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John Hollenhorst ReportingQuestar Corporation has listed how much they made last year, and their profits are significant.
Questar announced their earnings late Tuesday afternoon. Questar argues it's not directly related to high heating bills consumers have faced this year.
Questar's profits jumped up to $325 million in 2005. That's a pretty hefty increase from the previous year, up 42% in corporate profits. This comes at a time when consumers have been rocked by high heating bills; fortunately, that situation did ease a bit with the warm weather in January.
Questar, however, says the portion of its business that actually sells gas to consumers, is only a small fraction of the profit pictures. Most of the big earnings came from the arm of the company that explores for gas, produces it, and sells it in the national market.
Chad Jones, Questar Corporation: "We pass on the prices of gas dollar for dollar to our customers. There is no markup in that gas. Questar Gas' net income doesn't contribute to the rise in Questar Corporations' net income. It's been about the same level for 15 years."
Claire Geddes, Consumer Advocate: "You know, the public's having a very difficult time paying their heating bills. And when they see their rates up 38%, and Questar's profits up 42%, they're gonna be angry, I know they are."
The company argues that the main reason consumers have seen big jumps in heating bills is because of supply problems brought on by Hurricane Katrina. They say there should be an easing of that situation as those supply problems get worked out of the system.
