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 RICHMOND, Va. (AP) - Gas and electric company Dominion Resources Inc. said Monday it will sell most of its U.S. onshore oil and gas exploration and production operations through two transactions for a combined $6.5 billion.
Loews Corp., which charters offshore drilling rigs to oil and gas explorers, will buy Dominion's operations in Michigan, Alabama and the Permian Basin of Texas for $4.03 billion.
"We are very positive on the long-term prospects for natural gas in the USA," Loews CEO James Tisch said in a conference call. "I wouldn't be surprised if the gas we produced 20 years from now generates more income for us on a present value basis than the gas that we'll produce next year."
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