Cabot Oil & Gas (COG) is benefiting from the impact of the oil price crash (on associated gas production) that has resulted in a significant downturn in natural gas production from producers who don't care much about natural gas prices when they make their production decision.
Cabot is also a low-cost natural gas producer, so it can keep production flat while many other companies are forced to cut production when natural gas prices are around $2.
The combined effect of activity reduction from both natural gas and oil-focused producers means that natural gas