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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) MARCH 10, 2000
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EQUITABLE RESOURCES, INC.
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(Exact name of registrant as specified in its charter)
PENNSYLVANIA 1-3551 25-0464690
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
ONE OXFORD CENTRE, SUITE 3300, 301 GRANT STREET, PITTSBURGH, PENNSYLVANIA 15219
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (412) 553-5700
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NONE
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
On March 10, 2000, Equitable Resources, Inc. (the Registrant; NYSE:
EQT) announced the combination of its Gulf of Mexico exploration and
production unit with Westport Oil and Gas Company, a private oil and
gas exploration company based in Denver. As part of the transaction,
Equitable will receive approximately $50 million in cash and a large
minority interest in Westport.
A copy of the press release is included as Exhibit 99 to this report.
ITEM 7. FINANCIAL STATEMENTS
(c) EXHIBITS
Exhibit
Number Description
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Exhibit 99 Equitable Resources, Inc., press release announcing the
combination of its Gulf of Mexico exploration and
production unit with Westport Oil and Gas Company.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
EQUITABLE RESOURCES, INC.
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(Registrant)
By /s/ David L. Porges
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David L. Porges
Executive Vice President and
Chief Financial Officer
March 10, 2000
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EXHIBIT INDEX
Exhibit No. Document Description Sequential Page No.
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99 Equitable Resources, Inc. press release 5
announcing the combination of its Gulf of
Mexico exploration and production unit with
Westport Oil and Gas Company.
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Exhibit 99
Contact: Robert Butter - Media
(412) 456-3866
Jeff Swoveland - Analysts
(412) 553-5869
FOR IMMEDIATE RELEASE
EQUITABLE RESOURCES SHEDS GULF OF MEXICO ASSETS
Transaction gives EQT minority interest in larger company
PITTSBURGH, March 10, 2000 - Equitable Resources (NYSE:EQT) today announced the
combination of its Gulf of Mexico exploration and production unit with Westport
Oil and Gas Company, a private oil and gas exploration company based in Denver.
As part of the transaction, Equitable will receive approximately $50 million in
cash and a large minority interest in Westport. Equitable will also name three
representatives and nominate a fourth to the Westport board, bringing Westport's
board membership to nine.
"This transaction is a `win-win' as Equitable will receive an immediate cash
benefit as well as a large stake in a well-run exploration and production
company. We believe that Westport, with its size, balanced portfolio, and an
outstanding shareholder-oriented management team led by Don Wolf, is a prime
candidate to tap the public equity markets in the near future. This transaction
creates more shareholder value than any other option." Gerber added.
Equitable will utilize cash received from this transaction to help finance its
recent acquisition of Statoil Energy Inc.'s Appalachian assets and for possible
share repurchases. Equitable expects to reflect its investment in Westport using
the equity method of accounting.
Westport, a privately held company with gas and oil production in the Rockies,
Mid-continent and Gulf Coast is based in Denver. It was formed in 1991 by a
European investment firm that will continue to have a significant ownership
stake. Westport's CEO, Don Wolf, will retain his position and will remain a
member of Westport's board.
As a result of this transaction, which is expected to close in April, Westport
will have approximately 430 billion cubic feet (Bcfe) proved reserves and 68
Bcfe annual
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production. The Company will have a combined reserve life of 7.2 years, and will
be equally balanced between oil and gas. Westport's reserves will be entirely
located within the U.S., with 60 percent onshore and 40 percent in the Gulf of
Mexico. Westport's Gulf of Mexico operations will be run from Houston, the
present headquarters of Gulf operations for both Westport and Equitable.
Equitable Resources is an integrated energy company, with emphasis on
Appalachian area natural gas production, natural gas transmission and
distribution and leading-edge energy management services for customers
throughout the United States. The company also owns energy management projects
in selected international markets.
DISCLOSURES IN THIS RELEASE INCLUDE FORWARD-LOOKING STATEMENTS REGARDING THE
ANTICIPATED COMPLETION OF THE TRANSACTION, THE POSSIBILITY OF A FUTURE PUBLIC
EQUITY TRANSACTION, THE ANTICIPATED SUCCESS OF THE COMBINED ENTITY FOLLOWING THE
TRANSACTION, AND THE EXPECTED IMPACT OF THAT SUCCESS ON EQUITABLE AND ITS
SHAREHOLDERS. A VARIETY OF FACTORS COULD CAUSE THE COMPANY'S ACTUAL RESULTS TO
DIFFER MATERIALLY FROM THE ANTICIPATED RESULTS OR OTHER EXPECTATIONS EXPRESSED
IN THE COMPANY'S FORWARD-LOOKING STATEMENTS. THE RISKS AND UNCERTAINTIES THAT
MAY AFFECT THE ANTICIPATED RESULTS AND EXPECTATIONS INCLUDE, BUT ARE NOT LIMITED
TO, THE FOLLOWING: THE TIMING AND EXTENT OF CHANGES IN COMMODITY PRICES FOR
NATURAL GAS AND CRUDE OIL, THE STRENGTH OF THE PUBLIC EQUITY MARKETS IN GENERAL,
THE MARKET FOR OIL AND GAS PRODUCTION, UNKNOWN OR UNDISCLOSED LIABILITIES,
CHANGES IN INTEREST RATES, THE INABILITY OF EITHER PARTY TO SATISFY ALL THE
CONDITIONS OF THE TRANSACTION, THE TIMING AND EXTENT OF THE COMBINED ENTITY'S
SUCCESS IN ACQUIRING NATURAL GAS AND CRUDE-OIL PROPERTIES AND IN DISCOVERING,
DEVELOPING AND PRODUCING RESERVES, DELAYS IN OBTAINING NECESSARY GOVERNMENTAL
APPROVALS, THE IMPACT OF COMPETITIVE FACTORS ON PROFIT MARGINS IN VARIOUS
MARKETS IN WHICH THE PARTIES COMPETE AND THE SUCCESSFUL INTEGRATION THE COMBINED
ENTITY.
EQUITABLE RESOURCES' RECENT NEWS RELEASES ARE AVAILABLE FREE OF CHARGE BY FAX OR
THROUGH COMPANY NEWS ON-CALL AT 1-800-758-5804, EXT. 289250; OR ON THE INTERNET
AT http://www.eqt.com.
