Va. Energy Giant To Buy Back Shares

Richmond's Dominion Resources says it plans to buy back nearly 16 percent of the company's shares, using some of the proceeds from the pending sales of its oil and natural gas exploration and production units.

The tender offer will commence in mid-July, the company says, and it won't be the only buyback.

"Additional shares will be repurchased from time to time as market conditions permit," Thomas F. Farrell II, chairman, president and chief executive, said in a statement describing the plans.

By Dan Beyers  |  June 28, 2007; 8:01 AM ET  | Category:  Dominion
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