Dominion Resources expects gas price strength to continuethrough next year, but it is making a conservative forecast forrealized prices of about $3.20/Mcf, CEO Thos. E. Capps saidyesterday during a conference call on the company’s third quarterearnings. The company’s production remains about 50% hedged throughthe second quarter of next year.

Financial results from Consolidated Natural Gas’ (CNG)production and gas pipelines, which were added in January,partially offset the weather-related trouble encountered by thecompany’s electric utility division during the quarter.

The company reported a smaller than expected decline in earningsper share during the third quarter, posting $1.13 compared to$1.32/share in 3Q99. Results per share were pulled down as averageshares outstanding surged to 239.5 million from 191.4 millionbecause of the merger. Operating earnings excluding special itemsactually rose to $270 million from $253 million. Revenues soared to$2.4 billion compared to $1.7 billion last year during the samequarter.

Analysts surveyed by First Call/Thomson Financial expected thecompany to earn $1.10 per share in the latest quarter and $3.30 inthe full year.

Capps said the company is “solidly positioned to meet or exceedour full-year 2000 earnings target of $3.30 per share and our 2001target of $3.80 per share.”

In an unrelated announcement yesterday, Dominion said it haslaunched a new Internet site for energy professionals that offers avariety of energy news, information and services. The new site, www.domenergypro.com, offersthose involved in buying, selling or trading energy a single sourcefor energy news and information. It also offers information onDominion’s energy-analysis, management and monitoring services and itsretail energy sales and service options.

©Copyright 2000 Intelligence Press Inc. All rights reserved. Thepreceding news report may not be republished or redistributed, inwhole or in part, in any form, without prior written consent ofIntelligence Press, Inc.