Cabot Oil & Gas

Cabot Oil & Gas Corporation
Public company
Traded as NYSE: COG
S&P 500 component
Industry Petroleum industry
Founded 1989 (1989)
Headquarters Houston, Texas
Key people
 Dan O. Dinges, Chairman & CEO
Scott C. Schroeder, CFO
Products Petroleum
Natural gas
Natural gas liquids
Production output
 685.3 billion cubic feet equivalent of natural gas (2017)
Revenue Increase $1.764 billion (2017)
Increase $0.100 billion (2017)
Total assets Decrease $4.727 billion (2017)
Total equity Decrease $2.523 billion (2017)
Number of employees
 308 employees in addition to 160 employees of the subsidiary GasSearch Drilling Services Corporation (2017)
Website www.cabotog.com
Footnotes / references
[1]

Cabot Oil & Gas Corporation is a petroleum, natural gas, and natural gas liquids exploration and production company organzied in Delaware and based in Houston, Texas.

Current operations

As of December 31, 2017, the company had 9.726 trillion cubic feet equivalent of proved reserves, of which 96% was natural gas and 92% was in the Marcellus Shale. In 2017, the company produced 685.3 billion cubic feet equivalent of natural gas.[1]

The company operates in the Marcellus Shale in Pennsylvania, where it controls approximately 172,000 net acres[1] as well as in the Eagle Ford Shale, where it controls approximately 79,000 net acres.[1]

History

The company became a public company via an initial public offering in 1990.[2]

In 1994, the company acquired Washington Energy Resources in a $180 million stock transaction.[3]

In 1995, the company ousted John Lollar, its chairman and CEO, in part due to the ill-timing of the acquisition of Washington Energy Resources.[4]

In 1997, the company sold oil reserves and land in northwest Pennsylvania for $92.5 million.[5]

In 2001, the company acquired Cody Energy for $230 million.[6]

In 2008, the company was added to the S&P 500 index.[7]

In 2013, the company sold its assets in the Marmaton play of Oklahoma and West Texas for $160 million.[8]

Controversies

Environmental damage

In 2009, the company has been cited for violations in regard to spills of toxic hydro-fracking fluids in Northeastern Pennsylvania.[9]

In 2012, the company was cited for improper well construction as a result of polluted drinking water.[10]

Restraining order on anti-fracking activist

In January 2014, Cabot sought, and a judge granted, a temporary injunction barring anti-fracking activist Vera Scroggins from entering on any land in Pennsylvania owned or leased by Cabot. "In total, 312.5 sq miles are no-go areas for Scroggins under a sweeping court order granted by a local judge that bars her from any properties owned or leased by one of the biggest drillers in the Pennsylvania natural gas rush, Cabot Oil & Gas Corporation." It was noted by Cabot during court testimony that Scroggins had violated no laws and that this lawsuit was based on her being considered a "nuisance" due to her reporting and activism at Cabot sites.[11]

References

  1. 1 2 3 4 "Cabot Oil & Gas Corporation 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ↑ "Cabot Oil & Gas Announces CEO Succession Plan" (Press release). PR Newswire. December 15, 1998.
  3. ↑ "Cabot Oil Adding Washington State Energy Unit". The New York Times. February 26, 1994.
  4. ↑ "Cabot Oil and Gas Ousts its Top Officer". The New York Times. May 20, 1995.
  5. ↑ "CABOT OIL TO SELL RESERVES TO LOMAK FOR $92.5 MILLION". The New York Times. Dow Jones & Company. September 9, 1997.
  6. ↑ PIEPUL, ROBERT (June 21, 2001). "Cabot Oil & Gas to acquire Cody for $230 million". Oil & Gas Journal.
  7. ↑ "Standard & Poor's Announces Changes to U.S. Indices" (Press release). PR Newswire. June 12, 2008.
  8. ↑ "Cabot Oil & Gas Corporation Announces Sale of Marmaton and West Texas Properties" (Press release). PR Newswire. October 17, 2013.
  9. ↑ "Cited for chemical spills, Cabot Oil reports another". The Scranton Times-Tribune. September 23, 2009.
  10. ↑ "Cabot slapped with violation". Upstream. January 9, 2012. (subscription required)
  11. ↑ Goldenberg, Suzanne (29 January 2014). "The anti-fracking activist barred from 312.5 sq miles of Pennsylvania". The Guardian.
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