EQT Announces 2011 Capital Expenditure Forecast

EQT Corporation EQT announces the company's 2011 capital expenditure \ forecast of $970 million; 19% lower than the 2010 CAPEX forecast. Sales of produced natural gas in 2011 are projected to be 175 Bcfe, 31% higher than the 2010 estimate of 134 Bcfe. The CAPEX forecast includes $691 million for EQT Production, $244 million for EQT Midstream and $35 million for distribution infrastructure projects and other corporate items. Funding will be provided by cash generated from operations plus approximately $230 million in proceeds from the sale of the Kentucky natural gas processing complex announced today. Operating cash flow is projected to be $750-$800 million in 2011 at current NYMEX natural gas prices, net of approximately $18 million of annual cash flow associated with the sold Kentucky assets.