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Questar Announces $50 Million Stock Repurchase Program

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 distribution activities.

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 technologies.

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