Exhibit No. 12
Questar Market Resources, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges
(Unaudited)
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12 months ended
September 30,
2000 1999
(Dollars in Thousands)
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Earnings
Income from continuing operations before
income taxes $90,857 $22,531
Less income from Canyon Creek (189) (267)
Plus distribution from Canyon Creek 323 255
Plus debt expense 22,164 16,951
Plus interest capitalized during construction 232 1,088
Plus interest portion of rental expense 987 881
$114,374 $41,439
Fixed Charges
Debt expense $22,164 $16,951
Plus interest capitalized during construction 232 1,088
Plus interest portion of rental expense 987 881
$23,383 $18,920
Ratio of Earnings to Fixed Charges 4.89 2.19
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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/ A write-down of investment in full-cost oil and gas
properties reduced income from continuing operations before
income taxes by $31 million in the fourth quarter of 1998.
15
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