Despite severe winter weather that curtailed some of Cabot Oil & Gas Inc.’s production in both Texas and Pennsylvania in the first quarter, newfound momentum and a growing confidence in its assets will find it deploying another rig in the third quarter and scrapping its year-end plans to cut its budget by $75 million.
Articles from Cabot
An oversupplied market and sagging basis differentials in the Northeast will find Cabot Oil and Gas Corp. reducing its capital budget by $75 million this year and adding no rigs in either the Marcellus or Eagle Ford shales as it opts instead to complete a backlog of wells in order to grow production.
With additional transport capacity added this quarter and with Marcellus gas flowing readily from its wells in Pennsylvania, Cabot Oil & Gas Corp. adjusted its 2013 production growth guidance from a low of 44% to the 50-55% range on Thursday.
Cabot Oil & Gas Corp. plans to repurchase up to 10 million shares of its stock to generate cash flow and ramp up drilling in the Marcellus and Eagle Ford shales as it moves forward from one of the best quarters in its history, executives said Friday.
Exploration and production (E&P) companies remain enthusiastic about the U.S. onshore, in particular the Permian Basin, Niobrara formation, Utica Shale and the Tuscaloosa Marine Shale (TMS), based on observations at the recent EnerCom Consulting oil and natural gas conference, said two analyst teams who were there. However, Marcellus Shale pricing appears to be a “real concern for the buyside.”
Hurricane Sandy appears to have posed a minimal disruption to oil and gas companies operating in the Marcellus Shale.
The Pennsylvania Supreme Court will hear oral arguments on the constitutionality of Act 13, the state’s new omnibus Marcellus Shale law, on Oct. 17 in Pittsburgh.
A couple from Susquehanna County, PA, at the center of a controversial mineral rights case wants the state’s Supreme Court to throw out a lower court’s ruling and end the anxiety shared by energy companies and landowners alike over uncertain ownership rights in the Marcellus Shale.