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Justin Woody joined Questar six years ago; promoted to vice president March 1. For the past two years he focused on Wexpro II—the second iteration of agreement that 30 years ago formed Wexpro, Questar’s E&P arm. Wexpro
develops and produces cost-of-service natural gas for utility affiliate Questar Gas in Utah and Wyoming for a standard rate of return, currently 12.42%, with 8% risk premium added for successful gas wells drilled; agreement has saved consumers $1.3 billion over 30 years.
Accomplishments: Company believed market discounted Wexpro due to perceptions it would completely develop its finite 125,000 acres operated within the initial agreement.Worked from start to finish, sometimes at 24-hour stretches, with state regulators, consumer advocates and numerous other stakeholders to forge a new agreement. Approved by Utah public service commissioners in late March; Wyoming’s bench order also issued, allowing Wexpro to acquire
new reserves for its Utah and Wyoming customers. Woody will manage team identifying acquisitions. Graduated from OU with a chemical, biological, and materials engineering degree.
On first foray into regulatory arena: “It was a really good process that resulted in something good for both our shareholders and for consumers.” In the current oilcharged A&D market, “our business model is gas-focused, and in the Rockies this is a time when we could get some very wellpriced gas assets.”
Goals: “To go out and smartly acquire properties. This is a long-term value proposition; we’ll buy, but we don’t have to ramp up production yet, production can be ramped when the utility needs it…. Long term, the business model could grow, helping the public and shareholders in other states.” Will pursue more degrees; MBA, MSF or both.
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