Dominion Resources Inc Un Series B (DCUB)

Description:

Dominion Resources, Inc. was incorporated in Virginia in 1983. The Company is provider of electricity, natural gas and related services to customers mainly in the eastern region of the U.S. It manages its daily operations through three operating segments: Dominion Virginia Power of DVP, Dominion Energy and Dominion Generation. The Company also reports a Corporate and Other segment. DVP includes the Company's regulated electric transmission, distribution and customer service operations, as well as its nonregulated retail energy marketing operations. Dominion Energy includes its Ohio regulated natural gas distribution company, regulated gas transmission pipeline and storage operations, including gathering and extraction activities, regulated LNG operations and its remaining E&P operations. Dominion Energy also includes producer services, which aggregates natural gas supply, engages in natural gas trading and marketing activities and natural gas supply management and provides price risk management services to Dominion affiliates. Dominion's portfolio of assets includes approximately 27,500 MW of generation, 6,000 miles of electric transmission lines, 56,000 miles of electric distribution lines in Virginia and North Carolina, 12,000 miles of natural gas transmission, gathering and storage pipeline, 21,700 miles of gas distribution pipeline, exclusive of service lines of two inches in diameter or less, and 1.3 Tcfe of proved natural gas and oil reserves. Dominion also owns the nation's largest underground natural gas storage system, operates approximately 942 bcf of storage capacity and serves retail energy customers in twelve states. The Company's direct legal subsidiaries are Virginia Electric and Power Company, Dominion Energy, Inc., Dominion Transmission, Inc., Virginia Power Energy Marketing, Inc., Dominion Exploration and Production, Inc., The East Ohio Gas Company, Dominion Field Services, Inc., Dominion Retail, Inc. and Dominion Resources Services, Inc. As of December 31, 2008, these nonregulated retail energy marketing operations served approximately 1.6 million residential and small commercial and industrial customer accounts in the Northeast, mid-Atlantic and Midwest regions of the U.S and in Texas. The Company also operates a liquefied natural gas import and storage facility in Maryland. In 2008, it completed a transaction with Antero Resources to assign drilling rights to approximately 117,000 acres in the Marcellus Shale formation located in West Virginia and Pennsylvania. Dominion's retail energy marketing operations compete against incumbent utilities and other energy marketers in nonregulated energy markets for natural gas and electricity. Dominion Energy's gas transmission operations compete with domestic and Canadian pipeline companies. Each of the Company's operating segments faces substantial laws, regulations and compliance costs with respect to environmental matters. It is subject to regulation by the Virginia Commission, North Carolina Commission, SEC, FERC, EPA, DOE, NRC, Army Corps of Engineers and other federal, state and local authorities.