Coterra Energy (Cabot O&G)

Coterra Energy (Cabot O&G) | Energy Companies | Pennsylvania | Susquehanna County

Cabot Keeps Rockin’ It in the Marcellus Shale
April 25, 2013April 25, 2013

Yesterday, Cabot Oil & Gas issued financial results for the first quarter of 2013. Natural gas production for the company was up a whopping 50% over last year, and up 13% from last quarter! As MDN had previously noted, the company was the first to hit 1 billion cubic feet of production per day in the PA Marcellus Shale (see Who’s a Member of the Marcellus “1 Bcf/d” Club?).

Net income for the company was up over last year ($42.8M as opposed ti $18.3M last year in 1Q). According to company CEO Dan Dinges, the key to their success is the Marcellus. The Cabot statement from yesterday:

Read More “Cabot Keeps Rockin’ It in the Marcellus Shale”
Coterra Energy (Cabot O&G) | Energy Companies | Pennsylvania | Susquehanna County

Cabot Spins Gold from Hay with Low Cost Drilling
March 27, 2013March 27, 2013

Cabot Oil & Gas is, so far, the only driller to attain 1 billion cubic feet per day of natural production in the Marcellus Shale (see Who’s a Member of the Marcellus “1 Bcf/d” Club?). Perhaps the most astonishing part of their story is that all of Cabot’s drilling happens in rural northeastern Susquehanna County, PA. Although Cabot is some 10 times smaller than Chesapeake Energy, the value of their stock (market capitalization) recently surpassed Chesapeake (see Guest Post: Corporate Hubris Humbles Chesapeake – Cabot Soars Sure & Steady).

Cabot’s ability to spin gold from hay is in no small part because of their Marcellus operation in Susquehanna County…

At a recent conference, Cabot made an investor presentation (full copy below) that shows, in part, why they’re so profitable—even in a low commodity price environment. As we’re writing this story, the commodity price of natural gas is exactly $4 per thousand cubic feet. Depending on geography, the cost to produce natural gas approaches $4/Mcf for many drillers. But for Cabot? Their average cost per Mcf in 2012 was $1.67, and for 2013 they estimate it will go even lower (see slide 10 below).

Read More “Cabot Spins Gold from Hay with Low Cost Drilling”
Coterra Energy (Cabot O&G) | Economic Impact | Energy Companies | Hydraulic Fracturing | Industrywide Issues | Pennsylvania | Susquehanna County

Cabot O&G: Giant Marcellus Shale Wells in NE PA
March 1, 2013March 1, 2013

Last week energy analyst Richard Zeits posted a terrific piece on Cabot Oil & Gas on the Seeking Alpha website (see Cabot’s Drilling in Susquehanna County Moves Needle on U.S. Supplies). Zeits turns in a “part 2” on the Cabot story yesterday—and if anything, it’s even better. In his latest post, Zeits talks about the uber-productive wells Cabot has drilled in Susquehanna County, PA. Cabot had 30 wells in the fourth quarter of last year that turned in initial 24-hour flow rates of 20 million cubic feet of natural gas, settling back to a 30-day average rate of 16.6 Mmcf/d.

Even more astonishing? One well they drilled—with 35 frack stages—had a 24-hour initial rate of 41.4 Mmcf/d and settled back to a 30-day average of 35.9 Mmcf/d. Superlatives are not enough to express how big this news is. These are the highest numbers we’ve ever seen—higher than the Gulfport wells in the Ohio Utica Shale (although this is dry gas only, so it’s not a true apples to apples comparison). This is big news not only for Cabot and Pennsylvania…these wells are relatively close to the border of New York State. Hello Gov. Ditherer!

Read More “Cabot O&G: Giant Marcellus Shale Wells in NE PA”
About MDN | Coterra Energy (Cabot O&G) | Education | Energy Companies | Energy Services | Gulfport Energy | Industrywide Issues | MarkWest Energy | MDN Resources | Ohio | Statewide OH | Utica Shale

Live from Columbus, OH… Utica Shale Confab – Day 2
March 1, 2013March 1, 2013

Wednesday was the conclusion of the two-day 2nd Utica Shale Development & Growth Forum in Columbus, Ohio. MDN Editor Jim Willis moderated a panel of shale industry media reporters. It was fun! (See my presentation slides below.) We also heard speakers from MarkWest, Penn State’s Marcellus Center, and from Cabot Oil & Gas. Jim’s conference notes from Day 2, including a slip about new numbers coming Gulfport in the Utica…

Read More “Live from Columbus, OH… Utica Shale Confab – Day 2”
Chesapeake Energy | Coterra Energy (Cabot O&G) | Energy Companies | Guest Post

Guest Post: Corporate Hubris Humbles Chesapeake – Cabot Soars Sure & Steady
March 1, 2013March 1, 2013

The following guest post is from MDN subscriber and friend, Chris Acker. Every day Chris sends MDN editor Jim Willis a list of items he notices in the news that may be of interest to MDN readers, and Jim includes many of them. The MDN service is made better because of readers like Chris—and we publicly thank him.

Chris owns property in Susquehanna County, PA, which is leased with Cabot Oil & Gas. He looks forward to the day when his property is drilled by Cabot. In the meantime, Chris watches Cabot (and other drillers) and keeps tabs on their operational and financial health. Chris points out in his post below that for the first time in many years, Cabot Oil & Gas’ market capitalization has exceeded that of Chesapeake Energy. Chesapeake is the country’s second largest natural gas driller with revenues many times that of Cabot—so this is a true milestone.

Read More “Guest Post: Corporate Hubris Humbles Chesapeake – Cabot Soars Sure & Steady”
Coterra Energy (Cabot O&G) | Energy Companies | Pennsylvania | Susquehanna County

Cabot’s Drilling in Susquehanna County Moves Needle on U.S. Supplies
February 26, 2013February 26, 2013

Another post from energy analyst Richard Zeits on the Seeking Alpha website—this time about the tremendous amount of natural gas Cabot Oil & Gas is mining in Susquehanna County, PA. Zeits says the gas Cabot is finding and selling “may be material to the U.S. supply.” You read that right. One “little” oil and gas driller’s efforts in rural Susquehanna County, PA may well end up influencing the entire U.S. energy picture.

Full of charts and maps and oodles of great information, here’s a small portion of Zeits’ analysis, a prediction for how long Cabot will be drilling in Susquehanna County, and how many wells they’ll end up drilling there:

Read More “Cabot’s Drilling in Susquehanna County Moves Needle on U.S. Supplies”
Coterra Energy (Cabot O&G) | Energy Companies | Pennsylvania | Susquehanna County

Cabot O&G Operational Update for Marcellus Shale
February 25, 2013February 25, 2013

Last week MDN told you about Cabot’s distinction in belonging to two different “1 billion” clubs (see Cabot O&G in 2012: Membership in 2 Different “1 Billion” Clubs). About the same time Cabot released their financial results, they also released an operational update which we neglected to report.

Below is the portion of that report for Cabot’s Marcellus Shale operations:

Read More “Cabot O&G Operational Update for Marcellus Shale”
Coterra Energy (Cabot O&G) | Energy Companies | Pennsylvania | Susquehanna County

Cabot O&G in 2012: Membership in 2 Different “1 Billion” Clubs
February 22, 2013February 22, 2013

The 2012 reports continue to roll in. Cabot Oil & Gas has just reported its 2012 report and the results are extraordinary. Cabot joined two different “1 billion” clubs in 2012. First, they surpassed $1 billion in revenues for 2012, earning $1.2 billion. Second, they became the first (and so far only) company to achieve 1 billion cubic feet of natural gas production per day in the Marcellus Shale (see Who’s a Member of the Marcellus “1 Bcf/d” Club?).

Companywide, Cabot’s natural gas production was up an astonishing 43% over 2011, much of that from their drilling in Susquehanna County, PA. Cabot is a great company run by great people, and they have a lot to be proud of when it comes to their performance last year. Here’s the numbers and the rundown for Cabot in 2012:

Read More “Cabot O&G in 2012: Membership in 2 Different “1 Billion” Clubs”
Anti-Drilling/Fossil Fuel | Coterra Energy (Cabot O&G) | Energy Companies | Industrywide Issues | New York | Regulation | Statewide NY

NY Comptroller Bullies Cabot O&G over Frack Fluid Disclosure
February 6, 2013February 6, 2013

Being the sole person in charge of a pot of investments worth $150 billion is an awesome responsibility—and invests that person with an enormous amount of power. Power which can (and is) abused. New York State Comptroller Thomas P. DiNapoli is the sole person in charge of the New York State Common Retirement Fund and he regularly throws his weight around with the companies the fund invests in to strong-arm them into doing things they typically don’t want to do. Call it bullying (because that’s what it is).

The latest example: DiNapoli, himself an anti-driller, is crowing that he forced Cabot Oil & Gas, one of the companies the Fund invests in ($35.8 million), to “publicly disclose its policy and procedures for eliminating or minimizing the use of toxic substances in its hydraulic fracturing fluids.” Never mind that Cabot already lists the components of its fracking fluids in the FracFocus.org Chemical Disclosure Registry. Let’s not let facts get in the way of a good PR campaign.

Read More “NY Comptroller Bullies Cabot O&G over Frack Fluid Disclosure”
Anadarko | Chevron | CONSOL Energy | Coterra Energy (Cabot O&G) | Energy Companies | EQT Corp | EXCO Resources | Exxon Mobil | Noble Energy | Range Resources Corp | Southwestern Energy | Talisman Energy | Ultra Petroleum

Who’s a Member of the Marcellus “1 Bcf/d” Club?
January 29, 2013January 29, 2013

At the end of an article about EQT, Seeking Alpha blogger and energy analyst Richard Zeits includes a short list of companies who either already belong, or soon will join, the “1 billion cubic feet per day club” of Marcellus Shale gas production.

So far only one driller has achieved 1 Bcf/d of Marcellus production (quick, which one is it?). EQT will likely join the club in 2014. Who else is on the short list to join them? Read on to find out…

Read More “Who’s a Member of the Marcellus “1 Bcf/d” Club?”
Coterra Energy (Cabot O&G) | Energy Companies | Pennsylvania | Susquehanna County

The Real Promised Land: Driller Raises $4.4M for PA Health Clinic
January 29, 2013January 29, 2013

Contrary to the view in Promised Land that big drilling companies are evil and will shaft anyone for a buck, we find a truly amazing story about an oil and gas company’s generosity to a small northeastern Pennsylvania community—a community not unlike the one portrayed in the Matt Damon movie Promised Land.

Last year Cabot Oil & Gas kicked off a major fundraising effort to build a physicians clinic, part of a new hospital project in Montrose (Susquehanna County), PA. Friday marked the one-year anniversary of that very successful effort…

Read More “The Real Promised Land: Driller Raises $4.4M for PA Health Clinic”
Coterra Energy (Cabot O&G) | Energy Companies | Energy Services | Industrywide Issues | Pipelines | Williams

NC Utility Signs Deal with Cabot for PA Marcellus Gas
January 4, 2013January 4, 2013

Piedmont Natural Gas, a natural gas utility based in North Carolina, has just signed a 15-year contract with Cabot Oil & Gas to buy a “meaningful portion” of its natural gas supplies from the Pennsylvania Marcellus Shale starting in 2015.

Although the details of the agreement are confidential, Piedmont’s CEO did share the following on an investor’s call yesterday:

Read More “NC Utility Signs Deal with Cabot for PA Marcellus Gas”
Anadarko | Chesapeake Energy | Chevron | CONSOL Energy | Coterra Energy (Cabot O&G) | Energy Companies | EQT Corp | Exxon Mobil | Noble Energy | Range Resources Corp | Shell | Southwestern Energy | Talisman Energy

Motley Fool’s “Moguls of Marcellus”
December 20, 2012December 20, 2012

The Motley Fool investing website published a “round-up” type of article yesterday that focuses on the major players (drillers) in the Marcellus Shale, part of a series that looks at major energy plays in the U.S.

The article starts off by listing the top 11 companies by the amount of acreage they lease. They are (from highest to lowest amount of acreage):

Read More “Motley Fool’s “Moguls of Marcellus””
Coterra Energy (Cabot O&G) | Energy Companies | Pennsylvania | Susquehanna County

Cabot Boasts Highest Producing Wells in the Marcellus/Utica
December 19, 2012December 19, 2012

Cabot Oil & Gas announced yesterday that they’ve reached an important production milestone: They now produce more than one billion cubic feet of natural gas per day from the Marcellus Shale. All of Cabot’s Marcellus drilling happens in Susquehanna County, PA, so put another way, Susquehanna County is now producing more than a billion cubic feet of natural gas each and every day—and Cabot is not the only active driller in Susquehanna County! The company credits, in part, the rapid build out of pipeline infrastructure by Williams for the huge increase in production.

Buried in the same press release is what MDN considers major news. Two of Cabot’s recently drilled wells (on a single well pad) have a combined production rate exceeding 66 million cubic feet of natural gas per day (doing the math, each well averages 33 Mmcf/d). Compare that to Gulfport’s top-producing Utica Shale well, which produces 28.5 Mmcf/d (see this MDN story). Of course, there is one major difference between the Marcellus wells in northeast PA and the Utica wells in eastern OH…

Read More “Cabot Boasts Highest Producing Wells in the Marcellus/Utica”
Coterra Energy (Cabot O&G) | Energy Companies | Ohio | Statewide OH

Carrizo Exits Northern Utica Shale, Retains Southern Acreage
October 15, 2012October 17, 2012

Carrizo Oil & Gas announced today it has sold its interest in the northern portion of the Utica Shale play—in Mercer and Crawford counties in Pennsylvania and Trumbull County in Ohio—for $43 million in cash (see the map below). Carrizo’s press release does not identify who purchased the lease interest in the northern Utica. Carrizo also does not say how many net acres are represented in the sale, although an MDN story from Oct. 2011 says the initial deal Carrizo signed included 15,000 acres (see this MDN story).

Carrizo has not, however, completely exited the Utica Shale. Far from it. They retain an interest in an additional 26,000 acres in the southern part of the Utica Shale play—in Guernsey County, Ohio. Looks like Carrizo has decided which part of the Ohio Utica Shale is their “sweet spot.” From the Carrizo press release:

Read More “Carrizo Exits Northern Utica Shale, Retains Southern Acreage”
Coterra Energy (Cabot O&G) | Energy Companies | Energy Services | Industrywide Issues | New York | Otsego County | Pipelines | Statewide NY | Williams

Who is Behind StopThePipeline.org?
October 12, 2012October 12, 2012

A so-called “grassroots coalition” has formed to oppose the proposed 120-mile Constitution Pipeline. The Constitution will be built by Williams and Cabot Oil & Gas, stretching from the Marcellus Shale gas fields of Susquehanna County in northeaster Pennsylvania through New York State to Schoharie County (see this MDN story for background).

A “group” opposing the new pipeline has sprung up with an impressive web presence at the URL StopThePipeline.org. But who’s behind this group? And what are their true aims? MDN has done a bit of nosing around.

Read More “Who is Behind StopThePipeline.org?”