History of Cabot Oil & Gas Corporation

History of Cabot Oil & Gas Corporation

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Cabot Oil & Gas Corporation logoHistory of Cabot Oil & Gas CorporationCabot Oil & Gas Corporation is an independent oil and gas company engaged in the development, exploitation and exploration of oil and gas properties, exclusively in the continental United States. The Company’s primary areas of operation include Appalachia, east and south Texas, and Oklahoma. Its assets are concentrated in areas with hydrocarbon resources, which are conducive to multi-well, repeatable drilling programs.

Cabot Oil & Gas office, Houston, TX, USAThe Company produced 187.5 billion cubic feet of natural gas equivalent, or 513.7 million cubic feet of natural gas equivalent per day, during the year ended December 31, 2011. Its proved reserves totaled approximately 3,033 billion cubic feet of natural gas equivalent at December 31, 2011, of which 96% were natural gas. During 2011, it drilled 161 gross wells. In October 2011, it sold certain proved oil and gas properties located in Colorado, Utah and Wyoming to Breitburn Energy Partners, L.P. In May 2011, it sold certain of its unproved Haynesville and Bossier Shale oil and gas properties in east Texas to a third party.

The Company’s properties are primarily located in Appalachia, east and south Texas and Oklahoma. Its activities in Appalachia are concentrated primarily in northeast Pennsylvania and in West Virginia. There are multiple producing intervals in Appalachia that includes the Devonian (including Marcellus), Big Lime, Weir and Berea shale formations at depths primarily ranging from approximately 950 to 7,800 feet, with an average depth of approximately 4,375 feet. Principal producing intervals in east Texas are in the Cotton Valley, Haynesville, Bossier, and James Lime formations and the principal producing intervals in south Texas are in the Eagle Ford, Frio, Vicksburg and Wilcox formations, with total depths ranging from approximately 2,650 to 19,650 feet, with an average depth of approximately 11,150 feet. Its activities in Oklahoma include the Marmaton, Chase, Morrow and Chester formations in the Anadarko Basin at depths ranging from approximately 2,350 to 18,630 feet, with an average depth of approximately 10,490 feet. The Company also holds undeveloped acreage in the Rocky Mountains, located in Montana and Nevada.

Cabot Oil & Gas operates a number of gas gathering and transmission pipeline systems, made up of approximately 3,105 miles of pipeline with interconnects to three interstate transmission systems and five local distribution companies and end users as of the end of 2011. The majority of its 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. As such, the transportation rates and terms of service of its pipeline subsidiary, Cranberry Pipeline Corporation, are subject to the rules and regulations of the FERC and the WVPSC. The Company also has two natural gas storage fields located in West Virginia with a combined working capacity of approximately four billion cubic feet of natural gas. In 2011, it produced and marketed approximately 490 million cubic feet of natural gas equivalent per day of natural gas and four thousand barrels of crude oil/condensate/ natural gas liquids (NGL) per day. At December 31, 2011, the Company had 1,233.1 billion cubic feet of natural gas equivalent of proved undeveloped reserves.

Cabot, a mid-sized independent, trades on the New York Stock Exchange under the ticker “COG” and is a member of the S&P 500 Index.


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