Coterra Energy (Cabot O&G) | Energy Companies | Industrywide Issues | Litigation | Pennsylvania | Susquehanna County
Second Lawsuit Filed Against Cabot Claiming Securities Fraud
Here we go again. Just last week we told you that a New York City law firm couldn’t find enough interest to make a class action lawsuit against Cabot Oil & Gas using a sham indictment from the highly political Pennsylvania Attorney General’s office, so the law firm pulled the plug on the case (see Law Firm Withdraws Class Action Against Cabot re Securities Fraud). Another law firm is now trying the same thing…
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Cabot Oil & Gas issued an operational update yesterday to announce that because of persistently low prices for natgas, as of Sept. 18 the company curtailed approximately 372 million cubic feet equivalent per day (MMcfe/d) of gross production to finish out the last 13 days of the quarter. After that?
Somebody lit a fire under drillers in Pennsylvania last week! Or maybe we should say a fire was lit under the PA Dept. of Environmental Protection (DEP). PA issued 35 new permits last week spread pretty much across the entire state–in the northeast, central, and southwest portions of the state. Ohio, once again, issued no new Utica permits last week. West Virginia issued a single new permit last week.
Epsilon Energy concentrates most of its effort on the Marcellus in Susquehanna County, PA. Epsilon doesn’t actually do any of its own drilling. The company partners with (gives money to) other companies, like Chesapeake Energy, and the other company does the actual drilling. Epsilon, according to its website, owns ~4,000 net acres in the PA Marcellus. They also own assets in Oklahoma’s Anadarko Basin. Last week the company issued its second-quarter 2020 update.
Cabot Oil & Gas issued its 2Q20 update on Friday. CEO Dan Dinges said natural gas prices hit a historic low in 2Q (lowest since 1995), but he thinks the price will improve “this winter.” Although the price Cabot got for its gas last quarter ($1.52/Mcf) was 33% lower than a year ago, the company still made a profit. Cabot netted $30 million in 2Q, vs. netting $181 million a year ago. The company drilled 14 new shale wells, completed/fracked 31 wells, and placed 25 new wells online last quarter. They produced an average of 2.2 Bcf/d of natural gas.
In 2016 MDN told you about the Holleran family who didn’t want the much-needed Constitution Pipeline to cross their land in Susquehanna County, PA (see 
In the American system of justice, when someone is accused of committing a crime, they are presumed innocent under the law until it is proven, in a court of law, they have committed said crime. But when a defendant, someone accused of committing a crime, is a fossil fuel company, that defendant is automatically presumed to be guilty. There is no presumption of innocence. That’s what is happening to Cabot Oil & Gas.
Earlier this week Pennsylvania Attorney General Josh Shapiro announced an indictment of Cabot Oil & Gas for allegations of methane migration going back more than a decade (see 
The door has been closed on “Dimock” (in Susquehanna County, PA) for years. Dimock, you may recall, was made famous by Josh Fox’s so-called documentaries Gasland and Gasland 2, aired endlessly on HBO. His allegations about fracking malfeasance by Cabot Oil & Gas were completely debunked in a real documentary called 
In April 2017 Dimock Township (Susquehanna County, PA) resident Ray Kemble and lawyers from two different law firms filed a new lawsuit against Cabot Oil & Gas over claims of contaminated water from local fracking. Thing is, those claims were settled by Cabot with Kemble years earlier. Cabot said this was a renewed attempt to sully its good name and reputation and countersued Kemble and his lawyers for $5 million (see