Questar Corp., parent company of Mountain Fuel Supply and other subsidiaries, reported income of $35.12 million or 88 cents per share for the first quarter, up from $30.15 million or 76 cents per share for the same period last year.
(When a one-time tax charge is included, income for the first quarter last year was $39.45 million or 99 cents per share.)A Questar spokesman said factors in this year's earnings growth included a 35 percent increase in gas production, a 9 percent rise in gas prices, a 14 percent increase in gas-distribution deliveries and 3 percent growth in gas put through the interstate transmission system.
Questar shareholders are reaping the benefit, said R.D. Cash, chairman.
"Since 1989, we have invested about $500 million to expand our gas distribution and transmission system, as well as to add to our natural gas reserves. This positioned us to take advantage of higher gas demand and prices in the first quarter."
Cash said that in the first quarter, temperatures in the company's distribution area were 7 percent colder than normal and 15 percent colder than the same period last year.