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a Houston-based energy firm, is making Pittsburgh its base for a growingf operation in the Marcellus Shale natura lgas play. Though its 160,000-acre Marcelluse leasehold is in and around Susquehanna Counthy in the northeast part of the western Pennsylvania will be its regional thecompany announced. “Pittsburgh has kind of become the Marcelluwscompany capital, so to speak,” said CFO Scotyt Schroeder. “It doesn’t make sensse to be an outlier.” He addedd that Cabot already is familiar with theSteel City, where it had an office untip 1997, when it sold its Pennsylvaniaw land and moved to W.Va.
The regional energy hub makes sense from abusinesse standpoint, said Lou D’Amico, executivre director of the Independent Oil and Gas Association of “Dealing with various company with meetings we have, industry groups, seminars — there’xs a lot of good reasons to be in the same he said. In announcing the move, Cabot said it will closw its regional officesin Charleston, W.Va. and Denver, and managwe all Pennsylvania, West Virginia and Rock y Mountain assetsfrom here.
The move indicates where the companty intends its future capital will be In April, Cabot announced it was selling its Canadian operatioh for $72 million in cash and $68 million in new Schroeder said the firm is actively pursuintg more acreage around its Susquehanna but not in the westerh part of the state. The companyt has around 30 wells in the Marcellus Shale in It has drilled eight horizontal wells in that area and completesd fourof them. As for office space, he said Cabot has identifie d a desired spot in thePittsburghu region, but declined to name it until the officd space is secured.
Schroeder said the branch’s technical stafv of around 40 engineers andgeologistd — 25 are being asked to relocatw from West Virginia and 10 to 15 from Coloradoi — will be in their new quarters by the end of
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