Cabot Confirms Drilling Spending to Decline in 2012

(Corrects to show budget cut was previously announced.)

Cabot Oil & Gas Corp. (COG), the best performer in the Standard & Poor’s 500 Index last year, confirmed that it will spend $750 million to $790 million to find and produce oil and natural gas this year, compared with $905.5 million spent in 2011. The company, based in Houston, made the statement in a filing with the U.S. Securities and Exchange Commission.

To contact the reporter on this story: Joe Carroll in Chicago at jcarroll8@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net

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