A Logan County judge ruled that the state must grant permits to Cabot Oil & Gas Corp. to develop gas wells in Chief Logan State Park. The case began in 2007, when Cabot sued the Department of Environmental Protection for denying it permits to develop wells in the region.
For the first quarter of 2009, operating revenues increased 7%, from the first quarter of 2008. Natural gas revenues rose 11% as a result of increased production in the Gulf Coast and East Coast.
Cabot sold its Canadian operations to a private canadian company in exchange for cash and new equity. Cabot's Canada wells had 40.4 Bcfe in proved nautral gas reserves at the end of 2008.
Cabot annouces the completion of its second and third horizontal wells in Eastern Pennsylvania. As a result, Cabot will be able to production more natural gas/day from these wells. From the completion of these horizontal wells, Cabot will have added 30 Mmcf per day by the end of March and 65 Mmcf per day by the end of May.
Cabot reported its 2008 results. The financial results included: -Total Reserves grew by 20% year over year -Production increased by over 11% year over year -Record Cash Flows: $634.4 million for cash flow from operations, and $608.7 million for discretionary cash flow.
After a well explosion in January 2009 at Cabot's Marcellus Shale site, the company will be required to hire additional water well installers to inspect wells at two additional sites. Cabot will have to replace its temporary water wells in these three areas after the Department of Environmental Protection found a significant presence of gas leaking.
Regular dividend of $0.03 per share on the Company's common stock
Cabot reports adjusted earnings that are higher than analyst estimates, fueling investor confidence and driving shares up.
