Printer Friendly

EQUITABLE RESOURCES TO INCREASE CAPITAL EXPENDITURES

 EQUITABLE RESOURCES TO INCREASE CAPITAL EXPENDITURES
 PITTSBURGH, Dec. 16 /PRNewswire/ -- Equitable Resources, Inc. (NYSE: EQT) has announced a $123.9 million capital spending program for 1992, an increase of approximately $6.7 million over the 1991 budget.
 Increased expenditures are planned for the company's energy resource business segment, while those for the utility service segment will decrease by $4.1 million. Energy resources projects a $10.8 million increase to $74.8 million, to be used chiefly for development and production of gas and oil reserves. The utility service segment, which includes interstate pipeline operations and local distribution, plans to invest $49.1 million in capital projects.
 The utility service segment has appropriated $19.7 million to interstate pipeline operations, including $6.8 million for upgrading and extending the system to increase delivery capabilities. Local distribution activities will account for $26.4 million, including approximately $4.8 million for new business additions and market development. The remaining distribution funds will be used for ongoing facilities upgrade programs.
 Energy resources plans to invest $15.3 million in new programs to develop properties recently acquired from Maxus Energy Corporation (NYSE: MXS) and The Coastal Corporation (NYSE: CGP). Once again, the Appalachian Basin will be the focus of energy resources' activities, where $47 million, or 63.4 percent of the segment's total budget, is expected to be spent on existing programs and development of properties acquired from Coastal.
 Energy resources also plans to continue the expansion of drilling operations in its non-traditional areas to increase oil reserve and short-life gas reserve components of its energy mix. Greater activity is planned for the segment's Rocky Mountain operations, including the development of recently acquired properties. Additionally, Gulf of Mexico operations will include new joint venture participation, and exploration activities in Colombia, South America will be expanded into three contract areas in the Llanos Basin.
 -0- 12/16/91
 /CONTACT: Brian Plante of Equitable Resources, 412-553-5911/
 (EQT MXS CGP) CO: Equitable Resources, Inc; Maxus Energy Corporation; The Coastal
 Corporation ST: Pennsylvania IN: OIL SU:


CD -- PG010 -- 2557 12/16/91 13:36 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 16, 1991
Words:347
Previous Article:SNO COUNTRY REPORTS OFFICIAL SKI REPORT
Next Article:GENISCO ANNOUNCES RECAPITALIZATION PLAN AGREEMENT THAT WOULD DECREASE DEBT SERVICE, SETTLE PENDING LITIGATION
Topics:


Related Articles
EQUITABLE RESOURCES SETS $151 MILLION CAPITAL BUDGET
EQUITABLE RESOURCES OUTLINES NEW REVENUE SOURCES AND COST SAVINGS TO NEW YORK ANALYSTS
Equitable Resources' Third-Quarter Earnings Nearly Triple.
Equitable Resources Posts Record Earnings per Share - EPS Jumps 40%.
TO BUSINESS EDITOR:.
Equitable's Achieves Record Third Quarter - EPS More Than Triples.
Equitable Resources Continues Record Performance.
Equitable Achieves Record First Quarter EPS, Announces 2 for 1 Stock Split and 8.5% Dividend Increase.
Equitable Resources Reports Core Earnings Per Share of $0.44, 83% Higher Than the Second Quarter 2000.
Equitable Resources Reports Core Earnings Per Share of $0.32; 28% Higher than the Third Quarter 2000.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters