RICHMOND, Va., Sept. 14, 2016 /PRNewswire/ -- Dominion
Resources, Inc. (NYSE: D) and Questar Corporation (NYSE: STR)
announced today that the Wyoming Public Service Commission has
approved their merger, subject to terms and conditions of an agreed
settlement stipulation. Having received the Wyoming PSC's approval
of the merger, the companies plan to complete their combination by
close of business on Sept. 16,
2016.
The proposed merger would create one of the nation's largest
integrated energy companies, serving about 2.5 million electric
utility customers and 2.3 million gas utility customers in seven
states. The combined company – headquartered in Richmond, Va., with its Western operations
based in Salt Lake City – also
would operate 14,400 miles of natural gas transmission, gathering
and storage pipelines, one of the nation's largest natural gas
storage systems, and approximately 25,700 megawatts of electric
generation.
On Aug. 1, 2016, Questar's board
of directors approved a contingent cash dividend equal to
$0.00242 per share of common stock
for each day elapsed from Aug. 19,
2016, to the closing date of the proposed merger with
Dominion. The contingent dividend – $0.07018 per share of common stock, if the
combination closes as expected on Friday – is payable to
shareholders of record at the close of business on the closing date
of the merger, and will be paid as soon as practicable after that
closing date.
About Dominion
Dominion is one of the nation's
largest producers and transporters of energy, with a portfolio of
approximately 25,700 megawatts of generation, 12,200 miles of
natural gas transmission, gathering and storage pipeline, and 6,500
miles of electric transmission lines. Dominion operates one
of the nation's largest natural gas storage systems with 933
billion cubic feet of storage capacity and serves more than 5
million utility and retail energy customers in 14 states. For more
information about Dominion, visit the company's website
at www.dom.com.
About Questar
Questar Corp. is a Rockies-based
integrated natural gas company operating through three principal
subsidiaries: Questar Gas provides retail natural gas distribution
in Utah, Wyoming and Idaho; Wexpro develops and produces natural
gas on behalf of Questar Gas; and Questar Pipeline operates
interstate natural gas pipelines and storage facilities in the
Western U.S. For more information, visit Questar's website at:
www.questar.com.
This news release includes certain "forward-looking
information." Examples include information as to Dominion's
expectations, beliefs, plans, goals, objectives and future
financial or other performance or assumptions concerning matters
discussed in this release. Factors that could cause actual results
to differ from those in the forward-looking statements may
accompany the statements themselves. In addition, Dominion's
business is influenced by many factors that are difficult to
predict, involve uncertainties that may materially affect actual
results and are often beyond our ability to control or estimate
precisely, such as the risk that conditions to the closing of the
transaction or the committed debt financing may not be satisfied.
We have identified and will in the future identify a number of
these factors in our SEC Reports on Forms 10-K and 10-Q. We refer
you to those discussions for further information. Any
forward-looking statement speaks only as of the date on which it is
made, and we 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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visit:http://www.prnewswire.com/news-releases/dominion-questar-combination-receives-wyoming-public-service-commission-approval-companies-expect-to-close-on-merger-september-16-300328308.html
SOURCE Dominion