April 11, 2002

RICHMOND, Va. - Dominion (NYSE: D) today reaffirmed 2002 earnings guidance under revised quarterly estimates that will be discussed on an earnings conference call scheduled for Thursday, April 18 at 10 a.m. ET. The first-quarter reported earnings are expected to be negatively impacted by natural gas "corporate" hedges, the impact of which will reverse by year end. Earnings are also expected to be negatively impacted by mild weather. Adjusting for the timing impact of the corporate hedges, first-quarter earnings would have been about $1.33 per share, despite mild weather that negatively impacted earnings by about 19 cents per share. Adjusted for the weather and the corporate hedge impacts, earnings would have been about $1.52 per share. After the impact of these two items, Dominion expects to report first-quarter 2002 earnings of about $1.20 per share.

Thos. E. Capps, chairman, president and chief executive officer said, "We are very encouraged by the underlying fundamental earnings power demonstrated in the first quarter and we think it provides a very positive view of Dominion's outlook for 2002 and beyond. We are on track to meet our 2002 earnings target of $4.90 to $4.95 per share and grow earnings an average of 10 percent per year after 2002."

The first-quarter impact from the corporate hedges is purely a timing issue and, in combination with physical gas sales, will unwind over the remainder of the year. This unwinding, or reversing impact, is expected to contribute to better-than-expected earnings for the sum total of the remaining three quarters of 2002 in an amount equal and opposite to the negative impact in the first quarter. However, impacts on any individual quarter could be either positive or negative relative to expectations. Including the corporate hedges, Dominion has hedged approximately 90 percent of its expected natural gas production and 75 percent of its expected oil production for 2002.

First-quarter earnings and related details will be discussed further on the April 18 conference call.

April 18 earnings conference call

Dominion will host a conference call for investors at 10 a.m. ET on Thursday, April 18. Dominion management will review first-quarter 2002 earnings to be released that morning. Members of the media are also invited to listen.

Domestic investors who wish to participate in the conference call should dial
800-314-7867. International investors should call 719-219-0214. The confirmation number required to join the call is 785609. Participants should dial in 5 to 10 minutes prior to the scheduled start time.

A live web cast of the conference call will be available on the company's investor information page at www.dom.com/investors.

A tape recording of the conference call will be available from approximately
1 p.m. ET April 18 through 11 p.m. ET April 23. Domestic investors may access the recording by dialing 888-203-1112. International callers should dial 719-457-0820 to access the recording. The access code for the replay is also 785609. A replay of the conference call also will be available on the company's investor information home page by the end of the day April 18.

Dominion is one of the nation's largest producers of energy, with a production capability of more than 3 trillion British thermal unit of energy per day. Dominion has a diversified and integrated energy portfolio consisting of 22,000-megawatts of generation, 4.9 trillion cubic feet equivalent of natural gas reserves, 7,600 miles of natural gas transmission pipeline and the nation's largest underground natural gas storage system with more than 950 billion cubic feet of storage capacity. Dominion also serves 3.8 million franchise natural gas and electric customers in five states. In addition, Dominion 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.

This release contains forward-looking statements that are subject to various risks and uncertainties. Discussion of factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations may include factors that are beyond the company's ability to control or estimate precisely, such as estimates of future market conditions, estimates of proved and unproved reserves and the behavior of other market participants. Other factors include, but are not limited to, weather conditions, economic conditions in the company's service area, fluctuations in energy-related commodity prices, trading counterparty credit risks, risks associated with successfully executing the telecommunications business plan and other uncertainties. Other risk factors are detailed from time to time in the company's Securities & Exchange Commission filings.

###