Cabot Oil & Gas Corp. (NYSE: COG) announced a new Joint Venture with Williams Partners L.P. (NYSE: WPZ) to develop and construct a large diameter pipeline, specifically designed to transport Cabot's Marcellus production to both the New England and New York markets. Deemed the "Constitution Pipeline" this high pressure pipeline will be capable of moving at least 500,000 Mcf per day from the heart of Cabot's Marcellus acreage in Susquehanna County, PA to interconnect with both Iroquois Gas Transmission and Tennessee Gas Pipeline in Schoharie County, NY.

Williams Partners will be a 75% owner and, through its affiliate, will operate the pipeline, while Cabot will retain a 25% equity position. Cabot's commitment to firm transportation representing the initial design capacity of the pipeline is sufficient to enable the project to go forward subject to receipt and acceptance of the necessary regulatory approvals. The initial in service date for the system is slated for March 2015.