Cabot Oil & Gas Corporation is a petroleum, natural gas, and natural gas liquids exploration and production company organzied in Delaware and based in Houston, Texas.
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Current operations
As of December 31, 2017, the company had 9.726 trillion cubic feet equivalent of proved reserves, of which 96% was natural gas and 92% was in the Marcellus Shale. In 2017, the company produced 685.3 billion cubic feet equivalent of natural gas.
The company operates in the Marcellus Shale in Pennsylvania, where it controls approximately 172,000 net acres as well as in the Eagle Ford Shale, where it controls approximately 79,000 net acres.
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History
The company became a public company via an initial public offering in 1990.
In 1994, the company acquired Washington Energy Resources in a $180 million stock transaction.
In 1995, the company ousted John Lollar, its chairman and CEO, in part due to the ill-timing of the acquisition of Washington Energy Resources.
In 1997, the company sold oil reserves and land in northwest Pennsylvania for $92.5 million.
In 2001, the company acquired Cody Energy for $230 million.
In 2008, the company was added to the S&P 500 index.
In 2013, the company sold its assets in the Marmaton play of Oklahoma and West Texas for $160 million.
Controversies
Environmental damage
In 2009, the company has been cited for violations in regard to spills of toxic hydro-fracking fluids in Northeastern Pennsylvania.
In 2012, the company was cited for improper well construction as a result of polluted drinking water.
Restraining order on anti-fracking activist
In January 2014, Cabot sought, and a judge granted, a temporary injunction barring anti-fracking activist Vera Scroggins from entering on any land in Pennsylvania owned or leased by Cabot. "In total, 312.5 sq miles are no-go areas for Scroggins under a sweeping court order granted by a local judge that bars her from any properties owned or leased by one of the biggest drillers in the Pennsylvania natural gas rush, Cabot Oil & Gas Corporation." It was noted by Cabot during court testimony that Scroggins had violated no laws and that this lawsuit was based on her being considered a "nuisance" due to her reporting and activism at Cabot sites.
References
External links
Source of article : Wikipedia
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