RICHMOND, Va., Feb. 9, 2015 /PRNewswire/ -- The board of
directors of Dominion Midstream GP, LLC, the general partner of
Dominion Midstream Partners, LP (NYSE: DM), has announced that it
is targeting an average compounded annual growth rate of 22 percent
for its cash distributions from 2015 through the end of the decade.
The growth policy would result in an annualized cash distribution
rate of $0.85 per unit by year-end
2015. All cash distributions are subject to quarterly declaration
by the board.
Thomas F. Farrell II, chairman
and chief executive officer of Dominion Midstream, said:
"We are confident in our ability to acquire interests in
businesses through dedicated dropdowns from Dominion or by other
means that will produce sufficient cash flows to support
best-in-class cash distributions. These are businesses that are
federally regulated or have long-term contracts with little
commodity risk."
Dominion Midstream is a growth-oriented Delaware limited partnership formed by
Dominion Resources, Inc., in March
2014 to initially own all of the outstanding preferred
equity interests in Dominion Cove Point LNG, LP, a Delaware limited partnership, which owns
liquefied natural gas import, storage, regasification and
transportation assets. It is headquartered in Richmond, Va. For more information about
Dominion Midstream, visit its website at www.dommidstream.com.
This news release includes certain forward-looking
information that is subject to various risks and uncertainties.
Words such as "expect," "target," "would," "will," "anticipate,"
"believe," "estimate," "intend," "may," "plan," "predict,"
"project," "should" and similar terms and phrases are used to
identify forward-looking statements. Our business is influenced by
many factors that are difficult to predict, involve uncertainties
that may materially affect actual results and are often beyond our
ability to control or estimate precisely, such as the ability to
negotiate and consummate acquisitions, from Dominion and
third-parties, and the effects of such acquisitions. We have
identified in our SEC filings, including our Form S-1 and
prospectus relating to its initial public offering, and will in the
future identify, a number of factors that could cause actual
results to differ from those in the forward-looking statements. We
refer you to those discussions for further information. These
statements are not guarantees of future performance and involve
certain risks, uncertainties and assumptions that are difficult to
predict. Any forward-looking statement speaks only as of the
date on which it is made, and we undertake no obligation to update
any forward-looking statement to reflect events or circumstances
after the date on which it is made.
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SOURCE Dominion Midstream Partners