dominion resources inc/va (D) Key Developments
Dominion Resources, Duke Energy, Piedmont Natural Gas and AGL Resources Form Atlantic Coast Pipeline Joint Venture
Jun 29 15
Almost 110 energy companies, manufacturers, economic developers, labor unions and civic groups have joined the EnergySure Coalition to support the proposed Atlantic Coast Pipeline. The four energy companies that formed the ACP joint venture - Dominion Resources, Duke Energy, Piedmont Natural Gas and AGL Resources - have put up the money to fund the coalition. The 550-mile proposed pipeline is designed to carry natural gas from the shale fields of the Marcellus and Utica formations in Pennsylvania from West Virginia to coastal Virginia and then south through North Carolina to Robeson County. The project is expected to cost up to $5 billion. Dominion owns 45% of the joint venture, Duke owns 40%, Piedmont 15% and AGL 5%.
Dominion Declares Quarterly Dividend, Payable on June 20, 2015
May 13 15
The board of directors of Dominion has declared a quarterly dividend of 64.75 cents per share of common stock. Dividends are payable on June 20, 2015, to shareholders of record at the close of business May 29, 2015.
Dominion Resources, Inc. Announces Executive Changes
May 7 15
Dominion announced that Robert M. Blue has been named senior vice president-Regulation, Law, Energy Solutions and Policy. He started in his new position on May 6, reporting to Thomas F. Farrell II, chairman, president and chief executive officer. Since January 2014, Blue had been serving as president of the company's Dominion Virginia Power operating segment, which operates electric transmission and distribution systems serving 2.5 million customer accounts in Virginia and northeast North Carolina. Paul D. Koonce, executive vice president of Dominion and chief executive officer of Dominion's Energy Infrastructure Group – which includes Dominion Virginia Power and the Dominion Energy operating segment housing the company's natural gas businesses – adds the role of president-Dominion Virginia Power to his responsibilities. Reporting to Blue are Mary C. Doswell, senior vice president-Dominion Energy Solutions; Thomas P. Wohlfarth, senior vice president-Regulatory Affairs; Mark O. Webb, vice president, general counsel and chief risk officer; and Daniel A. Weekley, vice president-Corporate Affairs.
Dominion Resources, Inc. Approves Amendment to its Bylaws
May 6 15
Dominion Resources, Inc. announced that in connection with Dominion's Annual Meeting of Shareholders that was held on May 6, 2015, shareholders approved an amendment to Dominion's Bylaws to lower the number of outstanding shares of Dominion common stock required to call a special meeting from one-third to 25%.
Dominion Resources, Inc. Announces Unaudited Preliminary Earnings Results for the First Quarter March 31, 2015; Provides Earnings Guidance for the Second Quarter and Full Year of 2015
May 4 15
Dominion Resources, Inc. announced unaudited preliminary earnings results for the first quarter March 31, 2015. For the quarter, the company reported operating earnings of $584 million or $0.99 per diluted share compared to $607 million or $1.04 per diluted share for the same period a year ago. Reported earnings was $536 million or $0.91 per diluted share compared to $379 million or $0.65 per diluted share for the same period a year ago. The decrease in first-quarter 2015 operating earnings per share as compared to first-quarter 2014 operating earnings per share is primarily attributable to the absence of a gain on sale of assets to Blue Racer, lower merchant generation margins, and a higher effective tax rate partially offset by additional earnings from Marcellus farmout transactions and higher revenues from growth projects.
The company expects second-quarter 2015 operating earnings in the range of 65 cents to 75 cents per share, compared to second-quarter 2014 operating earnings of 62 cents per share. Positive factors for the second-quarter of 2015 compared to the same period of the prior year include an expected return to normal weather in electric service territory, higher revenues from growth projects, and the absence of a planned refueling outage at Millstone Power Station. Negative factors for the quarter include higher operating expense. GAAP earnings for the second quarter of 2014 were 27 cents per share.
The company provides operating earnings guidance for the year 2015, remains to be $3.50 to $3.85 per share.