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EQUITABLE RESOURCES REPORTS HIGHER SECOND QUARTER, FIRST HALF EARNINGS

EQUITABLE RESOURCES REPORTS HIGHER SECOND QUARTER, FIRST HALF EARNINGS
 PITTSBURG, Aug. 4 /PRNewswire/ -- Equitable Resources Inc. (NYSE: EQT) today reported second quarter earnings of $3.6 million, or 17 cents per share compared with a loss of $400,000 or 2 cents per share in the 1991 period.
 The gain was fueled primarily by increased natural gas and oil production and higher utility throughput.
 The company noted that the production volumes for the quarter were in line with the increases projected for the full year. Current forecasts call for natural gas and oil volumes to exceed last year's production by 15 and 30 percent respectively, with most of the impetus coming from two major acquisitions that were completed in the second half of 1991.
 Wellhead natural gas prices staged a significant turnaround during the quarter. Compared with first quarter prices, which averaged 26 percent less than in the 1991 period, second quarter levels were 2 percent ahead of a year ago. Officials said that the improvement, which began in May and has continued through July, is indicative of a firming trend that could be sustained if weather is normal this coming winter.
 Earnings for the first six months of the year were up 9 percent to $29.7 million, or $1.42 per share, from $27.3 million, or $1.31 per share in 1991. In addition to production increases and strengthening wellhead prices, year-to-date results benefitted from higher throughput and rate actions applicable to the company's utility operations. Most recently, a $5 million base rate increase for Pennsylvania customers took effect three months early, on July 3, following a negotiated settlement approved by the state's Public Utility Commission.
 The company pointed out that earnings included 72 cents per share from the ongoing recovery of revenues for the calendar year 1991 for gas production that had been underpriced in prior years.The contribution in 1992 and through the rest of the decade is expected to be 23 cents per year based on current sharesoutstanding. The impact is usually reflected in the third quarter results.
 EQUITABLE RESOURCES INC.
 ($000 except per share amounts)
 Three months ended June 30: 1992 1991
 Revenues $161,352 $119,036
 Net Income (Loss) $ 3,626 $ (396)
 Earnings (Loss) Per Share $ .17 $ (.02)
 Six months ended June 30: 1992 1991
 Revenues $406,560 $345,687
 Net Income $ 29,731 $ 27,268
 Earnings Per Share $ 1.42 $ 1.31
 Twelve months ended June 30: 1992 1991
 Operating Revenues $740,504 $672,817
 Net Income (Loss) $ 66,631 $ 55,239
 Earnings(Loss) Per Share $ 3.19 $ 2.65
 -0- 8/4/92
 /CONTACT: Joseph L. Giebel or Equitable Resources, 412-553-5950/
 (EQT) CO: Equitable Resources Inc. ST: Pennsylvania IN: OIL SU: ERN


CD -- PG009 -- 6644 08/04/92 12:09 EDT
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Publication:PR Newswire
Date:Aug 4, 1992
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