Dominion Resources Sum-Of-The-Parts Valuation, LNG Multiples, And An MLP: 15%-40% Upside
Lateral Capital Management
Lateral Capital Management
Dominion Resources: A New 2 Bcf/D Pipeline For Marcellus And Utica Gas
Richard Zeits • 34 Comments
Richard Zeits • 34 Comments
Yesterday, 7:34 AM
Tue, May 3, 5:30 PM
- AFAM, ARCC, ARCO, ARQL, ASC, ATRO, AVA, AYR, BDC, BUD, CDW, CHH, CLH, CPK, CRK, CRL, CRTO, CRZO, CSTE, D, DLPH, DNOW, ECYT, EE, ENR, FUN, GEL, GNRC, GTE, HAIN, HE, HFC, HSC, HSNI, HTWR, HYH, ICE, INXN, IONS, IRT, KATE, KLIC, LGND, MEMP, MFA, MMP, MOS, MPW, MTOR, NBL, NGS, NJR, NRZ, NVMI, NXTM, OMF, ONCE, ORBK, PCG, PCLN, RDC, RDS.A, SBGI, SCMP, SE, SERV, SHOP, SMP, SPAR, SR, SRE, SSTK, STRA, TGH, TGI, TMHC, TREE, TWX, VIRT, VOYA, VSI, WD, WIX, ZTS
Mon, Apr. 4, 5:57 PM
- Dominion Resources (NYSE:D) -1.5% AH after saying it plans to sell 10.2M common shares, raising ~$750M of gross proceeds, through an underwritten public offering to Citigroup.
- D says it plans to use the proceeds for general corporate purposes, including to help fund its planned $4.4B acquisition of Questar (NYSE:STR) and to repay short-term debt.
- Now read Purchase agreements in place for Atlantic Coast pipeline, Dominion says
Wed, Mar. 23, 7:30 AM
- Dominion (NYSE:D) says purchase agreements have been signed for 96% of natural gas that would be delivered to the southeastern U.S. by the proposed Atlantic Coast Pipeline.
- The company says the utility agreements reflect the need for the nearly 600-mile project planned to deliver fracked natural gas along a route from West Virginia through Virginia and into North Carolina.
- Dominion, which is partnering with Duke Energy (NYSE:DUK) and others to build the pipeline, outlined the status of the project during a conference call yesterday; 450 miles of the pipeline’s route has been surveyed, and the project has an in-service date of late 2018.
- The pipeline enjoys broad political support but has found organized resistance among some landowners and conservation groups concerned about its impact on rural, forested landscapes.
Mon, Feb. 1, 8:01 AM
- Dominion Resources (NYSE:D) agrees to acquire Questar (NYSE:STR) for ~$4.4B, including debt, in an attempt to expand its natural gas operations.
- Dominion's $25/share cash offer represents a ~23% premium to STR's closing price on Friday.
- Dominion says the combined company will serve ~2.5M electric utility customers and 2.3M gas utility customers in seven states, and operate more than 15.5K miles of natural gas transmission, gathering and storage pipelines and 24.3K MW of power generation.
- D -2.4%, STR +20.2% premarket.
Mon, Feb. 1, 7:09 AM
- Dominion Resources (NYSE:D): Q4 EPS of $0.70 misses by $0.19.
Thu, Jan. 21, 2:46 PM
- Dominion Resources (NYSE:D) declares $0.70/share quarterly dividend, 8.1% increase from prior dividend of $0.6475.
- Forward yield 4.09%
- Payable March 20; for shareholders of record March 4; ex-div March 2.
Tue, Jan. 12, 10:42 AM
- Dominion Virginia Power (D -1%) announces plans to invest nearly $2B/year through 2020 in clean generation, including solar energy, and to expand, secure and upgrade the electric grid in Virginia and northeastern North Carolina.
- Dominion says the planned $9.5B spending builds on its substantial record of new capital investment in recent years for new electric infrastructure designed to meet growth, enhance reliability and promote cleaner air and water; the company made $1.8B in similar investments in 2015.
- The utility says the planned investment is in addition to the $5B it expects to spend on building the Atlantic Coast Pipeline.
Nov. 2, 2015, 7:34 AM
- Dominion Resources (NYSE:D): Q3 EPS of $1.03 misses by $0.03.
Nov. 1, 2015, 5:30 PM
Oct. 22, 2015, 5:03 PM
- Dominion Resources (NYSE:D) declares $0.6475/share quarterly dividend, in line with previous.
- Forward yield 3.48%
- Payable Dec. 20; for shareholders of record Nov. 25; ex-div Nov. 23.
Oct. 12, 2015, 10:56 AM
- Electricity producers are largely planning to comply with, not contest, the Obama administration’s new rule limiting carbon emissions from power plants, believing the new regulations at least add certainty to their plans to move away from coal to generate electricity toward cheap natural gas and renewable energy, WSJ reports.
- "Everybody is moving in this direction anyway,” Dominion (NYSE:D) CEO Tom Farrell says.
- "Our coal assets are still running but they’re not making any money," says CEO Bob Flexon of Dynegy (NYSE:DYN), whose generating capacity is ~45% coal and 55% gas. “All the earnings are coming from our gas portfolio."
- Certainly not every utility has agreed to go along with the EPA’s 15-year plan to cut carbon dioxide emissions from the power industry by 32% from 2005; among those who say they are still studying the rule and deciding on next steps are DUK, AEP and SO.
- ETFs: XLU, KOL, UTG, IDU, VPU, GUT, BUI, FUTY, RYU, UPW, FXU, SDP
Sep. 21, 2015, 6:28 PM
- Atlantic Coast Pipeline, whose partners plant to construct a $5B, 564-mile natural gas transmission pipeline to transport as much as 1.5B cf/day from West Virginia to eastern Virginia and North Carolina, have applied to the FERC for permission to build.
- The pipeline - owned by Dominion (NYSE:D) 45%, Duke Energy (NYSE:DUK) 40%, Piedmont Natural Gas (NYSE:PNY) 10%, and AGL Resources (NYSE:GAS) 5% - could begin construction in H2 2016, pending regulatory approvals, for a Q4 2018 in-service date.
- Utility subsidiaries and affiliates of all four companies plus PSNC Energy have signed on as customers of the pipeline, subscribing 96% of the pipeline’s capacity.
Sep. 8, 2015, 8:48 AM
- SunEdison (NYSE:SUNE) +5.9% premarket after announcing a strategic partnership with J.P. Morgan's infrastructure investment group to fund renewable energy projects in both operating and construction stages, an initial investment of which will be a 33% interest, valued at $300M, in a 425 MW portfolio of domestic solar assets owned by Dominion (NYSE:D).
- SUNE has an option to acquire the remaining stake in the portfolio, which includes 24 projects in California, Connecticut, Georgia, Indiana, Tennessee and Utah; 15 of the projects entered service in 2013 and 2014, and the remaining projects either have been completed or have expected in-service dates in 2015.
- The companies also announce a joint venture for the 210 MW Three Cedars solar project in Utah, developed by SUNE, in which D will invest $320M to acquire 50% of the cash equity and 99% of the tax equity in Three Cedars.
Aug. 12, 2015, 8:02 PM
- SunEdison (NYSE:SUNE) +3.7% AH on news of a joint venture with Dominion (NYSE:D) to develop a new 420 MW solar project in Utah.
- Dominion will invest $500M to acquire 50% of the cash equity and 99% of the tax equity in the Four Brothers project, while SUNE will contribute $150M.
- The companies say the project, which is expected to produce enough electricity to power more than 90K homes, already is under construction and should be operating commercially by mid-2016; the project is contracted under a long-term agreement for 20 years with Berkshire Hathaway subsidiary PacifiCorp.
Aug. 5, 2015, 7:34 AM
- Dominion Resources (NYSE:D): Q2 EPS of $0.73 beats by $0.01.
Dominion Resources, Inc. is a diversified energy company. It supplies electricity and natural gas to homes, businesses and wholesale customers in the Eastern United States. The company's operations also include a regulated interstate natural gas transmission pipeline and underground storage... More
Industry: Electric Utilities
Country: United States
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