WGL Holdings, Inc. (NYSE: WGL), announced today that its Board of
Directors has authorized a plan to repurchase the company's common stock
up to an amount of $150 million. The shares may be repurchased in the
open market or in privately negotiated transactions. The repurchase
program is authorized for a two year period.
"The share repurchase program will allow WGL to maintain its debt to
capital ratio within its target range and maximize value for its
shareholders by reducing overall cost of capital," said Terry D.
McCallister, Chairman and CEO of WGL Holdings, Inc. "The timing for this
program is appropriate given WGL's progress in executing its strategic
Headquartered in Washington, D.C., WGL is a leading source for clean and
efficient energy solutions. Through our affiliates and strategic
relationships, WGL offers a diverse set of energy sources including
natural gas, wind and solar as well as a range of energy solutions -
generation, storage, transportation, distribution, supply and efficiency
- which serve customers in more than 25 states. WGL's regulated utility
and non-utility subsidiaries include the following: Washington Gas Light
Company, a regulated natural gas utility serving approximately 1.1
million customers in the metropolitan Washington, D.C., area; Washington
Gas Energy Services, Inc., one of the largest natural gas, electricity
and green energy suppliers in the Mid-Atlantic; Washington Gas Energy
Systems, Inc., a distributed generation and energy efficiency business,
offering solar, fuel cell, combined heat and power, and other
technologies across the United States; WGL Midstream, Inc., a midstream
energy services business, investing in and optimizing natural gas
pipelines and storage facilities in the Midwest and Eastern United
States; and Hampshire Gas, a natural gas storage business which owns and
operates facilities in and around Hampshire County, West Virginia. As
product and service innovation are critical for value creation and
sustaining growth, we are continuously increasing our assets and
investments in targeted clean energy sectors. This strategy supports
WGL's core business, as well as provides opportunity for growth through
partnerships and investments. WGL's diversity is its strength. We are
dedicated to the sustainability of our business, the customers and
communities we serve, and the environment. To learn more, visit www.wglholdings.com.
This news release and other statements by us include forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 with respect to the outlook for earnings, revenues
and other future financial business performance or strategies and
expectations. Forward-looking statements are typically identified
by words such as, but not limited to, "estimates," "expects,"
"anticipates," "intends," "believes," "plans," and similar expressions,
or future or conditional verbs such as "will," "should," "would," and
"could." Although we believe such forward-looking statements are
based on reasonable assumptions, we cannot give assurance that every
objective will be achieved. Forward-looking statements speak only
as of today, and we assume no duty to update them. Factors that
could cause actual results to differ materially from those expressed or
implied include, but are not limited to, general economic conditions and
the factors discussed under the "Risk Factors" heading in our most
recent annual report on Form 10-K and other documents we have filed
with, or furnished to, the U.S. Securities and Exchange Commission.
WGL Holdings, Inc.
Douglas Bonawitz, 202-624-6129
Source: WGL Holdings, Inc.
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