Cabot Oil & Gas

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search
Cabot Oil & Gas Corporation
Public company
Traded as NYSECOG
S&P 500 component
Industry Petroleum industry
Founded 1989; 29 years ago (1989)
Headquarters Houston, Texas
Key people
Dan O. Dinges, Chairman & CEO
Scott C. Schroeder, CFO
Products Petroleum
Natural gas
Natural gas liquids
Production output
685.3 billion cubic feet equivalent of natural gas (2017)
Revenue Increase $1.764 billion (2017)
Increase $0.100 billion (2017)
Total assets Decrease $4.727 billion (2017)
Total equity Decrease $2.523 billion (2017)
Number of employees
308 employees in addition to 160 employees of the subsidiary GasSearch Drilling Services Corporation (2017)
Website www.cabotog.com
Footnotes / references
[1]

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

Current operations[edit]

As of December 31, 2017, the company had 9.726 trillion cubic feet equivalent of proved reserves, of which 96% was natural gas and 92% was in the Marcellus Shale. In 2017, the company produced 685.3 billion cubic feet equivalent of natural gas.[1]

The company operates in the Marcellus Shale in Pennsylvania, where it controls approximately 172,000 net acres[1] as well as in the Eagle Ford Shale, where it controls approximately 79,000 net acres.[1]

History[edit]

The company became a public company via an initial public offering in 1990.[2]

In 1994, the company acquired Washington Energy Resources in a $180 million stock transaction.[3]

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.[4]

In 1997, the company sold oil reserves and land in northwest Pennsylvania for $92.5 million.[5]

In 2001, the company acquired Cody Energy for $230 million.[6]

In 2008, the company was added to the S&P 500 index.[7]

In 2013, the company sold its assets in the Marmaton play of Oklahoma and West Texas for $160 million.[8]

Controversies[edit]

Environmental damage[edit]

In 2009, the company has been cited for violations in regard to spills of toxic hydro-fracking fluids in Northeastern Pennsylvania.[9]

In 2012, the company was cited for improper well construction as a result of polluted drinking water.[10]

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.[11]

References[edit]

External links[edit]