September 4, 2008
Equitable Midstream Announces Open Season
PITTSBURGH, Sept. 4 /PRNewswire/ -- Equitable Midstream, a business unit of Equitable Resources, Inc., today announced an open season on the planned expansion of its gathering and transportation systems located within the Marcellus fairway from south central West Virginia to Northwestern Pennsylvania.
The expansion, called The Marcellus Eastern Access Hub, will provide much needed incremental capacity, which will in turn, help maximize natural gas production. The expansion will also provide Appalachian producers with operational flexibility and access to additional storage capacity.
In addition, using Equitable's existing assets, The Marcellus Eastern Access Hub will provide access to the premium markets in the Eastern and Mid-Atlantic states through interconnections with National Fuel Gas Supply and Tennessee Gas Pipeline in northwestern Pennsylvania, Texas Eastern, Columbia Transmission and Dominion Transmission in western Pennsylvania, and Columbia Transmission in central West Virginia.
"This project is both exciting and unique, because it gives producers multiple options to reach major pipelines using one of the largest midstream gathering companies in Appalachia," said Martin Fritz, president of Equitable Midstream.
Equitable Midstream said it is now seeking non-binding commitments from producers to help define the expansion by identifying production access and firm delivery points. All bids received through September 30, 2008 will be reviewed.
The first phase of the expansion is scheduled to be placed into service at year-end, 2008, with the second phase beginning service in November, 2011. Equitable said that interested producers may contact Andy Murphy at 412 395-3358 or [email protected] to discuss any questions or seek additional information about the non-binding open season.
Equitable Resources, Inc., is a fully integrated energy company focused on natural gas operations in the Appalachian Basin, and is the region's largest exploration and production company.
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 in this press release include statements regarding the development of the Marcellus Eastern Access Hub and its affect on natural gas production. Actual results could 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 its 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, including, but not limited to, those risks set forth under Item 1A, "Risk Factors" of the company's most recently filed Form 10-K.
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.
Equitable Resources, Inc.
CONTACT: Wayne Desbrow, Director of Communications of EquitableResources, Inc., +1-412-553-5738
Web site: http://www.eqt.com/