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Questar Corporation (gas company)

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Coordinates: 40°46′N 111°53′W / 40.767°N 111.883°W / 40.767; -111.883
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This article is about the energy company. For the telescope company, see Questar Corporation.
For other uses, see Questar (disambiguation).
Questar Corporation
IndustryPublic utility
Hydrocarbon exploration
Founded1928; 96 years ago (1928)
Defunct2024; 0 years ago (2024)
FateAcquired by Enbridge
HeadquartersSalt Lake City, Utah, United States
ProductsNatural Gas

40°46′N 111°53′W / 40.767°N 111.883°W / 40.767; -111.883

Questar Corporation was a natural gas public utility based in Salt Lake City, Utah. In June 2024, it was reported that Enbridge had completed its acquisition of the company for $4.3 billion.[1]

History

[edit]

Questar Corporation was organized in Utah in 1984 as the holding company for Mountain Fuel Supply Company.[2]

In 1922, the Ohio Oil Company discovered natural gas near Rock Springs, Wyoming. Ohio Oil merged with two other companies to form the Western Public Service Corporation in October 1928.[2] Mountain Fuel Supply Company became the company's hydrocarbon exploration and production affiliate.[3]

During the Great Depression, its stock price fell from $46/share in September 1929 to $3/share in 1932 as most families could not afford natural gas.[2]

In 1935, the shareholders voted to reorganize the company, merging it with its subsidiaries and moving its headquarters from Pittsburgh to Salt Lake City.[2] Mountain Fuel Supply Company became the name of the reorganized consolidated company.[4]

In the mid-1930s, the company discovered natural gas in the Clay Basin region northeast of Utah.[2]

During World War II, the company was required by the War Production Board to halt new natural gas utility signups so that resources can be conserved for the war effort.[2]

In 1946, the company discovered the Church Buttes field in southwestern Wyoming.[2]

In 1971, the company acquired Interstate Brick, the largest brick-making facility in the Western United States. It was sold in 1990.[5]

In 1972, the company discovered the Brady field, about 30 miles southeast of Wyoming.[2] In 1976, certain shareholders attempted to replace management. At issue was whether management would "acknowledge or act upon the fact that the company was more of an oil company than a natural gas utility".[6]

In 1984, Mountain Fuel Supply Company shareholders voted to return to the holding company structure, and chose the name Questar Corporation as the new parent holding company name.[7]

In 1989, the company established a subsidiary, Questar Telecom, which acquired specialized mobile radio operations.[8] It also formed FuelMaker, a joint venture to market a new device that would allow natural gas vehicles to be refueled at home.[9]

In 1993, the company had three major lines of business: exploration and production activities conducted by Wexpro Company, Celsius Energy Company, and Universal Resources Corporation; interstate transmission activities conducted by Questar Pipeline Company; and retail distribution activities conducted by Mountain Fuel.[10]

In 1994, it acquired oil and gas properties from Union Pacific Resources for $94.5 million.[11] In August, Questar Telecom was sold to Nextel Communications for 3.9 million shares of stock.[12]

On January 1, 1998, Mountain Fuel Supply Company was renamed Questar Gas Company.[3] In September, the company acquired HSRTW Inc., which owned oil and gas reserves in Oklahoma, for $155 million.[13]

In 2001, the company acquired Shenandoah Energy for $406 million in cash and assumed debt.[14]

In April 2003, D. N. "Nick" Rose, president and chief executive officer of Questar, retired and was replaced by Alan K. Allred.[15]

In 2005, Knox Lawrence International acquired Consonus Inc., Consonus Inc., a Questar Corp. subsidiary that managed computer data centers for businesses.[16]

In November 2006, the company was added to the S&P 500.[17] It was removed from the index in 2010.[18]

On July 1, 2010, the company completed the corporate spin-off of its exploration and production business as QEP Resources.[19] In December 2015, Tesoro Logistics LP acquired its natural-gas pipeline and processing business for $2.5 billion in cash.[20] In 2021, QEP Resources was acquired by Diamondback Energy.[21]

In March 2012, the company moved from 180 East 100 South to its new headquarters building, a $45 million 170,000 square foot 6-story building at 333 South State Street in downtown Salt Lake City, Utah. It is one of the first LEED Silver energy-efficient buildings in downtown Salt Lake City.[22]

In September 2016, the company was acquired by Dominion Resources.[23][24] In June 2024, nine months after a deal was announced,[25] Enbridge completed the purchase of Questar Gas for $4.3 billion.

References

[edit]
  1. ^ "Enbridge completes $4.3bn acquisition of Questar Gas from Dominion Energy". NS Energy. Retrieved 2024-10-21.
  2. ^ a b c d e f g h "Questar Corporation History". Funding Universe.
  3. ^ a b "Mountain Fuel changing name to Questar Gas". Deseret News. August 14, 1997.
  4. ^ "Plans Sanctioned for Consolidation of Gas Companies". The Salt Lake Tribune. May 7, 1935 – via Newspapers.com.
  5. ^ "QUESTAR SELLS INTERSTATE BRICK". Deseret News. March 29, 1990.
  6. ^ "Corporation Affairs". The New York Times. May 12, 1976.
  7. ^ GORRELL, MIKE (June 6, 2017). "Questar's name is now Dominion Energy". The Salt Lake Tribune.
  8. ^ Knudson, Max B. (April 8, 1990). "HIGH RETURN OF '89 MAKES QUESTAR OPTIMISTIC FOR '90S". Deseret News.
  9. ^ "Questar joins natural gas venture". United Press International. September 18, 1989.
  10. ^ "Questar Corporation 1993 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  11. ^ Knudson, Max B. (March 2, 1994). "QUESTAR SUBSIDIARY TO BUY OIL, GAS RESERVES". Deseret News.
  12. ^ "QUESTAR COMPLETES SALE TO NEXTEL". Deseret News. August 9, 1994.
  13. ^ "Questar completes its buy of an oil and gas operation". Deseret News. September 8, 1998.
  14. ^ "A Questar Unit Buys Shenandoah Energy". The New York Times. Associated Press. July 28, 2001.
  15. ^ "Questar CEO Rose to retire April 30". Deseret News. February 12, 2003.
  16. ^ "Questar's Consonus sold to Knox Lawrence in N.Y." Deseret News. Associated Press. June 18, 2005.
  17. ^ "Questar Corp. replaces North Fork on the S&P 500". Deseret News. November 22, 2006.
  18. ^ "Standard & Poor's Announces Changes to U.S. Indices" (Press release). PR Newswire. June 23, 2010.
  19. ^ "QEP Resources Completes Spin-off From Questar Corporation" (Press release). PR Newswire. July 1, 2010.
  20. ^ "Tesoro Logistics LP Completes the Acquisition of QEP Field Services, Creating Full-Service Logistics Business" (Press release). Andeavor Logistics. December 2, 2014.
  21. ^ "Diamondback Energy, Inc. Completes Acquisition of QEP Resources, Inc" (Press release). GlobeNewswire. March 17, 2021.
  22. ^ Boal, Jed (July 6, 2010). "Questar Center development planned for 333 State Street". Deseret Digital Media.
  23. ^ "Dominion Resources Combines With Questar Corporation" (Press release). PR Newswire. September 16, 2016.
  24. ^ Lee, Jasen (September 17, 2016). "Questar finalizes merger with Dominion Resources". Deseret News.
  25. ^ "Enbridge Bets Big on US Gas With $9.4 Billion Dominion Deal". Yahoo News. 2023-09-06. Retrieved 2023-09-06.
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