Power plant owner sells most U.S. operations

RICHMOND, Va. — Dominion Resources Inc., which owns the Manchester Street Station in Providence, the Brayton Point Power Station in Somerset, Mass., and other New England power facilities, said last week that it will sell most of its U.S. onshore natural gas and oil exploration and production operations in two separate deals worth a total of about $6.5 billion.
The operations being sold include 3.51 trillion cubic feet equivalent (Tcfe) of proved natural gas and oil reserves as of last Dec. 31, the company said.
Loews Corp. is buying Dominion’s operations in the Permian Basin, Michigan and Alabama for $4.025 billion, the company said. XTO Energy Inc. has agreed to buy Dominion’s operations in the Rocky Mountains, Gulf Coast, San Juan Basin and South Louisiana for $2.5 billion.
Both deals are expected to close in August.
Dominion is one of the nation’s largest producers of energy. It also owns and operates the nation’s largest underground natural gas storage system, with about 960 billion cubic feet of storage capacity, and serves retail energy customers in 11 states.