Dominion Board of Directors Affirms Dividend Policy
RICHMOND, Va., Dec. 20, 2011 /PRNewswire/ -- The board of directors of Dominion (NYSE: D) today affirmed the dividend policy it set in December 2010 to target a dividend payout ratio of approximately 60-65 percent of expected earnings. The company expects that the payout ratio will be near the top end of that range in 2012.
The board will set the 2012 dividend rate and declare the first-quarter dividend at its January meeting. In 2011, Dominion paid to its shareholders of record dividends of $1.97 per share of common stock.
Thomas F. Farrell II, chairman, president and chief executive officer, said:
"Our dividend payout ratio policy generally reflects that of a largely regulated utility. We anticipate that, longer term, our dividend will increase at a rate consistent with 5-6 percent expected growth in earnings per share."
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 28,200 megawatts of generation, 11,000 miles of natural gas transmission, gathering and storage pipeline and 6,300 miles of electric transmission lines. Dominion operates the nation's largest natural gas storage system with 947 billion cubic feet of storage capacity and serves retail energy customers in 15 states. For more information about Dominion, visit the company's website at www.dom.com.
Payment of the 2012 dividend is subject to quarterly determination and declaration by the board of directors of specific record and payable dates.