swimsuit competition, more commonly now called a bikini contest, is a beauty contest which is judged and ranked while contestants wear a swimsuit, typically a bikini. One of the judging criteria is the physical attractiveness of the contestants.
Adverse party	An adverse party is an opposing party in a lawsuit under an adversary system of law. In general, an adverse party is a party against whom judgment is sought or "a party interested in sustaining a judgment or decree." For example, the adverse party for a defendant is the plaintiff.
Anthony Adverse	Anthony Adverse is a 1936 American epic historical drama film directed by Mervyn LeRoy and starring Fredric March and Olivia de Havilland. The screenplay by Sheridan Gibney draws elements of its plot from eight of the nine books in Hervey Allen's historical novel, Anthony Adverse.
Armoured personnel carrier	An armoured personnel carrier (APC) is a broad type of armoured military vehicle designed to transport personnel and equipment in combat zones. They are sometimes referred to colloquially as "battle taxis" or "battle buses".
The Professionals (The Professionals album)	The Professionals was going to be the debut album of the rock band the Professionals. It was originally scheduled for release in 1980 by Virgin Records.
Political feasibility analysis	Political feasibility analysis is used to predict the probable outcome of a proposed solution to a policy problem through examining the actors, events and environment involved in all stages of the policy-making process. It is a frequently used component of a policy analysis and can serve as an evaluative criterion in choosing between policy alternatives.Feasible policies must be politically acceptable or at least not unacceptable.
Accrued liabilities	Accrued liabilities are liabilities that reflect expenses that have not yet been paid or logged under accounts payable during an accounting period; in other words, a company's obligation to pay for goods and services that have been provided for which invoices have not yet been received. Examples would include accrued wages payable, accrued sales tax payable, and accrued rent payable.
Wilmington, Delaware	Wilmington (Lenape: Paxahakink / Pakehakink) is the largest city in the U.S. state of Delaware. The city was built on the site of Fort Christina, the first Swedish settlement in North America.
Certification	Certification is the provision by an independent body of written assurance (a certificate) that the product, service or system in question meets specific requirements. It is the formal attestation or confirmation of certain characteristics of an object, person, or organization.
No liability	A no-liability company in Australia (suffix NL) is a company which, under the Corporations Act 2001 (Cth), must have as its stated objects that it is solely a mining company and that it is not entitled to calls on the unpaid issue price of shares. It is a company which is restricted to mining activities and is the only sort of corporation which is entitled to this form of liability, given the sometimes financially risky business of mining.

Risk Factors
CABOT OIL & GAS CORP ITEM 1A RISK FACTORS Natural gas and oil prices fluctuate widely, and low prices for an extended period of time are likely to have a material adverse impact on our business
Our revenues, operating results, financial condition and ability to borrow funds or obtain additional capital depend substantially on prevailing prices for natural gas and, to a lesser extent, oil
Lower commodity prices may reduce the amount of natural gas and oil that we can produce economically
Historically, natural gas and oil prices and markets have been volatile, with prices fluctuating widely, and they are likely to continue to be volatile
Depressed prices in the future would have a negative impact on our future financial results
Because our reserves are predominantly natural gas, changes in natural gas prices may have a particularly large impact on our financial results
Prices for natural gas and oil are subject to wide fluctuations in response to relatively minor changes in the supply of and demand for natural gas and oil, market uncertainty and a variety of additional factors that are beyond our control
These factors include: • the level of consumer product demand; • weather conditions; • political conditions in natural gas and oil producing regions, including the Middle East; • the ability of the members of the Organization of Petroleum Exporting Countries to agree to and maintain oil price and production controls; • the price of foreign imports; • actions of governmental authorities; • pipeline capacity constraints; • inventory storage levels; • domestic and foreign governmental regulations; • the price, availability and acceptance of alternative fuels; and • overall economic conditions
These factors and the volatile nature of the energy markets make it impossible to predict with any certainty the future prices of natural gas and oil
If natural gas prices decline significantly for a sustained period of time, the lower prices may adversely affect our ability to make planned expenditures, raise additional capital or meet our financial obligations
Drilling natural gas and oil wells is a high-risk activity
Our growth is materially dependent upon the success of our drilling program
Drilling for natural gas and oil involves numerous risks, including the risk that no commercially productive natural gas or oil reservoirs will be encountered
The cost of drilling, completing and operating wells is substantial and uncertain, and drilling operations may be curtailed, delayed or cancelled as a result of a variety of factors beyond our control, including: • unexpected drilling conditions, pressure or irregularities in formations; • equipment failures or accidents; • adverse weather conditions; 18 ______________________________________________________________________ [44]Table of Contents • compliance with governmental requirements; and • shortages or delays in the availability of drilling rigs or crews and the delivery of equipment
Our future drilling activities may not be successful and, if unsuccessful, such failure will have an adverse effect on our future results of operations and financial condition
Our overall drilling success rate or our drilling success rate for activity within a particular geographic area may decline
We may ultimately not be able to lease or drill identified or budgeted prospects within our expected time frame, or at all
We may not be able to lease or drill a particular prospect because, in some cases, we identify a prospect or drilling location before seeking an option or lease rights in the prospect or location
Similarly, our drilling schedule may vary from our capital budget
The final determination with respect to the drilling of any scheduled or budgeted wells will be dependent on a number of factors, including: • the results of exploration efforts and the acquisition, review and analysis of the seismic data; • the availability of sufficient capital resources to us and the other participants for the drilling of the prospects; • the approval of the prospects by other participants after additional data has been compiled; • economic and industry conditions at the time of drilling, including prevailing and anticipated prices for natural gas and oil and the availability of drilling rigs and crews; • our financial resources and results; and • the availability of leases and permits on reasonable terms for the prospects
These projects may not be successfully developed and the wells, if drilled, may not encounter reservoirs of commercially productive natural gas or oil
Reserve estimates depend on many assumptions that may prove to be inaccurate
Any material inaccuracies in our reserve estimates or underlying assumptions could cause the quantities and net present value of our reserves to be overstated
Reserve engineering is a subjective process of estimating underground accumulations of natural gas and crude oil that cannot be measured in an exact manner
The process of estimating quantities of proved reserves is complex and inherently uncertain, and the reserve data included in this document are only estimates
The process relies on interpretations of available geologic, geophysic, engineering and production data
As a result, estimates of different engineers may vary
In addition, the extent, quality and reliability of this technical data can vary
The degree of uncertainty varies among the three regions in which we operate
The estimation of reserves in the Gulf Coast region requires more estimates than the East and West regions and inherently has more uncertainty surrounding reserve estimation
The differences in the reserve estimation process are substantially due to the geological conditions in which the wells are drilled
The process also requires certain economic assumptions, some of which are mandated by the SEC, such as natural gas and oil prices
Additional assumptions include drilling and operating expenses, capital expenditures, taxes and availability of funds
The accuracy of a reserve estimate is a function of: • the quality and quantity of available data; • the interpretation of that data; • the accuracy of various mandated economic assumptions; and • the judgment of the persons preparing the estimate
Results of drilling, testing and production subsequent to the date of an estimate may justify revising the original 19 ______________________________________________________________________ [45]Table of Contents estimate
Accordingly, initial reserve estimates often vary from the quantities of natural gas and crude oil that are ultimately recovered, and such variances may be material
Any significant variance could reduce the estimated quantities and present value of our reserves
You should not assume that the present value of future net cash flows from our proved reserves is the current market value of our estimated natural gas and oil reserves
In accordance with SEC requirements, we base the estimated discounted future net cash flows from our proved reserves on prices and costs in effect on the date of the estimate, holding the prices and costs constant throughout the life of the properties
Actual future prices and costs may differ materially from those used in the net present value estimate, and future net present value estimates using then current prices and costs may be significantly less than the current estimate
In addition, the 10prca discount factor we use when calculating discounted future net cash flows for reporting requirements in compliance with the Financial Accounting Standards Board in Statement of Financial Accounting Standards Nodtta 69 may not be the most appropriate discount factor based on interest rates in effect from time to time and risks associated with us or the natural gas and oil industry in general
Our future performance depends on our ability to find or acquire additional natural gas and oil reserves that are economically recoverable
In general, the production rate of natural gas and oil properties declines as reserves are depleted, with the rate of decline depending on reservoir characteristics
Unless we successfully replace the reserves that we produce, our reserves will decline, eventually resulting in a decrease in natural gas and oil production and lower revenues and cash flow from operations
Our future natural gas and oil production is, therefore, highly dependent on our level of success in finding or acquiring additional reserves
We may not be able to replace reserves through our exploration, development and exploitation activities or by acquiring properties at acceptable costs
Low natural gas and oil prices may further limit the kinds of reserves that we can develop economically
Lower prices also decrease our cash flow and may cause us to decrease capital expenditures
Exploration, development and exploitation activities involve numerous risks that may result in dry holes, the failure to produce natural gas and oil in commercial quantities and the inability to fully produce discovered reserves
We are continually identifying and evaluating opportunities to acquire natural gas and oil properties
We may not be able to successfully consummate any acquisition, to acquire producing natural gas and oil properties that contain economically recoverable reserves, or to integrate the properties into our operations profitably
We face a variety of hazards and risks that could cause substantial financial losses
Our business involves a variety of operating risks, including: • blowouts, cratering and explosions; • mechanical problems; • uncontrolled flows of natural gas, oil or well fluids; • fires; • formations with abnormal pressures; • pollution and other environmental risks; and • natural disasters
In addition, we conduct operations in shallow offshore areas, which are subject to additional hazards of marine operations, such as capsizing, collision and damage from severe weather
Any of these events could result in injury or loss of human life, loss of hydrocarbons, significant damage to or destruction of property, environmental pollution, regulatory investigations and penalties, impairment of our operations and substantial losses to us
20 ______________________________________________________________________ [46]Table of Contents Our operation of natural gas gathering and pipeline systems also involves various risks, including the risk of explosions and environmental hazards caused by pipeline leaks and ruptures
The location of pipelines near populated areas, including residential areas, commercial business centers and industrial sites, could increase these risks
As of December 31, 2005, we owned or operated approximately 3cmam400 miles of natural gas gathering and pipeline systems
As part of our normal maintenance program, we have identified certain segments of our pipelines that we believe periodically require repair, replacement or additional maintenance
In accordance with customary industry practice, we maintain insurance against some, but not all, of these risks and losses
We do not carry business interruption insurance
In addition, pollution and environmental risks generally are not fully insurable
The occurrence of an event not fully covered by insurance could have a material adverse effect on our financial position and results of operations
We have limited control over the activities on properties we do not operate
We have limited ability to influence or control the operation or future development of these non-operated properties or the amount of capital expenditures that we are required to fund with respect to them
The failure of an operator of our wells to adequately perform operations, an operator’s breach of the applicable agreements or an operator’s failure to act in ways that are in our best interest could reduce our production and revenues
Our dependence on the operator and other working interest owners for these projects and our limited ability to influence or control the operation and future development of these properties could materially adversely affect the realization of our targeted returns on capital in drilling or acquisition activities and lead to unexpected future costs
Terrorist activities and the potential for military and other actions could adversely affect our business
The threat of terrorism and the impact of military and other action have caused instability in world financial markets and could lead to increased volatility in prices for natural gas and oil, all of which could adversely affect the markets for our operations
Future acts of terrorism could be directed against companies operating in the United States
The US government has issued public warnings that indicate that energy assets might be specific targets of terrorist organizations
These developments have subjected our operations to increased risk and, depending on their ultimate magnitude, could have a material adverse effect on our business
Our ability to sell our natural gas and oil production could be materially harmed if we fail to obtain adequate services such as transportation and processing
The sale of our natural gas and oil production depends on a number of factors beyond our control, including the availability and capacity of transportation and processing facilities
Our failure to obtain these services on acceptable terms could materially harm our business
Competition in our industry is intense, and many of our competitors have substantially greater financial and technological resources than we do, which could adversely affect our competitive position
Competition in the natural gas and oil industry is intense
Major and independent natural gas and oil companies actively bid for desirable natural gas and oil properties, as well as for the equipment and labor required to operate and develop these properties
Our competitive position is affected by price, contract terms and quality of service, including pipeline connection times, distribution efficiencies and reliable delivery record
Many of our competitors have financial and technological resources and exploration and development budgets that are substantially greater than ours, particularly in the Rocky Mountains, Mid-Continent and Gulf Coast areas
These companies may be able to pay more for exploratory projects and productive natural gas and oil properties and may be able to define, evaluate, bid for and purchase a greater number of properties and prospects than our financial or human resources permit
In addition, these companies may be able to expend greater resources on the existing and changing technologies that we believe are and will be increasingly important to attaining success in the industry
21 ______________________________________________________________________ [47]Table of Contents We may have hedging arrangements that expose us to risk of financial loss and limit the benefit to us of increases in prices for natural gas and oil
From time to time, when we believe that market conditions are favorable, we use certain derivative financial instruments to manage price risks associated with our production in all of our regions
While there are many different types of derivatives available, in 2005 we primarily employed natural gas and crude oil price swap and collar agreements to attempt to manage price risk
The price swaps call for payments to, or receipts from, counterparties based on whether the market price of natural gas or crude oil for the period is greater or less than the fixed price established for that period when the swap is put in place
The collar arrangements are put and call options used to establish floor and ceiling commodity prices for a fixed volume of production during a certain time period
They provide for payments to counterparties if the index price exceeds the ceiling and payments from the counterparties if the index price is below the floor
These hedging arrangements limit the benefit to us of increases in prices
In addition, these arrangements expose us to risks of financial loss in a variety of circumstances, including when: • a counterparty is unable to satisfy its obligations; • production is less than expected; or • there is an adverse change in the expected differential between the underlying price in the derivative instrument and actual prices received for our production
We will continue to evaluate the benefit of employing derivatives in the future
Please read “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Item 7 and “Quantitative and Qualitative Disclosures about Market Risk” in Item 7A for further discussion concerning our use of derivatives
The loss of key personnel could adversely affect our ability to operate
Our operations are dependent upon a relatively small group of key management and technical personnel, and one or more of these individuals could leave our employment
The unexpected loss of the services of one or more of these individuals could have a detrimental effect on us
In addition, our drilling success and the success of other activities integral to our operations will depend, in part, on our ability to attract and retain experienced geologists, engineers and other professionals
Competition for experienced geologists, engineers and some other professionals is extremely intense
If we cannot retain our technical personnel or attract additional experienced technical personnel, our ability to compete could be harmed
We are subject to complex laws and regulations, including environmental regulations, which can adversely affect the cost, manner or feasibility of doing business
Our operations are subject to extensive federal, state and local laws and regulations, including tax laws and regulations and those relating to the generation, storage, handling, emission, transportation and discharge of materials into the environment
These laws and regulations can adversely affect the cost, manner or feasibility of doing business
Many laws and regulations require permits for the operation of various facilities, and these permits are subject to revocation, modification and renewal
Governmental authorities have the power to enforce compliance with their regulations, and violations could subject us to fines, injunctions or both
These laws and regulations have increased the costs of planning, designing, drilling, installing and operating natural gas and oil facilities
In addition, we may be liable for environmental damages caused by previous owners of property we purchase or lease
Risks of substantial costs and liabilities related to environmental compliance issues are inherent in natural gas and oil operations
It is possible that other developments, such as stricter environmental laws and regulations, and claims for damages to property or persons resulting from natural gas and oil production, would result in substantial costs and liabilities
22 ______________________________________________________________________ [48]Table of Contents Provisions of Delaware law and our bylaws and charter could discourage change in control transactions and prevent stockholders from receiving a premium on their investment
Our bylaws provide for a classified board of directors with staggered terms, and our charter authorizes our board of directors to set the terms of preferred stock
In addition, Delaware law contains provisions that impose restrictions on business combinations with interested parties
Our bylaws prohibit stockholder action by written consent and limit stockholder proposals at meetings of stockholders
Because of our stockholder rights plan and these provisions of our charter, bylaws and Delaware law, persons considering unsolicited tender offers or other unilateral takeover proposals may be more likely to negotiate with our board of directors rather than pursue non-negotiated takeover attempts
As a result, these provisions may make it more difficult for our stockholders to benefit from transactions that are opposed by an incumbent board of directors
The personal liability of our directors for monetary damages for breach of their fiduciary duty of care is limited by the Delaware General Corporation Law and by our certificate of incorporation
The Delaware General Corporation Law allows corporations to limit available relief for the breach of directors’ duty of care to equitable remedies such as injunction or rescission
Our certificate of incorporation limits the liability of our directors to the fullest extent permitted by Delaware law
Specifically, our directors will not be personally liable for monetary damages for any breach of their fiduciary duty as a director, except for liability • for any breach of their duty of loyalty to the company or our stockholders; • for acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law; • under provisions relating to unlawful payments of dividends or unlawful stock repurchases or redemptions; and • for any transaction from which the director derived an improper personal benefit
This limitation may have the effect of reducing the likelihood of derivative litigation against directors, and may discourage or deter stockholders or management from bringing a lawsuit against directors for breach of their duty of care, even though such an action, if successful, might otherwise have benefited our stockholders