Natural gas producer Cabot Oil & Gas Corp. (NYSE: COG) said today that it has restarted a Pennsylvania compressor station that was damaged last week by a fire. The station is operated by Williams Partners LP (NYSE: WPZ).
Cabot estimated that it lost about 1 billion cubic feet of production during the shutdown of the compressor station. Six of the seven compressors are now operational with the seventh scheduled to come online next week.
Given this week’s report on the inventory build of US natural gas supplies (our coverage here), Cabot might have been better off not working so hard to get the gas flowing again.
Cabot’s shares are up 2.5% at $32.04 in a 52-week range of $25.21-$45.00.