From Cabot Oil & Gas Co., a major player in the Marcellus shale in Pennsylvania:
HOUSTON, Sept. 26, 2013 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG) today established its initial 2014 production growth guidance range of 30 to 50 percent and reaffirmed its 2013 production growth guidance range of 44 to 54 percent. "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," said Dan O. Dinges, Chairman, President, and Chief Executive Officer. "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," stated Dinges. "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 Corporation, headquartered in Houston, Texas is a leading independent natural gas producer, with its entire resource base located in the continental United States. For additional information, visit the Company's homepage at www.cabotog.com.
The statements regarding future financial performance and results and the other statements which are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties, including, but not limited to, market factors, the market price (including regional basis differentials) of natural gas and oil, results of future drilling and marketing activity, future production and costs, and other factors detailed in the Company's Securities and Exchange Commission filings.
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SOURCE Cabot Oil & Gas Corporation