Dominion Officers, Directors Purchasing Company Shares
RICHMOND, Va. — Dominion (NYSE: D) announced today that officers and directors have begun purchasing shares through the open market and internal stock purchase programs that will be disclosed in routine filings with the U.S. Securities and Exchange Commission in coming days.
Thomas F. Farrell II, chairman, president and chief executive
officer, said:
"Our leadership recognizes that recent downward moves
by the equity markets have created what many of our officers and directors recognize
to be a buying opportunity. With our recent share valuations dipping below $30
we are now enjoying a dividend yield in excess of 6 percent."
In late 2008, the Dominion Board of Directors approved a nearly
11 percent increase in the common stock dividend, effective for 2009. It was
the second such increase in as many years.
Among tools available for Dominion directors, officers and
employees to accumulate shares in their company are the open market, internal
direct stock purchase programs and others – none of which provides shares
at a discount.
It is estimated that officers and directors have purchased or will purchase about 75,000 shares. Among officers and directors who have bought and are buying shares in addition to Farrell are Chief Financial Officer Thomas N. Chewning and Executive Vice President Mark F. McGettrick, as well as several directors.
Dominion is one of the nation’s largest producers and
transporters of energy, with a portfolio of more than 27,000 megawatts of generation,
1.2 trillion cubic feet equivalent of proved natural gas and oil reserves, 14,000
miles of natural gas transmission, gathering and storage pipeline and 6,000
miles of electric transmission lines. Dominion operates the nation’s largest
natural gas storage facility with 975 billion cubic feet of storage capacity
and serves retail energy customers in 12 states. For more information about
Dominion, visit the company's Web site at http://www.dom.com.
