
                                                          Exhibit 99.01(a)



                    SECURITIES AND EXCHANGE COMMISSION
                           Washington, DC  20549


                                 FORM 11-K


          FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS
            AND SIMILAR PLANS PURSUANT TO SECTION 15(D) OF THE
                      SECURITIES EXCHANGE ACT OF 1934



      [X]     ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
                      SECURITIES EXCHANGE ACT OF 1934

                For the fiscal year ended October 31, 1995

      [  ]  TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
                      SECURITIES EXCHANGE ACT OF 1934

            For the transition period from ________ to ________

                       Commission file number 1-3551



              EQUITABLE RESOURCES, INC. EMPLOYEE SAVINGS PLAN

             (Full title of the Plan and address of the Plan,
             if different from that of the issuer named below)




                        EQUITABLE RESOURCES, INC.

                       420 Boulevard of the Allies,
                      Pittsburgh, Pennsylvania  15219


          (Name of issuer of the securities held pursuant to the
              plan and the address of principal executive office)

<PAGE>



                                   SIGNATURE








      Pursuant to the  requirements of the Securities  Exchange Act of 1934, the
members of the Administrative Committee of the Plan have duly caused this annual
report to be signed on its behalf by the undersigned hereunto duly authorized.









                            EQUITABLE RESOURCES, INC.
                              EMPLOYEE SAVINGS PLAN
                                 (Name of Plan)




                    By:        s/ Dan C. Eaton
                                  Dan C. Eaton
                                Vice President -
                        Strategic and Financial Planning



March 8, 1996


<PAGE>

                        REPORT OF INDEPENDENT AUDITORS


Administrative Committee
Equitable Resources, Inc. Employee Savings Plan


      We have audited the  accompanying  statements of net assets  available for
plan benefits of the Equitable Resources,  Inc. Employee Savings Plan (the Plan)
as of October 31, 1995 and 1994,  and the related  statements  of changes in net
assets  available  for plan benefits for the years then ended.  These  financial
statements are the responsibility of the Plan's  management.  Our responsibility
is to express an opinion on these financial statements based on our audits.

      We conducted our audits in accordance  with  generally  accepted  auditing
standards.  Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

      In our opinion, the financial statements referred to above present fairly,
in all material respects, the net assets available for plan benefits of the Plan
as of October 31, 1995 and 1994,  and the  changes in net assets  available  for
plan benefits for the years then ended,  in conformity  with generally  accepted
accounting principles.

      Our  audits  were made for the  purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying  supplemental  schedules
of assets held for investment as of October 31, 1995, and transactions or series
of transactions in excess of 5% of the current value of plan assets for the year
then ended,  are  presented  for purposes of complying  with the  Department  of
Labor's Rules and  Regulations  for Reporting and Disclosure  under the Employee
Retirement Income Security Act of 1974, and are not a required part of the basic
financial  statements.  The Fund  Information  in the  statement  of net  assets
available for benefits and the statement of changes in net assets  available for
benefits is presented for purposes of additional analysis rather than to present
the net assets  available  for benefits and changes in net assets  available for
benefits of each Fund. The supplemental schedules and Fund Information have been
subjected  to the  auditing  procedures  applied in our audits of the  financial
statements  and, in our opinion,  are fairly stated in all material  respects in
relation to the financial statements taken as a whole.




                              s/ Ernst & Young LLP
                                 Ernst & Young LLP

Pittsburgh, Pennsylvania
March 8, 1996


<PAGE>



                           EQUITABLE RESOURCES, INC.

                             EMPLOYEE SAVINGS PLAN
              STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS


                                                        October 31
                                                 1995                1994


Investments, at fair value-Note 3:
   The George Putnam Fund of Boston         $  4,752,239       $           -
   The Putnam Fund for Growth and Income       3,809,163                   -
   Putnam Income Fund                          1,370,664                   -
   Putnam Voyager Fund                         3,583,911                   -
   Putnam Asset Allocation-Growth
     Portfolio                                    66,882                   -
   Putnam Asset Allocation-Balanced
     Portfolio                                    17,351                   -
   Putnam Asset Allocation-Conservative
     Portfolio                                     3,970                   -
   Putnam Overseas Growth Fund                    69,236                   -
   Loan Fund                                     714,588                   -
   Putnam Stable Value Fund                    6,312,011                   -
   Employer Stock Fund                         4,049,947           4,143,410
   Fixed Income Fund                                   -           4,813,884
   Balanced Fund                                       -           4,689,620
   Aggressive Stock Fund                               -           2,086,435
   Common Stock Fund                                   -           2,647,575
   Bond Fund                                           -           1,377,416
   Short-term investments                              -             252,422
                                            ------------       -------------

       TOTAL INVESTMENTS                      24,749,962          20,010,762

Receivables:
   Participants loans                                  -             779,726
   Interest                                            -                 897
                                            ------------       -------------

       TOTAL RECEIVABLES                               -             780,623
                                            ------------       -------------

       TOTAL ASSETS                           24,749,962          20,791,385

Payables:
   Participants                                        -             127,799
   Others                                              -               7,162
                                            ------------       -------------

       TOTAL PAYABLES                                  -             134,961
                                            ------------       -------------

Net Assets Available for Plan Benefits      $ 24,749,962       $  20,656,424
                                            ============       =============

                               SEE ACCOMPANYING NOTES.


<PAGE>


                           EQUITABLE RESOURCES, INC.

                             EMPLOYEE SAVINGS PLAN
        STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS,
                             WITH FUND INFORMATION
                          YEAR ENDED OCTOBER 31, 1995




                                             Fixed                    Aggressive
                                            Income       Balanced        Stock
                                             Fund          Fund          Fund

Additions to net assets attributed to:
  Investment income:
    Interest and dividends               $  255,722   $     4,245   $    3,489
    Interest on participant loans            47,812             -            -
                                         ----------   -----------   ----------

      Total investment income               303,534         4,245        3,489

  Gain realized on sale or distribution of Equitable
    Resources, Inc. Common Stock
  Unrealized depreciation of investment in
    Equitable Resources, Inc. Common Stock
  Unrealized appreciation (depreciation)
    in value of investment                    3,568       391,338      396,848
  Contributions                             473,816       390,925      302,918
  Participant rollovers                      41,356        24,929        8,914
                                         ----------   -----------   ----------

      Total additions                       822,274       811,437      712,169

Deductions from net assets attributed to:
  Withdrawals by participants                29,707       122,698      104,756
  Purchase of life insurance                      -             -            -
  Expenses                                   12,376        10,659        5,230
                                         ----------   -----------   ----------

      Total deductions                       42,083       133,357      109,986

Transfers from (to) funds                   665,525      (662,484)      96,642
                                         ----------   -----------   ----------

      Net increase (decrease) in net assets
      available for plan benefits         1,445,716        15,596      698,825

Net assets available for plan benefits:
  At beginning of year                    5,635,939     4,715,623    2,133,491
  Transfers between investment
    options (Note 1)                     (7,081,655)   (4,731,219)  (2,832,316)
                                        -----------    ----------   ----------

  At end of year                         $        -   $         -   $        -
                                         ==========   ===========   ==========


                            SEE ACCOMPANYING NOTES.

<PAGE>



                             EQUITABLE RESOURCES, INC.

                               EMPLOYEE SAVINGS PLAN
          STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS,
                               WITH FUND INFORMATION
                            YEAR ENDED OCTOBER 31, 1995



                                   The Putnam
     Common                         The George          Fund for      Putnam
      Stock           Bond          Putnam Fund        Growth and     Income
      Fund            Fund           of Boston           Income        Fund



  $    4,626      $     1,052       $   43,001        $    22,432   $   19,846
           -                -                -                  -            -
   ---------      -----------       ----------        -----------   ----------

       4,626            1,052           43,001             22,432       19,846






     484,958          116,821          149,822            116,794       25,245
     400,287           95,970           83,637            135,958       42,504
     103,722              421                -                  -            -
   ---------      -----------       ----------        -----------   ----------

     993,593          214,264          276,460            275,184       87,595


     122,740          186,369          119,077             45,557       16,798
           -                -                -                  -            -
       6,829            3,029                -                  -            -
   ---------      -----------       ----------        -----------   ----------

     129,569          189,398          119,077             45,557       16,798

      45,107         (153,967)        (136,363)           (14,305)      47,333
   ---------      -----------       ----------        -----------   ----------


     909,131         (129,101)          21,020            215,322      118,130


    2,684,710       1,381,635                -                  -            -
   (3,593,841)     (1,252,534)       4,731,219          3,593,841    1,252,534
   ----------     -----------       ----------        -----------   ----------

   $       -      $         -       $4,752,239        $ 3,809,163   $1,370,664
   =========      ===========       ==========        ===========   ==========


                            SEE ACCOMPANYING NOTES.


<PAGE>



                                 EQUITABLE RESOURCES, INC.

                                   EMPLOYEE SAVINGS PLAN
              STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
                                YEAR ENDED OCTOBER 31, 1995





                                    Putnam   
                                    Voyager    Growth    Balanced   Conservative
                                     Fund     Portfolio  Portfolio   Portfolio

Additions to net assets
attributed to:
  Investment income:
    Interest and dividends         $       -  $       -   $       -  $       -
    Interest on participant loans          -          -           -          -
                                   ---------  ---------   ---------  ---------

      Total investment income              -          -           -          -

  Gain realized on sale or
  distribution of
    Equitable Resources, Inc.
    Common Stock
  Unrealized depreciation of
    investment in
    Equitable Resources, Inc.
    Common Stock
  Unrealized appreciation
    (depreciation)
    in value of investment           209,684       (464)        (43)        17
  Contributions                      225,706     27,930      13,982      3,530
  Participant rollovers                    -          -           -          -
                                   ---------  ---------   ---------  ---------

      Total additions                435,390     27,466      13,939      3,547

Deductions from net assets
attributed to:
  Withdrawals by participants         37,434          -           -          -
  Purchase of life insurance               -          -           -          -
  Expenses                                 -           -          -          -
                                       -----      ------      -----    -------

      Total deductions                37,434          -           -          -

Transfers from (to) funds            353,639     39,416       3,412        423
                                   ---------  ---------   ---------  ---------

      Net increase (decrease)
      in net assets available 
      for plan benefits              751,595     66,882     17,351       3,970

Net assets available for
plan benefits:
  At beginning of year                     -          -           -          -
  Transfers between investment
    options (Note 1)               2,832,316          -           -          -
                                   ---------  ---------   ---------  ---------

  At end of year                  $3,583,911  $  66,882   $  17,351  $   3,970
                                  ==========  =========   =========  =========



                                  SEE ACCOMPANYING NOTES.

<PAGE>



                             EQUITABLE RESOURCES, INC.

                               EMPLOYEE SAVINGS PLAN
          STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
                            YEAR ENDED OCTOBER 31, 1995



    Putnam                   Putnam      Employer        Life
   Overseas       Loan       Stable        Stock       Insurance      Combined
  Growth Fund     Fund     Value Fund      Fund          Funds          Funds



  $       -    $       -   $  92,274     $ 168,091    $             $  614,778
          -       13,095           -             -                      60,907
  ---------    ---------   ---------     ---------    ---------     ----------

          -       13,095      92,274       168,091                     675,685




                                           125,122                     125,122

                                          (281,824)           -       (281,824)
        179            -           -             -            -      1,894,767
     23,667          265      98,024       349,774       41,541      2,710,434
          -            -           -        23,998            -        203,340
  ---------    ---------   ---------     ---------    ---------     ----------

     23,846       13,360     190,298       385,161       41,541      5,327,524


          -            -     182,577       189,344            -      1,157,057
          -            -           -             -       38,806         38,806
          -            -           -             -            -         38,123
  ---------    ---------   ---------     ---------    ---------     ----------

          -            -     182,577       189,344       38,806      1,233,986

     45,390      (76,204)         67      (250,896)      (2,735)             -
  ---------    ---------   ---------     ---------    ---------     ----------


     69,236      (62,844)      7,788       (55,079)                  4,093,538


          -            -           -     4,105,026                  20,656,424
          -      777,432   6,304,223             -                           -
  ---------    ---------   ---------     ---------    ---------     ----------

  $  69,236    $ 714,588   $6,312,011    $4,049,947   $             $24,749,962
  =========    =========   ==========    ==========   =========     ===========



                            SEE ACCOMPANYING NOTES.

<PAGE>



                           EQUITABLE RESOURCES, INC.

                             EMPLOYEE SAVINGS PLAN
        STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS,
                             WITH FUND INFORMATION
                          YEAR ENDED OCTOBER 31, 1994




                                             Fixed                    Aggressive
                                            Income       Balanced        Stock
                                             Fund          Fund          Fund

Additions to net assets attributed to:
  Investment income:
    Interest and dividends               $    2,470   $     2,587   $    1,793
    Interest on participant loans            60,485
                                         ----------    ----------    ---------

      Total investment income                62,955         2,587        1,793

  Gain realized on sale or
    distribution of Equitable
    Resources, Inc. Common Stock
  Unrealized depreciation of investment in
    Equitable Resources, Inc. Common Stock
  Unrealized appreciation (depreciation)
    in value of investment                  238,766      (233,804)      (9,893)
  Contributions                             508,954       564,349      359,716
  Participant rollovers                      72,135        40,928       47,247
                                         ----------   -----------   ----------

      Total additions                       882,810       374,060      398,863

Deductions from net assets attributed to:
  Withdrawals by participants               163,103       242,256       56,150
  Purchase of life insurance                      -             -            -
  Expenses                                   13,256        28,780       11,213
                                         ----------   -----------   ----------

      Total deductions                      176,359       271,036       67,363

Transfers from (to) funds                   460,598      (121,432)      (8,059)
                                         ----------   -----------   ----------

      Net increase (decrease) in net
      assets available for plan benefits  1,167,049       (18,408)     323,441

Net assets available for plan benefits:
  At beginning of year                    4,468,890     4,734,031    1,810,050
                                         ----------   -----------   ----------

  At end of year                         $5,635,939   $ 4,715,623   $2,133,491
                                         ==========   ===========   ==========


                            SEE ACCOMPANYING NOTES.

<PAGE>



                           EQUITABLE RESOURCES, INC.

                             EMPLOYEE SAVINGS PLAN
        STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS,
                             WITH FUND INFORMATION
                          YEAR ENDED OCTOBER 31, 1994




         Common                       Employer         Life
          Stock          Bond           Stock        Insurance      Combined
          Fund           Fund           Fund           Fund           Funds



      $     2,207    $       889     $   148,445    $               $  158,391
                                                                        60,485
      -----------    ----------      -----------    -----------     ----------
            2,207            889         148,445                       218,876


                                          62,859                        62,859

                                      (1,194,729)                   (1,194,729)

           97,686        (47,870)                                       44,885
          447,849        172,477         352,423         50,010      2,455,778
           49,736          3,478          10,639                       224,163
      -----------    -----------     -----------    -----------     ----------

          597,478        128,974        (620,363)        50,010      1,811,832


           82,937        202,419         170,233                       917,098
                                                         54,711         54,711
           13,113         10,932                                        77,294
      -----------    -----------     -----------    -----------     ----------

           96,050        213,351         170,233         54,711      1,049,103

          168,013       (427,849)        (75,972)         4,701
      -----------    -----------     -----------    -----------     ----------


          669,441       (512,226)       (866,568)                      762,729


        2,015,269      1,893,861       4,971,594                    19,893,695
      -----------    -----------     -----------    -----------     ----------

      $ 2,684,710    $ 1,381,635     $ 4,105,026    $               $20,656,424
      ===========    ===========     ===========    ===========     ===========



                            SEE ACCOMPANYING NOTES.


<PAGE>



                           EQUITABLE RESOURCES, INC.

                             EMPLOYEE SAVINGS PLAN
                         NOTES TO FINANCIAL STATEMENTS
                           OCTOBER 31, 1995 AND 1994


1.   Description of the Plan

     The following description of the Equitable Resources, Inc. Employee Savings
     Plan (Plan) provides only general information. Participants should refer to
     the  Plan  agreement  for  a  more  complete   description  of  the  Plan's
     provisions.

     General

     The Plan is a defined  contribution profit sharing and savings plan, with a
     401(k)  salary  reduction  feature,  implemented  on  September  1, 1985 by
     Equitable  Resources,   Inc.  and  certain  subsidiaries  (the  Company  or
     Companies).

     All regular, full-time, non-union employees of the Companies who complete a
     certain  service  requirement  are  eligible  to  participate.  The Plan is
     subject to the provisions of the Employee Retirement Income Security Act of
     1974 (ERISA).

     In December 1995, the Company changed the Plan year to a calendar year from
     the  previous  Plan year of October  31.  This  change had no effect on net
     assets available for plan benefits.

     Effective January 1, 1996, all regular,  full-time,  non-union employees of
     the  Companies are eligible to  participate  in the Plan  immediately  upon
     hire.

     Contributions

     The Companies make  contributions  to the Plan equal to the amount by which
     participants agree to reduce their salaries (Contract Contributions). These
     contributions  are  considered  to be  Company  (as  opposed  to  employee)
     contributions  to the  Plan.  In  addition,  the  Companies  may,  at their
     discretion,  contribute  an  additional  amount to the Plan  (Discretionary
     Contributions).  All contributions are allocated to individual  participant
     accounts. No Discretionary Contributions were made for the Plan years ended
     October 31, 1995 and 1994.

     As a result of the purchase of Louisiana  Intrastate Gas Corporation  (LIG)
     by Equitable  Resources,  Inc., employees of LIG became participants in the
     Plan in July 1993.  As part of the purchase of LIG,  the Company  agreed to
     continue,  through  December  1993,  discretionary  contributions  matching
     contributions made by LIG employees up to a maximum of six percent of gross
     earnings. The discretionary contribution made was $38,058 for the Plan year
     ended October 31, 1994.

     Effective  January 1, 1996, the Companies  began matching 50 percent of the
     first six percent of Contract  Contributions made (Matching  Contributions)
     in lieu of making Discretionary Contributions.

<PAGE>

1.   Description of Plan (Continued)

     Rollover Contributions

     Participants  are  allowed to make  rollover  contributions  (contributions
     transferred to the Plan from other qualified retirement plans),  subject to
     certain requirements.

     Vesting

     Participants are 100% vested in the value of Contract  Contributions  made,
     and any rollover contributions.

     If employment is terminated for any reason other than retirement, death, or
     total and permanent  disability,  a participant  is entitled to receive the
     vested  value  of  any  Discretionary   Contributions,   as  determined  in
     accordance with the following schedule:

            Years of Continuous Service                 Vested Interest

               Less than five years                              0%
               Five years or more                              100%

     Amounts  forfeited by participants  upon termination will be used to reduce
     the amount of the Company's future Matching Contributions to the Plan.

     Upon retirement,  death,  total and permanent  disability or termination of
     the Plan,  a  participant  is  entitled  to  receive  the full value of any
     Discretionary or Matching Contributions,  regardless of years of continuous
     service.

     Withdrawals by Participants

     Payments to participants are made in one of two ways: a single cash payment
     or distribution of stock (mandatory for participants who are terminated for
     a reason other than  retirement,  death or  disability)  or equal  periodic
     payments over the lesser of:

     a)  the life expectancy of the participant and beneficiary or

     b)  twenty (20) years.

<PAGE>

1.   Description of the Plan (Continued)

     Loans to Participants

     A participant may borrow money from the Plan in amounts up to 50 percent of
     the  value  of the  participant's  account,  plus  the  vested  portion  of
     Discretionary Contributions,  subject to certain limitations. All loans are
     at a rate consistent  with rates charged by commercial  lenders for similar
     loans. One half of the participant's nonforfeitable interest in the Plan at
     the time of the loan is pledged as  collateral.  As of October 31, 1995 and
     1994,   collateral  for  participant   loans  amounted  to  $2,739,262  and
     $2,780,245, respectively.

     Investment of Contributions

     Prior to July 31, 1995,  contributions  were  initially  deposited with PNC
     Bank (Trustee), and were invested in a short-term fund until allocated. The
     Plan  authorized  the  participants  to direct the Trustee to invest  their
     accounts in various combinations of the investment funds described below:

     a.  The Fixed  Income  Fund - comprised  of a single  type of fixed  income
         investment  where the  principal  and interest  are fixed.  The Company
         entered into an ongoing contract with Equitable Life Assurance  Society
         (Equitable  Life) to provide  this and other  investment  vehicles  and
         manage the respective funds. On July 31, 1995, the investment assets of
         the Fund were  transferred  to the Putnam  Stable Value Fund  described
         below.  Outstanding  participant loan balances of $777,432  included in
         the  Fixed  Income  Fund  were  transferred  to the  Putnam  Loan  Fund
         effective July 31, 1995.

     b.  The Balanced Fund - invests in various types of  securities:  primarily
         common stocks,  securities  convertible  into common  stocks,  publicly
         traded bonds,  and short-term money market  investments.  The Company's
         contract with Equitable Life provides this investment  vehicle and fund
         management.  On July 31, 1995, the assets of the Fund were  transferred
         to The George Putnam Fund of Boston described below.

     c.  The  Aggressive  Stock  Fund - invests  primarily  in common  stocks of
         medium and smaller sized companies and also in securities not generally
         defined as growth  stocks,  but with unusual  value or  potential.  The
         Company's contract with Equitable Life provides this investment vehicle
         and fund  management.  On July 31,  1995,  the  assets of the Fund were
         transferred to the Putnam Voyager Fund described below.

<PAGE>

1.   Description of the Plan (Continued)

     Investment of Contributions (Continued)

     d.  The Common Stock Fund - invests  primarily  in common  stocks and other
         equity-type  securities.  The Company's  contract with  Equitable  Life
         provides this investment vehicle and fund management. On July 31, 1995,
         the assets of the Fund were  transferred  to the Putnam Fund for Growth
         and Income described below.

     e.  The Bond Fund -  invests  primarily  in  publicly-traded  fixed  income
         securities, such as bonds, debentures and notes. The Company's contract
         with  Equitable  Life  provides  this   investment   vehicle  and  fund
         management.  On July 31, 1995, the assets of the Fund were  transferred
         to the Putnam Income Fund described below.

     Effective  August 1, 1995,  the Plan  changed its  trustee  and  investment
     options available to participants.  Contributions  are initially  deposited
     with the Plan's trustee,  Putnam Investments (Putnam).  The Plan authorizes
     the  participants  to direct  Putnam to invest  their  accounts  in various
     combinations of the investments funds described below:

     a. The George Putnam Fund of Boston - is a mutual fund that  consists of a
        portfolio  balanced  between  stocks and bonds.

     b. The Putnam  Fund for Growth and Income - is a mutual  fund that  invests
        primarily  in common  stocks that offer  potential  for capital  growth,
        current income, or both.

     c. Putnam  Income  Fund  - is a  mutual  fund  that  invests  primarily  in
        income-producing  securities,  including  both  government and corporate
        obligations, preferred stocks, and dividend-paying common stocks.

     d. Putnam Voyager Fund - is a mutual fund that invests  primarily in common
        stocks of smaller and newer  companies  expected  to grow  substantially
        faster than that of the market averages.

     e. Putnam Asset Allocation: Growth Portfolio - is a mutual fund focusing on
        capital  appreciation  by  investing in a range of both equity and fixed
        income  securities.  Equity  securities  can range between 65-95% of the
        total assets of the Fund with fixed income  securities  ranging  between
        5-35% of the total assets of the Fund.

     f. Putnam Asset Allocation:  Balanced Portfolio - is a mutual fund focusing
        on total  return by investing in a range of both equity and fixed income
        securities.  Equity  securities  can range  between  25-50% of the total
        assets of the Fund with fixed income  securities  ranging between 25-50%
        of the total assets of the Fund.

<PAGE>

1.   Description of the Plan (Continued)

     Investment of Contributions (Continued)

     g. Putnam  Asset  Allocation:  Conservative  Portfolio  - is a mutual  fund
        focusing on total return  consistent with  preservation of capital;  the
        Fund  invests  in a range of both  equity and fixed  income  securities.
        Equity  securities  can range between  25-45% of the total assets of the
        Fund with fixed income  securities  ranging  between 55-75% of the total
        assets of the Fund.

     h. Putnam Overseas Growth Fund - is a mutual fund that invests primarily in
        a  diversified  portfolio of stocks of companies  located  outside North
        America.

     i.  Putnam  Stable  Value Fund - is a  collective  investment  trust  which
     invests primarily in high-quality fixed-income investments that offer price
     stability  and  liquidity;   these   investments  may  include   guaranteed
     investment  contracts (GICs) that are guaranteed by an insurance company or
     bank and  generally  provide a fixed  rate of return for a  specified  time
     period.  Should the underlying  insurance  companies and banks which issued
     the investments  experience inadequate financial return on their assets, it
     could  potentially  affect the investment return or principal of the Plan's
     investments.  Presently, the Plan is not aware of any situation which would
     cause this to occur.  Withdrawals from the Fund may be temporarily  delayed
     at Putnam's  discretion  due to the liquidity of the assets  underlying the
     Fund.

     The Employer  Stock Fund  invests in the Common  Stock of the Company.  The
     Fund is managed by the Plan Trustee (Putnam  effective July 31, 1995).  The
     Life Insurance Fund is comprised solely of life insurance  contracts issued
     on the lives of  participants.  This option is subject to a limitation that
     no more than 25% of the  contributions  allocated to a  participant  may be
     allocated  to the  purchase  of  insurance.  The  Company's  contract  with
     Equitable Life provides this investment vehicle and fund management.


2.   Summary of Significant Accounting Policies

     Investments

     Short-term  investments are valued at cost, which approximates  market. The
     Equitable Resources,  Inc. common stock is valued at market price as quoted
     on the New  York  Stock  Exchange.  The  fixed  income  fund  contract  and
     contracts included in the Stable Value Fund are valued at face value, which
     approximates market. Other investments are valued at market.

<PAGE>

2.   Summary of Significant Accounting Policies (Continued)

     Use of Estimates

     The  preparation  of financial  statements  in  conformity  with  generally
     accepted  accounting  principles  requires management to make estimates and
     assumptions  that affect the amounts  reported in the financial  statements
     and accompanying notes. Actual results could differ from those estimates.

3.   Investments

     Investments at October 31, 1995 and 1994 are comprised of:

                                                            1995

                                                      Fair        Original
                                                      Value          Cost

     Equitable Resources, Inc., Common Stock**   $  4,049,947 $     3,297,497
     The George Putnam Fund of Boston*              4,752,239       4,752,239
     The Putnam Fund for Growth and Income*         3,809,163       3,809,163
     Putnam Income Fund*                            1,370,664       1,370,664
     Putnam Voyager Fund*                           3,583,911       3,583,911
     Putnam Asset Allocation-
      Growth Portfolio*                                66,882          66,882
     Putnam Asset Allocation-
      Balanced Portfolio*                              17,351          17,351
     Putnam Asset Allocation-
      Conservative Portfolio*                           3,970           3,970
     Putnam Overseas Growth Fund*                      69,236          69,236
     Loan Fund                                        714,588         714,588
     Putnam Stable Value Fund*                      6,312,011       6,312,011
                                                   ----------       ---------

        Total                                     $24,749,962     $23,997,512
                                                  ===========     ===========



<PAGE>


3.   Investments (Continued)

                                                         1994

                                              Fair                 Original
                                              Value                  Cost

     Equitable Resources, Inc.,
       Common Stock**                    $ 4,143,410            $ 3,114,846
     Fixed Income Fund*                    4,813,884              4,813,884
     Balanced Fund*                        4,689,620              4,689,620
     Aggressive Stock Fund*                2,086,435              2,086,435
     Common Stock Fund*                    2,647,575              2,647,575
     Bond Fund*                            1,377,416              1,377,416
     Short-Term Investment                   252,422                252,422
                                          ----------              ---------

        Total                            $20,010,762            $18,982,198
                                         ===========            ===========


     The annual  interest  rate for the Fixed Income Fund was 6.50% for the 1995
     period  prior to the  transfer  of assets  (Note 1), and 6.00% for the 1994
     fiscal year. The annual  interest rate for the Putnam Stable Value Fund was
     5.80%.

     *Securities   investments  are  provided  by  contract   through  a  pooled
     investment account; fair market value is used as original cost.

     **Represents 138,460 and 135,826 shares of common stock at October 31, 1995
     and 1994, respectively.

<PAGE>

4.   Gain Realized on Sale/Distribution of Stock

     During  the year  ended  October  31,  1995,  17,093  shares  of  Equitable
     Resources,  Inc.  Common Stock with a market value of $501,513 were sold at
     an  average  price of $29.34 per  share.  The cost of the  shares  sold was
     $404,610 ($23.67 per share)  calculated using the "average cost" method. In
     addition,  4,497 shares of Equitable  Resources,  Inc.  Common Stock with a
     market value of $133,224 were distributed during the year ended October 31,
     1995. The cost of the shares distributed was $105,005.

     During  the  year  ended  October  31,  1994,  4,769  shares  of  Equitable
     Resources,  Inc.  Common Stock with a market value of $168,878 were sold at
     an  average  price of $35.41 per  share.  The cost of the  shares  sold was
     $106,019 ($22.23 per share) calculated using the "average cost" method.

5.   Plan Termination

     Although  it has not  expressed  any intent to do so, the  Company  has the
     right under the Plan to discontinue  its  contributions  at any time and to
     terminate the Plan subject to the provisions of ERISA. In the event of Plan
     termination,  the interests of all affected  participants will become fully
     vested.

6.   Income Tax Status of Plan

     The  Internal  Revenue  Service has  determined  that the Plan is qualified
     under Section 401(a) of the Internal  Revenue Code and exempt under Section
     501(a) of the Code. Future amendments will be made to the Plan as necessary
     so that the Plan remains qualified and tax exempt under the Code.

7.   Federal Income Tax Status - Employee

     Contributions  by the employer to the Plan (including  those resulting from
     salary   reduction)   and  all  dividends  and  interest   earned  on  such
     contributions  are not taxable to the  participant  for federal  income tax
     purposes until distributed.

     The tax consequences,  to participants, of a distribution from the Plan are
     dependent  upon the  circumstances  existing  at the time of  distribution.
     Delinquent and unpaid loans are considered  distributions from the Plan. In
     general,  a participant  is subject to federal income tax on a distribution
     in the year received.  Special rules  applicable to lump sum  distributions
     may result in deferral of taxation in whole or in part.


<PAGE>


                           SUPPLEMENTARY INFORMATION


<PAGE>

<TABLE>
<CAPTION>


                                          EQUITABLE RESOURCES, INC.                               SCHEDULE 1

                                            EMPLOYEE SAVINGS PLAN

                                         ASSETS HELD FOR INVESTMENT
                                              OCTOBER 31, 1995

                                                                                                    CURRENT
        IDENTITY OF ISSUE                      DESCRIPTION OF INVESTMENT         COST                 VALUE
<S>                                            <C>                           <C>                 <C>          
The George Putnam Fund of Boston               308,988 units                 $4,572,2393         $4,752,239

The Putnam Fund for Growth and Income          241,545 units                 $3,809,1633         $3,809,163

Putnam Income Fund                             193,870 units                 $1,370,6643         $1,370,664

Putnam Voyager Fund                            234,243 units                 $3,583,9113         $3,583,911

Putnam Asset Allocation-Growth Portfolio        6,722 units                  $  66,8823          $   66,882

Putnam Asset Allocation-Balanced Portfolio      1,804 units                  $  17,3513          $   17,351

Putnam Asset Allocation-Conservative Portfolio   431 units                   $   3,9703          $    3,970

Putnam Overseas Growth Fund                     5,371 units                  $  69,2363          $   69,236

Loan Fund                                        8% - 10%                         N/A            $  714,588

Putnam Stable Value Fund                         5.80% per annum2            $6,312,0113         $6,312,011

Employer Stock Fund1                           138,460 shares common stock   $3,297,497          $4,049,947


<FN>

1Party in interest to the Plan.
2Rate in effect for Plan year subsequent to the transfer of assets.
3Fair market value is used as original cost.

</FN>
</TABLE>


<PAGE>

<TABLE>
<CAPTION>

                                           EQUITABLE RESOURCES, INC.                              SCHEDULE 2
                                             EMPLOYEE SAVINGS PLAN

                            TRANSACTIONS OR SERIES OF TRANSACTIONS IN EXCESS OF 5%
                                      OF THE CURRENT VALUE OF PLAN ASSETS
                                          YEAR ENDED OCTOBER 31, 1995







                                            NUMBER OF     TOTAL      NUMBER     TOTAL SALES       ORIGINAL     NET GAIN
PARTY INVOLVED  DESCRIPTION OF INVESTMENT   PURCHASES   PURCHASES   OF SALES     PROCEEDS           COST       OR (LOSS)
<S>             <C>                         <C>         <C>         <C>         <C>             <C>            <C>


CATEGORY (I) - INDIVIDUAL TRANSACTIONS IN EXCESS OF 5 PERCENT OF PLAN ASSETS


      *          The Fixed Income Fund      None        None          1         $7,081,655      $7,081,655              -

      *            The Balanced Fund        None        None          1         $4,731,219      $3,432,125     $1,299,094

      *        The Aggressive Stock Fund    None        None          1         $2,832,316      $2,136,058       $696,258

      *          The Common Stock Fund      None        None          1         $3,593,841      $2,671,970      $ 921,871

      *              The Bond Fund          None        None          1         $1,252,534      $1,087,136      $ 165,398

     **        Putnam Stable Value Fund       1      $7,081,655       -                  -      $7,081,655              -

     **    The George Putnam Fund of Boston   1      $4,731,219       -                  -      $3,432,125              -

     **           Putnam Voyager Fund         1      $2,832,316       -                  -      $2,136,058              -

     **    Putnam Fund for Growth and Income  1      $3,593,841       -                  -      $2,671,970              -

     **           Putnam Income Fund          1      $1,252,534       -                  -      $1,087,136              -

</TABLE>


<PAGE>

<TABLE>
<CAPTION>


                                           EQUITABLE RESOURCES, INC.                    SCHEDULE 2

                                             EMPLOYEE SAVINGS PLAN

                            TRANSACTIONS OR SERIES OF TRANSACTIONS IN EXCESS OF 5%
                                      OF THE CURRENT VALUE OF PLAN ASSETS
                                          YEAR ENDED OCTOBER 31, 1995




                                          NUMBER OF     TOTAL      NUMBER   TOTAL SALES    ORIGINAL   NET GAIN
PARTY INVOLVED DESCRIPTION OF INVESTMENT  PURCHASES   PURCHASES   OF SALES   PROCEEDS       COST      OR (LOSS)
<S>            <C>                        <C>         <C>         <C>       <C>           <C>         <C>


CATEGORY (III) - SERIES OF TRANSACTIONS IN EXCESS OF 5 PERCENT OF PLAN ASSETS

      *         Short Term Investments       179      $7,576,016     113    $7,843,813    $7,843,813       -

      *          The Fixed Income Fund        12      $1,388,409       -            -     $1,388,409       -

      *          The Fixed Income Fund         -          -            4    $7,110,312    $7,110,312       -

      *            The Balanced Fund           -          -           10    $5,556,639    $4,066,634  $1,490,005

      *        The Aggressive Stock Fund       -          -            8    $3,017,380    $2,295,365  $  722,015

      *          The Common Stock Fund         -          -            8    $3,814,811    $2,855,494  $  959,317

      *              The Bond Fund             -          -           10    $1,905,657    $1,656,544  $  249,113

     **        Putnam Stable Value Fund       10      $7,173,448       -         -        $7,173,448       -

     **    The George Putnam Fund of Boston   12      $4,855,480       -         -        $3,556,386       -

     **           Putnam Voyager Fund         12      $3,031,758       -         -        $2,335,500       -

     **    Putnam Fund for Growth and Income  11      $3,732,213       -         -        $2,810,342       -

     **           Putnam Income Fund          12      $1,298,894       -         -        $1,133,496       -


<FN>


  *  The above transactions were carried out by the Trustee, PNC Bank.
 **  The above transactions were carried out by the Successor Trustee, Putnam Investments.
     There were no (ii) or (iv) reportable transactions during 1995.

</FN>
</TABLE>

