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Dominion News Releases
November 21, 2000
Dominion Resources Sells 6 Million Shares of Common Stock
RICHMOND, Va. – Dominion (NYSE: D) today announced it has
sold 6 million primary shares of common stock. With the new issue, the company
will have approximately 245 million common shares outstanding.
The shares were sold on November 21, 2000 in a block trade
to Merrill Lynch & Co. Net proceeds from the transaction totaled approximately
$354 million.
Thos. E. Capps, chairman, president and chief executive officer,
said:
“This transaction puts us ahead of schedule in meeting the
equity financing needs of our Millstone nuclear plant acquisition. The net proceeds
will completely pre-fund the common equity portion of the Millstone acquisition,
which is expected to close in April 2001. Pending completion, we will use the
proceeds to reduce short-term debt. We remain on track to meet or exceed our
earnings-per-share targets of $3.30 in 2000, $3.80 in 2001 and 8- to 10-percent
annual growth thereafter.”
The sale represents an issuance from a shelf registration
filed with the Securities and Exchange Commission in September 1997.
Dominion is one of the nation’s largest producers of energy,
with a production capability of 2.7 trillion British Thermal Units (BTUs) of
energy per day. The company has a power generation portfolio of more than 19,000
megawatts, which is expected to grow to more than 28,000 megawatts by 2005.
Dominion is also one of the largest independent oil and natural
gas exploration and production companies in North America, with 2.8 trillion
cubic feet of equivalent reserves. The company has 7,600 miles of interstate
natural gas pipeline with more than 650 billion cubic feet of annual natural
gas throughput and a delivery capability of 6.3 billion cubic feet per day.
In addition, the company operates the nation’s largest underground
natural gas storage system, with more than 950 billion cubic feet of storage
capacity. Dominion also serves 3.8 million retail natural gas and electric customers.
For more information about Dominion, visit the company's website at www.dom.com.
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