Questar Corporation (STR)

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Questar Corporation (STR)

Analyst & Investor Presentation

May 16, 2013 12:00 am ET


Anthony R. Ivins - Director of Investor Relations and Treasurer

Ronald W. Jibson - Chairman, Chief Executive Officer, President, Chief Executive Officer of Questar Gas Company, Chief Executive Officer of Wexpro, President of Questar Gas Company and President of Wexpro

Craig C. Wagstaff - Executive Vice President and Chief Operating Officer of Questar Gas

James R. Livsey - Executive Vice President and Chief Operating Officer of Wexpro

R. Allan Bradley - Executive Vice President, Chief Executive Officer Questar Pipeline and President of Questar Pipeline

Kevin W. Hadlock - Chief Financial Officer, Principal Accounting Officer and Executive Vice President


Anthony R. Ivins

My name is Tony Ivins, I oversee IR and Treasury for Questar. It's our great pleasure to have you with us today. I want to introduce Ron Jibson who will give an overview and introduce management team of Questar. So without further ado, please, welcome, Ron.

Ronald W. Jibson

Good afternoon. It's great to see you all and this is certainly a tradition that we've enjoyed. We always love being here in New York, and it's a great opportunity for us to see many of you that we hopefully at least get to see at least once a year. It's even better when we see you more often than that, and that's always something that we look forward to being in New York. And whoever is responsible for the weather today, we thank you. We know you had a long cold winter. It's pretty nice out there today and we probably jinxed ourselves because we're talking about how good the weather's been lately every time we come to New York. So it's -- I'd also congratulate you on what a phenomenal thing in the city since the storm. I know one of the recent times we're here was a week after the storm and to see what's taken place since then and the city coming together, it's just a phenomenal thing. And so we congratulate you with that. We do appreciate this opportunity and want to thank you for being with us. We know we've said before that you had a choice today of where to be at lunch, and I hope the food is well worth it to begin with, but also we appreciate that you would take the time to come learn more about Questar and some of the things that we've got going in our story right now.

Let me just introduce some of the people that are with me today, all of the people, but we brought a lot of our team out today. I'll try to go around as I can see them in the room. Looks like back here, Kevin, stand up. Kevin Hadlock, our Executive Vice President and Chief Financial Officer. Kevin's been with our company 2 years and we appreciate Kevin's involvement in a lot of the Investor Relations areas and many of you have seen him as we've gone around. Coming around, it looks like at the front here, we've got 2 of our business unit leads, starting with Jim Livsey. Jim has been with our company 28 years and has actually headed up Wexpro for 15 years now. And the phenomenal growth that we've seen in Wexpro is attributable to Jim. He's our Executive Vice President and Chief Operating Officer of Wexpro Company. Next to him, Allan Bradley. Allan's been with us 8 years now, probably 38 or 40 years in the industry. I won't age you more than I should, Allan. But Allan's -- I joke about the fact that, I -- when I say 8 years with Questar, it just always seems way short because Allan has had so much experience in the industry and we're still trying to find somewhere in the world that Allan has not been or at least tried to run a pipeline through, and we haven't found that yet. But he heads up, our pipeline team, and obviously, a lot of interest with our Southern Trails Pipeline, and we'll talk about that today.

Let's see, moving around, Craig. Craig Wagstaff. Craig is our Executive Vice President, Chief Operating Officer of Questar Gas Company and Craig has been with our company for 29 years and continues to do a phenomenal job with our utility and has had the experience in all areas of the utility and now heads that up. And then, Tony got up at first, but Tony Ivins, been with the company 31 years, and Tony continues to wear the hat of our Corporate Officer as a Corporate Treasurer and also manages our Investor Relations areas. So it's a real pleasure for us to be with you and to talk about Questar today. And you'll hear from each of these members of the team as we go through.

I'm going to give just a brief quick overview of a couple of areas. First of all, we talk about Questar being unique. I think that that's from several different standpoints from one aspect of this. And as you look at our strategy, we're one of the few companies out there today who are fully integrated and we believe that is a very good model. And you'll hear some examples today from our business unit leads on why that is so important to us, to be integrated with everything from the wellhead to the burner tip, to have the business units that cover all aspects of the value chain of natural gas. We continue to be able to provide industry-leading returns. As you can see, 19.4% currently. We consistently have been above 18%, and on a consolidated basis, that's driven heavily by our Wexpro Company with over 20% returns and our business units of Questar Pipeline and Questar Gas continuing to earn at their allowed return levels. We like to talk about constructive regulation, and Craig will cover this in more detail, but we're very pleased to be working in a very constructive forward-looking regulatory culture within the states of Utah and Wyoming. And I think that's evidenced from the recent decisions on Wexpro II and continued partnership with our regulators. And that's something that we don't take lightly, and we work very hard to create a very transparent open relationship with our regulators and I think that's certainly helping us as a company today.

We have good solid growth, 7% to 9% growth within our utility; 4% to 8% within Wexpro; and overall consolidated, we anticipate 4% to 6% growth over the 5-year plan, and you'll hear more detail on that. And then dividends. About 3 years ago, or not quite 3 years ago, but we -- as we came out after the restructuring of the company, we pledged to our owners and investors that we would grow the dividend 5% to 10% per year. Not quite 3 years, more close to 40% at this point as a result of the recent 6% increase in dividend that we announced the end of last week. So again, we're very pleased with the unique model that we have and we think it works very well for us. The -- as far as location, we're strategically located in the Rockies. We're headquartered in Salt Lake City, and again, we're based on 3-key business units.

Wexpro Company develops and produces natural gas on a cost-of-service basis. It's another unique aspect of our production. And it's all dedicated to our utility Questar Gas and has continued to see 20% returns over the last 32 years of the Wexpro Agreement.

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