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 Questar Corporation
Company profile
Questar is a natural gas-focused energy company that is involved in a range of natural gas activities through its Market Resources and Regulated Services groups. Market Resources is engaged in gas and oil development and production; cost-of-service gas development; gas gathering and processing; and wholesale gas and hydrocarbon liquids marketing, risk management, and gas storage. Regulated Services, through its two primary subsidiaries, Questar Pipeline Company and Questar Gas Company, conducts interstate gas transmission and storage activities and retail gas distribution services.
Services
Questar E&P operates in two core areas – the Rocky Mountain region of Wyoming, Utah and Colorado and the Midcontinent region of Oklahoma, Texas and Louisiana. Division exploration offices are located in Denver, Colorado, Tulsa, Oklahoma and Oklahoma City, Oklahoma.
The company has a large inventory of identified development-drilling locations primarily at properties near Pinedale, Wyoming, and in the Uinta Basin of Utah. Most of the Company’s current drilling activity is development or step-out in nature; however the Company does conduct exploratory drilling to determine commerciality of its inventory of undeveloped leaseholds in prospects located primarily in the Rocky Mountain region, including assessment of deeper reservoirs beneath currently producing horizons. The Company has operated continuously in many of its core Rockies areas since the 1920’s, including in the Vermillion Basin on the border of southwestern Wyoming and northwestern Colorado where the Company has drilled several new wells and recompleted two older wells to evaluate the potential of deeper tight-sands and shale formations from 10,000’ to 13,500’ (Baxter, Frontier and Dakota formations). Questar E&P plans to drill up to 12 new wells on its approximate 144,000 net acres in the area in 2006.
In August 2005 the Wyoming Oil and Gas Conservation Commission approved 10-acre density drilling for the Lance Pool formation under Questar’s prospective acreage on the Pinedale Anticline in southwest Wyoming. As of December 31, 2005, Questar had drilled and completed 144 of the approximate 932 potential 10-acre density Lance Pool locations on its acreage. Questar E&P has an average Lance Pool working interest of 59.4% in 873 of the 932 locations, Wexpro Company has an average Lance Pool working interest of 51.3% in 215 of the 932 locations – resulting in a combined average Lance Pool working interest for Questar E&P and Wexpro Company of 67.5% in the 932 locations. In exchange for significant mitigation measures, the Bureau of Land Management in November 2004 granted Questar E&P a 9-year waiver of the winter-drilling restrictions, allowing Questar E&P to operate 6 drilling rigs from 3 pads each winter (beginning in the winter of 2005-2006) on its Pinedale acreage. During 2005 Questar E&P reached total depth on a 19,520-foot test well on its Pinedale acreage to evaluate the deeper Rock Springs and Hilliard Shale formations. The well produced at a rate of approximately 10 MMcfd for several days from the Hilliard Shale formation before experiencing mechanical problems resulting in the wellbore plugging off. Due to seasonal restrictions, Questar E&P shut the well in for the winter of 2005-2006 and will resume testing the well in the summer of 2006.
In the Midcontinent, Questar E&P has several active development projects, including an ongoing Granite Wash formation-development project in the eastern Texas Panhandle and a Cotton Valley/Hosston formation tight-sands gas-development project in northwest Louisiana.
Questar E&P seeks to maintain geographical and geological diversity with its two core regions. The company has a history of making successful acquisitions and continues to pursue acquisitions of producing properties (assets or corporate entities) to expand its presence in its core areas or create a new core area.
Questar E&P’s primary focus is natural gas. At year-end 2005, Questar E&P had proved reserves of 1,480 Bcfe. Natural gas comprised 90 percent of Questar E&P’s proved reserves on an energy-equivalent basis. Approximately 60% of year-end 2005 total proved reserves were classified as proved developed producing. The largest concentration of proved undeveloped reserves is at the Pinedale development project, where at year-end 2005 approximately 502 Bcfe were classified as proved undeveloped. Questar E&P’s net production totaled 114.2 Bcfe in 2005, an increase of 11% over 2004 production volumes. In 2005, Questar E&P participated in the drilling of 501 gross wells with a 95% success rate.
Products
Questar Energy Trading markets equity and third-party gas and oil, provides risk-management services, and through Clear Creek Storage Company, LLC, owns and operates an underground gas-storage reservoir.
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180 E. 100 South, P.O. Box 45433; UT 84145-0433; Salt Lake City; United States ;
Phone: 801-324-5000; |
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