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EQUITABLE RESOURCES, INC. ANNOUNCES STOCK SPLIT AND DIVIDEND INCREASE

EQUITABLE RESOURCES, INC. ANNOUNCES STOCK SPLIT AND DIVIDEND INCREASE
 PITTSBURGH, Oct. 16 /PRNewswire/ -- Equitable Resources (NYSE: EQT) board of directors today declared a 5.2 percent increase in the common dividend and authorized a 3-for-2 split of the company's common shares.
 The new dividend, which is payable Dec. 1, 1992 to shareholders of record Nov. 16, raises the quarterly rate from 38-1/2 to 40-1/2 cents per share, equivalent to an annual rate of $1.62 per share. With this increase, Equitable's dividend rate will have risen nearly 150 percent over the last 10 years.
 The 3-for-2 split will increase the company's outstanding shares from approximately 20,906,000 to 31,360,000, providing greater market liquidity and broadening the company's investment appeal, according to Equitable management. The additional shares will be distributed Jan. 25, 1993, to shareholders of record Jan. 4, 1993, subject to state regulatory commission approvals. The board of directors also stated its intention to continue cash dividends at the equivalent indicated annual rate on shares outstanding after the distribution, that is at the rate of 27 cents per share quarterly, or $1.08 per share annually, beginning March 1, 1993.
 The company said these decisions took into account two major considerations: the rapidly improving fundamentals of the industry as a whole, driven by a national resolve to increase natural gas' share of energy consumption; and Equitable's own strengths, including its strong financial condition and long-term outlook for the continued success of its production, utility and pipeline businesses.
 -0- 10/16/92
 /CONTACT: Brian Plante of Equitable Resources, 412-553-5802/
 (EQT) CO: Equitable Resources ST: Pennsylvania IN: OIL SU: DIV


PT -- PG005 -- 0900 10/16/92 11:17 EDT
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Publication:PR Newswire
Date:Oct 16, 1992
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