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Cabot IDs Preliminary 2016 Capex, Well Plans; Reduces 2015 Spend
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Cabot Oil & Gas Corporation reported its financial and operating results for the third quarter of 2015.
Key Points: Cabot is reducing its 2015 capital program guidance to $850 million. The reduction in investment dollars for 2015 is a result of continued improvements in operating efficiencies, further reductions in service costs, and our decision to defer the completion of a portion of our stages in both the Marcellus and Eagle Ford. Preliminary 2016 capital budget of $615 million. 60 net wells planned for 2016 (50 Marcellus; 10 Eagle Ford)Dan O. Dinges, Chairman, President and Chief Executive Officer, said: "Even in the face of persistent headwinds resulting from lower commodity prices, Cabot continues to deliver positive operating results while lowering our cost structure through an…
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