Natural gas company Questar has reported a net income of $683.8 million, or $3.88 per diluted share, in 2008, a 35% increase compared to $507.4 million, or $2.88 per diluted share, in 2007.
For the fourth quarter of 2008, Questar has reported a net income of $121.2 million, or $0.69 per diluted share, compared to $130.8 million, or $0.74 per diluted share, for the same period of 2007.
According to the company, the company has reported total revenues of $878.8 million for the fourth quarter of 2008, compared to $743.5 million for the same period of 2007.
Questar has reported total revenues of $3.46 billion for the year 2008, compared to $2.73 billion for the year 2007. The company said that it grew natural gas, oil and natural gas liquids (NGL) production 22% to 171.4 billion cubic feet of natural gas equivalent (Bcfe) compared to 140.2 Bcfe in 2007.
The gas company said that gas management net income grew 47%, driven by higher gathering and processing margins. Net processing revenues increased 36% to $88.4 million due to a 59% increase in fee-based processing volumes and higher keep-whole processing margins, said the company.
Keith Rattie, chairman, president and CEO of Questar, said: “Questar posted double-digit net income growth for the sixth-straight year, driven by a 22% increase in natural gas and oil-equivalent production in Questar exploration and production and net income in all six Questar business units.”
