Petrohawk cutting capital budget by a third

The Houston-based company said it plans to spend $1 billion on drilling, completions, seismic and facilities in 2009, down from a previously announced capital budget of $1.5 billion.

Petrohawk said it has no current plans or need to raise money by selling shares as it has access to some $1.1 billion in credit.

The company's production guidance for 2009 represents 25 percent to 35 percent in drillbit growth over its 2008 estimated annual production of 305 million cubic feet of natural gas equivalent per day.

Petrohawk also reaffirmed its third-quarter production guidance range of 310 million to 320 million cubic feet equivalent per day and its 2008 guidance of 295 million to 315 million cubic feet equivalent per day.

The company added that it's looking at possibly selling off some Permian Basin region properties in 2009.

Petrohawk shares closed at $21.63 on Tuesday.