Cabot’s exploration, development and production operations are primarily concentrated in the Marcellus Shale in northeast Pennsylvania. Cabot’s 2019 capital budget is approximately $800 million. For the full year 2019, the Company plans to drill and complete 85 to 90 net wells and place 80 to 85 net wells on production.
Cabot’s strategy is focused on disciplined capital allocation that:
- • delivers growth in production and reserves on a debt-adjusted per share basis;
- • generates positive free cash flow from our operations and returns at least fifty percent of our free cash flow to shareholders annually through dividends and share repurchases;
- • continues to improve corporate returns on capital employed; and
- • maintains a strong balance sheet with significant financial flexibility.