A new equation to be added to the classical mass balance expressions for two-phase flow is presented. It is based on the definition of new differential control volumes of variable length which are proportional to the gas velocity in a compressible flow. The new equation is equivalent to the gas-solids velocity ratio being constant throughout the duct, and it is used to derive a new expression of the energy balance for a two-phase, non-reacting flow. Through this energy balance, new correlations for the pressure drop in pneumatic conveying lines are obtained, showing an excellent agreement with experimental data from the high-pressure research facility of the Institute of Gas Technology, Chicago, IL. Finally, a more general equation, which is also valid for the mass balance of reacting flows, is supplied.