HOUSTON, March 10, 2016 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG) ("Cabot") announced today that Constitution Pipeline Company, LLC ("Constitution") has updated its in-service date projection from the fourth quarter of 2016 to the second half of 2017. This adjustment is to ensure compliance with the environmental conditions of the Federal Energy Regulatory Commission ("FERC") Order, as well as the U.S. Fish and Wildlife Service ("USFWS") Biological Opinion. Specifically, the in-service date adjustment is in response to the rapidly closing environmental window to complete tree felling activities prior to March 31. To date, Constitution has completed nearly all tree felling activities in Pennsylvania. Assuming Constitution receives the final Notice to Proceed in time to complete stream crossing activities during the summer window this year, the pipeline could be in-service as early as August 2017.
"While this adjustment to the in-service date is disappointing, we are optimistic that the Constitution Pipeline will be placed in service during 2017 to help meet the growing natural gas demand in New York and New England," commented Dan O. Dinges, Chairman, President and Chief Executive Officer. "Based on this updated projected in-service date, along with the timing laid out by the FERC in yesterday's Notice of Schedule for Environmental Review for the Atlantic Sunrise pipeline, Cabot anticipates having approximately 1.35 billion cubic feet (Bcf) per day of incremental takeaway capacity to favorably priced markets by the end of 2017."
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 website 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
Matt Kerin (281) 589-4642
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/constitution-pipeline-updates-projected-in-service-date-300234436.html
SOURCE Cabot Oil & Gas Corporation