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,, 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.

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