Dominion News Releases

November 7 , 2001

Dominion Streamlines Senior Management Team

RICHMOND, Va. -- Dominion (NYSE: D) will streamline and restructure its senior management ranks to lower costs and promote efficiency in a competitive energy industry.

Retiring or leaving by year-end are 19 officers, or about 25 percent of a 79-officer corps formed when Dominion Resources completed its merger with Consolidated Natural Gas last year to create one of the nation's largest energy companies.

The management restructuring does not alter Dominion's existing business unit structure and operating units. All unit chief executive officers remain: Thomas F. Farrell II, chief executive officer of Dominion Energy; Edgar M. Roach Jr., chief executive officer of Dominion Delivery; and Duane C. Radtke, chief executive officer of Dominion Exploration and Production. Thomas N. Chewning remains as chief financial officer of Dominion.

Thos. E. Capps, chairman, president and chief executive officer, said:

"Nimble businesses periodically recalibrate and fine tune costs, staffing and organization in accordance with their business efficiency needs and market conditions. An important part of any company's ability to compete and prosper is to find ways to make good business decisions as efficiently as possible. By working smarter with fewer people, we're able to maintain high levels of customer service and deliver increased shareholder value. This is especially important for Dominion as we move from regulated to competitive markets.

"The management structure we needed at the beginning of our merger is not the structure we'll need going forward. We've moved past the transition phase. Slimmer is better - both in terms of costs and getting things done."

Chewning added:

"The process of looking at ourselves and asking whether we are staffed and organized efficiently is ongoing. We'll maintain rigor in the alignment between required personnel and operating costs and our ability to make sound decisions, deliver superior customer service and build shareholder value as we adjust to the realities of emerging competitive energy markets."

Dominion reaffirmed operating earnings targets of $4.15 per share or better in 2001 and $4.90 to $4.95 per share in 2002 and 10 percent annual growth in earnings per share after 2002.

Dominion is one of the nation's largest producers of energy, with a production capability of more than 3 trillion British Thermal Units (BTUs) of energy per day. Its 22,000-megawatt generation portfolio is expected to grow to more than 28,000 megawatts by 2005. In addition to its more than 4.6 trillion cubic feet equivalent of natural gas reserves and more than 450 billion cubic feet equivalent of annual production, Dominion also owns and operates 7,600 miles of natural gas transmission pipeline with a delivery capability of 6.3 billion cubic feet per day.

The company also operates the nation's largest underground natural gas storage system with more than 950 billion cubic feet of storage capacity. Dominion serves nearly 4 million retail natural gas and electric customers in five states, and owns a managing equity interest in Dominion Fiber Ventures LLC, owner of Dominion Telecom. For more information about Dominion, visit the company's web site at www.dom.com.

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