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, & President [1]
Products Petroleum, natural gas, natural gas liquids
Production output
 600 billion cubic feet equivalent of natural gas (2015)[2]
Revenue Decrease US$1.357 billion (2015)[2]
Decrease -US$90 million (2015)[2]
Decrease -US$113 million (2015)[2]
Total assets Decrease US$5.262 billion (2015)[2]
Total equity Decrease US$2.009 billion (2015)[2]
Number of employees
 459 (2015)[2]
Website www.cabotog.com

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

Current operations

As of December 31, 2015, 96% of the company's proved reserves were natural gas on an energy-equivalent basis, and 92% were in the Marcellus Shale. In 2015, the company produced 600 billion cubic feet equivalent of natural gas.[2]

The company operates in the Marcellus Shale in Pennsylvania, where it controls approximately 200,000 net acres [3] as well as in the Eagle Ford Shale, where it controls approximately 89,000 net acres. [4]

History

The company became a public company via an initial public offering in 1990.[5]

In 1994, the company acquired Washington Energy Resources in a $180 million stock transaction.[6]

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.[7]

In 2008, the company was added to the S&P 500 index.[8]

In 2013, the company sold its assets in the Marmaton play of Oklahoma and West Texas for $160 million.[9]

Controversies

Environmental damage

The company has been cited for numerous violations in regard to spills of toxic hydro-fracking fluids in Northeastern Pennsylvania.[10]

The company was cited for improper well construction as a result of polluted drinking water.[11]

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.[12]

References

  1. ↑ Dan O. Dinges
  2. 1 2 3 4 5 6 7 8 Cabot Oil & Gas 2015 Form 10-K Annual Report
  3. ↑ Cabot Oil & Gas: Marcellus Shale
  4. ↑ Cabot Oil & Gas: Eagle Ford Shale
  5. ↑ "Cabot Oil & Gas Announces CEO Succession Plan". PRNewswire. December 15, 1998.
  6. ↑ "Cabot Oil Adding Washington State Energy Unit". New York Times. February 26, 1994.
  7. ↑ "Cabot Oil and Gas Ousts its Top Officer". New York Times. May 20, 1995.
  8. ↑ "Standard & Poor's Announces Changes to U.S. Indices". PRNewswire. June 12, 2008.
  9. ↑ "Cabot Oil & Gas Corporation Announces Sale of Marmaton and West Texas Properties". PRNewswire. October 17, 2013.
  10. ↑ "Cited for chemical spills, Cabot Oil reports another". The Times Tribune. September 23, 2009.
  11. ↑ "Cabot slapped with violation". Upstream. January 9, 2012.
  12. ↑ Goldenberg, Suzanne (29 January 2014). "The anti-fracking activist barred from 312.5 sq miles of Pennsylvania". The Guardian.

External links


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