HOUSTON, Dec. 30, 2016 /PRNewswire/ -- Cabot Oil & Gas
Corporation (NYSE: COG) ("Cabot" or the "Company") today announced
that the Federal Energy Regulatory Commission ("FERC") issued its
final Environmental Impact Statement ("EIS") for Williams Partners'
(NYSE: WPZ) Atlantic Sunrise project. The issuance of the final EIS
is a key step toward the FERC's final decision on the project,
which is expected in early 2017. Following the receipt of all
necessary regulatory approvals, Williams Partners anticipates
beginning construction in mid-2017, allowing for a full in-service
of the project in mid-2018.
In addition to previously announced gas sale and purchase
agreements related to Cabot's 850,000 MMBtu per day of
transportation capacity on the Atlantic Sunrise project, Cabot also
reported the execution of a new definitive gas sale and purchase
agreement with an undisclosed company. Under the terms of this new
agreement, the Company has agreed to sell an additional 150,000
MMBtu per day of natural gas for a term of three years commencing
on the full in-service of the Atlantic Sunrise project.
"Today's final EIS issuance represents a major milestone toward
the final approval of the Atlantic Sunrise project," commented
Dan O. Dinges, Chairman, President
and Chief Executive Officer. "We are also excited to increase our
committed sales on the Atlantic Sunrise project utilizing capacity
subscribed to by Cabot or by third parties to approximately 1
billion cubic feet (Bcf) per day through the addition of this new
sales agreement that is linked to the Gulf Coast market."
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.
This press release includes forward‐looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. The statements regarding future financial and operating
performance and results, strategic pursuits and goals, market
prices, future hedging and risk management activities, and other
statements that are not historical facts contained in this report
are forward-looking statements. The words "expect", "project",
"estimate", "believe", "anticipate", "intend", "budget", "plan",
"forecast", "predict", "may", "should", "could", "will" and similar
expressions are also intended to identify forward-looking
statements. Such statements involve risks and uncertainties,
including, but not limited to, market factors, market prices
(including geographic basis differentials) of natural gas and crude
oil, results of future drilling and marketing activity, future
production and costs, legislative and regulatory initiatives,
electronic, cyber or physical security breaches and other factors
detailed herein and in our other Securities and Exchange Commission
(SEC) filings. See "Risk Factors" in Item 1A of the Form 10-K and
subsequent public filings for additional information about these
risks and uncertainties. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove
incorrect, actual outcomes may vary materially from those
indicated. Any forward-looking statement speaks only as of
the date on which such statement is made, and the Company does not
undertake any obligation to correct or update any forward-looking
statement, whether as the result of new information, future events
or otherwise, except as required by applicable law.
FOR MORE INFORMATION CONTACT
Matt Kerin (281) 589-4642
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/cabot-oil--gas-corporation-provides-update-on-atlantic-sunrise-project-announces-gas-sale-and-purchase-agreement-300384205.html
SOURCE Cabot Oil & Gas Corporation