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Cabot Oil & Gas Corporation, Company Intelligence Report

  • ID: 2137709
  • March 2014
  • 172 pages
  • GlobalData
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Cabot Oil & Gas Corporation, Company Intelligence Report

Summary

Cabot Oil & Gas Corporation (Cabot), an independent energy company, is primarily engaged in exploration, development and production activities in the US. Its primary operations are concentrated in Pennsylvania and south Texas. In the Pennsylvania region it is present in the Marcellus Shale through its interest in the Dimock field, which is located in the northeast of the region.

In south Texas, Cabot is present in the Eagle Ford Shale and the Pearsall Shale. The company also has interest in several non-core properties in unconventional and conventional plays throughout the continental US. These include the Utica Shale in Pennsylvania, the Pearsall Shale, the Frio, the Wilcox and Vicksburg formations in the south Texas, the Big Lime, Devonian Shale, Weir and Berea Shale in West Virginia, the Cotton Valley, Haynesville, Bossier and James Lime formations in east Texas, and the Chase, Morrow and Chester formations in Oklahoma.

Cabot is headquartered in Houston, Texas and has regional offices in Houston, Pennsylvania Texas and Pittsburgh.

Scope

- Key Highlights: This section READ MORE >

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1 Table of Contents
1 Table of Contents
1.1 List of Tables
1.2 List of Figures
2 Cabot Oil & Gas Corporation, Company Overview
3 Cabot Oil & Gas Corporation, Key Highlights
3.1 Continued Development in the Marcellus Shale with Strong Operational Statistics
3.2 Stronger Focus on Liquid-Rich Assets: Eagle Ford Shale
3.3 Leveraging and Expanding its Midstream Asset Base
4 Cabot Oil & Gas Corporation, SWOT Analysis
4.1 Strengths
4.1.1 Consistent Revenue Growth
4.1.2 Strong Growth in Oil and Gas Production
4.1.3 Strong Growth in Reserves through Organic Reserve Additions
4.1.4 Integrated Pipeline Infrastructure
4.2 Weaknesses
4.2.1 Increasing Operating Expenses
4.3 Opportunities
4.3.1 Development of Liquid-Rich Assets an Opportunity to Increase Profitability
4.4 Threats
4.4.1 Risks Associated with Unconventional Extraction of Oil and Gas
4.4.2 Intense Competition from Oil and Gas Majors
5 Cabot Oil & Gas Corporation, Goals and Strategies
5.1 Augmentation of Reserves and Production Volume
5.2 Increasing Cash Flows and Overall Profitability
5.3 Strategic Divestures for the Development of Core Properties
6 Cabot Oil & Gas Corporation, Production Overview
6.1 Production Profile
6.2 Assets Portfolio
6.2.1 US: Pennsylvania
6.2.2 US: Texas
7 Cabot Oil & Gas Corporation, Exploration and Development Overview
7.1 Pennsylvania: Marcellus Shale
7.2 South Texas: Eagle Ford Shale
7.3 South Texas: Pearsall Shale
8 Cabot Oil & Gas Corporation, Acreage
9 Cabot Oil & Gas Corporation, Capital Expenditure
9.1 Costs Incurred
10 Cabot Oil and Gas Corporation, Forecast Production and Financial Statements
10.1 Income Statement (2011-2018)
10.2 Balance Sheet (2011-2018)
10.3 Cash Flow Statement (2011-2018)
10.4 Cabot Oil & Gas Corporation, Valuation
10.4.1 Discounted Cash Flow Methodology
11 Cabot Oil & Gas Corporation, Peer Comparison
11.1 Share Price Performance
11.2 Operational and Financial Performance
11.3 Key Financial and Operational Ratio
12 Cabot Oil & Gas Corporation, Production and Reserves Trends
12.1 Total Oil and Gas, Reserves and Production
12.1.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2009-2013
12.1.2 Total Crude Oil & Natural Gas Production and Reserves by Country/Region, 2009-2013
12.1.3 Total Crude Oil and Natural Gas Reserve Changes, 2009-2013
12.2 Crude Oil/Liquids Production and Reserve
12.2.1 Crude Oil/Liquids Production and Reserve Trend, 2009-2013
12.2.2 Crude Oil Production and Reserves By Country/Region, 2009-2013
12.2.3 Crude Oil/Liquids Reserve Changes, 2009-2013
12.3 Natural Gas Production and Reserve
12.3.1 Natural Gas Production and Reserve Trend, 2009-2013
12.3.2 Natural Gas Production and Reserves, By Country/Region, 2009-2013
12.3.3 Natural Gas Reserve Changes, 2009-2013
12.4 Total Crude Oil and Natural Gas Reserves Life Index
12.4.1 Total Crude Oil and Natural Gas Reserves Life Index, 2009-2013
12.4.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2009-2013
13 Cabot Oil & Gas Corporation, E&P Costs Trends
13.1 Allocation of the Upstream Capital Expenditure
13.1.1 Upstream Capital Expenditure, 2009-2013
13.1.2 Acquisition Costs By Country/Region, 2009-2013
13.1.3 Exploration and Development Costs, By Country/Region, 2009-2013
13.2 Oil and Gas Cost Per boe, $/boe
13.2.1 Oil and Gas Cost Per boe, $/boe, 2009-2013
13.2.2 Oil and Gas Cost Per boe, $/boe, By Country/Region, 2009-2013
14 Cabot Oil & Gas Corporation, Reserve Replacement Ratio
14.1 Oil and Gas Production Replacement Ratio
14.1.1 Oil and Gas Production Replacement Ratio, 2009-2013
14.1.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2009-2013
15 Cabot Oil & Gas Corporation, Results of Oil & Gas Operations Trend
15.1 Oil and Gas Revenue and Expenses
15.1.1 Oil and Gas Revenue and Expenses, 2009-2013
15.1.2 Oil and Gas Revenue and Expenses, By Country/Region, 2009-2013
15.2 Oil and Gas Revenue and Expenses, Per boe
15.2.1 Oil and Gas Revenue and Expenses, By boe, 2009-2013
15.2.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2009-2013
15.3 Oil and Gas Performance Metrics
16 Cabot Oil & Gas Corporation, Land Holdings and Well Data
16.1 Developed and Undeveloped Acreage
16.1.1 Gross and Net Developed and Undeveloped Acreage, 2009-2013
16.1.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2009-2013
16.2 Well Statistics
16.2.1 Producible Oil and Gas Well, 2009-2013
16.2.2 Producible Oil and Gas Well, By Country/Region, 2009-2013
16.2.3 Exploration and Development Wells Drilled, 2009-2013
16.2.4 Exploration and Development Wells Drilled, By Country/Region, 2009-2013
17 Appendix
17.1 Abbreviations
17.2 Sources
17.3 Research Methodology
17.3.1 Coverage
17.3.2 Secondary Research
17.3.3 Primary Research
17.4 Disclaimer

1.1 List of Tables
Table 1: Cabot Oil & Gas Corporation, Marcellus Shale, Well Pad Completions (mmcfd), Q4 2013
Table 2: Cabot Oil & Gas Corporation, Marcellus Shale, Well Results (mmcfd), Q3 2013
Table 3: Marcellus Shale, EUR per Well (bcfe) for Major Companies, Latest Reported, 2014
Table 4: Cabot Oil & Gas Corporation, Marcellus Shale, Well Results, 2013
Table 5: Eagle Ford Shale, Major Companies’ Costs per Well (US$ mil/well), Latest Reported, 2014
Table 6: Eagle Ford Shale, Major Companies’ Planned Capital Expenditure 2014 (US$ mil), Latest Reported, 2014
Table 7: Cabot Oil & Gas Corporation, Total Oil and Gas Production, 2011-2018
Table 8: Cabot Oil & Gas Corporation, Marcellus Shale Natural Gas Production, 2009-2013
Table 9: Cabot Oil & Gas Corporation, Marcellus Shale, Well Pad Completions, 2014
Table 10: Cabot Oil & Gas Corporation, Marcellus Shale Key Operational Parameters, Latest Reported, 2013
Table 11: Cabot Oil & Gas Corporation, Marcellus Shale Key Operational Parameters, Latest Reported, 2014
Table 12: Cabot Oil & Gas Corporation, Marcellus Shale Key Operational Parameters, 2009-2013
Table 13: Cabot Oil & Gas Corporation, Eagle Ford Shale Key Operational Parameters, Latest Reported, 2014
Table 14: Cabot Oil & Gas Corporation, Eagle Ford Shale Key Operational Parameters, 2009-2013
Table 15: Cabot Oil & Gas Corporation, Capital Expenditure (Excluding Exploration Expense) (US$ mil), 2009-2013
Table 16: Cabot Oil & Gas Corporation, Costs incurred (US$ mil), 2009-2013
Table 17: Cabot Oil & Gas Corporation, Reserve Replacement Ratio and Finding and Development Costs Incurred (per boe), 2009-2013
Table 18: Cabot Oil & Gas Corporation, Total Oil and Gas Production Forecast, 2011-2018
Table 19: GlobalData, Price Forecasts, 2014-2018
Table 20: Cabot Oil & Gas Corporation, Income Statement (US$ mil), 2011-2018
Table 21: Cabot Oil & Gas Corporation, Balance Sheet (US$ mil), 2011-2018
Table 22: Cabot Oil & Gas Corporation, Cash Flow Statement (US$ mil), 2011-2018
Table 23: Cabot Oil & Gas Corporation, Free Cash Flow Calculation (US$ mil), 2014-2018
Table 24: Cabot Oil & Gas Corporation, Discounted Cash Flow Calculation, 2014
Table 25: Cabot Oil & Gas Corporation, Peer Group Comparison, Operational and Financial Performance, 2012
Table 26: Cabot Oil & Gas Corporation, Peer Group Comparison, Total Reserves and Production (mmboe), 2012
Table 27: Cabot Oil & Gas Corporation, Peer Group Comparison, Financial and Operational Ratios, 2012
Table 28: Cabot Oil & Gas Corporation, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2009-2013
Table 29: Cabot Oil & Gas Corporation, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 2009-2013
Table 30: Cabot Oil & Gas Corporation, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2009-2013
Table 31: Cabot Oil & Gas Corporation, Crude Oil Production and Reserves Metrics, MMbbl, 2009-2013
Table 32: Cabot Oil & Gas Corporation, Crude Oil Production and Reserves, By Country/Region, MMbbl, 2009-2013
Table 33: Cabot Oil & Gas Corporation, Crude Oil Reserve Changes, MMbbl, 2009-2013
Table 34: Cabot Oil & Gas Corporation, Natural Gas Production and Reserves Metrics, Bcf, 2009-2013
Table 35: Cabot Oil & Gas Corporation, Natural Gas Production and Reserves, By Country/Region, Bcf, 2009-2013
Table 36: Cabot Oil & Gas Corporation, Natural Gas Reserve Changes, Bcf, 2009-2013
Table 37: Cabot Oil & Gas Corporation, Oil and Gas Reserves Life Index, Years, 2009-2013
Table 38: Cabot Oil & Gas Corporation, Oil and Gas Reserves Life Index, By Country/Region, Years, 2009-2013
Table 39: Cabot Oil & Gas Corporation, Upstream Capital Expenditure, $m, 2009-2013
Table 40: Cabot Oil & Gas Corporation, Proved and Unproved Acquisition Costs, By Country/Region, $m, 2009-2013
Table 41: Cabot Oil & Gas Corporation, Exploration and Development Costs, By Country/Region, $m, 2009-2013
Table 42: Cabot Oil & Gas Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2009-2013
Table 43: Cabot Oil & Gas Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, By Country/Region, 2009-2013
Table 44: Cabot Oil & Gas Corporation, Oil and Gas Production Replacement Ratio, %, 2009-2013
Table 45: Cabot Oil & Gas Corporation, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2009-2013
Table 46: Cabot Oil & Gas Corporation, Revenue and Expenses, $m, 2009-2013
Table 47: Cabot Oil & Gas Corporation, Revenue and Expenses, By Country/Region, $m, 2009-2013
Table 48: Cabot Oil & Gas Corporation, Oil and Gas Revenue and Expenses, $/boe, 2009-2013
Table 49: Cabot Oil & Gas Corporation, Oil and Gas Revenue and Expenses, $/boe, By Country/Region, 2008-2012
Table 50: Cabot Oil & Gas Corporation, Oil and Gas Performance Metrics, 2009-2013
Table 51: Cabot Oil & Gas Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2009-2013
Table 52: Cabot Oil & Gas Corporation, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2009-2013
Table 53: Cabot Oil & Gas Corporation, Producible Oil and Gas Wells, 2009-2013
Table 54: Cabot Oil & Gas Corporation, Producible Oil and Gas Wells, By Country/Region, 2009-2013
Table 55: Cabot Oil & Gas Corporation, Exploratory and Developed Wells, 2009-2013
Table 56: Cabot Oil & Gas Corporation, Exploratory and Developed Wells, By Country/Region, 2009-2013

1.2 List of Figures
Figure 1: Cabot Oil and Gas Corporation, Operational Map, Core Properties, 2014
Figure 2: Cabot Oil & Gas Corporation, Financial and Operational Overview, 2010-2013
Figure 3: Cabot Oil & Gas Corporation, Share Performance, March 2013-February2014
Figure 4: Cabot Oil & Gas Corporation, Marcellus Shale, Well Results, January 2013-June 2013
Figure 5: Cabot Oil & Gas Corporation, Marcellus Shale, Drilling Days and Measured Depth, 2013
Figure 6: Cabot Oil & Gas Corporation, Marcellus Shale Operational Performance, 2008-2012
Figure 7: Cabot Oil & Gas Corporation, Marcellus Shale, Pad Drilling Efficiencies, 2013
Figure 8: Cabot Oil & Gas Corporation, Marcellus Shale, Finding and Development Cost (US$/mcfe), 2010-2013
Figure 9: Cabot Oil & Gas Corporation, Pipeline Network, 2014
Figure 10: Cabot Oil & Gas Corporation, Total Revenue (US$ mil), 2010-2013
Figure 11: Cabot Oil & Gas Corporation, Oil and Natural Gas Production (bcfe), 2010-2013
Figure 12: Cabot Oil & Gas Corporation, Organic Reserve Additions (bcfe), 2010-2013
Figure 13: Cabot Oil & Gas Corporation, Total Oil and Gas Production (mmboe), 2011-2018
Figure 14: Cabot Oil & Gas Corporation, Production Mix (%), 2011-2018
Figure 15: Cabot Oil & Gas Corporation, Assets Overview, 2014
Figure 16: Cabot Oil & Gas Corporation, Marcellus Shale Natural Gas Production (bcf), 2009-2013
Figure 17: Cabot Oil & Gas Corporation, Eagle Ford Shale Production Mix (%), 2013
Figure 18: Cabot Oil & Gas Corporation, Net Productive and Dry Exploratory and Development Wells, 2009-2013
Figure 19: Cabot Oil & Gas Corporation, Net/Gross Oil and Gas Ratio for Wells (%), 2009-2013
Figure 20: Cabot Oil & Gas Corporation, Marcellus Shale Overview, 2014
Figure 21: Cabot Oil & Gas Corporation, Pad Drilling Efficiencies, 2013
Figure 22: Cabot Oil & Gas Corporation, Pad Operations Overview, 2013
Figure 23: Cabot Oil & Gas Corporation, Eagle Ford Shale Overview, 2014
Figure 24: Cabot Oil & Gas Corporation, Eagle Ford Shale, Well Pad Development, 2014
Figure 25: Cabot Oil & Gas Corporation Versus Peers, Total Net Acreage (Acres), 2012
Figure 26: Cabot Oil & Gas Corporation, Net Developed and Undeveloped Acreage (Acres), 2009-2013
Figure 27: Cabot Oil & Gas Corporation Versus Peers Acreage Comparison, 2009-2012
Figure 28: Cabot Oil & Gas Corporation, Capital Expenditure Program, 2014
Figure 29: Cabot Oil & Gas Corporation, Capital Expenditure (Excluding Exploration Expense) (US$ mil), 2009-2013
Figure 30: Cabot Oil & Gas Corporation, Costs Incurred (US$ mil), 2009-2013
Figure 31: Cabot Oil & Gas Corporation, Reserve Replacement Ratio and Finding and Development Costs Incurred (per boe), 2009-2013
Figure 32: Cabot Oil & Gas Corporation, and Peers, Relative Share Price Performance (%), March 2013-February 2014
Figure 33: Cabot Oil & Gas Corporation and Peer Group, Operational and Financial Parameter Comparison, 2012
Figure 34: Cabot Oil & Gas Corporation and Peer Group, Total Reserves and Production (mmboe), 2012
Figure 35: Cabot Oil & Gas Corporation and Peer Group, F&D Cost and Reserve Replacement Comparison, 2012
Figure 36: Cabot Oil & Gas Corporation and Peer Group, Reserve Life Index (Years), 2012
Figure 37: Cabot Oil & Gas Corporation, Peer Group Comparison, Valuation Ratios, 2012
Figure 38: Cabot Oil & Gas Corporation, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2009-2013
Figure 39: Cabot Oil & Gas Corporation, Total Oil & Gas Reserves, End of Period, By Country/Region, MMboe, 2009-2013
Figure 40: Cabot Oil & Gas Corporation, Total Oil & Gas Production, By Country/Region, MMboe, 2009-2013
Figure 41: Cabot Oil & Gas Corporation, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2013
Figure 42: Cabot Oil & Gas Corporation, Crude Oil Production and Reserves Metrics, MMbbl, 2009-2013
Figure 43: Cabot Oil & Gas Corporation, Oil Reserves, End of Period, By Country/Region, MMbbl, 2009-2013
Figure 44: Cabot Oil & Gas Corporation, Oil Production, By Country/Region, MMbbl, 2009-2013
Figure 45: Cabot Oil & Gas Corporation, Crude Oil Reserve Changes, MMbbl, 2013
Figure 46: Cabot Oil & Gas Corporation, Natural Gas Production and Reserves Metrics, Bcf, 2009-2013
Figure 47: Cabot Oil & Gas Corporation, Gas Reserves, End of Period, By Country/Region, Bcf, 2009-2013
Figure 48: Cabot Oil & Gas Corporation, Gas Production, By Country/Region, Bcf, 2009-2013
Figure 49: Cabot Oil & Gas Corporation, Natural Gas Reserve Changes, Bcf, 2013
Figure 50: Cabot Oil & Gas Corporation, Oil and Gas Reserves Life Index, Years, 2009-2013
Figure 51: Cabot Oil & Gas Corporation, Gas Reserve Life Index, By Country/Region, Years, 2009-2013
Figure 52: Cabot Oil & Gas Corporation, Oil & Gas Reserve Life Index, By Country/Region, Years, 2009-2013
Figure 53: Cabot Oil & Gas Corporation, Oil Reserve Life Index, By Country/Region, Years, 2009-2013
Figure 54: Cabot Oil & Gas Corporation, Upstream Capital Expenditure, $m, 2009-2013
Figure 55: Cabot Oil & Gas Corporation, Proved Acquisition Costs, By Country/Region, $m, 2009-2013
Figure 56: Cabot Oil & Gas Corporation, Unproved Acquisition Costs, By Country/Region, $m, 2009-2013
Figure 57: Cabot Oil & Gas Corporation, Development Costs, By Country/Region, $m, 2009-2013
Figure 58: Cabot Oil & Gas Corporation, Exploration Costs, By Country/Region, $m, 2009-2013
Figure 59: Cabot Oil & Gas Corporation, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2009-2013
Figure 60: Cabot Oil & Gas Corporation, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, $/boe, 2009-2013
Figure 61: Cabot Oil & Gas Corporation, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, $/Boe, 2009-2013
Figure 62: Cabot Oil & Gas Corporation, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, $/boe, 2009-2013
Figure 63: Cabot Oil & Gas Corporation, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2009-2013
Figure 64: Cabot Oil & Gas Corporation, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2009-2013
Figure 65: Cabot Oil & Gas Corporation, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2009-2013
Figure 66: Cabot Oil & Gas Corporation, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2009-2013
Figure 67: Cabot Oil & Gas Corporation, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2009-2013
Figure 68: Cabot Oil & Gas Corporation, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2009-2013
Figure 69: Cabot Oil & Gas Corporation, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2009-2013
Figure 70: Cabot Oil & Gas Corporation, Revenue and Expenses, $m, 2009-2013
Figure 71: Cabot Oil & Gas Corporation, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, $m, 2009-2013
Figure 72: Cabot Oil & Gas Corporation, Exploration Expenses, By Country/Region, $m, 2009-2013
Figure 73: Cabot Oil & Gas Corporation, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, $m, 2009-2013
Figure 74: Cabot Oil & Gas Corporation, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, $m, 2009-2013
Figure 75: Cabot Oil & Gas Corporation, Oil & Gas Revenue, By Country/Region, $m, 2009-2013
Figure 76: Cabot Oil & Gas Corporation, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, $m, 2009-2013
Figure 77: Cabot Oil & Gas Corporation, Production Costs, By Country/Region, $m, 2009-2013
Figure 78: Cabot Oil & Gas Corporation, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, $m, 2009-2013
Figure 79: Cabot Oil & Gas Corporation, Oil and Gas Revenue and Expenses, $/boe, 2009-2013
Figure 80: Cabot Oil & Gas Corporation, Exploration Expenses per boe, By Country/Region, $/boe, 2009-2013
Figure 81: Cabot Oil & Gas Corporation, Income Tax/(Benefit) per boe, By Country/Region, $/boe, 2009-2013
Figure 82: Cabot Oil & Gas Corporation, Lifting Cost per boe, By Country/Region, $/boe, 2009-2013
Figure 83: Cabot Oil & Gas Corporation, Annual Net Income per boe, By Country/Region, $/boe, 2009-2013
Figure 84: Cabot Oil & Gas Corporation, Oil & Gas Revenue per boe, By Country/Region, $/boe, 2009-2013
Figure 85: Cabot Oil & Gas Corporation, Total DD&A per boe, By Country/Region, $/boe, 2009-2013
Figure 86: Cabot Oil & Gas Corporation, Total Revenue per boe, By Country/Region, $/boe, 2009-2013
Figure 87: Cabot Oil & Gas Corporation, Oil and Gas Performance Metrics, 2009-2013
Figure 88: Cabot Oil & Gas Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2009-2013
Figure 89: Cabot Oil & Gas Corporation, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2009-2013
Figure 90: Cabot Oil & Gas Corporation, Total Net Undeveloped Acreage, By Country/Region, Acres, 2009-2013
Figure 91: Cabot Oil & Gas Corporation, Total Gross Developed Acreage, By Country/Region, Acres, 2009-2013
Figure 92: Cabot Oil & Gas Corporation, Total Net Developed Acreage, By Country/Region, Acres, 2009-2013
Figure 93: Cabot Oil & Gas Corporation, Producible Oil and Gas Wells, 2009-2013
Figure 94: Cabot Oil & Gas Corporation, Gross Productive Gas Wells, By Country/Region, Number, 2009-2013
Figure 95: Cabot Oil & Gas Corporation, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2009-2013
Figure 96: Cabot Oil & Gas Corporation, Gross Productive Oil Wells, By Country/Region, Number, 2009-2013
Figure 97: Cabot Oil & Gas Corporation, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2009-2013
Figure 98: Cabot Oil & Gas Corporation, Net Productive Gas Wells, By Country/Region, Number, 2009-2013
Figure 99: Cabot Oil & Gas Corporation, Net Productive Oil & Gas Wells, By Country/Region, Number, 2009-2013
Figure 100: Cabot Oil & Gas Corporation, Net Productive Oil Wells, By Country/Region, Number, 2009-2013
Figure 101: Cabot Oil & Gas Corporation, Exploratory and Developed Wells, 2009-2013

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Moving Towards Oil; Development of the Eagle Ford Shale to Drive the Transition

Cabot reported total production of 187.5bcfe in 2011, of which 95.4% was natural gas and the remaining 4.6% was crude oil. The company’s crude oil and natural gas mix shows that it is a natural gas driven company, as natural gas accounted for more than 95% of Cabot’s total production in 2011. Cabot’s commodity mix clearly shows the company’s dependence on natural gas prices to grow its revenue. This dependency was quite evident from the company’s 2011 performance, as Cabot increased its production by 43.5% over 2010. However, the company’s revenue from the sale of oil and gas increased only by 16.4% in the same year. The slower growth rate in Cabot’s revenue in 2011 was primarily driven by the prevailing low natural gas prices, which reduced the company’s average realized price and, as a result, its revenue generation capacity.

Considering the low natural gas prices scenario compared to crude oil prices, coupled with Cabot’s imbalanced commodity mix, the company has decided to move towards the development of oil-rich assets. Cabot has allocated 40% of its total capex towards oil-rich drilling in 2012 compared to around 33% in 2011. The company expects to increase the share of oil in total capex in 2013. Cabot’s enhanced focus on oil-rich drilling is expected to improve its overall profitability. In line with this objective, the company entered into the Eagle Ford Shale in 2009 and purchased geophysical and geological seismic data for the shale in 2010. Cabot intends to concentrate on the development of the Eagle Ford shale to increase the oil content in its commodity mix in the near-future. This shale is expected to be the key driver for its oil production growth in the long run. The company has increased its acreage position in the Eagle Ford shale from 33,000 acres in 2009 to more than 60,000 acres in Q1 2012.

Cabot’s acreage in the Eagle Ford shale is primarily located in the oil window of the shale, where the majority of the resources consist of oil and liquids. The company’s drilling activities in this shale are mainly focused in the Frio, La Salle and Atascosa counties, in the Buckhorn area of the field. Cabot reported an average Estimated Ultimate Recovery (EUR) of 400 thousand barrels of oil equivalent (Mboe) per well in the Buckhorn area of the Eagle Ford shale in Q1 2012. However, Cabot’s wells drilled so far in this area have shown EUR in the range of 380-500 Mboe/ well.

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