RICHMOND, Va., Sept. 24, 2015 /PRNewswire/ -- Dominion
(NYSE: D) has initiated a program, endorsed by the board of
directors, authorizing the company to purchase up to $50 million of common units representing limited
partner interests in Dominion Midstream Partners, LP (NYSE: DM),
Dominion announced today. Common units may be acquired by Dominion
over the next 12 months at the discretion of management.
Thomas F. Farrell II, chairman,
president and chief executive officer of Dominion and Dominion
Midstream GP, LLC, said:
"This program demonstrates Dominion's confidence in and
commitment to Dominion Midstream. It also confirms that our company
sees upside unit valuation in Dominion Midstream and views the
partnership as an attractive investment with significant growth
opportunities."
The common units would be purchased from time to time at
prevailing market prices, through open-market or privately
negotiated transactions, depending on market conditions. Purchases
under the program would be funded from available working capital,
and the purchased units would be held by Dominion or a subsidiary
of Dominion other than Dominion Midstream. There is no guarantee as
to the exact number of units that Dominion would purchase, and
Dominion may discontinue purchases at any time that management
determines that additional purchases are not warranted.
Dominion owns and controls the general partner of Dominion
Midstream. Dominion owns 11,847,789 Dominion Midstream common units
representing limited partner interests.
About Dominion
Dominion is one of the nation's largest producers and
transporters of energy, with a portfolio of approximately 24,600
megawatts of generation, 12,200 miles of natural gas transmission,
gathering and storage pipeline, and 6,455 miles of electric
transmission lines. Dominion operates one of the nation's
largest natural gas storage systems with 928 billion cubic feet of
storage capacity and serves utility and retail energy customers in
13 states. For more information about Dominion, visit the company's
website at www.dom.com.
About Dominion Midstream
Dominion Midstream is a growth-oriented Delaware limited partnership formed by
Dominion Resources, Inc., in March
2014 to own, operate, develop and acquire natural gas
import, storage, regasification, transportation and related assets.
It is headquartered in Richmond,
Va. For more information about Dominion Midstream, visit its
website at www.dommidstream.com.
This news release includes certain forward-looking
information that is subject to various risks and uncertainties.
Words such as "expect," "target," "would," "will," "anticipate,"
"believe," "estimate," "intend," "may," "plan," "predict,"
"project," "should" and similar terms and phrases are used to
identify forward-looking statements. A number of factors
that could cause actual results to differ from those in the
forward-looking statements are identified in Dominion's and
Dominion Midstream's filings with the SEC. You are referred to
those discussions for further information. These statements
are not guarantees of future performance and involve certain risks,
uncertainties and assumptions that are difficult to predict.
Any forward-looking statement speaks only as of the date on which
it is made, and the companies undertake no obligation to update any
forward-looking statement to reflect events or circumstances after
the date on which it is made.
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SOURCE Dominion