
<PAGE>
 
                                                                   EXHIBIT 25.1


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                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549
                       _________________________________

                                   FORM T-1


        STATEMENT OF ELIGIBILITY UNDER THE TRUST INDENTURE ACT OF 1939
                 OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE


   Check if an Application to Determine Eligibility of a trustee Pursuant to
                              Section 305(b) ____


                        BANK OF MONTREAL TRUST COMPANY
              (Exact name of trustee as specified in its charter)

                   New York                               13-4941093
(Jurisdiction of incorporation or organization         (I.R.S. employer
         if not a U.S. national bank)                identification no.)

               77 Water Street
              New York, New York                            10005
   (Address of principal executive offices)               (Zip code)

                              Mark F. McLaughlin
                        Bank of Montreal Trust Company
                     77 Water Street, New York, NY  10005
                                (212) 701-7602
           (Name, address and telephone number of agent for service)

                     ____________________________________


                           EQUITABLE RESOURCES, INC.
              (Exact name of obligor as specified in its charter)

              Pennsylvania                             25-0464690
    (State or other jurisdiction of                 (I.R.S. employer
     incorporation or organization)              identification number)



                          420 Boulevard of the Allies
                             Pittsburgh, PA 15219
                   (Address of principal executive offices)

                    ______________________________________


                                Debt Securities
                      (Title of the indenture securities)

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<PAGE>
 
                                      -2-



Item 1.   General Information.
          --------------------

          Furnish the following information as to the trustee:

          (a)  Name and address of each examining or supervising authority to
               which it is subject.

                                   Federal Reserve Bank of New York
                                   33 Liberty Street, New York N.Y. 10045

                                   State of New York Banking Department
                                   2 Rector Street, New York, N.Y. 10006

          (b) Whether it is authorized to exercise corporate trust powers.

              The Trustee is authorized to exercise corporate trust powers.

Item 2.   Affiliations with the Obligor.
          ------------------------------

          If the obligor is an affiliate of the trustee, describe each such
          affiliation.

              The obligor is not an affiliate of the trustee.

Item 16.  List of Exhibits.
          -----------------

          List below all exhibits filed as part of this statement of
          eligibility.

          1. Copy of Organization Certificate of Bank of Montreal Trust Company
             to transact business and exercise corporate trust powers;
             incorporated herein by reference as Exhibit "A" filed with Form T-1
             Statement, Registration No. 33-46118.

          2. Copy of the existing By-Laws of Bank of Montreal Trust Company;
             incorporated herein by reference as Exhibit "B" filed with Form T-1
             Statement, Registration No. 33-80928.

          3. The consent of the Trustee required by Section 321(b) of the Act;
             incorporated herein by reference as Exhibit "C" with Form T-1
             Statement, Registration No. 33-46118.

          4. A copy of the latest report of condition of Bank of Montreal Trust
             Company published pursuant to law or the requirements of its
             supervising or examining authority, attached hereto as Exhibit "D".

                                   SIGNATURE

             Pursuant to the requirements of the Trust Indenture Act of 1939 the
          Trustee, Bank of Montreal Trust Company, a corporation organized and
          existing under the laws of the State of New York, has duly caused this
          statement of eligibility to be signed on its behalf by the
          undersigned, thereunto duly authorized, all in the City of New York,
          and State of New York, on the 14th day of June, 1996.

                        BANK OF MONTREAL TRUST COMPANY



                        By /s/ Amy S. Roberts
                          __________________________________
                                    Amy S. Roberts
                               Assistant Vice President
<PAGE>
 
                                                 EXHIBIT "D"

                            STATEMENT OF CONDITION
                        BANK OF MONTREAL TRUST COMPANY
                                   NEW YORK
                        ------------------------------
<TABLE>
<S>                                            <C>
 
ASSETS
 
Due From Banks                                 $ 1,570,159
                                               -----------
Investment Securities:
    State & Municipal                           17,025,354
    Other                                              100
                                               -----------
        Total Securities                        17,025,454
                                               -----------
 
Loans and Advances
    Federal Funds Sold                          12,000,000
    Overdrafts                                    (336,057)
                                               -----------
        Total Loans and Advances                11,663,943
                                               -----------
 
Investment in Harris Trust, NY                   6,656,129
Premises and Equipment                             509,422
Other Assets                                     2,494,863
                                               -----------
 
        TOTAL ASSETS                           $39,919,970
                                               ===========
LIABILITIES
 
Trust Deposits                                 $ 9,859,384
Other Liabilities                                9,239,409
                                               -----------
 
        TOTAL LIABILITIES                       19,098,793
                                               -----------
 
CAPITAL ACCOUNTS
 
Capital Stock, Authorized, Issued and
    Fully Paid - 10,000 Shares of $100 Each      1,000,000
Surplus                                          4,222,188
Retained Earnings                               15,510,844
Equity - Municipal Gain/Loss                        88,145
                                               -----------
 
        TOTAL CAPITAL ACCOUNTS                  20,821,177
                                               -----------
 
        TOTAL LIABILITIES
        AND CAPITAL ACCOUNTS                   $39,919,970
                                               ===========
</TABLE>

       I, Mark F. McLaughlin, Vice President, of the above-named bank do hereby
declare that this Report of Condition is true and correct to the best of my
knowledge and belief.

                                   Mark F. McLaughlin
                                   December 31, 1995

       We, the undersigned directors, attest to the correctness of this
statement of resources and liabilities.  We declared that it has been examined
by us, and to the best of our knowledge and belief has been prepared in
conformance with the instructions and is true and correct.

                                   Sanjiv Tandon
                                   Kevin O. Healey
                                   Steven R. Rothbloom
