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 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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