Profile: Cabot Oil & Gas Corp (COG)
7 Mar 2014
Cabot Oil & Gas Corporation, incorporated on December 14, 1989, is an independent oil and gas company engaged in the development, exploitation and exploration of oil and gas properties. The Company’s exploration, development and production operations are primarily concentrated in three plays: the Marcellus Shale in Pennsylvania, the Eagle Ford in south Texas and the Marmaton oil play in Oklahoma. The Company also has non-core operations in various other unconventional and conventional plays throughout the continental United States. The Company’s assets are concentrated in areas with hydrocarbon resources, which are conducive to multi-well, repeatable drilling programs. In December 2012, the Company sold certain proved oil and gas properties located in south Texas. In June 2012, the Company sold a 35% non-operated working interest associated with certain of its Pearsall Shale undeveloped leaseholds in south Texas.
The Company’s Marcellus Shale is the Company's major operating area. The Company's properties are principally located in Susquehanna County and to a lesser extent Bradford and Wyoming Counties, Pennsylvania. The Company holds approximately 200,000 net acres in the dry gas window of the play. During the December 31, 2012, the Company's net production in the Marcellus Shale was 209.3 one billion cubic feet of natural gas equivalent, representing approximately 78% of the Company's total equivalent production for the year. As of December 31, 2012, the Company had a total of 224.2 net wells producing in the Marcellus Shale.
Eagle Ford Shale
The Company's properties in the Eagle Ford Shale are principally located in Atascosa, Frio, La Salle and Zavala Counties, Texas where the Company holds over 60,000 net acres in the oil window of the play. In 2012, the Company's net liquids and natural gas production from the Eagle Ford was 1,581 one thousand barrels of oil or other liquid hydrocarbons and 1.6 one billion cubic feet of natural gas, respectively, or 11.1 one billion cubic feet of natural gas equivalent, representing approximately 4% of its full year equivalent production. As of December 31, 2012, the Company had a total of 47.7 net wells producing in the Eagle Ford. The Company exited 2012 with one drilling rig operating in the play.
The Company's properties in the Marmaton oil play are principally located in Beaver County, Oklahoma and Ochiltree County, Texas. As of December 31, 2012, the Company had over 70,000 net acres in the play. In 2012, the Company's net liquids and natural gas production from the Marmaton was 364 one thousand barrels of oil or other liquid hydrocarbons and 0.6 one billion cubic feet of natural gas, or 2.8 one billion cubic feet of natural gas equivalent, representing approximately 1% of its total equivalent production for the year. As of December 31, 2012, the Company had a total of 21.1 net wells producing in the Marmaton and 3.3 net wells completing or waiting on completion. The Company exited 2012 with two drilling rigs operating in the play.
Other Oil and Gas Properties
In addition to the Company's core unconventional resource plays, the Company also operates or participates in other conventional and unconventional plays throughout the continental United States, including the Pearsall Shale in south Texas, the Utica Shale in Pennsylvania; the Cotton Valley, Haynesville, Bossier, and James Lime formations in east Texas; the Devonian Shale, Big Lime, Weir and Berea Shale in West Virginia; the Frio, Vicksburg and Wilcox formations in south Texas, and the Chase, Morrow and Chester formations in Oklahoma.
The Company operates a number of gas gathering and transmission pipelines systems, made up of approximately 3,134 miles of pipeline with interconnects to three interstate transmission systems and five local distribution companies and numerous end users as of the end of 2012. The majority of the Company's pipeline infrastructure is located in West Virginia and is regulated by the Federal Energy Regulatory Commission (FERC) for interstate transportation service and the West Virginia Public Service Commission (WVPSC) for intrastate transportation service. The Company also has two natural gas storage fields located in West Virginia with a combined working capacity of approximately four one billion cubic feet of natural gas.
Cabot Oil & Gas Corp
SUITE 1400, 840 GESSNER ROAD
HOUSTON TX 77024