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Friday, 09 January, 2009, 02:20 GMT | more >>

Questar profits soar

By Upstream staff

US-based Questar Corp said net income grew 45% in the third quarter to $95.1 million, or $1.08 per share, compared to $65.8 million, or 75 cents per share a year earlier.

Growth was driven by higher natural gas production and higher realized prices for natural gas, oil and natural gas liquids in the company's exploration and production businesses.

Third-quarter 2006 results included a $15.8 million after-tax gain from the sale of assets, an $8.7 million after-tax charge related to unsuccessful exploratory wells in Wyoming and Utah, and a $3.2 million after-tax charge for unrealized mark-to-market losses on natural gas basis swaps.

For the first nine months of 2006, Questar net income soared 46% to $322.6 million, or $3.68 per share compared to $221.7 million, or $2.55 per share for the same period last year.