Cabot Oil & Gas

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Cabot Oil & Gas Corporation
Public company
Traded as NYSECOG
S&P 500 Component
Industry Petroleum industry
Founded 1989 (1989)
Headquarters Houston, Texas
Key people
Dan O. Dinges (CEO)[1]
Products Petroleum, natural gas, natural gas liquids
Production output
627.1 billion cubic feet equivalent of natural gas (2016)[2]
Revenue Decrease US$1.155 billion (2016)[2]
Decrease -US$0.566 billion (2016)[2]
Decrease -US$0.417 billion (2016)[2]
Total assets Decrease US$5.122 billion (2016)[2]
Total equity Increase US$2.567 billion (2016)[2]
Number of employees
421 employees in addition to 155 employees of the subsidiary GasSearch Drilling Services Corporation (2016)[2]
Website www.cabotog.com

Cabot Oil & Gas Corporation is a petroleum, natural gas, and natural gas liquids exploration and production company based in Houston, Texas.

Current operations[edit]

As of December 31, 2016, the company had 8.576 trillion cubic feet equivalent of proved reserves, of which 96.5% was natural gas on an energy-equivalent basis, and 92% were in the Marcellus Shale. In 2016, the company produced 627.1 billion cubic feet equivalent of natural gas.[2]

The company operates in the Marcellus Shale in Pennsylvania, where it controls approximately 179,000 net acres[2][3] as well as in the Eagle Ford Shale, where it controls approximately 84,000 net acres.[2][4]

History[edit]

The company became a public company via an initial public offering in 1990.[5]

In 1994, the company acquired Washington Energy Resources in a $180 million stock transaction.[6]

In 1995, the company ousted John Lollar, its chairman and CEO, in part due to the ill-timing of the acquisition of Washington Energy Resources.[7]

In 2008, the company was added to the S&P 500 index.[8]

In 2013, the company sold its assets in the Marmaton play of Oklahoma and West Texas for $160 million.[9]

Controversies[edit]

Environmental damage[edit]

The company has been cited for violations in regard to spills of toxic hydro-fracking fluids in Northeastern Pennsylvania.[10]

The company was cited for improper well construction as a result of polluted drinking water.[11]

Restraining order on anti-fracking activist[edit]

In January 2014, Cabot sought, and a judge granted, a temporary injunction barring anti-fracking activist Vera Scroggins from entering on any land in Pennsylvania owned or leased by Cabot. "In total, 312.5 sq miles are no-go areas for Scroggins under a sweeping court order granted by a local judge that bars her from any properties owned or leased by one of the biggest drillers in the Pennsylvania natural gas rush, Cabot Oil & Gas Corporation." It was noted by Cabot during court testimony that Scroggins had violated no laws and that this lawsuit was based on her being considered a "nuisance" due to her reporting and activism at Cabot sites.[12]

References[edit]

  1. ^ Dan O. Dinges
  2. ^ a b c d e f g h i j Cabot Oil & Gas 2016 Form 10-K Annual Report
  3. ^ Cabot Oil & Gas: Marcellus Shale
  4. ^ Cabot Oil & Gas: Eagle Ford Shale
  5. ^ "Cabot Oil & Gas Announces CEO Succession Plan" (Press release). PRNewswire. December 15, 1998. 
  6. ^ "Cabot Oil Adding Washington State Energy Unit". New York Times. February 26, 1994. 
  7. ^ "Cabot Oil and Gas Ousts its Top Officer". New York Times. May 20, 1995. 
  8. ^ "Standard & Poor's Announces Changes to U.S. Indices" (Press release). PRNewswire. June 12, 2008. 
  9. ^ "Cabot Oil & Gas Corporation Announces Sale of Marmaton and West Texas Properties" (Press release). PRNewswire. October 17, 2013. 
  10. ^ "Cited for chemical spills, Cabot Oil reports another". The Times Tribune. September 23, 2009. 
  11. ^ "Cabot slapped with violation". Upstream. January 9, 2012. 
  12. ^ Goldenberg, Suzanne (29 January 2014). "The anti-fracking activist barred from 312.5 sq miles of Pennsylvania". The Guardian. 

External links[edit]