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
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SOURCE Cabot Oil & Gas Corporation