Cabot Increases 2016 Capital Budget; Q2 Equivalent Production Up 10% YoY

(RTTNews) - Cabot Oil & Gas Corp. (COG) announced it has increased 2016 capital budget to $345 million from $325 million to reflect the incremental capital for the completion of an additional 15 to 20 net wells during the second half of the year, partially offset by efficiency gains and cost savings realized throughout the year. Since the production impact from these additional wells will not be realized until early 2017, 2016 production growth guidance range of two to seven percent remains unchanged.

Cabot has provided third quarter net production guidance of 1,575 to 1,600 Mmcf per day for natural gas; 10,000 to 10,500 Bbls per day for crude oil and condensate; and 1,200 to 1,250 Bbls per day for NGLs.

Equivalent production in the second quarter of 2016 was 151.8 billion Bcfe, consisting of 144.3 Bcf of natural gas, 1.1 million barrels of crude oil and condensate, and 113,000 barrels of natural gas liquids.