Like a cog on a gear in a well-oiled machine, Cabot Oil & Gas (ticker symbol: COG) is very efficiently engaged in the oil and gas industry. It explores for and produces primarily natural gas (and some oil), and it sells gas to industrial customers, local utilities, and gas marketers. In 2015 Cabot Oil & Gas reported estimated proved reserves of 7.4 trillion cu. ft. of natural gas equivalent. About 96% of the company's reserves is in the form of natural gas. Its major areas of operation include gas shale plays in Pennsylvania, Oklahoma, Louisiana, and Texas.