Cabot Oil & Gas To Close 2 Regional Offices

Cabot estimated that between $3.5 million and $5 million will be reserved before taxes to cover the cost of the shift.

Phil Stalnaker, who previously managed the West Region, will serve as manager of the North Region. Cabot's Gulf Coast assets will be combined with its mid-continent assets to form a new South Region, helmed by the current Gulf Coast regional manager, Matt Reid.

Due to the consolidation, Thomas Liberatore resigned as vice president for the East Region.

Cabot shares gained $2.40, or 7.5 percent, to $34.21 on Thursday before the reorganization was announced. The stock has traded between $17.84 and $72.92 during the past 52 weeks.