Questar net income up 23% in First Quarter 2008
April 28, 2008
Questar Corp. (NYSE:STR) net income grew 23% in the first quarter of 2008 to $185.8 million, or $1.05 per diluted share compared to $151.1 million, or $0.86 per diluted share, for the first quarter of 2007, according to a media release on their website (www.questar.com).
“Gas Management net income growth was driven by higher gathering and processing margins. Net processing revenues increased 70% to $20.1 million due to increased volumes and a higher frac spread. Fee-based processing volumes increased 64%,” the release stated.
Questar Raises 2008 Net Income and Production Guidance: “Questar now expects full-year 2008 net income to range from $3.25 to $3.40 per diluted share compared to previous guidance of $3.05 to $3.20 per diluted share. The company also expects Questar E&P 2008 production to range from 166 to 169 Bcfe compared to previous guidance of 160 to 163 Bcfe. The revised production forecast is primarily due to improved drilling performance at Pinedale and additional non-operated drilling activity in the Midcontinent region.”
Questar (NYSE:STR) is a natural gas-focused energy company with an enterprise value of about $13 billion. Questar finds, develops, produces, gathers, processes, transports, stores and distributes natural gas.