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Cabot Oil & Gas Update for Fourth Quarter 2019

Gasoil News - Published on Wed, 12 Feb 2020

Image Source: Cabot Oil & Gas
Cabot Oil & Gas Corporation provided an operational update for the fourth quarter of 2019 and announced updated 2020 guidance. Cabot expects production for the fourth quarter of 2019 to be approximately 2,457 million cubic feet equivalent (Mmcfe) per day, exceeding the high-end of the Company's guidance range for the quarter. Natural gas price realizations, including the impact of derivatives, are expected to be USD 2.15 per thousand cubic feet in the fourth quarter of 2019. Excluding the impact of derivatives, natural gas price realizations for the quarter are expected to be USD 2.05 per thousand cubic feet, representing a USD 0.45 discount to NYMEX settlement prices. Additionally, Cabot expects to incur between USD 160 and USD 170 million of capital expenditures during the fourth quarter of 2019.

Updated 2020 Guidance - Given the continued weakness in natural gas prices throughout the winter heating season and the corresponding degradation in the NYMEX futures curve for 2020, Cabot has elected to adopt its previously disclosed maintenance capital plan as the Company's official budget for 2020. This plan is expected to deliver an average net production rate of approximately 2.4 billion cubic feet per day for the year from a capital program of USD 575 million.

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Posted By : Yogender Pancholi on Wed, 12 Feb 2020
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