Dominion News Releases

January 4, 2001

Dominion Management to Discuss Positive Earnings Impact of Goodwill Expense Reduction

• Analyst Presentation Available on Web Site

RICHMOND, Va. – On January 8, Thos. E. Capps, Dominion’s (NYSE: D) chief executive officer and Thomas N. Chewning, chief financial officer, will speak to investors in Boston. The presentation material is available for viewing on Dominion’s web site. 

Among the information presented, Tom Chewning will review a significant potential earnings increase beginning this year that would result from the Financial Accounting Standards Board’s proposal to eliminate goodwill amortization expense. The company’s current earnings expectations include about 34 cents per share of annual non-cash goodwill amortization expense. 

Under the FASB’s proposed new rule, earnings expectations would be 34 cents higher on an annualized basis.

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 natural gas reserves, with an annual production capability of over 300 billion cubic feet equivalent of natural gas. The company has 7,600 miles of interstate natural gas pipeline with 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.

 
This release contains forward-looking statements that are subject to various risks and uncertainties. A discussion of factors that may cause actual results to differ from management’s projections, forecasts, estimates and expectations is available in company filings with the SEC, including the company’s most recent Quarterly Report on Form 10-Q. They include fluctuations in energy-related commodities prices, weather conditions, capital market conditions, the risks of operating businesses in regulated industries that are in the process of becoming deregulated, and completing the divestiture of Dominion Capital, Inc. required of the company in connection with the CNG transaction.

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