Document:

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                                                                   EXHIBIT 10.30

                            INDEMNIFICATION AGREEMENT

         This Agreement is made effective as of the January 18, 2001, by and
between Equitable Resources, Inc., a Pennsylvania corporation (the "Company")
and Joseph E. O'Brien (the "Indemnitee"), a director and/or officer of the
Company.

         WHEREAS, it is essential that the Company retain and attract as
directors and officers the most capable persons available; and

         WHEREAS, Indemnitee is a director and/or officer of the Company and in
that capacity is performing a valuable service for the Company; and

         WHEREAS, Company Bylaws (the "Bylaw") contain a provision which
provides for indemnification of and advancement of expenses to the directors and
officers of the Company for liabilities and expenses they incur in their
capacities as such, and the Bylaws and the applicable indemnification statutes
of the Commonwealth of Pennsylvania provide that they are not exclusive; and

         WHEREAS, in recognition of Indemnitee's need for protection against
personal liability in order to enhance Indemnitee's continued service to the
Company in an effective manner, the potential difficulty in obtaining
satisfactory Directors and Officers Liability Insurance ("D & O Insurance")
coverage, and Indemnitee's reliance on the Bylaws, and in part to provide
Indemnitee with specific contractual assurance that the protection promised by
the Bylaws will be available to Indemnitee (regardless of, among other things,
any amendment to or revocation of the Bylaws or any change in the composition of
the Company's Board of Directors or acquisition transaction relating to the
Company), the Company desires to provide in this Agreement for the
indemnification of and the advancing of expenses to Indemnitee to the fullest
extent permitted by law and as set forth in this Agreement, and, to the extent
insurance is maintained, for the continued coverage of Indemnitee under the
Company's D & O Insurance policies.

         NOW, THEREFORE, in consideration of the premises and of Indemnitee
continuing to serve the Company directly or, at its request, another enterprise,
and intending to be legally bound hereby, the parties hereto agree as follows:

1.       Indemnity of Indemnitee.

         (a) The Company shall indemnify and hold harmless the Indemnitee
against any and all reasonable expenses, including fees and expenses of counsel,
and any and all liability and loss, including judgments, fines, ERISA excise
taxes or penalties and amounts paid or to be paid in settlement, incurred or
paid by Indemnitee in connection with any threatened, pending or completed
action, suit or proceeding, whether civil, criminal, administrative or
investigative (hereinafter "a proceeding") and whether or not by or in the right
of the Company or otherwise, to which the Indemnitee is, was or at any time
becomes a party, or is threatened to be made a party or is involved (as a
witness or otherwise) by reason of the fact that Indemnitee is or was a

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director or officer of the Company or is or was serving at the request of the
Company as director, officer, employee, trustee or representative of another
corporation or of a partnership, joint venture, trust or other enterprise,
including service with respect to employee benefit plans, whether the basis of
such proceeding is alleged action in an official capacity or in any other
capacity while serving as a director, officer, employee, trustee or
representative, unless the act or failure to act giving rise to the claim for
indemnification is determined by a court to have constituted willful misconduct
or recklessness; provided, however, that the Company shall indemnify the
Indemnitee in connection with a proceeding (or part thereof) initiated by the
Indemnitee (other than a proceeding to enforce the Indemnitee's rights to
indemnification under this Agreement or otherwise) prior to a Change of Control,
as defined in Section 2(e), only if such proceeding (or part thereof) was
authorized by the Board of Directors of the Company.

         (b) Subject to the foregoing limitation concerning certain proceedings
initiated by the Indemnitee prior to a Change of Control, the Company shall pay
the expenses (including fees and expenses of counsel) incurred by Indemnitee in
connection with any proceeding in advance of the final disposition thereof
promptly after receipt by the Company of a request therefor stating in
reasonable detail the expenses incurred or to be incurred.

         (c) If a claim under paragraph (a) or (b) of this section is not paid
in full by the Company within forty-five (45) days after a written claim has
been received by the Company, the Indemnitee may, at any time thereafter, bring
suit against the Company to recover the unpaid amount of the claim. The burden
of proving that indemnification or advances are not appropriate shall be on the
Company. The Indemnitee shall also be entitled to be paid the expenses of
prosecuting such claim to the extent he or she is successful in whole or in part
on the merits or otherwise in establishing his or her right to indemnification
or to the advancement of expenses. The Company shall pay such fees and expenses
in advance of the final disposition of such action on the terms and conditions
set forth in Section 1(b).

2.       Maintenance of Insurance and Funding.

         (a) The Company represents that a summary of the terms of the policies
of D&O Insurance in effect as of the date of this Agreement is attached hereto
as Exhibit A (the "Insurance Policies").

         Subject only to the provisions of Section 2(b) hereof, the Company
agrees that, so long as Indemnitee shall continue to serve as an officer or
director of the Company (or shall continue at the request of the Company to
serve as a director, officer, employee, trustee or representative of another
corporation, partnership, joint venture, trust or other enterprise, including
service with respect to an employee benefit plan) and thereafter so long as
Indemnitee shall be subject to any possible claim or threatened, pending or
completed action, suit or proceeding, whether civil, criminal or investigative,
by reason of the fact that Indemnitee was a director or officer of the Company
(or served in any of said other capacities), the Company shall purchase and
maintain in effect for the benefit of Indemnitee one or more valid, binding and
enforceable policy or policies of D & O Insurance providing coverage at least
comparable to that provided pursuant to the Insurance Policies.

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         (b) The Company shall not be required to maintain said policy or
policies of D & O Insurance in effect if, in the reasonable, good faith business
judgment of the then Board of Directors of the Company (i) the premium cost for
such insurance is substantially disproportionate to the amount of coverage, (ii)
the coverage provided by such insurance is so limited by exclusions that there
is insufficient benefit from such insurance or (iii) said insurance is not
otherwise reasonably available; provided, however, that in the event the then
Board of Directors makes such a judgment, the Company shall purchase and
maintain in force a policy or policies of D & O Insurance in the amount and with
such coverage as the then Board of Directors determines to be reasonably
available. Notwithstanding the general provisions of this Section 2(b),
following a Change of Control, any decision not to maintain any policy or
policies of D & O Insurance or to reduce the amount or coverage under any such
policy or policies shall be effective only if there are Disinterested Directors
(as defined in Section 2(e) hereof) and shall require the concurrence of a
majority of the Disinterested Directors.

         (c) If and to the extent the Company, acting under Section 2(b), does
not purchase and maintain in effect the policy or policies of D & O Insurance
described in Section 2(a), the Company shall indemnify and hold harmless the
Indemnitee to the full extent of the coverage which would otherwise have been
provided by such policies. The rights of the Indemnitee hereunder shall be in
addition to all other rights of Indemnitee under the remaining provisions of
this Agreement.

         (d) In the event of a Potential Change of Control or if and to the
extent the Company is not required to maintain in effect the policy or policies
of D & O Insurance described in Section 2(a) pursuant to the provisions of
Section 2(b), the Company shall, upon written request by Indemnitee, create a
"Trust" for the benefit of Indemnitee and from time to time, upon written
request by Indemnitee, shall fund such Trust in an amount sufficient to pay any
and all expenses, including attorneys' fees, and any and all liability and loss,
including judgments, fines, ERISA excise taxes or penalties and amounts paid or
to be paid in settlement actually and reasonably incurred by him or on his
behalf for which the Indemnitee is entitled to indemnification or with respect
to which indemnification is claimed, reasonably anticipated or proposed to be
paid in accordance with the terms of this Agreement or otherwise; provided that
in no event shall more than $100,000 be required to be deposited in any Trust
created hereunder in excess of the amounts deposited in respect of reasonably
anticipated expenses, including attorneys' fees. The amounts to be deposited in
the Trust pursuant to the foregoing funding obligation shall be determined by a
majority of the Disinterested Directors whose determination shall be final and
conclusive.

         The terms of the Trust shall provide that upon a Change of Control (i)
the Trust shall not be revoked or the principal thereof invaded, without the
written consent of the Indemnitee, (ii) the Trust shall advance, within two
business days of a request by the Indemnitee, any and all expenses, including
attorneys' fees, to the Indemnitee (and the Indemnitee hereby agrees to
reimburse the Trust under the circumstances under which the Indemnitee would be
required to reimburse the Company under Section 5 of this Agreement), (iii) the
Trust shall continue to be funded by the Company in accordance with the funding
obligation set forth above, (iv) the Trustee shall promptly pay to the
Indemnitee all amounts for which the Indemnitee shall be entitled to
indemnification pursuant to this Agreement or otherwise, and (v) all unexpended

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funds in such Trust shall revert to the Company upon a final determination by a
majority of the Disinterested Directors or a court of competent jurisdiction, as
the case may be, that the Indemnitee has been fully indemnified under the terms
of this Agreement. The Trustee shall be a bank or trust company or other
individual or entity chosen by the Indemnitee and reasonably acceptable and
approved of by the Company.

         (e)      For the purposes of this Agreement:

                  (i)      a "Change of Control" shall mean any of the following
                           events (each of such events being herein referred to
                           as a "Change of Control"):

                           A.       The sale or other disposition by the Company
                                    of all or substantially all of its assets to
                                    a single purchaser or to a group of
                                    purchasers, other than to a corporation with
                                    respect to which, following such sale or
                                    disposition, more than eighty percent (80%)
                                    of, respectively, the then outstanding
                                    shares of Company common stock and the
                                    combined voting power of the then
                                    outstanding voting securities entitled to
                                    vote generally in the election of the Board
                                    of Directors is then owned beneficially,
                                    directly or indirectly, by all or
                                    substantially all of the individuals and
                                    entities who were the beneficial owners,
                                    respectively, of the outstanding Company
                                    common stock and the combined voting power
                                    of the then outstanding voting securities
                                    immediately prior to such sale or
                                    disposition in substantially the same
                                    proportion as their ownership of the
                                    outstanding Company common stock and voting
                                    power immediately prior to such sale or
                                    disposition;

                           B.       The acquisition in one or more transactions
                                    by any person or group, directly or
                                    indirectly, of beneficial ownership of
                                    twenty percent (20%) or more of the
                                    outstanding shares of Company common stock
                                    or the combined voting power of the then
                                    outstanding voting securities of the Company
                                    entitled to vote generally in the election
                                    of the Board of Directors; provided,
                                    however, that any acquisition by (x) the
                                    Company or any of its subsidiaries, or any
                                    employee benefit plan (or related trust)
                                    sponsored or maintained by the Company or
                                    any of its subsidiaries or (y) any person
                                    that is eligible, pursuant to Rule 13d-1(b)
                                    under the Exchange Act (as such rule is in
                                    effect as of November 1, 1995) to file a
                                    statement on Schedule 13G with respect to
                                    its beneficial ownership of Company common
                                    stock and other voting securities, whether
                                    or not such person shall have filed a
                                    statement on Schedule 13G, unless such
                                    person shall have filed a statement on
                                    Schedule 13D with respect to beneficial
                                    ownership of fifteen percent or more of the
                                    Company's voting securities, shall not
                                    constitute a Change of Control;

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                           C.       The Company's termination of its business
                                    and liquidation of its assets;

                           D.       There is consummated a merger,
                                    consolidation, reorganization, share
                                    exchange, or similar transaction involving
                                    the Company (including a triangular merger),
                                    in any case, unless immediately following
                                    such transaction: (i) all or substantially
                                    all of the persons who were the beneficial
                                    owners of the outstanding common stock and
                                    outstanding voting securities of the Company
                                    immediately prior to the transaction
                                    beneficially own, directly or indirectly,
                                    more than 60% of the outstanding shares of
                                    common stock and the combined voting power
                                    of the then outstanding voting securities
                                    entitled to vote generally in the election
                                    of directors of the corporation resulting
                                    from such transaction (including a
                                    corporation or other person which as a
                                    result of such transaction owns the Company
                                    or all or substantially all of the Company's
                                    assets through one or more subsidiaries (a
                                    "Parent Company")) in substantially the same
                                    proportion as their ownership of the common
                                    stock and other voting securities of the
                                    Company immediately prior to the
                                    consummation of the transaction, (ii) no
                                    person (other than the Company, any employee
                                    benefit plan sponsored or maintained by the
                                    Company or, if reference was made to equity
                                    ownership of any Parent Company for purposes
                                    of determining whether clause (i) above is
                                    satisfied in connection with the
                                    transaction, such Parent Company)
                                    beneficially owns, directly or indirectly,
                                    20% or more of the outstanding shares of
                                    common stock or the combined voting power of
                                    the voting securities entitled to vote
                                    generally in the election of directors of
                                    the corporation resulting from such
                                    transaction and (iii) individuals who were
                                    members of the Company's Board of Directors
                                    immediately prior to the consummation of the
                                    transaction constitute at least a majority
                                    of the members of the board of directors
                                    resulting from such transaction (or, if
                                    reference was made to equity ownership of
                                    any Parent Company for purposes of
                                    determining whether clause, (i) above is
                                    satisfied in connection with the
                                    transaction, such Parent Company); or

                           E.       The following individuals cease for any
                                    reason to constitute a majority of the
                                    number of directors then serving:
                                    individuals who, on the date hereof,
                                    constitute the entire Board of Directors and
                                    any new director (other than a director
                                    whose initial assumption of office is in
                                    connection with an actual or threatened
                                    election contest, including but not limited
                                    to a consent solicitation, relating to the
                                    election of directors of the Company) whose
                                    appointment or election by the Board or
                                    nomination for election by the Company's
                                    shareholders was approved by a vote of at
                                    least two-thirds (2/3) of the directors then
                                    still in office who either were directors on
                                    the

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                                    date hereof or whose appointment, election
                                    or nomination for election was previously so
                                    approved.

                  (ii)     a "Disinterested Director" means any member of the
                           Board of Directors of the Company who is unaffiliated
                           with, and not a representative of, an Interested
                           Shareholder and who was a member of the Board of
                           Directors prior to the time that the Interested
                           Shareholder became an Interested Shareholder or
                           became a member subsequently to fill a vacancy
                           created by an increase in the size of the Board of
                           Directors and did receive the favorable vote of
                           two-thirds (2/3) of the Disinterested Directors in
                           connection with being nominated for election by the
                           shareholders to fill such vacancy or in being elected
                           by the Board of Directors to fill such vacancy, and
                           any successor of a Disinterested Director who is
                           unaffiliated with, and not a representative of, the
                           Interested Shareholder and is recommended or elected
                           to succeed a Disinterested Director by a majority of
                           the Disinterested Directors then on the Board of
                           Directors.

                  (iii)    "Interested Shareholder" means any person (other than
                           the Company or any subsidiary of the Company and
                           other than any profit sharing, employee stock
                           ownership, or other employee benefit plan of the
                           Company or any subsidiary of the Company or any
                           trustee of or fiduciary with respect to any such plan
                           when acting in such capacity) who or which:

                           A.       is at such time the beneficial owner,
                                    directly or indirectly, of more then ten
                                    percent (10%) of the voting power of the
                                    outstanding common stock of the Company;

                           B.       was at any time within the two-year period
                                    immediately prior to such time the
                                    beneficial owner, directly or indirectly, of
                                    more than ten percent (10%) of the voting
                                    power of the then outstanding common stock
                                    of the Company;

                           C.       is at such time an assignee of or has
                                    otherwise succeeded to the beneficial
                                    ownership of any shares of common stock of
                                    the Company which were at any time within
                                    the two-year period immediately prior to
                                    such time beneficially owned by any
                                    Interested Shareholder, if such assignment
                                    or succession has occurred in the course of
                                    a transaction or series of transactions not
                                    involving a public offering within the
                                    meaning of the Securities Act of 1933, as
                                    amended.

                  (iv)     a "person" means any individual, corporation,
                           partnership, joint venture, association, joint-stock
                           company, trust, unincorporated organization or
                           government (or any subdivision, department,
                           commission or agency thereof), and includes without
                           limitation any "person", as such term is used in
                           Sections 13(d) of 14(d) of the Securities Exchange
                           Act of 1934, as amended.

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                  (v)      a "Potential Change of Control" shall occur if:

                           A.       the Company enters into an agreement or
                                    arrangement the consummation of which would
                                    result in the occurrence of a Change of
                                    Control;

                           B.       any Person (including the Company) publicly
                                    announces an intention to take or to
                                    consider taking actions which if consummated
                                    would constitute a Change in Control; or

                           C.       the Board of Directors of the Company adopts
                                    a resolution to the effect that, for
                                    purposes of this Agreement, a Potential
                                    Change of Control has occurred.

3.       Continuation of Indemnity.

         The Company's obligations hereunder shall be applicable to any and all
claims made after the date hereof regardless of when the facts upon which such
claims are based occurred, including times prior to the date hereof. All
agreements and obligations of the Company contained in this Agreement shall
continue during the period the Indemnitee is a director or officer of the
Company (or is or was serving at the request of the Company as a director,
officer, employee, trustee or representative of another corporation,
partnership, joint venture, trust or other enterprise, including any employee
benefit plan) and shall continue thereafter so long as the Indemnitee shall be
subject to any possible claim or threatened, pending or completed action, suit
or proceeding, whether civil, criminal or investigative, by reason of the fact
that the Indemnitee was a director or officer of the Company or serving in any
other capacity referred to herein.

4.       Contribution.

          The full indemnification provided in Section 2 hereof may not be paid
to an Indemnitee because such indemnification is prohibited by law, then in
respect of any actual or threatened proceeding in which the Company is jointly
liable with Indemnitee (or would be if joined in such proceeding) the Company
shall contribute to the amount of expenses incurred by the Indemnitee for which
indemnification is not available in such proportion as is appropriate to reflect
(i) the relative benefits received by the Company on the one hand and the
Indemnitee on the other hand from the transaction from which such proceeding
arose and (ii) the relative fault of the Company and the Indemnitee, as well as
any other relevant equitable considerations. The relative fault of the Company
(which shall be deemed to include its other directors, officers and employees)
on the one hand and of the Indemnitee on the other hand shall be determined by
reference to, among other things, the parties' relative intent, knowledge,
access to information and opportunity to correct or prevent the circumstances
resulting in such expenses. The Company agrees that it would not be just and
equitable if contribution pursuant to this section were determined by any method
of allocation which does not take account of the foregoing equitable
considerations.

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5.       Notification and Defense of Claim.

         As soon as practicable after receipt by the Indemnitee of actual
knowledge of any action, suit or proceeding, the Indemnitee shall notify the
Company thereof if a claim in respect thereof may be or is being made by the
Indemnitee against the Company under this Agreement; provided, that the failure
of the Indemnitee to give such notice shall not relieve the Company of its
obligations hereunder except to the extent the Company is actually prejudiced by
such failure. With respect to any action, suit or proceeding as to which the
Indemnitee has so notified the Company:

         (a) The Company will be entitled to participate therein at its own
expense; and

         (b) Except as otherwise provided below, the Company may assume the
defense thereof, with counsel reasonably satisfactory to the Indemnitee. After
the Company notifies the Indemnitee of its election to so assume the defense,
the Company will not be liable to the Indemnitee under this Agreement for any
legal or other expenses subsequently incurred by the Indemnitee in connection
with the defense, other than reasonable costs of investigation, including an
investigation in connection with determining whether there exists a conflict of
interest of the type described in (ii) of this paragraph, or as otherwise
provided in this paragraph. The Indemnitee shall have the right to employ his or
her counsel in such action, suit or proceeding but the fees and expenses of such
counsel incurred after the Company notifies the Indemnitee of its assumption of
the defense shall be at the expense of the Indemnitee unless (i) the Company
authorizes the Indemnitee's employment of counsel, provided, that following a
Change of Control, the Indemnitee shall be entitled to employ his or her own
counsel at the Company's expense after giving not less than 30 days' notice to
the Company unless a majority of the Disinterested Directors determine that the
Indemnitee's interests are adequately represented by the counsel employed by the
Company; (ii) the Indemnitee shall have reasonably concluded that there may be a
conflict of interest between the Company and the Indemnitee in the conduct of
the defense or (iii) the Company shall not have employed counsel to assume the
defense of such action, in each of which cases the fees and expenses of counsel
shall be at the expense of the Company. The Company shall not be entitled to
assume the defense of any action, suit or proceeding brought by or on behalf of
the Company or as to which the Indemnitee shall have made the conclusion
described in (ii) of this paragraph.

         (c) The Company shall not be obligated to indemnify the Indemnitee
under this Agreement for any amounts paid in settlement of any action or claim
effected without its written consent. The Company shall not settle any action or
claim in any manner which would impose any penalty or limitation on the
Indemnitee without the Indemnitee's written consent. Neither the Company nor the
Indemnitee shall unreasonably withhold their consent to any proposed settlement.

6.       Undertaking to Repay Expenses.

         In the event it shall ultimately be determined that the Indemnitee is
not entitled to be indemnified for the expenses paid by the Company pursuant to
Section 1(b) hereof or otherwise or was not entitled to be fully indemnified,
the Indemnitee shall repay to the Company such

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amount of the expenses or the appropriate portion thereof, so paid or advanced.
Indemnitee shall reimburse the Company for any amounts paid by the Company as
indemnification of expenses to the extent Indemnitee receives payment for the
same expenses from any insurance carrier or from another party.

7.       Notice.

         Any notice to the Company shall be directed to Equitable Resources,
Inc., 301 Grant Street, One Oxford Centre Suite 3300, Pittsburgh, Pennsylvania
15219-1410, Attention: Corporate Secretary (or such other address as the Company
shall designate in writing to the Indemnitee).

8.       Enforcement.

         In the event the Indemnitee is required to bring any action to enforce
rights or to collect monies due under this Agreement, the Company shall pay to
the Indemnitee the fees and expenses incurred by the Indemnitee in bringing and
pursuing such action if the Indemnitee is successful, in whole or in part, on
the merits or otherwise, in such action. The Company shall pay such fees and
expenses in advance of the final disposition of such action on the terms and
conditions set forth in Section 1(b).

9.       Severability.

         If any provision or provisions of this Agreement shall be held to be
invalid, illegal or unenforceable for any reason whatsoever:

         (a) the validity, legality and enforceability of the remaining
provisions of this Agreement (including without limitation, each portion of any
Section of this Agreement containing any such provision held to be invalid,
illegal or unenforceable, that is not itself invalid, illegal or unenforceable)
shall not in any way be affected or impaired thereby; and

         (b) to the fullest extent possible, the provisions of this Agreement
(including, without limitation, each portion of any Section of this Agreement
containing any such provision held to be invalid, illegal or unenforceable, that
is not itself invalid, illegal or unenforceable) shall be construed so as to
give effect to the intent manifested by the provision held invalid, illegal or
unenforceable.

10.      Indemnification Under this Agreement Not Exclusive.

         (a) The indemnification provided by this Agreement shall not be deemed
exclusive of any other rights to which the Indemnitee may be entitled under the
Articles of Incorporation of the Corporation or its Bylaws, any other agreement,
any vote of stockholders or directors, or otherwise, both as to action in the
Indemnitee's official capacity and as to action in another capacity while
holding such office. The protection and rights provided by this Agreement and
all of such other protections and rights are intended to be cumulative.

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         (b) It is the intention of the parties in entering into this Agreement
that the insurers under any D & O Insurance policy shall be obligated ultimately
to pay any claims by Indemnitee which are covered by such policy or to give such
insurers any rights against the Company under or with respect to this Agreement,
including, without limitation, any right to be subrogated to any of Indemnitee's
right hereunder, unless otherwise expressly agreed to by the Company in writing
and the obligation of such insurers to the Company or Indemnitee shall not be
deemed reduced or impaired in any respect by virtue of the provisions of this
Agreement.

11.      Miscellaneous.

         (a) This Agreement shall be interpreted and enforced in accordance with
the laws of the Commonwealth of Pennsylvania.

         (b) This Agreement shall be binding upon the Indemnitee and upon the
Company, its successors and assigns, and shall inure to the benefit of the
Indemnitee and his or her heirs, executors, personal representatives and
assigns, and to the benefit of the Company, its successors and assigns. If the
Company shall merge or consolidate with another corporation or shall sell,
lease, transfer or otherwise dispose of all or substantially all of its assets
to one or more persons or groups (in one transaction or series of transactions),
(i) the Company shall cause the successor in the merger or consolidation or the
transferee of the assets that is receiving the greatest portion of the assets or
earning power transferred pursuant to the transfer of the assets, by agreement
in form and substance satisfactory to the Indemnitee, to expressly assume all of
the Company's obligations under and agree to perform this Agreement, and (ii)
the term "Company" whenever used in this Agreement shall mean and include any
such successor or transferee.

         (c) No amendment, modification, termination or cancellation of this
Agreement shall be effective unless in writing signed by both of the parties
hereto.

         IN WITNESS WHEREOF, the parties have executed this Agreement on and as
of the day and year first above written.

                                           EQUITABLE RESOURCES, INC.

                                           By:   /s/   GREGORY R. SPENCER
                                                -------------------------------
                                           Name:  Gregory R. Spencer
                                           Title: Sr. Vice President and
                                                  Chief Administrative Officer

                                           INDEMNITEE

                                           /s/  JOSEPH E. O'BRIEN
                                                -------------------------------
                                                Joseph E. O'Brien

                                       10<PAGE>   1

                                                                  Exhibit 10.31

                           CHANGE OF CONTROL AGREEMENT

         THIS AGREEMENT (the "Agreement") dated as of the 30th day of January,
2001 (the "Effective Date") by and between EQUITABLE RESOURCES, INC., a
Pennsylvania corporation with its principal place of business at Pittsburgh,
Pennsylvania (the "Company"), and, Joseph E. O'Brien, an individual (the
"Employee");

         WHEREAS, the Board of Directors of the Company (the "Board"), believes
that it is in the best interest of the Company and its shareholders to assure
that the Company will have the continued dedication of the Employee,
notwithstanding the possibility, threat or occurrence of a Change of Control (as
defined below) of the Company; that it is imperative to diminish the inevitable
distraction of the Employee by virtue of the personal uncertainties and risks
created by a pending or threatened Change of Control and to encourage the
Employee's full attention and dedication to the Company currently and in the
event of any threatened or pending Change of Control; and that it is appropriate
to provide the Employee with compensation and benefits arrangements upon a
Change of Control which ensure that the compensation and benefits expectations
of the Employee will be satisfied and which are competitive with those of other
corporations in the industry in which the Company's principal business activity
is conducted; and

         WHEREAS, in order to more fully accomplish the foregoing objectives,
the Company and the Employee desire to enter into this Agreement, which provides
for certain benefits payable to the Employee if the Employee's employment
terminates in certain circumstances following a Change in Control of the
Company.

         NOW THEREFORE, in consideration of the premises and mutual covenants
contained herein, and intending to be legally bound hereby, the parties hereto
agree as follows:

1.       Term. The term of this Agreement shall commence on the Effective Date
         hereof and, subject to Sections 3(f), 5 and 8, shall terminate on the
         earlier of (i) the date of the termination of Employee's employment by
         the Company for any reason prior to a Change of Control; or (ii) unless
         further extended as hereinafter set forth, the date which is thirty-six
         (36) months after the Effective Date; provided, that, commencing on the
         last day of the first full calendar month after the Effective Date and
         on the last day of each succeeding calendar month, the term of this
         Agreement shall be automatically extended without further action by
         either party (but not beyond the date of the termination of Employee's
         employment prior to a Change of Control) for one (1) additional month
         unless one party provides written notice to the other party that such
         party does not wish to extend the term of this Agreement. In the event
         that such notice shall have been delivered, the term of this Agreement
         shall no longer be subject to automatic extension and the term hereof
         shall expire on the date which is thirty-six (36) calendar months after
         the last day of the month in which such written notice is received.

2.       Change of Control. Change of Control shall mean any of the following
         events (each of such events being herein referred to as a "Change of
         Control"):
<PAGE>   2

         (a)      The sale or other disposition by the Company of all or
                  substantially all of its assets to a single purchaser or to a
                  group of purchasers, other than to a corporation with respect
                  to which, following such sale or disposition, more than eighty
                  percent (80%) of, respectively, the then outstanding shares of
                  Company common stock and the combined voting power of the then
                  outstanding voting securities entitled to vote generally in
                  the election of the Board of Directors is then owned
                  beneficially, directly or indirectly, by all or substantially
                  all of the individuals and entities who were the beneficial
                  owners, respectively of the outstanding Company common stock
                  and the combined voting power of the then outstanding voting
                  securities immediately prior to such sale or disposition in
                  substantially the same proportion as their ownership of the
                  outstanding Company common stock and voting power immediately
                  prior to such sale or disposition;

         (b)      The acquisition in one or more transactions by any person or
                  group, directly or indirectly, of beneficial ownership of
                  twenty percent (20%) or more of the outstanding shares of
                  Company common stock or the combined voting power of the then
                  outstanding voting securities of the Company entitled to vote
                  generally in the election of the Board of Directors; provided,
                  however, that any acquisition by (x) the Company or any of its
                  subsidiaries, or any employee benefit plan (or related trust)
                  sponsored or maintained by the Company or any of its
                  subsidiaries or (y) any person that is eligible, pursuant to
                  Rule 13d-1(b) under the Exchange Act (as such rule is in
                  effect as of November 1, 1995) to file a statement on Schedule
                  13G with respect to its beneficial ownership of Company common
                  stock and other voting securities, whether or not such person
                  shall have filed a statement on Schedule 13G, unless such
                  person shall have filed a statement on Schedule 13D with
                  respect to beneficial ownership of fifteen percent or more of
                  the Company's voting securities, shall not constitute a Change
                  of Control;

         (c)      The Company's termination of its business and liquidation of
                  its assets;

         (d)      There is consummated a merger, consolidation, reorganization,
                  share exchange, or similar transaction involving the Company
                  (including a triangular merger), in any case, unless
                  immediately following such transaction: (i) all or
                  substantially all of the persons who were the beneficial
                  owners of the outstanding common stock and outstanding voting
                  securities of the Company immediately prior to the transaction
                  beneficially own, directly or indirectly, more than 60% of the
                  outstanding shares of common stock and the combined voting
                  power of the then outstanding voting securities entitled to
                  vote generally in the election of directors of the corporation
                  resulting from such transaction (including a corporation or
                  other person which as a result of such transaction owns the
                  Company or all or substantially all of the Company's assets
                  through one or more subsidiaries (a "Parent Company")) in
                  substantially the same proportion as their ownership of the
                  common stock and other voting securities of the Company
                  immediately prior to the consummation of the transaction, (ii)
                  no person (other than the Company, any employee benefit plan
                  sponsored or maintained by the Company or, if reference was
                  made to equity ownership of any Parent Company for purposes of
                  determining whether clause (i) above is satisfied in
                  connection with the transaction, such Parent Company)

                                     - 2 -
<PAGE>   3

                  beneficially owns, directly or indirectly, 20% or more of the
                  outstanding shares of common stock or the combined voting
                  power of the voting securities entitled to vote generally in
                  the election of directors of the corporation resulting from
                  such transaction and (iii) individuals who were members of the
                  Company's Board of Directors immediately prior to the
                  consummation of the transaction constitute at least a majority
                  of the members of the board of directors resulting from such
                  transaction (or, if reference was made to equity ownership of
                  any Parent Company for purposes of determining whether clause,
                  (i) above is satisfied in connection with the transaction,
                  such Parent Company); or

         (e)      The following individuals cease for any reasons to constitute
                  a majority of the number of directors then serving:
                  individuals who, on the date hereof, constitute the entire
                  Board of Directors and any new director (other than a director
                  whose initial assumption of office is in connection with an
                  actual or threatened election contest, including but not
                  limited to a consent solicitation, relating to the election of
                  directors of the Company) whose appointment or election by the
                  Board or nomination for election by the Company's shareholders
                  was approved by a vote of at least two-thirds (2/3) of the
                  directors then still in office who either were directors on
                  the date hereof or whose appointment, election or nomination
                  for election was previously so approved.

3.       Salary and Benefits Continuation.

         (a)      Salary and Benefits Continuation" shall be defined to mean the
                  following: (i) payment of an amount of cash equal to three (3)
                  times the Employee's annual base salary in effect immediately
                  prior to the Change of Control or the termination of
                  Employee's employment, whichever is higher; (ii) payment of an
                  amount of cash equal to three (3) times the highest annual
                  incentive (bonus) payment earned by the Employee for any year
                  in the three years prior to the termination of Employee's
                  employment; (iii) provision to Employee and his/her eligible
                  dependents of medical, long-term disability, dental and life
                  insurance coverage (to the extent such coverage was in effect
                  immediately prior to the Change of Control) for thirty-six
                  (36) months; (iv) contribution by the Company to Employee's
                  account under the Company's defined contribution retirement
                  plan (known as the Equitable Resources, Inc. Employee Savings
                  Plan) of an amount of cash equal to the amount that the
                  Company would have contributed to such plan had the Employee
                  continued to be employed by the Company for an additional
                  thirty-six (36) months at a base salary equal to the
                  Employee's base salary immediately prior to the Change of
                  Control or the termination of Employee's employment, whichever
                  is higher, such contribution being deemed to be made
                  immediately prior to the termination of Employee's employment;
                  provided, that to the extent that the amount of such
                  contribution exceeds the amount then allowed to be contributed
                  to the plan under the applicable rules relating to tax
                  qualified retirement plans, then the excess shall be paid to
                  the Employee in cash; (v) reimbursement to Employee of
                  reasonable costs incurred by Employee for outplacement
                  services in the twenty-four (24) month period following
                  termination of Employee's employment.

                                     - 3 -
<PAGE>   4

         (b)      All amounts payable by the Company to the Employee in cash
                  pursuant to Section 3(a) shall be made in a lump sum unless
                  the Employee otherwise elects and notifies the Company in
                  writing prior to the termination of Employee's employment of
                  Employee's desire to have all payments made in accordance with
                  the Company's regular salary and benefit payment practices,
                  provided that (i) the lump sum payment or first payment shall
                  be made within thirty (30) days after the Employee's
                  termination hereunder, and (ii) the Employee may elect to
                  defer such payments pursuant to the Company's then-existing
                  deferred compensation plan(s). All other amounts payable by
                  the Company to the Employee pursuant to Section 3 shall be
                  paid or provided in accordance with the Company's standard
                  payroll and reimbursement procedures, as in effect immediately
                  prior to the Change of Control.

         (c)      In the event that medical, long-term disability, dental and
                  life insurance benefits cannot be provided under appropriate
                  Company group insurance policies, an amount equal to the
                  premium necessary for the Employee to purchase directly the
                  same level of coverage in effect immediately prior to the
                  Change of Control shall be added to the Company's payments to
                  Employee pursuant to Section 3(a) (payable in the manner
                  elected by the Employee pursuant to Section 3(b)).

         (d)      If there is a Change of Control as defined above, the Company
                  will provide Salary and Benefits Continuation if at any time
                  during the first twenty-four (24) months following the Change
                  of Control, either (i) the Company terminates the Employee's
                  employment other than for Cause as defined in Section 4 below
                  or (ii) the Employee terminates his/her employment for "Good
                  Reason" as defined below.

         (e)      For purposes of this Agreement, "Good Reason" is defined as:

                  (i)      Removal of the Employee from the position he/she held
                           immediately prior to the Change of Control (by reason
                           other than death, disability or Cause);

                  (ii)     The assignment to the Employee of any duties
                           inconsistent with those performed by the Employee
                           immediately prior to the Change of Control or a
                           substantial alteration in the nature or status of the
                           Employee's responsibilities which renders the
                           Employee's position to be of less dignity,
                           responsibility or scope;

                  (iii)    A reduction by the Company in the Employee's annual
                           base salary as in effect on the date hereof or as the
                           same may be increased from time to time, except for
                           proportional across-the-board salary reductions
                           similarly affecting all executives of the Company and
                           all executives of any person in control of the
                           Company, provided, however, that in no event shall
                           the Employee's annual base salary be reduced by an
                           amount equal to ten percent or more of the Employee's
                           annual base salary as of the end of the calendar year
                           immediately preceding the year in which the Change of
                           Control occurs, without the Employee's consent;

                                     - 4 -
<PAGE>   5

                  (iv)     The failure to grant the Employee an annual salary
                           increase reasonably necessary to maintain such salary
                           as reasonably comparable to salaries of senior
                           executives holding positions equivalent to the
                           Employee's in the industry in which the Company's
                           then principal business activity is conducted;

                  (v)      The Company requiring the Employee to be based
                           anywhere other than the Company's principal executive
                           offices in the city in which the Employee is
                           principally located immediately prior to the Change
                           of Control, except for required travel on the
                           Company's business to an extent substantially
                           consistent with the Employee's business travel
                           obligations prior to the Change of Control;

                  (vi)     Any material reduction by the Company of the benefits
                           enjoyed by the Employee under any of the Company's
                           pension, retirement, profit sharing, savings, life
                           insurance, medical, health and accident, disability
                           or other employee benefit plans, programs or
                           arrangements, the taking of any action by the Company
                           which would directly or indirectly materially reduce
                           any of such benefits or deprive the Employee of any
                           material fringe benefits, or the failure by the
                           Company to provide the Employee with the number of
                           paid vacation days to which he/she is entitled on the
                           basis of years of service with the Company in
                           accordance with the Company's normal vacation policy,
                           provided that this paragraph (f) shall not apply to
                           any proportional across-the-board reduction or action
                           similarly affecting all executives of the Company and
                           all executives of any person in control of the
                           Company; or

                  (vii)    The failure of the Company to obtain a satisfactory
                           agreement from any successor to assume and agree to
                           perform this Agreement, as contemplated in Section 15
                           hereof, or any other material breach by the Company
                           of its obligations contained in this Agreement.

         (f)      The Employee's right to Salary and Benefits Continuation shall
                  accrue upon the occurrence of either of the events specified
                  in (i) or (ii) of Section 3(d) and shall continue as provided,
                  notwithstanding the termination or expiration of this
                  Agreement pursuant to Section 1 hereof. The Employee's
                  subsequent employment, death or disability within the
                  thirty-six (36) month period following the Employee's
                  termination of employment in connection with a Change of
                  Control shall not affect the Company's obligation to continue
                  making Salary and Benefits Continuation payments. The Employee
                  shall not be required to mitigate the amount of any payment
                  provided for in this Section 3 by seeking employment or
                  otherwise. The rights to Salary and Benefits Continuation
                  shall be in addition to whatever other benefits the Employee
                  may be entitled to under any other agreement or compensation
                  plan, program or arrangement of the Company; provided, that
                  the Employee shall not be entitled to any separate or
                  additional severance payments pursuant to the Company's
                  severance plan as then in effect and generally applicable to
                  similarly situated employees. The Company shall be

                                     - 5 -
<PAGE>   6

                  authorized to withhold from any payment to the Employee,
                  his/her estate or his/her beneficiaries hereunder all such
                  amounts, if any, that the Company may reasonably determine it
                  is required to withhold pursuant to any applicable law or
                  regulation.

4.       Termination of Employee for Cause.

         (a)      Upon or following a Change of Control, the Company may at any
                  time terminate the Employee's employment for Cause.
                  Termination of employment by the Company for "Cause" shall
                  mean termination upon: (i) the willful and continued failure
                  by the Employee to substantially perform his/her duties with
                  the Company (other than (A) any such failure resulting from
                  Employee's disability or (B) any such actual or anticipated
                  failure resulting from Employee's termination of his/her
                  employment for Good Reason), after a written demand for
                  substantial performance is delivered to the Employee by the
                  Board of Directors which specifically identifies the manner in
                  which the Board of Directors believes that the Employee has
                  not substantially performed his/her duties, and which failure
                  has not been cured within thirty days (30) after such written
                  demand; or (ii) the willful and continued engaging by the
                  Employee in conduct which is demonstrably and materially
                  injurious to the Company, monetarily or otherwise, or (iii)
                  the breach by the Employee of the confidentiality provision
                  set forth in Section 8 hereof.

         (b)      For purposes of this Section 4, no act, or failure to act, on
                  the Employee's part shall be considered "willful" unless done,
                  or omitted to be done, by the Employee in bad faith and
                  without reasonable belief that such action or omission was in
                  the best interest of the Company. Notwithstanding the
                  foregoing, the Employee shall not be deemed to have been
                  terminated for Cause unless and until there shall have been
                  delivered to him/her a copy of a resolution duly adopted by
                  the affirmative vote of not less than three-quarters of the
                  entire membership of the Board of Directors at a meeting of
                  the Board of Directors called and held for that purpose (after
                  reasonable notice to the Employee and an opportunity for the
                  Employee, together with his/her counsel, to be heard before
                  the Board of Directors) finding that in the good faith opinion
                  of the Board of Directors the Employee is guilty of the
                  conduct set forth above in clauses (a)(i), (ii) or (iii) of
                  this Section 4 and specifying the particulars thereof in
                  detail.

5.       Prior Termination. Anything in this Agreement to the contrary
         notwithstanding, if the Employee's employment with the Company is
         terminated prior to the date on which a Change of Control occurs either
         (i) by the Company other than for Cause or (ii) by the Employee for
         Good Reason, and it is reasonably demonstrated by Employee that such
         termination of employment (a) was at the request of a third party who
         has taken steps reasonably calculated to effect the Change of Control,
         or (b) otherwise arose in connection with or anticipation of the Change
         of Control, then for all purposes of this Agreement the termination
         shall be deemed to have occurred upon a Change of Control and the
         Employee will be entitled to Salary and Benefits Continuation as
         provided for in Section 3 hereof.

                                     - 6 -
<PAGE>   7

6.       Employment at Will. Subject to the provisions of any other agreement
         between the Employee and the Company, the Employee shall remain an
         employee at will and nothing herein shall confer upon the Employee any
         right to continued employment and shall not affect the right of the
         Company to terminate the Employee for any reason not prohibited by law;
         provided, however, that any such removal shall be without prejudice to
         any rights the Employee may have to Salary and Benefits Continuation
         hereunder.

7.       Construction of Agreement.

         (a)      Governing Law. This Agreement shall be governed by and
                  construed under the laws of the Commonwealth of Pennsylvania
                  without regard to its conflict of law provisions.

         (b)      Severability. In the event that any one or more of the
                  provisions of this Agreement shall be held to be invalid,
                  illegal or unenforceable, the validity, legality or
                  enforceability of the remaining provisions shall not in any
                  way be affected or impaired thereby.

         (c)      Headings. The descriptive headings of the several paragraphs
                  of this Agreement are inserted for convenience of reference
                  only and shall not constitute a part of this Agreement.

8.       Covenant as to Confidential Information.

         (a)      Confidentiality of Information and Nondisclosure. The Employee
                  acknowledges and agrees that his/her employment by the Company
                  under this Agreement necessarily involves his/her knowledge of
                  and access to confidential and proprietary information
                  pertaining to the business of the Company and its
                  subsidiaries. Accordingly, the Employee agrees that at all
                  times during the term of this Agreement and for a period of
                  two (2) years after the termination of the Employee's
                  employment hereunder, he/she will not, directly or indirectly,
                  without the express written authority of the Company, unless
                  directed by applicable legal authority having jurisdiction
                  over the Employee, disclose to or use, or knowingly permit to
                  be so disclosed or used, for the benefit of himself/herself,
                  any person, corporation or other entity other than the
                  Company, (i) any information concerning any financial matters,
                  customer relationships, competitive status, supplier matters,
                  internal organizational matters, current or future plans, or
                  other business affairs of or relating to the Company and its
                  subsidiaries, (ii) any management, operational, trade,
                  technical or other secrets or any other proprietary
                  information or other data of the Company or its subsidiaries,
                  or (iii) any other information related to the Company or its
                  subsidiaries or which the Employee subsidiaries which has not
                  been published and is not generally known outside of the
                  Company. The Employee acknowledges that all of the foregoing,
                  constitutes confidential and proprietary information, which is
                  the exclusive property of the Company.

                                     - 7 -
<PAGE>   8

         (b)      Company Remedies. The Employee acknowledges and agrees that
                  any breach of this Agreement by him/her will result in
                  immediate irreparable harm to the Company, and that the
                  Company cannot be reasonably or adequately compensated by
                  damages in an action at law. In the event of an actual or
                  threatened breach by the Employee of the provisions of this
                  Section 8, the Company shall be entitled, to the extent
                  permissible by law, immediately to cease to pay or provide the
                  Employee or his/her dependents any compensation or benefit
                  being, or to be, paid or provided to him pursuant to Section 3
                  of this Agreement, and also to obtain immediate injunctive
                  relief restraining the Employee from conduct in breach or
                  threatened breach of the covenants contained in this Section
                  8. Nothing herein shall be construed as prohibiting the
                  Company from pursuing any other remedies available to it for
                  such breach or threatened breach, including the recovery of
                  damages from the Employee.

9.       Reimbursement of Fees. The Company agrees to pay, to the full extent
         permitted by law, all legal fees and expenses which the Employee may
         reasonably incur as a result of any contest by the Company, Internal
         Revenue Service or others regarding the validity or enforceability of,
         or liability under, any provision of this Agreement or any guarantee of
         performance thereof (including as a result of any contest by the
         Employee about the amount of any payment pursuant to Section 3 of this
         Agreement) or in connection with any dispute arising from this
         Agreement, regardless of whether Employee prevails in any such contest
         or dispute.

10.      Tax Gross-Up.

         (a)      Anything in this Agreement to the contrary notwithstanding, in
                  the event it shall be determined that any payment or
                  distribution by the Company to or for the benefit of the
                  Employee (whether paid or payable or distributed or
                  distributable pursuant to the terms of this Agreement or
                  otherwise) (a "Payment") (i) would be subject to the excise
                  tax imposed by section 4999 of the Code or any interest or
                  penalties are incurred by the Employee with respect to the
                  excise tax (such excise tax, together with any such interest
                  and penalties, are hereinafter collectively referred to as the
                  "Excise Tax") or (ii) is made pursuant to a Change of Control,
                  then the Employee shall be entitled to receive an additional
                  payment (a "Gross-Up Payment") in an amount such that after
                  payment by the Employee of all taxes (including any interest
                  or penalties imposed with respect to such taxes), including,
                  without limitation, any income taxes (and any interest and
                  penalties imposed with respect thereto) and Excise Tax imposed
                  on the Payment and Gross-Up Payment, the Employee retains an
                  amount equal to (x) the Payment plus (y) the Excise Tax (if
                  any) imposed upon the Payment and the Gross-Up Payment.

         (b)      Subject to the provisions of Section 10(c), all determinations
                  required to be made under this Section 10, including whether
                  and when a Gross-Up Payment is required and the amount of such
                  Gross-Up Payment, shall be made by a nationally recognized
                  accounting firm designated by the Company (the "Accounting
                  Firm") which shall provide detailed supporting calculations
                  both to the Company and the Employee within fifteen (15)
                  business days after there has been a Payment, or

                                     - 8 -
<PAGE>   9

                  such earlier time as requested by the Company. In the event
                  that the Accounting Firm is serving as accountant or auditor
                  for the individual, entity or group effecting the Change in
                  Control, the Company shall appoint another nationally
                  recognized accounting firm to make the determinations required
                  hereunder (which accounting firm shall then be referred to as
                  the Accounting Firm hereunder). All fees and expenses of the
                  Accounting Firm shall be borne solely by the Company. Any
                  Gross-Up Payment, as determined pursuant to this Section 10,
                  shall be paid by the Company to the Employee within five days
                  of the receipt of the Accounting Firm's determination. Any
                  determination by the Accounting Firm shall be binding upon the
                  Company and the Employee. As a result of the uncertainty in
                  the application of section 4999 of the Code at the time of the
                  initial determination by the Accounting Firm hereunder, it is
                  possible that Gross-Up Payments which will not have been made
                  by the Company should have been made ("Underpayment"),
                  consistent with the calculations required to be made
                  hereunder. In the event that the Company exhausts its remedies
                  pursuant to Section 10(c) and the Employee thereafter is
                  required to make a payment of any Excise Tax, the Accounting
                  Firm shall determine the amount of the Underpayment that has
                  occurred and any such Underpayment shall be promptly paid by
                  the Company to or for the benefit of the Employee.

         (c)      The Employee shall notify the Company in writing of any claim
                  by the Internal Revenue Service that, if successful, would
                  require the payment by the Company of the Gross-Up Payment.
                  Such notification shall be given as soon as practicable but no
                  later than ten (10) business days after the Employee is
                  informed in writing of such claim and shall apprise the
                  Company of the nature of such claim and the date on which such
                  claim is requested to be paid. The Employee shall not pay such
                  claim prior to the expiration of the 30-day period following
                  the date on which it gives such notice to the Company (or such
                  shorter period ending on the date any payment of taxes with
                  respect to such claim is due). If the Company notifies the
                  Employee in writing prior to the expiration of such period
                  that it desires to contest such claim, the Employee shall:

                  (i)      give the Company any information reasonably requested
                           by the Company relating to such claim;

                  (ii)     take such action in connection with contesting such
                           claim as the Company shall reasonably request in
                           writing from time to time, including, without
                           limitation, accepting legal representation with
                           respect to such claim by an attorney reasonably
                           selected by the Company;

                  (iii)    cooperate with the Company in good faith in order
                           effectively to contest such claim; and

                  (iv)     permit the Company to participate in any proceedings
                           relating to such claim;

                                     - 9 -
<PAGE>   10

                  provided, however, that the Company shall bear and pay
                  directly all costs and expenses (including additional interest
                  and penalties) incurred in connection with such contest and
                  shall indemnify and hold the Employee harmless, on an
                  after-tax basis, for any Excise Tax or income tax (including
                  interest and penalties with respect thereto) imposed as a
                  result of such representation and payment of costs and
                  expenses. Without limitation on the foregoing provisions of
                  this Section 10(c), the Company shall control all proceedings
                  taken in connection with such contest and, at its sole option,
                  may pursue or forego any and all administrative appeals,
                  proceedings, hearings and conferences with the taxing
                  authority in respect of such claim and may, at its sole
                  option, either direct the Employee to pay the tax claimed and
                  sue for a refund or contest the claim in any permissible
                  manner, and the Employee agrees to prosecute such contest to a
                  determination before any administrative tribunal, in a court
                  of initial jurisdiction and in one or more appellate courts,
                  as the Company shall determine; provided, however, that if the
                  Company directs the Employee to pay such claim and sue for a
                  refund, the Company shall advance the amount of such payment
                  to the Employee, on an interest-free basis, and shall
                  indemnify and hold the Employee harmless, on an after-tax
                  basis, from any Excise Tax or income tax (including interest
                  or penalties with respect thereto) imposed with respect to
                  such advance or with respect to any imputed income with
                  respect to such advance; and further provided that any
                  extension of the statute of limitations relating to payment of
                  taxes for the taxable year of the Employee with respect to
                  which such contested amount is claimed to be due is limited
                  solely to such contested amount. Furthermore, the Company's
                  control of the contest shall be limited to issues with respect
                  to which a Gross-Up Payment would be payable hereunder and the
                  Employee shall be entitled to settle or contest, as the case
                  may be, any other issue raised by the Internal Revenue Service
                  or any other taxing authority.

         (d)      If, after the receipt by the Employee of an amount advanced by
                  the Company pursuant to Section 10(c), the Employee becomes
                  entitled to receive any refund with respect to such claim, the
                  Employee shall (subject to the Company's complying with the
                  requirements of Section 10) promptly pay to the Company the
                  amount of such refund (together with any interest paid or
                  credited thereon after taxes applicable thereto). If, after
                  the receipt by the Employee of an amount advanced by the
                  Company pursuant to Section 10(c), a determination is made
                  that the Employee shall not be entitled to any refund with
                  respect to such claim and the Company does not notify the
                  Employee in writing of its intent to contest such denial of
                  refund prior to the expiration of 30 days after such
                  determination, then such advance shall be forgiven and shall
                  not be required to be repaid and the amount of such advance
                  shall offset, to the extent thereof, the amount of Gross-Up
                  Payment required to be paid.

         (e)      The payments provided for in this Section 10 hereof shall be
                  made not later than the tenth (10th) day following the
                  termination of the Employee's employment; provided, however,
                  that if the amounts of such payments cannot be finally
                  determined on or before such day, the Company shall pay to the
                  Employee on such day an estimate, as determined in good faith
                  by the Employee of the

                                     - 10 -
<PAGE>   11

                  minimum amount of such payments to which the Employee is
                  clearly entitled and shall pay the remainder of such payments
                  (together with interest at 120% of the rate provided in
                  section 1274(b)(2)(B) of the Code) as soon as the amount
                  thereof can be determined but in no event later than the
                  thirtieth (30th) day after the termination of the Employee's
                  employment. In the event that the amount of the estimated
                  payments exceeds the amount subsequently determined to have
                  been due, such excess shall constitute a loan by the Company
                  to the Employee, payable on the fifth (5th) business day after
                  demand by the Company (together with interest at 120% of the
                  rate provided in section 1274(b)(2)(B) of the Code). In the
                  event the Company should fail to pay when due the amounts
                  described in this Section 10, the Employee shall also be
                  entitled to receive from the Company an amount representing
                  interest on any unpaid or untimely paid amounts from the due
                  date, as determined under this Section 10, to the date of
                  payment at a rate equal to 120% of the rate provided in
                  section 1274(b)(2)(B) of the Code.

11.      Resolution of Differences Over Breaches of Agreement. Except as
         otherwise provided herein, in the event of any controversy, dispute or
         claim arising out of, or relating to this Agreement, or the breach
         thereof, or arising out of any other matter relating to the Employee's
         employment with the Company or the termination of such employment, the
         parties may seek recourse only for temporary or preliminary injunctive
         relief to the courts having jurisdiction thereof and if any relief
         other than injunctive relief is sought, the Company and the Employee
         agree that such underlying controversy, dispute or claim shall be
         settled by arbitration conducted in Pittsburgh, Pennsylvania in
         accordance with this Section 11 of this Agreement and the Commercial
         Arbitration Rules of the American Arbitration Association ("AAA"). The
         matter shall be heard and decided, and awards rendered by a panel of
         three (3) arbitrators (the "Arbitration Panel"). The Company and the
         Employee shall each select one arbitrator from the AAA National Panel
         of Commercial Arbitrators (the "Commercial Panel") and AAA shall select
         a third arbitrator from the Commercial Panel. The award rendered by the
         Arbitration Panel shall be final and binding as between the parties
         hereto and their heirs, executors, administrators, successors and
         assigns, and judgment on the award may be entered by any court having
         jurisdiction thereof.

12.      Treatment of Certain Incentive Awards. All "Awards" held by the
         Employee under the Company's 1999 Long-Term Incentive Plan (the "1999
         Plan") or any business unit breakthrough incentive plan (the
         "Breakthrough Plan") shall, upon a Change of Control, be treated in
         accordance with the terms of those Plans as in effect on the date of
         this Agreement, without regard to the subsequent amendment of those
         Plans. For purposes of this Section 12, the terms "Award" and "Change
         of Control" shall have the meanings ascribed to them in the 1999 Plan
         and the Breakthrough Plan, as the case may be.

13.      Release. The Employee hereby acknowledges and agrees that prior to the
         Employee's or his/her dependents' right to receive from the Company any
         compensation or benefit to be paid or provided to him/her or his/her
         dependents pursuant to Section 3 of this Agreement, the Employee may be
         required by the Company, in its sole discretion, to execute a release
         in a form reasonably acceptable to the Company, which releases any and
         all claims (other than amounts to be paid to Employee as expressly
         provided for

                                     - 11 -
<PAGE>   12

         under this Agreement) the Employee has or may have against the Company
         or its subsidiaries, agents, officers, directors, successors or assigns
         arising under any public policy, tort or common law or any provision of
         state, federal or local law, including, but not limited to, the
         Pennsylvania Human Relations Act, the Americans with Disabilities Act,
         Title VII of the Civil Rights Act of 1964, the Civil Rights Protection
         Act, Family and Medical Leave Act, the Fair Labor Standards Act, or the
         Age Discrimination in Employment Act of 1967.

14.      Waiver. The waiver by a party hereto of any breach by the other party
         hereto of any provision of this Agreement shall not operate or be
         construed as a waiver of any subsequent breach by a party hereto.

15.      Assignment. This Agreement shall be binding upon and inure to the
         benefit of the successors and assigns of the Company. The Company shall
         be obligated to require any successor (whether direct or indirect, by
         purchase, merger, consolidation or otherwise) to all or substantially
         all of the Company's business or assets, by a written agreement in form
         and substance satisfactory to the Employee, to expressly assume and
         agree to perform this Agreement in the same manner and to the same
         extent that the Company would be required to perform if no succession
         had taken place. This Agreement shall inure to the extent provided
         hereunder to the benefit of and be enforceable by the Employee or
         his/her legal representatives, executors, administrators, successors,
         heirs, distributees, devisees and legatees. The Employee may not
         delegate any of his/her duties, responsibilities, obligations or
         positions hereunder to any person and any such purported delegation by
         him shall be void and of no force and effect with respect to matters
         relating to his/her employment and termination of employment. Without
         limiting the foregoing, the Employee's rights to receive payments and
         benefits hereunder shall not be assignable or transferable, other than
         a transfer by Employee's will or by the laws of descent and
         distribution.

16.      Notices. Any notices required or permitted to be given under this
         Agreement shall be sufficient if in writing, and if personally
         delivered or when sent by first class certified or registered mail,
         postage prepaid, return receipt requested -- in the case of the
         Employee, to his/her residence address as set forth below, and in the
         case of the Company, to the address of its principal place of business
         as set forth below, in care of the Chairman of the Board -- or to such
         other person or at such other address with respect to each party as
         such party shall notify the other in writing.

17.      Pronouns. Pronouns stated in either the masculine, feminine or neuter
         gender shall include the masculine, feminine and neuter.

18.      Entire Agreement. This Agreement contains the entire agreement of the
         parties concerning the matters set forth herein and all promises,
         representations, understandings, arrangements and prior agreements
         regarding the subject matter hereof are merged herein and superseded
         hereby. The provisions of this Agreement may not be amended, modified,
         repealed, waived, extended or discharged except by an agreement in
         writing signed by the party against whom enforcement of any amendment,
         modification, repeal, waiver, extension or discharge is sought. No
         person acting other than pursuant to a

                                     - 12 -
<PAGE>   13

         resolution of the Board of Directors shall have authority on behalf of
         the Company to agree to amend, modify, repeal, waive, extend or
         discharge any provision of this Agreement or anything in reference
         thereto or to exercise any of the Company's rights to terminate or to
         fail to extend this Agreement.

         IN WITNESS WHEREOF, the Company has caused this Agreement to be
executed by its officers thereunto duly authorized, and the Employee has
hereunto set his/her hand, all as of the day and year first above written.

                                                EQUITABLE RESOURCES, INC.

/s/ STEPHANIE L. MACUS                       /s/ GREGORY R. SPENCER
-----------------------------------          -----------------------------------
By:  Stephanie L. Macus                      By:  Gregory R. Spencer
                                                  Sr. Vice President and
                                                  Chief Administrative Officer

WITNESS:

/s/    DEBORAH A. CERMINARA                  /s/     JOSEPH E. O'BRIEN
-----------------------------------          -----------------------------------
By:  Deborah A. Cerminara                    By:   Joseph E. O'Brien

                                     - 13 -

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