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Cabot IDs 2019 Budget of $800MM; Hits Highest Rig Count Since Q1 2015
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Cabot Oil & Gas reported its 2019 capital plans (see chart below).
*Based on a range of $2.50 and $3.00 per Mmbtu NYMEX prices for 2019
Cabot's rig count has been on a steady rise since 2017 - while they didn't note how many rigs they planned for 2019, they are currently running 5 rigs as of Q1 2019 (according to the Shale Experts Rigs Database). This is back to the level it was at during Q1 2015.
Drilling will be up slightly YOY while wells TIL will drop -13%.
2019 Plan- 2019 Capex: $800 million (originally $800-850 million) - down -16% YOY
- Wells: Drill & complete 85-90 net wells / TIL 80-85 net wells (all Marcellus)
- Rigs: 5 currently running (per Shale Experts Rigs Database)
- 2019 Production: Expects 20% growth from 2018 levels - which is approximately 2,420 Mmcfe/d
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