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| STR > SEC Filings for STR > Form 10-Q on 4-Aug-2009 | All Recent SEC Filings |
4-Aug-2009
Quarterly Report
The following information updates the discussion of Questar's financial condition provided in its 2008 Form 10-K filing, and analyzes the changes in the results of operations between the three- and six-month periods ended June 30, 2009 and 2008. 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 2008 Form 10-K.
RESULTS OF OPERATIONS
Following are comparisons of net income (loss) attributable to Questar by line of business:
Questar 2009 Form 10-Q
14
3 Months Ended June 30, 6 Months Ended June 30,
2009 2008 Change 2009 2008 Change
(in millions, except per share amounts)
Exploration and Production
Questar E&P $29.6 $116.8 ($87.2) $ 14.7 $213.3 ($198.6)
Wexpro 19.8 18.8 1.0 38.6 35.0 3.6
Midstream Field Services - Gas
Management 14.5 21.7 (7.2) 25.9 40.2 (14.3)
Energy Marketing - Energy Trading
and other 0.8 4.8 (4.0) 6.2 12.9 (6.7)
Market Resources total 64.7 162.1 (97.4) 85.4 301.4 (216.0)
Interstate Gas Transportation -
Questar Pipeline 15.0 12.7 2.3 29.7 28.6 1.1
Retail Gas Distribution - Questar
Gas (2.0) (2.0) 29.8 28.6 1.2
Corporate 0.2 (0.2) 0.4 0.2 (0.2) 0.4
Net income attributable to Questar $77.9 $172.6 ($94.7) $145.1 $358.4 ($213.3)
Earnings per diluted share $0.44 $ 0.98 ($0.54) $ 0.82 $ 2.03 ($1.21)
Average diluted shares 176.1 176.3 (0.2) 176.0 176.3 (0.3)
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EXPLORATION AND PRODUCTION
Questar E&P
Following is a summary of Questar E&P financial and operating results:
3 Months Ended June 30, 6 Months Ended June 30,
2009 2008 Change 2009 2008 Change
(in millions)
Operating Income
Revenues
Natural gas sales $259.9 $284.6 ($24.7) $534.9 $524.4 $10.5
Oil and NGL sales 37.3 63.4 (26.1) 68.4 121.8 (53.4)
Other 1.1 1.4 (0.3) 2.4 2.9 (0.5)
Total Revenues 298.3 349.4 (51.1) 605.7 649.1 (43.4)
Operating expenses
Operating and maintenance 32.2 30.2 2.0 66.6 58.2 8.4
General and administrative 17.6 16.1 1.5 33.2 30.3 2.9
Production and other taxes 13.6 32.0 (18.4) 29.0 59.0 (30.0)
Depreciation, depletion and
amortization 133.2 76.4 56.8 246.5 148.2 98.3
Exploration 8.9 3.8 5.1 12.0 7.3 4.7
Abandonment and impairment 3.8 3.6 0.2 7.5 6.2 1.3
Natural gas purchases 0.1 (0.1) 0.5 (0.5)
Total Operating Expenses 209.3 162.2 47.1 394.8 309.7 85.1
Net gain (loss) from asset sales (0.3) (0.4) 0.1 1.6 (0.6) 2.2
Operating Income $ 88.7 $186.8 ($98.1) $212.5 $338.8 ($126.3)
Operating Statistics
Questar E&P production volumes
Natural gas (Bcf) 38.4 35.8 2.6 79.8 70.6 9.2
Oil and NGL (MMbbl) 0.9 0.8 0.1 1.8 1.6 0.2
Total production (Bcfe) 43.4 40.6 2.8 90.3 80.1 10.2
Average daily production (MMcfe) 477.0 446.4 30.6 499.0 440.1 58.9
Questar E&P average realized price,
net to the well (including hedges)
Natural gas (per Mcf) $6.77 $7.94 ($1.17) $6.70 $7.43 ($0.73)
Oil and NGL (per bbl) $44.44 $79.48 ($35.04) $39.05 $76.85 ($37.80)
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Questar 2009 Form 10-Q
Questar E&P reported net income of $29.6 million in the second quarter of 2009, down 75% from $116.8 million in the 2008 quarter. Net income for the quarter fell primarily as the result of a 20% lower realized equivalent price, a 15% increase in per Mcfe production costs and net mark-to-market losses on natural gas basis-only swaps. Net income for the first half of 2009 declined 93% to $14.7 million compared to $213.3 million a year earlier. The company reported production of 43.4 Bcfe in the second quarter of 2009 compared to 40.6 Bcfe in the 2008 quarter, a 7% increase. Mark-to-market losses on natural gas basis-only swaps decreased second quarter 2009 net income $17.5 million, compared to a $10.1 million after-tax gain in the 2008 period and decreased first half 2009 net income $102.2 million compared to an $18.6 million after-tax gain in the 2008 period.
Natural gas is Questar E&P's primary focus. On an energy-equivalent basis, natural gas comprised approximately 88% of Questar E&P 2009 production. A comparison of natural gas-equivalent production by major operating area is shown in the following table:
3 Months Ended June 30, 6 Months Ended June 30,
2009 2008 Change 2009 2008 Change
(in Bcfe)
Midcontinent 19.8 17.0 2.8 40.8 31.6 9.2
Pinedale Anticline 14.1 12.5 1.6 28.7 25.8 2.9
Uinta Basin 6.0 6.1 (0.1) 12.3 12.8 (0.5)
Rockies Legacy 3.5 5.0 (1.5) 8.5 9.9 (1.4)
Total Questar E&P 43.4 40.6 2.8 90.3 80.1 10.2
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Total production increased 13% in the first half of 2009 compared to a year
earlier. In the Midcontinent, production grew 29% to 40.8 Bcfe in the first half
of 2009. Ongoing development drilling in the Haynesville formation play in
northwest Louisiana and the Woodford Shale play in the Anadarko Basin of western
Oklahoma were the main contributors to the production increase. Questar E&P
production from the Pinedale Anticline in western Wyoming grew 11% to 28.7 Bcfe
in the first half of 2009 as a result of ongoing development drilling. In the
Uinta Basin, production decreased 4% to 12.3 Bcfe in the first half of 2009 due
to decreased drilling activity. Questar E&P Rockies Legacy 2009 production of
8.5 Bcfe was 1.4 Bcfe lower than a year ago. Rockies Legacy properties include
all of the company's Rocky Mountain region properties except the Pinedale
Anticline and the Uinta Basin.
Realized prices for natural gas, oil and NGL at Questar E&P were lower when compared to the prior year. In the first half of 2009, the weighted-average realized natural gas price for Questar E&P (including the impact of hedging) was $6.70 per Mcf compared to $7.43 per Mcf for the same period in 2008, a 10% decrease. Realized oil and NGL prices in the first half of 2009 averaged $39.05 per bbl, compared with $76.85 per bbl during the prior year period, a 49% decrease. A regional comparison of average realized prices, including hedges, is shown in the following table:
3 Months Ended June 30, 6 Months Ended June 30,
2009 2008 Change 2009 2008 Change
Natural gas (per Mcf)
Midcontinent $ 7.43 $ 8.76 ($ 1.33) $ 7.50 $ 8.34 ($ 0.84)
Rocky Mountains 6.19 7.36 (1.17) 6.02 6.85 (0.83)
Volume-weighted average 6.77 7.94 (1.17) 6.70 7.43 (0.73)
Oil and NGL (per bbl)
Midcontinent $45.27 $75.69 ($30.42) $40.54 $74.75 ($34.21)
Rocky Mountains 43.97 82.39 (38.42) 38.08 78.44 (40.36)
Volume-weighted average 44.44 79.48 (35.04) 39.05 76.85 (37.80)
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Questar E&P hedged approximately 84% of 2009 and 83% of 2008 second quarter gas production. Hedging increased Questar E&P 2009 gas revenues by $166.7 million and reduced 2008 gas revenues by $44.0 million. Approximately 35% of 2009 and 53% of 2008 Questar E&P oil production was hedged. Oil hedges increased revenues $1.3 million in 2009 and decreased revenues $15.7 million in 2008.
Questar E&P hedged approximately 80% of 2009 and 83% of 2008 first half gas production. Hedging increased Questar E&P 2009 gas revenues by $303.1 million and reduced 2008 gas revenues by $37.1 million. Approximately 30% of 2009 and 53% of 2008 Questar E&P oil production was hedged. Oil hedges increased revenues $5.9 million in 2009 and decreased revenues $23.1 million in 2008.
Questar 2009 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 15% to $4.86 per Mcfe in the second quarter of 2009 versus $4.21 per Mcfe in 2008. First half 2009 production costs per Mcfe increased $0.46 or 11% compared to the 2008 period. Questar E&P production costs are summarized in the following table:
3 Months Ended June 30, 6 Months Ended June 30,
2009 2008 Change 2009 2008 Change
(per Mcfe)
Depreciation, depletion and amortization $3.07 $1.88 $1.19 $2.73 $1.85 $0.88
Lease operating expense 0.74 0.74 0.74 0.73 0.01
General and administrative expense 0.40 0.40 0.37 0.38 (0.01)
Allocated interest expense 0.33 0.40 (0.07) 0.32 0.33 (0.01)
Production taxes 0.32 0.79 (0.47) 0.32 0.73 (0.41)
Total Production Costs $4.86 $4.21 $0.65 $4.48 $4.02 $0.46
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Production volume-weighted average depreciation, depletion and amortization (DD&A) increased due to higher costs for drilling, completion and related services and the increased cost of steel casing, other tubulars and wellhead equipment during the peak level of industry activity in 2008. The DD&A rate also increased due to second half 2008 and first quarter 2009 price-related reserve revisions, the ongoing depletion of older, lower-cost reserves and the increasing share of Questar E&P production derived from properties developed in a higher-cost environment. Lease operating expense per Mcfe was higher due to increased costs of materials and consumables, increased produced-water disposal costs and increased well-workover activity. General and administrative expense and allocated interest expense per Mcfe declined slightly in the six-month period of 2009. Production taxes per Mcfe decreased in 2009 as a result of lower natural gas and oil sales prices.
Major Questar E&P Operating Areas
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, the Granite Wash play in the Texas Panhandle and the Woodford Shale play in western Oklahoma, Questar E&P Midcontinent leasehold interests are fragmented, with no significant concentration of property interests.
Questar E&P has approximately 31,000 net acres of Haynesville Shale lease rights in northwest Louisiana. The depth of the top of the Haynesville Shale ranges from approximately 10,500 feet to 12,500 feet across Questar E&P's leasehold and is below the Hosston and Cotton Valley formations that Questar E&P has been developing in northwest Louisiana for over a decade. Questar E&P continues infill-development drilling in the Cotton Valley and Hosston formations in northwest Louisiana and intends to drill or participate in up to 35 horizontal Haynesville Shale wells in 2009. As of June 30, 2009, Questar E&P had six operated rigs drilling in the project area and operated or had working interests in 583 producing wells in northwest Louisiana compared to 386 at June 30, 2008.
Pinedale Anticline
As of June 30, 2009, Market Resources (including both Questar E&P and Wexpro) operated and had working interests in 370 producing wells on the Pinedale Anticline compared to 276 at the end of the second quarter of 2008. Of the 370 producing wells, Questar E&P has working interests in 348 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 115 of the 370 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 17,872-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. 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 1,400 additional wells will be required to fully develop the Lance Pool on its acreage.
Uinta Basin
As of June 30, 2009, Questar E&P had an operating interest in 888 producing wells in the Uinta Basin of eastern Utah, compared to 872 at June 30, 2008. Uinta Basin proved reserves are found in a series of vertically stacked, laterally discontinuous reservoirs
Questar 2009 Form 10-Q
at depths of 5,000 feet to deeper than 18,000 feet. Questar E&P owns interests in over 255,000 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 Rockies Legacy division. Most of the properties are located in the Greater Green River Basin of western Wyoming. Planned exploration and development activity for 2009 includes wells in the Green River and Williston Basins.
Wexpro
Wexpro reported net income of $19.8 million in the second quarter of 2009 compared to $18.8 million in 2008, a 5% increase and first half net income of $38.6 million in 2009 compared to $35.0 million in 2008, up 10%. Wexpro 2009 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 19-20% on its investment base. Wexpro's investment base is its investment in commercial wells and related facilities adjusted for working capital and reduced for deferred income taxes and depreciation. Wexpro investment base at June 30, 2009, was $411.4 million compared to $346.4 million a year ago, a 19% increase.
MIDSTREAM FIELD SERVICES - Questar Gas Management
Following is a summary of Gas Management financial and operating results:
3 Months Ended June 30, 6 Months Ended June 30,
2009 2008 Change 2009 2008 Change
(in millions)
Operating Income
Revenues
Gathering $37.4 $35.6 $1.8 $74.0 $70.8 $3.2
Processing 22.0 42.1 (20.1) 40.4 75.8 (35.4)
Total Revenues 59.4 77.7 (18.3) 114.4 146.6 (32.2)
Operating expenses
Operating and maintenance 16.2 27.2 (11.0) 35.8 51.3 (15.5)
General and administrative 6.9 5.6 1.3 10.7 10.7
Production and other taxes 1.1 0.5 0.6 2.0 0.8 1.2
Depreciation, depletion and
amortization 11.0 6.6 4.4 21.9 12.9 9.0
Total Operating Expenses 35.2 39.9 (4.7) 70.4 75.7 (5.3)
Net (loss) from asset sales (0.2) (0.2)
Operating Income $24.2 $37.8 ($13.6) $43.8 $70.9 ($27.1)
Operating Statistics
Natural gas processing volumes
NGL sales (MMgal) 24.8 24.8 46.2 46.2
NGL sales price (per gal) $0.61 $1.41 ($0.80) $0.54 $1.32 ($0.78)
Fee-based processing volumes (in
millions of MMBtu)
For unaffiliated customers 17.0 17.7 (0.7) 41.8 42.4 (0.6)
For affiliated customers 25.1 25.5 (0.4) 52.8 51.0 1.8
Total Fee-Based Processing
Volumes 42.1 43.2 (1.1) 94.6 93.4 1.2
Fee-based processing (per MMBtu) $0.16 $0.15 $0.01 $0.16 $0.14 $0.02
Natural gas gathering volumes (in
millions of MMBtu)
For unaffiliated customers 62.6 54.7 7.9 127.7 106.0 21.7
For affiliated customers 41.5 38.0 3.5 86.4 75.3 11.1
Total Gas Gathering Volumes 104.1 92.7 11.4 214.1 181.3 32.8
Gas gathering revenue (per MMBtu) $0.30 $0.31 ($0.01) $0.29 $0.31 ($0.02)
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Gas Management, which provides gas-gathering and processing-services, reported net income of $14.5 million in the second quarter of 2009 compared to $21.7 million in the same period of 2008. Net income was $25.9 million in the first half of 2009
Questar 2009 Form 10-Q
compared to $40.2 million in the 2008 period. The decrease in net income was driven by decreased processing margins and increased depreciation expense. Depreciation expense grew $4.4 million or 67% in the second quarter of 2009 and $9.0 million or 70% in the first half of 2009 compared with the 2008 periods as the result of investment additions in 2008.
Total processing margins (revenues minus direct plant expenses and processing plant-shrink) for the second quarter of 2009 decreased 35% to $14.0 million compared to $21.7 million in 2008 and declined 41% to $23.3 million in the first half of 2009 compared to $39.5 million in the 2008 period. The keep-whole processing margin (frac-spread) decreased 42% or $7.1 million in the second quarter of 2009 compared to the 2008 quarter and 54% in the first half of 2009 compared to the first half of 2008. Fee-based gas-processing volumes decreased 3% in the second quarter of 2009 to 42.1 million MMBtu and increased 1% to 94.6 million MMBtu in the first half of 2009 compared to 93.4 million MMBtu in the 2008 period. Fee-based gas-processing revenues increased $0.4 million or 6% compared to the year ago quarter and $1.6 million or 12% in the first half of 2009 compared to the first half of 2008. Approximately 82% of Gas Management net operating revenue (total revenue less processing plant-shrink) was derived from fee-based contracts compared to 72% in the 2008 quarter.
Gas Management may use forward sales contracts to reduce processing-margin volatility associated with keep-whole contracts. Forward sales contracts reduced NGL revenues by $1.4 million in 2008.
Total gathering margins (revenues minus direct gathering expenses) increased 1% in the second quarter of 2009 to $29.0 million compared to $28.8 million in 2008. Total gathering margins in the first half of 2009 decreased 1% to $55.2 million compared to $55.8 million in 2008. Gathering volumes increased 11.4 million MMBtu, or 12% to 104.1 million MMBtu in the second quarter of 2009 and 32.8 million MMBtu in the first half of 2009 compared with the 2008 periods. Expanding Pinedale production and new projects serving third parties in the Uinta Basin contributed to a 20% increase in third-party volumes in the first half of 2009 compared to the 2008 period.
ENERGY MARKETING - Questar Energy Trading
Energy Trading net income was $0.8 million in the second quarter of 2009, a decrease of 83% compared to $4.8 million in the 2008 quarter and decreased $6.7 million in the first half of 2009 compared to 2008 as a result of lower marketing margins. First half revenues from unaffiliated customers were $191.6 million in 2009 compared to $387.4 million in 2008, a 51% decrease, primarily the result of lower natural gas prices. The weighted-average natural gas sales price decreased 59% in the first half of 2009 to $3.18 per MMBtu compared to $7.74 per MMBtu in the 2008 period.
INTERSTATE GAS TRANSPORTATION - Questar Pipeline
Questar Pipeline, which provides interstate natural gas-transportation and storage services, reported second quarter 2009 net income of $15.0 million compared with $12.7 million in 2008, an 18% increase. Net income for the first half of 2009 was $29.7 million compared with $28.6 for the first half of 2008. The second quarter of 2008 included one-time items that reduced net income by $2.1 million. Following is a summary of Questar Pipeline financial and operating results:
3 Months Ended June 30, 6 Months Ended June 30,
2009 2008 Change 2009 2008 Change
(in millions)
Operating Income
Revenues
Transportation $43.3 $43.2 $ 0.1 $86.0 $87.4 ($1.4)
Storage 9.3 9.3 18.9 18.9
NGL sales 2.2 3.4 (1.2) 4.0 7.4 (3.4)
Energy services 3.2 4.3 (1.1) 7.2 7.8 (0.6)
Gas processing 0.9 1.0 (0.1) 1.8 2.7 (0.9)
Other 2.4 0.8 1.6 3.2 2.0 1.2
Total Revenues 61.3 62.0 (0.7) 121.1 126.2 (5.1)
Operating expenses
Operating and maintenance 9.6 8.4 1.2 17.7 17.6 0.1
General and administrative 8.7 10.1 (1.4) 17.3 19.5 (2.2)
Depreciation and amortization 10.9 10.5 0.4 21.7 21.3 0.4
Asset impairment 10.6 (10.6) 10.6 (10.6)
Other taxes 2.1 2.1 4.4 4.3 0.1
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Questar 2009 Form 10-Q 19 Cost of goods sold 0.3 0.6 (0.3) 1.1 0.8 0.3 Total Operating Expenses 31.6 42.3 (10.7) 62.2 74.1 (11.9) Net gain from asset sales 0.2 3.9 (3.7) 0.3 4.0 (3.7) Operating Income $29.9 $23.6 $ 6.3 $59.2 $56.1 $3.1 Operating Statistics Natural gas-transportation volumes (MMdth) For unaffiliated customers 161.8 157.7 4.1 315.7 287.5 28.2 For Questar Gas 26.7 30.1 (3.4) 71.1 73.3 (2.2) For other affiliated customers 1.4 1.5 (0.1) 2.6 2.4 0.2 Total Transportation 189.9 189.3 0.6 389.4 363.2 26.2 Transportation revenue (per dth) $0.23 $0.23 $0.22 $0.24 ($0.02) Firm daily transportation demand at June 30, (including White River Hub of 1,005 in 2009 in Mdth) 4,221 3,124 1,097 Natural gas processing NGL sales (MMgal) 2.7 1.5 1.2 5.7 4.0 1.7 NGL sales price (per gal) $0.81 $2.24 ($1.43) $0.70 $1.85 ($1.15) |
Revenues
As of June 30, 2009, Questar Pipeline had firm-transportation contracts of 4,221 Mdth per day, including 1,005 Mdth per day from Questar Pipeline's 50% ownership of White River Hub, compared with 3,124 Mdth per day as of June 30, 2008. The White River Hub was placed in service in December 2008. Questar Pipeline has expanded its transportation system in response to growing regional natural gas production and transportation demand.
Questar Gas is Questar Pipeline's largest transportation customer with contracts for 901 Mdth per day. The majority of the Questar Gas transportation contracts extend through mid 2017.
Transportation revenues decreased $1.4 million in the first half of 2009 compared to the first half of 2008 primarily because of an adjustment to an accrual for sharing of interruptible transportation revenues that was recorded in the first quarter of 2008.
Questar Pipeline owns and operates the Clay Basin underground storage complex in eastern Utah. This facility is 100% subscribed under long-term contracts. In addition to Clay Basin, Questar Pipeline also owns and operates three smaller aquifer gas storage facilities. Questar Gas has contracted for 26% of firm-storage capacity at Clay Basin for terms extending from one to 12 years and 100% of the firm-storage capacity at the aquifer facilities for terms extending for 11 years.
Questar Pipeline charges FERC-approved transportation and storage rates that are based on straight-fixed-variable rate design. Under this rate design, all fixed costs of providing service including depreciation and return on investment are recovered through the demand charge. About 95% of Questar Pipeline costs are fixed and recovered through these demand charges. Questar Pipeline's earnings are driven primarily by demand revenues from firm shippers. Since only about 5% of operating costs are recovered through volumetric charges, changes in transportation volumes do not have a significant impact on earnings.
NGL sales were $1.2 million lower in the second quarter of 2009 compared with the second quarter of 2008 and $3.4 million lower in the first half of 2009 compared with the first half of 2008. NGL volumes were 43% higher in the first half of 2009, but NGL prices were 62% lower.
Other revenues were higher in the periods ended June 30, 2009 due primarily to $1.3 million received from storage customers in the second quarter of 2009. Under a stipulation, these customers were required to pay the difference between the cost-of-service for a gas-processing facility and liquid revenues received from this facility for the 12 months ended May 2009.
Expenses
Operating and maintenance expenses increased by 14% to $9.6 million in the second quarter of 2009 compared to $8.4 million in the second quarter of 2008. Operating and maintenance expenses increased 1% in the first half of 2009 compared with the first half of 2008. The increase was due to transportation fees of the White River Hub. General and administrative expenses decreased by 14% to $8.7 million in the second quarter of 2009 and decreased by 11% to $17.3 million in the first half of 2009. Operating, maintenance, general and administrative expenses per dth transported declined to $0.09 in the first half of 2009 compared with $0.10 in the first half of 2008 because transportation volumes increased 7% and costs decreased 6%. Operating, maintenance, general and administrative expenses include processing and storage costs.
Questar 2009 Form 10-Q
Depreciation expense increased 2% in the first half of 2009 compared to the first half of 2008 due to plant additions.
Sale of processing plant and gathering lines
Questar Transportation Services, a subsidiary of Questar Pipeline, sold a carbon dioxide processing plant and some associated gathering facilities in the second . . .
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