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EQUITABLE RESOURCES, INC., AND SUBSIDIARIES ISSUE FINANCIAL REVIEW

EQUITABLE RESOURCES, INC., AND SUBSIDIARIES ISSUE FINANCIAL REVIEW
 PITTSBURGH, April 29 /PRNewswire/ -- Equitable Resources, Inc. (NYSE: EQT) reported consolidated net income for the 12 months ended March 31, 1992, of $62.6 million, or $3.00 per share, compared with $61.1 million, or $2.93 per share, for the 12 months ended March 31, 1991.
 Earnings for the 1992 and 1991 periods include $14.9 million and $5.3 million, respectively, of income from regulatory approval for the recovery of higher wellhead prices denied the company for natural gas produced and sold in prior years. In addition, the 1992 period reflects the full-year impact of a retail rate increase applicable to Pennsylvania utility customers effective in November 1990 and settlement of a general rate increase by a pipeline subsidiary. Earnings for the 1992 period were adversely impacted by soft wellhead energy prices, which more than offset the effect of the rate increases.
 Net income for the quarter ended March 31, 1992, was $26.1 million, or $1.25 per share, compared with $27.7 million, or $1.33 per share for the quarter ended March 31, 1991. Lower earnings are attributed to the decline in average wellhead prices, despite a substantial increase in production of both natural gas and oil.
 In response to lower wellhead gas prices the company currently expects to defer about $7.9 million of development drilling expenditures planned for 1992. However, the gas development program could readily be resumed if price projections improve later in the year.
 EQUITABLE RESOURCES, INC., AND SUBSIDIARIES
 STATEMENTS OF CONSOLIDATED INCOME (UNAUDITED)
 (Thousands Except Per Share Amounts)
 Three Months Ended 12 Months Ended
 March 31, March 31,
 1992 1991 1992 1991
 OPERATING REVENUES $245,208 $226,651 $698,188 $680,773
 OPERATING EXPENSES 208,320 191,719 600,045 592,480
 OPERATING INCOME 36,888 34,932 98,143 88,293
 OTHER INCOME (LOSS) 600 (154) 680 881
 INTEREST CHARGES 11,383 7,114 36,215 28,099
 NET INCOME $ 26,105 $ 27,664 $ 62,608 $ 61,075
 COMMON SHARES OUTSTANDING
 - AVERAGE 20,876 20,826 20,848 20,867
 EARNINGS PER SHARE $1.25 $1.33 $3.00 $2.93
 Notes:
 (A) Due to the seasonal nature of the business, the interim statements for the three-month periods are not indicative of results for a full year.
 (B) Net income for the 12 months ended March 31, 1991 and 1992 include $5.3 million ($.25 per share) and $14.9 million ($.72 per share), respectively, from settlements for the recovery of higher NGPA prices on natural gas produced between 1978 and 1983 as approved by the Federal Energy Regulatory Commission (FERC) in 1990. Approximately $65 million from the settlements remains to be recovered in future gas cost filings with the Pennsylvania Public Utility Commission over the next nine years.
 In addition, a proposed settlement with Columbia Gas Transmission Company for the recovery of $25.2 million was rejected by the FERC, which, at the same time, upheld the company's right to recovery. In view of the FERC rejection and Columbia's filing for reorganization under Chapter 11 of the Bankruptcy Code, the amount of recovery from Columbia remains uncertain.
 (C) Equitrans, Inc., a subsidiary, placed new rates into effect July 1, 1990, designed to increase annual revenues by $11.5 million. The increased revenues were reserved pending FERC approval. On July 30, 1991, the FERC approved a settlement which, after adjustment of provisions for refunds, increased net income for 1991 by approximately $5.2 million, or $.25 per share.
 This information is not given in connection with any sale or offer for sale or offer to buy any security.
 -0- 4/29/92
 /CONTACT: Joseph L. Giebel, vice president-accounting and administration of Equitable Resources, 412-553-5802/
 (EQT) CO: Equitable Resources, Inc. ST: Pennsylvania IN: OIL UTI SU: ERN


DM -- PG012 -- 4510 04/29/92 15:18 EDT
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Date:Apr 29, 1992
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