Questar reports 2Q income down slightly

Published July 27, 2012 11:25 pm
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Questar Corp., the Salt Lake City-based energy company and parent of Questar Gas, reported second-quarter net income of $39.2 million, or 22 cents per share, down slightly from the net income of $40.3 million, or 22 cents per share, recorded in the same period a year ago.

"Questar's businesses all performed in line with our expectations for the second quarter," said Ronald W. Jibson, Questar's president and CEO. "Net income dipped slightly to $39.2 million compared to the 2011 period, but for the year-to-date net income was 4 percent higher than in 2011."

Revenue for the second quarter of 2012 was $188.4 million, compared with $222.9 million in the same period a year ago. Revenue for the first six months of 2012 was $614.1 million. A year ago, Questar reported first-half revenue of $692.9 million.

The company's revenue was down in part due to the weak price of natural gas.

Net income for the first six months of this year was $114.4 million, or 64 cents per share, compared with $110.2 million, or 62 cents per share in the same six-month period of the prior fiscal year.

Jibson noted that Questar Gas, the company's natural gas utility that provides most Utahns with fuel to heat their homes, reported a seasonal loss of $2.3 million, typical for the second quarter.

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