Production
For the full year 2007 equivalent production totaled 85.5 Bcfe, compared to actual reported production of 88.2 Bcfe and pro forma production of 74.9 Bcfe for 2006.
Absolute production growth in 2006 was 4.6 percent with total production being 88.2 Bcfe.
For 2005, Cabot reported 84.4 Bcfe of production, down less than one percent versus 2004's 84.8 Bcfe.
Reserves
For 2007, the company reported total proved reserves of 1,616 Bcfe, the highest ever recorded as a result of 334 percent replacement of production. Reserve life index is now 18 years based on fourth quarter production.
Cabot's reserves increased six percent to 1,416.1 Bcfe in 2006, up 12 percent, after removing the divestiture of 68 Bcfe in the Gulf Coast from the beginning balance. Finding costs were $1.97 for drilling, $2.09 for drilling and revisions and $2.10 for drilling, revisions and purchases. Embedded in these numbers are 18.4 Bcfe of negative revisions due to a short-term price drop at year-end, which added $0.15 to the finding cost amount.
The Company's 273 percent all-in reserve replacement comes primarily from drilling additions of 253 Bcfe that came from a 96 percent successful drilling program.
Cabot increased reserves by 10.7% in 2005, bringing year-end total proved reserves to 1,330.9 Bcfe.