Exhibit No. 12
Questar Market Resources, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges
The ratios of earnings to fixed charges for 1997, 1998 and 1999 are
derived from audited financial statements of Questar Market
Resources. The ratios for 1995, 1996 and the 12 months ended March
31, 2000 and 1999 are from unaudited financial statements.
<TABLE>
<CAPTIONS>
12 months ended March 31,12 months ended December 31,
2000 1999 1999 1998 1997 1996 1995
(Dollars in Thousands)
<S> <C> <C> <C> <C> <C> <C> <C>
Earnings
Income from continuing operations before
income taxes $75,951 13519 $64,450 $15,706 $49,521 $56,134 $43,638
Less income, plus loss from Canyon Creek (216) (233) (231) (202) (160) 35 (141)
Plus distribution from Canyon Creek 304 244 266 281 334 60 314
Plus loss from Questar WMC 65 546 114
Plus debt expense 18,470 14,255 17,363 12,631 10,882 8,699 6,323
Plus interest capitalized during
construction 884 542 357 1,363 604 70 63
Plus interest portion of rental expense 1,773 1,487 855 699 556 500 441
$97,190 $29,814 $83,091 $30,478 $61,802 $66,044 $50,752
Fixed Charges
Debt expense $18,470 $14,255 $17,363 $12,631 $10,882 $8,699 $6,323
Plus interest capitalized during
construction 884 542 357 1,363 604 70 63
Plus interest portion of rental expense 1,773 1,487 855 699 556 500 441
$21,127 $16,284 $18,575 $14,693 $12,042 $9,269 $6,827
Ratio of Earnings to Fixed Charges 4.60 1.83 4.47 2.07 5.13 7.13 7.43
</TABLE>
1/ For purposes of this presentation, earnings represent income
from continuing operations before income taxes and fixed charges.
Fixed charges consist of total interest charges, amortization of
debt issuance costs, and the interest portion of rental costs
(which is estimated at 50%).
2/ Income from continuing operations before income taxes
includes QMR's 50% share of pretax earnings of Blacks Fork.
3/ Distributions from Canyon Creek are included and earnings
are excluded because QMR owns less than 50%. QMR's ownership
interest in Canyon Creek is 15%.
4/ Write-downs of investment in oil and gas properties reduced
income before income taxes of $31 million in 1998 and $9 million
in 1997.
