Longtime Questar Executives Chosen to Head Dominion Questar
RICHMOND, Va., April 27, 2016 /PRNewswire/ -- Dominion (NYSE: D) has chosen longtime Questar Corp. (NYSE: STR) executive Craig C. Wagstaff to lead its western U.S. natural gas operations once the previously announced combination of Dominion and Questar is completed.
Wagstaff, currently president of Questar Gas Co., will become president of Dominion Questar. He will be responsible for all current Questar operating companies, including what are now the Questar Gas local utility, Questar Pipeline and Wexpro natural gas development business.
Dominion Questar will be based at the current Questar corporate headquarters in Salt Lake City.
Two other Dominion Questar executive appointments also have been announced. Colleen Larkin Bell, Questar vice president and general counsel, will become Dominion Questar vice president and general manager of Dominion Questar Gas. Brady B. Rasmussen, executive vice president and chief operating officer of Wexpro, will become Dominion Questar vice president and general manager of Dominion Wexpro. They will report to Wagstaff.
Wagstaff also will become a senior vice president of Dominion and report to David A. Christian, chief executive officer–Dominion Energy Infrastructure Group and chief executive officer–Dominion Virginia Power. Christian is responsible for all Dominion electric and natural gas local distribution and transmission businesses.
"Craig, Colleen and Brady have shown outstanding judgment and have a commitment to excellence and deep roots in the community, making them ideal leaders for Dominion Questar," said Dominion Chairman, President and CEO Thomas F. Farrell II. "We look forward to them continuing Questar's traditions of cost-effective service and a focus on safety."
Dominion made the announcements after Ronald W. Jibson, Questar chairman, president and CEO, made public his plans to retire once the Dominion-Questar transaction is completed.
"We believe it is important for customers, employees and other stakeholders of Questar to know the leadership team in place following Ron's retirement will be fully aware of important local issues and have an innate understanding of the operations to ensure a smooth transition under the combined banner," Farrell said. "We look forward to announcing the rest of the leadership team soon."
In his 32-year career at Questar, Wagstaff has held various management positions in customer service, economic development, marketing, regional operations, and public and community relations. He became a vice president and general manager of Questar Gas in 2010, with promotions to senior vice president in 2011 and to executive vice president and chief operating officer in 2012. He was named president of Questar Gas in March 2015. Wagstaff also serves as executive vice president of Questar Corp.
Wagstaff serves on various industry and community boards, including Western Energy Institute (WEI), the American Gas Association's (AGA) leadership council, Utah Clean Cities, and United Way of Salt Lake. He is chairman of Junior Achievement of Utah and past chair of the American Red Cross of Salt Lake, AGA/Edison Electric Institute (EEI) customer-service committee, and WEI's customer-connections executive committee.
Wagstaff attended Weber State University and the University of Utah, completing undergraduate degrees in business and marketing; he has a master's degree in organizational leadership from Gonzaga University.
Bell has been employed by Questar for 26 years. She became general counsel of Questar Gas in 2008, assistant general counsel of Questar Corp. in 2010, and vice president and general counsel in 2011. She assumed her current position in March 2015.
She serves on the AGA legal committee, the board of trustees of the Legal Aid Society, the Boys & Girls Clubs of Greater Salt Lake, the Pioneer Theatre Company, and the Utah Foundation, and the Gorgoza Water Co. board. She has a bachelor's degree and law degree from the University of Utah.
Rasmussen joined Questar 21 years ago. He was named general manager–Accounting for Wexpro in 2011 and promoted to vice president–Administration at Wexpro in 2013. He was promoted to his current position in June 2015.
Rasmussen has a bachelor's degree in accounting from Utah State University.
Dominion and Questar announced on Feb. 1, 2016, an agreement for the companies to combine in an all-cash transaction in which Dominion has agreed to pay Questar shareholders $25 per share – about $4.4 billion – and assume Questar's outstanding debt.
The pending merger would create an integrated energy company serving about 2.5 million electric utility customers and 2.3 million gas utility customers in seven states. The combined company also would operate more than 15,500 miles of natural gas transmission, gathering and storage pipelines, one of the nation's largest natural gas storage systems, and approximately 24,300 megawatts of electric generation.
The companies expect the transaction to close in 2016, following approval by regulators and Questar shareholders.
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 24,300 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity and serves utility and retail energy customers in 14 states. For more information about Dominion visit the company's website at www.dom.com.
Questar Corp. is a Rockies-based integrated natural gas company operating through three principal subsidiaries: Questar Gas provides retail natural gas distribution in Utah, Wyoming and Idaho; Wexpro develops and produces natural gas on behalf of Questar Gas; and Questar Pipeline operates interstate natural gas pipelines and storage facilities in the Western U.S. For more information, visit Questar's website at: www.questar.com.
This news release includes certain "forward-looking information." Examples include information as to Dominion's expectations, beliefs, plans, goals, objectives and future financial or other performance or assumptions concerning matters discussed in this release. Factors that could cause actual results to differ from those in the forward-looking statements may accompany the statements themselves. In addition, Dominion's 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 obtain the required approval of Questar's shareholders; the risk that Dominion or Questar 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 or the committed debt financing may not be satisfied; and the risk that an unsolicited offer for the assets or capital stock of Questar may interfere with the transaction. We have identified and will in the future identify a number of these factors in our SEC Reports on Forms 10-K and 10-Q. We refer you to those discussions for further information. 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.