September 30, 2008
Equitable Resources Adds Space to Accommodate Growth
PITTSBURGH, Sept. 30 /PRNewswire/ -- Equitable Resources, Inc., today announced that it has leased 257,000 square feet of office space in the building currently known as 625 Liberty Avenue. The company, the largest natural gas company in the Appalachian Basin -- and one of the largest in the country -- needs the additional space to accommodate rapid growth in its production and midstream business units.
Equitable Resources is widely recognized as a technology leader in the industry. The company currently holds natural gas drilling rights to more than 3.3 million acres in the Appalachian region and operates more than 13,000 gas wells, and 15,000 miles of pipeline throughout Kentucky, Virginia, West Virginia, and Pennsylvania.
"There are other natural gas producers operating in Appalachia, but we call the region our home -- so locating our headquarters at the Gateway to Appalachia is a 'natural'," said Murry Gerber, Equitable Resources' Chairman and CEO. "Our production and midstream businesses have experienced tremendous growth, due in large part to our employees' ability to both innovate and deliver everyday results."
"Pennsylvania is committed to creating an environment where businesses can thrive," DCED Secretary Dennis Yablonsky said. "State support helped Equitable Resources expand in the commonwealth, and hundreds of new jobs will be generated for the hard-working men and women of southwestern Pennsylvania."
A joint statement was issued by Allegheny County Executive Dan Onorato and Pittsburgh Mayor Like Ravenstahl: "We are delighted that Equitable Resources is solidifying its presence in southwestern Pennsylvania by retaining the location of its utility on the North Shore and expanding Equitable Resources' production and midstream operations in Downtown Pittsburgh. Equitable Resources' decision is further proof that our region can successfully compete with other areas of the country to create jobs and further economic development."
Equitable Resources expects to begin moving its employees into the 625 Liberty Avenue building beginning in Spring, 2009; the transition is expected to be complete by the end of Summer, 2009. The company's natural gas utility, a subsidiary, will continue to operate out of its North Shore building.
Equitable Resources, Inc. is an integrated energy company with an emphasis on Appalachian area natural gas supply, gathering, processing, transmission and distribution.
Equitable Resources, Inc.
CONTACT: Wayne J. Desbrow, Director, Communications of EquitableResources, Inc., +1-412-553-5738
Web site: http://www.eqt.com/