Cabot Oil & Gas (NYSE:COG) (COG – $16.28 – NYSE) is the lowest-cost producer of natural gas in the Marcellus shale basin in the Eastern United States. The company lowered its preliminary 2021 production target on its third-quarter earnings conference call. Management has elected to stay in maintenance mode with regard to spending on drilling until fundamentals for natural gas improve. This should happen sometime in 2021 as COVID-related lockdowns ease and demand returns.
From Keeley Asset Management Corp (Trades, Portfolio)’s Mid Cap Dividend Value Fund fourth-quarter 2020 shareholder commentary.
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