Kentucky-West Virginia Gas Company Merged Equitable Resources Primes Growth By Combining Work Units

Tuesday, July 1, 2008 8:08 am EDT

Dateline:

PITTSBURGH
"We've got terrific growth potential in Kentucky, with an excellent workforce, and this move will enable us to build on those assets"

Equitable Resources, Inc., the largest producer of natural gas in the Appalachian Basin, announced completion of an operational restructuring that will result in greater efficiency for its Kentucky operations.

The company said that effective today, the operations of its Kentucky-West Virginia Gas Company unit have been integrated into its larger Equitable Midstream and Production business units. No layoffs will occur as a result of these operational changes.

As a result of this restructuring, Equitable's Kentucky Midstream and Production operations will be better organized to manage the growth they expect over the next several years. Equitable had previously announced investments in its Kentucky operations exceeding $600 million dollars for 2008, alone.

"We've got terrific growth potential in Kentucky, with an excellent workforce, and this move will enable us to build on those assets," said Martin Fritz, president of Equitable's Midstream business unit.

As part of this restructuring, Kentucky West well tenders become Equitable Production employees, and compression, pipeline and measurement employees become Equitable Midstream employees. The Kentucky West headquarters building will no longer be needed and will eventually be shut down.

Equitable Resources, Inc. is an integrated energy company with an emphasis on Appalachian area natural gas supply, gathering, processing, transmission and distribution.

Disclosures in this press release contain forward-looking statements. Statements that do not relate strictly to historical or current facts are forward-looking. Forward-looking statements contained in this press release specifically include the expectations of strategies, growth, financing and the timing of the holding company reorganization. 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 forward-looking statements include, but are not limited to, those set forth in the company's filings with the U.S. Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which such statement is made and the company does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.

Contact:

Equitable Resources, Inc.
Wayne J. Desbrow, 412-553-5738
wdesbrow@eqt.com
Web site: http://www.eqt.com/

Media Relations

(For credentialed news media)

Linda Robertson
Manager,
Media Relations
lrobertson@eqt.com
Tel. 412.553.7827

Investor Relations

Blake McLean
Senior Vice President, Investor Relations and Strategy
bmclean@eqt.com
Tel. 412.395.3561