
                                               EXHIBIT 99




                                               ROBERT C. ATKINSON
                                               (412) 553-5768

                                               MARCH 21, 1996


        EQUITABLE RESOURCES ADOPTS SHAREHOLDER RIGHTS PLAN


      PITTSBURGH  --  Equitable   Resources,   Inc.  (NYSE:  "EQT")
announced   today  that  its  Board  of  Directors  has  adopted  a
Shareholder  Rights Plan.  The Plan will become  effective on April
1, 1996.

      "The Plan is designed to enable the  Company to realize the  potential  of
its long-term strategic plan and recognizes  management's commitment to increase
shareholder  value," said Fred Abrew,  President and Chief Executive  Officer of
the Company.  "The Plan protects against coercive,  abusive and unfair takeovers
by encouraging anyone seeking to acquire the Company to negotiate with the Board
prior to a takeover  attempt." The Board is not presently aware of any effort by
any party to acquire the Company.

      The Rights Plan provides for the distribution to shareholders of one right
for each share of Company common stock outstanding. When exercisable, each right
will entitle  shareholders to buy one  one-hundredth  of a newly issued share of
the Company's  Series One Preferred Stock at an exercise price of $145.00.  Each
fractional  share of Series One  Preferred  Stock has terms  designed to make it
substantially the economic equivalent of one share of common stock.

      The Rights Plan provides, among other things, that upon the earlier of ten
days after a public  announcement that a person has become a beneficial owner of
fifteen  percent or more of the voting power of all the Company's  shares or ten
business days after a person  announces an offer to acquire  Company shares that
would give it  fifteen  percent  or more of the  voting  power,  each right will
become  exercisable  to purchase  Series One Preferred  Stock.  After the rights
become  exercisable,  if  a  person  acquires  beneficial  ownership  of  shares
representing fifteen percent or more voting power, or if the Company is acquired
in a merger in which the Company  survives,  then each right  would  entitle the
holder  (other than the  acquiror) to purchase  Company  common stock at a fifty
percent discount. Alternatively, if the Company is acquired in a merger or other
business combination,  the rights permit holders to purchase the common stock of
the acquiror at a fifty percent discount.

      Shareholders  of record as of the close of  business  on April 1, 1996 and
thereafter  will  receive  the  Rights.  Shareholders  will be  notified  of the
issuance of the rights,  although no separate certificates will be issued unless
and until they detach and trade  separately  from the common  stock as described
above.  The  ultimate  issuance of common stock and Series One  Preferred  Stock
under the Plan is subject  to  certain  regulatory  approvals.  The rights  will
expire  on April 1,  2006,  unless  further  extended,  and will be  subject  to
redemption  by the Board of Directors at $.01 per right at any time prior to the
first date upon which they become  exercisable.  The rights  themselves  have no
voting power, nor will they entitle a holder to receive dividends.

      ERI is a full service energy marketing company. It offers energy solutions
to the  wholesale  and retail  markets  with  innovative  products  and services
developed  through its  exploration,  production,  storage,  transportation  and
distribution  of natural gas and electricity  operations.  It is also engaged in
the production of natural gas liquids and crude oil.


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