Questar has a market cap of $3.51 billion; its shares were traded at around $19.85 with a P/E ratio of 17.2 and P/S ratio of 2.9. The dividend yield of Questar stocks is 3.3%. Questar had an annual average earning growth of 10.5% over the past 10 years.
Highlight of Business Operations:Revenues from oil and NGL sales increased 25% in 2011 compared to 2010 after increasing 44% in 2010 compared to 2009. The variability in oil and NGL revenues is due to changes in the market price of oil and NGL. The average selling price for oil and NGL increased 25% in 2011 compared to 2010 and increased 40% in 2010 compared to 2009.
Questar Pipeline reported 2011 net income of $67.9 million compared to $67.4 million in 2010 and $58.2 million in 2009. The increase in 2011 was due to higher transportation revenues and lower operating costs and interest expense. This was partially offset by lower NGL revenues and increased depreciation expense from system expansions. Following is a summary of Questar Pipeline financial and operating results:
NGL sales decreased 28% in 2011 compared to 2010 and more than doubled in 2010 compared to 2009. NGL volumes were down 45% in 2011 compared to 2010 and up 48% in 2010 compared to 2009. NGL prices were $73.77 per barrel in 2011, $56.04 per barrel in 2010 and $38.76 per barrel in 2009.
Questar Gas reported net income of $46.1 million in 2011 compared to $43.9 million in 2010 and $41.6 million in 2009. The 2011 increase was primarily due to increased customers and additional revenues due to investment in feeder line replacements. Following is a summary of Questar Gas financial and operating results:
Temperature-adjusted usage per customer increased 4% in 2011 compared to 2010 and decreased 2% in 2010 compared to 2009. The impact on the company margin from changes in usage per customer has been mitigated by a CET that was approved by the PSCU beginning 2006. The CET adjustment decreased revenues by $3.6 million in 2011 and increased revenues by $2.9 million in 2010, which offset changes in customer usage.
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