Cabot Oil & Gas (COG -4.5%) dips deeply into the red after the Pennsylvania Attorney General's office formally charges the company for environmental crimes in the state.

The charges follow a grand jury investigation that found the company failed to fix faulty gas wells in Dimock and surrounding communities that leaked methane into residential water supplies.

The Pennsylvania AG charges Cabot with a total of 15 criminal counts, including illegal discharge of industrial wastes and unlawful conduct under the state's Clean Streams Law; maximum fines are $50K or $25K, depending on the count.

READ FULL ARTICLE HERE