The board of directors at Dominion authorizing the company to purchase up to $50 million of common units representing limited partner interests in Dominion Midstream Partners LP the company said Sept. 24.
Common units may be acquired by Dominion over the next 12 months at the discretion of management.
The units would be purchased from time to time at prevailing market prices, through open-market or privately negotiated transactions, depending on market conditions. Purchases under the program would be funded from available working capital, and the purchased units would be held by Dominion or another subsidiary.
Dominion owns and controls the general partner of Dominion Midstream. Dominion owns about 11.8 million Dominion Midstream units representing limited partner interests.
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