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February 08, 2016 9:19 PM ET

Gas Utilities

Company Overview of Questar Corporation

Company Overview

Questar Corporation operates as an integrated natural gas company in the United States. It distributes natural gas as a public utility in Utah, southwestern Wyoming, and a small portion of southeastern Idaho serving 975,200 sales and transportation customers; and owns and operates distribution systems comprising 28,239 miles of street mains, service lines, and interconnecting pipelines, as well as has long-term franchises granted by communities and counties in its service area. The company also develops, produces, and delivers natural gas from its properties located in the Rocky Mountain region, primarily in the Vermillion, Pinedale, Moxa Arch, and Uinta Basin producing fields; produces and ...

333 South State Street

PO Box 45433

Salt Lake City, UT 84145

United States

Founded in 1922

1,745 Employees

Phone:

801-324-5000

Key Executives for Questar Corporation

Chairman, Chief Executive Officer, President, Chairman of Questar Gas, Chief Executive Officer of Questar Gas Company, Chief Executive Officer of Wexpro, President of Questar Gas Company and President of Wexpro
Age: 62
Total Annual Compensation: $795.4K
Chief Financial Officer and Executive Vice President
Age: 42
Total Annual Compensation: $382.9K
Compensation as of Fiscal Year 2014.

Questar Corporation Key Developments

Questar Corporation Enters into an Amendment to its Senior Unsecured Amended and Restated Multi-Year Revolving Credit Agreement

On November 20, 2015, Questar Corporation entered into an amendment to its senior unsecured amended and restated multi-year revolving credit agreement dated as of April 19, 2013, among the company, the administrative agent and the lenders party thereto. As amended by the amendment, the credit agreement has a scheduled maturity date of November 20, 2020, with an option for the company to extend the term for two successive one-year periods, which extended terms will apply to any lender who consents to such extension and any lender replacing a non-consenting lender. As amended, the credit agreement commits the lenders to provide advances up to an aggregate principal amount of $500 million at any one time outstanding, with an option for the company to request increases in the aggregate commitments to an aggregate amount not to exceed $750 million. in addition, the credit agreement provides for letters of credit to be issued at the request of the company in an aggregate amount not to exceed a $50 million sublimit. Interest accrues on advances at a LIBOR rate or a base rate, as selected by the company, plus an applicable margin. The issuing fees for all letters of credit are also based on an applicable margin. The applicable margin used in connection with interest rates and fees is based on the company’s ratio of consolidated funded debt to consolidated EBITDA (as defined) at the time. Proceeds of borrowings under the agreement may be used for general corporate purposes, including to provide liquidity for the company’s commercial paper program and finance working capital, to refinance existing indebtedness and to pay certain fees and expenses. The credit agreement contains customary representations, warranties, covenants and events of default, including a covenant limiting the amount of aggregate funded debt based on a ratio of total consolidated funded debt to EBITDA, a covenant that limits aggregate funded debt of the company’s subsidiaries based on a ratio of consolidated funded debt to book capitalization, and a change of control event of default. During the continuance of an event of default, the lenders may accelerate all outstanding debt and terminate all lending and letter of credit commitments. On November 20, 2015, the company also entered into a senior unsecured revolving credit agreement, among the company, the administrative agent, the syndication agents and the lenders party thereto. The 364-day credit agreement has a scheduled maturity date of November 18, 2016. The 364-day credit agreement commits the 364-lenders to provide advances up to an aggregate principal amount of $250 million at any one time outstanding. interest accrues on advances at a LIBOR rate or a base rate, as selected by the company, plus an applicable margin. the applicable margin used in connection with interest rates is based on the company’s consolidated funded debt to consolidated EBITDA ratio at the time. Proceeds of borrowings under the 364-day credit agreement may be used for general corporate purposes, including to provide liquidity for the company’s commercial paper program and finance working capital, and to pay certain fees and expenses. The 364-day credit agreement contains customary representations, warranties, covenants and events of default, including a covenant limiting the amount of aggregate funded debt based on a ratio of total consolidated funded debt to EBITDA, a covenant that limits aggregate funded debt of the company’s subsidiaries based on a ratio of consolidated funded debt to book capitalization, and a change of control event of default. During the continuance of an event of default, the 364-lenders may accelerate all outstanding debt and terminate all lending and letter of credit commitments.

Questar Corporation Announces Unaudited Consolidated Earnings and Production Results for the Third Quarter and Nine Months Ended September 30, 2015; Provides Earnings Guidance for the Fourth Quarter of 2015; Revises Earnings Guidance for the Full Year of 2015

Questar Corporation announced unaudited consolidated earnings and production results for the third quarter and nine months ended September 30, 2015. For the quarter, the company reported total revenues of $142.3 million against $157.9 million a year ago. Operating income was $62.3 million against $68.9 million a year ago. Income before tax was $48.8 million against $56.1 million a year ago. Net income was $32.6 million against $38.6 million a year ago. Basic and diluted earnings per share were $0.18 against $0.22 a year ago. Adjusted earnings before interest, taxes, depreciation and amortization (adjusted ebitda) were $119.3 million compared to $121.1 million in the year-ago period. Questar Gas' capital investment in the third quarter was $64.9 million, an increase of $14.5 million compared to the third quarter of 2014. For the nine months, the company reported total revenues of $770.2 million against $816.1 million a year ago. Operating income was $284.6 million against $293.7 million a year ago. Income before tax was $244.2 million against $254.1 million a year ago. Net income was $157.8 million against $164 million a year ago. Basic and diluted earnings per share were $0.89 against $0.93 a year ago. Net cash provided by operating activities was $364 million against $362.5 million a year ago. Property, plant and equipment were $213.7 million against $235.3 million a year ago. For the quarter, the company reported total deliveries of 28.6 mmdth against 30.3 mmdth a year ago. Total transportation reported were 205.2 mmdth against 207.2 mmdth a year ago. For the nine months, the company reported total deliveries of 117.8 mmdth against 129.4 mmdth a year ago. Total transportation reported were 616.1 mmdth against 629 mmdth a year ago. Entering the fourth quarter of 2015, the company expects to deliver earnings in the upper end of full year guidance. The company is tightening adjusted earnings guidance range to between $1.25 and $1.30 per diluted share. Consolidated return on equity is expected to 15% to 18%. The company has tightened its 2015 EPS guidance range to $1.25 to $1.30 per diluted share. The company also updated its 2015 capital investment forecast. Consolidated capital investment for 2015 was reduced from $370 million to $320 million. The change reflects reduced capital spending at wexpro, questar pipeline and corporate.

Questar Corp. Announces Retirement of Tom C. Jepperson, Chief Operating Officer, Effective Jan. 1, 2016

Questar Corp. announced that Thomas C. Jepperson, Questar’s chief operating officer (COO), has elected to retire effective Jan. 1, 2016. Jepperson has been with Questar 27 years, serving as the corporation’s chief legal officer since 2005.

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