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Cabot Chops $400 Million From 2015 Budget; Drilling Plans
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Cabot Oil & Gas has reported an update to its spending plans for 2015.
2015 CapEx and Production Guidance UpdateIn response to the decline in both crude oil and natural gas prices since Cabot released its initial 2015 budget in October 2014, the Company has adjusted its 2015 operating plan to realign its capital budget with anticipated operating cash flows. Based on budgeted price realizations (including the impact of hedges) of $2.45 per Mcf for natural gas and $55.00 per Bbl for crude oil, Cabot's updated 2015 capital budget is $900 million (excluding approximately $70 million of contributions to our equity investments in Constitution Pipeline and Central Penn Line). Approximately 80 percent of the 2015 budget is focused on drilling and completion activities, with 60 percent…
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