BRIEF: Equitable Resources to cut capital spending

Oct 09, 2008 (The Pittsburgh Tribune-Review - McClatchy-Tribune Information Services via COMTEX) -- EQT | Quote | Chart | News | PowerRating -- Equitable Resources Inc. said Wednesday it plans to cut capital spending on new natural gas wells, pipelines and other projects significantly next year, due to market conditions. The North Shore-based company said its current plan assumes it will not access capital markets through the end of 2010 and anticipates annual sales growth of greater than 12 percent through spending on drilling where midstream capacity exists. Equitable's capital expenditures for 2008 are expected to total $1.4 billion. The company said it has drilled 296 horizontal wells so far this year, and hit a production target of 235 million cubic feet equivalent three months ahead of schedule.

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