Cabot Oil & Gas Corporation (NYSE: COG) recently shared it has learned that a lawsuit has been filed by a group of Dimock residents that are stating a damage claim to their property and to water supplies.
Cabot has successfully drilled and completed dozens of natural gas wells in the Dimock area. These activities are heavily regulated pursuant to the Pennsylvania Oil and Gas Act and other environmental laws and regulations.
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The Pennsylvania Department of Environmental Protection has the responsibility to administer and enforce these laws and to ensure the protection of the residents and the environment. Cabot recently entered into a consent order and agreement with the DEP to provide further assurance that its activities are conducted in full compliance with DEP-administered environmental protection laws. "Cabot continues to cooperate with the DEP to ensure protection of residents and their property," said Dan O. Dinges, Chairman, President and Chief Executive Officer. "While we respect the right of any resident to seek a judicial solution for a legitimate issue, we see no merit in these claims and are disappointed that these citizens felt it necessary to proceed in this fashion. We do not believe this matter will impact our continuing operations in the area.” Cabot Oil & Gas Corporation, headquartered in
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