Questar Announces $50 Million Stock Repurchase Program
Questar Corp. announced plans to purchase up to $50 million of
its outstanding common stock on the open market or in privately
negotiated transactions over the next two years.
R.D. Cash, Questar chairman, said the stock-repurchase program
"reflects our belief that Questar stock is an attractive investment
at current prices, especially with our growing optimism about
energy prices and Questar's long-term growth strategies."
Cash said the repurchase program will be funded largely with
proceeds from accelerated sales of stock Questar owns in other
companies. "The increasing market value of these equities creates
an opportunity to purchase our own shares without diverting funds
from our record capital-spending program in 1999," he said. Questar
plans to repurchase the stock in two $25 million phases.
Questar projects 1999 capital expenditures of $546 million
compared with the previous one-year company high of $461 million in
1998. Capital expenditures will be funded from internal cash flows
and short- and long-term borrowing. Cash said the company's strong
balance sheet supports plans to aggressively acquire gas and oil
reserves and production and expand gas-transmission and
Questar is a $2.2 billion integrated energy resources and
services company headquartered in Salt Lake City. Through
subsidiaries, it engages in energy development and production, gas
gathering and processing; wholesale gas, electricity and liquids
trading; interstate gas transmission and storage; retail gas
distribution and energy services; and information systems and
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