UNITED STATES
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 fiscal year ended December 31, 2013
OR
o TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 1-10447
A. Full title of the plan and the address of the plan, if different from that of the issuer named below:
CABOT OIL & GAS CORPORATION SAVINGS
INVESTMENT PLAN
B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
Cabot Oil & Gas Corporation
Three Memorial City Plaza
840 Gessner Road, Suite 1400
Houston, Texas 77024
(281) 589-4600
CABOT OIL & GAS CORPORATION SAVINGS INVESTMENT PLAN
FINANCIAL STATEMENTS
DECEMBER 31, 2013 AND 2012
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Financial Statements |
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4 | |
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5 | |
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6 - 11 | |
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Schedule H, Line 4i - Schedule of Assets (Held at End of Year) |
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13 |
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14 | |
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15 |
All other schedules required by the Employee Retirement Income Security Act of 1974 (ERISA) have been omitted because they are not applicable.
Report of Independent Registered Public Accounting Firm
To the Administrative Committee of
Cabot Oil & Gas Corporation Savings Investment Plan
Houston, Texas
We have audited the accompanying statements of net assets available for benefits of the Cabot Oil & Gas Corporation Savings Investment Plan (the Plan) as of December 31, 2013 and 2012, and the related statement of changes in net assets available for benefits for the year ended December 31, 2013. These financial statements are the responsibility of the Plans management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards 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. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2013 and 2012, and the changes in the net assets available for benefits for the year ended December 31, 2013, in conformity with accounting principles generally accepted in the United States of America.
Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of assets (held at end of year) 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 Labors Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedule is the responsibility of the Plans 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.
/s/ UHY LLP |
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Houston, Texas |
June 26, 2014 |
CABOT OIL & GAS CORPORATION SAVINGS INVESTMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
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December 31, |
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2013 |
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2012 |
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ASSETS |
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CASH |
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$ |
1,898 |
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$ |
1,473 |
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INVESTMENTS, at fair value |
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Money market fund |
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17,266,540 |
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18,058,551 |
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Mutual funds |
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65,809,701 |
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50,447,210 |
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Common stock |
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48,863,275 |
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30,476,202 |
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TOTAL INVESTMENTS |
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131,939,516 |
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98,981,963 |
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NOTES RECEIVABLE FROM PARTICIPANTS |
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1,145,455 |
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1,199,237 |
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NET ASSETS AVAILABLE FOR BENEFITS |
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$ |
133,086,869 |
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$ |
100,182,673 |
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See accompanying Notes to Financial Statements.
CABOT OIL & GAS CORPORATION SAVINGS INVESTMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEAR ENDED DECEMBER 31, 2013
ADDITIONS TO NET ASSETS |
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INVESTMENT INCOME |
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Interest and dividends |
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$ |
3,542,992 |
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Net appreciation in fair value of investments |
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26,301,427 |
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TOTAL INVESTMENT INCOME |
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29,844,419 |
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INTEREST ON NOTES RECEIVABLE FROM PARTICIPANTS |
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46,610 |
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OTHER INCOME |
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37,500 |
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TOTAL INCOME |
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29,928,529 |
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CONTRIBUTIONS |
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Employer |
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6,922,375 |
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Participants |
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3,877,649 |
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Rollovers |
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195,399 |
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TOTAL CONTRIBUTIONS |
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10,995,423 |
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TOTAL ADDITIONS TO NET ASSETS |
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40,923,952 |
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DEDUCTIONS FROM NET ASSETS |
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Benefit payments |
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8,003,037 |
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Administrative expenses |
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16,719 |
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TOTAL DEDUCTIONS FROM NET ASSETS |
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8,019,756 |
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NET INCREASE |
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32,904,196 |
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NET ASSETS AVAILABLE FOR BENEFITS |
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Beginning of year |
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100,182,673 |
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End of year |
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$ |
133,086,869 |
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See accompanying Notes to Financial Statements.
CABOT OIL & GAS CORPORATION SAVINGS INVESTMENT PLAN
DECEMBER 31, 2013 AND 2012
NOTE A - 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 plan document for a more complete description of the Plans provisions.
General: Cabot Oil & Gas Corporation (COGC or the Company) was previously a subsidiary of Cabot Corporation (Cabot). In February 1990, the Company completed its initial public offering of approximately 18 percent 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 percent 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. An employee is 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). Each COGC employee who was a member of the PSSP automatically became a participant in the Plan on January 1, 1991, was 100 percent vested with respect to balances in the PSSP and ESOP as of December 31, 1990 and had his or her 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. Effective September 1, 2001, the participant is eligible to withdraw, exchange, or take a loan against the ESOP balance. Dividends earned on the ESOP common stock are distributed to the other plan investment election(s) according to the participants most recent investment election. If such an election has not been made by a participant, dividends from the stock held in a participants ESOP account are invested for the participant in the money market fund investment option established under the Plan. Prior to September 30, 2010, the ESOP balance was comprised of Cabot and/or COGC common stock. Effective September 30, 2010, the investment option that allowed participants to invest in Cabot common stock was eliminated. As of December 31, 2013 and 2012, amounts remaining in the ESOP account under the Plan were $3,938,260 and $3,320,107, respectively.
Contributions: A participant may elect to defer a percentage of his or her compensation during the plan year, which is defined in the plan document and subject to the limits imposed by the Internal Revenue Code (IRC). Contributions can be made on both 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 percent of the first 6 percent of eligible compensation contributed.
The Plan also provides for additional discretionary profit-sharing contributions to eligible plan participants. The additional contributions are made at the discretion of the Company and may be adjusted from time to time. The Company presently makes discretionary profit sharing contributions to the Plan in an amount equal to 9 percent of an eligible plan participants pre-tax salary and bonus (to the extent not deferred under the Companys Deferred Compensation Plan). These contributions are subject to the vesting provisions of the Plan to the same extent as the Companys matching contributions, as described below, and the limitations imposed by the IRC. Discretionary profit-sharing contributions for the year ended December 31, 2013 were $4,276,902.
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 Companys matching and discretionary profit-sharing contributions vest at 20 percent per service year and are fully vested after five years of accredited service. A participants account becomes 100 percent 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.
If a participant leaves the Company and is rehired within five years, the prior service with the Company will be restored under the plan document. Additionally, if the participant was partially vested when the employment was initially terminated, the Company will redeposit any amount of the matching contribution which was forfeited from the account (because the participant left before becoming 100 percent vested) after repayment by the participant of his or her previous distribution, if any.
Investment Elections: The Plan allows the participants to (i) change the percentage of contributions withheld through payroll deductions 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) or via the internet, (iii) transfer the total balance of his or her accumulated investments from one fund to another 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 participants account balance exceeds $5,000, the participant can defer the payment up to age 70 1/2.
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 March 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 participants account in a specific order as provided for in the plan document.
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 six-month suspension of the participants 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 a 10 percent early distribution tax if made before age 59 1/2 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 1/2. This withdrawal will be taxable, but will not include the 10 percent early distribution tax under current tax laws.
Notes Receivable from Participants: A participant can borrow up to 50 percent of his or her vested account balance (including ESOP, but excluding discretionary profit-sharing contributions) 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 percent 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; however, early payoff of loans is permitted. The loan interest rate is set by the Administrative Committee and is one percent above the prime rate charged by the Companys 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 participants account on a quarterly basis. Loans are limited to members who are active employees.
Withdrawals upon Termination of Employment: A participant can withdraw the total vested amount in their 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 participants account will be paid and may 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 rollover the funds as allowed by the IRC. If death occurs before retirement, the full value of the account will be paid to the designated beneficiary. Any portion of an eligible rollover distribution can be paid directly to an eligible retirement plan specified by the distributee in a direct rollover. If the withdrawal is greater than $1,000 but less than $5,000 and the member does not elect to have distributions made to an eligible retirement plan or to receive the distribution, the plan administrator will pay the distribution in a direct rollover to an individual retirement plan designated by the plan administrator.
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 described above, they will be applied against the next succeeding Company contribution.
For the year ended December 31, 2013, employer contributions were reduced by $134,096 from forfeited nonvested accounts. The unallocated forfeited accounts were $131,309 and $18,892 at December 31, 2013 and 2012, respectively.
Rollover Contributions: Generally, if a participant received a qualified total distribution as defined in the IRC, including a lump sum distribution on account of the termination of the Companys defined benefit pension plan, the participant can deposit or rollover those funds into the Plan if approved by the Administrative Committee. There were no rollover contributions from the Companys defined benefit pension plan into the Plan as the Companys defined benefit pension plan was fully liquidated in 2012.
Participant Accounts: Each participants account is credited with the participants contribution, the Company contributions and the proportionate allocation of the earnings of the Plan, as defined in the plan document.
Plan Trustee: Fidelity Management Trust Company (Trustee) 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.
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation: The accompanying financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America.
Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
Valuation of Investments: Investments are recorded at fair value based on externally quoted and reported market prices. For further information on the Plans valuation of investments, please refer to Note G Fair Value Measurements.
Net Appreciation/(Depreciation) in Fair Value of Investments: The statement of changes in net assets available for plan benefits presents the net appreciation/(depreciation) in the fair value of investments which consists of realized gains or losses and the unrealized appreciation/(depreciation) on those investments.
Payment of Benefits: Benefits are recorded when paid.
Administrative Expenses: Investment related expenses are included in net appreciation in fair value of investments. Administrative expenses consist of all expenses incidental to the administration, termination or protection of the Plan, including, but not limited to, legal, accounting, investment manager and trustee fees. Substantially all administrative expenses, except for expenses associated with loans to participants and participant directed investment transactions, were paid by the Company. Those expenses paid by the Company are excluded from these financial statements.
Beginning in 2013, the Plan entered into a Revenue Credit program with the Trustee whereby, on an annual basis the Plan is eligible to receive a credit of $50,000, paid quarterly in arrears to an ERISA account. Qualified Plan expenses may be paid from the ERISA account. During the year, the Plan received $37,500 from the Trustee and has reflected the receipt as an increase in other income. At December 31, 2013, there was $35,700 remaining in the ERISA account.
Risks and Uncertainties: The Plan provides for various investment options in any combination of stocks and mutual funds. Investment securities are exposed to various risks, such as market and credit risk. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and such changes could materially affect the amounts reported in the statement of net assets available for benefits.
NOTE C - INVESTMENTS
The following table presents the fair value of investments held by the Plan. Individual investments that represent five percent or more of the Plans net assets available for benefits in either plan year are shown separately:
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December 31, |
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2013 |
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2012 |
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Value |
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Shares |
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Value |
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Shares |
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Cabot Oil & Gas Corporation Common Stock |
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$ |
48,863,275 |
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1,260,662 |
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$ |
30,476,202 |
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1,225,420 |
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Oakmark Fund - Class I |
|
9,837,434 |
|
154,604 |
|
6,810,058 |
|
140,327 |
| ||
Davis New York Venture Fund - Class Y |
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|
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* |
5,025,039 |
|
142,960 |
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Fidelity Money Market Trust Retirement Money Market Portfolio |
|
17,266,540 |
|
17,266,540 |
|
18,058,551 |
|
18,058,551 |
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Spartan 500 Index Fund - Advantage Class |
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6,895,294 |
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105,288 |
|
5,065,153 |
|
100,320 |
| ||
Spartan U.S. Bond Index Fund - Advantage Class |
|
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|
|
* |
7,077,383 |
|
595,238 |
| ||
Oakmark Equity and Income Fund - Class I |
|
7,299,043 |
|
223,554 |
|
5,698,885 |
|
199,961 |
| ||
Total investments exceeding 5% |
|
90,161,586 |
|
|
|
78,211,271 |
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|
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Other |
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41,777,930 |
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|
|
20,770,692 |
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|
| ||
TOTAL INVESTMENTS |
|
$ |
131,939,516 |
|
|
|
$ |
98,981,963 |
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|
|
* Investment individually does not represent 5% or more of the net assets available for benefits in year disclosed but is included for comparative purposes.
During the year ended December 31, 2013, the Plans investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated in value as follows:
Common stock |
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$ |
16,977,410 |
|
Mutual funds |
|
9,324,017 |
| |
TOTAL NET APPRECIATION |
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$ |
26,301,427 |
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NOTE D - PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the right under the plan agreement to discontinue its contributions at any time and terminate the Plan subject to the provisions of ERISA. In the event of a plan termination, participants will become 100% vested in their accounts and all assets remaining in the Plan will be paid to the participants and their beneficiaries in accordance with the plan document.
NOTE E - INCOME TAX STATUS
The Plan is designed to constitute a Qualified Plan under the provisions of Section 401(a) of the IRC and, therefore, exempt from federal income tax under the provisions of Section 501(a). The Plan obtained its latest determination letter on May 24, 2012, in which the Internal Revenue Service (IRS) stated that the Plan was in compliance with the applicable requirements of the IRC. Therefore, no provision for income taxes has been included in the Plans financial statements. As of December 31, 2013, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2010 forward (with limited exceptions). The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.
Accounting principles generally accepted in the United States of America require plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2013, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements.
NOTE F - 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 Plans management has approved these investment options.
The Plan also invests in the Companys common stock. Transactions in Company stock are considered party-in-interest transactions because the Company is the Plans sponsor.
NOTE G - FAIR VALUE MEASUREMENTS
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The transaction is based on a hypothetical transaction in the principal or most advantageous market considered from the perspective of the market participant that holds the asset or owes the liability.
The Plan utilizes market data or assumptions that market participants who are independent, knowledgeable and willing and able to transact would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable. The Plan attempts to utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The Plan is able to classify fair value balances based on the observability of those inputs. Authoritative guidance establishes a formal fair value hierarchy based on the inputs used to measure fair value. The hierarchy gives the highest priority to level 1 measurements and the lowest priority to level 3 measurements, and accordingly, level 1 measurements should be used whenever possible.
The three levels of the fair value hierarchy are as follows:
· Level 1: Valuations utilizing quoted, unadjusted prices for identical assets or liabilities in active markets that the Plan has the ability to access. This is the most reliable evidence of fair value and does not require a significant degree of judgment.
· Level 2: Valuations utilizing quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly for substantially the full term of the asset or liability.
· Level 3: Valuations utilizing significant, unobservable inputs. This provides the least objective evidence of fair value and requires a significant degree of judgment. Inputs may be used with internally developed methodologies and should reflect an entitys assumptions using the best information available about the assumptions that market participants would use in pricing an asset or liability.
In some cases, certain inputs used to measure fair value may be categorized into different levels of the fair value hierarchy. For disclosure purposes, the lowest level that contains significant inputs used in valuation should be chosen. The Plan has classified its investments into these levels depending upon the data relied on to determine the fair values.
The following fair value hierarchy table presents information about the Plans investments measured at fair value on a recurring basis as of December 31, 2013 and 2012, respectively:
|
|
Quoted Prices |
|
Significant |
|
|
|
|
| ||||
|
|
in Active |
|
Other |
|
Significant |
|
|
| ||||
|
|
Markets for |
|
Observable |
|
Unobservable |
|
Balance as of |
| ||||
|
|
Identical Assets |
|
Inputs |
|
Inputs |
|
December 31, |
| ||||
|
|
(Level 1) |
|
(Level 2) |
|
(Level 3) |
|
2013 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Mutual Funds: |
|
|
|
|
|
|
|
|
| ||||
Lifecycle Funds |
|
$ |
13,065,478 |
|
$ |
|
|
$ |
|
|
$ |
13,065,478 |
|
Index Funds |
|
12,143,529 |
|
|
|
|
|
12,143,529 |
| ||||
Balanced Funds |
|
38,169,382 |
|
|
|
|
|
38,169,382 |
| ||||
Growth Funds |
|
2,431,312 |
|
|
|
|
|
2,431,312 |
| ||||
Total Mutual Funds |
|
65,809,701 |
|
|
|
|
|
65,809,701 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Money Market |
|
17,266,540 |
|
|
|
|
|
17,266,540 |
| ||||
Common Stock |
|
48,863,275 |
|
|
|
|
|
48,863,275 |
| ||||
Total investments measured at fair value |
|
$ |
131,939,516 |
|
$ |
|
|
$ |
|
|
$ |
131,939,516 |
|
|
|
Quoted Prices |
|
Significant |
|
|
|
|
| ||||
|
|
in Active |
|
Other |
|
Significant |
|
|
| ||||
|
|
Markets for |
|
Observable |
|
Unobservable |
|
Balance as of |
| ||||
|
|
Identical Assets |
|
Inputs |
|
Inputs |
|
December 31, |
| ||||
|
|
(Level 1) |
|
(Level 2) |
|
(Level 3) |
|
2012 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Mutual Funds: |
|
|
|
|
|
|
|
|
| ||||
Lifecycle Funds |
|
$ |
9,065,553 |
|
$ |
|
|
$ |
|
|
$ |
9,065,553 |
|
Index Funds |
|
12,165,740 |
|
|
|
|
|
12,165,740 |
| ||||
Balanced Funds |
|
27,412,844 |
|
|
|
|
|
27,412,844 |
| ||||
Growth Funds |
|
1,803,073 |
|
|
|
|
|
1,803,073 |
| ||||
Total Mutual Funds |
|
50,447,210 |
|
|
|
|
|
50,447,210 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Money Market |
|
18,058,551 |
|
|
|
|
|
18,058,551 |
| ||||
Common Stock |
|
30,476,202 |
|
|
|
|
|
30,476,202 |
| ||||
Total investments measured at fair value |
|
$ |
98,981,963 |
|
$ |
|
|
$ |
|
|
$ |
98,981,963 |
|
The determination of the fair values above incorporates various factors. The Plans valuation methodology used to measure the fair values of money market funds, mutual funds and common stock were derived from quoted closing market prices traded in active markets.
CABOT OIL & GAS CORPORATION SAVINGS INVESTMENT PLAN SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) DECEMBER 31, 2013 |
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EIN No. 04-3072771 |
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(c) |
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(b) |
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Description of Investment |
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Identity of Issue, |
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Including Maturity Date, Rate |
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(e) |
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Borrower, Lessor, or |
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of Interest, Collateral, Par or |
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(d) |
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Current |
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(a) |
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Similar Party |
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Maturity Value |
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Cost |
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Value |
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MONEY MARKET |
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* |
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Fidelity Mgmt. Trust Co. |
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Fidelity Money Market Trust Retirement Money Market Portfolio |
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N/A |
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$ |
17,266,540 |
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MUTUAL FUNDS |
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|
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|
| |
* |
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Fidelity Mgmt. Trust Co. |
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Spartan 500 Index Fund - Advantage Class |
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N/A |
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6,895,294 |
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| |
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* |
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Fidelity Mgmt. Trust Co. |
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Spartan U.S. Bond Index Fund - Advantage Class |
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N/A |
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5,248,235 |
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* |
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Fidelity Mgmt. Trust Co. |
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Fidelity Diversified International Fund- Class K |
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N/A |
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3,801,804 |
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* |
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Fidelity Mgmt. Trust Co. |
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Oakmark Fund - Class I |
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N/A |
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9,837,434 |
| |
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|
|
|
|
|
|
|
| |
* |
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Fidelity Mgmt. Trust Co. |
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Davis New York Venture Fund - Class Y |
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N/A |
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6,640,916 |
| |
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|
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|
|
| |
* |
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Fidelity Mgmt. Trust Co. |
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Calamos Growth Fund - Institutional Class |
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N/A |
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2,431,312 |
| |
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|
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* |
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Fidelity Mgmt. Trust Co. |
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Lord Abbett Mid Cap Value Fund - Class A |
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N/A |
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3,737,206 |
| |
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|
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|
|
| |
* |
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Fidelity Mgmt. Trust Co. |
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Oakmark Equity and Income Fund - Class I |
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N/A |
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7,299,043 |
| |
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|
|
|
|
|
|
|
|
| |
* |
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Fidelity Mgmt. Trust Co. |
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Fidelity Capital Appreciation Fund - Class K |
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N/A |
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3,541,395 |
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* |
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Fidelity Mgmt. Trust Co. |
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Fidelity Small Cap Stock Fund |
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N/A |
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3,311,584 |
| |
* |
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Fidelity Mgmt. Trust Co. |
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Fidelity Freedom K Income Fund |
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N/A |
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319,587 |
| |
* |
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Fidelity Mgmt. Trust Co. |
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Fidelity Freedom K 2000 Fund |
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N/A |
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788 |
| |
* |
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Fidelity Mgmt. Trust Co. |
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Fidelity Freedom K 2005 Fund |
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N/A |
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8,109 |
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* |
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Fidelity Mgmt. Trust Co. |
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Fidelity Freedom K 2010 Fund |
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N/A |
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337,152 |
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* |
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Fidelity Mgmt. Trust Co. |
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Fidelity Freedom K 2015 Fund |
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N/A |
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1,418,740 |
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* |
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Fidelity Mgmt. Trust Co. |
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Fidelity Freedom K 2020 Fund |
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N/A |
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2,808,163 |
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* |
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Fidelity Mgmt. Trust Co. |
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Fidelity Freedom K 2025 Fund |
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N/A |
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2,834,260 |
| |
* |
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Fidelity Mgmt. Trust Co. |
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Fidelity Freedom K 2030 Fund |
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N/A |
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1,828,994 |
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* |
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Fidelity Mgmt. Trust Co. |
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Fidelity Freedom K 2035 Fund |
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N/A |
|
564,280 |
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* |
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Fidelity Mgmt. Trust Co. |
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Fidleity Freedom K 2040 Fund |
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N/A |
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753,357 |
| |
* |
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Fidelity Mgmt. Trust Co. |
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Fidelity Freedom K 2045 Fund |
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N/A |
|
657,323 |
| |
* |
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Fidelity Mgmt. Trust Co. |
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Fidelity Freedom K 2050 Fund |
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N/A |
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1,372,826 |
| |
* |
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Fidelity Mgmt. Trust Co. |
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Fidelity Freedom K 2055 Fund |
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N/A |
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161,899 |
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COMMON STOCK |
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* |
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Cabot Oil & Gas Corporation |
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Cabot Oil & Gas Corporation Common Stock (1,260,662 shares) |
|
N/A |
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48,863,275 |
| |
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| |
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* |
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PARTICIPANT LOANS |
|
4.25% various maturity dates through December 2018 |
|
|
|
1,145,455 |
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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$ |
133,084,971 |
|
N/A - Not applicable as permitted by Department of Labor for participant-directed individual account plans.
See Report of Independent Registered Public Accounting Firm.
Pursuant to the requirements of the Securities Exchange Act of 1934, the Administrative Committee of the Plan has duly caused this annual report to be signed on their behalf by the undersigned hereunto duly authorized.
|
Cabot Oil & Gas Corporation Savings Investment Plan | |
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| |
Date: June 26, 2014 |
By: |
/s/ Todd M. Roemer |
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|
Todd M. Roemer |
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|
Controller |
The following are included as exhibits to the report:
Number |
|
Description |
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|
|
23.1 |
|
Consent of UHY LLP |