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Cabot Pushes Out Over $1 Billion To Local Landowners

dimock verdictGeorge Stark
Director, External Affairs at Cabot Oil & Gas

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Cabot Oil & Gas has paid out over $1 billion in royalties to landowners and nearly $500 million in bonuses in their 10 years of operating in this region.

During an update to the community and elected officials, I had the pleasure to announce several major milestones of Cabot Oil & Gas Corporation from its past decade of operations in the region. This ten-year look-back included the announcement that to date, more than $1 billion has been paid in royalties to landowners in Susquehanna and Wyoming Counties and nearly $500,000,000 has been paid out in signing bonuses since Cabot commenced operations in 2006.

We have seen firsthand how these dollars have improved the community overall. We look forward to our continued partnership with our community leaders. Let’s hope we can do this again, but in less than 10 years.

Royalties

Several regional legislators applauded the announcement.

“A billion dollars flowing into our rural economy is an extremely big deal,” said Representative Jonathan Fritz (R-111). “Being pro-jobs and pro-business, I extend my appreciation to Cabot Oil & Gas. The energy industry has been a blessing to our area and I look forward to Cabot’s continued success and the widespread economic benefit that comes along with it.”

“Royalties from natural gas development have provided additional income during tough economic times,” said Senator Gene Yaw (R-23). “Whether it’s expanding a farming operation, supporting area businesses or simply putting money away for a child’s college fund, royalties have greatly benefited rural Pennsylvanians. Further, no other industry has had such a dynamic impact on rural Pennsylvania. I am pleased to hear that Cabot is making good on their commitment to royalty owners in Pennsylvania with over $1 billion in payments and hope that with improved market conditions and added infrastructure development these monies will increase for leaseholders across the state.”

Senator Lisa Baker (R-20) explained the importance of these dollars to the region as a whole. “The substantial amount of royalties paid to property owners continues to provide a significant economic boost for the region. Many of these dollars make their way to community institutions such as our hospitals, libraries, churches, and the United Way, which raises the quality of life and benefits all residents.”

“The Northern Tier has benefited greatly from natural gas development and the Marcellus Shale, thanks to royalties from Cabot drilling to Susquehanna County farmers, families, seniors and organizations,” Representative Tina Pickett (R-110) said. “Those royalties have allowed families to keep their farms, send their children to college, or pay off their mortgages, and helped organizations and businesses expand their operations. This is the type of economic development that is valuable in our communities.”

Representative Michael Peifer (R-139) discussed the impact of these dollars to the community in addition to the other benefits the industry has brought to the region. “This marks a substantial investment in Susquehanna County. The royalties have provided local property owners and family farms with the ability to save their homesteads and prosper in place. The impact of these funds has been seen throughout Northeast Pennsylvania as is evidenced by ancillary job growth and economic benefits to all. Further, the positive financial impact of Act 13 on our state’s counties, local governments and municipalities cannot be overstated. This resource has transformed the worldwide energy market and has provided both the Commonwealth and our nation with energy independence.”

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8 thoughts on “Cabot Pushes Out Over $1 Billion To Local Landowners

  1. Can George prove this amount and even if true, is our clean water and air worth that amount ?
    Water and air and health is worth far more than 1 and half billion ; it’s priceless.
    Cabot and others have adversely impacted our environment and lives and those who are harmed are not heard or given a public voice by our legislators and those quoted don’t live next door to gas development .
    Sad to read this and how the harm and harmed are ignored .
    Thankfully, We are heard by some and from those outside of Pa..
    Cabot also takes out some post-production costs and
    landowners with other companies continue to protest and sue companies for little or no royalties and the impacts of post-production costs…
    besides suing for water damage, noise and air pollution…
    and don’t forget , George, that Cabot still holds first place in our county for the most DEP Violations which is now over 500 Violations
    and we still have a 9 sq. mile Moratorium in Dimock where Cabot can not drill or frack because Cabot has been faulted for contaminating water wells with their gas drilling and spills….
    I rather have a healthy environment and you can keep your one and half billion….

    • Poor Vera doesn’t own any land and will never get any money from it. She squawks that it is bad for the environment yet stays there. How’d that Ely case go ?? Oh yeah the judge overturned it.

    • Vera
      Clean water and air is more valuable then all the gold in fort knox, without clean air and water we cannot survive. That being said scientific and university studies have shown over and over again that NG Drilling and the process of Hydraulic fracturing do not “nor have they ever” polluted our water and have only cleaned our air. Even a financed study by the sierra club unsettled the sierra club when that environmental study found and had the same results (NO WATER CONTAMINATION).
      You see Vera America is becoming desensitized to the far left fear mongering BS and your bite no longer has a sting. The reports of contamination you carry around were and are nothing more then a jump to conclusion by John Hanger of the PA.DEP. Like you those reports are antiquated and thoroughly debunked and non scientific. But keep up the fight Vera, you have your dwindling supporters to satisfy, your need to be on video.

    • Well, the temple still has water unaffected by Cabot drilling so that matter didn’t work out either. And just think, if you still owned those 40 acres you too could be making lease money as the swami is now.

  2. Excellent job, Cabot. This article should be sent to every newspaper in the Appalachian Basin and see who has the intestinal fortitude to publish it. So sick and tired of reading negative garbage about our industry all the time.

  3. Cabot would be more than welcome to come to West Virginia. We have people that want to work. We have Marcellus and Utica. In Preston County the gas is here, just waiting to be taken out.

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