
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: WEDNESDAY, February 2, 1994                   TAG: 9402030444
SECTION: BUSINESS                    PAGE: B8   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

IN BUSINESS

Penn Virginia creates 2 units Philadelphia-based Penn Virginia Corp., which holds extensive mineral lands in Southwest Virginia, has announced plans to reorganize its operations into two wholly owned subsidiaries, one concentrating on coal and timber holdings and the other its oil and gas interests.

Penn Virginia Oil and Gas Corp. will have headquarters in Kingsport, Tenn., and Penn Virginia Coal Co. will be in the Scott County community of Duffield.

The purpose of the reorganization, the company said, was to implement an aggressive program to increase its oil and gas business.

The company will take a more conservative approach to its coal business. It will maintain the cash flow from its coal reserves and undertake a modest increase in its royalties by buying new reserves.

-Staff report

\ Fortune smiles on NS reputation

Norfolk Southern Corp. has the best reputation in the railroad industry, according to an industry survey in the Feb. 7 issue of Fortune magazine.

And NS, with a regional headquarters in Roanoke, ranked 31st in reputation among 404 corporations of all types included in the magazine's annual survey.

Fortune said more than 10,000 senior executives, outside directors and financial analysts were asked to rate the 10 largest companies in their industry on eight criteria: quality of management; financial soundness; use of corporate assets; community and environmental responsibility; quality of products or services; value as a long-term investment; innovativeness, and ability to attract, develop and keep talented people.

Richmond-based CSX Corp. was fourth among railroads.

-Staff report

by CNB