Cabot O&G 3Q: 2.4 Bcf/d, Drilled 13 Wells, Upper Marcellus Coming
Dan Dinges, CEO of Cabot Oil & Gas, said last week: “2020 has proven to be the most challenging year for natural gas prices in the last 25 years, resulting from a multi-year trend of overcapitalization of both oil and natural gas assets across our industry.” Indeed. The company released its third-quarter 2020 update on Friday and reported a net loss of $15 million, compared to net income of $90.4 million in 3Q19. This is the first quarterly net loss for Cabot in recent memory. Still, there was plenty of good news coming from the 3Q update…
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Range Resources issued its third-quarter 2020 update on Friday. The company, the very first driller to sink a well in the Marcellus, lost $680 million in 3Q. Most of the loss was a one-time charge called “exit and termination” related to the company’s sale of their Louisiana Haynesville Shale assets in August. The update didn’t state how many new wells were drilled in the Marcellus, but it does say Range connected 19 new wells to sales in 3Q with plans to add another 7 wells to sales by the end of the year.
While Gulfport Energy (big Ohio Utica driller) hasn’t officially filed for bankruptcy, it’s certainly a possibility (see 
The bad blood between Energy Transfer (ET) and the Pennsylvania Dept. of Environmental Protection (DEP) continues. ET’s Sunoco Pipeline subsidiary is desperately trying to complete the Mariner East 2X pipeline from eastern Ohio through to Marcus Hook near Philadelphia. A recent drilling mud spill in Marsh Creek State Park prompted the DEP to demand Sunoco change the route for ME2X (which was less than 60 days from being done) to a new route around the State Park (see 
It’s all starting to come undone for FirstEnergy Corporation. Last week two of Ohio’s three largest cities sued to block annual $150 million payments to FirstEnergy’s Energy Harbor subsidiary on the basis those payments are ill-gotten gain, the result of FirstEnergy bribing government officials to pass House Bill 6 (HB 6) and keep it passed (see 
Last week EQT Corporation announced a deal to buy Chevron’s considerable Marcellus/Utica assets (land and wells) for the lowball price of $735 million (see 
MARCELLUS/UTICA REGION: Natural gas will not be eclipsed by renewables; Marcellus Shale gas benefits touted by panelists; OTHER U.S. REGIONS: Latino leaders are fighting California’s ‘unbelievably regressive’ climate policies; NATIONAL: Exxon warns of $30 billion shale writedown decade after XTO; A wave of stranded oil assets is coming to the U.S. shale patch; New analysis says DUCs can’t sustain US shale output; Oil and natural gas are our best bet for continued economic recovery; The Green New Deal can’t break the laws of physics; Biden has already failed once to deliver the “green jobs” he promises today; Shale plays fail to deliver: look to Alaska; INTERNATIONAL: Dutch municipalities receive another 100 million euros to get rid of natural gas; Russia rules out cutting fossil fuel production in next few decades.