RICHMOND, Va., March 4 /PRNewswire-FirstCall/ -- Dominion 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.
Web site: http://www.dom.com/