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Article: Cabot Oil & Gas Corporation Converts Preferred Stock
- Article from:
- PR Newswire
- Article date:
- September 25, 1997
CopyrightCOPYRIGHT 1997 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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HOUSTON, Sept. 25 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG) announced today it is converting all of the 692,439 outstanding shares of COG's $3.125 Convertible Preferred Stock into approximately 1,649,000 COG common shares. The preferred stock became convertible at Cabot Oil & Gas Corporation's option when the Company's common shares closed at or above the $21.00 conversion price of the preferred stock for twenty consecutive days. The impact on Cabot Oil & Gas Corporation going forward is a $2.2 million annual increase in net income available to common shareholders (bottom line income) as a result of eliminating the preferred dividend. This improvement ...