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Cabot Slashes 2020 Spending Plan by 20%; Cites Weak Gas Prices
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Cabot Oil & Gas Corp. reported an update in regard to its 2020 capital plans.
The company also reported its Q4 2019 production results.
Slashes 2020 Spending Plan by 20%Given the continued weakness in natural gas prices throughout the winter heating season and the corresponding degradation in the NYMEX futures curve for 2020, Cabot has elected to adopt its maintenance capital plan as the Company's official budget for 2020.
Updated Plan Details:
Average net production rate of approximately 2.4 Bcf/d - relatively flat YOY Capital program of $575 million (down from $700-725 million it initially planned) A Look at Cabot's Production, Spending and WellsWe took a look at Cabot's production compared to its spending and completion activity since Q1 2018.
Production has shown steady…
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