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News Release Questar Corporation 333 South State Street P.O. Box 45433 Salt Lake City, UT 84145-0433 | ||
3 Months Ended June 30, | ||||||||||||||
2016 | 2015 | Change | ||||||||||||
(in millions, except earnings per share) | ||||||||||||||
Questar Gas | $ | (1.6 | ) | $ | (2.8 | ) | $ | 1.2 | 43 | % | ||||
Wexpro | 26.1 | 27.9 | (1.8 | ) | (6 | %) | ||||||||
Questar Pipeline | 13.6 | 15.2 | (1.6 | ) | (11 | %) | ||||||||
Corporate and other | (2.7 | ) | 0.3 | (3.0 | ) | NM | ||||||||
Adjusted earnings | $ | 35.4 | $ | 40.6 | $ | (5.2 | ) | (13 | %) | |||||
Merger and restructuring costs | (2.3 | ) | — | (2.3 | ) | NM | ||||||||
Net income | $ | 33.1 | $ | 40.6 | $ | (7.5 | ) | (18 | %) | |||||
Adjusted earnings per diluted share | $ | 0.20 | $ | 0.23 | $ | (0.03 | ) | (13 | %) | |||||
Earnings per diluted share | $ | 0.19 | $ | 0.23 | $ | (0.04 | ) | (17 | %) | |||||
Weighted-average diluted shares | 176.2 | 176.6 | (0.4 | ) | — | |||||||||
3 Months Ended June 30, | ||||||||||||||
2016 | 2015 | Change | ||||||||||||
(in millions) | ||||||||||||||
Questar Gas | $ | 19.7 | $ | 16.2 | $ | 3.5 | 22 | % | ||||||
Wexpro | 65.2 | 65.4 | (0.2 | ) | — | |||||||||
Questar Pipeline | 41.1 | 44.2 | (3.1 | ) | (7 | %) | ||||||||
Corporate and other | 0.5 | 4.3 | (3.8 | ) | (88 | %) | ||||||||
Total Adjusted EBITDA | $ | 126.5 | $ | 130.1 | $ | (3.6 | ) | (3 | %) | |||||
(a) Management defines Adjusted EBITDA as net income (loss) before gains and losses from asset sales, interest expense, depreciation, depletion and amortization, abandonments and impairments, merger and restructuring costs and other special items and income taxes. See computations on the last page of the attached financial statements. | ||||||||||||||
3 Months Ended June 30, 2016 vs. 2015 | ||||
(in millions) | ||||
Customer growth | $ | 0.9 | ||
Transportation | 0.8 | |||
Infrastructure-replacement cost recovery | 0.9 | |||
Energy-efficiency program cost recovery | 0.3 | |||
Other | (0.2 | ) | ||
Increase | $ | 2.7 | ||
12 Months Ended June 30, | |||||||
2016 | 2015 | ||||||
(in millions) | |||||||
Beginning investment base | $ | 629.5 | $ | 674.5 | |||
Property acquisitions | 46.4 | — | |||||
Successful development wells and related equipment | 15.9 | 36.1 | |||||
Depreciation, depletion and amortization | (92.8 | ) | (88.2 | ) | |||
Change in deferred income taxes | 8.2 | 7.1 | |||||
Ending investment base | $ | 607.2 | $ | 629.5 | |||
3 Months Ended June 30, 2016 vs. 2015 | ||||
(in millions) | ||||
Transportation | $ | (2.6 | ) | |
Storage | 0.2 | |||
Natural gas liquid sales | (0.1 | ) | ||
Energy services | (1.2 | ) | ||
Other | (0.2 | ) | ||
Decrease | $ | (3.9 | ) | |
• | Questar Gas Company provides retail natural gas distribution in Utah, Wyoming and Idaho; |
• | Wexpro Company develops and produces natural gas from cost-of-service reserves for Questar Gas customers; and |
• | Questar Pipeline Company operates interstate natural gas pipelines and storage facilities in the western U.S. and provides other energy services. |
• | the risk factors discussed in Part II, Item 1A of the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2016; |
• | general economic conditions, including the performance of financial markets and interest rates; |
• | changes in energy commodity prices; |
• | changes in industry trends; |
• | actions of regulators; |
• | changes in laws or regulations; and |
• | other factors, most of which are beyond Questar's control. |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||
June 30, | June 30, | June 30, | |||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||
(in millions, except per-share amounts) | |||||||||||||||||||||||
REVENUES | |||||||||||||||||||||||
Questar Gas | $ | 128.2 | $ | 141.7 | $ | 536.1 | $ | 516.5 | $ | 937.2 | $ | 936.1 | |||||||||||
Wexpro | 1.9 | 10.1 | 5.4 | 16.4 | 11.9 | 31.9 | |||||||||||||||||
Questar Pipeline | 42.9 | 46.5 | 85.9 | 93.3 | 180.5 | 187.4 | |||||||||||||||||
Other | 1.1 | 1.0 | 3.0 | 1.7 | 7.8 | 3.6 | |||||||||||||||||
Total Revenues | 174.1 | 199.3 | 630.4 | 627.9 | 1,137.4 | 1,159.0 | |||||||||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Cost of sales (excluding operating expenses shown separately) | (27.7 | ) | (9.0 | ) | 130.8 | 122.8 | 183.2 | 185.2 | |||||||||||||||
Operating and maintenance | 39.9 | 40.5 | 90.3 | 92.8 | 179.1 | 187.6 | |||||||||||||||||
General and administrative | 26.0 | 27.4 | 55.6 | 56.8 | 107.8 | 120.0 | |||||||||||||||||
Pension settlement costs | — | — | — | — | 16.7 | — | |||||||||||||||||
Merger and restructuring costs | 3.7 | — | 18.3 | — | 18.3 | — | |||||||||||||||||
Production and other taxes | 11.4 | 12.8 | 23.1 | 26.6 | 47.8 | 56.2 | |||||||||||||||||
Depreciation, depletion and amortization | 56.4 | 53.6 | 112.3 | 107.9 | 220.4 | 209.5 | |||||||||||||||||
Abandonment and impairment | 0.1 | 0.1 | 0.3 | 0.1 | 12.7 | 0.1 | |||||||||||||||||
Total Operating Expenses | 109.8 | 125.4 | 430.7 | 407.0 | 786.0 | 758.6 | |||||||||||||||||
Net gain from asset sales | 0.1 | 1.4 | 0.4 | 1.4 | 0.8 | 2.5 | |||||||||||||||||
OPERATING INCOME | 64.4 | 75.3 | 200.1 | 222.3 | 352.2 | 402.9 | |||||||||||||||||
Interest and other income | 1.1 | 1.5 | 2.1 | 2.9 | 3.4 | 6.5 | |||||||||||||||||
Income from unconsolidated affiliate | 0.9 | 1.0 | 1.9 | 1.9 | 3.7 | 3.6 | |||||||||||||||||
Interest expense | (15.5 | ) | (15.8 | ) | (31.3 | ) | (31.7 | ) | (62.6 | ) | (63.2 | ) | |||||||||||
INCOME BEFORE INCOME TAXES | 50.9 | 62.0 | 172.8 | 195.4 | 296.7 | 349.8 | |||||||||||||||||
Income taxes | (17.8 | ) | (21.4 | ) | (61.2 | ) | (70.2 | ) | (101.6 | ) | (123.5 | ) | |||||||||||
NET INCOME | $ | 33.1 | $ | 40.6 | $ | 111.6 | $ | 125.2 | $ | 195.1 | $ | 226.3 | |||||||||||
EARNINGS PER COMMON SHARE | |||||||||||||||||||||||
Basic | $ | 0.19 | $ | 0.23 | $ | 0.64 | $ | 0.71 | $ | 1.11 | $ | 1.29 | |||||||||||
Diluted | 0.19 | 0.23 | 0.64 | 0.71 | 1.11 | 1.28 | |||||||||||||||||
Weighted-average common shares outstanding | |||||||||||||||||||||||
Used in basic calculation | 176.0 | 176.4 | 175.9 | 176.3 | 175.9 | 176.1 | |||||||||||||||||
Used in diluted calculation | 176.2 | 176.6 | 176.2 | 176.5 | 176.1 | 176.4 | |||||||||||||||||
Dividends per common share | $ | 0.22 | $ | 0.21 | $ | 0.44 | $ | 0.42 | $ | 0.86 | $ | 0.80 | |||||||||||
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||
June 30, | June 30, | June 30, | |||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net income | $ | 33.1 | $ | 40.6 | $ | 111.6 | $ | 125.2 | $ | 195.1 | $ | 226.3 | |||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Pension and other postretirement benefits | 4.0 | 6.0 | 8.0 | 12.0 | 21.6 | (93.7 | ) | ||||||||||||||||
Interest rate cash flow hedge amortization | 0.1 | 0.2 | 0.3 | 0.4 | 0.5 | 0.6 | |||||||||||||||||
Commodity cash flow hedge | (0.9 | ) | (0.3 | ) | (1.1 | ) | (0.3 | ) | (1.0 | ) | (0.3 | ) | |||||||||||
Income taxes | (1.1 | ) | (2.2 | ) | (2.7 | ) | (4.6 | ) | (8.1 | ) | 35.9 | ||||||||||||
Net other comprehensive income (loss) | 2.1 | 3.7 | 4.5 | 7.5 | 13.0 | (57.5 | ) | ||||||||||||||||
COMPREHENSIVE INCOME | $ | 35.2 | $ | 44.3 | $ | 116.1 | $ | 132.7 | $ | 208.1 | $ | 168.8 | |||||||||||
June 30, | June 30, | December 31, | |||||||||
2016 | 2015 | 2015 | |||||||||
(in millions) | |||||||||||
ASSETS | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 25.0 | |||||
Accounts receivable, net | 56.6 | 53.3 | 168.0 | ||||||||
Unbilled gas accounts receivable | 11.0 | 11.6 | 91.3 | ||||||||
Inventories | 54.0 | 61.3 | 73.5 | ||||||||
Current regulatory assets | 21.0 | 57.1 | 70.0 | ||||||||
Prepaid expenses and other | 20.0 | 10.2 | 12.3 | ||||||||
Total Current Assets | 162.6 | 193.5 | 440.1 | ||||||||
Property, Plant and Equipment | 6,313.4 | 6,057.2 | 6,182.0 | ||||||||
Accumulated depreciation, depletion and amortization | (2,424.2 | ) | (2,272.5 | ) | (2,333.3 | ) | |||||
Net Property, Plant and Equipment | 3,889.2 | 3,784.7 | 3,848.7 | ||||||||
Investment in unconsolidated affiliate | 23.5 | 24.3 | 23.9 | ||||||||
Noncurrent regulatory and other assets | 65.3 | 67.6 | 59.1 | ||||||||
TOTAL ASSETS | $ | 4,140.6 | $ | 4,070.1 | $ | 4,371.8 | |||||
LIABILITIES AND COMMON SHAREHOLDERS' EQUITY | |||||||||||
Current Liabilities | |||||||||||
Checks outstanding in excess of cash balances | $ | 4.0 | $ | 2.5 | $ | — | |||||
Short-term debt | 459.0 | 228.0 | 457.6 | ||||||||
Accounts payable and accrued expenses | 159.7 | 201.0 | 224.8 | ||||||||
Current regulatory liabilities | 34.2 | 2.6 | 6.4 | ||||||||
Current portion of long-term debt and capital lease obligation | 1.3 | 277.0 | 251.3 | ||||||||
Total Current Liabilities | 658.2 | 711.1 | 940.1 | ||||||||
Long-term debt and capital lease obligation, less current portion | 997.9 | 998.6 | 998.2 | ||||||||
Deferred income taxes | 783.7 | 707.3 | 779.5 | ||||||||
Noncurrent regulatory and other liabilities | 340.5 | 344.3 | 338.9 | ||||||||
COMMON SHAREHOLDERS' EQUITY | |||||||||||
Common Shareholders' Equity | 1,360.3 | 1,308.8 | 1,315.1 | ||||||||
TOTAL LIABILITIES AND COMMON SHAREHOLDERS' EQUITY | $ | 4,140.6 | $ | 4,070.1 | $ | 4,371.8 | |||||
6 Months Ended | |||||||
June 30, | |||||||
2016 | 2015 | ||||||
(in millions) | |||||||
OPERATING ACTIVITIES | |||||||
Net income | $ | 111.6 | $ | 125.2 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation, depletion and amortization | 118.2 | 111.3 | |||||
Deferred income taxes | 1.1 | (7.2 | ) | ||||
Abandonment and impairment | 0.3 | 0.1 | |||||
Share-based compensation | 5.4 | 6.3 | |||||
Net (gain) from asset sales | (0.4 | ) | (1.4 | ) | |||
(Income) from unconsolidated affiliate | (1.9 | ) | (1.9 | ) | |||
Distributions from unconsolidated affiliate and other | 2.8 | 2.6 | |||||
Changes in operating assets and liabilities | 207.8 | 66.2 | |||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 444.9 | 301.2 | |||||
INVESTING ACTIVITIES | |||||||
Property, plant and equipment purchased | (146.2 | ) | (127.3 | ) | |||
Questar Gas acquisition of gas distribution system | — | (11.4 | ) | ||||
Cash used in disposition of assets | (1.5 | ) | (1.8 | ) | |||
Proceeds from disposition of assets | 0.4 | 1.1 | |||||
NET CASH USED IN INVESTING ACTIVITIES | (147.3 | ) | (139.4 | ) | |||
FINANCING ACTIVITIES | |||||||
Common stock | 1.1 | (2.6 | ) | ||||
Short-term debt issued | 250.0 | — | |||||
Change in commercial paper, net | (248.6 | ) | (119.0 | ) | |||
Checks outstanding in excess of cash balances | 4.0 | 2.5 | |||||
Long-term debt repaid | (250.0 | ) | — | ||||
Capital lease obligation repaid | (0.6 | ) | (0.6 | ) | |||
Revolver issuance costs paid | (1.2 | ) | — | ||||
Dividends paid | (77.5 | ) | (74.1 | ) | |||
Tax benefits from share-based compensation | 0.2 | — | |||||
NET CASH USED IN FINANCING ACTIVITIES | (322.6 | ) | (193.8 | ) | |||
Change in cash and cash equivalents | (25.0 | ) | (32.0 | ) | |||
Beginning cash and cash equivalents | 25.0 | 32.0 | |||||
Ending cash and cash equivalents | $ | — | $ | — | |||
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||
June 30, | June 30, | June 30, | |||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Revenues from Unaffiliated Customers | |||||||||||||||||||||||
Questar Gas | $ | 128.2 | $ | 141.7 | $ | 536.1 | $ | 516.5 | $ | 937.2 | $ | 936.1 | |||||||||||
Wexpro | 1.9 | 10.1 | 5.4 | 16.4 | 11.9 | 31.9 | |||||||||||||||||
Questar Pipeline | 42.9 | 46.5 | 85.9 | 93.3 | 180.5 | 187.4 | |||||||||||||||||
Other | 1.1 | 1.0 | 3.0 | 1.7 | 7.8 | 3.6 | |||||||||||||||||
Total | $ | 174.1 | $ | 199.3 | $ | 630.4 | $ | 627.9 | $ | 1,137.4 | $ | 1,159.0 | |||||||||||
Revenues from Affiliated Companies | |||||||||||||||||||||||
Wexpro | $ | 78.9 | $ | 75.6 | $ | 158.7 | $ | 160.4 | $ | 317.4 | $ | 326.7 | |||||||||||
Questar Pipeline | 17.5 | 17.8 | 36.8 | 37.2 | 74.7 | 73.9 | |||||||||||||||||
Total | $ | 96.4 | $ | 93.4 | $ | 195.5 | $ | 197.6 | $ | 392.1 | $ | 400.6 | |||||||||||
Operating Income (Loss) | |||||||||||||||||||||||
Questar Gas | $ | 3.8 | $ | 1.4 | $ | 87.2 | $ | 78.0 | $ | 131.8 | $ | 117.4 | |||||||||||
Wexpro | 39.1 | 41.8 | 78.8 | 83.5 | 142.7 | 172.5 | |||||||||||||||||
Questar Pipeline | 26.4 | 29.3 | 54.0 | 56.7 | 111.7 | 113.8 | |||||||||||||||||
Corporate and other | (4.9 | ) | 2.8 | (19.9 | ) | 4.1 | (34.0 | ) | (0.8 | ) | |||||||||||||
Total | $ | 64.4 | $ | 75.3 | $ | 200.1 | $ | 222.3 | $ | 352.2 | $ | 402.9 | |||||||||||
Net Income (Loss) | |||||||||||||||||||||||
Questar Gas | $ | (1.6 | ) | $ | (2.8 | ) | $ | 46.0 | $ | 41.0 | $ | 69.3 | $ | 59.9 | |||||||||
Wexpro | 26.1 | 27.9 | 52.3 | 55.6 | 95.6 | 116.5 | |||||||||||||||||
Questar Pipeline | 13.6 | 15.2 | 27.8 | 29.1 | 58.3 | 58.3 | |||||||||||||||||
Corporate and other | (5.0 | ) | 0.3 | (14.5 | ) | (0.5 | ) | (28.1 | ) | (8.4 | ) | ||||||||||||
Total | $ | 33.1 | $ | 40.6 | $ | 111.6 | $ | 125.2 | $ | 195.1 | $ | 226.3 | |||||||||||
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||
June 30, | June 30, | June 30, | |||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||
QUESTAR GAS | |||||||||||||||||||||||
Natural gas volumes (MMdth) | |||||||||||||||||||||||
Residential and commercial sales | 13.2 | 13.9 | 60.0 | 51.0 | 103.0 | 90.6 | |||||||||||||||||
Industrial sales | 0.7 | 0.9 | 1.4 | 1.8 | 2.9 | 4.0 | |||||||||||||||||
Transportation for industrial customers | 22.9 | 18.8 | 45.5 | 36.4 | 86.3 | 79.1 | |||||||||||||||||
Total industrial | 23.6 | 19.7 | 46.9 | 38.2 | 89.2 | 83.1 | |||||||||||||||||
Total deliveries | 36.8 | 33.6 | 106.9 | 89.2 | 192.2 | 173.7 | |||||||||||||||||
Natural gas revenue (per dth) | |||||||||||||||||||||||
Residential and commercial sales | $ | 8.54 | $ | 9.03 | $ | 8.41 | $ | 9.44 | $ | 8.45 | $ | 9.45 | |||||||||||
Industrial sales | 6.44 | 6.55 | 6.74 | 6.87 | 7.21 | 7.38 | |||||||||||||||||
Transportation for industrial customers | 0.25 | 0.25 | 0.26 | 0.27 | 0.27 | 0.24 | |||||||||||||||||
Warmer than normal temperatures | (36%) | (19%) | (14%) | (23%) | (14%) | (21%) | |||||||||||||||||
Temperature-adjusted usage per customer (dth) | 16.3 | 14.8 | 64.6 | 60.0 | 107.9 | 101.7 | |||||||||||||||||
Customers at June 30, (thousands) | 999 | 979 | |||||||||||||||||||||
WEXPRO | |||||||||||||||||||||||
Production volumes | |||||||||||||||||||||||
Natural gas - cost-of-service deliveries (Bcf) | 14.6 | 14.3 | 29.0 | 29.3 | 57.4 | 56.6 | |||||||||||||||||
Natural gas - sales (Bcf) | 0.2 | 1.2 | 0.5 | 2.4 | 2.5 | 2.7 | |||||||||||||||||
Oil and NGL (Mbbl) | 101 | 106 | 211 | 233 | 442 | 511 | |||||||||||||||||
Natural gas average sales price (per Mcf) | $ | 1.79 | $ | 2.62 | $ | 1.91 | $ | 2.86 | $ | 2.54 | $ | 3.05 | |||||||||||
Oil and NGL average sales price (per bbl) | $ | 38.31 | $ | 46.52 | $ | 31.02 | $ | 41.03 | $ | 32.30 | $ | 57.15 | |||||||||||
Investment base at June 30, (in millions) | $ | 607.2 | $ | 629.5 | |||||||||||||||||||
QUESTAR PIPELINE | |||||||||||||||||||||||
Natural gas transportation volumes (MMdth) | |||||||||||||||||||||||
For unaffiliated customers | 158.3 | 183.5 | 319.1 | 355.8 | 704.1 | 719.4 | |||||||||||||||||
For Questar Gas | 16.7 | 13.8 | 61.8 | 55.1 | 114.3 | 107.3 | |||||||||||||||||
Total transportation | 175.0 | 197.3 | 380.9 | 410.9 | 818.4 | 826.7 | |||||||||||||||||
Transportation revenue (per dth) | $ | 0.26 | $ | 0.25 | $ | 0.25 | $ | 0.24 | $ | 0.23 | $ | 0.24 | |||||||||||
Net firm-daily transportation demand at June 30, (Mdth) | 5,059 | 5,143 | |||||||||||||||||||||
Natural gas processing | |||||||||||||||||||||||
NGL sales (Mbbl) | 31 | 32 | 44 | 61 | 104 | 120 | |||||||||||||||||
NGL average sales price (per bbl) | $ | 18.73 | $ | 23.45 | $ | 17.09 | $ | 22.36 | $ | 18.59 | $ | 34.72 | |||||||||||
Questar Consolidated | Questar Corporate | Wexpro | ||||||||||||||||||
3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||
June 30, 2016 | ||||||||||||||||||||
Net income (loss) [1] | $ | 33.1 | $ | 195.1 | $ | (4.7 | ) | $ | (27.2 | ) | $ | 26.1 | $ | 95.6 | ||||||
Merger and restructuring costs | 3.7 | 18.3 | 3.7 | 18.3 | — | — | ||||||||||||||
Pension settlement costs | — | 16.7 | — | 16.7 | — | — | ||||||||||||||
Asset impairment charge | — | 12.1 | — | — | — | 12.1 | ||||||||||||||
Income taxes on merger and restructuring costs | (1.4 | ) | (7.0 | ) | (1.4 | ) | (7.0 | ) | — | — | ||||||||||
Income taxes on pension settlement costs | — | (6.4 | ) | — | (6.4 | ) | — | — | ||||||||||||
Income taxes on asset impairment charge | — | (4.2 | ) | — | — | — | (4.2 | ) | ||||||||||||
After-tax merger and restructuring, pension settlement and asset impairment charges | 2.3 | 29.5 | 2.3 | 21.6 | — | 7.9 | ||||||||||||||
Adjusted earnings (loss) [2] | $ | 35.4 | $ | 224.6 | $ | (2.4 | ) | $ | (5.6 | ) | $ | 26.1 | $ | 103.5 | ||||||
EARNINGS PER COMMON SHARE | ||||||||||||||||||||
Diluted earnings per share | $ | 0.19 | $ | 1.11 | ||||||||||||||||
Diluted loss per share attributable to merger and restructuring costs | 0.01 | 0.06 | ||||||||||||||||||
Diluted loss per share attributable to pension settlement costs | — | 0.06 | ||||||||||||||||||
Diluted loss per share attributable to asset impairment charge | — | 0.05 | ||||||||||||||||||
Adjusted diluted earnings per share | $ | 0.20 | $ | 1.28 | ||||||||||||||||
Weighted-average common shares outstanding | ||||||||||||||||||||
Used in diluted calculation | 176.2 | 176.1 | ||||||||||||||||||
Return on Average Common Equity | ||||||||||||||||||||
Average common shareholders' equity [3] | $ | 1,334.6 | $ | 1,334.6 | $ | 661.7 | ||||||||||||||
Change in average shareholders' equity attributable to merger and restructuring costs | 5.6 | 5.6 | — | |||||||||||||||||
Change in average shareholders' equity attributable to pension settlement costs | 5.2 | 5.2 | — | |||||||||||||||||
Change in average shareholders' equity attributable to asset impairment charge | 3.9 | — | 3.9 | |||||||||||||||||
Average common shareholders' equity [4] | $ | 1,349.3 | $ | 1,345.4 | $ | 665.6 | ||||||||||||||
Return on average common equity [1] ÷ [3] | 14.6 | % | (2.0 | )% | 14.4 | % | ||||||||||||||
Change in ROE attributable to merger and restructuring costs | 0.8 | % | 0.8 | % | — | % | ||||||||||||||
Change in ROE attributable to pension settlement costs | 0.7 | % | 0.8 | % | — | % | ||||||||||||||
Change in ROE attributable to asset impairment charge | 0.5 | % | — | % | 1.1 | % | ||||||||||||||
Adjusted ROE [2] ÷ [4] | 16.6 | % | (0.4 | )% | 15.5 | % | ||||||||||||||
Questar Consolidated | Questar Gas | Wexpro | Questar Pipeline | Corporate, Other | |||||||||||||||
(in millions) | |||||||||||||||||||
Net income (loss) | $ | 33.1 | $ | (1.6 | ) | $ | 26.1 | $ | 13.6 | $ | (5.0 | ) | |||||||
Interest expense | 15.5 | 7.5 | — | 6.2 | 1.8 | ||||||||||||||
Income taxes | 17.8 | (1.2 | ) | 13.2 | 7.7 | (1.9 | ) | ||||||||||||
Depreciation, depletion and amortization | 56.4 | 15.0 | 25.8 | 13.7 | 1.9 | ||||||||||||||
Net (gain) from asset sales | (0.1 | ) | — | — | (0.1 | ) | — | ||||||||||||
Merger and restructuring costs | 3.7 | — | — | — | 3.7 | ||||||||||||||
Abandonment and impairment | 0.1 | — | 0.1 | — | — | ||||||||||||||
Adjusted EBITDA | $ | 126.5 | $ | 19.7 | $ | 65.2 | $ | 41.1 | $ | 0.5 | |||||||||
Questar Consolidated | Questar Gas | Wexpro | Questar Pipeline | Corporate, Other | |||||||||||||||
(in millions) | |||||||||||||||||||
Net income (loss) | $ | 40.6 | $ | (2.8 | ) | $ | 27.9 | $ | 15.2 | $ | 0.3 | ||||||||
Interest expense | 15.8 | 7.1 | 0.1 | 6.5 | 2.1 | ||||||||||||||
Income taxes | 21.4 | (1.7 | ) | 14.2 | 8.8 | 0.1 | |||||||||||||
Depreciation, depletion and amortization | 53.6 | 13.6 | 24.5 | 13.7 | 1.8 | ||||||||||||||
Net (gain) from asset sales | (1.4 | ) | — | (1.4 | ) | — | — | ||||||||||||
Abandonment and impairment | 0.1 | — | 0.1 | — | — | ||||||||||||||
Adjusted EBITDA | $ | 130.1 | $ | 16.2 | $ | 65.4 | $ | 44.2 | $ | 4.3 | |||||||||