EQUITABLE RESOURCES ANNUAL MEETING
EQUITABLE RESOURCES ANNUAL MEETING PITTSBURGH, May 22 /PRNewswire/ -- Equitable Resources, Inc.
(NYSE: EQT) told shareholders at its annual meeting today that higher earnings in April brought year to date results to within 4 percent of the 1991 period.
Equitable said that preliminary earnings for the first four months had increased to $1.37 per share compared with $1.43 a year ago. President and CEO Donald I. Moritz also noted that natural gas and oil production were at record levels and in line with substantial gains projected for the full year. The company expects to produce 15 percent more natural gas than in 1991 and as much as 30 percent more oil. The increases, he said, reflect the company's successful expansion into new production areas and the impact of two significant acquisitions in the Appalachian Basin and Rocky Mountain regions. Moritz said that growth in the company's energy resource and utility service segments have been a constant during the past five years. Despite the weak energy prices that have afflicted many producers, the energy resource segment has set consecutive records for proved natural gas and oil reserves and combined production. Over the same period, the utility segment's throughput has risen 41 percent while the nation's gas consumption was up only 14 percent. He added that while expanding its businesses, Equitable has maintained its financial strength, evidenced by its AA- bond rating and the growth of such key financial measures as total assets, book value and cash flow. The Equitable CEO told stockholders that some half million shares and a number of positive opinions on Equitable are held by investment funds and advisors that specialize in environmentally progressive and socially responsible corporations. He and Executive Vice President Frederick H. Abrew said that their support is due in part to the leadership of the company's Pittsburgh-based utility, Equitable Gas, in developing markets for natural gas powered vehicles (NGVs), air-conditioning and power generation. They predicted that company sales to these markets, which displace polluting fuels, would increase between 25 and 100 percent in 1992. Abrew said that through the company's prominent role in the Natural Gas Vehicle Coalition, it was also involved at the national level, and could see the forces working to bring about a significant conversion to NGVs. He cited the mandates and incentives coming from federal and state legislation, production of NGVs by the big three automakers, advanced technology being developed by major engine manufacturers, and the beginnings of a refueling infrastructure. Besides working to broaden natural gas use, the company said its environmental efforts include company-wide recycling, investment in reflective lighting that uses 50 percent less energy, and a major tree planting program begun last year on its Appalachian producing properties. At the meeting shareholders re-elected directors Frederick H. Abrew, Donald I. Moritz and Daniel M. Rooney to three-year terms, and ratified the reappointment of Ernst & Young as independent auditors. There were no shareholder proposals presented to the company. Equitable Resources is a diversified energy resources and utility services company. Its Energy Resource segment is a major producer of natural gas and oil in the Appalachian Basin and Rocky Mountain region and is also active in the Gulf of Mexico and Colombia, South America. The Utility Service segment is involved in natural gas transmission and storage through two interstate pipelines, and distributes gas to over 263,000 customers primarily in southwestern Pennsylvania and in parts of West Virginia and Kentucky. -0- 5/22/92 /CONTACT: Brian Plante of Equitable Resources, 412-553-5911/ (EQT) CO: Equitable Resources, Inc. ST: Pennsylvania IN: OIL UTI SU:
CD -- PG003 -- 3245 05/22/92 11:02 EDT
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|Date:||May 22, 1992|
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