SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30,
1996
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM
_____ TO _____
Commission File No. 1-8796
QUESTAR CORPORATION
(Exact name of registrant as specified in its charter)
STATE OF UTAH 87-0407509
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
P.O. Box 45433, 180 East First South, Salt Lake City, Utah 84145-0433
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (801) 324-5000
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
Yes X No
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
Class Outstanding as of September 30, 1996
Common Stock, without par value 40,914,709 shares
QUESTAR CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
3 Months Ended 9 Months Ended 12 Months Ended
September 30, September 30, September 30,
1996 1995 1996 1995 1996 1995
(In Thousands, Except Per Share Amounts)
REVENUES $145,952 $111,922 $516,189 $466,423 $699,053 $667,604
OPERATING EXPENSES
Natural gas purchases 44,379 23,791 163,571 143,938 219,052 216,890
Operating and maintenance 46,392 43,246 143,606 135,451 187,880 179,683
Depreciation and amortization 25,033 22,201 75,228 71,434 100,086 94,816
Other taxes 6,880 6,551 24,286 24,151 31,960 29,510
TOTAL OPERATING EXPENSES 122,684 95,789 406,691 374,974 538,978 520,899
OPERATING INCOME 23,268 16,133 109,498 91,449 160,075 146,705
INTEREST AND OTHER INCOME 2,372 8,573 12,319 14,610 15,023 15,527
WRITE-DOWN OF INVESTMENT IN
NEXTEL COMMUNICATIONS (61,743)
DEBT EXPENSE (9,206) (10,349) (29,526) (32,431) (39,910) (44,013)
INCOME BEFORE INCOME TAXES 16,434 14,357 92,291 73,628 135,188 56,476
INCOME TAXES 3,647 2,417 28,840 20,053 41,526 7,538
NET INCOME $12,787 $11,940 $63,451 $53,575 $93,662 $48,938
Earnings per common share $0.31 $0.29 $1.55 $1.31 $2.29 $1.19
Dividends per common share $0.295 $0.295 $0.885 $0.865 $1.18 $1.15
Average common shares outstanding 40,860 40,588 40,787 40,522 40,728 40,600
See notes to consolidated financial statements.
QUESTAR CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30, December 31,
1996 1995 1995
(In Thousands)
ASSETS
Current assets
Cash and short-term investments $2,702 $5,122
Accounts receivable $93,975 75,830 126,528
Inventories 24,256 31,610 28,110
Purchased-gas adjustments 13,206
Other current assets 11,381 13,549 10,965
Total current assets 142,818 123,691 170,725
Property, plant and equipment 2,545,641 2,308,645 2,330,900
Less allowances for depreciation and
amortization 1,086,321 1,014,313 1,020,779
Net property, plant and equipment 1,459,320 1,294,332 1,310,121
Securities available for resale,
approximates fair value 54,685 60,344 52,745
Other assets 50,302 47,851 50,962
$1,707,125 $1,526,218 $1,584,553
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Checks outstanding in excess
of cash balances $4,629
Short-term loans 137,800 $41,200 $77,200
Accounts payable and accrued expenses 83,276 93,483 117,240
Purchased-gas adjustments 16,537 9,182
Current portion of long-term debt 4,704 19,004 19,004
Total current liabilities 230,409 170,224 222,626
Long-term debt, less current portion 474,006 431,691 421,695
Other liabilities and deferred credits 38,768 39,363 34,700
Deferred income taxes and investment
tax credits 202,322 182,841 187,900
Redeemable cumulative preferred stock 4,840 6,211 4,957
Common shareholders' equity
Common stock 289,368 281,640 283,776
Retained earnings 465,614 420,053 438,284
Note receivable from ESOP (16,000) (22,350) (21,238)
Unrealized gain on securities available
for resale, net of income taxes 17,335 16,545 11,853
Foreign currency translation adjustment 463
Total common shareholders' equity 756,780 695,888 712,675
$1,707,125 $1,526,218 $1,584,553
See notes to consolidated financial statements.
QUESTAR CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
9 Months Ended
September 30,
1996 1995
(In Thousands)
OPERATING ACTIVITIES
Net income $63,451 $53,575
Depreciation and amortization 78,926 75,077
Deferred income taxes and
investment tax credits 11,027 7,217
Gain from the sales of securities (6,265) (2,294)
147,139 133,575
Changes in operating assets
and liabilities (11,123) 42,273
NET CASH PROVIDED FROM
OPERATING ACTIVITIES 136,016 175,848
INVESTING ACTIVITIES
Capital expenditures
Purchase of property, plant
and equipment (235,916) (65,845)
Other investments (4,197) (2,520)
Total capital expenditures (240,113) (68,365)
Proceeds from disposition of property,
plant and equipment 7,941 4,108
Proceeds from the sales of securities 13,202 9,185
NET CASH USED IN INVESTING
ACTIVITIES (218,970) (55,072)
FINANCING ACTIVITIES
Issuance of common stock 6,814 5,600
Common stock repurchased (1,222) (515)
Redemption of preferred stock (117) (113)
Issuance of long-term debt 97,000 2,000
Repayment of long-term debt (58,989) (45,989)
Increase (decrease) in short-term loans 60,600 (53,700)
Checks outstanding in excess
of cash balances 4,629
Payment of dividends (36,391) (35,438)
Other 5,508 2,532
NET CASH PROVIDED FROM (USED IN)
FINANCING ACTIVITIES 77,832 (125,623)
DECREASE IN CASH AND
SHORT-TERM INVESTMENTS ($5,122) ($4,847)
See notes to consolidated financial statements.
QUESTAR CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
September 30, 1996
Note A - Basis of Presentation
The interim financial statements furnished reflect all adjustments
which are, in the opinion of management, necessary for a fair
presentation of the results for the interim periods presented. All
such adjustments are of a normal recurring nature. Due to the
seasonal nature of the business, the results of operations for the
three-and nine-month periods ended September 30, 1996, are not
necessarily indicative of the results that may be expected for the
year ending December 31, 1996. For further information refer to the
consolidated financial statements and footnotes thereto included in
the Company's annual report on Form 10-K for the year ended December
31, 1995.
Note B - Purchase of Gas and Oil Reserves
In the third quarter of 1996 the Company's Market Resources group
completed two separate acquisitions of gas and oil reserves that
added approximately 194 billion cubic feet equivalent (Bcfe) of gas
and oil reserves for a total cost of $164 million. The Company
purchased producing properties and facilities in Texas, Oklahoma and
Louisiana for $111.4 million adding 157 Bcfe of reserves from PMC
Reserve Acquisition Co., which is owned by Encap Investments L. C.
and Pitts Energy Group. The other purchase, involving Canadian
properties primarily located in the Alberta, Canada region, cost
$52.4 million and added 37 Bcfe of reserves. Initially the
acquisitions were financed through the existing production-based
credit facility and short-term bank loans. The Company intends to
expand its production-based credit facility from $130 million to $200
million to ultimately fund the acquisitions.
QUESTAR CORPORATION AND SUBSIDIARIES
MANAGEMENT'S ANALYSIS
September 30, 1996
(Unaudited)
Market Resources Operations -
Celsius Energy, Universal Resources, Wexpro, Questar Gas Management,
Questar Energy Trading, and Questar Energy Services (Market Resources
group) conduct the Company's exploration, production, gas gathering
and processing, and energy marketing operations. Operating results
include gas gathering and processing activities transferred to the
Market Resources line of business from Questar Pipeline's natural gas
transmission activities. Following is a summary of financial results
and operating information.
3 Months Ended 9 Months Ended 12 Months Ended
September 30, September 30, September 30,
1996 1995 1996 1995 1996 1995
(Dollars in Thousands)
FINANCIAL RESULTS
Revenues
From unaffiliated customers $94,379 $64,116 $242,749 $193,164 $301,385 $253,025
From affiliates 15,581 17,724 52,865 56,820 76,114 78,901
Total revenues $109,960 $81,840 $295,614 $249,984 $377,499 $331,926
Operating income $14,544 $11,759 $42,520 $38,166 $56,128 $54,801
Net income 9,651 9,056 27,819 27,504 35,610 37,716
OPERATING STATISTICS
Production volumes -
Natural gas (in million
cubic feet) 9,998 7,029 28,331 24,738 36,256 33,984
Oil and natural gas liquids
(in thousands of barrels) 625 590 1,764 1,850 2,350 2,513
Production revenues
Natural gas (per thousand
cubic feet) $1.49 $1.21 $1.50 $1.33 $1.46 $1.37
Oil and natural gas liquids
(per barrel) $18.17 $15.78 $17.69 $15.95 $17.27 $15.80
Gas marketing volumes (in
thousands of decatherms) 37,819 32,383 94,040 80,962 122,452 103,964
Natural gas gathering volumes
(in thousands of decatherms)
For unaffiliated customers 13,821 10,069 34,380 29,816 43,592 38,891
For Mountain Fuel 5,845 5,083 20,218 21,943 29,966 32,817
For other affiliated custome 2,031 1,173 6,432 4,268 8,113 6,102
Total gathering 21,697 16,325 61,030 56,027 81,671 77,810
Gathering revenues (per
decatherm) $0.25 $0.31 $0.25 $0.29 $0.25 $0.29
Revenues were 34% higher for the third quarter of 1996 and 18% higher
for the first nine months of 1996 when compared with the same periods
in 1995 as a result of increased gas and oil selling prices, natural
gas production and gas-marketing volumes.
The average selling price for natural gas increased 23% and natural
gas production increased 42% in the third quarter of 1996 when
compared with the same quarter of 1995. Production increased in part
due to the acquisitions of producing properties in Texas, Oklahoma,
Louisiana and in the Alberta, Canada region. In two separate
acquisitions, the Company spent a total of approximately $164 million
and added about 194 billion cubic feet equivalent of gas and oil
reserves. Daily production from these properties is expected to be
29,000 Mcf of gas and 3,000 barrels of oil. In addition, Celsius
Energy, which shut-in about 50% of its gas production in the second
half of 1995, was producing near full capacity.
Energy prices appear to have strengthened going into this year's
heating season. Market Resources has price hedges in place for
between 70 and 80 percent of its natural gas production through
February 1997, dropping to about 50 percent after April. Price
hedges are in place for between 50 and 60 percent of equity oil
production that continue through most of next year. The majority of
natural gas prices are hedged at about $1.70 per Mcf net back to the
well; while oil prices range between $18.00 and $21.00 per bbl.
Gas marketing volumes were substantially higher in the 1996 periods
presented because of an increased effort to utilize undersubscribed
natural gas pipeline capacity.
Revenues from cost-of-service operation of Mountain Fuel's gas wells
were lower for the 1996 periods presented as a result of lower
operating expenses and a declining investment base.
Customers' buy-outs of gas-sales contracts added $2.8 million to
after-tax earnings of the Market Resources group for the first nine
months of 1995 and were not repeated in 1996.
Regulated Services Operations -
Mountain Fuel and Questar Pipeline conduct the Company's regulated
services of natural gas distribution, transmission and storage.
Natural Gas Distribution --
Mountain Fuel conducts the Company's natural gas distribution
operations. Following is a summary of financial results and operating
information.
3 Months Ended 9 Months Ended 12 Months Ended
September 30, September 30, September 30,
1996 1995 1996 1995 1996 1995
(Dollars in Thousands)
FINANCIAL RESULTS
Revenues
From unaffiliated customers $41,451 $38,842 $243,082 $244,649 $357,191 $378,595
From affiliates 746 989 1,945 3,293 2,663 3,841
Total revenues 42,197 39,831 245,027 247,942 359,854 382,436
Natural gas purchases 16,559 16,524 117,168 131,799 175,975 209,911
Revenues less natural
gas purchases $25,638 $23,307 $127,859 $116,143 $183,879 $172,525
Operating income (loss) ($4,841) ($7,494) $28,419 $17,797 $54,344 $44,227
Net income (loss) (4,447) (4,925) 13,787 8,288 29,167 26,139
OPERATING STATISTICS
Natural gas volumes (in thousands of
decatherms)
Residential and
commercial sales 7,575 6,826 53,983 50,339 77,594 78,697
Industrial sales 1,569 1,736 5,921 6,989 8,142 10,219
Transportation for industrial
customers 12,391 13,585 37,166 45,146 51,589 61,206
Total deliveries 21,535 22,147 97,070 102,474 137,325 150,122
Natural gas revenues (per decatherm)
Residential and commercial $4.29 $4.57 $3.98 $4.25 $4.08 $4.20
Industrial sales 2.14 2.27 2.14 2.48 2.19 2.50
Transportation for industrial
customers 0.12 0.10 0.12 0.10 0.11 0.10
Heating degree days
Actual 144 77 3,357 3,189 5,215 5,625
Normal 110 110 3,594 3,594 5,801 5,801
Colder (warmer) than norm 31% (30%) (7%) (11%) (10%) (3%)
Number of customers at end of
period 603,647 579,352
Revenues less natural gas purchases were higher for the 1996 periods
presented when compared with the same periods of 1995 due to colder
weather, an increase in the number of customers served and a favorable
late 1995 rate case settlement. With the exception of the third
quarter of 1996, temperatures were warmer than normal in the periods
presented. The number of customers served by Mountain Fuel grew 4.2%
since September 30, 1995.
The provisions of the 1995 rate case settlement with the Public
Service Commission of Utah provide for a weather-normalization
adjustment, a new customer connection fee and sharing of
transportation capacity release credits. The weather-normalization
adjustment results in an adjustment in revenues for weather variations
above or below normal temperatures. Under the provisions of the Utah
rate settlement, the weather-normalization adjustment will be extended
to all residential and commercial volumes beginning October 1, 1996.
Utah residential customers could choose to be exempt from this
adjustment by notifying Mountain Fuel prior to October 1. However,
less than 1 percent of Mountain Fuel's residential customers chose
this exemption. Mountain Fuel received approval from the Public
Service Commission of Wyoming to implement a weather-normalization
adjustment for all residential and commercial customers beginning
September 1, 1996. The other terms of the settlement of the Utah rate
case are expected to add about $3.7 million in annual revenues and
authorized an increase in Mountain Fuel's allowed return on rate base
from 10.08% to between 10.22% and 10.34%.
Volumes delivered to industrial customers were 9% less in the third
quarter of 1996 and 17% less in the first nine months of 1996 when
compared with the same periods of 1995 due to a continued abundance of
low-cost hydroelectric power. Margins from gas delivered to
industrial customers are substantially lower than from gas sold to
residential and commercial customers.
Natural Gas Transmission Operations --
Questar Pipeline conducts the Company's natural gas transmission and
storage operations. Operating results exclude gas gathering and
processing activities transferred to the Market Resources line of
business from Questar Pipeline's natural gas transmission activities.
Following is a summary of financial results and operating information.
3 Months Ended 9 Months Ended 12 Months Ended
September 30, September 30, September 30,
1996 1995 1996 1995 1996 1995
(Dollars in Thousands)
FINANCIAL RESULTS
Revenues
From unaffiliated customers $9,539 $8,525 $28,986 $27,052 $38,714 $34,093
From affiliates 16,647 14,718 49,002 43,873 63,121 60,862
Total revenues $26,186 $23,243 $77,988 $70,925 $101,835 $94,955
Operating income $12,423 $11,037 $35,894 $32,913 $47,469 $44,891
Net income 6,120 5,185 16,906 15,570 22,604 21,795
OPERATING STATISTICS
Natural gas transportation volumes (in
thousands of decatherms)
For unaffiliated customers 30,502 36,580 103,533 114,127 141,349 146,484
For Mountain Fuel 14,035 10,888 67,617 55,640 91,849 78,998
For other affiliated
customers 13,498 10,941 28,367 27,300 39,906 40,217
Total transportation 58,035 58,409 199,517 197,067 273,104 265,699
Transportation revenues
(per decatherm) $0.29 $0.26 $0.25 $0.24 $0.24 $0.24
A rate increase and expanded firm gas-storage activities resulted in
higher revenues in the 1996 periods presented. Questar Pipeline filed
for a rate increase with the Federal Energy Regulatory Commission
(FERC) on July 31, 1995. Questar Pipeline began collecting revenues
under the new rate structure, subject to refund, February 1, 1996.
The FERC approved a rate settlement July 1, 1996. The settlement
included a stated return on equity of 11.75% and allowed Questar
Pipeline to collect a greater share of costs from firm transportation
customers. As a result of the new rate structure, Questar Pipeline is
expected to add approximately $5.9 million to annual revenues or $3
million in after-tax income. Questar Pipeline had fully reserved for
the differences between the filed rates and the settlement rates and
as a result there was no significant impact on net income. In
addition to the rate increase, Questar Pipeline reported higher
revenues from its expanded firm gas-storage activities. Firm-storage
capacity increased from 41.8 Bcf to 46.3 Bcf in May 1995.
Questar Pipeline and Mountain Fuel have consolidated various
financial, technical, administrative and other support functions in an
ongoing effort to improve efficiency and coordination.
Consolidated Results of Operations --
Consolidated revenues were higher for the 3-, 9- and 12-month periods
ended September 30, 1996 when compared with the same periods of 1995
due to increased gas-marketing volumes sold, increased gas production,
higher gas and oil selling prices and rate increases for gas
distribution, transmission and storage activities.
Natural gas purchase expenses were higher in the 1996 periods due
primarily to an increase in the volumes of gas purchased for
gas-marketing activities. Natural gas purchase expenses for natural
gas distribution activities were lower in the 1996 periods because of
reduced natural gas purchase costs allowed in rates. The gas cost
allowed in distribution rates has decreased from $1.31 per dth
beginning in August 1995 to $1.08 per dth beginning in August 1996.
Operating and maintenance expenses were higher for the 1996 periods
when compared with the same periods in the prior year. The increases
resulted from not repeating the recognition of production credits
which amounted to $1.5 million in the first half of 1995, some
one-time expenses from gas transmission operations related to the
February 1996 rate case settlement, an increase in the number of
distribution customers and the operations of the recently acquired gas
and oil properties. The combined benefits of an early retirement
program and consolidation of gas distribution operations beginning in
mid-1995 partially offset these increases.
Depreciation expenses were higher for the 1996 periods when compared
to the same 1995 periods because of increased gas and oil production
and investment in property, plant and equipment. The full cost
amortization rate was $.77 per equivalent Mcf for the first nine
months of 1996, which included Canadian properties. The comparable
rate for the 1995 period was $.80 per Mcfe.
Interest and other income was lower for the third quarter and nine
months of 1996 when compared with the same periods of 1995. Market
Resources settled gas-sales contracts in the 1995 periods that were
not repeated in 1996, which added pretax earnings of $2,200,000 in the
third quarter of 1995 and $4,300,000 for the first nine months of
1995. Pretax earnings from selling securities were $2,600,000 less
for the third quarter of 1996 when compared with the 1995. However,
pretax earnings from selling securities for the nine months of 1996
were $2,600,000 higher in 1996. Earnings from unconsolidated
affiliates were $452,000 lower in the quarter and $1,057,000 in the
first nine months of 1996 due primarily to losses reported by the
Western Market Center.
In the third quarter of 1994, Questar Corporation sold Questar Telecom
to Nextel Communications in exchange for 3.9 million shares of Nextel
common stock and reported a $38,126,000 after-tax gain from the sale.
At year end 1994, the Company wrote down its investment in Nextel
Communications by $61,743,000. This amounted to $38,126,000, or $.95
per share, after income taxes. The writedown of investment in Nextel
was included in operating results for the 12 months ended September
30, 1995.
The effective income tax rate for the first nine months was 31.2% in
1996 and 27.2% in 1995. The Company recognized $6,498,000 of
tight-sands gas production tax credits in the 1996 period and
$6,835,000 in the 1995 period.
In 1996 the Company adopted the provisions of Statement of Financial
Accounting Standards (SFAS) No. 121, Accounting for the Impairment of
Long-Lived Assets and for Long-Lived Assets to be Disposed of without
a significant impact to either operating results or the balance sheet.
The Company continues to apply the full-cost accounting rules, which
include a quarterly full-cost ceiling test, to its gas and oil
assets. The provisions of SFAS No. 121 do not supersede full-cost
accounting rules.
Liquidity and Capital Resources --
Operating Activities:
Net cash provided from operating activities was $136,016,000 for the
first nine months of 1996, compared with $175,848,000 for the same
period of 1995. The decrease in cash flow resulted primarily from
higher receivables balances caused by increased gas marketing sales,
lower gas purchase costs collected in rates from gas distribution
customers and a refund of gas costs to gas distribution customers in
the first quarter of 1996.
Investing Activities:
Capital expenditures were $240,113,000 for the first nine months of
1996, up $171,748,000 from the $68,365,000 reported for the same
period a year ago. The purchase of gas and oil reserves by the Market
Resources group amounted to $163,800,000. Proceeds from the sales of
securities amounted to $13,202,000 in 1996 and $9,185,000 in 1995. A
comparison of capital expenditures by line of business for the first
nine months of 1996 and 1995 plus an estimate for calendar year 1996
are as follows:
Estimate
Actual 12 Months
Nine Months Ended Ended
September 30, Dec. 31,
1996 1995 1996
(In Thousands)
Capital Expenditures
Market Resources $180,410 $16,974 $197,100
Regulated Services
Natural gas distribution 30,908 30,505 55,000
Natural gas transmission 14,328 17,624 24,300
Total Regulated Services 45,236 48,129 79,300
Other operations 14,467 3,262 30,400
$240,113 $68,365 $306,800
Financing Activities:
For the first nine months of 1996 short-term debt increased
$60,600,000 and long-term debt increased $38,011,000 primarily to fund
the acquisitions of gas and oil reserves. The Company intends to
expand its production-based credit facility from $130,000,000 to
$200,000,000 to ultimately fund the acquisitions. The Company plans to
finance the remainder of 1996 capital expenditures through net cash
provided from operating activities, bank borrowings, and proceeds from
its dividend reinvestment plan.
Short-term bank borrowings were $20,000,000 and commercial paper
borrowings were $117,800,000 at September 30, 1996. Short-term bank
borrowings were $10,000,000 and commercial paper borrowings were
$31,200,000 at September 30, 1995. Short-term bank lines of credit
serve as backup to borrowings made under the commercial paper program.
The Company's lines of credit borrowing capacity was $100,000,000 at
September 30, 1996. Borrowing capacity increases to $135,000,000 from
October 1 to March 31 anticipating seasonal credit demands. In
addition, the Company has arranged a $75,000,000 short-term borrowing
facility with a bank. The Company repaid a $19,000,000, 8.25% ESOP
note as scheduled on July 1, 1996.
PART II
OTHER INFORMATION
Item 5. Other Information.
On October 25, 1996, the Company's Board of Directors appointed Gary L.
Nordloh to serve as a director for the remainder of a term that will expire
in May of 1998. Mr. Nordloh, age 49, serves as the Company's Executive Vice
President with responsibility for the market resources segment. (This
segment includes exploration and production, gathering and field processing,
energy trading and marketing, and nonregulated retail activities.) He also
serves as the President and Chief Executive Officer of the Company's
affiliates conducting these activities;Wexpro Company, Celsius Energy
Company, Universal Resources Corporation, Questar Gas Management Company,
Questar Energy Trading Company, Questar Energy Services, Inc., and Celsius
Energy Resources, Ltd. Mr. Nordloh has more than 12 years of service
with the Company, joining in 1984 after working for Amoco Production Company
and Hamilton Brothers Oil Company.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
QUESTAR CORPORATION
(Registrant)
November 13, 1996 /s/ R. D. Cash
(Date) R. D. Cash
Chairman of the Board,
President and Chief
Executive Officer
November 13, 1996 /s/ S. E. Parks
(Date) S. E. Parks
Vice President, Treasurer and
Chief Financial Officer