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Exhibit 12.

Questar Market Resources and Subsidiaries
Ratio of Earnings to Fixed Charges

	Year Ended December 31,
	2002			2001			2000
	(Dollars In Thousands)
Earnings
Income before income taxes	$	151,094		$	155,352		$	116,426
Plus debt expense		34,705			22,872			22,922
Plus interest portion of rental expense		1,182			1,112			985
Less company's share of earnings of equity investees		(3,997	)		(1,265	)		(2,776	)
Plus distributions of equity investees		7,218			553			659
Less minority interest in loss		(484	)		(359	)
Plus minority interest in earnings								338
	$	189,738		$	178,265		$	138,554
Fixed Charges
Debt expense	$	34,705		$	22,872		$	22,922
Plus interest portion of rental expense		1,182			1,112			985
	$	35,887		$	23,984		$	23,907
Ratio of Earnings to Fixed Charges		5.29			7.43			5.80

        For purposes of this presentation, earnings represent income before income taxes adjusted for fixed charges, equity in minority interest, earnings and distributions of equity investees. Fixed charges consist of total interest charges (expensed and capitalized), amortization of debt issuance costs, and the interest portion of rental expense estimated at 50%. Income before income taxes includes Questar Market Resources' share of pretax earnings of equity investees.

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Exhibit 12.

Questar Market Resources and Subsidiaries Ratio of Earnings to Fixed Charges