Cabot Oil & Gas’s key operational highlights
Cabot Oil & Gas’s (COG) 3Q16 production volumes totaled 150.8 Bcfe (billion cubic feet equivalent). In comparison, 3Q15 production volumes were 142.0 Bcfe. COG’s 2Q16 production volumes were 151.8 Bcfe.
Cabot Oil & Gas’s 3Q16 realized prices
Cabot Oil & Gas’s average realized price of crude oil (OIL) and condensates fell from $43.71 per barrel in 3Q15 to $40.13 per barrel in 3Q16.
Its average realized price for natural gas (UNG) fell from $2.02 per thousand cubic feet in 3Q15 to $1.75 per thousand cubic feet in 3Q16.
Its average realized price for natural gas liquids fell from $10.11 per barrel in 3Q15 to $12.64 per barrel in 3Q16.
Cabot Oil & Gas’s 2016 production and capital guidance
Cabot provided a 2016 production growth guidance of 3.0%–4.0%.
It raised its 2016 capital budget from $345.0 million to $380.0 million. The rise was because Cabot plans to drill and complete eight additional net wells during 4Q16. It also reflects COG’s “fourth-generation completion design” at the Marcellus Shale in 4Q16.
COG noted in a press release, “We have seen tremendous success from our fourth-generation completion pilot tests as these wells have significantly outperformed the third-generation wells drilled on the same pad site. As a result, we plan to utilize this new completion design moving forward given the material uplift in economics we have realized.”