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.
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.
Tesoro Logistics (TLLP, TSO) agrees to acquire the natural gas pipeline and processing business owned by QEP Resources (NYSE:QEP) in a $2.5B deal.
TLLP says the deal will expand its scope to include natural gas in addition to oil, as QEP owns gas processing plants and oil and gas pipelines in Wyoming, Colorado, Utah and North Dakota.
To help pay for the deal, plans a public offering of 19.35M common units.
QEP says selling the midstream business would improve its financial position and help it pay down debt, as well as improve its competitive position through increased capital investment in its E&P assets.