PITTSBURGH, Dec. 6 /PRNewswire-FirstCall/ -- The Board of Directors of
Equitable Resources, Inc. (NYSE: EQT) yesterday approved up to $1,236
million of capital commitments for 2008. This forecast includes $536
million for well development and $568 million for midstream infrastructure
at Equitable Supply, $80 million for midstream projects at Equitable
Utilities, $37 million for distribution infrastructure projects and $15
million for Headquarters.
The Equitable Supply capital is driven by increased drilling activity
of up to 750 wells in 2008 and the construction of incremental Appalachian
midstream infrastructure to move new gas volumes to market. The ultimate
number of wells drilled will depend on the mix of horizontal shale wells,
vertical conventional wells in sandstone and shale, and coal bed methane
wells. The Company plans to drill at least 200 horizontal wells in 2008,
with the intent to drill more if efficiency improvements experienced in
2007 continue. The capital approved by the Board is intended to provide
support for more than 200 horizontal wells.
Horizontal shale wells are generally three times more productive than
vertical wells. This provides an opportunity for the Company to increase
investments in midstream infrastructure, including gathering, transmission
and compression. The Company intends to construct 470 miles of pipe and add
82,000 HP of compression.
Equitable Resources is an integrated energy company with emphasis on
Appalachian area natural gas supply, gathering, processing, transmission
and distribution. For information, please visit Equitable's website,
http://www.eqt.com.
Forward-Looking Statements
Disclosures in this press release contain forward-looking statements.
Statements that do not relate strictly to historical or current facts are
forward-looking. Without limiting the generality of the forgoing, forward-
looking statements contained in this press release specifically include the
purpose and amount of forecasted capital commitments, the number of wells
to be drilled, and the productivity of certain wells. A variety of factors
could cause the Company's actual results to differ materially from the
anticipated results. The risks and uncertainties that may affect the
results of the Company's forward-looking statements include, but are not
limited to, those set forth under Item 1A, "Risk Factors", of the Company's
Form 10-K for the year ended December 31, 2006.
Any forward-looking statement speaks only as of the date on which such
statement is made and the Company does not intend to correct or update any
forward-looking statement, whether as a result of new information, future
events or otherwise.
SOURCE Equitable Resources
 back to top
Related links:
http://www.eqt.com
CONTACT:
Patrick Kane, Investor Relations, of
Equitable Resources, +1-412-553-7833, pkane@eqt.com
|
