Dominion News Releases

July 11, 2001

Dominion Expects Strong Second Quarter and Full-Year 2001 Earnings

• Company to Host Investor Conference Call on July 20

RICHMOND, Va. – Dominion (NYSE: D) today announced that second-quarter 2001 earnings, excluding non-recurring charges, will exceed the current mean First Call analyst estimate of 68 cents per share. The company expects to report second-quarter earnings of about 70 cents per share, primarily due to solid results from its unregulated energy operations.

The company also expects to meet or exceed the full-year 2001 mean First Call analyst consensus earnings estimate of $4.14 per share, which would represent an increase of more than 24 percent over full-year 2000 operating earnings. In addition, the company reaffirms previous guidance of 10 percent or higher earnings per share growth in 2002.

The company hedged more than 70 percent of 2001 oil and gas production and so far has hedged approximately 50 percent of expected 2002 oil and gas production at prices above the current 2002 NYMEX price strip.

The company will provide details regarding second-quarter earnings and the full-year 2001 earnings outlook in its earnings release on July 20.

Conference Call Information

In addition, Dominion will host a conference call for investors at 3 p.m., ET, on July 20. Members of the media are also invited to listen.

Domestic investors who wish to participate in the conference call should dial 800-289-0436. International investors should call 913-981-5507. The confirmation number required to join the call is 773179. Participants should dial in 5 to 10 minutes prior to the scheduled start time.

A live web cast of the conference call will be available on the company’s investor information pages or at www.streetfusion.com. To access Dominion’s investor information home pages, log on to www.dom.com/investors.

A tape recording of the conference call will be available beginning at approximately 6 p.m., ET, July 20 through 11 p.m., July 24. Domestic investors may access the recording by dialing 888-203-1112. International callers should dial 719-457-0820 to access the recording. The access code for the replay is also 773179. A replay of the conference call also will be available on the company’s investor information home page by the end of the day on July 20.

About Dominion 

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 21,000 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 equivalent of 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 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 nearly 4 million retail natural gas and electric customers, and owns a managing equity interest in Dominion Fiber Ventures LLC, owner of Dominion Telecom. Dominion Telecom is expanding its fiber-optic network from its current 35,000 fiber miles (4,000 route miles) to more than 800,000 planned fiber miles (9,000 route miles). For more information about Dominion, visit the company's web site 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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