US-based fully integrated gas and electric holding company Dominion Resources has reported earnings of $2.3 billion, or $7.24 per share, for the three months ended September 30, 2007, compared with earnings of $654 million, or $1.85 per share, for the same period last year.
Operating earnings for the quarter were $551 million ($1.72 per share), compared with operating earnings of $664 million ($1.88 per share) for the same period the previous year.
Dominion met a new peak demand of 19,688MW in its Dominion Virginia Power service area, surpassing the old record by 300MW.
Thomas Farrell II, chairman, president and CEO, said: This quarter’s perrformance reflects where we are going and where we have been. We completed the sale of our non-Appalachian E&P properties for approximately $13.9 billion. We were able to reduce $3.3 billion of debt and repurchase $5.8 billion of common stock with the proceeds.