Cabot Oil & Gas Corp., Houston, expects to average three rigs and two completion crews in the Marcellus shale during 2018, resulting in 85 net wells drilled and 95 net wells completed.
Cabot has about 179,000 net acres in the dry gas window of the Marcellus shale, primarily in Susquehanna County, Pa., with two rigs running. The average lateral length for the 2018 Marcellus shale drilling program is 8,300 ft and the expected average well cost is $8.3 million for drilling, completion, and facilities.
The company provided updated guidance with its full-year 2017 and fourth-quarter 2017 financial and operational results, outlining its focus on its Marcellus assets.
In December 2017, the company announced plans to sell both operated and non-operated Eagle Ford assets to Venado Oil & Gas LLC (OGJ Online, Dec. 21, 2017). Commenting on the deal, Cabot Chairman, Pres., and Chief Executive Officer Dan O. Dinges said the Eagle Ford assets were “a nice complement” to the company’s Marcellus shale position, providing capital allocation optionality in a higher priced oil environment, but that based on its oil market outlook and resulting rates of return compared to its Marcellus returns, there were no plans to allocate capital to assets beyond maintenance capital levels.
Watching COG carefully in OH .....
I hope some of the work is near Dimock, PA.
I can't wait to see the meltdown from Yoko Ono et al.
No mention of North Central Ohio. They are keeping that exploratory area hush
whats the hush/rumour on North Central Ohio?