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EQUITABLE RESOURCES ANNUAL MEETING

 CHICAGO, May 21 /PRNewswire/ -- At its annual stockholders meeting today, Equitable Resources, Inc. (NYSE: EQT) said that earnings for the first four months of 1993 had increased 24 percent to $1.14 per share from $0.92 for the same period last year.
 The company also told shareholders that its total return -- a combination of stock price appreciation and dividends paid -- was the highest among a peer group of 20 diversified natural gas companies compiled by Value Line in both 1992 and over the last 10 years.
 Equitable's President D.I. Moritz forecast new production records for the Company's Energy Resource segment in 1993, estimating gains of 8 percent for natural gas and 6 percent for oil to 51-53 Bcf and 2.5-2.6 million barrels, respectively.
 Moritz and Executive Vice President Fred Abrew outlined the company's strategies to capitalize on the further deregulation of natural gas markets.
 Noting that the ability to provide a full range of services was central to success in the new marketplace, they said that the recently announced acquisition of Louisiana Intrastate Gas Corporation would anchor the creation of a service hub in the Gulf Coast region. It would be similar to the company's existing full service operations in the Appalachian area.
 New gas storage capacity was cited as another key element, given customer needs for greater supply assurance under deregulation. Several new storage projects are being planned by the company's Equitrans pipeline subsidiary, two of which -- Riverside I in southwest Pennsylvania and the Avoca salt cavern in upstate New York -- are currently under development.
 Additionally, the company's distribution unit, Equitable Gas Company, is preparing to offer gas sales and services beyond its franchise territory, an opportunity created by the new prohibition against pipelines' selling bundled services.
 Abrew noted that this initiative would complement Equitable's ongoing market expansion into natural gas sales for vehicles and power generation. He said that in 1993 the company expects to double the number of natural gas vehicles in its service area from 70, and expand its 10-station refueling network in Pittsburgh and into West Virginia.
 In the power generation market, Abrew said that the company's recent installation of a natural gas fuel cell in Pittsburgh has stirred up interest from across the country in this new technology. He termed it "an exciting new inroad for natural gas" into larger potential markets.
 At the meeting, shareholders re-elected directors Merle E. Gilliand, David S. Shapira and Barbara Boyle Sullivan to three-year terms. They also approved the company's proposal to double the number of authorized shares of common stock to 80 million.
 -0- 5/21/93
 /CONTACT: Brian Plante of Equitable Resources, 412-553-5911/
 (EQT)


CO: Equitable Resources ST: Pennsylvania IN: OIL UTI SU:

KC -- PG006 -- 1166 05/21/93 11:20 EDT
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Publication:PR Newswire
Date:May 21, 1993
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