Exhibit 99.1

	Contact:	Patrick Kane
		412-553-7833

Equitable Resources Announces 2006 Annual Earnings of $1.80 per Share

PITTSBURGH, January 25/PRNewswire-FirstCall/ — Equitable Resources, Inc. (NYSE: EQT) today announced 2006 annual earnings per diluted share (EPS) of $1.80 on net income of $220.3 million. This compares with EPS of $2.10 on net income of $260.1 million in 2005. Several non-operational factors, discussed below, should be considered when comparing 2006 and 2005 results, including a $110.3 million gain on the sale of Kerr-McGee Corporation (KMG) shares in 2005.

RESULTS BY SEGMENT

Equitable Utilities

Equitable Utilities had operating income of $125.2 million for 2006, compared with $98.3 million for 2005, a 27% increase. Net revenues increased $21.6 million or 9% over the previous year. Distribution net revenues were 9% lower as a result of record warm weather, which was 10% warmer than in 2005 and 15% warmer than the 30-year normal, as measured in heating degree-days. Pipeline net revenues increased $18.8 million or 35% over the prior year resulting from revenue associated with the rate case settlement in the first quarter and higher gathering activity. Marketing net revenues were $16.4 million higher than in 2005, benefiting from favorable storage asset optimization opportunities.

Total operating expenses for 2006 were 3% lower at $149.8 million, compared to $155.1 million in 2005. Expenses planning for the acquisition of Peoples Gas and Hope Gas totaled $12.3 million in 2006. Excluding these costs, lower pension-related expenses, lower bad debt expense and the partial reversal of a 2005 lease impairment were partially offset by higher pipeline expenses primarily associated with deferred rate-related costs and higher gathering expenses.

Operating income for the 2006 fourth quarter was $46.4 million, 23% higher than the $37.7 million earned in the year ago quarter. Net revenues were $90.7 million, $14.8 million higher than fourth quarter 2005 revenues of $75.9 million. Higher marketing and pipeline net revenues more than offset lower distribution net revenues resulting from warmer weather. Operating expenses in the quarter increased $6.2 million, to $44.4 million in 2006. The majority of that increase was due to $5.9 million spent in planning for the acquisition of Peoples Gas and Hope Gas.

Equitable Supply

Equitable Supply had operating income of $269.2 million in 2006, 8% lower than the $293.6 million in 2005. Total revenues for 2006 were $488.6 million, essentially flat in comparison with 2005 revenues. Lower commodity prices offset increased revenues from higher gathering rates and higher production sales volumes. Average well-head sales price declined 7% from $5.17 to $4.83 per Mcfe. Production sales volumes increased by 2.3 Bcfe to 76.2 Bcfe. Excluding 1.5 Bcfe from wells sold in May 2005, sales volumes increased by slightly over 5%. Higher gathering revenues were driven by a 24% increase in average gathering rates, partially offset by lower throughput resulting from volumes now reported at Utilities and volumes from properties sold in 2005.

Operating expenses increased from $195.6 million in 2005 to $219.4 million in 2006. Selling, general and administrative expenses were $9.2 million higher as the Company recorded reserves for a royalty dispute in West Virginia and bad debt costs totaling $9.9 million. Gathering and compression expense and depreciation, depletion and amortization expense were also higher, consistent with higher overall operating activity levels. Gathering and compression expense also included $3.3 million of pension and other post retirement benefits charges, in the fourth quarter, for an early retirement program.

Operating income for the 2006 fourth quarter totaled $68.5 million, $16.7 million lower than the $85.2 million of operating income in the fourth quarter 2005. Significantly lower commodity prices more than offset increased sales volumes. Operating expenses totaled $57.3 million, $6.0 million higher than last year. The factors driving increased costs for the full year also apply to the fourth quarter results; partially offsetting these increases were lower production taxes resulting from lower natural gas prices.

During 2006, the Company drilled 560 gross operated wells, including 5 horizontal wells, and 95 non-operated wells. The Company expects to drill approximately 650 gross operated wells in 2007, including at least 25 horizontal wells, a 16% increase. Sales volumes are estimated to be between 80 and 81 Bcfe in 2007.

Other Business

2006 Capital Expenditures

Equitable invested $405 million in capital projects during 2006. This included $200 million for well development, $137 million for Supply infrastructure, $65 million for Equitable Utilities, and $3 million for Headquarters.

2007 Capital Budget

Equitable forecasts $588 million of capital commitments for 2007. This forecast includes $237 million for well development, $256 million for Supply infrastructure, $92 million for Equitable Utilities and $3 million for Headquarters.

Hedging

There was no change to the Company’s hedge position during the quarter. The approximate volumes and prices of Equitable’s hedges for 2007 through 2009 are:

Swaps	2007		2008		2009
Total Volume (Bcf)	56		54		38
Average Price per Mcf (NYMEX)*	$	4.74	$	4.64	$	5.90

Collars	2007		2008		2009
Total Volume (Bcf)	10		10		10
Average Floor Price per Mcf (NYMEX)*	$	7.61	$	7.61	$	7.61
Average Cap Price per Mcf (NYMEX)*	$	11.27	$	11.27	$	11.27

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

Dividend

On January 24, 2007, the Board of Directors of Equitable Resources declared a regular quarterly cash dividend of 22 cents per share, payable March 1, 2007 to shareholders of record on February 9, 2007.

2005 Items

Kerr-McGee Corp.

In 2005, Equitable sold approximately 7 million KMG shares resulting in a net pre-tax gain of $110.3 million. These totals include 0.7 million shares sold in the fourth quarter for a gain of $30.0 million.

Executive Performance Incentive Programs

Executive Performance Incentive Program expenses were $5.4 million for the quarter and $21.1 million for the year and $13.9 million and $43.8 million, respectively, for 2005. There were two programs in effect during 2005 but only one program in 2006.

Tax

During 2005, the Company completed its review and implementation of the American Jobs Creation Act of 2004. The Company recognized a $15.3 million tax loss disallowance under Section 162(m) of the Internal Revenue Code of 1986.

Office Consolidation

In 2005, the Company completed its relocation to a new office building. The Company recognized a loss of $7.8 million in 2005 related to the move, of which $3.8 million was allocated to Utilities. Utilities reversed $2.4 million of the loss in the second quarter 2006 when it reutilized some of the vacated office space.

NORESCO

In December 2005, Equitable sold NORESCO for approximately $82 million. The sale resulted in reclassifying NORESCO as “discontinued operations.” With amounts recorded net of tax, Equitable recorded income from discontinued operations in 2005 of $1.5 million. In the fourth quarter 2006, Equitable recorded income from discontinued operations of $4.3 million, primarily resulting from a reduced tax liability on the sale.

Operating Income

The Company reports operating income 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 December 31,						Year Ended December 31,
	2006			2005			2006			2005
Operating income (thousands):
Equitable Utilities	$	46,351		$	37,672		$	125,209		$	98,254
Equitable Supply	68,508			85,157			269,164			293,581
Unallocated expenses	(5,247		)	(14,361		)	(21,850		)	(48,023		)
Operating Income	$	109,612		$	108,468		$	372,523		$	343,812

Other segment 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 supply, transmission and distribution. For information please visit www.eqt.com.

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

Forward-Looking Statements

Disclosures in this press release contain forward-looking statements. Statements that do not relate strictly to historical or current facts are forward-looking. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the expectations of plans, strategies, objectives and growth and anticipated financial and operational performance of the Company and its subsidiaries, including guidance regarding the Company’s drilling programs and initiatives, infrastructure projects, production and sales volumes, capital expenditures, capital budget, the pending acquisition of The Peoples Natural Gas Company and Hope Gas, Inc. and the financing of that acquisition, and the Company’s move to a holding company structure. 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 and results of the Company’s business and forward-looking statements include, but are not limited to, those set forth under Item 1A, “Risk Factors” of the Company’s most recently filed Form 10-K.

Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.

EQUITABLE RESOURCES, INC. AND SUBSIDIARIES
STATEMENTS OF CONSOLIDATED INCOME (UNAUDITED)
(Thousands except per share amounts)

	Three Months Ended					Year Ended
	December 31,					December 31,
	2006		2005			2006			2005

Operating revenues	$	353,783	$	392,882		$	1,267,910		$	1,253,724
Cost of sales	137,244		180,565			504,329			511,169
Net operating revenues	216,539		212,317			763,581			742,555

*Operating expenses:*
Operation and maintenance	30,368		23,770			104,620			95,369
Production	15,308		16,960			63,273			61,483
Selling, general and administrative	35,292		39,165			125,951			140,529
Office consolidation impairment charges	—		—			(2,908		)	7,835
Depreciation, depletion and amortization	25,959		23,954			100,122			93,527
Total operating expenses	106,927		103,849			391,058			398,743

Operating income	109,612		108,468			372,523			343,812

Gain on sale of available-for-sale securities, net	—		30,023			—			110,280

Equity in earnings of nonconsolidated investments	140		349			260			762

Other income, net	—		—			—			1,195

Interest expense	11,810		11,330			47,052			44,437
Income from continuing operations before income taxes	97,942		127,510			325,731			411,612
Income taxes	29,980		47,491			109,706			153,038
Income from continuing operations	67,962		80,019			216,025			258,574
Income (loss) from discontinued operations, net of tax of ($3,246) for the three months and year ended December 31, 2006 and $5,029 and $10,485 for the three months and year ended December 31, 2005, respectively	4,261		(7,180		)	4,261			1,481

*Net income*	$	72,223	$	72,839		$	220,286		$	260,055

*Earnings per share of common stock:*
Basic:
Weighted average common shares outstanding	120,629		120,392			120,124			121,099
Income from continuing operations	$	0.56	$	0.67		$	1.79		$	2.14
Income (loss) from discontinued operations	0.04		(0.06		)	0.04			0.01
Net income	$	0.60	$	0.61		$	1.83		$	2.15

Diluted:
Weighted average common shares outstanding	122,426		122,791			122,113			123,715
Income from continuing operations	$	0.56	$	0.65		$	1.77		$	2.09
Income (loss) from discontinued operations	0.03		(0.06		)	0.03			0.01
Net income	$	0.59	$	0.59		$	1.80		$	2.10

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

EQUITABLE UTILITIES

OPERATIONAL AND FINANCIAL REPORT

(UNAUDITED)

	Three Months Ended						Year Ended
	December 31,						December��31,
	2006			2005			2006			2005

*OPERATIONAL DATA*
Heating degree days (30-year average: Qtr - 2,070; YTD - 5,829)	1,750			2,078			4,976			5,543

Residential sales and transportation volume (MMcf)	6,846			7,842			21,014			24,680
Commercial and industrial volume (MMcf)	5,982			7,110			23,841			25,368
Total throughput (MMcf) - Distribution	12,828			14,952			44,855			50,048

Net Operating revenues (thousands):
Distribution (regulated)
Residential	$	27,443		$	29,686		$	92,497		$	102,457
Commercial & industrial	12,825			13,304			42,519			46,857
Other	2,628			1,508			8,319			7,544
Total distribution operations	42,896			44,498			143,335			156,858
Pipeline (regulated)	18,272			16,492			72,586			53,767
Marketing	29,567			14,872			59,089			42,739
Total	$	90,735		$	75,862		$	275,010		$	253,364

Operating expenses as a % of net operating revenues	48.92		%	50.34		%	54.47		%	61.22		%

Operating income (thousands):
Distribution (regulated)	$	9,279		$	17,424		$	34,807		$	40,322
Pipeline (regulated)	8,297			6,280			33,240			17,345
Marketing	28,775			13,968			57,162			40,587
Total	$	46,351		$	37,672		$	125,209		$	98,254

Capital expenditures (thousands)	$	19,431		$	21,066		$	64,974		$	61,349

*FINANCIAL DATA (Thousands)*
Distribution revenues (regulated)	$	122,535		$	164,590		$	445,168		$	469,102
Pipeline revenues (regulated)	18,592			20,258			74,010			57,534
Marketing revenues	117,435			119,745			380,149			365,625
Less: intrasegment revenues	(14,726		)	(8,820		)	(56,163		)	(45,804		)
Total operating revenues	243,836			295,773			843,164			846,457

Purchased gas costs	153,101			219,911			568,154			593,093
Net operating revenues	90,735			75,862			275,010			253,364

Operating expenses:
Operating and maintenance	15,892			14,333			58,186			57,315
Selling, general and administrative	21,241			16,357			65,280			66,080
Office consolidation impairment charges	—			—			(2,396		)	3,841
Depreciation, depletion and amortization	7,251			7,500			28,731			27,874
Total operating expenses	44,384			38,190			149,801			155,110

Operating income	$	46,351		$	37,672		$	125,209		$	98,254

EQUITABLE SUPPLY