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SALT LAKE CITY (AP) -- Buoyed by higher prices for oil and natural gas and increased production, Questar Corp. enjoyed a 44 percent jump in net income during the first quarter of its 2006 fiscal year.
The Salt Lake City-based energy producer and parent company of Questar Gas said its net income rose $137.2 million, or $1.57 per share, from $95.2 million, or $1.10 per share, from the same quarter a year ago. Revenue increased 34 percent, to $911.4 million, for the first three months of 2006.
Questar said it benefited from natural gas prices that were on average 21 percent higher than a year ago.
"We're off to a good start in 2006 -- all Questar segments are either on track or above plan," Questar Chief Executive Keith Rattie said.
Questar Exploration and Production reported its third straight quarter of 15 percent-or-higher, year-on-year production growth.
Net income from that unit reached $70.5 million for the quarter, almost double the $36.3 million recorded a year earlier. Production rose 22 percent, to 85.6 billion cubic feet, of natural gas, with the company receiving an average of $6.25 per thousand cubic feet, compared with $4.76 a year ago.
Profit from Questar Pipeline rose 37 percent from the year-ago quarter to $11.4 million.
Profit for Questar Gas, the company's regulated natural gas utility, increased to $29.4 million, a 2.4 percent increase, while revenue was up 36 percent,
(Copyright 2006 by The Associated Press. All Rights Reserved.)
