⁍ Cabot Oil & Gas Corp cut its full-year production forecast.

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⁍ The natural gas producer started curtailing some of its output last month after the COVID-19 pandemic hit prices for the fuel.

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⁍ Cabot, among the top U.S. gas producers, said it would continue to evaluate opportunities.

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– “We remain optimistic about the improving natural gas supply and demand outlook heading into 2021.” So says Cabot Oil & Gas CEO Dan Dinges in the wake of the company’s revised full-year production forecast, down from its July estimate of 2.38 billion cubic feet equivalent per day (bcfepd). Reuters reports the natural gas producer started curtailing some of its output last month after the COVID-19 pandemic hit prices for the fuel. Cabot said it has curtailed an estimated average daily gross production of about 372 million cubic feet equivalent per day (mmcfepd) in the last 13 days of its third quarter, and the cuts have averaged at an estimated 450 mmcfepd so far in October. That would hurt full-year production, which it now expects to be between 2.33 billion cubic feet equivalent per day (bcfepd) and 2.34 bcfepd, lower than its previous estimate of 2.35 bcfepd to 2.38 bcfepd. third-quarter production of about 2.41 bcfepd was close to the lower end of the 2.40 bcfepd to 2.45 bcfepd range it had forecast in July. Cabot said prices for its natural gas, including hedges, were expected to be $1.57 per thousand cubic feet in the third quarter.