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DOMINION RESOURCES BOARD OF DIRECTORS INCREASES QUARTERLY COMMON STOCK DIVIDEND BY 2 CENTS

DOMINION RESOURCES BOARD OF DIRECTORS INCREASES QUARTERLY COMMON
 STOCK DIVIDEND BY 2 CENTS
 RICHMOND, Va., Oct. 19 /PRNewswire/ -- The board of directors of Dominion Resources, Inc. (NYSE: D), on Oct. 17 increased the quarterly common stock dividend by 2 cents per share, raising the dividend from 59.5 cents to 61.5 cents, or $2.46 on an annual basis.
 "We are increasing the dividend based on the company's long-term prospects for growth in earnings," said Thos. E. Capps, president and chief executive officer.
 "Although this increase results in a dividend payout ratio higher than we would normally like, our company's fundamentals are good and we expect strong future earnings, despite problems that have hurt this year's results. Our ability to continue dividend increases at this year's level will depend on our realization of the earnings growth we expect."
 Capps said the dividend is being increased despite a decline in earnings this year by Virginia Power, the company's principal subsidiary. Virginia Power's earnings are down for the first nine months of 1992 primarily because of unusually mild weather experienced by the utility (27 cents per share) and because the company continues to suffer from attrition, which is the lag in time between the period when capital expenditures are made and when a return on such expenditures is permitted (13 cents per share). This issue is being pursued with regulatory authorities. Earnings were also reduced by a refund required after the Virginia Supreme Court overturned an accounting adjustment in Virginia Power's 1990 rate case (11 cents per share).
 In addition, Dominion Resources' non-utility earnings have declined in 1992 primarily because of decreased revenues from the Vidalia hydroelectric station, which is experiencing record low water levels on the Mississippi River (6 cents per share).
 This is the 12th consecutive year in which the dividend has been increased and represents 68 consecutive years of dividends to be paid by Dominion Resources or its predecessor company to holders of common stock. Today's announcement marks the 259th consecutive dividend to be paid by the company. DRI's last quarterly dividend increase was announced Oct. 21, 1991.
 Dividends are payable Dec. 20 to holders of record at the close of business Nov. 30.
 Separately, Virginia Power's board of directors declared regular quarterly dividends on its 13 series of preferred stock, also payable Dec. 20 to holders of record at the close of business Nov. 30.
 -0- 10/19/92
 /CONTACT: William C. Hall, Jr., of Dominion Resources,


804-775-5813/
 (D) CO: Dominion Resources ST: Virginia IN: OIL SU: DIV


KD -- DC003 -- 1341 10/19/92 08:12 EDT
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Publication:PR Newswire
Date:Oct 19, 1992
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