Cabot Oil & Gas Corporation Provides Operational Update,
Announces New Takeaway Capacity on Leidy South Expansion Project
HOUSTON, Oct. 9, 2018 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG) ("Cabot" or the "Company") today provided an operational update on the heels of the in-service of the Atlantic Sunrise project on October 6, 2018 and announced the execution of a binding precedent agreement for new pipeline takeaway capacity on Transco’s Leidy South expansion project.
Due to the delay of the Atlantic Sunrise project’s in-service date from the second-half of August 2018 to October 6, 2018 and a modest change in the timing of the Company’s third-quarter pads being placed-on-production, Cabot preliminarily expects net production for the third-quarter of 2018 to be approximately 2,029 million cubic feet equivalent (Mmcfe) per day, representing a seven percent sequential increase in daily net production relative to the second-quarter of 2018 and a 19 percent increase relative to the prior-year comparable quarter on a divestiture-adjusted basis. Cabot’s current gross operated production volumes are above 2.6 billion cubic feet (Bcf) per day, representing an increase of over 400 million cubic feet (Mmcf) per day, or 19 percent, relative to the Company’s average daily gross volumes during the second-quarter of 2018. “We are excited to finally see the Atlantic Sunrise project placed in-service almost five years after the project was initially announced,” stated Dan O. Dinges, Chairman, President and Chief Executive Officer. “This project will help alleviate the infrastructure bottlenecks that we have been operating through in Northeast Pennsylvania since the summer of 2013, resulting in an improvement in basis differentials and providing a significant opportunity to deliver a combination of returns-focused growth and free cash flow generation from our Marcellus Shale assets.”
Natural gas price realizations for the third-quarter of 2018, both including and excluding the effect of hedges, are preliminarily expected to be $2.36 per thousand cubic feet (Mcf), representing a $0.54 discount to NYMEX settlement prices compared to a $0.99 discount during the third-quarter of 2017. “Our realized prices for the third-quarter came in higher than forecasted due to narrower basis differentials as fundamentals in the Northeast continued to improve,” commented Dinges. “We anticipate a further strengthening of realized
The following information was filed by Cabot Oil Gas Corp (COG) on Tuesday, October 9, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: COG CIK: 858470 Form Type:10-Q Quarterly Report Accession Number: 0000858470-18-000056 Submitted to the SEC: Fri Oct 26 2018 3:43:52 AM EST Accepted by the SEC: Fri Oct 26 2018 Period: Sunday, September 30, 2018 Industry: Crude Petroleum And Natural Gas
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