Cabot sells Texas acreage to focus on Appalachian Basin
Monday, January 8, 2018
Cabot Oil & Gas has decided to leave parts of Texas to focus more resources on the Appalachian shale natural gas basin, according to United Press International.
The company said it is selling off around 74,500 net acres of assets in the Eagle Ford shale basin in Texas to an affiliate of Venado Oil & Gas for $765 million. It also said it sold its remaining interests in East Texas to an undisclosed buyer for an unknown sum.
Cabot expects its total production to increase by at least 15 percent this year, with at least $750 million of its $1 billion budget designated for the Appalachia basin in 2018.
Learn more: UPI > Cabot Oil & Gas steps away from Texas and toward Appalachia shale
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Depending on the company, royalty payments can arrive monthly or quarterly.
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Yes. If you plan on selling your property, notify the gas company that is leasing your land and your realtor. They will make arrangements to allow the royalty payments to transfer to a different land owner.
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Royalties are payments from the gas company to the landowner as part of a lease agreement. Royalties payments cannot begin until production begins. The payments are dependent upon the market price of the resource.
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