751652--2/27/2009--QUESTAR

related topics

{gas, price, oil}

{operation, natural, condition}

{regulation, change, law}

{capital, credit, financial}

{condition, economic, financial}

{loss, insurance, financial}

Investors should read carefully the following factors as well as the cautionary statements referred to in Forward-Looking Statements herein. If any of the risks and uncertainties described below or elsewhere in this Annual Report actually occur, the Company s business, financial condition or results of operations could be materially adversely affected. Risks Inherent in the Company s Business The future prices for natural gas, oil and NGL are unpredictable. The Company may not be able to economically find and develop new reserves Gas and oil reserve estimates are imprecise and subject to revision Shortages of oilfield equipment, services and qualified personnel could impact results of operations. Gas and oil operations involve numerous risks that might result in accidents and other operating risks and costs. Disruption of, capacity constraints in, or proximity to pipeline systems could impact results of operations. Questar is dependent on bank credit facilities and continued access to capital markets to successfully execute its operating strategies The severe economic recession increases credit risk. A significant portion of Market Resources production, revenue and cash flow is derived from assets that are concentrated in the Rocky Mountain region. Questar uses derivative arrangements to manage exposure to uncertain prices Questar may be subject to risks in connection with acquisitions. Questar is subject to complex regulations on many levels Questar may be exposed to certain regulatory and financial risks related to climate change FERC regulates interstate natural gas transportation and oversees natural gas marketing. State agencies regulate the distribution of natural gas. General economic and other conditions impact Questar s results

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751652--2/27/2009--QUESTAR_CORP