 | |
| Industry | Public utility Hydrocarbon exploration |
|---|---|
| Founded | 1928 |
| Defunct | 2024 |
| Fate | Acquired by Enbridge |
| Headquarters | Salt Lake City, Utah, United States |
| Products | Natural Gas |
Questar Corporation was a natural gas public utility based in Salt Lake City, Utah. In June 2024, it was reported that Enbridge had completed its acquisition of the company for $4.3 billion.[1]
History
Questar Corporation was organized in Utah in 1984 as the holding company for Mountain Fuel Supply Company.[2]
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.[2] Mountain Fuel Supply Company became the company's hydrocarbon exploration and production affiliate.[3]
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.[2]
In 1935, the shareholders voted to reorganize the company, merging it with its subsidiaries and moving its headquarters from Pittsburgh to Salt Lake City.[2] Mountain Fuel Supply Company became the name of the reorganized consolidated company.[4]
In the mid-1930s, the company discovered natural gas in the Clay Basin region northeast of Utah.[2]
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.[2]
In 1946, the company discovered the Church Buttes field in southwestern Wyoming.[2]
In 1971, the company acquired Interstate Brick, the largest brick-making facility in the Western United States. It was sold in 1990.[5]
In 1972, the company discovered the Brady field, about 30 miles southeast of Wyoming.[2] 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".[6]
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.[7]
In 1989, the company established a subsidiary, Questar Telecom, which acquired specialized mobile radio operations.[8] It also formed FuelMaker, a joint venture to market a new device that would allow natural gas vehicles to be refueled at home.[9]
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.[10]
In 1994, it acquired oil and gas properties from Union Pacific Resources for $94.5 million.[11] In August, Questar Telecom was sold to Nextel Communications for 3.9 million shares of stock.[12]
On January 1, 1998, Mountain Fuel Supply Company was renamed Questar Gas Company.[3] In September, the company acquired HSRTW Inc., which owned oil and gas reserves in Oklahoma, for $155 million.[13]
In 2001, the company acquired Shenandoah Energy for $406 million in cash and assumed debt.[14]
In April 2003, D. N. "Nick" Rose, president and chief executive officer of Questar, retired and was replaced by Alan K. Allred.[15]
In 2005, Knox Lawrence International acquired Consonus Inc., Consonus Inc., a Questar Corp. subsidiary that managed computer data centers for businesses.[16]
In November 2006, the company was added to the S&P 500.[17] It was removed from the index in 2010.[18]
On July 1, 2010, the company completed the corporate spin-off of its exploration and production business as QEP Resources.[19] In December 2015, Tesoro Logistics LP acquired its natural-gas pipeline and processing business for $2.5 billion in cash.[20] In 2021, QEP Resources was acquired by Diamondback Energy.[21]
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.[22]
In September 2016, the company was acquired by Dominion Resources.[23][24] In June 2024, nine months after a deal was announced,[25] Enbridge completed the purchase of Questar Gas for $4.3 billion.
References
Wikiwand in your browser!
Seamless Wikipedia browsing. On steroids.
Every time you click a link to Wikipedia, Wiktionary or Wikiquote in your browser's search results, it will show the modern Wikiwand interface.
Wikiwand extension is a five stars, simple, with minimum permission required to keep your browsing private, safe and transparent.
