Exhibit No. 12.
Questar Market Resources, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges
(Unaudited)
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12 months ended
June 30,
2000 1999
(Dollars in Thousands)
<S> <C> <C> <C>
Earnings
Income from continuing operations before
income taxes $87,969 $11,347
Less income Canyon Creek (211) (238)
Plus distribution from Canyon Creek 285 277
Plus debt expense 20,483 16,064
Plus interest capitalized during construction 192 1,148
Plus interest portion of rental expense 994 815
$109,712 $29,413
Fixed Charges
Debt expense $20,483 $16,064
Plus interest capitalized during construction 192 1,148
Plus interest portion of rental expense 994 815
$21,669 $18,027
Ratio of Earnings to Fixed Charges 5.06 1.63
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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/ 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.
