• 10 mins EIA Weekly Inventory Data Due Wednesday, Despite Govt. Shutdown
  • 4 hours Oklahoma Rig Explodes, Leaving Five Missing
  • 6 hours Lloyd’s Sees No Room For Coal In New Investment Strategy
  • 9 hours Gunmen Kidnap Nigerian Oil Workers In Oil-Rich Delta Area
  • 11 hours Libya’s NOC Restarts Oil Fields
  • 12 hours US Orion To Develop Gas Field In Iraq
  • 3 days U.S. On Track To Unseat Saudi Arabia As No.2 Oil Producer In the World
  • 3 days Senior Interior Dept. Official Says Florida Still On Trump’s Draft Drilling Plan
  • 3 days Schlumberger Optimistic In 2018 For Oilfield Services Businesses
  • 3 days Only 1/3 Of Oil Patch Jobs To Return To Canada After Downturn Ends
  • 3 days Statoil, YPF Finalize Joint Vaca Muerta Development Deal
  • 3 days TransCanada Boasts Long-Term Commitments For Keystone XL
  • 4 days Nigeria Files Suit Against JP Morgan Over Oil Field Sale
  • 4 days Chinese Oil Ships Found Violating UN Sanctions On North Korea
  • 4 days Oil Slick From Iranian Tanker Explosion Is Now The Size Of Paris
  • 4 days Nigeria Approves Petroleum Industry Bill After 17 Long Years
  • 4 days Venezuelan Output Drops To 28-Year Low In 2017
  • 4 days OPEC Revises Up Non-OPEC Production Estimates For 2018
  • 4 days Iraq Ready To Sign Deal With BP For Kirkuk Fields
  • 5 days Kinder Morgan Delays Trans Mountain Launch Again
  • 5 days Shell Inks Another Solar Deal
  • 5 days API Reports Seventh Large Crude Draw In Seven Weeks
  • 5 days Maduro’s Advisors Recommend Selling Petro At Steep 60% Discount
  • 5 days EIA: Shale Oil Output To Rise By 1.8 Million Bpd Through Q1 2019
  • 5 days IEA: Don’t Expect Much Oil From Arctic National Wildlife Refuge Before 2030
  • 5 days Minister Says Norway Must Prepare For Arctic Oil Race With Russia
  • 5 days Eight Years Late—UK Hinkley Point C To Be In Service By 2025
  • 5 days Sunk Iranian Oil Tanker Leave Behind Two Slicks
  • 6 days Saudi Arabia Shuns UBS, BofA As Aramco IPO Coordinators
  • 6 days WCS-WTI Spread Narrows As Exports-By-Rail Pick Up
  • 6 days Norway Grants Record 75 New Offshore Exploration Leases
  • 6 days China’s Growing Appetite For Renewables
  • 6 days Chevron To Resume Drilling In Kurdistan
  • 6 days India Boosts Oil, Gas Resource Estimate Ahead Of Bidding Round
  • 6 days India’s Reliance Boosts Export Refinery Capacity By 30%
  • 7 days Nigeria Among Worst Performers In Electricity Supply
  • 7 days ELN Attacks Another Colombian Pipeline As Ceasefire Ceases
  • 7 days Shell Buys 43.8% Stake In Silicon Ranch Solar
  • 7 days Saudis To Award Nuclear Power Contracts In December
  • 7 days Shell Approves Its First North Sea Oil Project In Six Years
Did Schlumberger Just Become A Buy?

Did Schlumberger Just Become A Buy?

Schlumberger’s share price dropped this…

Dominion Energy, SCANA To Merge In $7.9B All-Stock Deal

Dominion sign

Dominion Energy and SCANA Corporation have agreed to merge in a stock-for-stock deal worth US$7.9 billion, Dominion Energy said on Wednesday.

Including assumption of debt, the value of the transaction is around US$14.6 billion, the companies say, expecting the deal to be closed in 2018, pending regulatory and shareholder approvals.

Under the terms of the transaction, SCANA shareholders will receive 0.6690 shares of Dominion Energy common stock for each share of SCANA common stock—the equivalent of $55.35 per share.

Shortly after the announcement of the proposed merger, SCANA shares were up more than 21 percent pre-market on the NYSE at 8:37 a.m., while Dominion shares were down 5 percent.

South Carolina-based SCANA abandoned last year efforts to build two nuclear units and canceled the twin unit V.C. Summer nuclear project in Jenkinsville, South Carolina.

The agreement between Dominion and SCANA announced today also “calls for significant benefits to SCANA’s South Carolina Electric & Gas Company subsidiary (SCE&G) electric customers to offset previous and future costs related to the withdrawn V.C. Summer Units 2 and 3 project,” Dominion said.

Those benefits include a US$1.3-billion cash payment within 90 days upon completion of the merger to all customers, worth US$1,000 for the average residential electric customer.

The proposed merger hinges on approvals by SCANA’s shareholders, the U.S. Federal Trade Commission (FTC)/the U.S. Department of Justice (DOJ) under the Hart-Scott-Rodino Act, and authorization of the Nuclear Regulatory Commission (NRC), and Federal Energy Regulatory Commission (FERC).

Related: U.S. Rig Count Falls Slightly As Canada’s Rig Count Tanks

“SCANA is a natural fit for Dominion Energy,” Dominion’s chairman, president and CEO, Thomas F. Farrel II, said.

“Joining with Dominion Energy strengthens our company and provides resources that will enable us to once again focus on our core operations and best serve our customers,” said Jimmy Addison, chief executive of SCANA.

Upon completion of the merger, the combined company would deliver energy to some 6.5 million regulated customer accounts in eight states and have an electric generating portfolio of 31,400 megawatts and 93,600 miles of electric transmission and distribution lines. The new company would also have a natural gas pipeline network totaling 106,400 miles and would operate one of the largest natural gas storage systems in the U.S. with 1 trillion cubic feet of capacity.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News