UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) September 14, 1998
- --------------------------------------------------------------------------------
EQUITABLE RESOURCES, INC.
(Exact name of registrant as specified in its charter)
PENNSYLVANIA 1-3551 25-0464690
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
420 Boulevard of the Allies, Pittsburgh, Pennsylvania 15219
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (412) 261-3000
-----------------------------
NONE
(Former name or former address, if changed since last report)
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) A press release announcing ERI's agreement to sell its natural gas
midstream operations to AEP Resources, Inc. is filed as Exhibit 99
to this report.
SIGNATURE
Pursuant to the requirements of Section 12 of the Securities
Exchange Act of 1934, as amended, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereto duly authorized.
EQUITABLE RESOURCES, INC.
(Registrant)
By /s/ David L. Porges
________________________________________
David L. Porges
Senior Vice President and
Chief Financial Officer
September 14, 1998
<PAGE>
EXHIBIT INDEX
Exhibit No. Department Description Sequential Page No.
99 Press release announcing ERI's agreement 4
to sell its natural gas midstream operations
to AEP Resources, Inc.
Robert Butter, Media
(412) 553-5911
or
Robert Atkinson - Analysts
(412) 553-5768
September 14, 1998
Equitable Resources, Inc. Agrees to Sell Its Natural Gas Midstream Operations
To AEP Resources, Inc. for $320 Million
PITTSBURGH -- Equitable Resources, Inc. (NYSE: EQT) announced today that it has
signed a definitive agreement with AEP Resources, Inc., a wholly-owned
subsidiary of American Electric Power Company, Inc. (NYSE: AEP) to sell its
natural gas midstream operations located in Louisiana and Texas for $320 million
in cash. These operations include: Louisiana Intrastate Gas, a 2000 mile
intrastate pipeline system; four natural gas processing plants, plus a fifth
plant currently under construction; Jefferson Island Storage facilities which
include an existing salt dome storage cavern and a second cavern under
construction which are directly connected to the Henry Hub; and, an energy
trading business.
Divesting these midstream operations is a part of Equitable's
previously disclosed strategy to further develop its core strengths in
exploration and production, natural gas distribution and energy services.
Equitable announced the plan to divest these operations in March 1998 and
recently completed a competitive bidding process for the sale of these
operations.
This transaction is expected to close before the end of 1998 after the
receipt of certain regulatory approvals. The Company is analyzing its
alternatives regarding the use of proceeds from this sale. The purchase price,
which will be subject to normal working capital adjustments at closing, is not
expected to cause Equitable to report a material gain or loss from this
transaction.
Equitable Resources, Inc. (ERI) is a fully integrated energy
exploration and production, distribution, marketing and energy services company.
It offers customized energy solutions to wholesale and retail customers with
innovative products and services from three primary business segments -- ERI
Supply & Logistics, ERI Utilities and ERI Services.
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Equitable Resources' recent new releases are available free of charge by fax
through Company News on Call at 1-800-758-5804, ext. 289250,
or on the Internet at http://www.eri2000.com
