Cabot Oil & Gas Corporation (NYSE: COG) 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."
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