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.
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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