SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the year ended December 31, 1998
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-3551
EQUITABLE RESOURCES, INC. EMPLOYEE SAVINGS PLAN
(Full title of the Plan and address of the Plan,
if different from that of the issuer named below)
EQUITABLE RESOURCES, INC.
One Oxford Centre, Suite 3300, 301 Grant Street,
Pittsburgh, Pennsylvania 15219
(Name of issuer of the securities held pursuant to the
Plan and the address of principal executive office)
<PAGE>
CONTENTS
Page
Report of independent auditors 2
Financial statements
Statements of net assets available for benefits 3
Statements of changes in net assets available for benefits 4 - 7
Notes to financial statements 8 - 13
Supplementary information
Schedule 1:
Item 27(a) Assets Held for Investment Purposes 14
Schedule 2:
Item 27(d) Reportable Transactions 15
Signature 16
Index to Exhibits 17
<PAGE>
REPORT OF INDEPENDENT AUDITORS
Administrative Committee
Equitable Resources, Inc. Employee Savings Plan
We have audited the accompanying statements of net assets available
for benefits of the Equitable Resources, Inc. Employee Savings Plan as of
December 31, 1998 and 1997, and the related statement of changes in net assets
available for benefits for the year ended December 31, 1998. These financial
statements are the responsibility of the Plan's management. Our responsibility
is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the net assets available for benefits of the
Plan as of December 31, 1998 and 1997, and the changes in net assets available
for benefits for the year ended December 31, 1998, in conformity with generally
accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The accompanying supplemental
schedules of assets held for investment purposes as of December 31, 1998, and
reportable transactions for the year then ended, are presented for purposes of
additional analysis and are not a required part of the financial statements but
are supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. These supplemental schedules are the responsibility of the
Plan's management. The Fund Information in the statement of changes in net
assets available for benefits is presented for purposes of additional analysis
rather than to present the changes in net assets available for benefits of each
fund. The supplemental schedules and Fund Information have been subjected to the
auditing procedures applied in our audits of the financial statements and, in
our opinion, are fairly stated in all material respects in relation to the
financial statements taken as a whole.
/s/ Ernst & Young LLP
-------------------------------------------
Ernst & Young LLP
Pittsburgh, Pennsylvania
June 25, 1999
<PAGE>
<TABLE>
<CAPTION>
EQUITABLE RESOURCES, INC.
EMPLOYEE SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31
1998 1997
--------------------------------------
<S> <C> <C>
Investments, at fair value:
The George Putnam Fund of Boston $ 8,687,884 $ 8,741,371
The Putnam Fund for Growth and Income 14,247,551 12,191,995
Putnam Income Fund 1,867,331 1,902,608
Putnam Voyager Fund 17,086,413 12,685,425
Putnam Asset Allocation: Growth Portfolio 2,417,163 1,849,272
Putnam Asset Allocation: Balanced Portfolio 1,442,395 1,309,012
Putnam Asset Allocation: Conservative Portfolio 489,228 691,494
Putnam International Growth Fund 2,541,968 1,916,443
Loan Fund 888,800 1,020,130
Putnam Stable Value Fund 9,387,724 6,914,442
Employer Stock Fund 6,350,462 5,988,605
Guaranteed Interest Account 240,235 -
Alliance Bond Fund 110 -
Alliance Common Stock Fund 1,474 -
Alliance Balanced Fund 782 -
--------------- ---------------
65,649,520 55,210,797
Receivables
Employer Contribution 1,050,313 2,503,906
--------------- ---------------
Net assets available for benefits $ 66,699,833 $ 57,714,703
=============== ===============
See accompanying notes.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
EQUITABLE RESOURCES, INC.
EMPLOYEE SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS,
WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1998
The George The Putnam
Putnam Fund Fund for Growth Putnam Income Putnam Voyager
of Boston and Income Fund Fund
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Additions:
Investment income:
Interest and dividends $ 825,495 $ 1,273,097 $ 121,990 $ 1,156,744
Interest on participant loans - - - -
----------------- ----------------- ------------------ -----------------
Total investment income 825,495 1,273,097 121,990 1,156,744
Net appreciation (depreciation)
in fair value of investments 88,708 551,063 (52,737) 1,988,801
Contributions:
Matching 278,717 580,128 95,212 827,454
Contract 542,699 1,164,483 158,880 1,634,758
----------------- ----------------- ------------------ -----------------
Total contributions 821,416 1,744,611 254,092 2,462,212
----------------- ----------------- ------------------ -----------------
Total additions 1,735,619 3,568,771 323,345 5,607,757
Deductions:
Withdrawals by participants 902,071 1,226,126 273,699 1,263,484
Expenses 662 1,176 258 1,411
----------------- ----------------- ------------------ -----------------
Total deductions 902,733 1,227,302 273,957 1,264,895
Transfers to (from) funds (903,563) (291,231) (84,943) 35,508
Transfers from(to) other plans 17,190 5,318 278 22,618
Other - - - -
----------------- ----------------- ------------------ -----------------
Net increase (decrease)
in net assets available
for benefits (53,487) 2,055,556 (35,277) 4,400,988
Net assets available for benefits:
At beginning of year 8,741,371 12,191,995 1,902,608 12,685,425
----------------- ----------------- ------------------ -----------------
At end of year $ 8,687,884 $ 14,247,551 $ 1,867,331 $ 17,086,413
================= ================= ================== =================
See accompanying notes.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
EQUITABLE RESOURCES, INC.
EMPLOYEE SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS,
WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1998
(CONTINUED)
Putnam Asset
Putnam Asset Putnam Asset Allocation: Putnam
Allocation: Allocation: Conservative International
Growth Portfolio Balanced Portfolio Portofolio Growth Fund
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Additions:
Investment income:
Interest and dividends $ 64,854 $ 47,448 $ 24,343 $ 74,813
Interest on participant loans - - - -
----------------- ----------------- ------------------ -----------------
Total investment income 64,854 47,448 24,343 74,813
Net appreciation (depreciation)
in fair value of investments 190,790 100,368 17,643 295,202
Contributions:
Matching 155,371 81,579 25,908 143,357
Contract 367,774 136,435 35,336 373,030
----------------- ----------------- ------------------ -----------------
Total contributions 523,145 218,014 61,244 516,387
----------------- ----------------- ------------------ -----------------
Total additions 778,789 365,830 103,230 886,402
Deductions:
Withdrawals by participants 199,993 170,254 67,592 296,054
Expenses 360 172 98 221
----------------- ----------------- ------------------ -----------------
Total deductions 200,353 170,426 67,690 296,275
Transfers to (from) funds (10,545) (62,021) (237,806) 30,900
Transfers from(to) other plans - - - 4,498
Other - - - -
----------------- ----------------- ------------------ -----------------
Net increase (decrease)
in net assets available
for benefits 567,891 133,383 (202,266) 625,525
Net assets available for benefits:
At beginning of year 1,849,272 1,309,012 691,494 1,916,443
----------------- ----------------- ------------------ -----------------
At end of year $ 2,417,163 $ 1,442,395 $ 489,228 $ 2,541,968
================= ================= ================== =================
See accompanying notes.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
EQUITABLE RESOURCES, INC.
EMPLOYEE SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS,
WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1998
(CONTINUED)
Putnam Stable Employer Guaranteed
Loan Fund Value Fund Stock Fund Interest Account
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Additions:
Investment income:
Interest and dividends $ - $ 432,956 $ 237,411 $ -
Interest on participant loans 82,659 - - -
----------------- ----------------- ------------------ -----------------
Total investment income 82,659 432,956 237,411 -
Net appreciation (depreciation)
in fair value of investments - - (1,040,309) 29,033
Contributions:
Matching - 98,707 1,782,918 6,767
Contract - 2,458,410 201,793 -
----------------- ----------------- ------------------ -----------------
Total contributions - 2,557,117 1,984,711 6,767
----------------- ----------------- ------------------ -----------------
Total additions 82,659 2,990,073 1,181,813 35,800
Deductions:
Withdrawals by participants 167,520 2,457,233 515,234 584,185
Expenses - 1,757 286 5,131
----------------- ----------------- ------------------ -----------------
Total deductions 167,520 2,458,990 515,520 589,316
Transfers to (from) funds (54,240) 1,886,438 (308,497) (10,316)
Transfers from(to) other plans 7,771 (1,879) 4,061 804,067
Other - 57,640 - -
----------------- ----------------- ------------------ -----------------
Net increase (decrease)
in net assets available
for benefits (131,330) 2,473,282 361,857 240,235
Net assets available for benefits:
At beginning of year 1,020,130 6,914,442 5,988,605 -
----------------- ----------------- ------------------ -----------------
At end of year $ 888,800 $ 9,387,724 $ 6,350,462 $ 240,235
================= ================= ================== =================
See accompanying notes.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
EQUITABLE RESOURCES, INC.
EMPLOYEE SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS,
WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1998
(CONTINUED)
Alliance Alliance Common Alliance Contributions
Bond Fund Stock Fund Balanced Fund Receivable Total Funds
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Additions:
Investment income:
Interest and dividends $ - $ - $ - $ - $ 4,259,151
Interest on participant loans - 82,659
------------ ---------------- --------------- --------------- --------------
Total investment income - - - - 4,341,810
Net appreciation (depreciation)
in fair value of investments 461 18,561 10,488 - 2,198,072
Contributions:
Matching - 15 16 (1,453,593) 2,622,556
Contract - - - - 7,073,598
------------ ---------------- --------------- --------------- --------------
Total contributions - 15 16 (1,453,593) 9,696,154
------------ ---------------- --------------- --------------- --------------
Total additions 461 18,576 10,504 (1,453,593) 16,236,036
Deductions:
Withdrawals by participants 16,344 252,796 99,632 - 8,492,217
Expenses 69 951 388 - 12,940
------------ ---------------- --------------- --------------- --------------
Total deductions 16,413 253,747 100,020 - 8,505,157
Transfers to (from) funds 3,365 5,090 1,861 - -
Transfers from(to) other plans 12,697 231,555 88,437 - 1,196,611
Other - - - - 57,640
------------ ---------------- --------------- --------------- --------------
Net increase (decrease)
in net assets available
for benefits 110 1,474 782 (1,453,593) 8,985,130
Net assets available for benefits:
At beginning of year - - - 2,503,906 57,714,703
------------ ---------------- --------------- --------------- --------------
At end of year $ 110 $ 1,474 $ 782 $ 1,050,313 $ 66,699,833
============ ================ =============== =============== ==============
See accompanying notes.
</TABLE>
<PAGE>
EQUITABLE RESOURCES, INC.
EMPLOYEE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED
DECEMBER 31, 1998
1. Description of Plan
The following description of the Equitable Resources, Inc. Employee
Savings Plan (Plan) provides only general information. Participants
should refer to the Plan agreement for a more complete description of
the Plan's provisions.
General
The Plan is a defined contribution profit sharing and savings plan, with
a 401(k) salary reduction feature, implemented on September 1, 1985, by
Equitable Resources, Inc. and certain subsidiaries (the Company or
Companies).
All regular, full-time, non-union employees of the Companies are
eligible to participate in the Plan immediately upon hire. The Plan is
subject to the provisions of the Employee Retirement Income Security Act
of 1974 (ERISA).
Effective January 1, 1998, assets from another plan sponsored by a
division of Equitable Resources, Inc., Union Drilling, were merged into
the Plan. The amount of assets transferred was approximately $1.1
million. Participants' balances from this former plan were distributed
during 1998 as a result of the sale of the division, which occurred in
the fourth quarter of 1997.
Contributions
Participants can elect to contribute between 1% and 15% of eligible
earnings to the Plan, subject to Internal Revenue Service (IRS)
limitations. These contributions are referred to as contract
contributions. The Company will match 50% of the first 6% of
participants contract contributions.
In addition, beginning in 1997, the Company shall make a special
contribution for certain participants. The special contribution shall
equal 4% of compensation, as defined in the Plan. These participants are
also eligible to receive a performance contribution at the discretion of
the Company. The performance contribution is based on the annual
performance of the participants' business units. Except for 1997,
participants must be employed on the last day of the Plan year to
receive the performance contribution. Matching, special and performance
contributions are collectively referred to as employer contributions.
Amounts accumulated for the special and performance contribution cannot
be used for loans. All contributions are allocated to individual
participant accounts. In 1998 the Company offered a voluntary
resignation program (VRP). For those participants who were a part of the
VRP, the special contribution was increased to 12% of eligible
compensation for 1998. Participants impacted by the VRP were
automatically vested in all employer contributions.
<PAGE>
EQUITABLE RESOURCES, INC.
EMPLOYEE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED
DECEMBER 31, 1998
1. Description of Plan (Continued)
Rollover Contributions
Participants are allowed to make rollover contributions (contributions
transferred to the Plan from other qualified retirement plans), subject
to certain requirements.
Vesting
Participants are 100% vested in the value of contract contributions
made, and any rollover contributions.
If employment is terminated for any reason other than retirement, death,
or total and permanent disability, a participant is entitled to receive
the vested value of any employer contributions, as determined in
accordance with the following schedule:
Years of Continuous Service Vested Interest
Less than five years 0%
Five years or more 100%
Amounts forfeited by participants upon termination are used to reduce
the amount of the Company's future employer contributions to the Plan.
In 1998 forfeitures of approximately $224,000 were used to offset
contributions.
Upon retirement, death, total and permanent disability or termination of
the Plan, a participant is entitled to receive the full value of any
employer contributions, regardless of years of continuous service.
Withdrawals by Participants
Payments to participants are made in one of two ways: a single cash
payment or distribution of stock (mandatory for participants who are
terminated for a reason other than retirement, death or disability) or
equal periodic payments over the lesser of:
a) the life expectancy of the participant and beneficiary or
b) twenty (20) years.
<PAGE>
EQUITABLE RESOURCES, INC.
EMPLOYEE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED
DECEMBER 31, 1998
1. Description of Plan (Continued)
Loans to Participants
A participant may borrow money from the Plan in amounts up to 50% of the
value of the participant's account, plus the vested portion of employer
contributions, subject to certain limitations. All loans are at a rate
consistent with rates charged by commercial lenders for similar loans.
One half of the participant's nonforfeitable interest in the Plan at the
time of the loan is pledged as collateral.
Investment of Contributions
Contributions are initially deposited with the Plan's trustee, Putnam
Investments (Putnam). The Plan authorizes the participants to direct
Putnam to invest their accounts in various combinations of the
investment funds described below:
a. The George Putnam Fund of Boston - is a mutual fund that consists
of a portfolio balanced between stocks and bonds.
b. The Putnam Fund for Growth and Income - is a mutual fund that
invests primarily in common stocks that offer potential for
capital growth, current income, or both.
c. Putnam Income Fund - is a mutual fund that invests primarily in
income-producing securities, including both government and
corporate obligations, preferred stocks, and dividend-paying
common stocks.
d. Putnam Voyager Fund - is a mutual fund that invests primarily in
common stocks of smaller and newer companies expected to grow
substantially faster than that of the market averages.
e. Putnam Asset Allocation: Growth Portfolio - is a mutual fund
focusing on capital appreciation by investing in a range of both
equity and fixed income securities. Equity securities can range
between 65-95% of the total assets of the Fund with fixed income
securities ranging between 5-35% of the total assets of the Fund.
f. Putnam Asset Allocation: Balanced Portfolio - is a mutual fund
focusing on total return by investing in a range of both equity
and fixed income securities. Equity securities can range between
50-75% of the total assets of the Fund with fixed income
securities ranging between 25-50% of the total assets of the
Fund.
<PAGE>
EQUITABLE RESOURCES, INC.
EMPLOYEE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED
DECEMBER 31, 1998
1. Description of Plan (Continued)
Investment of Contributions (Continued)
g. Putnam Asset Allocation: Conservative Portfolio - is a mutual
fund focusing on total return consistent with preservation of
capital; the Fund invests in a range of both equity and fixed
income securities. Equity securities can range between 25-45% of
the total assets of the Fund with fixed income securities ranging
between 55-75% of the total assets of the Fund.
h. Putnam International Growth Fund - is a mutual fund that invests
primarily in a diversified portfolio of stocks of companies
located outside North America.
i. Putnam Stable Value Fund - is a collective investment trust which
invests primarily in high-quality, fixed-income investments that
offer price stability and liquidity; these investments may
include guaranteed investment contracts (GICs) that are
guaranteed by an insurance company or bank and generally provide
a fixed rate of return for a specified time period. Should the
underlying insurance companies and banks which issued the
investments experience inadequate financial return on their
assets, it could potentially affect the investment return or
principal of the Plan's investments. Presently, the Plan is not
aware of any situation which would cause this to occur.
Withdrawals from this Fund may be temporarily delayed at Putnam's
discretion due to the liquidity of the assets underlying this
Fund. The annual interest rate for the Putnam Stable Value Fund
was 5.77% and 5.9% for the years ended December 31, 1998 and
1997, respectively.
j. Employer Stock Fund - invests in the common stock of the Company.
2. Summary of Significant Accounting Policies
Investments
Short-term investments are valued at cost, which approximates market.
The Equitable Resources, Inc. Common Stock is valued at market price as
quoted on the New York Stock Exchange. The contracts included in the
Putnam Stable Value Fund are valued at face value, which approximates
market. Other investments are valued at market. There were 218,042 and
169,289 shares of Company common stock as of December 31, 1998 and 1997,
respectively.
<PAGE>
EQUITABLE RESOURCES, INC.
EMPLOYEE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED
DECEMBER 31, 1998
2. Summary of Significant Accounting Policies (Continued)
Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
that affect the amounts reported in the financial statements and
accompanying notes. Actual results could differ from those estimates.
Certain prior year amounts have been reclassified to comply with the
current year presentation.
3. Plan Termination
Although it has not expressed any intent to do so, the Company has the
right under the Plan to discontinue its contributions at any time and to
terminate the Plan subject to the provisions of ERISA. In the event of
Plan termination, the interests of all affected participants will become
fully vested.
4. Income Tax Status of Plan
The Plan has received a determination letter from the Internal Revenue
Service dated October 11, 1994, stating that the Plan is qualified under
Section 401(a) of the Internal Revenue Code (the Code) and, therefore,
the related trust is exempt from taxation. Once qualified, the Plan is
required to operate in conformity with the Code to maintain its
qualification. The Plan Administrator believes the Plan is being
operated in compliance with the applicable requirements of the Code and,
therefore, believes that the Plan is qualified and the related trust is
tax-exempt.
5. Transfers in From Another Company Plan
In July 1997, the Company completed its acquisition of Northeast Energy
Services, Inc. (NORESCO). NORESCO had a defined contribution plan that
was liquidated in 1998 with the assets being transferred into the Plan.
As of January 1, 1998, all former NORESCO employees became eligible to
participate in the Plan. Rollovers from NORESCO employees have been
included in employee contributions.
<PAGE>
EQUITABLE RESOURCES, INC.
EMPLOYEE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED
DECEMBER 31, 1998
6. Year 2000 (Unaudited)
The Plan Sponsor has determined that no internal computer systems
significantly affect the Plan as the Plan's operations have been
outsourced to third party service providers. Plan management established
formal communications with its third party service providers to
determine that they have developed plans to address their own year 2000
problems as they relate to the Plan's operations. All significant third
party service providers have indicated that they are year 2000
compliant. Plan management has not developed a contingency plan because
they are confident that all systems are year 2000 ready.
<PAGE>
SUPPLEMENTARY INFORMATION
<PAGE>
<TABLE>
<CAPTION>
EQUITABLE RESOURCES, INC.
EMPLOYEE SAVINGS PLAN
Schedule 1
Plan 202 EIN: 25-0464690
Item 27(a) Assets Held for Investment Purposes
December 31, 1998
Column A Column B Column C Column D Column E
- ------------------------------------------------------------------------------------------------------------------------------------
Description of Current
Identity of Issue Investment Cost Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
* The George Putnam Fund of Boston 481,590 units $ 7,988,119 $ 8,687,884
* The Putnam Fund for Growth and Income 695,342 units $ 13,063,902 $ 14,247,551
* Putnam Income Fund 269,846 units $ 1,886,636 $ 1,867,331
* Putnam Voyager Fund 779,490 units $ 13,683,948 $ 17,086,413
* Putnam Asset Allocation: Growth Portfolio 177,341 units $ 2,154,907 $ 2,417,163
* Putnam Asset Allocation: Balanced Portfolio 120,099 units $ 1,324,235 $ 1,442,395
* Putnam Asset Allocation: Conservative Portfolio 47,132 units $ 469,326 $ 489,228
* Putnam International Growth Fund 132,188 units $ 2,213,098 $ 2,541,968
Loan Fund 8% - 10% N/A $ 888,800
* Putnam Stable Value Fund 9,387,724 units $ 9,387,724 $ 9,387,724
* Employer Stock Fund 218,042 shares of common stock $ 6,099,227 $ 6,350,462
Guaranteed Interest Account 5.75% $ 240,235 $ 240,235
Alliance Bond Fund 2 units $ 110 $ 110
Alliance Common Stock Fund 2 units $ 1,474 $ 1,474
Alliance Balanced Fund 5 units $ 782 $ 782
---------------------------------------------------------------------------
* Party in interest to the Plan.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
EQUITABLE RESOURCES, INC.
EMPLOYEE SAVINGS PLAN
Schedule 2
Plan 202 EIN: 25-0464690
Item 27(d) Reportable Transactions
For the Year Ended December 31, 1998
Series transactions, when aggregated, including an amount in excess of five percent of the current value of plan assets:
Column A Column B Column C Column D Column G Column H Column I
- ------------------------------------------------------------------------------------------------------------------------------------
Identity of Current Value
Party Purchase Selling Cost of of Asset on Net Gain
Involved Description of Investment Price Price Asset Transaction Date or (Loss)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Category
(iii)
Putnam The George Putnam Fund of Boston $ 2,277,943 $ 2,277,943 $ 2,277,943
Putnam The George Putnam Fund of Boston $ 2,420,139 $ 2,114,345 $ 2,420,139 $305,794
Putnam The Putnam Fund for Growth and Income $ 4,808,790 $ 4,808,790 $ 4,808,790
Putnam The Putnam Fund for Growth and Income $ 3,304,296 $ 3,010,148 $ 3,304,296 $294,148
Putnam Putnam Voyager Fund $ 5,638,709 $ 5,638,709 $ 5,638,709
Putnam Putnam Voyager Fund $ 3,226,522 $ 2,807,149 $ 3,226,522 $419,373
Putnam Employer Stock Fund $ 3,970,276 $ 3,970,276 $ 3,970,276
Putnam Employer Stock Fund $ 2,568,114 $ 2,563,852 $ 2,568,114 $ 4,262
Putnam Putnam Stable Value Fund $ 8,037,706 $ 8,037,706 $ 8,037,706
Putnam Putnam Stable Value Fund $ 5,357,609 $ 5,357,609 $ 5,357,609 $ -
There were no category (i), (ii) or (iv) transactions.
</TABLE>
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the members of the Administrative Committee of the Plan have duly caused this
Annual Report to be signed on its behalf by the undersigned hereunto duly
authorized.
EQUITABLE RESOURCES, INC.
EMPLOYEE SAVINGS PLAN
-------------------------------------------
(Name of Plan)
By /s/ David L. Porges
-------------------------------------------
David L. Porges
Senior Vice President and
Chief Financial Officer
June 29, 1999
<PAGE>
EXHIBIT INDEX
Exhibit No. Description Sequential Page No.
23 Consent of Independent Auditors 18
Exhibit 23
Consent of Independent Auditors
We consent to the incorporation by reference in the Registration Statement (Form
S-8 No.33-00252) pertaining to the Equitable Resources, Inc. Employee Savings
Plan of our report dated June 25, 1999, with respect to the financial statements
and schedules of the Equitable Resources, Inc. Employee Savings Plan included in
this Annual Report (Form 11-K) for the year ended December 31, 1998.
/s/ Ernst & Young LLP
-------------------------------------------
Ernst & Young LLP
Pittsburgh, Pennsylvania
June 25, 1999
