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Cabot Ups 2016 Budget; Adds Second Marcellus Completions Crew
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Cabot Oil & Gas Corporation reported financial and operating results for the second quarter of 2016.
Key Points: Cabot is currently operating one rig and recently added a second completion crew in the Marcellus Shale. Cabot plans to drill two Eagle Ford wells during the third quarter and will not complete or place on production an additional Eagle Ford well until the fourth quarter. Cabot has increased its 2016 capital budget from $325 million to $345 million to reflect the incremental capital for the completion of an additional 15 to 20 net wells during the second half of the yearDan O. Dinges, Chairman, President and Chief Executive Officer, said: "Cabot's 2016 operating plan was designed to provide modest production growth while generating positive free cash flow despite a…
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