Docstoc

Exhibit 1

Document Sample
Exhibit 1 Powered By Docstoc
					                                                                                                          Exhibit 1
                                                                                                        page 2 of 7
                                     Questar Gas Company
                                       Historical Balance Sheets
                                       Years Ended December 31

(Thousands of dollars)                                                                                  2005 to 2010
                                                                                             2nd Qrtr Avg. Annual
Account Name                         2006        2007        2008        2009        2010       2011 Pct. Change

Current Assets:
Cash & Equivalents                 3,600       4,100       1,200       7,200       4,700                     7.95%
Accounts Receivable, net         152,900     153,000     174,600     166,900     171,300      66,800        -1.99%
Gas Stored Underground                                                42,500      43,300      18,700
Material and Supplies             58,000      52,200      75,800      12,100       7,900      10,300       -34.23%
Income Tax Receivable                                      7,100                   7,700
Purchased-Gas Adjustment
Regulatory Assets                                         20,600      43,300      52,700      33,100
Other Current Assets               3,800      17,900       4,700       7,000       4,200       7,600       -38.62%
Total Current Assets             218,300     227,200     284,000     279,000     291,800     136,500        -0.88%

Plant & Equipment:
Plant in Service                1,387,000   1,505,700   1,622,900   1,681,600   1,762,500   1,856,100       5.26%
Construction Work in Progress      31,100      33,500      23,900      40,300      55,100                  23.63%
Other PP&E
Total Plant & Equipment:        1,418,100   1,539,200   1,646,800   1,721,900   1,817,600   1,856,100        5.61%

Accumulated Dep & Amort          598,000     630,300     657,300     690,400     721,300     734,900         3.21%

Net Plant & Equipment            820,100     908,900     989,500    1,031,500   1,096,300   1,121,200        7.39%

Other Assets:
Regulatory Assets                  23,000      19,100      18,100      16,000      15,000      14,800       -7.42%
Goodwill                            5,600       5,600       5,600       5,600       5,600       5,600       -0.18%
Other Non-Current Assets            6,300       6,900       7,800       7,000       2,600       2,400      -16.58%
Total Other Assets                 34,900      31,600      31,500      28,600      23,200      22,800       -7.44%
Total Non-Current Assets          855,000     940,500   1,021,000   1,060,100   1,119,500   1,144,000        6.91%
Total Assets                    1,073,300   1,167,700   1,305,000   1,339,100   1,411,300   1,280,500        4.98%

Current Liabilities:
Notes Payable to Questar          13,200      72,900      88,300      87,000     153,600      44,000       14.69%
Current Portion, LTD              10,000      43,000                               2,000       2,000
Acounts Payable                  126,800     130,400     111,700     124,100     102,500      56,700        -7.16%
Acounts Payable, Affiliates       32,600      32,600      49,500      47,200      53,600      36,200        14.35%
Customer-credit Balances          31,400      34,100      34,900      30,300      26,200       9,700        -3.20%
Other                             46,200      62,300      51,600      33,800       8,600      24,200       -14.14%
Total Current Liabilities        260,200     375,300     336,000     322,400     346,500     172,800         2.74%

Long-Term Debt                   313,000     270,000     370,000     370,000     368,000     368,000        2.64%
Deferred Income Taxes            118,700     123,000     154,000     189,000     230,300     253,700       14.30%
Other Deferred Credits            51,800      58,700      60,400      58,700      51,000      51,300        2.72%
Total LTD & Deferrals            483,500     451,700     584,400     617,700     649,300     673,000        5.98%

Total Liabilities                743,700     827,000     920,400     940,100     995,800     845,800         4.78%

Preferred Stock

Common Equity:
Common Stock                      139,000     139,700     170,900     171,900     173,300     173,900        4.63%
Retained Earnings                 190,600     201,000     213,700     227,100     242,200     260,800        6.10%
Total Common Equity               329,600     340,700     384,600     399,000     415,500     434,700        5.47%
Total Liabilities & Equity      1,073,300   1,167,700   1,305,000   1,339,100   1,411,300   1,280,500        4.98%
                                                                                                               Exhibit 1
                                                                                                             page 1 of 7
                                              Questar Gas Company
                                              Historical Income Statements
                                               Years Ended December 31

(Thousands of dollars)                                                                                        2005 to 2010
                                                                                                   2nd Qrtr Avg. Annual
Account Name                                  2006      2007         2008       2009       2010       2011 Pct. Change

Operating Sales and Revenues:
Revenues                                   242,800   245,300      263,400    293,300    310,700    181,200         5.09%
Commodity Pass Through                     821,800   687,200      736,900    626,600    592,200    398,500        -3.84%
Total Revenues                           1,064,600   932,500    1,000,300    919,900    902,900    579,700        -1.27%

Operating Expenses:
 Cost of Natural Gas Sold                 569,800    441,200     304,200     305,600    278,500    398,500      -10.47%
 Cost of Natural Gas Sold - Affiliates    252,000    246,000     432,700     321,000    313,700                   5.86%
 Operating and Maintenance                 73,200     73,400      87,100     106,400    114,400     61,800        9.15%
 General and Administrative                41,900     45,500      38,700      42,900     49,900     24,800        4.92%
 Depreciation and amortization             40,900     38,800      41,500      43,800     43,700     21,800       -0.95%
 Miscellaneous
 Taxes, other than income taxes            11,600     11,500      11,900      13,300     14,100      8,300         5.07%
Total Operating Expenses                  989,400    856,400     916,100     833,000    814,300    515,200        -1.76%
Earnings From Operations                   75,200     76,100      84,200      86,900     88,600     64,500         4.11%

 Interest expense (net)                    22,600     23,800      25,200      28,500     26,200     13,100        5.38%
 Interest and Other Income                 (6,600)    (7,400)     (5,200)     (7,600)    (6,700)    (2,900)       6.19%
 Loss (Gain) on Sale of Assets                300
 Other Income (Expense)
Total Other Income/Expense                 16,300     16,400      20,000      20,900     19,500     10,200        5.11%

Earnings Before Taxes                      58,900     59,700      64,200      66,000     69,100     54,300        3.83%
Extraordinary Items
Income Taxes                               21,900     22,300      24,000      24,400     25,200     20,500        3.44%
Net Income                                 37,000     37,400      40,200      41,600     43,900     33,800        4.06%

Preferred Stock Dividends
Common Stock Dividends                     26,500     27,000      27,500      28,200     28,800     15,200        1.92%
                                                                                                     Exhibit 1
                                                                                                   page 4 of 7
                                        Questar Gas Company
                                         Historical Financial Ratios
                                         Years Ended December 31


                                                                                           2nd Qrtr 2005 to 2010
Ratio Group And Name                    2006      2007        2008        2009      2010      2011      Average


Short-term Liquidity Ratios:
Current                                 0.84      0.61        0.85        0.87      0.84       0.79        0.83
Quick                                   0.60      0.42        0.52        0.54      0.51       0.39        0.54
Days Revenues Receivable               61.64     55.91       61.87       64.91     66.34      56.88       63.25

Long-term Solvency Ratios:
Net Worth/Total Debt                    0.44      0.41        0.42        0.42      0.42       0.51        0.42
Net Worth/Non Current Debt              0.68      0.75        0.66        0.65      0.64       0.65        0.67
Net Worth/Fixed Assets                  0.40      0.37        0.39        0.39      0.38       0.39        0.39
Times Interest Earned                   3.61      3.51        3.55        3.32      3.64       5.15        3.58

Profitability Ratios:
Gross Margin                         22.81%    26.31%      26.33%      31.88%    34.41%     31.26%      27.82%
Net Margin                            3.48%     4.01%       4.02%       4.52%     4.86%      5.83%       4.10%
Return On Total Assets                4.70%     4.67%       4.53%       4.51%     4.46%      3.20%       4.57%
Return On Total Capital               7.98%     8.35%       8.20%       7.82%     7.87%      5.34%       8.02%
Return On Common Equity              11.42%    11.16%      11.09%      10.62%    10.97%      8.11%      11.10%

Asset-utilization Ratios:
Sales/Cash                            312.84    242.21      377.47      219.02    151.75     246.68     277.33
Sales/Accounts Receivable               6.22      6.10        6.11        5.39      5.34       4.87       5.84
Sales/Working Capital                 -53.88     -9.82      -10.00      -19.29    -16.92     -14.55     -24.85
Sales/Fixed Assets                      1.34      1.08        1.05        0.91      0.85       0.52       1.08
Sales/Total Assets                      0.98      0.83        0.81        0.70      0.66       0.43       0.81

Other Financial Indicators:
Bond Rating - Standard & Poors            A-        A-          A-      BBB+           A          A
Bond Rating - Moody's                               A2          A3          A3        A3         A3
Outlook                                                     Stable      Stable    Stable     Stable
EBIT / Interest > 3.0                   3.61      3.51        3.55        3.32      3.64       5.15
Debt / Book Capitalization < 60.0%   49.74%    50.16%      54.37%      53.39%    55.66%     48.66%
Retained Cash Flow / Debt > 10.0%    46.20%    25.52%       5.50%      19.93%     7.76%     38.35%
Simple Return on Equity > 10.0%      11.23%    10.98%      10.45%      10.43%    10.57%      7.78%
Estimated Interest Rate               6.22%     7.11%       6.29%       6.23%     5.35%      2.81%

Capital Structure (Regulatory):
Long-Term Debt                        49.49%    47.88%     49.03%       48.11%    47.10%    45.98%     48.67%
Common Equity                         50.51%    52.12%     50.97%       51.89%    52.90%    54.02%     51.33%
                                     100.00%   100.00%    100.00%      100.00%   100.00%   100.00%    100.00%

Capital Structure:
Short-Term Debt                        1.98%    10.03%     10.48%       10.16%    16.36%     5.18%      9.96%
Long-Term Debt                        48.51%    43.08%     43.90%       43.22%    39.40%    43.60%     43.84%
Common Stock                          49.50%    46.89%     45.63%       46.61%    44.24%    51.22%     46.19%
                                     100.00%   100.00%    100.00%      100.00%   100.00%   100.00%    100.00%

Total Revenue Growth                  10.6%     -12.4%       7.3%       -8.0%     -1.8%     -35.8%
Purchased Gas                         69.3%      64.2%      41.3%       48.8%     47.0%     100.0%
Wexpro Gas                            30.7%      35.8%      58.7%       51.2%     53.0%       0.0%
Gross Margin                          22.8%      26.3%      26.3%       31.9%     34.4%      31.3%
Net Income Growth                      2.8%       1.1%       7.5%        3.5%      5.5%     -23.0%
                                                                                                          Exhibit 1
age 2 of 7                                                                                              page 7 of 7
                                              Questar Gas Company
                                                      Common Size
                                                Historical Balance Sheets


                                                                                              2nd Qrtr 2005 to 2010
             Account Name                      2006      2007      2008       2009     2010      2011 Wt. Average

             Current Assets:
             Cash & Equivalents               0.34%    0.35%      0.09%      0.54%    0.33%     0.00%       0.32%     0.3028%
             Accounts Receivable, net        14.25%   13.10%     13.38%     12.46%   12.14%     5.22%      13.62%
             Gas Stored Underground
             Material and Supplies            5.40%     4.47%     5.81%     0.90%    0.56%      0.80%        3.65%
             Income Tax Receivable                                0.54%
             Purchased-Gas Adjustment
             Regulatory Assets                                    1.58%      3.23%    3.73%     2.58%
             Other Current Assets             0.35%    1.53%      0.36%      0.52%    0.30%     0.59%       1.16%
             Total Current Assets            20.34%   19.46%     21.76%     20.83%   20.68%    10.66%      21.69%

             Plant & Equipment:
             Plant in Service                129.23% 128.95% 124.36% 125.58% 124.88% 144.95%              125.95%
             Construction Work in Progress     2.90%   2.87%   1.83%   3.01%                                2.74%
             Other PP&E
             Total Plant & Equipment:        132.13% 131.81% 126.19% 128.59% 128.79% 144.95%              128.69%

             Accumulated Dep & Amort         55.72%   53.98%     50.37%     51.56%   51.11%    57.39%      52.86%

             Net Plant & Equipment           76.41%   77.84%     75.82%     77.03%   77.68%    87.56%      75.83%

             Other Assets:
             Regulatory Assets                 2.14%   1.64%   1.39%   1.19%   1.06%   1.16%                1.53%
             Goodwill                          0.52%   0.48%   0.43%   0.42%   0.40%   0.44%                0.45%
             Other Non-Current Assets          0.59%   0.59%   0.60%   0.52%   0.18%   0.19%                0.50%
             Total Other Assets                3.25%   2.71%   2.41%   2.14%   1.64%   1.78%                2.48%
             Total Non-Current Assets         79.66%  80.54%  78.24%  79.17%  79.32%  89.34%               78.31%
             Total Assets                    100.00% 100.00% 100.00% 100.00% 100.00% 100.00%              100.00%

             Current Liabilities:
             Notes Payable to Questar         1.23%    6.24%      6.77%     6.50%    10.88%     3.44%        6.65%
             Current Portion, LTD             0.93%    3.68%
             Acounts Payable                 11.81%   11.17%      8.56%      9.27%    7.26%     4.43%      10.05%
             Acounts Payable, Affiliates      3.04%    2.79%      3.79%      3.52%    3.80%     2.83%       3.28%
             Customer-credit Balances         2.93%    2.92%      2.67%      2.26%    1.86%     0.76%       2.54%
             Other                            4.30%    5.34%      3.95%      2.52%    0.61%     1.89%       2.98%
             Total Current Liabilities       24.24%   32.14%     25.75%     24.08%   24.55%    13.49%      26.25%

             Long-Term Debt                  29.16%   23.12%     28.35%     27.63%   26.08%    28.74%      27.21%
             Deferred Income Taxes           11.06%   10.53%     11.80%     14.11%   16.32%    19.81%      12.60%
             Other Deferred Credits           4.83%    5.03%      4.63%      4.38%    3.61%     4.01%       4.39%
             Total LTD & Deferrals           45.05%   38.68%     44.78%     46.13%   46.01%    52.56%      44.20%

             Total Liabilities               69.29%   70.82%     70.53%     70.20%   70.56%    66.05%      70.45%

             Preferred Stock

             Common Equity:
             Common Stock                     12.95%  11.96%  13.10%  12.84%  12.28%  13.58%               12.60%
             Retained Earnings                17.76%  17.21%  16.38%  16.96%  17.16%  20.37%               16.95%
             Total Common Equity              30.71%  29.18%  29.47%  29.80%  29.44%  33.95%               29.55%
             Total Liabilities & Equity      100.00% 100.00% 100.00% 100.00% 100.00% 100.00%              100.00%
                                                                                                                     Exhibit 1
age 1 of 7                                                                                                         page 6 of 7
                                                       Questar Gas Company
                                                                Common Size
                                                        Historical Income Statements


                                                                                                         2nd Qrtr 2005 to 2010
             Account Name                                2006     2007      2008         2009     2010      2011      Average

             Operating Revenues:
             Revenues                                  22.81%  26.31%  26.33%  31.88%  34.41%  31.26%                 27.63%
             Commodity Pass Through                    77.19%  73.69%  73.67%  68.12%  65.59%  68.74%                 72.37%
             Total Revenues                           100.00% 100.00% 100.00% 100.00% 100.00% 100.00%                100.00%

             Operating Expenses:
              Cost of Natural Gas Sold                53.52%    47.31%    30.41%       33.22%   30.85%    68.74%      41.22%     70.16%   74.82%
              Cost of Natural Gas Sold - Affiliates   23.67%    26.38%    43.26%       34.90%   34.74%     0.00%      31.15%
              Operating and Maintenance                6.88%     7.87%     8.71%       11.57%   12.67%    10.66%       9.14%
              General and Administrative               3.94%     4.88%     3.87%        4.66%    5.53%     4.28%       4.46%
              Depreciation and amortization            3.84%     4.16%     4.15%        4.76%    4.84%     3.76%       4.40%
              Miscellaneous
              Taxes, other than income taxes           1.09%     1.23%     1.19%        1.45%    1.56%     1.43%       1.27%
             Total Operating Expenses                 92.94%    91.84%    91.58%       90.55%   90.19%    88.87%      91.64%
             Earnings From Operations                  7.06%     8.16%     8.42%        9.45%    9.81%    11.13%       8.36%

              Interest expense (net)                    2.12%     2.55%    2.52%        3.10%    2.90%     2.26%        2.53%
              Interest and Other Income                -0.62%    -0.79%   -0.52%       -0.83%   -0.74%    -0.50%       -0.67%
              Loss (Gain) on Sale of Assets             0.03%
              Other Income (Expense)
             Total Other Income/Expense                1.53%     1.76%     2.00%       2.27%    2.16%      1.76%        1.87%

             Earnings Before Taxes                     5.53%     6.40%     6.42%       7.17%    7.65%      9.37%        6.49%
             Extraordinary Items
             Income Taxes                              2.06%     2.39%     2.40%       2.65%    2.79%      3.54%        2.41%
             Net Income                                3.48%     4.01%     4.02%       4.52%    4.86%      5.83%        4.08%

             Preferred Stock Dividends
             Common Stock Dividends                   71.62%    72.19%    68.41%       67.79%   65.60%    44.97%      69.47%
                                                                                                               Exhibit 1
age 4 of 7                                                                                                   page 5 of 7
                                                   Questar Gas Company
                                                     Supplemental Information
                                                     Years Ended December 31


                                                                                                  2nd Qrtr 2005 to 2010
                                                     2006     2007       2008    2009     2010       2011      Average
             Revenue Dollars
              Residential & Commercial Sales        988.4    876.6      926.7   874.0    833.0      542.9         894.4
              Industrial Sales                       23.5      9.9       12.0     8.3     26.7       14.5          20.1
              Transportation for Industrial           6.7      9.9        9.9    11.2      9.7        5.3           8.9
              Service                                 7.1      5.9        5.6     5.4      4.8        3.0           5.9
              Other                                  38.9     30.2       46.1    21.0     28.7       14.0          34.5
                Total Revenue                     1,064.6    932.5    1,000.3   919.9    902.9      579.7         963.8

             Annual Revenue Growth                10.61%    -12.41%    7.27%    -8.04%   -1.85%                   3.59%

             Revenue Percent
              Residential & Commercial Sales       92.84%  94.01%  92.64%  95.01%  92.26%  93.65%               92.82%
              Industrial Sales                      2.21%   1.06%   1.20%   0.90%   2.96%   2.50%                2.08%
              Transportation for Industrial         0.63%   1.06%   0.99%   1.22%   1.07%   0.91%                0.93%
              Service                               0.67%   0.63%   0.56%   0.59%   0.53%   0.52%                0.61%
              Other                                 3.65%   3.24%   4.61%   2.28%   3.18%   2.42%                3.56%
                Total Revenue                     100.00% 100.00% 100.00% 100.00% 100.00% 100.00%              100.00%


                                                        Operating Statistics
             Natural Gas Volumes (MMdth)
              Residential & Commercial Sales       102.2     106.1     112.3    109.4    105.8       68.2         105.4
              Industrial Sales                       3.1       1.6       1.7      1.3      4.5        2.3           3.0
              Transportation for Industrial         35.5      53.8      62.2     58.0     59.3       25.3          50.0
                Total Deliveries                   140.8     161.5     176.2    168.7    169.6       95.8         158.3

             Natural Gas Volumes (Percent)
              Residential & Commercial Sales       72.59%  65.70%  63.73%  64.85%  62.38%  71.19%               66.92%
              Industrial Sales                      2.20%   0.99%   0.96%   0.77%   2.65%   2.40%                1.98%
              Transportation for Industrial        25.21%  33.31%  35.30%  34.38%  34.96%  26.41%               31.10%
                Total Deliveries                  100.00% 100.00% 100.00% 100.00% 100.00% 100.00%              100.00%


             Natural Gas Revenue (per dth)
              Residential & Commercial Sales         9.67      8.26      8.25     7.99     7.88       7.96         8.51
              Industrial Sales                       7.64      6.18      6.99     6.50     5.89       6.09         6.71
              Transportation for Industrial          0.19      0.18      0.16     0.19     0.16       0.21         0.18

              System Natural Gas Cost (per dth)      6.54      5.93      6.14     5.01     5.34       6.05         5.90

             Colder (Warmer) than normal Temp     (2.00%)    2.00%     8.00%    5.00%    1.00%      4.00%         1.83%
             Temp Adjusted Usage / Cust (dth)       113.6    110.8     109.9    109.0    106.9       50.0         110.6

             Customers (Thousands)                 850.5     873.6     888.6    898.6    909.6      913.6         874.2
              Percentage Change                    3.17%     2.72%     1.72%    1.13%    1.22%      0.44%         2.29%


             Gross Margin - Residential             3.13      2.33       2.11    2.98     2.54       1.91          2.54
             Gross Margin - Industrial              1.10      0.25       0.85    1.49     0.55       0.04          0.78
               Spread between Segments              2.03      2.08       1.26    1.49     1.99       1.87          1.76
$23,875
 77.19%    73.69%   73.67%   68.12%   65.59%   72.37%




($4,357)
                                                                                                                            Exhibit 1
                                                                                                                           page 3 of 7
                                                      Questar Gas Company
                                                  Historical Cash Flow Statements
                                                     Years Ended December 31
                                                                                                                            2005 to 2010
(Thousands of dollars)                                                                                       2nd Qrtr Avg. Annual
                                                            2006       2007       2008       2009       2010    2011 Pct. Change

Total Revenues
Cash flows from operating activities:
 Net income                                             37,000       37,400     40,200     41,600    43,900      33,800          4.06%
 Adjustments to reconcile net income
    Depreciation and amortization                       44,800       42,700     45,200     47,800    48,000      24,000        -0.85%
    Deferred income taxes and investment tax credits - net
                                                       (15,200)       4,000     30,300     34,100    43,600      20,400        63.78%
    (Gain) Loss on sale of assets                          300
    Cumulative Affect of Accounting Chng and Other         700         700       1,200      1,000     1,400
 Changes in:
   Accounts receivable                                  36,600                 (21,600)     7,700     (4,400)                 -39.23%
   Inventories                                           6,200        8,000    (23,600)    21,200      3,400
   Accounts payable and accrued expenses               (27,300)      10,300      4,300      7,300    (21,600)
   Rate-refund obligation
   Purchased-gas adjustments                            81,700       16,200    (12,300)   (23,700)
   Other Assets and Liabilities                         12,400       (4,800)   (11,000)   (17,700)    (8,000)    95,000
   Regulatory Assets, Liabilities & Other                                                            (37,000)

Net cash provided by operating activities                177,200    114,500     52,700    119,300    69,300     173,200          2.19%

Cash flows from investing activities:
  Capital expenditures                                   (86,700) (135,900) (126,300)     (82,600) (108,600)     (55,200)        9.85%
  Proceeds from sales of assets                              600    (2,800)   (3,100)      (1,300)   (1,000)
  Other                                                        0     2,000       500          100                   (800)

Net cash used in investing activities                    (86,100) (136,700) (128,900)     (83,800) (109,600)     (56,000)      10.25%

Cash flows from financing activities:
  Issuance of Common Stock                                                      30,000
  Proceeds from long-term debt                                                 148,400
  Long-term debt repaid                                             (10,000)   (93,000)
  Change in note payable to Questar                      (64,200)    59,700     15,400     (1,300)    66,600 (109,600)
  Dividends paid                                         (26,500)   (27,000)   (27,500)   (28,200)   (28,800) (15,200)           2.07%
  Other                                                        0                                                2,900

Net cash provided by (used in) financing activities      (90,700)    22,700     73,300    (29,500)   37,800     (121,900)

Change in cash and cash equivalents                         400        500      (2,900)     6,000     (2,500)     (4,700)

Cash and cash equivalents at beginning of period           3,206      3,606      4,106      1,206     7,206        4,700       27.59%

Cash and cash equivalents at end of period                 3,606      4,106      1,206      7,206     4,700            0         7.95%
                                                                                                                                  Exhibit 1
page 3 of 7                                                                                                                     page 8 of 8
                                                                    Questar Gas Company
                                                               Cash Flow as a Percent of Revenues
                                                                   Years Ended December 31

                                                                                                                                    2005 to 2010
                                                                         2005       2006      2007      2008      2009      2010        Average

              Total Revenues                                          962,547   1,064,600   932,500 1,000,300   919,900   902,900     940,673
              Cash flows from operating activities:
               Net income                                               3.74%      3.48%     4.01%     4.02%     4.52%     4.86%         3.98%
               Adjustments to reconcile net income
                  Depreciation and amortization                         5.20%      4.21%     4.58%     4.52%     5.20%     5.32%         4.95%
                  Deferred income taxes and investment tax credits - net0.38%     -1.43%     0.43%     3.03%     3.71%     4.83%         1.72%
                  (Gain) Loss on sale of assets                                    0.03%                                                 0.03%
                  Cumulative Affect of Accounting Chng and Other                   0.07%     0.08%     0.12%     0.11%     0.16%         0.09%
               Changes in:
                 Accounts receivable                                   -5.52%      3.44%               -2.16%    0.84%                  -0.83%
                 Inventories                                           -1.48%      0.58%     0.86%     -2.36%    2.30%                  -0.49%
                 Accounts payable and accrued expenses                  5.42%     -2.56%     1.10%      0.43%    0.79%                   1.74%
                 Rate-refund obligation                                -2.14%                           0.00%    0.00%                  -0.68%
                 Purchased-gas adjustments                             -0.42%      7.67%      1.74%    -1.23%   -2.58%                   0.10%
                 Other Assets and Liabilities                           1.26%      1.16%     -0.51%    -1.10%   -1.92%     -0.89%       -0.29%
                 Regulatory Assets, Liabilities & Other

              Net cash provided by operating activities                 6.46%     16.64%    12.28%     5.27%    12.97%     7.68%       10.63%

              Cash flows from investing activities:
                Capital expenditures                                   -7.05%     -8.14%    -14.57%   -12.63%   -8.98%    -12.03%     -10.24%
                Proceeds from sales of assets                           0.06%      0.06%     -0.30%    -0.31%   -0.14%     -0.11%      -0.18%
                Other                                                                         0.21%     0.05%    0.01%      0.00%       0.09%

              Net cash used in investing activities                    -6.99%     -8.09%    -14.66%   -12.89%   -9.11%    -12.14%     -10.37%

              Cash flows from financing activities:
                Issuance of Common Stock                                                               3.00%                            3.00%
                Proceeds from long-term debt                            5.19%                         14.84%                           10.02%
                Long-term debt repaid                                                        -1.07%   -9.30%                           -4.20%
                Change in note payable to Questar                      -1.85%     -6.03%      6.40%    1.54%    -0.14%      7.38%       0.93%
                Dividends paid                                         -2.70%     -2.49%     -2.90%   -2.75%    -3.07%     -3.19%      -2.87%
                Other                                                                                                       0.00%

              Net cash provided by (used in) financing activities       0.64%     -8.52%     2.43%     7.33%    -3.21%     4.19%        -0.20%

              Change in cash and cash equivalents                       0.11%      0.04%     0.05%     -0.29%    0.65%     -0.28%        0.05%

              Cash and cash equivalents at beginning of period          0.22%      0.30%     0.39%     0.41%     0.13%     0.80%         0.33%

              Cash and cash equivalents at end of period                0.33%      0.34%     0.44%     0.12%     0.78%     0.52%         0.38%
page 8 of 8




2005 to 2010

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:10
posted:2/24/2012
language:
pages:13