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| STR > SEC Filings for STR > Form 10-Q on 31-Oct-2008 | All Recent SEC Filings |
31-Oct-2008
Quarterly Report
The following information updates the discussion of Questar's financial condition provided in its 2007 Form 10-K filing, and analyzes the changes in the results of operations between the three- and nine-month periods ended September 30, 2008 and 2007. For definitions of commonly used gas and oil terms found in this report on Form 10-Q, please refer to the "Glossary of Commonly Used Terms" provided in Questar's 2007 Form 10-K.
RESULTS OF OPERATIONS
Following are comparisons of net income (loss) by line of business:
3 Months Ended Sept. 30, 9 Months Ended Sept. 30,
2008 2007 Change 2008 2007 Change
(in millions, except per share amounts)
Exploration and Production
Questar E&P $146.8 $ 76.4 $70.4 $360.1 $220.3 $139.8
Wexpro 20.4 14.8 5.6 55.4 43.4 12.0
Midstream Field Services -- Gas
Management 24.5 13.3 11.2 64.7 40.6 24.1
Energy Marketing - Energy Trading
and other 5.9 4.2 1.7 18.8 16.0 2.8
Market Resources Total 197.6 108.7 88.9 499.0 320.3 178.7
Interstate Gas Transportation -
Questar Pipeline 15.4 12.0 3.4 44.0 33.2 10.8
Retail Gas Distribution - Questar
Gas (8.8) (8.5) (0.3) 19.8 19.5 0.3
Corporate 1.1 (1.1) (0.2) 3.6 (3.8)
Net Income $204.2 $113.3 $90.9 $562.6 $376.6 $186.0
Earnings per diluted share $ 1.16 $ 0.64 $0.52 $ 3.19 $ 2.14 $ 1.05
Average diluted shares 176.1 175.9 0.2 176.2 175.8 0.4
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EXPLORATION AND PRODUCTION
Questar E&P
Following is a summary of Questar E&P financial and operating results:
Questar 2008 Form 10-Q
12
3 Months Ended Sept. 30, 9 Months Ended Sept. 30,
2008 2007 Change 2008 2007 Change
(in millions)
Operating Income
REVENUES
Natural gas sales $308.4 $188.9 $119.5 $832.8 $583.9 $248.9
Oil and NGL sales 71.2 43.1 28.1 193.0 114.2 78.8
Other 1.4 1.2 0.2 4.3 3.9 0.4
Total Revenues 381.0 233.2 147.8 1,030.1 702.0 328.1
OPERATING EXPENSES
Operating and maintenance 32.3 22.3 10.0 90.5 65.0 25.5
General and administrative 11.5 14.9 (3.4) 41.8 42.9 (1.1)
Production and other taxes 27.6 11.9 15.7 86.6 42.7 43.9
Depreciation, depletion and
amortization 84.4 59.3 25.1 232.6 179.0 53.6
Exploration 7.4 1.6 5.8 14.7 6.7 8.0
Abandonment and impairment 4.1 2.3 1.8 10.3 6.4 3.9
Natural gas purchases 0.6 (0.6) 0.5 2.0 (1.5)
Total Operating Expenses 167.3 112.9 54.4 477.0 344.7 132.3
Net gain (loss) from asset sales 58.7 (0.3) 59.0 58.1 (0.3) 58.4
Operating Income $272.4 $120.0 $152.4 $611.2 $357.0 $254.2
Operating Statistics
Production volumes
Natural gas (Bcf) 40.4 29.2 11.2 111.0 91.0 20.0
Oil and NGL (MMbbl) 0.8 0.8 2.4 2.2 0.2
Total production (Bcfe) 45.3 33.9 11.4 125.4 104.3 21.1
Average daily production (MMcfe) 492.1 368.6 123.5 457.6 382.2 75.4
Average realized price, net to the
well (including hedges)
Natural gas (per Mcf) $7.64 $6.47 $1.17 $7.50 $6.42 $1.08
Oil and NGL (per bbl) $87.34 $54.95 $32.39 $80.41 $51.51 $28.90
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Questar E&P reported net income of $146.8 million in the third quarter of 2008, up 92% from $76.4 million in the 2007 quarter. Net income for the first nine months of 2008 rose 63% to $360.1 million compared to $220.3 million a year earlier. Higher realized natural gas, crude oil and NGL prices and growing production more than offset an 18% increase in year-to-date average production costs.
Questar E&P production volumes totaled 45.3 Bcfe in the third quarter of 2008, a 34% increase compared to the year-earlier period. For the first nine months of 2008 production volumes increased to 125.4 Bcfe, a 20% increase compared to the year-earlier period. Natural gas is Questar E&P's primary focus and comprised approximately 89% of 2008 production on an energy-equivalent basis. A comparison of natural gas-equivalent production by major operating area is shown in the following table:
3 Months Ended Sept. 30, 9 Months Ended Sept. 30,
2008 2007 Change 2008 2007 Change
(in Bcfe)
Pinedale Anticline 15.4 11.4 4.0 41.2 35.0 6.2
Uinta Basin 6.9 6.1 0.8 19.7 18.7 1.0
Rockies Legacy 5.1 3.8 1.3 15.0 13.2 1.8
Rocky Mountain Total 27.4 21.3 6.1 75.9 66.9 9.0
Midcontinent 17.9 12.6 5.3 49.5 37.4 12.1
Total Questar E&P 45.3 33.9 11.4 125.4 104.3 21.1
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Questar 2008 Form 10-Q
Questar E&P production from the Pinedale Anticline in western Wyoming grew 18% to 41.2 Bcfe in the first nine months of 2008 as a result of ongoing development drilling. Historically, Pinedale seasonal access restrictions imposed by the Bureau of Land Management have limited the ability to drill and complete wells during the mid-November to early May period.
In the Uinta Basin, year-to-date net production grew 5% to 19.7 Bcfe in 2008 as the Company completed and turned 39 new wells to sales in 2008. Third quarter production volumes were adversely impacted by connection of new, deep, high-pressure wells to the existing gathering infrastructure. Connection of the new deep wells resulted in high gathering-system pressure that negatively impacted production from existing shallower and lower producing-pressure Wasatch/Mesaverde wells. Gathering infrastructure improvements are underway to address the situation, but right-of-way permitting issues could delay installation until early 2009.
Rockies Legacy production for the first nine months of 2008 was 15.0 Bcfe, 1.8 Bcfe higher than the year-ago period. Increased production volumes were driven by new wells and the acquisition of additional interests in the Wamsutter area of the Green River Basin in Wyoming, and increased production from outside-operated oil wells in the Williston Basin in North Dakota. Questar E&P Rockies Legacy properties include all Rocky Mountain region properties except the Pinedale Anticline and the Uinta Basin.
Production in the Midcontinent was 49.5 Bcfe for the first nine months of 2008, a 32% increase over the 2007 period. Midcontinent production growth was driven by the first quarter 2008 acquisition of new natural gas development properties in northwest Louisiana, ongoing infill-development drilling in the Elm Grove field in northwest Louisiana, continued development of the Granite Wash/Atoka/Morrow play in the Texas Panhandle, and production from new outside-operated Woodford Shale horizontal gas wells in the Anadarko Basin in central Oklahoma.
Realized prices for natural gas, oil and NGL at Questar E&P were higher when compared to the prior year. In the first nine months of 2008, the weighted-average realized natural gas price for Questar E&P (including the impact of hedging) was $7.50 per Mcf compared to $6.42 per Mcf for the same period in 2007, a 17% increase. Realized oil and NGL prices in the first nine months of 2008 averaged $80.41 per bbl, compared with $51.51 per bbl during the prior year period, a 56% increase. A regional comparison of average realized prices, including hedges, is shown in the following table:
3 Months Ended Sept. 30, 9 Months Ended Sept. 30,
2008 2007 Change 2008 2007 Change
Natural gas (per Mcf)
Rocky Mountains $ 7.03 $ 5.86 $ 1.17 $ 6.91 $ 5.85 $ 1.06
Midcontinent 8.55 7.47 1.08 8.42 7.41 1.01
Volume-weighted average 7.64 6.47 1.17 7.50 6.42 1.08
Oil and NGL (per bbl)
Rocky Mountains $86.64 $54.89 $31.75 $81.46 $51.72 $29.74
Midcontinent 88.59 55.06 33.53 78.87 51.09 27.78
Volume-weighted average 87.34 54.95 32.39 80.41 51.51 28.90
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Questar may hedge up to 100% of forecasted production from proved reserves to lock in acceptable returns on invested capital and to protect cash flow and net income from a decline in commodity prices. Also, Questar E&P uses basis-only swaps to protect cash flows and net income from widening natural gas-price basis differentials that may result from capacity constraints on regional gas pipelines. Questar E&P hedged or pre-sold approximately 82% of gas production in the first nine months of 2008 and hedged or pre-sold 73% of gas production in the comparable 2007 period. Hedging decreased Questar E&P gas revenues by $12.6 million in the first nine months of 2008 and increased revenues $174.1 million for the same period in 2007. Approximately
51% of 2008 and 62% of 2007 Questar E&P oil production was hedged or pre-sold through the first nine months of each year. Oil hedges reduced oil revenues by $37.0 million in 2008 and $6.2 million in 2007. The mark-to-market effect of basis-only swaps is reported in the Consolidated Statements of Income after operating income. Derivative positions as of September 30, 2008, are summarized in Item 3 of Part I in this Quarterly Report on Form 10-Q.
Questar E&P production costs (the sum of depreciation, depletion and amortization expense, lease-operating expense, general and administrative expense, allocated interest expense and production taxes) per Mcfe of production increased 12% to $3.79 per Mcfe in the third quarter of 2008 versus $3.38 per Mcfe in 2007. Year-to-date production costs per Mcfe increased $0.60 or 18% in 2008 compared to the 2007 period. Questar E&P production costs are summarized in the following table:
3 Months Ended Sept. 30, 9 Months Ended Sept. 30,
2008 2007 Change 2008 2007 Change
Questar 2008 Form 10-Q 14 Lease operating expense 0.71 0.66 0.05 0.72 0.62 0.10 General and administrative expense 0.25 0.44 (0.19) 0.33 0.41 (0.08) Allocated interest expense 0.35 0.18 0.17 0.34 0.18 0.16 Production taxes 0.62 0.35 0.27 0.69 0.41 0.28 Total Production Costs $3.79 $3.38 $0.41 $3.94 $3.34 $0.60 |
Production volume-weighted average depreciation, depletion and amortization per Mcfe (DD&A rate) increased due to higher costs for drilling, completion and related services, increased cost of steel casing, other tubulars and wellhead equipment. The DD&A rate also increased due to the ongoing depletion of older, lower-cost reserves and the increasing component of Questar E&P production derived from recently acquired, higher-cost fields in the Midcontinent. Lease operating expense per Mcfe increased due to higher costs of materials and consumables, increased produced-water disposal costs and increased well-workover activity. General and administrative expense per Mcfe decreased as a result of increased production and lower expenses due primarily to reduced legal costs. Allocated interest expense per Mcfe of production increased primarily due to financing costs related to the first quarter 2008 acquisition of natural gas development properties in northwest Louisiana. Production taxes per Mcfe were higher due to higher natural gas and oil sales prices in the 2008 periods. Production taxes are based on a percentage of sales prices before the impact of hedges.
Questar E&P exploration expense increased $5.8 million or 363% in the third quarter of 2008 compared to 2007. Abandonment and impairment expense increased $1.8 million, or 78% in 2008 compared to 2007. For the first nine months of 2008, Questar E&P exploration expense increased $8.0 million or 119% compared to 2007. Abandonment and impairment expense increased $3.9 million, or 61% in 2008 compared to 2007.
In the third quarter of 2008, Questar E&P sold certain outside-operated producing properties and leaseholds in the Gulf Coast region of south Texas and recognized a pre-tax gain of approximately $58.7 million. These properties contributed 2.8 Bcfe to Questar E&P net production in the first nine months of 2008.
Major Questar E&P Operating Areas
Pinedale Anticline
As of September 30, 2008, Market Resources (including both Questar E&P and Wexpro) operated and had working interests in 312 producing wells on the Pinedale Anticline compared to 237 at September 30, 2007. Of the 312 producing wells, Questar E&P has working interests in 290 wells, overriding royalty interests in an additional 21 Wexpro-operated wells, and no interest in one well operated by Wexpro. Wexpro has working interests in 98 of the 312 producing wells.
In 2005, the Wyoming Oil and Gas Conservation Commission (WOGCC) approved 10-acre-density drilling for Lance Pool wells on about 12,700 acres of Market Resources 18,208-acre (gross) Pinedale leasehold. The area approved for increased density corresponds to the currently estimated productive limits of Market Resources core acreage in the field. At December 31, 2007, Questar E&P had booked 355 proved undeveloped locations on a combination of 10- and 20-acre density and reported estimated net proved reserves at Pinedale of 1,033.9 Bcfe, or 55% of Questar E&P total proved reserves. The Company continues to evaluate development on five-acre density at Pinedale. In January 2008, the WOGCC approved five-acre-density drilling for Lance Pool wells on about 4,200 gross acres of Market Resources Pinedale leasehold. If five-acre-density development is appropriate for a majority of its leasehold, the Company currently estimates up to 1,500 additional wells will be required to fully develop the Lance Pool on its acreage.
On September 12, 2008, the United States Bureau of Land Management issued a Record of Decision (ROD) on the Final Supplemental Environmental Impact Statement (FSEIS) for long-term development of natural gas resources in the Pinedale Anticline Project Area (PAPA). Under the FSEIS ROD, Questar E&P and Wexpro will be allowed to drill and complete wells year-round in one of the five Concentrated Development Areas in the PAPA. The ROD contains additional requirements and restrictions on development of the PAPA.
Uinta Basin
As of September 30, 2008, Questar E&P had an operating interest in 895 gross producing wells in the Uinta Basin of eastern Utah, compared to 846 at September 30, 2007. At December 31, 2007, Questar E&P had booked 123 proved undeveloped locations and reported estimated net proved reserves in the Uinta Basin of 301.2 Bcfe or 16% of Questar E&P total proved reserves. Uinta Basin proved reserves are found in a series of vertically stacked, laterally discontinuous reservoirs at depths of 5,000 feet to deeper than 18,000 feet. Questar E&P owns interests in over 250,000 gross leasehold acres in the Uinta Basin.
Rockies Legacy
The remainder of Questar E&P Rocky Mountain region leasehold interests, productive wells and proved reserves are distributed over a number of fields and properties managed as the company Rockies Legacy division. Most of the properties are located in
Questar 2008 Form 10-Q
the Greater Green River Basin of western Wyoming. In aggregate, Rockies Legacy properties comprised 158.6 Bcfe or 9% of Questar E&P total proved reserves at December 31, 2007. Exploration and development activity for 2008 includes wells in the San Juan, Paradox, Powder River, Green River, Vermillion and Williston Basins.
Midcontinent
Questar E&P Midcontinent properties are distributed over a large area, including the Anadarko Basin of Oklahoma and the Texas Panhandle, the Arkoma Basin of Oklahoma and western Arkansas, and the Ark-La-Tex region of Arkansas, Louisiana, and Texas. With the exception of northwest Louisiana and the Granite Wash play in the Texas Panhandle and the emerging Woodford Shale play in western Oklahoma, Questar E&P Midcontinent leasehold interests are fragmented, with no significant concentration of property interests. In aggregate, Midcontinent properties comprised 373.9 Bcfe or 20% of Questar E&P total proved reserves at December 31, 2007.
Questar E&P continues infill-development drilling in northwest Louisiana and as of September 30, 2008, had 13 operated rigs drilling in the project area. As of September 30, 2008, Questar E&P operated or had working interests in 463 producing wells in northwest Louisiana compared to 302 at September 30, 2007.
Wexpro
Wexpro reported net income of $20.4 million in the third quarter of 2008 compared to $14.8 million in the 2007 quarter, a 38% increase. For the first nine months of 2008, net income was $55.4 million compared to $43.4 million a year earlier. Wexpro results benefited from a higher average investment base compared to the prior-year period. Pursuant to the Wexpro Agreement, Wexpro recovers its costs and receives an unlevered after-tax return of approximately 19% to 20% on its investment in commercial wells and related facilities - adjusted for working capital and reduced for deferred income taxes and depreciation (investment base). The Wexpro investment base at September 30, 2008, was $374.9 million, an increase of $90.3 million or 32% since September 30, 2007.
MIDSTREAM FIELD SERVICES - Questar Gas Management
Following is a summary of Gas Management financial and operating results:
3 Months Ended Sept. 30, 9 Months Ended Sept. 30,
2008 2007 Change 2008 2007 Change
(in millions)
Operating Income
REVENUES
Gathering $41.7 $26.7 $15.0 $112.5 $83.1 $29.4
Processing 38.2 21.4 16.8 114.0 66.8 47.2
Total Revenues 79.9 48.1 31.8 226.5 149.9 76.6
OPERATING EXPENSES
Operating and maintenance 24.8 18.6 6.2 76.1 61.8 14.3
General and administrative 4.6 4.2 0.4 15.3 11.4 3.9
Production and other taxes 0.9 0.2 0.7 1.7 0.9 0.8
Depreciation, depletion and
amortization 7.0 4.9 2.1 19.9 14.0 5.9
Total Operating Expenses 37.3 27.9 9.4 113.0 88.1 24.9
Operating Income $42.6 $20.2 $22.4 $113.5 $61.8 $51.7
Operating Statistics
Natural gas gathering volumes (in
millions of MMBtu)
For unaffiliated customers 57.6 43.1 14.5 163.6 127.0 36.6
For affiliated customers 46.4 28.3 18.1 121.7 97.2 24.5
Total Gas Gathering Volumes 104.0 71.4 32.6 285.3 224.2 61.1
Gas gathering revenue (per MMBtu) $0.31 $0.32 ($0.01) $0.31 $0.31 $ -
Natural gas processing volumes
NGL sales (MMgal) 19.7 16.5 3.2 65.9 54.5 11.4
NGL sales price (per gal) $1.53 $1.00 $0.53 $1.38 $0.94 $0.44
Fee-based processing volumes (in
millions of MMBtu)
For unaffiliated customers 27.9 14.2 13.7 70.3 34.9 35.4
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Questar 2008 Form 10-Q 16 For affiliated customers 29.6 19.5 10.1 80.6 62.8 17.8 Total Fee-Based Processing Volumes 57.5 33.7 23.8 150.9 97.7 53.2 Fee-based processing (per MMBtu) $0.14 $0.14 $ - $0.14 $0.15 ($0.01) |
Gas Management, which provides gas-gathering and processing-services, grew net income 84% to $24.5 million in the third quarter of 2008 compared to $13.3 million in the same period of 2007. Net income was $64.7 million in the first nine months of 2008 compared to $40.6 million in the 2007 period. Net income growth was driven by higher gathering and processing margins.
Total gathering margins (revenues minus direct gathering expenses) for the third quarter of 2008 increased 94% to $31.3 million compared to $16.1 million in 2007 and for the first nine months of 2008 increased 74% to $87.1 million compared to $50.2 million in 2007. Gathering volumes increased 32.6 million MMBtu, or 46% to 104.0 million MMBtu in the third quarter of 2008 and 61.1 million MMBtu, or 27% to 285.3 million MMBtu in the first nine months of 2008 compared to the 2007 periods. Rendezvous Gas Services, formerly an unconsolidated affiliate, was consolidated with Gas Management beginning in 2008 and accounted for 8.8 million MMBtu in the third quarter and 28.8 million MMBtu in the first nine months of the increased volumes. Rendezvous Gas Services provides gas gathering services for the Pinedale and Jonah producing areas of Wyoming. Expanding Pinedale production, new projects serving third parties in the Uinta Basin and the consolidation of Rendezvous Gas Services contributed to a 29% increase in third-party volumes in the first nine months of 2008.
Total processing margins (revenues minus direct plant expenses and processing plant-shrink) for the third quarter of 2008 increased 77% to $23.7 million compared to $13.4 million in 2007 and for the nine months of 2008 increased 67% to $63.2 million compared to $37.8 million in the first nine months of 2007. Fee-based gas processing volumes were 57.5 million MMBtu in the third quarter of 2008, a 71% increase compared to the 2007 quarter and 150.9 million MMBtu in the first nine months of 2008, a 54% increase compared to the first nine months of 2007. For the third quarter of 2008, fee-based gas processing revenues increased 66% or $3.1 million, while frac spread from keep-whole processing increased 68% or $7.4 million. Fee-based gas processing revenues increased 49% or $7.0 million in the first nine month comparison, while frac spread from keep-whole processing increased 62% or $18.1 million. Approximately 74% of Gas Management's net operating revenue (revenue minus processing plant-shrink) for the first nine months of 2008 was derived from fee-based contracts, down from 77% in the 2007 period.
Gas Management may use forward sales contracts to reduce margin volatility associated with keep-whole contracts. Forward sales contracts reduced NGL revenues by $1.4 million in the first nine months 2008 and by $1.6 million in 2007 period.
ENERGY MARKETING - Questar Energy Trading
Energy Trading net income was $5.9 million in the third quarter of 2008, an increase of 40% compared to the year-earlier period. Higher natural gas-price volatility combined with higher marketing margins led to the increase from the 2007 quarter. For the first nine months of 2008, net income was $18.8 million, an 18% increase compared to the first nine months of 2007. Higher marketing margins related to gas-price volatility in the Rockies during the first quarter of 2008 drove the increase in net income in the first nine months of 2008. The marketing margin (gross revenues less costs for gas and oil purchases, transportation and gas storage) for the first nine months totaled $28.3 million for 2008 compared to $24.7 million for the 2007 period, a 15% increase. The marketing margin for the third quarter of 2008 was $9.2 million, a 42% increase from the 2007 period. Revenues from unaffiliated customers were $521.6 million in the first nine months of 2008 compared to $391.0 million in the 2007 period, a 33% increase, primarily the result of higher natural gas prices. The weighted-average natural gas sales price increased 68% in 2008 to $7.22 per MMBtu, compared to $4.29 per MMBtu for the 2007 period.
INTERSTATE GAS TRANSPORTATION - Questar Pipeline
Questar Pipeline, which provides interstate natural gas-transportation and storage services, reported third quarter 2008 net income of $15.4 million compared with $12.0 million in 2007. For the first nine months of 2008, net income was $44.0 million, compared with $33.2 million in 2007. Operating income increased $7.4 million, or 31%, in the third quarter 2008 compared to the year-earlier quarter. For the first nine months of 2008, operating income was 26% higher compared to the year-earlier period, due primarily to transportation-system expansions that were placed in service in late 2007. Following is a summary of Questar Pipeline financial and operating results:
3 Months Ended Sept. 30, 9 Months Ended Sept. 30,
2008 2007 Change 2008 2007 Change
(in millions)
Operating Income
REVENUES
Transportation $42.0 $31.3 $10.7 $129.4 $93.5 $35.9
Storage 9.3 9.4 (0.1) 28.2 28.4 (0.2)
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Questar 2008 Form 10-Q 17 NGL sales 5.3 2.6 2.7 12.7 6.7 6.0 Energy services 3.9 4.1 (0.2) 11.7 12.4 (0.7) Gas processing 0.9 2.4 (1.5) 3.6 6.5 (2.9) Other 0.6 1.2 (0.6) 2.6 5.5 (2.9) Total Revenues 62.0 51.0 11.0 188.2 153.0 35.2 OPERATING EXPENSES Operating and maintenance 11.2 8.4 2.8 32.1 27.2 4.9 General and administrative 6.2 7.0 (0.8) 22.4 21.9 0.5 Depreciation and amortization 10.6 8.6 2.0 31.9 25.8 6.1 Asset impairment 10.6 10.6 Other taxes 2.0 1.8 0.2 6.3 5.9 0.4 Cost of goods sold 0.7 1.1 (0.4) 1.5 3.4 (1.9) Operating Expenses 30.7 26.9 3.8 104.8 84.2 20.6 Net gain from asset sales 0.3 0.1 0.2 4.3 0.6 3.7 Operating Income $31.6 $24.2 $7.4 $87.7 $69.4 $18.3 Operating Statistics Natural gas-transportation volumes (MMdth) For unaffiliated customers 167.4 90.8 76.6 454.9 251.7 203.2 For Questar Gas 15.1 14.2 0.9 88.4 81.7 6.7 For other affiliated customers 2.8 3.3 (0.5) 5.2 11.9 (6.7) Total Transportation 185.3 108.3 77.0 548.5 345.3 203.2 Transportation revenue (per dth) $0.23 $0.29 ($0.06) $0.24 $0.27 ($0.03) Firm daily transportation demand at Sept. 30 (Mdth) 3,150 2,247 903 Natural gas processing NGL sales (MMgal) 2.4 2.2 0.2 6.4 6.1 0.3 NGL sales price (per gal) $2.21 $1.22 $0.99 $1.98 $1.11 $0.87 |
Revenues . . . |
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