EQT decreases capital spending due to service provider cuts
Sunday, April 26, 2015
EQT Corp.’s capital budget has been lowered as a result of cuts made with its service providers, Pittsburgh Business Times reports.
The company’s original budget was $2.5 billion, but in February, lowered that number to $2.05 billion due to low oil and gas prices. Now, the company has brought its capital budget down to $19 billion.
EQT plans to spend most of the budget on exploration and production. The company will continue its Utica test well in Greene County, Pennsylvania, and is planning to drill a second test well in Wetzel County, West Virginia.
Via: Pittsburgh Business Times > EQT Corp. reduces capital spending; may seek further cuts from service providers
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