SALT LAKE CITY — Questar Corp. and spinoff QEP Resources successfully split into two separate entities Thursday, with the aim of attracting new investors.
The 81-year-old utility corporation, Questar, will remain headquartered in Utah and will continue delivering natural gas to customers. It will include Wexpro Co., Questar Pipeline Co. and Questar Gas Co.
The spinoff, QEP Resources, will continue exploration for new sources of natural gas in Utah and Wyoming. The corporation has exclusive drilling rights in both states. Its headquarters will be in Denver, but many employees currently working in Utah will remain, said Questar spokesman Chad Jones.
QEP will include QEP Energy Co., formerly Questar Exploration and Production; QEP Field Services, formerly Questar Gas Management; and QEP Marketing Co., formerly Questar Energy Trading.
Effective at 11:59 p.m. Wednesday, all Questar shareholders received one share of Questar stock and one share of QEP Resources stock for every share of Questar stock they held before the spinoff.
Keith O. Rattie has served as Questar's chairman, president and chief executive officer for most of the past decade. He will remain as chairman of both Questar and QEP Resources, the company announced. Charles B. Stanley will serve as president and CEO of QEP, while Ronald W. Jibson will serve as president and CEO of Questar.
— Rebecca Palmer