Dominion Resources Inc., Richmond, Va., and Consolidated Natural Gas Co., Pittsburgh, have merged, creating the largest fully integrated natural gas and electric power company in the U.S. The combination creates one of the largest independent oil and gas exploration companies in North America, with more than 3 trillion cu. ft. equivalent of reserves in the U.S. and Canada. Dominion has put up for sale its financial services subsidiary, Dominion Capital Inc., and gas distribution company, Virginia Natural Gas Inc., as part of antitrust approval of the merger. CNG is now a subsidiary of Dominion. In another deal among gas majors, Houston-based Dynegy Inc. and Illinois-based Illinova Corp. have completed their merger as well. The combined company has average worldwide natural gas sales of more than 10 billion cu. ft. per day. "We have significantly strengthened our competitive position across the entire convergence value chain...," said Chuck Watson, chairman and chief executive of Dynegy, which is the surviving company. -Nissa Darbonne
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