Cabot Oil & Gas Corp. (NYSE: COG) established its initial 2014 production growth guidance range of 30% to 50% and reaffirmed its 2013 production growth guidance range of 44% to 54%.
"We have provided initial 2014 guidance to further reaffirm management's confidence in our ability to continue to provide best-in-class production growth in 2014," Dan O. Dinges, chairman, president, and CEO, said in the release. "While production volumes have recently been impacted by our strategic decision to periodically hold back production due to the recent softness in Marcellus spot market pricing and scheduled infrastructure maintenance projects (most of which will be completed by early October), we believe these are both short-term phenomena that will not have an impact on our production growth in 2013 and beyond."
"Cabot's Marcellus position continues to provide the most economic natural gas in North America with a breakeven cost below $1.20/Mcf," Dinges said. "While current regional pricing will affect our realized pricing in the short-term, we continue to believe the focus should be on the quality of our asset and our extensive inventory of low-risk, high-return drilling opportunities in the Marcellus shale."
Cabot Oil & Gas Corp. is an independent energy company engaged in the development, exploitation, exploration, production, and marketing of natural gas, crude oil, and NGLs in the U.S. The company is headquartered in Houston.
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