Questar Corporation A Rockies-based integrated natural gas company offering growth and high returns Making lives better by developing and delivering essential energy First Quarter 2014 Earnings Release April 30, 2014
KEVIN HADLOCK Executive Vice President & Chief Financial Officer Questar Corporation 3
Q1 2014 Financial Summary Reported Q1 2014 net income of 85.1 million, or 0.48 per diluted share, up 17% compared to Q1 2013 net income of 72.9 million, or 0.41 per diluted share Adjusted EBITDA for Q1 2014 totaled 206.3 million, an…
Net Income (Loss) in millions (except per-share amounts) Q1 2014 Q1 2013 Change Questar Gas 39.6 37.0 2.6 Wexpro 31.8 26.3 5.5 Questar Pipeline 15.7 15.8 (0.1) Corporate and other (2.0) (6.2) 4.2 Net income 85.1 72.9 12.2 Earnings per…
Questar Gas Results in millions Q1 2014 Q1 2013 Change Gross margin 141.7 128.0 13.7 Adjusted EBITDA (1) 84.3 77.6 6.7 Net income 39.6 37.0 2.6 Capital investment 48.9 31.7 17.2 Q1 2014 gross margin was up 13.7 million or 11%…
Wexpro Results in millions Q1 2014 Q1 2013 Change Adjusted EBITDA (1) 76.1 62.4 13.7 Net income 31.8 26.3 5.5 TTM average investment base 579.5 524.9 54.6 Capital investment 6.9 37.8 (30.9) Q1 2014 Adjusted EBITDA was 76.1…
Questar Pipeline Results in millions Q1 2014 Q1 2013 Change Revenue 67.3 67.8 (0.5) Adjusted EBITDA (1) 44.9 45.5 (0.6) Net income 15.7 15.8 (0.1) Capital investment 8.5 14.1 (5.6) Q1 2014 revenue was down 0.5 million or 1% versus…
Other Consolidated Financial Metrics in millions Q1 2014 Q1 2013 Change Adjusted Operating and Maintenance (1) 37.1 37.4 (0.3) General and Administrative 31.5 33.8 (2.3) Production and Other Taxes 17.9 15.3 2.6 Depreciation, Depletion…
Cash Flow and Liquidity Cash Flow (1) - Cash flow for the three months ended March 31, 2014 totaled 145 million, a decrease of 5% compared to the three months ended March 31, 2013 Liquidity - At the end of the first quarter 2014,…
RON JIBSON Chairman, President & Chief Executive Officer Questar Corporation 11
Q1 2014 Highlights Questar Gas - Number of Questar Gas customers increased 1.6% to over 952,500 since March 31, 2013 - Received constructive Utah general rate case order Wexpro - Wexpros Trail acquisition was approved pursuant to…
Questar Gas Rate Case Order Effective March 1, 2014 Rate Case Order Summary: Allowed ROE of 9.85% (previously 10.35%) Annual revenue increase of 7.6 million or 2.6% Expansion of infrastructure-replacement programs tracker from 55…
Wexpro II Key Provisions - Provides mechanism to acquire Rockies natural gas properties for future development - Modeled on provisions of original Wexpro Agreement - Properties purchased at Wexpros risk - Utah and Wyoming…
Questar Fueling Stations Station Locations - Lower 48 states with national carriers and large fleets - High-traffic corridors ESTIMATED PLANNED STATIONS COMPLETION DeSoto, Texas Summer 2014 Dallas, Texas Summer 2014 Kansas…
Q1 2014 Adjusted Return on Equity (1) 20.0% 18.8% 18.9% 18.0% 16.0% 14.0% 12.0% 10.0% 10.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Questar Gas Wexpro Questar Pipeline Consolidated (1) Adjusted return on average equity (on a financial…
FY 2014 Forecast Projection Earnings per Diluted Share 1.18 - 1.28 Capital Spending 440 million Consolidated Return on Equity 17% - 19% Estimating long-term earnings growth of 4% 6% over the planning horizon Expect future…
What makes Questar unique Create value across entire natural gas chain (wellhead to burner tip) STRATEGY Regulated business model with superior risk-adjusted returns Take advantage of unique growth opportunities 18.9% consolidated…
APPENDIX 19
Questar Fact Sheet CORPORATE DATA Ticker symbol and stock exchange: STR-NYSE ANALYST CONTACT: At April 29th, 2014 Tony Ivins Average daily trading volume (3 mos.): 910,995 shares VP, Investor Relations & Closing Price: 23.41 Corporate…
Q1 Non-GAAP Financial Measures Management defines Adjusted EBITDA as net income (loss) before interest expense, income taxes, depreciation, depletion and amortization, net gain or loss from asset sales, abandonments and impairments, and…
Q1 Non-GAAP Financial Measures (Cont.) Management believes that net income, earnings per diluted common share and return on average common equity (ROE) before the third quarter 2013 impairment of the eastern segment of Questar Pipeline's…
Q1 Non-GAAP Financial Measures (Cont.) Management believes cash flow from operations before changes in operating assets and liabilities is an important measure of Questars operating cash flows that excludes the volatility associated with…
Q1 Non-GAAP Financial Measures (Cont.) Management believes consolidated operating and maintenance expense excluding demand-side-management costs is a useful measure to assess Questars operational performance because demand-side-management…
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