Equitable Resources Completes Acquisition of Carnegie Natural Gas Company

Equitable Resources, a leading energy company, has announced the completion of its acquisition of Carnegie Natural Gas Company and its affiliated subsidiaries from USX-Marathon Group. The sale, which was effective December 15, 1999, marks a significant expansion of Equitable's energy distribution and production business in the Appalachian region. The acquisition is expected to increase natural gas throughput by 27% and capacity by 9% in Equitable's distribution operations, while also adding approximately 9,000 new customers to its system.

Key Takeaways:

Equitable Resources has completed the acquisition of Carnegie Natural Gas Company, expanding its energy distribution and production business in the Appalachian region.
The acquisition increases natural gas throughput by 27% and capacity by 9% in Equitable's distribution operations.
The addition of Carnegie Natural Gas will add approximately 9,000 new industrial, commercial, and residential customers to Equitable's system.
The acquisition is expected to be immediately accretive to Equitable's earnings in 2000.
Equitable Resources is an integrated energy company with a focus on Appalachian area natural gas production, transmission, and distribution, as well as energy management services.
The company also has interests in the Gulf of Mexico and international energy markets.

Statistics:

27% increase in natural gas throughput in Equitable's distribution operations.
9% increase in capacity for Equitable's Appalachian production business.
9,000 new industrial, commercial, and residential customers added to Equitable's system.
December 15, 1999: Effective date of the acquisition.
2000: Year in which the acquisition is expected to be immediately accretive to Equitable's earnings.

Sources:

Pittsburgh Post-Gazette (Dec. 15, 1999) - via PRNewswire.
Existing company releases via Company News on Call at 1-800-758-5804, ext. 289250, or on the Internet at http://www.eqt.com.