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EQUITABLE RESOURCES TO INCREASE CAPITAL EXPENDITURES

 PITTSBURGH, Dec. 18 /PRNewswire/ -- Equitable Resources, Inc. (NYSE: EQT) plans to invest $143 million for capital projects in 1993, an increase of 15 percent over the $124 million budgeted for 1992.
 Continuing the trend of recent years, the Energy Resource segment will account for almost two-thirds of planned expenditures, with the funds dedicated predominantly to increasing energy production. The segment's $91 million budget targets $69 million for ongoing gas and oil programs and $10 million for new drilling ventures. The remaining amount, approximately $11 million, will be used by Energy Resources's natural gas marketing subsidiary to expand its operations as well as develop market hubs and intrastate pipeline projects through which it can offer new products and services.
 Equitable's Utility Service segment has budgeted some $44 million of expenditures, essentially unchanged from year ago levels. However, investments in new revenue producing projects have been increased 11 percent and constitute nearly one-third of planned outlays. The largest is $8 million earmarked by the Equitrans interstate pipeline subsidiary to expand existing natural gas storage capacity and develop three new storage projects. Equitable Gas Company, the segment's local distribution company, plans to spend over $3 million on pipeline extensions, new customer additions, and load-increase investments such as natural gas vehicle fueling facilities.
 With the gas industry becoming increasingly information driven, the new budget also contains $7.7 million of corporate expenditures largely for computer-related systems that increase speed, accuracy and capacity to gather, share and analyze business and operating data.
 Equitable's 1993 drilling program encompasses 220 net wells: 170 in the Appalachian Basin, 44 in the Rocky Mountain region, and 4 in the Gulf of Mexico; completion of the Company's first well in the Llanos Basin of Colombia, South America, is scheduled for the first quarter of 1993. The emphasis in Appalachia will be on further development of Big Lime oil in eastern Kentucky, coalbed methane in Virginia, and natural gas prospects on properties acquired in late 1991. The Rocky Mountain drilling schedule combines ongoing programs with expanded development of properties also acquired in 1991.
 -0- 12/18/92
 /CONTACT: Mike Stack of Equitable Resources, 412-553-5911/
 (EQT)


CO: Equitable Resources, Inc. ST: Pennsylvania IN: OIL UTI SU:

JT -- PG009 -- 8295 12/18/92 14:31 EST
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Date:Dec 18, 1992
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