Cabot Oil & Gas Corporation, an independent oil and gas company, engages in the development, exploitation, exploration, production and marketing of natural gas, oil and natural gas liquids (NGLs) exclusively within the continental United States. The company also transports, stores, gathers and purchases natural gas for resale. The company's exploration and development activities are concentrated in areas with known hydrocarbon resources, which are conducive to multi-well, repeatable drilling programs. The company’s exploration, development and production operations are primarily concentrated in two unconventional plays—the Marcellus Shale in northeast Pennsylvania and the Eagle Ford Shale in south Texas. Marcellus Shale The company’s properties are principally located in Susquehanna County and to a lesser extent Wyoming County, Pennsylvania. The company holds approximately 200,000 net acres in the dry gas window of the play. The company’s 2014 net production in the Marcellus Shale was 479.8 billion cubic feet of natural gas equivalent. As of December 31, 2014, the company had a total of 469.0 net wells in the Marcellus Shale, the majority of which are operated by the company. Eagle Ford Shale The company’s properties in the Eagle Ford Shale are principally located in Atascosa, Frio and La Salle counties, Texas, where it holds approximately 89,000 net acres in the oil window of the play. In 2014, the company’s net crude oil/condensate/NGL and natural gas production from the Eagle Ford Shale was 3,799 thousand barrels of oil or other liquid hydrocarbons and 1.5 billion cubic feet of natural gas, respectively. As of December 31, 2014, the company had a total of 167.2 net wells in the Eagle Ford. Other Oil and Gas Properties In addition to its core unconventional resource plays, the company operates or participates in other conventional and unconventional plays throughout the continental United States, including the Utica Shale in Pennsylvania; the Cotton Valley, Haynesville, Bossier, and James Lime formations in east Texas; and the Devonian Shale, Big Lime, Weir and Berea in West Virginia. Other Properties Ancillary to its exploration, development and production operations, the company operates various gas gathering and transmission pipeline systems, made up of approximately 3,100 miles of pipeline with interconnects to three interstate transmission systems and four local distribution companies and various end users as of the end of 2014. The company also has two natural gas storage fields located in West Virginia with a combined working capacity of approximately 4 billion cubic feet of natural gas. Strategy The company’s business strategy is to expand its unconventional resource initiatives. Dispositions In October 2014, the company sold certain proved and unproved oil and gas properties in east Texas to a third party. Marketing All of the company’s natural gas is sold at market sensitive prices under both long-term and short-term sales contracts. The principal markets for the company’s natural gas are in the northeastern United States and the industrialized Gulf Coast area. In the northeastern United States, the company sells natural gas to industrial customers, local distribution companies and gas marketers both on and off its pipeline and gathering system. In the Gulf Coast area, the company sells natural gas to intrastate pipelines, natural gas processors and marketing companies. Properties in the Gulf Coast area are connected to various processing plants in Texas and Louisiana with multiple interstate and intrastate deliveries, affording the company access to multiple markets. Reserves As of December 31, 2014, the company’s proved reserves totaled approximately 7,401 billion cubic feet of natural gas equivalent. Regulation Certain of the company’s pipeline systems and storage fields in West Virginia are regulated for safety compliance by the U.S. Department of Transportation and the West Virginia Public Service Commission (WVPSC). Some of the company’s pipelines are subject to regulation by the Federal Energy Regulatory Commission (FERC). The company owns an intrastate natural gas pipeline through its wholly-owned subsidiary, Cranberry Pipeline Corporation that provides interstate transportation and storage services pursuant to Section 311 of the Natural Gas Policy Act of 1978, as well as intrastate transportation and storage services that are regulated by the WVPSC. The majority of the company’s pipeline infrastructure is located in West Virginia and is regulated by FERC for interstate transportation service and WVPSC for intrastate transportation service. The company’s pipeline subsidiary, Cranberry Pipeline Corporation, is subject to the rules and regulations of the FERC and the WVPSC. It provides Section 311 service in accordance with a publicly available Statement of Operating Conditions filed with FERC under rates that are subject to approval by the FERC. Environmental and Safety Regulations The company generates some hazardous wastes that are already subject to the Federal Resource Conservation and Recovery Act and comparable state statutes. Its operations are subject to the Federal Clean Air Act and comparable local and state laws and regulations to control emissions from sources of air pollution. The company is subject to the requirements of the federal Occupational Safety and Health Act, and comparable state laws. History Cabot Oil & Gas Corporation was founded in 1989.
cabot oil & gas corp (COG:New York)
Three Memorial City Plaza
840 Gessner Road
Houston, TX 77024
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