Dominion Buying Up to $50M in Midstream Subsidiary
Dominion, one of the biggest utility companies in the Marcellus/Utica region, is going on a buying spree. The object of their desire? Their very own midstream (pipeline) company subsidiary, Dominion Midstream Partners. Dominion’s board has authorized the company to spend up to $50 million to buy units (think shares of stock) in their midstream subsidiary. Usually companies buy their own stock/units for two reasons: (1) because they believe it to be undervalued/a bargain (i.e. opportunism), or (2) to prop up the share price (i.e. defending their investment). Which one is this?…
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Dominion’s Atlantic Coast Pipeline (ACP) faces some stiff opposition from the anti-drilling, landed gentry class, along with opposition from the usual anti-fossil fuel nutters and even opposition from Obama-controlled agencies including the BLM, FWS and USFS (see our
Just a few weeks ago Dominion announced they will hand out $1 million in grants for housing, food and health care in the regions in which they operate (see
It’s bad enough when anti-fossil fuel zealots gang up, like a pack of hyenas, to try and defeat a much-needed pipeline like Dominion’s Atlantic Coast Pipeline (see
In June 2014 Dominion filed an application with the Federal Energy Regulatory Commission (FERC) to construct and operate new compression facilities at existing compressor stations in Marshall County, WV and Monroe County, OH, and certain other facilities, collectively called the Clarington Project (see