Cabot Oil & Gas Corp. (NYSE: COG) detailed first-quarter 2015 financial results on April 24. The quarter ended March 31.

Cash flow from operations during the quarter was $267.4 million, compared with $255.4 million in 2014’s first quarter. There was less discretionary cash flow-- $240.2 million in first-quarter 2015, compared with $319.5 million in first-quarter 2014.

There was also less net income. First-quarter 2015 had $40.3 million, while first-quarter 2014 saw $107.0 million. Significantly lower natural gas and oil prices drove the net income down this year, Cabot said, noting there was higher equivalent production.

Including hedges, natural gas cost $2.46 per thousand cubic feet (Mcf) in 2015’s first quarter. This was 34% lower compared with 2014’s first quarter. Oil cost $43.82 per barrel, 55% less than in first-quarter 2014.

Operating expenses, except transportation and gathering, were lower in 2015.

Regarding liquidity, on April 17, Cabot closed a revolving credit facility amendment that increased the borrowing base to $3.4 billion. The 20 lenders’ commitments increased to $1.8 billion, and the facility’s maturity date was extended by three years to 2020.

The facility had $265 million in outstanding borrowings.

The 2015 capital program remains at $900 million. About 65% of the budget will be incurred in the year’s first half, while 35% will be spent in the third and fourth quarters.

Cabot Oil & Gas Corp. is based in Houston.