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Business Description
Equitable Resources, Inc. is an integrated energy company, with an emphasis on Appalachian area natural gas supply activities, including production and gathering, natural gas distribution and transmission, and energy efficiency solutions, primarily in the eastern and western coastal regions of the United States. The Company offers energy (natural gas, and a limited amount of crude oil and natural gas liquids) products and services to wholesale and retail customers through three business segments: Equitable Utilities, Equitable Supply and NORESCO. Equitable Utilities contains both regulated and non-regulated operations, while Equitable Supply consists of two activities: production and gathering. NORESCO provides an integrated group of energy-related products and services that are designed to reduce its customers' operating costs and improve their energy efficiency.

Financial Information
For the nine months ended 9/30/04, revenues rose 13% to $846.9 million. Net income before acct. change increased 91% to $236.6 million. Results reflect higher sales volume and average sales prices and a $217.2 million gain on exchange of Westport for Kerr-McGee shares.