Excluding

Dominion said Wednesday its 2001 operating earnings, excluding special charges, are expected to “meet or slightly exceed” analyst expectations of $4.15 per share, and it reaffirmed its 2002 earnings guidance of $4.90-4.95 per share. The higher earnings come despite fourth quarter write-downs of about $348 million, created by $97 million related to Enron Corp. exposure, a write-down of Dominion Capital assets worth $183 million, and a restructuring initiative announced in November, which will cost $68 million.

FPL Group Inc. yesterday said that it expects to meet consensus earnings per share estimates of $0.76 for the first quarter of 2001, excluding expenses of about $30 million related to its failed merger attempt with Louisiana-based Entergy Corp. (see Daily GPI, April 3). FPL Group will announce its latest earnings results on April 20.

Phillips Petroleum Co. reported yesterday that it replaced1,128% of its 2000 worldwide oil and natural gas production at anaverage preliminary finding-and-development (FD) cost of $2.39/Boe.Subtracting acquisitions and sales, the company still replaced 515%of its 2000 worldwide production.

KeySpan Corp. said yesterday it anticipates its 2000 earnings,excluding the impact of any transaction or restructuring charges,will be $2.40 per share, significantly ahead of the current FirstCall consensus estimates of $2.28 per share. Strong earnings areexpected to result from solid performances across all businesssegments, especially from the electric, exploration, and productionsegments. In addition, the energy-services business should reportits first annual profit in 2000. “We expect to be able to increaseour earnings in 2001 by 10%, ranging from $2.60 to $2.65 per share,well ahead of the current First Call consensus of $2.48 per share,”said CEO Robert B. Catell. KeySpan has had a record level of gascustomer conversions from oil to natural gas, primarily on LongIsland. In addition, more than 1 MMcf of mainline gas distributionpipe is expected to be installed this year as the system isexpanded to serve new areas. In New England, the company intends toachieve its growth targets resulting from the acquisition ofEastern Enterprises and EnergyNorth. Currently, the companyestimates that the special charges resulting from acquiring EasternEnterprises and EnergyNorth in November will amount to $75 million,which will be reported in the fourth quarter. Including thesecharges, earnings per share for fiscal year 2000 are expected torange from $2.05 to $2.10. KeySpan is the largest gas distributorin the Northeast, with 2.4 million gas customers and more than13,000 employees. KeySpan also is the largest investor-ownedelectric generator in New York State and operates Long Island’selectric system.

Enron’s days as an electric utility are coming to an end. Afteronly two years of owning Oregon-based Portland General Electric(PGE), Enron has decided to part with the company for a small gainthrough a sale to fellow western utility Sierra Pacific Resources.

Texaco reported a 60% drop and Phillips registered an 89%decline in first quarter net income, excluding special items,compared to the first quarter of 1998. While the first quarterdecline in crude and natural gas prices was blamed for the earningsfall-off, Texaco Chairman Peter I. Bijur found a positive sign forthe rest of the year in the fact that “prices have strengthenedsignificantly.”

Texaco reported a 60% drop and Phillips registered an 89%decline in first quarter net income, excluding special items,compared to the first quarter of 1998. While the first quarterdecline in crude and natural gas prices was blamed for the earningsfall-off, Texaco Chairman Peter I. Bijur found a positive sign forthe rest of the year in the fact that “prices have strengthenedsignificantly.”

TransCanada PipeLines plans to sell to the public 15.6 millionshares (excluding a 2.4 million over-allotment option) of a newlimited partnership formed to acquire and operate its U.S. pipelineinterests. The public offering would represent 78.2% of the totalinterest in the new TC PipeLines LP, which will own a 30% stake inthe recently expanded Northern Border Pipeline.