Cabot Oil & Gas Corporation (COG) today announced that for the first time in its history, the Company's Marcellus operations surpassed one Bcf of gross production per day. The achievement of this milestone resulted in Cabot's total Company net production simultaneously exceeding the one Bcfe per day level, also a new record high.
"The successful collaboration of our employees and members of the Williams' team made this accomplishment possible," said Dan O. Dinges, Chairman, President and Chief Executive Officer. "Throughout the month of December we have been gaining production momentum and month-to-date our total Company average net production rate is 930 Mmcfe per day, which is above our exit rate expectation expressed in our third quarter call." Dinges added, "Clearly, production will vary day to day due to field logistics, but our new baseline for production has moved significantly higher and we will work to build on this throughout 2013."
This record was primarily the result of new Marcellus wells and additional infrastructure. Specifically, a recent turned-in-line two-well pad illustrates the production potential of the Company's Marcellus assets. This pad has wells with lateral lengths of approximately 6,900' and 4,400', and a combined initial production rate of over 66 Mmcf per day. Also, additional compression and dehydration facilities allow Cabot to expand its takeaway capacities. The Company is currently delivering approximately 55 percent of its production to Transco, 40 percent to Tennessee Gas Pipeline and 5 percent to Millennium Pipeline. "Our ability to reach multiple markets with deliveries into three major interstate pipelines strengthens our competitive advantage and provides more opportunities for growth in Marcellus production," commented Dinges.
Poster's Note: This is 25% MORE than ALL the companies in the Bakken produce combined.
Yes RLP that is very nice. But they flare rich gas in the Bakkens until pipe can be extended.
As we all know thanks to Sand permits for future drilling in Marcellus is way down. Something to do with economics and the inability of our economy to put the world's lowest cost natural gas to work.
Do you know what this means?
"Poster's Note: Poster's Note: This is 25% MORE than ALL the companies in the Bakken produce combined."
Is that kinda like saying that the one big CHK Hogshooter well (IP rate) has produced more than all of the rest of the compaanies combined in the Marcellus?
gee....why might that be?
marcellus is not an oil play but it is a gas play.
So, now he is comparing a gas play to an oil play (the bakken) to make some irrelevant twisted point?
What is the point?
"This is 25% MORE"....of what.... gas?....in the bakken, an oil play....so ?
As we know the white house wants to export nat gas. So as norris wants everyone to know. Our white House is for nat gas. We have an abundance we can make money on. It takes time to build out the facilities but OB's is all for it. Nat gas price won'y go up that much world wide or here. Stated on Kudlows show.
To answer this:
"Yeh right. 60 million compares to one billion, how?"
You need to read what you post once in a while.
and a combined initial production rate of over 66 Mmcf per day.
and then compare that group of wells to The one BIG LINN Granite Wash well......
Not the entire production of cabot....that was not what was compared and your comment is about as relevant as comparing the entire gas production of Cabot to that of CHK.
That is how......I was not talking about anything other than the LINN Granite was well and the cabot group of wells.
The result of this phenomenon is that COG stock is up nearly 30% this year, more than nearly any other O&G company - maybe any other. This is after a 100+% increase last year, for a two-year gain of nearly 160%.
Compared to Linn which has had no share price gain (because it is "bond-like", I suppose).
oh, switch now the to performance....
Very nice but NOT relevant to what was compared...
......and to what you tried to twist it into (all of their production).....now it is that they went up in price.....we already know that and I like their chart on finviz even though you said that is only past history of prices, but thanks for changing the subject.
...so the next time we can point to this thread as another good example....
If you re-read the thread.... the comparison was ONLY between the group of COG wells that added up to a little bit more than the ONE Linn Granite wash record well that I pointed out as the reason that I was unimpressed.
That does not mean that you cannot be impressed.
It is great that they are producing lots of gas......maybe someday they too might hit a record Granite wash well the size of Linn's.
Do you know of ANY wells in the Marcellus that was the size of Linn's Granite Wash record well?
Are there any?