With the sale of most if its natural gas and oil exploration and production (E&P) assets nearly complete, Dominion announced last Monday that it will realign its business units and services company to reflect its refocused strategic position.
The new operating business units and services company leadership changes, effective Oct. 1, will be:
Dominion CEO Thomas F. Farrell II said the vast majority of Dominion's income and revenues will now come from regulated and energy infrastructure businesses. The planned sale of most of the company's E&P operations and assets -- including the separate sales in July of U.S. onshore natural gas and oil operations to a subsidiary of Loews Corp. and XTO Energy Corp. for a total of $6.5 billion (see NGI, Aug. 6) and the June sale of about 780 Bcfe to Linn Energy LLC for $2.05 billion (see NGI, July 9) -- is nearly complete.
The company also announced the creation of a new Climate Change Initiative to determine if there are business opportunities for Dominion in light of increasing demand for ways to reduce greenhouse emissions from fossil-fueled power stations and other sources. Johnson will head this initiative.
"Dominion has a long history of operational excellence at its power stations and of getting ahead of the curve in reducing other emissions," Farrell said. "We want to see if this expertise can be transferred to help ourselves and others reduce greenhouse gas emissions."
Dominion recently announced a $530 million loss (minus $1.52/share) for 2Q2007. Earnings were impacted by a $546 million charge related to the sale of an E&P business, $252 million for a potential facility sale, $158 million for regulatory costs and several other items.
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