• Dec. 1, 2016, 4:51 PM
    • Consideration for the $1.725B deal included $823M in cash to Dominion Resources (NYSE:D), $167M of common units, and $300M of convertible preferred units. Dominion Midstream (NYSE:DM) also assumed Questar Pipeline's $435M in debt.
    • The deal is expected to be immediately accretive to DM's distributable cash flow per unit.
    • Dominion will use the cash and other money from related financing activities to pay down $1.2B of debt at the parent level.
    Dec. 1, 2016, 4:51 PM | 8 Comments
  • Oct. 31, 2016, 7:36 AM
    • Dominion Midstream (NYSE:DM) agrees to acquire Questar Pipeline from Dominion Resources (NYSE:D) for ~$1.725B, including debt.
    • DM says the dropdown deal will more than double its existing adjusted EBITDA, be immediately accretive to distributable cash flow, and support its plan to grow distributions to unitholders at a 22% compounded annual growth rate.
    • Questar Pipeline owns and operates FERC-regulated natural gas transmission and storage assets in Colorado, Utah and Wyoming.
    • To help fund the deal, DM launches a 12M-unit public offering, with an underwriters option to purchase up to an additional 1.8M common units.
    Oct. 31, 2016, 7:36 AM
  • Sep. 30, 2016, 6:12 PM
    • Duke Energy (NYSE:DUK) confirms it will sell some if its ownership stake in the Atlantic Coast Pipeline to Dominion Resources (NYSE:D) on Monday, when it closes its $4.9B acquisition of Piedmont Natural Resources.
    • The proposed deal cleared its final hurdle yesterday when the North Carolina Utilities Commission approved the transaction.
    • DUK has owned 40% of the proposed 600-mile pipeline, but under the deal that formed the joint venture in 2014, Dominion must be the largest owner; the original ownership breakdown was D with 45%, DUK with 40%, PNY at 10% and AGL Resources, which has since been bought by Southern Co., with 5%.
    • Dominion says it will follow through with a previously announced plan to purchase a 3% stake from DUK, which will then give it 48% of the project and DUK 47%.
    Sep. 30, 2016, 6:12 PM | 7 Comments
  • Sep. 15, 2016, 12:38 PM
    • Dominion Resources (D +0.5%) and Questar (STR +0.1%) say the Wyoming Public Service Commission has approved their merger, clearing the way to complete their combination by the close of business Friday.
    • The merger would create one of the largest U.S. integrated energy companies, serving 2.5M electric utility customers and 2.3M gas utility customers in seven states, and operate 14.4K miles of natural gas transmission, gathering and storage pipelines, one of the largest U.S. natural gas storage systems, and ~25.7K MW of electric generation.
    • Separately, Ohio's Public Utilities Commission vote to authorize Dominion to continue its Pipeline Infrastructure Replacement program and recover associated costs for another five-year period through 2021.
    Sep. 15, 2016, 12:38 PM | 3 Comments
  • Feb. 1, 2016, 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.
    Feb. 1, 2016, 8:01 AM | 40 Comments
  • Apr. 1, 2015, 8:16 AM
    • Dominion Midstream Partners (NYSE:DM) agrees to acquire Dominion Carolina Gas Transmission from Dominion Resources (NYSE:D) for ~$495M.
    • DM says the deal supports its intention to grow distributions to unitholders at a compounded annual growth rate of ~22%/year through the end of the decade.
    • DM expects the addition to be immediately accretive to its distributed cash flow per unit.
    Apr. 1, 2015, 8:16 AM
  • Jan. 21, 2014, 12:57 PM
    • NiSource (NI +0.7%) is discussed by Bloomberg as a prime acquisition candidate for utility companies seeking to profit from the shale gas boom.
    • NI surged to all-time highs last week amid takeover speculation fueled by a December report that Dominion Resources (D +0.2%) was raising money for a purchase; an all-cash deal would give Dominion complementary gas assets and boost its earnings, even if it paid a 20% premium to NI’s Friday closing price of $33.89, according to Bernstein analysts.
    • NI’s Columbia Pipeline Group operates ~15.7K miles of lines that stretch from Louisiana to New York, as well as gas and electric utilities; analysts say NI's growing pipeline business has appeal, "both fundamentally and to those who could conceivably use financial engineering to extract even greater value."
    Jan. 21, 2014, 12:57 PM | 1 Comment
  • Mar. 11, 2013, 9:44 AM

    Dominion Resources (D +0.4%) agrees to sell three merchant power plants in Massachusetts and Illinois to private-equity firm Energy Capital Partners in a deal that will result in after-tax proceeds of approximately $650M. Dominion will use the money repay debt and to invest in its regulated ops. The transaction partly represents Dominion's strategy of exiting the the merchant coal-fired generation business. (PR)

    Mar. 11, 2013, 9:44 AM
  • Sep. 6, 2012, 10:32 AM

    Dominion Resources (D +1.7%) plans to offload two Illinois power stations that sell electricity on the open market and one in Massachusetts. The utility will use the proceeds to invest in its regulated business and to cut its debt requirements. (PR)

    Sep. 6, 2012, 10:32 AM | 1 Comment