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Plummeting natural gas prices slash revenue of Marcellus shale producers

The head of Pennsylvania’s largest shale gas producer concluded his quarterly earnings call Friday with a dark view of the situation confronting drillers in the Marcellus.

“I have been in this business over 30 years. I’ve seen a lot of cycles, and this is one of those draconian, down markets,” Dan O. Dinges, CEO of Houston-based Cabot Oil & Gas Corp., said after spending an hour answering analysts’ questions, and talking about low natural gas prices and the promise of more pipelines.

Cabot swung to a $27 million loss for the quarter from a $118 million profit the year before despite a modest increase in production.

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