Dominion Resources Inc. / D

About Dominion Resources Inc.

120 Tredegar St., Richmond, Va. 23219
www.dom.com | 804-819-2000 | Founded: 1909

Industry: Energy | Category: Top Companies Headquartered in Virginia

In December, Dominion bucked industry trends by proposing the re-regulation of its electric utility in Virginia, Virginia Electric and Power. In April, the legislature enacted a version of that plan, which should give Dominion a predictable, less risky rate of return for that subsidiary.
Dominion also said it would sell its oil and natural gas exploration and production properties, a move industry analysts said could raise as much as $15 billion.
The sale would include about 5.5 trillion cubic feet of proven natural gas reserves, as well as extensive prospects in the Gulf of Mexico — an unusually large amount of U.S. oil and gas reserves to be put up for sale in one chunk. Dominion said it would keep its older Appalachian gas holdings, which amount to 17 percent of its proven reserves and 8 percent of its production, as well as its large natural-gas storage system.
The restructuring would leave a company more focused on its traditional utility businesses: electric utilities in Virginia and northeastern North Carolina; a natural gas distribution company in eastern Ohio; and electric power plants in New England, Wisconsin and other parts of the country. Dominion executives said the divestiture would please shareholders seeking a less volatile, more stable business and source of dividends.
The company also announced plans to build a 40-mile, 500-kilovolt transmission line in Northern Virginia, setting off protests. On Feb. 13, the company said it would seek approval of an alternative route alongside existing lines.
Dominion's earnings for the year increased thanks to higher natural gas and oil production, insurance proceeds, gains from natural-gas hedges, lower unrecovered Virginia fuel expenses, and higher contributions from the company's unregulated merchant generation and energy marketing activities.
These positives were partially offset by weather that was milder than normal in the utility's service areas, as well as lower prices and higher production costs in its exploration and production business.

President and CEO: Thomas F. Farrell II

2006 Financial Data

Revenues: $16,482,000,000 | Net Income: $1,380,000,000
Asssets: $49,269,000,000 | Earnings Per Share: $3.93
Stockholder Equity: $12,913,000,000 | Annual Dividend: $2.76
Total employees: 17,500 | Local employees: 1,127