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Show The Summit County Bee Page A8 August 24, 2001 Questar Reports 22 Increase in Recurring Earnings Per Share For Second Quarter 2001 Subscribe To The Summit County Bee Human Resource Tech - Summit County is currently recruiting for a less than 20 hours Human Resource Tech 1. Performs a variety of entry level technical clerical and secretarial duties as needed to expedite the record keeping maintenance and operational functions of the Human clerical and adminisResource Office. Includes trative support functions of the office. Minimum qualifications: Graduation from high school, or GED with course background in general office practice, and one (1) year of experience performing above or related duties. Salary range: $8.73 - $12.19hr. Summit County is a drug free and random drug workplace conducting a submit must completed Summit testing. Applicant County application. For an application and a copy of a 'complete job description, please contact Personnel at or you may access our web site at www.co.sum-mitutu- s. Please send completed application to: Summit County Personnel, P.O. Box 128, Coalville, Utah 84017. Summit County is an E.O.E. Closing Date: September 7, 2001 at 5:00 p.m. . 1- 63 Year-To-Ye- ar Improvement for Exploration and Production Questar Ciirp. (NYSEiSTR) reported net income of $26.9 million. or $.33 per diluted share, in the second quarter of 2001, slightly quarterly exceeding the net income that included $4.6 million from the sale of securities. Excluding the nonrecurring gains from securities sales, the quarterly comparison was $.33 per share in the 2001 quarter versus $.27 per share for the period - a 22 percent improvement Questar 's nonregulatcd Market Resources group, which includes oil and gas and production, exploration increased quarterly income by $5.8 million, or $.07 per share. Questar's other primary businesses - interstate gas transmission and retail gas distribution - achieved 15' higher combined earnings duryear-earli- year-earli- er ar year-to-ye- ing the current-yea- r period. Inw the first six months of 2001, Questar earned $9 .7 million, or $ 1 . 1 I 2 per diluted share, compared with $76.4 million, or $.95 per share, a year earlier. Recurring earnings per share for the current-yea- r period were S . 12, 37' higher than for the first six months of 2000. There was ah average 81.6 million shares outstanding during the 2001 period compared with 80.6 million in the first half of 2000. R.D. Cash, Questar chairman and chief executive officer, said second earnings quarter and demonstrate that the company's strategies are on track." "We intend to drive shareholder value by consistently delivering 1 year-to-da- yearly double-digi- t earnings growth. The second quarter of 2001 represented the sixth straight quarter in which we have delivered at least a 1091 increase in recursaid. Our excelhe ring earnings," lent exploration and production results were enhanced by a 15 year-to-ye- ar earnings improvement from our regulated businesses, which provide consistently strong year-to-ye- ar cash flows and earnings for our enterprise," he said. Cash said a key factor in Questar's earnings performance - natural gas and oil production - will be impacted positively by the companys announced purchase of Shenandoah Energy Inc. (SEI). Cash said the $406 million acquisition, which will close July 31, will immediately increase Questar's production by approximately 63 million cubic feet of gas per day. Through the acquisition, Questar received 415' billion cubic feet equivalent (Bcfe) of proved reserves with an acquisition cost of $.52 per thousand cubic feet equivalent (Mete), as well as 198 Bcfe of probable reserves, 331 Bcfe of possible reserves, 100 million cubic feet per day of processing capacity, 90 miles of gathering lines, 1 14,000 acres of undeveloped lease--, hold acreage, and four drilling rigs. SECOND-QUARTE- R RESULTS Questar Market Resources had net income of $23 million in second-quart2001 compared with $17.2 million in the prior-yea- r period. Questar Exploration and Production (QEP), which operates in the Rocky Mountains, Midcontinent and western Canada, increased its net income by $6 million to $15.6 million. The average selling price of natural gas was $3.31 per thousand cubic feet (Mcf). net to the wellhead, 33 higher than for the 2000 quarter. Gas production declined 10 percent to 15.8 billion cubic feet (Bcf) due to a property sale in the fourth quarter of 2000 and normal reserve depletion. Average selling price for oil and natural gas liquids rose 3 to $20.36 per barrel, while production dropped 7 percent to 522,000 barrels. QEP's reserves increased 8 percent after production to 792 Bcfe in the six months ended June 30, 2001 . The increase does not include reserves acquired in the Shenandoah Energy purchase. Bolstered by higher drilling activity and related investment, Wexpro earned $6.5 million during the 2001 quarter, a $500,000 improvement. Other Market Resources activities -gas gathering and energy trading earned $700, 00Q less in 2001 due to lower margins from gas processing and other factors. high-quali- ty er Services Questar Regulated which includes retail gas distribution and interstate transmission and storage subsidiaries - increased its combined earnings from $3.9 million in the second quarter of 2000 to $4.5 million in the current-yea- r period. Questar Pipeline, an interstate and storage subsidiary, earned $6.9 million, slightly below the $7.1 million in the 2000 quarter. Total transportation volumes grew 19 percent, including a 33 percent increase for companies. The pipeline's earnings were hampered by $1 million in after-ta- x losses for the operating TransColorado Pipeline, in which a subsidiary has a 50 percent interest Questar Gas, a retail company, reduced its seasonal loss by $800,000 to $2.5 million in second-quart2001. The utility's results benefited from a 3.9 percent general rate increase fully implemented in August 2000, and from cost reductions associated with an early retirement program in October 2000. Questar Gass total deliveries increased 14 in second-quart2001 versus a year earlier, with a 24 percent increase in residential deliveries due to customer additions and greater heating demand. Industrial deliveries also rose 7 as the economy in the primary Utah market area remained healthy. Corporate and Other Operations recorded a $600,000 loss during second quarter 2001 versus net income of $5.1 million in the year-earliperiod' which included a $4.1 million after-ta- x gain from securities sales. Questar lost $2 million after taxes from its 82 interest in subConsonus, an Internet-servicsidiary. Adverse market conditions resulted in the occupancy of a data center that began operation in the first quarter of 2001. E RESULTS Questar's net income increased 20 percent in the first six months of 2001 to $91.7 million, or $1.12 a share. Earnings for the first six months of 2000 were $76.4 million, or $.95 a share, which included $10.1 million ($.13 per share) from stock sales. Excluding nonrecurring -- non-Quest- er er er earnings, Questar's net income was $66.3 million, or $.82 per share, for the comparable year ago period. Market Resources earned $57.0 million in the current-yea- r period, a 77 percent improvement. Questar Exploration and Production more titan doubled its earnings, from $ 18 million in the 2000 period to $39.3 million in 2001. Average natural gas selling price, net to the wellhead, was $3.74 per Mcf compared with $2.33 in the first six months of 2000. Natural gas ' production was 9 percent lower for the 2001 period at 31.6 Bcf. Regulated Services earned $36.1 e, million $4.3 million above the 2000 period. Questar Gass earnings rose $3.8 million to $21.2 million, primarily because of the impact of the August 2000 general rate increase, and cost savings from an early retirement program. Questar Pipeline had net income of $ 14.5 million, slightly higher than a year earlier. An increase in transportation revenues was offset by the TransColorado Pipeline operating losses. Corporate and Other operations lost $1.4 million for the first half of 2001 versus earnings of $12.4 million in the 2000 period, which included the $9.6 million gain from stock sales. year-to-ye- ar year-to-dat- TJliO'N Share our life. Share your decision! For fee bradwit about Orgut Donitioa'olll-MMSS-SHAlt- es k Emic E WERE FIGHTING FOR VCURUFE ENOUGH vn1. -- r;. '.-- j X M excellent advancement opportunity? Do you enjoy working d in a environment? Do you possess excellent people skills? fast-pase- you answered yes to these questions, this is a great opportunity for you! Zions Bank in Park City is looking for full and part time tellers to provide banking services to clients and expand their customer base through sucIf Zions Bank YEAR-TO-DAT- ffi m m & hour per week Library Clerk. Performs a variety of working level, technical duties in providing assistance to library patrons and coordinates the duties related to the circulation desk and processing of new materials. Works under the general supervision of the Library Director, may be supervised by other librarians. Minimum Qualifications: Graduation from high school, plus one (1) year of specialized training leading to a library technician certification or an associate degree; and two on-du- v, mm ty (2) years of progressively responsible experience performing above or related duties: or an equivalent to combination of education and experience. Salary Range: $8.73 - $12. 19hr. Summit County is a drug free workplace conducting preemployment and random drug testing. Applicant must submit a completed Summit County application. For an application and copy of a complete job description, please contact Personnel at or you may access our web site at www.co.sum-mit.ut.u- s. Please send completed application to: Summit County Personnel, P.O. Box 128, Coalville, Utah 84017. Summit County is an F..O.E. Employer. ? : isfSpS 1 r; I v 1 I , 0 vekome ta GreenerHillawhere you can live oirtyourdwama ; amid die breathtaking beauty of Utahs Heber Valley. Here, the J ; ;; 1 , beyond words, and peace and scenery ismagical, the setting goes ' & xYou Kk can breathe command. ' Natures Mother are truqoility t deeply igosinBDgeentember702j00nMMB(M i" a carrer with m. i & Are you interested in slower-than-expect- ed 435-336-32- 65 ISN'T 435-336-32- 65 Coalition on Donation ibrary Clerk - Summit County is currently recruiting for a 30 American Heart Association ay cessful selling techniques. The ideal candidate will possess superior customer service and cash handling skills. Will be professional In manner and apperance and have excellent communication skills and sales ability. Applicants being considered will need to successfully pass the Zions Bank Teller Test. Applicants or may apply may fax their resumes to (801)524-495- 3 In person at: Park City Office; 1100 Snow Creek Drive; ' Park City Ut 84060 &Tissue Organ D O N' A er day-to-d- In plenty of fresh, 'dean' airland stfetk'W:aVt pip '' to. ft JOE PR05ST REPUBLIC MORTGAGE 4-- TS,' v South main Heber City, Utah LouGahrig Big. strong, seemingly indestructible. Then ALS sapped his strength and stole his life. Tough an t enough to win ' j;tr this tight. MDA is i 'V , v v ' ,v ; A working to find Orntacrw li-sir- load Realtor. W treatments and a cure for ALS. Be part of our team. 9 Muecuiar Dystrophy Association www.mdausa.org People Help MDA... 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