Cabot Oil & Gas
 | |
| Public company | |
| Traded as |
NYSE: COG S&P 500 Component |
| Industry | Petroleum industry |
| Founded | 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 |
 US$1.357 billion (2015)[2] |
|
-US$90 million (2015)[2] | |
|
-US$113 million (2015)[2] | |
| Total assets |
US$5.262 billion (2015)[2] |
| Total equity |
US$2.009 billion (2015)[2] |
Number of employees | 459 (2015)[2] |
| Website |
www |
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
- ↑ Dan O. Dinges
- 1 2 3 4 5 6 7 8 Cabot Oil & Gas 2015 Form 10-K Annual Report
- ↑ Cabot Oil & Gas: Marcellus Shale
- ↑ Cabot Oil & Gas: Eagle Ford Shale
- ↑ "Cabot Oil & Gas Announces CEO Succession Plan". PRNewswire. December 15, 1998.
- ↑ "Cabot Oil Adding Washington State Energy Unit". New York Times. February 26, 1994.
- ↑ "Cabot Oil and Gas Ousts its Top Officer". New York Times. May 20, 1995.
- ↑ "Standard & Poor's Announces Changes to U.S. Indices". PRNewswire. June 12, 2008.
- ↑ "Cabot Oil & Gas Corporation Announces Sale of Marmaton and West Texas Properties". PRNewswire. October 17, 2013.
- ↑ "Cited for chemical spills, Cabot Oil reports another". The Times Tribune. September 23, 2009.
- ↑ "Cabot slapped with violation". Upstream. January 9, 2012.
- ↑ Goldenberg, Suzanne (29 January 2014). "The anti-fracking activist barred from 312.5 sq miles of Pennsylvania". The Guardian.