Questar Corporation
IndustryPublic utility
Hydrocarbon exploration
Founded1928 (1928)
DefunctSeptember 16, 2016 (2016-09-16)
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 September 2016, the company was acquired by Dominion Resources.

History

Questar Corporation was organized in Utah in 1984 as the holding company for Mountain Fuel Supply Company.[1]

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.[1] Mountain Fuel Supply Company became the company's hydrocarbon exploration and production affiliate.[2]

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.[1]

In 1935, the shareholders voted to reorganize the company, merging it with its subsidiaries and moving its headquarters from Pittsburgh to Salt Lake City.[1] Mountain Fuel Supply Company became the name of the reorganized consolidated company.[3]

In the mid-1930s, the company discovered natural gas in the Clay Basin region northeast of Utah.[1]

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.[1]

In 1946, the company discovered the Church Buttes field in southwestern Wyoming.[1]

In 1971, the company acquired Interstate Brick, the largest brick-making facility in the Western United States. It was sold in 1990.[4]

In 1972, the company discovered the Brady field, about 30 miles southeast of Wyoming.[1]

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".[5]

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.[6]

In 1989, the company established a subsidiary, Questar Telecom, which acquired specialized mobile radio operations.[7] It also formed FuelMaker, a joint venture to market a new device that would allow natural gas vehicles to be refueled at home.[8]

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.[9]

In 1994, it acquired oil and gas properties from Union Pacific Resources for $94.5 million.[10]

In August 1994, Questar Telecom was sold to Nextel Communications for 3.9 million shares of stock.[11]

On January 1, 1998, Mountain Fuel Supply Company was renamed Questar Gas Company.[2]

In September 1998, the company acquired HSRTW Inc., which owned oil and gas reserves in Oklahoma, for $155 million.[12]

In 2001, the company acquired Shenandoah Energy for $406 million in cash and assumed debt.[13]

In April 2003, D. N. "Nick" Rose, president and chief executive officer of Questar, retired and was replaced by Alan K. Allred.[14]

In 2005, Knox Lawrence International acquired Consonus Inc., Consonus Inc., a Questar Corp. subsidiary that managed computer data centers for businesses.[15]

In November 2006, the company was added to the S&P 500.[16] It was removed from the index in 2010.[17]

On July 1, 2010, the company completed the corporate spin-off of its exploration and production business as QEP Resources.[18] In December 2015, Tesoro Logistics LP acquired its natural-gas pipeline and processing business for $2.5 billion in cash.[19] In 2021, QEP Resources was acquired by Diamondback Energy.[20]

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.[21]

In September 2016, the company was acquired by Dominion Resources.[22][23]

In September 2023, Enbridge acquired Questar Gas from Dominion Resources.[24]

References

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