Dominion Resources Inc. said Monday it plans to change its name to Dominion Energy Inc. later this year, and it unveiled a new logo in a rebranding effort to reflect the company's focus on a changing energy marketplace.
The Richmond, VA-based company said the changes are contingent upon shareholder approval at the annual meeting this spring. The proxy statement for 2017 is expected to be filed next month and would contain additional information on the proposed changes, the company said.
"Dominion above all else is an energy company, committed to serving our customers safely and dependably," said CEO Thomas Farrell. "Our company and our employees are proud of the work we have done in delivering energy for 119 years and of the reputation we have built through reliable and affordable service. Dominion Energy builds upon this equity, updates our company's look and unifies the company's brand across all of our lines of business and throughout the 18 states where we do business."
Dominion plans to implement the name and logo changes after the annual meeting, assuming they win shareholder approval. Logos would be replaced on company facilities and service vehicles in seven states where it has natural gas and electric distribution companies -- Idaho, North Carolina, Ohio, Utah, Virginia, West Virginia and Wyoming.
Dominion added that its new principal operating units -- Power Delivery Group, Power Generation Group and Gas Infrastructure Group -- would replace Dominion Virginia Power, Dominion Generation and Dominion Energy, respectively.
The company's shares of common stock would continue to be traded on the New York Stock Exchange under the ticker symbol "D."
Dominion Resources was created in 1983 as a holding company for its electric and natural gas utilities, a services company and a subsidiary that was entering the natural gas exploration and production business. Its affiliated master limited partnership, Dominion Midstream Partners LP, acquired Questar Pipeline LLC in a $1.725 billion deal last year.
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of about 26,400 MW of power generation, 14,600 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 Tcf of storage capacity and serves more than six million utility and retail energy customers.