/U P D A T E -- Peoples Natural Gas/

                     /U P D A T E -- Peoples Natural Gas/

PR Newswire

PITTSBURGH, Dec. 5, 2013

In the news release, Final Milestone Reached in Peoples Natural Gas Purchase
of Equitable Gas Company, issued Dec. 5, 2013 by Peoples Natural Gas over PR
Newswire, we are advised by the company that additional information has been
added to the release. The complete, updated release follows:

  Final Milestone Reached in Peoples Natural Gas Purchase of Equitable Gas

    Utilities to be merged by the end of 2013

PITTSBURGH, Dec. 5, 2013 /PRNewswire/ --Peoples Natural Gas announced today
that the Federal Energy Regulatory Commission (FERC) has granted all of its
required approvals related to the transaction with EQT Corporation (NYSE: EQT)
for the Peoples Natural Gas purchase of EQT's natural gas distribution
business, Equitable Gas Company, LLC.

Prior to today's order, the transaction received clearance by the Federal
Trade Commission under the Hart-Scott Rodino Act, and approvals by the Public
Service Commission of West Virginia and the Pennsylvania Public Utility
Commission. The Kentucky Public Utility Commission determined that it did not
have jurisdiction over the sale. Locally, the operations and management of the
Equitable Gas Company will be fully merged into Peoples Natural Gas. 

Morgan O'Brien, President and CEO of Peoples Natural Gas said, "The combined
utility will bring great benefits to all our customers. Combining our
distribution pipeline systems will create a more efficient and streamlined
operating system and will enhance both safety and reliability. Our combined
operation is estimated to save more than $160 million in avoided capital spend
that would otherwise be paid for by customers through their utility bills."

This savings for ratepayers will occur because there will no longer be
duplicative pipelines in many communities and therefore in those areas, two
sets of pipelines will no longer have to be maintained or replaced. The
Pittsburgh metro region is the only area in the nation where there are
multiple natural gas distribution companies operating a web work of redundant

In addition to the capital spend savings the transaction creates, the combined
company will be more cost efficient in avoiding duplicative administrative
costs and be more efficient in serving one combined group of customers. These
cost efficiencies will allow the combined company to freeze the distribution
rate portion of all customers' utility bills until 2018, but at the same time
Peoples Natural Gas has further pledged to invest $500 million in new
infrastructure improvements over the next 5-year period that will greatly
enhance the safety and reliability of its system.

O'Brien said, "We're also excited because we believe that a greater
aggregation of customers will attract more marketers. That means our customers
will benefit from increased competition for their gas supply needs." He
continued, "Historically, gas supply costs make up about half the costs of a
residential bill and an even greater proportion of the bill for most
businesses. We will be using industry best practices and working with a
collaborative of local natural gas suppliers and other interested parties to
further promote energy choice more than ever, here in the Pittsburgh region."

Peoples Natural Gas purchased Equitable Gas for $720 million (subject to
certain purchase price adjustments) and select midstream assets. "This
agreement ensures both local investment and the development of regional
natural gas resources to be used right here where we live. The combination of
the $720 million of new capital paid to EQT for the further development of
their Marcellus Shale business and the $500 million of new capital for the
improvement of our local utility operating systems will greatly enhance this
region's economy over the coming years," O'Brien said. "And, at the same time,
there are significant direct and immediate benefits for both companies,
customers, and our region. Looking forward, we want people to see what we see;
that natural gas is a cleaner energy choice and having it locally produced is
a benefit for the region's economy by making energy more affordable for all

About SteelRiver Infrastructure Partners:
SteelRiver Infrastructure Partners is an independent investment management
firm that invests in core infrastructure in North America for the long term,
seeking out assets and businesses that provide essential services with stable
cash flows and often regulated characteristics. SteelRiver's long term
approach to infrastructure investing is characterized by a significant
emphasis on value added through in-house asset management and experienced
infrastructure investment professionals. SteelRiver manages an unlisted
infrastructure investment vehicle with committed capital in excess of USD 1.9
billion, and approximately USD 1.8 billion of co-investor equity capital.
SteelRiver's managed vehicles own energy and infrastructure assets throughout
North America. For more information on SteelRiver please visit

About Peoples Natural Gas:
Peoples Natural Gas is a regulated natural gas distribution company that
transports and distributes natural gas primarily to residential and commercial
customers within its delivery area in southwestern Pennsylvania, serving,
together with its sister company Peoples TWP, approximately 420,000, mostly
residential, customers throughout 18 counties.

About EQT Corporation:
EQT Corporation is an integrated energy company with emphasis on Appalachian
area natural gas production, gathering, transmission, and distribution. EQT is
the general partner and significant equity owner of EQT Midstream Partners,
LP. With more than 120 years of experience, EQT continues to be a leader in
the use of advanced horizontal drilling technology – designed to minimize the
potential impact of drilling-related activities and reduce the overall
environmental footprint. Through safe and responsible operations, the Company
is committed to meeting the country's growing demand for clean-burning energy,
while continuing to provide a rewarding workplace and enrich the communities
where its employees live and work. Company shares are traded on the New York
Stock Exchange as EQT. Visit EQT Corporation at www.EQT.com.

About Equitable Gas:
Equitable Gas Company is a provider of safe and dependable natural gas service
to approximately 275,000 residential, commercial and industrial customers
located mainly in the city of Pittsburgh and Allegheny County. Its customer
base also includes more than 200 municipalities in nine other counties in
western Pennsylvania, 12 counties in central and northern West Virginia, and
nine counties in eastern Kentucky.

SOURCE Peoples Natural Gas

Website: http://www.peoples-gas.com
Contact: Barry Kukovich, 412-232-6715, barry.d.kukovich@peoples-gas.com
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