CORRECTED-UPDATE 3-Carbo Ceramics burdened by low gas activity

* Q4 EPS $1.43 vs est EPS $1.70

* Q4 rev $158.1 mln vs est $179.2 mln

* Shares down 20 pct

* Sees logistical issues in going from gas to liquids shales

By Durba Ghosh

Jan 26 (Reuters) - Carbo Ceramics Inc on Thursday joined RPC Inc in warning that lower capital spending on natural gas projects could upset the business plans of companies that provide drilling and related services to oil and gas producers.

Carbo shares lost a fifth of their value on Thursday -- the biggest intraday percentage drop in five years. They were trading at $105.50 in afternoon trade on the New York Stock Exchange.

U.S. natural gas prices have fallen to levels not seen in almost a decade, forcing exploration and production companies such as Chesapeake, Conoco and Occidental to cut drilling operations.

Exploration and production companies are instead spending more on oil and natural gas liquids such as ethane, propane and butane, which command higher price than dry gas.

"The growth of activity in liquids-rich plays contributed to logistical issues in the industry. These logistical issues burdened our distribution network," Carbo Chief Executive Gary Kolstad said in a statement.

Carbo, the largest manufacturer of proppants used to hold wells open after hydraulic fracturing, saw a 70 percent fall in its Haynesville shale volumes in the fourth quarter.

"Now the question is: how much can increased activity at oil plays offset the impact," Iberia Capital Partners analyst Trey Stolz said.

"Volumes will get better at the close of 2012."

Dahlman Rose & Co analyst Doug Garber, however, said the challenge will be to transport to liquids-rich shales like Bakken in the Rocky Mountain region, "considering its infrastructure".

On Wednesday, oilfield services and equipment provider RPC Inc said it was monitoring the natural gas-focused basins for signs of slowing customer activity and the impact on pricing for its services.

Carbo, whose customers include Schlumberger Ltd and Halliburton Co, posted a quarterly profit that missed analysts' expectations for the first time in eight quarters.

Its earnings of $1.43 per share compared with $1.70 that Wall Street analysts were expecting.

The Houston-based company's revenue, which rose 32 percent to $158.1 million, also fell short of expectations of $179.24 million.