Earnings Call Excerpt
Questar Corporation (STR)
Q1 2006 Earnings Conference Call
April 27th 2006, 9:30 AM.
Executives:
Steve Parks, Senior Vice President; Chief Financial Officer
Keith Rattie, Chairman, Chief Executive Officer
Charles Stanley, President, Chief Executive Officer of Questar Market Resources
Allan Bradley, President, Chief Executive Officer of Questar Pipeline
Alan Allred, President and CEO
Analysts:
Sam Brothwell, Wachovia Securities
Scott Soler, Morgan Stanley
Jay Yannello, Pali Capital
Shinur Gershuni, UBS Securities
Richard Gross, Lehman Brothers
David Thickens, Deephaven Capital
Carl Brown, Cramer Rosenthal
Joe Magner, Petrie Parkman & Co.
Faisel Khan, Citigroup
Carl Kirst, Credit Suisse
Monroe Helm, CM Energy Partners
Presentation
Operator
Good morning, my name is Brian and I will be your conference operator today. At this time, I would like to welcome everyone to the Questar Corporation First Quarter 2006 Earnings Conference Call. Operator Instructions. At this time, I would like to turn the conference over to Mr. Steve Parks, Senior Vice President and Chief Financial Officer. Please go ahead, Mr. Parks.
Steve Parks, Senior Vice President; Chief Financial Officer
Thank you Brian, and good morning. Welcome to Questar Corporation's first quarter 2006 Conference Call. Yesterday we reported that Questar's first quarter 2006 net income was up 44%, driven by 23% increase in the natural gas and oil -- excuse me, natural gas and oil equivalent production and higher prices for natural gas, oil, and natural gas liquids. You can access our earnings release on our website at http://www.questar.com/.
Following my remarks this morning, Keith Rattie, our Chairman and CEO will comment on operations and update our guidance for higher 2006 earnings and production. After Keith's comments we'll take your questions. We have with us today other members of Questar's senior management, including Chuck Stanley, President and CEO of Questar Market Resources; Allan Bradley, President and CEO of Questar Pipeline; and Alan Allred, President and CEO of Questar Gas.
Our remarks this morning will contain forward-looking statements about the future operations and expectations of Questar Corporation. These statements are made in good faith and we believe they are reasonable representations of the company's expected performance at this time. Actual results may vary from our stated expectations and projections, due to a variety of factors that are described in our Form 10-K and 10-Q filings with the Securities and Exchange Commission.
Now, let me briefly recap our first quarter financial results. Questar's first quarter 2006 net income was up 44% to $137.2 million, or $1.57 per diluted share compared to 95.2 million or $1.10 per share in 2005. There were 84 -- I'm sorry, 87.4 million diluted average common shares outstanding in the 2006 quarter compared to 86.7 million in the 2005 quarter.
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