Cabot Oil & Gas Corporation Announces New Agreements for Long-Term Sales and Pipeline Takeaway Capacity

HOUSTON, Feb. 20, 2014

The Gas Sale and Purchase Agreement will provide for 500,000 MMBtu per day of natural gas to be sold to WGL for a primary term of 15 years, commencing with the in-service date of Transco's Atlantic Sunrise expansion project currently scheduled for in-service in the second half of 2017.

The Precedent Agreement will allow for Transco to construct and operate approximately 177 miles of new pipeline, referred to as the Central Penn Line, from the Zick area of Susquehanna County to an interconnect with Transco's mainline in Lancaster County, Pennsylvania. These new facilities are an integral part of Transco's recently announced Atlantic Sunrise project. Cabot will own 850,000 MMBtu per day of firm capacity on Atlantic Sunrise and will also be participating as an equity owner.

"We are extremely excited to combine this new long-term sales agreement with our previously announced deal with Sumitomo for delivery to Cove Point," commented Dinges.  "Collectively, we are adding 850,000 MMBtu per day of baseload sales to our marketing effort while securing a firm path for these volumes through the 850,000 MMBtu per day of firm capacity on this newly announced pipeline.  We have achieved a significant goal of securing new takeaway capacity from the basin with the construction of a new large diameter pipeline that connects our operating area directly to multiple new markets including new pricing opportunities." 

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 homepage 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