Cabot Oil & Gas

Cabot Oil & Gas Corporation is a company engaged in hydrocarbon exploration. It is organized in Delaware and based in Houston, Texas.

Cabot Oil & Gas Corporation
TypePublic company
IndustryNatural gas
Founded1989 (1989)
HeadquartersHouston, Texas, U.S.
Key people
 Dan O. Dinges, Chairman & CEO
Scott C. Schroeder, CFO
ProductsNatural gas
Production output
865 billion cubic feet equivalent of natural gas (2019)
Revenue US$2.066 billion (2019)
US$0.956 billion (2019)
US$0.681 billion (2019)
Total assets US$4.487 billion (2019)
Total equity US$2.151 billion (2019)
Number of employees
274 employees in addition to 273 employees of the subsidiary GasSearch Drilling Services Corporation (2019)
Websitecabotog.com
Footnotes / references
[1]

As of December 31, 2019, the company had 12.903 trillion cubic feet equivalent of proved reserves, all of which was natural gas and all of which was in the Marcellus Shale, where the company controls approximately 173,000 net acres.[1]

History

The company became a public company via an initial public offering in 1990.[2]

In 1994, the company acquired Washington Energy Resources in a $180 million stock transaction.[3]

In May 1995, the company ousted John Lollar, its chairman and CEO, in part due to the ill-timing of the acquisition of Washington Energy Resources.[4]

In 1997, the company sold oil reserves and land in northwest Pennsylvania for $92.5 million.[5]

In 2001, the company acquired Cody Energy for $230 million.[6]

In June 2008, the company was added to the S&P 500 Index.[7]

In 2013, the company sold its assets in the Marmaton play of Oklahoma and West Texas for $160 million.[8]

In March 2018, the company sold its assets in the Eagle Ford Group to KKR and Venado.[9]

Controversies

Environmental damage

In 2009, the company was cited for violations in regard to spills of toxic hydraulic fracturing fluids in Northeastern Pennsylvania.[10]

In 2012, the company was cited for improper well construction that had resulted in polluted drinking water.[11]

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.[12]

References
  1. "Cabot Oil & Gas Corporation 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. "Cabot Oil & Gas Announces CEO Succession Plan" (Press release). PR Newswire. December 15, 1998.
  3. "Cabot Oil Adding Washington State Energy Unit". The New York Times. February 26, 1994.
  4. "Cabot Oil and Gas Ousts its Top Officer". The New York Times. May 20, 1995.
  5. "CABOT OIL TO SELL RESERVES TO LOMAK FOR $92.5 MILLION". The New York Times. Dow Jones & Company. September 9, 1997.
  6. PIEPUL, ROBERT (June 21, 2001). "Cabot Oil & Gas to acquire Cody for $230 million". Oil & Gas Journal.
  7. Chang, Sue (June 12, 2008). "Cabot Oil to replace Brunswick Corp. in S&P 500". MarketWatch.
  8. "Cabot Oil & Gas Corporation Announces Sale of Marmaton and West Texas Properties" (Press release). PR Newswire. October 17, 2013.
  9. "Venado Oil & Gas and KKR Acquire Cabot Eagle Ford Assets" (Press release). Business Wire. March 19, 2018.
  10. "Cited for chemical spills, Cabot Oil reports another". The Scranton Times-Tribune. September 23, 2009.
  11. "Cabot slapped with violation". Upstream. January 9, 2012.
  12. Goldenberg, Suzanne (29 January 2014). "The anti-fracking activist barred from 312.5 sq miles of Pennsylvania". The Guardian.
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