Exhibit 99

Contact:	Patrick Kane
	(412) 553-7833

Equitable Resources Reports  Earnings of $0.45 per Share

PITTSBURGH, October 17, 2003/ PRNewswire-FirstCall/ — Equitable Resources Inc. (NYSE: EQT) today announced third quarter 2003 earnings of $0.45 per diluted share.  This compares with diluted earnings of $0.42 in the third quarter 2002.

Quarterly Results by Business

Equitable Utilities

Equitable Utilities had operating income for the third quarter of $5.3 million compared to $3.3 million reported for the same period last year.  Net operating revenues for the three months ended September 30, 2003 were $35.1 million compared to $34.2 million for the same period last year.  The increase in net operating revenues is primarily attributable to an increase in storage and commercial margins and higher volumes and margins on off-system sales in the Marketing unit.  Total operating expenses for the quarter were $29.8 million, 3.6% lower than the $30.9 million reported during the same period last year.

Equitable Supply

Equitable Supply had operating income for the quarter of $50.6 million, 18.5% higher than the $42.7 million earned in the same period last year.  Total operating revenues were $83.0 million, $11.0 million higher than the previous year’s total operating revenue of $72.0 million.  Production revenues increased $9.1 million quarter over quarter to $65.2 million in 2003 from $56.1 million in 2002.  The revenue increase was a result of both a net equity sales volume increase of 0.7 Bcfe and an average of net equity and monetized sales price increase of $0.42 to $3.82 per Mcfe, compared with $3.40 per Mcfe for the same period last year.  Gathering revenues were $1.8 million higher at $17.8 million, compared with $16.0 million in 2002.  The increased gathering revenue is due to an increase in gathering volumes and higher gathering rates.

Operating expenses for the quarter were $32.4 million compared to $29.3 million last year.  The increase in total operating expenses was due to increases of  $2.1 million in depreciation, depletion and amortization expense (DD&A), $1.1 million in lease operating expenses, $0.7 million in severance tax related to higher gas prices, and $0.5 million in gathering and compression expense, partially offset by a $1.2 million decrease in selling, general and administrative expense (SG&A).  Of the $0.09 per Mcfe increase in DD&A, approximately $0.03 per Mcfe relates to the developmental drilling program, $0.03 per Mcfe relates to the purchase of the minority interest in Appalachian Basin Partners, LP in the first quarter and $0.03 per Mcfe relates to the change in accounting standards (SFAS 143).

NORESCO

NORESCO operating income for the third quarter was $4.8 million, $0.3 million less than the $5.1 million in the same period last year.  Net operating revenues decreased to $10.3 million compared to $12.1 million in 2002.    The lower revenues and income were primarily a result of decreased construction related to the smaller June 2003 backlog of $78 million, as compared with $157 million in June 2002.

Total operating expenses for the third quarter 2003 decreased $1.5 million to $5.6 million from $7.1 million in the third quarter.  NORESCO’s quarter-end backlog was $158 million, compared to $149 million a year earlier.

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Other Business

Dividend

On October 16, 2003, the Board of Directors of Equitable Resources declared a regular quarterly cash dividend of 30 cents per share, payable December 1, 2003 to shareholders of record on November 14, 2003.

2003 Earnings Guidance

Equitable Resources previously provided guidance for 2003 of $2.70 - $2.80 per share. The $0.10 range primarily reflected a high level of uncertainty about passage of proposed comprehensive Federal energy legislation.  If the nonconventional fuel tax credits (Section 29) that expired at the end of 2002 were reinstated, the Company estimates that a significant portion of the $0.10 range would have been earned.  To date, the proposed legislation has not passed and prospects for passage in 2003 are uncertain. Therefore, the Company is revising its earnings guidance to $2.70 - $2.75, assuming no benefit from the proposed legislation and normal weather.  Higher gas prices realized to date are expected to contribute to earnings within the revised $0.05 range.  Earnings per share will not be materially impacted by changes in the NYMEX gas price for the remainder of the year but could differ by approximately $0.01 per 100 heating degree days versus normal.

2004 Earnings Guidance

The Company recently completed its business plan for 2004 and expects to earn between $3.00 and $3.05 per diluted share. This earnings guidance assumes $4.50 per MMbtu average NYMEX natural gas price and normal weather.  Earnings per share are expected to differ from guidance by approximately $0.01 per $0.10 change in average NYMEX gas price and by approximately $0.01 per 100 heating degree days versus normal.  This guidance also assumes no benefit from the proposed comprehensive Federal energy legislation.

Hedging

The Company’s hedge position did not change during the quarter.  The approximate volumes and prices of Equitable’s hedges and fixed-price contracts for 2003 to 2005 are:

	2003		2004		2005
Total Volume (Bcf)	47		49		46
Average Price per Mcf (NYMEX)*	$	4.22	$	4.50	$	4.60

* The above price is based on a conversion rate of 1.05 MMbtu/Mcf

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Stock Buyback

During the quarter, Equitable Resources repurchased 250,600 shares of EQT stock.  The total number of shares repurchased since October 1998 is approximately 16.4 million out of the current 18.8 million share repurchase authorization.

Westport

Equitable owns approximately 13 million shares, or 19.3%, of Westport Resources Corporation.  The Company does not have operational control of Westport.  The Company changed the accounting treatment for its investment in Westport from the equity method to available for sale, effective March 31, 2003.  The change in accounting methods eliminated the inclusion of Westport’s results in Equitable’s earnings.  In the third quarter 2002, Equitable recognized $0.2 million in equity earnings from its investment in Westport.

Appalachian Basin Partners

In February 2003, the Company purchased the remaining 31% limited partnership interest in Appalachian Basin Partners, LP (ABP) from the minority interest holders.  As a result, effective February 1, 2003, the Company no longer recognizes minority interest expense associated with ABP, which totaled $1.8 million in the third quarter 2002.

Non-GAAP Financial Measures

Operating income, equity earnings from nonconsolidated investments, and minority interest

The Company reports operating income, equity earnings from nonconsolidated investments, and minority interest by segment in this press release.  Both interest and income taxes are controlled on a consolidated, corporate-wide basis, and are not allocated to the segments.

The following table reconciles operating income by segment as reported in this press release to the consolidated operating income reported in the Company’s financial statements:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2003			2002			2003			2002
Operating income (thousands):
Equitable Utilities	$	5,333		$	3,340		$	77,088		$	71,895
Equitable Supply	50,605			42,692			144,785			122,048
NORESCO	4,761			5,072			11,114			6,715
Unallocated expenses	(6,522		)	(229		)	(12,673		)	(1,532		)
Operating Income	$	54,177		$	50,875		$	220,314		$	199,126

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The following table reconciles equity earnings in nonconsolidated investments by segment as reported in this press release to the consolidated equity earnings from nonconsolidated investments reported in the Company’s financial statements:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2003		2002		2003		2002
Equity earnings in nonconsolidated investments, excluding Westport (thousands):
Equitable Supply	$	139	$	64	$	401	$	182
NORESCO	42		715		2,431		2,660
Unallocated	22		44		122		44
Total	$	203	$	823	$	2,954	$	2,886

The following table reconciles minority interest by segment as reported in this press release to the consolidated minority interest reported in the Company’s financial statements:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2003			2002			2003			2002
Minority interest (thousands):
Equitable Supply	$	—		$	(1,781	)	$	(871	)	$	(5,180	)
NORESCO	(277		)	—			(277		)	—
Total	$	(277	)	$	(1,781	)	$	(1,148	)	$	(5,180	)

Other segment non-GAAP financial measures identified in this press release are reconciled to the most comparable financial measures calculated in accordance with GAAP on the attached operational and financial reports.

Equitable’s teleconference with securities analysts, which begins at 10:30 a.m. Eastern Time today, will be broadcast live via Equitable’s website, http://www.eqt.com and will be available for replay for a seven day period.

Equitable Resources is an integrated energy company, with emphasis on Appalachian area natural gas production supply, natural gas transmission and distribution, and leading-edge energy management services for customers throughout the United States.  The Company also has energy service projects in selected international markets.

Equitable Resources management speaks to investors from time to time.  Slides for these discussions will be available online on Equitable’s website.  The slides may be updated periodically.

DISCLOSURES IN THIS PRESS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS RELATED TO SUCH MATTERS AS 2003 EARNINGS PER DILUTED SHARE OF BETWEEN $2.70 AND $2.75,  2004 EARNINGS PER DILUTED SHARE OF BETWEEN $3.00 AND $3.05, DELIVERING LOW DOUBLE DIGIT EARNINGS AND DIVIDEND GROWTH, THE IMPACT ON EARNINGS GUIDANCE OF CHANGES IN NYMEX GAS PRICES, DEVIATIONS FROM NORMAL WEATHER AND THE EFFECT OF THE PASSAGE OF A POTENTIAL ENERGY BILL, THE APPROXIMATE VOLUMES AND PRICES OF HEDGES AND FIXED-PRICE CONTRACTS FOR 2003 TO 2005, FINANCIAL PERFORMANCE, THE CAPITAL BUDGET, THE COMPANY’S ABILITY TO RAISE GATHERING RATES, FUTURE COSTS SAVINGS, AND OPERATIONAL MATTERS. THE COMPANY NOTES THAT 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 OPERATIONS, PERFORMANCE, GROWTH AND RESULTS OF THE COMPANY’S BUSINESS INCLUDE, BUT ARE NOT LIMITED TO, THE FOLLOWING: WEATHER CONDITIONS, COMMODITY PRICES FOR NATURAL GAS AND ASSOCIATED HEDGING ACTIVITIES, INCLUDING CHANGES IN HEDGE POSITIONS, AVAILABILITY AND COST OF FINANCING INCLUDING ACTIONS OF CREDIT RATING AGENCIES, CHANGES IN INTEREST RATES, CHANGES IN TAX LAWS, UNANTICIPATED CURTAILMENTS OR DISRUPTIONS IN PRODUCTION, TIMING AND AVAILABILITY OF REGULATORY AND GOVERNMENTAL APPROVALS, INCLUDING PENDING RATE CASES,

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THE TIMING AND EXTENT OF THE COMPANY’S SUCCESS IN ACQUIRING UTILITY COMPANIES AND NATURAL GAS PROPERTIES, THE ABILITY OF THE COMPANY TO DISCOVER, DEVELOP AND PRODUCE RESERVES, THE ABILITY OF THE COMPANY TO ACQUIRE AND APPLY TECHNOLOGY TO ITS OPERATIONS, THE IMPACT OF COMPETITIVE FACTORS ON PROFIT MARGINS IN VARIOUS MARKETS IN WHICH THE COMPANY COMPETES, CHANGES IN GENERALLY ACCEPTED ACCOUNTING PRINCIPLES AND/OR THEIR INTERPRETATION,  THE ABILITY OF THE COMPANY TO SUCCESSFULLY COLLECT RECEIVABLES AND  NEGOTIATE LABOR CONTRACTS, INCENTIVE PLAN ACCRUALS, REALIZING THE VALUE OF WESTPORT, AND THE LEVEL OF FUTURE SHARE REPURCHASES BY THE COMPANY.

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EQUITABLE RESOURCES, INC. AND SUBSIDIARIES

STATEMENTS OF CONSOLIDATED INCOME (UNAUDITED)

(Thousands, except per share amounts)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2003			2002			2003			2002
Operating revenues	$	185,515		$	214,418		$	746,333		$	735,132
Cost of sales	57,089			96,051			297,485			331,871
Net operating revenues	128,426			118,367			448,848			403,261
Operating expenses:
Operation and maintenance	18,848			18,833			56,304			54,829
Production and exploration	8,430			6,746			26,216			19,587
Selling, general and administrative	27,315			24,300			88,380			73,248
Impairment of long-lived assets	—			—			—			5,320
Depreciation, depletion and amortization	19,656			17,613			57,634			51,151
Total operating expenses	74,249			67,492			228,534			204,135
Operating income	54,177			50,875			220,314			199,126
Charitable contribution expense	—			—			(9,279		)	—
Equity earnings (losses) from nonconsolidated investments:
Westport	—			231			3,614			(4,642		)
Other	203			823			2,954			2,886
	203			1,054			6,568			(1,756		)
Minority interest	(277		)	(1,781		)	(1,148		)	(5,180		)
Interest expense	11,355			9,344			34,458			28,182
Income from continuing operations before income taxes and cumulative effect of accounting change	42,748			40,804			181,997			164,008
Income taxes	14,536			14,118			57,911			55,761
Income from continuing operations before cumulative effect of accounting change	28,212			26,686			124,086			108,247
Income from discontinued operations	—			—			—			9,000
Cumulative effect of accounting change, net of tax	—			—			(3,556		)	(5,519		)
Net income	$	28,212		$	26,686		$	120,530		$	111,728
Earnings per share of common stock:
Basic:
Weighted average common shares outstanding	62,053			62,326			62,051			63,023
Income from continuing operations before cumulative effect of accounting change	$	0.45		$	0.43		$	2.00		$	1.72
Income from discontinued operations	—			—			—			0.14
Cumulative effect of accounting change, net of tax	—			—			(0.06		)	(0.09		)
Net income	$	0.45		$	0.43		$	1.94		$	1.77
Diluted:
Weighted average common shares outstanding	63,336			63,668			63,364			64,541
Income from continuing operations before cumulative effect of accounting change	$	0.45		$	0.42		$	1.96		$	1.68
Income from discontinued operations	—			—			—			0.14
Cumulative effect of accounting change, net of tax	—			—			(0.06		)	(0.09		)
Net income	$	0.45		$	0.42		$	1.90		$	1.73

(A)Due to the seasonal nature of the Company’s natural gas distribution and energy marketing businesses and the volatility of gas and oil commodity prices, the interim statements for the three and nine month periods are not indicative of results for a full year.

(B)The Company has reclassified all gains and losses on its energy trading contracts previously recorded gross to a net presentation in accordance with the FASB’s fourth quarter 2002 revision of its consensus contained in EITF No. 02-3.

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EQUITABLE UTILITIES

OPERATIONAL AND FINANCIAL REPORT

	Three Months Ended September 30,						Nine Months Ended September 30,
	2003			2002			2003			2002
OPERATIONAL DATA
Heating degree days (30-year average: Qtr - 124, YTD -3,759)	91			35			3,760			3,076
Residential sales and transportation volume (MMcf)	1,542			1,772			19,174			16,864
Commercial and industrial volume (MMcf)	3,996			4,778			20,551			21,340
Total throughput (MMcf) - Distribution	5,538			6,550			39,725			38,204
Total throughput (BBtu) - Pipeline	17,846			18,035			54,661			56,725
Total throughput (BBtu) - Marketing	6,712			37,400			26,768			125,473
Net operating revenues (thousands):
Distribution - Utility:
Residential	$	13,001		$	13,442		$	79,465		$	72,700
Commercial & industrial	5,363			5,212			36,191			31,504
Other	1,103			784			3,580			2,978
Pipeline - Utility	10,737			12,079			37,786			41,607
Marketing	4,895			2,678			19,475			16,938
Total net operating revenue	$	35,099		$	34,195		$	176,497		$	165,727
Total operating expenses as a % of net operating revenues	84.81		%	90.23		%	56.32		%	56.62		%
Net operating revenues/MMbtu - marketing	$	0.73		$	0.07		$	0.73		$	0.13
Operating Income (thousands):
Distribution - Utility	$	(2,100	)	$	(2,119	)	$	43,834		$	38,810
Pipeline - Utility	3,355			3,715			15,477			19,046
Marketing	4,078			1,744			17,777			14,039
Total	$	5,333		$	3,340		$	77,088		$	71,895
Capital expenditures (thousands)	$	17,723		$	25,865		$	41,099		$	48,170
FINANCIAL DATA (Thousands)
Utility revenues	$	36,504		$	35,081		$	283,314		$	226,933
Marketing revenues	40,539			94,415			145,458			275,274
Total operating revenues	77,043			129,496			428,772			502,207
Utility purchased gas costs	6,301			3,565			126,293			78,144
Marketing purchased gas costs	35,643			91,736			125,982			258,336
Net operating revenues	35,099			34,195			176,497			165,727
Operating expenses:
Operation and maintenance	12,548			13,079			38,373			37,299
Selling, general and administrative	10,434			10,900			40,728			36,552
Depreciation, depletion and amortization	6,784			6,876			20,308			19,981
Total operating expenses	29,766			30,855			99,409			93,832
Operating income	$	5,333		$	3,340		$	77,088		$	71,895

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EQUITABLE SUPPLY

OPERATIONAL AND FINANCIAL REPORT

	Three Months Ended September 30,					Nine Months Ended September 30,
	2003		2002			2003			2002
OPERATIONAL DATA
Total operated volumes (MMcfe)	23,574		23,366			68,575			68,163
Volumes handled (MMcfe)	34,558		34,181			101,975			99,349
Selling, general and administrative ($/Mcfe handled)	$	0.15	$	0.19		$	0.19		$	0.18
Capital expenditures (thousands)	$	44,114	$	41,483		$	110,419		$	105,530
Production:
Net equity sales (MMcfe)	12,827		12,128			36,926			34,861
Average (well-head) sales price ($/Mcfe)	$	3.98	$	3.44		$	4.06		$	3.39
Monetized sales (MMcfe)	3,549		3,549			10,530			10,530
Average (well-head) sales price ($/Mcfe)	$	3.23	$	3.27		$	3.23		$	3.26
Average of net equity and monetized (well-head) sales price ($/Mcfe)	$	3.82	$	3.40		$	3.88		$	3.36
Company usage, line loss (MMcfe)	1,510		1,944			4,055			4,731
Lease operating expense, excluding severance tax ($/Mcfe)	$	0.31	$	0.26		$	0.30		$	0.27
Severance tax ($/Mcfe)	$	0.15	$	0.12		$	0.20		$	0.11
Production depletion ($/Mcfe)	$	0.48	$	0.39		$	0.48		$	0.39
Gathering:
Gathered volumes (MMcfe)	31,266		30,726			92,995			90,258
Average gathering revenue ($/Mcfe)	$	0.57	$	0.52		$	0.56		$	0.51
Gathering and compression expense ($/Mcfe)	$	0.20	$	0.19		$	0.19		$	0.19
Gathering and compression depreciation ($/Mcfe)	$	0.09	$	0.09		$	0.09		$	0.09
Operating income (in thousands)
Production operating income	$	44,107	$	37,731		$	126,858		$	108,574
Gathering operating income	6,498		4,961			17,927			13,474
Total operating income	$	50,605	$	42,692		$	144,785		$	122,048
Depreciation, depletion and amortization (in thousands)
Production depletion	$	8,601	$	6,941		$	24,902		$	19,718
Gathering and compression depreciation	2,935		2,855			8,766			8,510
Other depreciation, depletion  and amortization	827		505			2,296			1,543
Total depreciation, depletion  and amortization	$	12,363	$	10,301		$	35,964		$	29,771
FINANCIAL DATA (Thousands)
Production revenues:
Net equity sales	$	51,033	$	41,668		$	149,997		$	118,042
Monetized sales	11,474		11,603			34,048			34,372
Other revenue	2,683		2,796			8,116			8,050
Total production revenues	65,190		56,067			192,161			160,464
Gathering revenues	17,821		15,965			51,932			45,998
Total operating revenues	83,011		72,032			244,093			206,462
Operating expenses:
Lease operating expense, excluding severance taxes	5,569		4,525			15,497			13,534
Severance tax	2,700		2,045			10,086			5,425
Land and leasehold maintenance	161		176			633			628
Gathering and compression expense	6,300		5,754			17,931			17,530
Selling, general and administrative	5,313		6,539			19,197			17,526
Depreciation, depletion and amortization	12,363		10,301			35,964			29,771
Total operating expenses	32,406		29,340			99,308			84,414
Operating income	$	50,605	$	42,692		$	144,785		$	122,048
Equity earnings from nonconsolidated investments	$	139	$	64		$	401		$	182
Minority interest	$	—	$	(1,781	)	$	(871	)	$	(5,180	)

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NORESCO

OPERATIONAL AND FINANCIAL REPORT

	Three Months Ended September 30,						Nine Months Ended September 30,
	2003			2002			2003			2002
OPERATIONAL DATA
Revenue backlog, end of period (thousands)	$	157,783		$	148,769		$	157,783		$	148,769
Construction completed (thousands)	$	26,210		$	36,601		$	86,726		$	88,823
Gross profit margin	24.9		%	22.4		%	21.8		%	22.8		%
SG&A as a % of revenue	12.5		%	12.4		%	12.4		%	13.1		%
Capital expenditures (thousands)	$	108		$	271		$	254		$	635
FINANCIAL DATA (Thousands)
Energy service contract revenues	$	41,379		$	54,209		$	129,477		$	136,142
Energy service contract costs	31,063			42,069			101,219			105,070
Net operating revenues (gross profit margin)	10,316			12,140			28,258			31,072
Operating expenses:
Selling, general and administrative	5,159			6,701			16,058			17,789
Impairment of long-lived assets	—			—			—			5,320
Depreciation and depletion	396			367			1,086			1,248
Total operating expenses	5,555			7,068			17,144			24,357
Operating income	$	4,761		$	5,072		$	11,114		$	6,715
Equity earnings from nonconsolidated investments	$	42		$	715		$	2,431		$	2,660
Minority Interest	$	(277	)	$	—		$	(277	)	$	—

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