Cabot Oil & Gas Marcellus gas production surpasses 1 Bcfd
HOUSTON -- Cabot Oil & Gas announced that for the first time in its history, the company's Marcellus operations surpassed 1 Bcfd of gross production.
Dan O. Dinges, Chairman, President and CEO, said, "Throughout the month of December we have been gaining production momentum and month-to-date our total company average net production rate is 930 MMcfed, which is above our exit rate expectation expressed in our third quarter call." Dinges added, "Clearly, production will vary day to day due to field logistics, but our new baseline for production has moved significantly higher and we will work to build on this throughout 2013."
This record was primarily the result of new Marcellus wells and additional infrastructure. Specifically, a recent turned-in-line two-well pad illustrates the production potential of the Company's Marcellus assets. This pad has wells with lateral lengths of approximately 6,900 ft and 4,400 ft, and a combined initial production rate of over 66 MMcfd.
Additional compression and dehydration facilities allow Cabot to expand its takeaway capacities. The company is currently delivering approximately 55% of its production to Transco, 40% to Tennessee Gas Pipeline and 5% to Millennium Pipeline.