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The company achieved its year-end daily production sales target of 235 MMcfe three months ahead of schedule, drilled 296 horizontal wells year-to-date, completed construction of the Langley hydrocarbon processing plant and gas compression facilities in Kentucky and completed the Big Sandy pipeline and Mayking corridor.
The projects reflect a long-term natural gas sales growth potential of over 20% per year. Equitable Resources plans to reduce capital spending significantly for 2009 as compared to 2008. The plan is anticipated to raise annual sales by more than 12% through concentrated spending on drilling. Capital expenditures for 2008 are expected to total approximately USD1.4bn.
In addition, Equitable Resources announced that its third quarter 2008 results will be released on 23 October 2008.
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