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Cabot Slashes Budget 47%; Plans One Rig Program
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Cabot Oil & Gas Corporation provided an operational update for the fourth quarter and full year 2015 and announced an updated 2016 operating plan and capital budget.
Key Points: Cabot has reduced its 2016 capital budget to $325 million, which represents a reduction of 47 percent from the preliminary budget of $615 million and a reduction of 58 percent from the 2015 capital program of $774 million. Drilling, completion and facilities capital will account for approximately 92 percent of the capital budget 70 percent allocated to the Marcellus Shale and approximately 30 percent allocated to the Eagle Ford Shale The Company expects to drill approximately 30 net wells in 2016 (25 net wells in the Marcellus Shale and 5 net wells in the Eagle Ford Shale) The Company anticipates completing…- ✓ Full news archive — U.S., Canada & international coverage
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