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TheStreet Open House

Cabot Oil & Gas Provides Operation Update

Stocks in this article: COG

HOUSTON, Feb. 21, 2013 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG) today announced highlights from its areas of focus including the Marcellus, Eagle Ford, Marmaton and Pearsall.  "As indicated in today's other releases, our operational efforts during 2012 resulted in several record breaking performances, including new highs for both oil and gas production, total proved reserves, and cash flows," said Dan O. Dinges, Chairman, President & Chief Executive Officer.  "While we derive value from each of our plays, the Marcellus continues to be the primary contributor to our recent success."

Marcellus

Based on recently released data from the state of Pennsylvania, the Company had 15 of the top 20 producing Marcellus wells in the state during 2012. Cabot's cumulative production in the field has reached 500 Bcf in just over four years of activity. Today's gross production, depending on operational variations, remains at one Bcf per day and has reached a record of 1.038 Bcf in one 24-hour period.

Recent well successes in the Marcellus include:

  • A single well with cumulative production of 5 Bcf in 205 days.
  • A four-well pad with a combined 24-hour peak rate of 92 Mmcf per day.
  • A 13-stage well with an initial production rate of 28.5 Mmcf per day and a 30-day average production rate of 20.2 Mmcf per day.
  • A 35-stage well with a 24-hour peak rate of 41.4 Mmcf per day and a 30-day average production rate of 35.9 Mmcf per day.

Well results continue to improve as evidenced by the 13.9 Bcf estimated ultimate recovery (EUR) average for the 41 completed/producing 2012 wells.  The Company now has 10 wells with EURs in excess of 20 Bcf.  In addition, Cabot continues to de-risk its acreage with the recent post-completion flow back results from a pad location on the farthest eastern edge of its acreage position, which are consistent with the Zick area wells.  These wells represent a 9-mile step-out from the Company's Zick area and are currently waiting on pipeline, which is scheduled to arrive in the fourth quarter as planned.  Cabot also continues to improve economics with cost savings resulting from decreased stimulation costs per stage, which are down approximately 15 to 20 percent.

"Our team, in conjunction with our service partners, has done a tremendous job making a step change in our Marcellus operations during 2012," commented Dinges.  "We have thousands of locations in front of us along with ongoing infrastructure expansion plans in place to aid with this continued momentum."

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