Cabot O&G in 2012: Membership in 2 Different “1 Billion” Clubs
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:
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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.
This is an astonishing turnaround. Denise Dennis, a very vocal critic of gas drilling and someone who caught national attention two years ago by denouncing natural gas drilling and comparing it to the tobacco industry at a Philadelphia City Council meeting, has just signed a lease with Cabot Oil & Gas to allow drilling under her historic property in Susquehanna County, PA.
WPX Energy, a company formed in January 2011 by Williams (created by spinning off the Williams exploration and production division) released their third quarter financial and operational update last week. The report losing $64 million in 3Q12. Most of WPX’s operations and focus has been in plays other than the Marcellus, including a big focus on the Bakken Shale, where they drill for oil, and the Piceance Basin in northwestern Colorado where they drill for wet natural gas.