HOUSTON, Jan. 4, 2012 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG) today announced a new milestone for its Marcellus production with the achievement of 606 Mmcf per day (before royalty) for a 24 hour period and an average of 600 Mmcf per day for the final two days of 2011. This level represents a 154% increase over the 2010 Marcellus exit rate of 236 Mmcf per day. Contributing to the additional volumes is a recently commissioned upgrade to the Teel compressor station that increased compression capacity to 200 Mmcf per day from 100 Mmcf per day, giving the Company 650 Mmcf per day of total compression.
Also of note is the initial startup of Springville Pipeline which commenced receiving gas from Cabot on Wednesday, December 28, 2011, initially for line pack and new compression commissioning. First deliveries to Transco Pipeline are scheduled for January 5, 2012 with expected volumes totaling 250 Mmcf per day, and with continuing deliveries of 350 Mmcf per day to Tennessee.
"Ending 2011 with this momentum provides us a great start to the new year," said Dan O. Dinges, Chairman, President and Chief Executive Officer. "We have long anticipated these events and completing these during 2011 gives an exclamation point to what has been Cabot's best year in many regards. My sincere appreciation goes out to all those contributing to this effort."
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 Internet 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.
FOR MORE INFORMATION CONTACT:
Scott Schroeder (281) 589-4993
SOURCE Cabot Oil & Gas Corporation