Cabot Oil & Gas, EQT Corp. and Consol Energy are at the top of a list of the most productive operators in the Marcellus Shale play, according to a new analysis by private equity firm Baird Equity Research.

The analysis ranks oil and gas companies on the consistency and magnitude of their productivity and revenue changes over the past two years. However, the analysis does not indicate which ones produce more. It is intended to provide insight into recent trends and indicators on future productivity.

Chesapeake Energy topped the firm’s Utica shale list, showing the smallest downward trend.

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