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