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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549


FORM 11-K

[X]        ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2002

or

[    ]        TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the transition period from                        to            

Commission file number 1-3551

EQUITABLE RESOURCES, INC.
EMPLOYEE STOCK PURCHASE PLAN

(Full title of the Plan and address of the Plan,
if different from that of the issuer named below)

EQUITABLE RESOURCES, INC.

One Oxford Centre, Suite 3300
Pittsburgh, Pennsylvania 15219

(Name of issuer of the securities held pursuant to the
plan and the address of principal executive office)



EQUITABLE RESOURCES, INC.
EMPLOYEE STOCK PURCHASE PLAN

TABLE OF CONTENTS

 
   Page
Reference
Report of Independent Auditors   1

Financial Statements
 
 
 
Statements of Net Assets Available for Benefits as of December 31, 2002 and 2001
 
2
 
Statements of Changes in Net Assets Available for Benefits for the years ended December 31, 2002, 2001 and 2000
 
3
 
Notes to Financial Statements
 
4 - 6

Signature
 
7

Exhibit
 
 
 
23.  Consent of Independent Auditors
 
 


REPORT OF INDEPENDENT AUDITORS

Administrative Committee
Equitable Resources, Inc. Employee Stock Purchase Plan

        We have audited the accompanying statements of net assets available for benefits of the Equitable Resources, Inc. Employee Stock Purchase Plan as of December 31, 2002 and 2001, and the related statements of changes in net assets available for benefits for each of the three years in the period ended December 31, 2002. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits.

        We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

        In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 2002 and 2001, and the changes in net assets available for benefits for each of the three years in the period ended December 31, 2002, in conformity with accounting principles generally accepted in the United States.

    /s/ ERNST & YOUNG LLP
Ernst & Young LLP
Pittsburgh, Pennsylvania
February 27, 2003		    

1


EQUITABLE RESOURCES, INC.
EMPLOYEE STOCK PURCHASE PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

 
   December 31,
 
   2002
   2001
Investment in Equitable Resources, Inc. Common Stock, at fair value (98,918 and 97,895 shares at $35.04 and $34.06 per share in 2002 and 2001, respectively)   $ 3,466,073   $ 3,334,548
Contribution receivable—employee     88,075     56,703
Contribution receivable—employer     11,063     5,158
   
 
Net assets available for benefits   $ 3,565,211   $ 3,396,409
   
 

See accompanying notes.

2


EQUITABLE RESOURCES, INC.
EMPLOYEE STOCK PURCHASE PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

 
   Years Ended December 31,
 
   2002
   2001
   2000
Additions to net assets attributed to:                  
  Contributions:                  
    Employer   $ 87,798   $ 81,328   $ 71,620
    Employee     772,176     720,741     694,040
  Dividend income     64,858     70,138     76,976
  Realized gain on sale of investments     179,968     185,812     245,665
  Unrealized (depreciation) appreciation on investments     (52,098 )   (343,732 )   1,925,432
   
 
 
Total additions     1,052,702     714,287     3,013,733
Deductions to net assets attributed to:                  
  Employee withdrawals     883,900     1,753,401     755,007
   
 
 
Total deductions     883,900     1,753,401     755,007
   
 
 
Net increase (decrease) in net assets available for benefits     168,802     (1,039,114 )   2,258,726

Net assets available for benefits:
 
 
 
 
 
 
 
 
 
  At beginning of year     3,396,409     4,435,523     2,176,797
   
 
 
  At end of year   $ 3,565,211   $ 3,396,409   $ 4,435,523
   
 
 

See accompanying notes.

3


EQUITABLE RESOURCES, INC.
EMPLOYEE STOCK PURCHASE PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2002

1.    Description of the Plan

        The following description of the Equitable Resources, Inc. Employee Stock Purchase Plan (the Plan) provides only general information. Participants should refer to the summary plan description for a more complete description of the Plan's provisions.

        The Plan is an employee stock purchase plan implemented on October 1, 1995 by Equitable Resources, Inc. and subsidiaries (the Company or Companies). Employees of the Company may purchase shares of the Company's common stock at a 10 percent discount through payroll deductions. All nonrepresented employees of the Companies are eligible to participate in the Plan immediately upon employment. Represented employee eligibility is subject to collective bargaining.

        On April 19, 2001, the Board of Directors declared a two-for-one stock split payable on June 11, 2001 to shareholders of record on May 11, 2001. All amounts have been restated for the effect of the stock split.

        Eligible employees can contribute from 1 to 10 percent of their annual base pay to the Plan on an after-tax basis. No interest will accrue or be payable with respect to any of the payroll deductions of a participant in the Plan. Contributions are initially deposited with Putnam Investments (Trustee) and are used to purchase shares of the Company's common stock in accordance with the provisions set forth in the plan agreement.

        The price of stock purchased for a participant is 90 percent of the closing price of the stock on the second business day after the close of each monthly period.

        The Company contributes the remaining 10 percent of the stock price and pays fees for the administration of the Plan and any commission charges associated with the purchase of the stock.

        Dividends on stock are automatically used to purchase additional shares for all participants. Participants may, however, make a written request to receive a cash distribution of dividend payments.

        Participants are required to hold any shares purchased through the Plan for a minimum of one year. Participants may elect withdrawals, subject to the holding period restriction, of shares of stock or cash from the proceeds of sale of shares. Participants are responsible for all costs associated with the sale of stock from their individual accounts. The costs of shares sold are calculated using the "first-in, first-out" cost method.

        Upon termination of the participant's employment for any reason, payroll deductions credited to the participant's account(s) which have not yet been used to purchase stock will be returned to the

4

participant. The participant has the option of either selling the total number of shares in his/her account or receiving a certificate for his/her holdings. Terminated participants are not permitted to purchase shares through the Plan or continue to hold shares in the Plan.

        Expenses associated with the administration of the Plan are paid by the Company. Participants are responsible for all charges and expenses incurred through the sale of their shares.

2.    Summary of Significant Accounting Policies

        The financial statements of the Plan are prepared under the accrual method of accounting.

        The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

        The Equitable Resources, Inc. Common Stock is valued at market price as quoted on the New York Stock Exchange.

        Investments at December 31, 2002, 2001 and 2000 are comprised of Equitable Resources, Inc. Common Stock:

 
   Shares
   Fair Value
   Original Cost
   Unrealized
Appreciation
2002   98,918   $ 3,466,073   $ 1,765,773   $ 1,700,300

2001
 
97,895
 
 
3,334,548
 
 
1,582,150
 
 
1,752,398

2000
 
131,214
 
 
4,379,281
 
 
2,283,151
 
 
2,096,130

 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
Proceeds from
Sales
 
Original Cost
(FIFO)
 
Realized
Gain

 
 
 
 
 
 
 
 
 
 
 
 

2002
 
 
 
$
436,670
 
$
256,702
 
$
179,968

2001
 
 
 
 
330,983
 
 
145,171
 
 
185,812

2000
 
 
 
 
535,617
 
 
289,952
 
 
245,665

5

3.    Plan Termination

        Although it has not expressed any intent to do so, the Company has the right to terminate or to amend the Plan at any time. Upon dissolution or liquidation of the Company, or upon a reorganization, merger or consolidation of which the Company is not the surviving corporation, participants will be entitled to receive on the last day of the offering period the cash and/or securities determined to be owed as of the date of such transaction.

4.    Income Tax Status of Plan

        It is the intention of the Company to have the Plan qualify under Section 423 of the Internal Revenue Code (the Code). The provisions of the Plan have been construed to extend and limit participation in a manner consistent with the requirements of that section of the Code. Participating employees are subject to state and federal income tax on income derived from the Plan.

6


SIGNATURE

        Pursuant to the requirements of the Securities Exchange Act of 1934, the members of the Administrative Committee of the Plan have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

    EQUITABLE RESOURCES, INC.
EMPLOYEE STOCK PURCHASE PLAN
(Name of Plan)

 
 
By
 
/s/  DAVID L. PORGES      
David L. Porges
Executive Vice President and
Chief Financial Officer
         
March 21, 2003        

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QuickLinks

EQUITABLE RESOURCES, INC. EMPLOYEE STOCK PURCHASE PLAN TABLE OF CONTENTS
REPORT OF INDEPENDENT AUDITORS
EQUITABLE RESOURCES, INC. EMPLOYEE STOCK PURCHASE PLAN STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
EQUITABLE RESOURCES, INC. EMPLOYEE STOCK PURCHASE PLAN STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
EQUITABLE RESOURCES, INC. EMPLOYEE STOCK PURCHASE PLAN NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2002
SIGNATURE