Questar Reports Record Net Income Of $208 Million For 2011

Questar Corporation (NYSE:STR) reported record net income of $207.9 million, or $1.16 per diluted share for 2011. Net income grew 8% over 2010 net income from continuing operations of $192.3 million, or $1.08 per diluted share, including an after-tax $8.8 million, or $0.05 per diluted share charge for separation costs associated with the spinoff of QEP Resources, Inc. completed on June 30, 2010. Excluding separation charges, in 2010 Questar earned $201.1 million, or $1.13 per diluted share. In the fourth quarter 2011, net income totaled $61.6 million, or $0.34 per diluted share, compared to $63.7 million, or $0.36 per diluted share for the fourth quarter of 2010.

INCOME (LOSS) FROM CONTINUING OPERATIONS
				3 Months EndedDecember 31,															12 Months EndedDecember 31,
				2011					2010					Change					2011					2010					Change
				(in millions, except earnings per share)
Wexpro				$	23.6				$	22.7				4	%				$	95.2				$	88.1				8	%
Questar Pipeline				17.2					18.0					(4	%)				67.9					67.4					1	%
Questar Gas				20.2					22.1					(9	%)				46.1					43.9					5	%
Corporate				0.6					0.9					(33	%)				(1.3		)			1.7			(a)		(176	%)
Total				$	61.6				$	63.7				(3	%)				$	207.9				$	201.1		(a)		3	%
Earnings from continuing operations per diluted share				$	0.34				$	0.36				(6	%)				$	1.16				$	1.13		(a)		3	%
Average diluted shares				179.0					178.8					—	%				178.8					178.0					—	%

^(a) Excludes $8.8 million ($0.05 per diluted share) after-tax impact of separation costs in 2010. See computation in attached schedule.

EBITDA BY SUBSIDIARY (a)
				3 Months EndedDecember 31,																12 Months EndedDecember 31,
				2011					2010					Change						2011					2010					Change
				(in millions)
Wexpro				$	54.8				$	52.2				$	2.6					$	213.9				$	199.4				$	14.5
Questar Pipeline				44.9					46.6					(1.7		)				181.5					181.6					(0.1		)
Questar Gas				50.2					51.6					(1.4		)				144.0					139.0					5.0
Corporate, Other				0.7					0.4					0.3						1.4					3.3					(1.9		)
Total				$	150.6				$	150.8				$	(0.2	)				$	540.8				$	523.3				$	17.5
(a) See computation in attached schedule.

“I am pleased to report that, in spite of the challenging economic environment, all Questar business units achieved strong results in 2011. The company also declared not one, but two dividend increases, totaling 16%, during 2011, thus making good our commitment to move aggressively toward our target payout of about 60% of net income. Including the recent increases, Questar has increased its dividend 39 times over the last 39 years,” said Ronald W. Jibson, Questar president and CEO. “We delivered nearly $208 million of net income, a 3% increase over 2010. Our business units also generated more than $540 million of EBITDA, a 3% increase from 2010. Wexpro grew net income by 8% and its investment base by 4% to $474.4 million compared to 2010. Questar Gas grew net income by 5%, while Questar Pipeline earnings improved 1% over 2010's results,” Jibson added.

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