Equitable Resources sets $1 billion budget

Equitable Resources Inc. has established a $1 billion capital budget for 2009 compared with the $1.2 billion budget announced for 2008.

OGJ editors
HOSUTON, Dec. 17 -- Equitable Resources Inc. has established a $1 billion capital budget for 2009 compared with the $1.2 billion budget announced for 2008.

The 2009 budget outlines $600 million for well development, $360 million for midstream projects, and $40 million for distribution projects and other corporate items.

Equitable Resources concentrates on Appalachian natural gas production, gathering, processing, transmission, and distribution.

Well development spending will be on areas that benefit from the company's Appalachian midstream infrastructure, and is expected to involve 675 wells, including 375 horizontal wells.

Midstream capital includes $65 million to support Marcellus shale development.

More in General Interest