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Cabot Deploys Fourth Rig in the Eagle Ford; Ups CapEx
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Cabot Oil & Gas Corp. has reported that, as a result of the addition of a fourth rig in the Eagle Ford, the Company has increased its 2014 capital budget guidance range from $1.375 - $1.475 billion to $1.45 - $1.55 billion (excluding the Eagle Ford acquisition cost).
*Access Cabot's new Eagle Ford Deal here*
The Company now expects to drill approximately 55 net wells in the Eagle Ford and 165 - 175 net wells company-wide in 2014.
For the third quarter of 2014, the Company expects to grow daily net production volumes by approximately two percent sequentially over the second quarter of 2014.
Dan O. Dinges, Chairman, President, and Chief Executive Officer, commented: "While the Company recently achieved a new gross Marcellus production record of 1.678 billion cubic feet (Bcf) per day, we did not reach this production level until much later in the quarter than originally expected due to continued infrastructure issues in the field. As a result, we are updating our full-year production guidance range to 530 - 555 billion cubic feet equivalent (Bcfe) and reaffirming our 2015 production growth guidance range of 20 to 30 percent." Dinges added, "With our current record production rate and two ten-well pads and one nine-well pad scheduled to be placed-on-production during the fourth quarter, we are confident that we will finish the year strong operationally."
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