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DOMINION RESOURCES REPORTS INCREASED SECOND QUARTER EARNINGS

 RICHMOND, Va., July 16 /PRNewswire/ -- Dominion Resources, Inc. (NYSE: D), today announced earnings of 63 cents per share for the second quarter of 1993, an increase of 25 cents per share over second quarter earnings in 1992.
 Earnings by Virginia Power were 55 cents per share -- up 20 cents per share from the same period last year. Earnings from Dominion Resources' non-utility businesses were 8 cents per share, 5 cents higher than the 3 cents per share reported for second quarter 1992.
 The increase in Virginia Power's earnings resulted primarily from a return to more normal weather. June 1993 retail kilowatt hour sales were up nearly 19 percent over 1992 sales which were depressed by unusually mild weather. For the second quarter of 1993, retail sales were up more than 8 percent.
 Dominion Resources' non-utility businesses had another strong quarter primarily because of continued contributions by Dominion Energy's natural gas investments and income from Dominion Capital's Vidalia hydroelectric plant on the Mississippi River, which has been experiencing near record water flows.
 Dominion Resources' consolidated earnings for the six months ended June 30, 1993, were $1.37 per share, up from 97 cents per share for the same period in 1992 as originally reported. An accounting adjustment for deferred income taxes, reflecting adoption of Statement of Financial Standards (SFAS) No. 109, "Accounting for Income Taxes," subsequently increased 1992 first half earnings by 10 cents per share.
 "We are very pleased with the company's performance during the first half of the year," said Thos. E. Capps, chairman, president & CEO of Dominion Resources. "Our plants are operating well and weather has been working in our favor, but the weather during the remainder of 1993 and the decision by the Virginia State Corporation Commission in our pending rate case will be important determinants of our earnings for the year."
 Consolidated earnings for the 12 months ended June 30, 1993 were $3.05 per share, up from $2.66 as originally reported for the same period in 1992. Virginia Power earned $2.77 for the 12 months ended June 30, 1993, up from $2.58 earned for the previous 12-month period. Dominion Resources' non-utility operations earned 28 cents for the 12-month period, up from 8 cents in the previous period.
 DOMINION RESOURCES, INC.
 Preliminary Earnings Report
 Millions Except EPS
 1993 1992
 SECOND QUARTER ENDED 6/30/93
 Operating Revenues and Income $1,005.3 $ 874.6
 Net Income $ 103.1 $ 61.2
 Common Shares Outstanding (Avg.) 164.9 160.3
 Earned Per Share $ .63 $ .38
 SIX MONTHS ENDED 6/30/93
 Operating Revenues and Income $2,111.1 $1,818.9
 Net Income $ 225.6 $ 171.1(A)
 Common Shares Outstanding (Avg.) 164.5 159.7
 Earned Per Share $ 1.37 $ 1.07(B)
 12 MONTHS ENDED 6/30/93
 Operating Revenues and Income $4,083.3 $3,799.3
 Net Income $ 499.0 $ 437.6(A)
 Common Shares Outstanding (Avg.) 163.5 158.6
 Earned Per Share $ 3.05 $ 2.76(B)
 (A) Includes the cumulative effect on prior years of changing the method of accounting for income taxes, increasing net income by $15.6 million.
 (B) Includes the cumulative effect on prior years of changing the method of accounting for income taxes, increasing consolidated earnings per share by 10 cents, consisting of increases of 9 cents and 1 cent for Virginia Power and non-utility subsidiaries, respectively.
 DOMINION RESOURCES, INC.
 EPS
 1993 1992
 SECOND QUARTER ENDED 6/30/93
 Virginia Power $ .55 $ .35
 Non-utility .08 .03
 Total $ .63 $ .38
 SIX MONTHS ENDED 6/30/93
 Virginia Power $ 1.21 $ .98
 Non-utility .16 (0.1)
 Total $ 1.37 $ .97
 SFAS No. 109 Adjustment(A) .10
 Adjusted Total $ 1.37 $ 1.07
 12 MONTHS ENDED 6/30/93
 Virginia Power $ 2.77 $ 2.58
 Non-utility .28 .08
 Total $ 3.05 $ 2.66
 SFAS No. 109 Adjustment(A) .10
 Adjusted Total $ 3.05 $ 2.76
 (A) Includes the cumulative effect on prior years changing the method of accounting for income taxes, increasing consolidated earnings per share by 10 cents, consisting of increases of 9 cents and 1 cent for Virginia Power and non-utility subsidiaries, respectively.
 VIRGINIA POWER MEGAWATTHOUR SALES
 Percent
 This Last Increase Increase
 Year Year (Decrease) (Decrease)
 SECOND QUARTER
 ENDED 6/30/93
 Residential 4,340,464 4,132,963 207,501 5.02 percent
 Commercial 4,488,245 4,142,156 346,089 8.36 percent
 Industrial 2,478,784 2,175,901 302,883 13.92 percent
 Public
 Authorities 1,930,870 1,773,631 157,239 8.87 percent
 Total Retail 13,238,363 12,224,651 1,013,712 8.29 percent
 Sales for
 Resale 1,174,642 1,158,477 16,165 1.40 percent
 Total Sales 14,413,005 13,383,128 1,029,877 7.70 percent
 6 MONTHS ENDED
 6/30/93
 Residential 10,627,342 9,784,728 842,614 8.61 percent
 Commercial 8,868,800 8,446,591 422,209 5.00 percent
 Industrial 4,785,311 4,508,904 276,407 6.13 percent
 Public
 Authorities 3,869,314 3,639,841 229,473 6.30 percent
 Total Retail 28,150,767 26,380,064 1,770,703 6.71 percent
 Sales for
 Resale 3,019,856 2,366,500 653,356 27.61 percent
 Total Sales 31,170,623 28,746,564 2,424,059 8.43 percent
 12 MONTHS ENDED
 6/30/93
 Residential 20,827,108 20,284,306 542,802 2.68 percent
 Commercial 18,115,208 17,539,515 575,693 3.28 percent
 Industrial 9,695,847 9,262,050 433,797 4.68 percent
 Public
 Authorities 7,797,308 7,518,384 278,924 3.71 percent
 Total Retail 56,435,471 54,604,255 1,831,216 3.35 percent
 Sales for
 Resale 5,305,761 4,506,210 799,551 17.74 percent
 Total Sales 61,741,232 59,110,465 2,630,767 4.45 percent
 VIRGINIA POWER
 HEATING/COOLING DEGREE DAYS
 Heating Cooling
 Degree Days Degree Days
 SECOND QUARTER
 ENDED 6/30/93
 Total for period 313 423
 Average for the last 44 years 325 422
 6 MONTHS
 ENDED 6/30/93
 Total for period 2,447 423
 Average for the last 44 years 2,400 427
 12 MONTHS
 ENDED 6/30/93
 Total for period 3,860 1,383
 Average for the last 44 years 3,748 1,440
 -0- 7/16/92
 /CONTACT: Paige H. Wilson of Dominion Resources, 804-775-5813/
 (D)


CO: Dominion Resources, Inc. ST: Virginia IN: UTI SU: ERN

IH-TW -- DC005 -- 2453 07/16/93 12:12 EDT
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