Más que probable fusión entre Dominion Energy (D) y Scana Corporation (SCG)
La cotización de D cayó ayer un 3,85%, la de SCG subió un 22,59%
En el hilo de comentarios de Chowder en SA también se debate largo y tendido sobre el tema
What Dominion’s News and Numbers Mean
by Roger S. Conrad
It’s been a rocky year so far for Dominion Energy (NYSE: D) and its master limited partnership unit Dominion Midstream (NYSE: DM). This morning, management made a convincing case for recovery.
The highlights:
Dominion Energy’s Q1 operating earnings per share improved by 17.5 percent. Dominion Midstream’s distributable cash flow advanced 18.1 percent. Both results were at the high end of guidance and include a one-month delay in the startup of the now operating Cove Point LNG export facility.
Dominion affirmed it will grow earnings 6 to 8 percent a year through 2020, and dividends by 10 percent annually through 2019. The 2020 payout increase will range between 6 and 10 percent, depending on Dominion Midstream’s ability to raise capital. The partnership will grow distributions 5 percent a quarter, so long as its coverage ratio (1.23 times in Q1) remains at 1.0 or better.
Dominion will achieve planned parent level debt reduction with a combination of asset sales and project level debt issuance, with no additional “marketed equity issuance” through 2020. Drop downs of Cove Point ownership are postponed until Dominion Midstream is able to issue equity economically, at which time management will “restructure” incentive distribution rights.
CEO Tom Farrell says there’s “no flexibility” in the company’s takeover offer for SCANA Corp (NYSE: SCG). Dominion will either close the deal on its terms, or walk away if South Carolina won’t allow sufficient recovery of costs for the shelved Summer nuclear power plant project.
Our contention is asset performance is the key to dividend safety, as well as to the eventual recovery in shares of Dominion Energy and Dominion Midstream.
That’s why the most important takeaway from today is that first quarter results affirm underlying business operations are as strong as ever.
Dominion’s assets are best in class. During the quarter, the six nuclear units ran at a record 98.5 percent of capacity, while weather adjusted power demand growth was among the highest in the US at 1.7 percent. The Millstone nuclear facility in Connecticut is on the verge of becoming an earnings driver, as the state allows sales into unregulated wholesale markets as a zero emissions energy source.
The midstream business is now getting a $700 million annual EBITDA lift from the Cove Point LNG export facility, which is fully contracted for the next 20 years. The $125 million expansion of its Carolina Gas pipeline network started generating revenue this spring. And the Atlantic Coast Pipeline project is still on track for a late 2019 startup.
Takeaway two is Dominion’s takeover bid for SCANA still presents major potential upside, with relatively little risk. The company’s official position is it’s “optimistic” about closing the deal in 2018, which would likely enable 8 to 10 percent annual dividend growth beyond 2020. Meanwhile, CEO Tom Farrell has again assured investors he’ll walk away if South Carolina legislators or regulators undermine deal economics.
Takeaway three is Dominion Energy management is still highly supportive of Dominion Midstream and the MLP model. Recovery timing depends on factors beyond management’s control, such as investor sentiment toward MLPs and getting FERC to clarify the impact of its tax item disallowance on natural gas pipeline rates. But by delaying Cove Point drop downs at least until 2019, management is clearly taking a patient approach with its MLP unit.
The market’s initial reaction to Dominion’s news and numbers was positive, with shares of both parent and partnership showing some strength. With analyst opinion roughly split between buyers and holders, we’ll likely have to wait for bigger moves. Dominion Energy is a buy for patient investors up to 80. Dominion Midstream remains a hold, pending more news from FERC.
Un paso más hacia el desenlace, ya solo le falta la aprobación de los accionistas de SCANA, la revisión y aprobación de las comisiones de servicio público de Carolina del Sur y Carolina del Norte y autorización de la Comisión Reguladora Nuclear… podéis aprovechar y si alguno quiere pedir alguna comprobación más está a tiempo, por pedir vistos buenos que no sea … :).
Dominion Energy/SCANA Merger Receives FERC Approval
RICHMOND, Va. and CAYCE, S.C., July 13, 2018 /PRNewswire/ – The proposed merger of Dominion Energy, Inc. (NYSE: D) and SCANA Corporation (NYSE: SCG) has achieved another significant milestone with the approval of the Federal Energy Regulatory Commission (FERC).
In an order issued July 12, FERC found the combination of the two companies “is consistent with the public interest and is authorized.”
“We are pleased by the FERC’s considered and timely action,” said Thomas F. Farrell, II, Dominion Energy chairman, president and CEO. “It brings us closer to providing a brighter energy future for customers, communities and others served by the SCANA companies. We will continue working toward achieving the other required regulatory approvals and completing our transaction by the end of this year.”
The merger previously received approval of the Georgia Public Service Commission and early termination by the Federal Trade Commission of the 30-day waiting period under the federal Hart-Scott-Rodino Antitrust Improvements Act. The merger is also contingent upon approval of SCANA’s shareholders; review and approval from the public service commissions of South Carolina and North Carolina; and authorization of the Nuclear Regulatory Commission.
Under a merger agreement announced in January, the combined company would deliver energy to approximately 6.5 million regulated customer accounts and have an electric generating portfolio of about 31,400 megawatts and 93,600 miles of electric transmission and distribution lines. It also would have a natural gas pipeline network totaling 106,400 miles and operate one of the nation’s largest natural gas storage systems with 1 trillion cubic feet of capacity.
About Dominion Energy
Dominion Energy is one of the nation’s largest producers and transporters of energy, with a portfolio of approximately 26,000 megawatts of electric generation, 14,800 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation’s largest natural gas storage systems with approximately 1 trillion cubic feet of storage capacity and serves nearly 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company’s website at www.dominionenergy.com.
About SCANA
SCANA Corporation, headquartered in Cayce, S.C., is an energy-based holding company principally engaged, through subsidiaries, in electric and natural gas utility operations and other energy-related businesses. Information about SCANA and its businesses is available on the company’s website at www.scana.com.
Forward-looking statements
This release contains statements that constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. The statements relate to, among other things, expectations, estimates and projections. We have used the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “outlook,” “predict,” “project,” “should,” “strategy,” “target,” “will,” “would,” “potential” and similar terms and phrases to identify forward-looking statements in this release. Factors that could cause actual results to differ include, but are not limited to: the expected timing and likelihood of completion of the proposed acquisition of SCANA, including the ability to obtain the requisite approval of SCANA’s shareholders; the risk that Dominion Energy or SCANA may be unable to obtain necessary regulatory approvals for the transaction or required regulatory approvals may delay the transaction or cause the parties to abandon the transaction; the risk that conditions to the closing of the transaction may not be satisfied; or the risk that an unsolicited offer for the assets or capital stock of SCANA may interfere with the transaction. Other risk factors for Dominion Energy’s and SCANA’s businesses are detailed from time to time in Dominion Energy’s and SCANA’s quarterly reports on Form 10-Q or most recent annual report on Form 10-K filed with the Securities and Exchange Commission (SEC).
Important additional information
In connection with the proposed transaction between Dominion Energy, Inc., and SCANA Corporation, Dominion Energy has filed with the SEC a Registration Statement on Form S-4, which includes a document that serves as a Proxy Statement of SCANA and Prospectus of Dominion Energy (the proxy statement/prospectus), as well as other relevant documents concerning the proposed transaction. The proposed transaction involving Dominion Energy and SCANA will be submitted to SCANA’s shareholders for their consideration. The proxy statement/prospectus was mailed to SCANA’s shareholders beginning on June 15, 2018. This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Shareholders of SCANA are urged to read the registration statement and the proxy statement/prospectus regarding the transaction and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they will contain important information.
Shareholders are able to obtain a free copy of the definitive proxy statement/prospectus, as well as other filings containing information about Dominion Energy and SCANA, without charge, at the SEC’s website (http://www.sec.gov). Copies of the proxy statement/prospectus and the filings with the SEC that are incorporated by reference in the proxy statement/prospectus can also be obtained, without charge, by directing a request to Dominion Energy, Inc., 120 Tredegar Street, Richmond, Virginia 23219, Attention: Corporate Secretary, Corporate.Secretary@dominionenergy.com, or to SCANA Corporation, 220 Operation Way, Mail Code D133, Cayce, South Carolina 29033, Attention: Office of the Corporate Secretary, BoardInformation@scana.com.
Participants in the solicitation
Dominion Energy, SCANA and certain of their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding Dominion Energy’s directors and executive officers is available in its definitive proxy statement, which was filed with the SEC on March 23, 2018, Dominion Energy’s Annual Report on Form 10-K, which was filed with the SEC on February 27, 2018 and certain of its Current Reports on Form 8-K. Information regarding SCANA’s directors and executive officers is available in its Annual Report on Form 10-K, which was filed with the SEC on February 23, 2018, as amended by a Form 10-K/A dated April 27, 2018 and certain of its Current Reports on Form 8-K. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials filed with the SEC. Free copies of these documents may be obtained as described in the preceding paragraph.
SOURCE Dominion Energy
Un saludo.
0.835$ de dividendo +10.59% Y/Y.
Dominion Energy Declares Quarterly Dividend of 83.5 Cents
Jul 31, 2018 11:03am
RICHMOND, Va., July 31, 2018 /PRNewswire/ – The board of directors of Dominion Energy (NYSE: D) has declared a quarterly dividend of 83.5 cents per share of common stock.
Dividends are payable on Sept. 20, 2018, to shareholders of record at the close of business Sept. 7, 2018.
This is the 362nd consecutive dividend that Dominion Energy or its predecessor company has paid holders of common stock. The company’s last quarterly dividend was declared May 9, 2018.
SOURCE Dominion Energy
Los accionistas de Scana aprueban la fusión D/SCG. Un escollo menos en el camino, ya solo le quedan las aprobaciones por parte de la comisión reguladora Nuclear y de las comisiones de servicios públicos de SC y NC. Basicamente le quedan los que se supone mas problemas pueden plantear a la fusión.
Dominion Energy/SCANA Merger Receives Approval of SCANA Shareholders
Jul 31, 2018 11:08am
RICHMOND, VA and CAYCE, SC – July 31, 2018 – The proposed combination of Dominion Energy, Inc. (NYSE: D) and SCANA Corporation (NYSE: SCG) has achieved another significant milestone with the approval of SCANA’s shareholders. SCANA’s special shareholder meeting was held today in Columbia, South Carolina, with Chairman of the Board of Directors, Maybank Hagood and Chief Executive Officer, Jimmy Addison presiding.
During the meeting, shareholders voted to approve the Merger Agreement, dated as of January 2, 2018 with Dominion Energy, meeting the requirement of receiving an affirmative vote from at least two-thirds of the outstanding shares of SCANA’s common stock.
“We are pleased with the approval from our shareholders,” said Maybank Hagood, SCANA’s Chairman of the Board of Directors. “We believe the merger with Dominion Energy offers the most comprehensive solution for our customers and aligns SCANA with a company that mirrors our commitment to delivering safe and reliable energy.”
The merger previously received approval of the Federal Energy Regulatory Commission, the Georgia Public Service Commission, and early termination by the Federal Trade Commission of the 30-day waiting period under the federal Hart-Scott-Rodino Antitrust Improvements Act. The merger remains contingent upon approvals from the Public Service Commissions of South Carolina and North Carolina and authorization of the Nuclear Regulatory Commission, among other conditions.
If the merger is completed, the combined company would deliver energy to approximately 6.5 million regulated customer accounts and have an electric generating portfolio of about 31,400 megawatts and 93,600 miles of electric transmission and distribution lines. It also would have a natural gas pipeline network totaling 106,400 miles and operate one of the nation’s largest natural gas storage systems with 1 trillion cubic feet of capacity.
About Dominion Energy
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D). The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation’s largest producers and transporters of energy with over $75 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation’s leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Headquartered in Richmond, Va., Dominion Energy contributes more than $20 million annually to the communities it serves and actively supports veterans and their families. Please visit www.DominionEnergy.com, Facebook or Twitter to learn more.
About SCANA
SCANA Corporation (NYSE: SCG), headquartered in Cayce, S.C., is an energy-based holding company principally engaged, through subsidiaries, in electric and natural gas utility operations and other energy-related businesses. Information about SCANA and its businesses is available on the company’s website at www.scana.com.
Forward-looking statements
This release contains statements that constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. The statements relate to, among other things, expectations, estimates and projections. We have used the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “outlook,” “predict,” “project,” “should,” “strategy,” “target,” “will,” “would,” “potential” and similar terms and phrases to identify forward-looking statements in this release. Factors that could cause actual results to differ include, but are not limited to: the expected timing and likelihood of completion of the proposed acquisition of SCANA; the risk that Dominion Energy or SCANA may be unable to obtain necessary regulatory approvals for the transaction or required regulatory approvals may delay the transaction or cause the parties to abandon the transaction; the risk that conditions to the closing of the transaction may not be satisfied; or the risk that an unsolicited offer for the assets or capital stock of SCANA may interfere with the transaction. Other risk factors for Dominion Energy’s and SCANA’s businesses are detailed from time to time in Dominion Energy’s and SCANA’s quarterly reports on Form 10-Q or most recent annual report on Form 10-K filed with the Securities and Exchange Commission (SEC).
Un saludo.
Tres meses después el camino sigue despejándose para la fusión Dominion-Scana. Aprobada por parte de de la comisión reguladora Nuclear y de la comisione de servicios públicos de NC ya solo le queda la aprobación de por parte de la comisión de servicios públicos de SC. La comisión de servicios de Carolina del Sur es la que mas obstáculos plantea, así que queda la mas dura a mi entender. Para antes del 21 de Diciembre dicen que tiene que pronunciarse.
Dominion-SCANA merger approved by North Carolina regulator
The proposed merger between Dominion Energy (D +0.5%) and SCANA (SCG -0.3%) is approved by the North Carolina Utilities Commission, the sixth of seven endorsements needed to close the deal.
The deal remains contingent upon approval from South Carolina's Public Service Commission, where a decision is expected by Dec. 21 after holding evidentiary hearings since Nov. 1.
If completed, the combined company would deliver energy to ~6.5M regulated customer accounts and have an electric generating portfolio of 33K MW and 93.6K miles of electric transmission and distribution lines.
https://seekingalpha.com/news/3411308-dominion-scana-merger-approved-north-carolina-regulator
Un saludo.
Grano a grano se hace granero. Esta tb cumpliendo el guión … +9.88% de incremento en el dividendo del próximo Marzo.
Y antes del 21 de este mes se supone que tiene que pronunciarse la comisión de servicios públicos de SC con respecto a la “fusión” con Scana.
Un saludo.
Y antes del 21 de este mes se supone que tiene que pronunciarse la comisión de servicios públicos de SC con respecto a la “fusión” con Scana
Y hablando del rey de Roma … de hace un ratillo … parece ser que al menos 5 de los 7 mienbros de la comisión han manifestado antes de la votación su intención de votar favorablemente sobre el acuerdo de fusión.
Imagino que si finalmente se confirma el voto favorable de la comisión Dominion tb podrá ver despejado un poco más el panorama y la cotización podría avanzar otro escalón, o en su defecto al menos aguantar mejor una posible corrección en los mercados.
Un saludo.
Estoy empezando a ver cosas de esta empresa, y en un primer vistazo veo que la deuda es alta, las ventas llevan en decadencia desde 2005 y no hay dinero para pagar el dividendo. ¿Qué estoy pasando por alto?
Os dejo un articulo sobre Dominion donde el autor ve un payout alto (90%) y una ralentización del aumento de los dividendos igualandolo al crecimiento del beneficio pero una buena compra a futuro
Dominion Energy Announces Second-Quarter Earnings (31/07/2019)
- Second-quarter 2019 GAAP reported earnings of $0.05 per share
- Second-quarter 2019 operating earnings of $0.77 per share
- Company affirms 2019 operating earnings guidance of $4.05 to $4.40 per share
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Third-Quarter 2019 Earnings (01/11/2019)
- Earnings determined in accordance with GAAP for the three months ended Sept. 30, 2019, of $975 million ($1.17 per share) compared with net income of $854 million ($1.30 per share) for the same period in 2018.
- Operating earnings for the three months ended Sept. 30, 2019, were $967 million ($1.18 per share), compared with operating earnings of $758 million ($1.15 per share) for the same period in 2018.
- Dominion Energy expects fourth quarter operating earnings in the range of $1.10 to $1.25 per share, compared to fourth-quarter 2018 operating earnings of $0.89 per share.
2 Me gusta
No es la misma subida del anterior mensaje? No se si en SA se han equivocado o que
ahora que lo dices sí; ya decía yo que me sonaba. En diciembre anuncio la subida y es la primera noticia y la de hoy dice el día, pero al fin al cabo es la misma
Fourth-Quarter and Full-Year 2019 Earnings (11/02/2020)
- Unaudited reported earnings determined in accordance with Generally Accepted Accounting Principles (reported earnings) for the three months ended Dec. 31, 2019, of $1.1 billion ($1.32 per share) compared with net income of $641 million ($0.97 per share) for the same period in 2018.
- Earnings for the twelve months ended Dec. 31, 2019, were $1.4 billion ($1.73 per share) compared with earnings of $2.4 billion ($3.74 per share) for the same period in 2018.
- Operating earnings for the three months ended Dec. 31, 2019, were $988 million ($1.18 per share), compared with operating earnings of $592 million ($0.89 per share) for the same period in 2018.
- Operating earnings for the twelve months ended Dec. 31, 2019, were $3.4 billion ($4.24 per share) compared with operating earnings of $2.7 billion ($4.05 per share) for the same period in 2018.
Operating earnings guidance
- 2020 operating earnings in the range of $4.25 to $4.60 per share, compared to full-year 2019 operating earnings of $4.24 per share.
- First-quarter 2020 operating earnings are expected to be in the range of $1.05 to $1.25 per share.
Buenas cazadores,¿ Habéis cobrado alguien el dividendo de D?..el pay date según s.a. era el 20 de Junio.( extraño día,un sábado).