Equitable Achieves Operational Milestones

Wednesday, October 8, 2008 8:08 am EDT



Public Company Information:


Equitable Resources, Inc. (NYSE: EQT) today announced 2008 achievements and an initial preview of 2009. Highlights include:

-- Achieved year-end daily production sales target of 235 MMcfe; three months ahead of schedule. -- Successfully drilled 296 horizontal wells year-to-date. -- Completed construction of the Langley hydrocarbon processing plant and gas compression facilities in Kentucky. The plant has the capacity to process 170 MMcfe of natural gas per day. Combined with the Big Sandy pipeline and Mayking corridor, completed earlier this year, these projects provide the platform for significant sales growth in 2009 and beyond.

With the success of Equitable's horizontal drilling program and completion of several important infrastructure projects, the company has a long-term natural gas sales growth potential of greater than 20% per year. However, given current market conditions, the company is developing a plan to reduce capital spending significantly for 2009 versus 2008. This capital spending plan is built on the premise the company will not access capital markets through the end of 2010. Even so, this plan anticipates annual sales growth of greater than 12% through concentrated spending on drilling where midstream capacity has already been built. Capital expenditures for 2008 are expected to total approximately $1.4 billion.

Equitable Resources' Chairman and CEO, Murry Gerber, is scheduled to present at IPAA's OGIS San Francisco Conference today at 5:15 p.m. Eastern Time. The event will be broadcast live on Equitable's website, http://www.eqt.com, and will be available for seven days. The slides for this presentation will be posted to the company's website.

Equitable will report third quarter 2008 results on October 23, 2008. There will be a conference call for analysts at 10:30 a.m. Eastern Time. The third quarter report will include more details on operational achievements.

Equitable Resources is a natural gas-focused energy company, with an emphasis on Appalachian area natural gas activities, including production, gathering, processing, transmission, storage and distribution. For information please visit http://www.eqt.com.

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 foregoing, forward-looking statements contained in this press release specifically include the expectations of plans, strategies, objectives and growth and anticipated financial and operational performance of the company and its subsidiaries, including guidance regarding the company's drilling and infrastructure programs and initiatives, production and sales volumes, capital expenditures, capital budget, financing plans and growth rate. These statements involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The company has based these forward-looking statements on current expectations and assumptions about future events. While the company considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, most of which are difficult to predict and many of which are beyond the company's control. The risks and uncertainties that may affect the operations, performance and results of the company's business and forward-looking statements include, but are not limited to, those set forth under Item 1A, "Risk Factors" of the company's most recently filed Form 10-K.

Daily sales volumes at period end is an operational estimate of the daily sales volume on a typical day (excluding curtailments) at the end of the applicable period.

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.