Oct. 2 (Bloomberg) -- Natural gas supplies might get pinched next year as the credit crisis keeps companies from borrowing money to finance exploration, according to an analyst at Barclays Capital Inc.

Gas companies have begun slashing spending as credit markets seize up at the same time that falling gas prices reduce cash flow, said George Hopley, an analyst at Barclays Capital in New York. Less exploration will eventually lead to slower expansion of supplies as drillers idle rigs.

``It looks like it's going to be the second half of 2009 where you're going to see some real punch develop'' in knocking back production, Hopley said in an interview today. ``The lag between drilling and production is about six to nine months.''

Petrohawk Energy Corp., the oil and natural-gas producer that lost more than half its market value in the third quarter, said yesterday it plans to cut capital spending by one third to $1.1 billion next year. Another producer, SandRidge Energy Inc., said today in a statement it will cut its capital expenditure budget by half to $1 billion for 2009, citing lower prices for the heating and power plant fuel.

Hopley wasn't able to estimate how much gas may be left in the ground next year because of the tighter credit and lower prices.

The credit crisis ``is emerging now and people are right at the point in time where'' they are planning for 2009, he said.

Domestic gas output is expected to increase by 7.8 percent this year, particularly from fields in Texas and Wyoming, the Energy Department said in its monthly Short-Term Energy Outlook on Sept. 9.

Production is forecast to rise 3.8 percent in 2009, the department said in the report.

Natural gas for November delivery fell 24.7 cents, or 3.2 percent, to $7.481 per million British thermal units today on the New York Mercantile Exchange. Prices have declined 45 percent since July 3, when they reached a 30-month closing high of $13.577 per million Btu.

To contact the reporter on this story: Reg Curren in Calgary at rcurren@bloomberg.net.

Last Updated: October 2, 2008 18:24 EDT