RICHMOND, Va., Nov. 2, 2020 /PRNewswire/ -- Dominion Energy
(NYSE: D) announced today that it has closed on the sale of the
majority of its gas transmission and storage assets to Berkshire
Hathaway Energy, an affiliate of Berkshire Hathaway Inc. (NYSE:
BRK.A), for approximately $2.7
billion in cash and the transfer of approximately
$5.3 billion of related indebtedness.
These operations include more than 5,500 miles of interstate gas
transmission pipelines, about 775 billion cubic feet (Bcf) of gas
storage that the company operates and an operating 25 percent stake
in Cove Point.
The sale of the company's interests in the Questar Pipelines,
also to Berkshire Hathaway Energy, is expected to be completed in
early 2021 following receipt of Hart-Scott-Rodino clearance. The
company has received a cash payment of approximately $1.3 billion in anticipation of the sale of these
interests, and will transfer approximately $430 million of related debt to Berkshire
Hathaway Energy upon close of this follow-on transaction.
The full transaction is expected to result in a nearly
$6 billion reduction in Dominion
Energy debt. The company also expects total share repurchases of
Dominion Energy common stock to be at least $3 billion.
More than 7 million customers in 16 states energize their homes
and businesses with electricity or natural gas from Dominion Energy
(NYSE: D), headquartered in Richmond, Va. The company is
committed to sustainable, reliable, affordable and safe energy and
to achieving net zero carbon dioxide and methane emissions from its
power generation and gas infrastructure operations by 2050. Please
visit DominionEnergy.com to learn more.
This release contains certain forward-looking statements with
respect to certain future plans concerning the sale of Dominion
Energy Questar Pipeline, LLC and related entities and the
expectations regarding the company's previously announced share
repurchase program, which are subject to various risks and
uncertainties. Factors that could cause actual results to differ
include, but are not limited to: the expected timing and likelihood
of completion of the proposed transaction with Berkshire Hathaway
Energy; the risk that Dominion Energy or Berkshire Hathaway Energy
may be unable to obtain necessary regulatory approvals for the
transaction or required regulatory approvals may delay the
transaction; the risk that conditions to the closing of the
transaction may not be satisfied; the repurchase of less than
$3 billion of Dominion Energy common
stock through its previously announced share repurchase program and
other risk factors that are detailed from time to time in Dominion
Energy's quarterly reports on Form 10-Q and most recent annual
report on Form 10-K filed with the Securities and Exchange
Commission. These forward-looking statements speak only as of the
date of this press release. Dominion Energy assumes no obligation
to provide any revisions to, or update, any projections and
forward-looking statements contained in this press release.
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SOURCE Dominion Energy