WASHINGTON (dpa-AFX) - Cabot Oil & Gas Corp. (COG) Tuesday said it expects production for the fourth quarter to be approximately 1,642 million cubic feet equivalent or Mmcfe per day, including approximately 1,552 million cubic feet per day of natural gas and approximately 14,977 barrels per day of liquids.
Further the company noted that the equivalent production for the quarter is expected to exceed the midpoint of its guidance range of 1,626 Mmcfe per day. Cabot Oil now expects total production growth for 2015 to be approximately 13 percent.
For the fourth quarter, natural gas price realizations, including the effect of hedges, are expected to be $1.94 per thousand cubic feet. Excluding the impact of hedges, natural gas price realizations for the quarter are expected to be $1.52 per Mcf.
Cabot said it expects to recognize a non-cash, after-tax impairment charge of approximately $73 million in the fourth quarter, to reflect reduced commodity prices.
Dan Dinges, chairman, president and chief executive officer of the company said, 'Given the productivity of our assets in the Marcellus Shale, we will be prepared to accelerate our production growth in a capital efficient manner when market conditions warrant, as we anticipate over 1.3 billion cubic feet (Bcf) per day of new firm transport capacity and firm sales by the third quarter of 2017 and an incremental 425 Mmcf per day by the third quarter of 2018.'
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