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Questar reports 2Q income down slightly

Published July 27, 2012 11:25 pm

This is an archived article that was published on sltrib.com in 2012, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

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.