Exploration & Production | Quarterly / Earnings Reports | First Quarter (1Q) Update

Cabot Grows Eagle Ford Production - Q1 2014

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   |    Thursday,April 24,2014

Eagle Ford Shale

Cabot's net production in the Eagle Ford during the first quarter of 2014 was 7,271 barrels of oil equivalent (Boe) per day, an increase of 42 percent over the prior year's comparable quarter. This included 6,839 barrels of liquids per day, an increase of 49 percent over the prior year's comparable quarter.

Subsequent to the quarter end, Cabot placed its first six-well pad in the Eagle Ford on production. The six wells had an average completed lateral length of 6,658' and were completed with an average of 25 stages. The wells achieved an average peak 24-hour initial production (IP) rate of 1,045 Boe per day per well (89% oil) during the first ten days on production and the rates continue to improve. As a result of pad-drilling efficiencies, including a new record of ten stages completed in a 24-hour period, the Company realized approximately $600,000 of cost savings per well on this six-well pad.

"We have been very pleased with the strides our Eagle Ford team has made over the last six months. Based on the continued improvement in production rates and realized cost savings, which have resulted in higher rates of return, we are adding a third rig to our Eagle Ford program beginning in the third quarter," explained Dinges. "This additional rig will be focused on multi-well pads and is expected to have minimal impact on 2014 production but will materially impact our estimated 2015 oil production volumes."

During the first quarter, Cabot added approximately 4,000 net acres to its Eagle Ford position through organic leasing efforts and is actively pursuing additional acreage.