Exhibit 99.2

EX-99.2 16 d431694dex992.htm EXHIBIT 99.2 Exhibit 99.2

Exhibit 99.2

Dominion

Unaudited Supplemental Summary of 2012 Operating Earnings

(millions, except per share amounts)


	12 Months Ended 12/31/12			Quarter ended 12/31/12			Quarter ended 09/30/12			Quarter ended 06/30/12			Quarter Ended 03/31/12

Dominion Virginia Power
Electric Distribution
Operating revenue	$	1,274		$	310		$	345		$	309		$	310

Expenses:
Commodity purchases		2			1			0			1			0
Purchased electric capacity		0			0			0			0			0
Other operations and maintenance		331			79			93			82			77
Depreciation, depletion and amortization		315			80			80			78			77
Other		57			11			8			21			17

Earnings including noncontrolling interests before interest and taxes	$	569		$	139		$	164		$	127		$	139

Electric Transmission
Operating revenue	$	638		$	143		$	176		$	154		$	165

Expenses:
Commodity purchases		0			0			0			0			0
Purchased electric capacity		16			0			0			7			9
Other operations and maintenance		199			36			71			44			48
Depreciation, depletion and amortization		77			20			19			19			19
Other		3			0			0			1			2

Earnings including noncontrolling interests before interest and taxes	$	343		$	87		$	86		$	83		$	87

Dominion Retail
Operating revenue	$	1,642		$	406		$	336		$	369		$	531

Expenses:
Commodity purchases		1,319			343			309			264			403
Purchased electric capacity		0			0			0			0			0
Other operations and maintenance		102			24			28			26			24
Depreciation, depletion and amortization		10			2			2			3			3
Other		17			5			5			4			3

Earnings including noncontrolling interests before interest and taxes	$	194		$	32		($	8	)	$	72		$	98

Segment Eliminations
Operating revenue	($	57	)	($	16	)	($	15	)	($	13	)	($	13	)

Expenses:
Commodity purchases		0			0			0			0			0
Purchased electric capacity		0			0			0			0			0
Other operations and maintenance		(57	)		(16	)		(15	)		(13	)		(13	)
Depreciation, depletion and amortization		0			0			0			0			0
Other		0			0			0			0			0

Earnings including noncontrolling interests before interest and taxes	$	0		$	0		$	0		$	0		$	0

Dominion Virginia Power Total
Operating revenue	$	3,497		$	843		$	842		$	819		$	993

Expenses:
Commodity purchases		1,321			344			309			265			403
Purchased electric capacity		16			0			0			7			9
Other operations and maintenance		576			124			177			139			136
Depreciation, depletion and amortization		402			102			101			100			99
Other		77			16			13			26			22

Earnings including noncontrolling interests before interest and taxes	$	1,105		$	257		$	242		$	282		$	324
Interest and related charges		187			42			46			48			51
Income taxes		351			82			75			89			105
Noncontrolling interests		8			2			2			2			2

Operating earnings contribution	$	559		$	131		$	119		$	143		$	166
Average shares outstanding, diluted		573.9			575.0			574.7			573.1			571.9

Operating earnings per share contribution		0.98			0.23			0.21			0.25			0.29

Notes:

•

Commodity purchases = Electric fuel and other energy-related purchases + Purchased gas

•

Other = Other Taxes - Other Income

•

Operating segment contribution to operating earnings equals contribution to GAAP earnings

•

Figures may not add due to rounding

Page 1 of 5

Dominion

Unaudited Supplemental Summary of 2012 Operating Earnings

(millions, except per share amounts)


	12 Months Ended 12/31/12			Quarter ended 12/31/12			Quarter ended 09/30/12			Quarter ended 06/30/12			Quarter Ended 03/31/12

Dominion Energy
Gas Distribution (DEO & HGI)
Operating revenue	$	848		$	251		$	137		$	162		$	298

Expenses:
Commodity purchases		183			71			12			21			79
Purchased electric capacity		0			0			0			0			0
Other operations and maintenance		299			79			57			61			102
Depreciation, depletion and amortization		73			16			21			18			18
Other		104			30			16			22			36

Earnings including noncontrolling interests before interest and taxes	$	189		$	55		$	31		$	40		$	63

Gas Transmission
Operating revenue	$	1,263		$	353		$	287		$	303		$	320

Expenses:
Commodity purchases		219			60			48			68			43
Purchased electric capacity		0			0			0			0			0
Other operations and maintenance		188			4			67			55			62
Depreciation, depletion and amortization		142			39			35			34			34
Other		29			7			9			8			5

Earnings including noncontrolling interests before interest and taxes	$	685		$	243		$	128		$	138		$	176

Producer Services
Operating revenue	$	733		$	191		$	170		$	147		$	225

Expenses:
Commodity purchases		659			160			152			139			208
Purchased electric capacity		0			0			0			0			0
Other operations and maintenance		23			5			8			5			5
Depreciation, depletion and amortization		1			0			0			1			0
Other		(26	)		(6	)		(8	)		(7	)		(5	)

Earnings including noncontrolling interests before interest and taxes	$	76		$	32		$	18		$	9		$	17

Segment Eliminations
Operating revenue	($	101	)	($	31	)	($	22	)	($	21	)	($	27	)

Expenses:
Commodity purchases		(92	)		(28	)		(20	)		(19	)		(25	)
Purchased electric capacity		0			0			0			0			0
Other operations and maintenance		(9	)		(3	)		(2	)		(2	)		(2	)
Depreciation, depletion and amortization		0			0			0			0			0
Other		0			0			0			0			0

Earnings including noncontrolling interests before interest and taxes	$	0		$	0		$	0		$	0		$	0

Dominion Energy Total
Operating revenue	$	2,743		$	764		$	572		$	591		$	816

Expenses:
Commodity purchases		969			263			192			209			305
Purchased electric capacity		0			0			0			0			0
Other operations and maintenance		501			85			130			119			167
Depreciation, depletion and amortization		216			55			56			53			52
Other		107			31			16			24			36

Earnings including noncontrolling interests before interest and taxes	$	950		$	330		$	178		$	186		$	256
Interest and related charges		47			12			11			11			13
Income taxes		352			129			63			66			94
Noncontrolling interests		0			0			0			0			0

Operating earnings contribution	$	551		$	189		$	104		$	109		$	149
Average shares outstanding, diluted		573.9			575.0			574.7			573.1			571.9

Operating earnings per share contribution		0.96			0.33			0.18			0.19			0.26

Notes:

•

Commodity purchases = Electric fuel and other energy-related purchases + Purchased gas

•

Other = Other Taxes - Other Income

•

Operating segment contribution to operating earnings equals contribution to GAAP earnings

•

Figures may not add due to rounding

Page 2 of 5

Dominion

Unaudited Supplemental Summary of 2012 Operating Earnings

(millions, except per share amounts)


	12 Months Ended 12/31/12		Quarter ended 12/31/12		Quarter ended 09/30/12		Quarter ended 06/30/12		Quarter Ended 03/31/12

Dominion Generation
Utility Generation
Operating revenue	$	5,379	$	1,196	$	1,581	$	1,307	$	1,295

Expenses:
Commodity purchases		2,362		513		634		602		613
Purchased electric capacity		370		89		86		91		104
Other operations and maintenance		921		242		227		256		196
Depreciation, depletion and amortization		390		103		104		91		92
Other		81		13		17		26		25

Earnings including noncontrolling interests before interest and taxes	$	1,255	$	236	$	513	$	241	$	265

Merchant Generation
Operating revenue	$	1,471	$	309	$	350	$	386	$	426

Expenses:
Commodity purchases		478		118		109		123		128
Purchased electric capacity		1		1		0		0		0
Other operations and maintenance		477		133		94		137		113
Other		80		16		23		20		21

Earnings before interest, taxes and DD&A	$	435	$	41	$	124	$	106	$	164
Depreciation, depletion and amortization		110		20		20		35		35

Earnings including noncontrolling interests before interest and taxes	$	325	$	21	$	104	$	71	$	129

Dominion Generation Total
Operating revenue	$	6,850	$	1,505	$	1,931	$	1,693	$	1,721

Expenses:
Commodity purchases		2,840		631		743		725		741
Purchased electric capacity		371		90		86		91		104
Other operations and maintenance		1,398		375		321		393		309
Depreciation, depletion and amortization		500		123		124		126		127
Other		161		29		40		46		46

Earnings including noncontrolling interests before interest and taxes	$	1,580	$	257	$	617	$	312	$	394
Interest and related charges		208		39		46		63		60
Income taxes		479		76		204		92		107
Noncontrolling interests		19		5		4		5		5

Operating earnings contribution	$	874	$	137	$	363	$	152	$	222
Average shares outstanding, diluted		573.9		575.0		574.7		573.1		571.9

Operating earnings per share contribution		1.52		0.23		0.63		0.27		0.39

Notes:

•

Commodity purchases = Electric fuel and other energy-related purchases + Purchased gas

•

Other = Other Taxes - Other Income

•

Operating segment contribution to operating earnings equals contribution to GAAP earnings

•

Figures may not add due to rounding

Page 3 of 5

Dominion

Unaudited Supplemental Summary of 2012 Operating Earnings

(millions, except per share amounts)


	12 Months Ended 12/31/12			Quarter ended 12/31/12			Quarter ended 09/30/12			Quarter ended 06/30/12			Quarter Ended 03/31/12

THIS SCHEDULE PRESENTS MEASURES OF OPERATING EARNINGS THAT EXCLUDE CERTAIN ITEMS THAT ARE INCLUDED IN GAAP. PLEASE REFER TO THE FOLLOWING PAGE FOR THE GAAP EQUIVALENT OF THIS SCHEDULE.

Corporate and Other
Operating revenue	$	584		$	148		$	156		$	137		$	143

Expenses:
Commodity purchases		3			1			1			0			1
Purchased electric capacity		0			0			0			0			0
Other operations and maintenance		577			147			156			142			132
Depreciation, depletion and amortization		30			8			7			8			7
Other		(59	)		(13	)		(13	)		(13	)		(20	)

Earnings including noncontrolling interests before interest and taxes		33			5			5			0			23
Interest and related charges		496			127			119			125			125
Income taxes		(228	)		(65	)		(54	)		(58	)		(51	)
Noncontrolling interests		0			0			0			0			0

Operating earnings contribution	($	235	)	($	57	)	($	60	)	($	67	)	($	51	)
Average shares outstanding, diluted		573.9			575.0			574.7			573.1			571.9

Operating earnings per share contribution		(0.41	)	($	0.10	)		(0.10	)	($	0.12	)		(0.09	)


Total Segment Eliminations and Adjustments
Operating revenue	($	912	)	($	210	)	($	217	)	($	229	)	($	256	)

Expenses:
Commodity purchases		(306	)		(57	)		(54	)		(83	)		(112	)
Purchased electric capacity		0			0			0			0			0
Other operations and maintenance		(606	)		(153	)		(163	)		(146	)		(144	)
Depreciation, depletion and amortization		0			0			0			0			0
Other		106			26			27			27			26

Earnings including noncontrolling interests before interest and taxes		(106	)		(26	)		(27	)		(27	)		(26	)
Interest and related charges		(106	)		(26	)		(27	)		(27	)		(26	)
Income taxes		0			0			0			0			0
Noncontrolling interests		0			0			0			0			0

Operating earnings contribution	$	0		$	0		$	0		$	0		$	0
Average shares outstanding, diluted		573.9			575.0			574.7			573.1			571.9

Operating earnings per share contribution	$	0.00		$	0.00		$	0.00		$	0.00		$	0.00


Dominion Total
Operating revenue	$	12,762		$	3,050		$	3,284		$	3,011		$	3,417

Expenses:
Commodity purchases		4,827			1,182			1,191			1,116			1,338
Purchased electric capacity		387			90			86			98			113
Other operations and maintenance		2,446			578			621			647			600
Depreciation, depletion and amortization		1,148			288			288			287			285
Other		392			89			83			110			110

Earnings including noncontrolling interests before interest and taxes	$	3,562		$	823		$	1,015		$	753		$	971
Interest and related charges		832			194			195			220			223
Income taxes		954			222			288			189			255
Noncontrolling interests		27			7			6			7			7

Consolidated operating earnings attributable to Dominion	$	1,749		$	400		$	526		$	337		$	486
Average shares outstanding, diluted		573.9			575.0			574.7			573.1			571.9

Consolidated operating earnings per share		3.05			0.69			0.92			0.59			0.85

Notes:

•

Commodity purchases = Electric fuel and other energy-related purchases + Purchased gas

•

Other = Other Taxes - Other Income

•

Figures may not add due to rounding

Page 4 of 5

Dominion

Unaudited Supplemental Summary of 2012 GAAP Earnings

(millions, except per share amounts)


	12 Months Ended 12/31/12			Quarter ended 12/31/12			Quarter ended 09/30/12			Quarter ended 06/30/12			Quarter Ended 03/31/12

THIS SCHEDULE PRESENTS GAAP MEASURES OF REPORTED NET INCOME ATTRIBUTABLE TO DOMINION. PLEASE REFER TO THE PRECEDING PAGE FOR THE OPERATING EARNINGS EQUIVALENT OF THIS SCHEDULE.

Corporate and Other
Operating revenue	$	915		$	265		$	283		$	179		$	188

Expenses:
Commodity purchases		101			33			53			5			10
Purchased electric capacity		0			0			0			0			0
Other operations and maintenance		2,999			1,888			669			277			165
Depreciation, depletion and amortization		68			24			25			10			9
Other		(103	)		(19	)		(28	)		(21	)		(35	)

Income including noncontrolling interests before interest and taxes		(2,150	)		(1,661	)		(436	)		(92	)		39
Interest and related charges		546			148			139			129			130
Income taxes		(1,036	)		(693	)		(203	)		(93	)		(47	)

Income from continuing operations including noncontrolling interests		(1,660	)		(1,116	)		(372	)		(128	)		(44	)
Income(loss) from discontinued operations, net of tax		(22	)		0			(5	)		(18	)		1
Noncontrolling interests		0			0			0			0			0

Reported Earnings (Loss) Contribution	($	1,682	)		(1,116	)	($	377	)	($	146	)	($	43	)
Average shares outstanding, diluted		573.9			575.0			574.7			573.1			571.9

Reported Earnings (Loss) Per Share Contribution		(2.93	)		(1.94	)		(0.66	)		(0.26	)		(0.08	)


Total Segment Eliminations and Adjustments
Operating revenue	($	912	)	($	210	)	($	217	)	($	229	)	($	256	)

Expenses:
Commodity purchases		(306	)		(57	)		(54	)		(83	)		(112	)
Purchased electric capacity		0			0			0			0			0
Other operations and maintenance		(606	)		(153	)		(163	)		(146	)		(144	)
Depreciation, depletion and amortization		0			0			0			0			0
Other		106			26			27			27			26

Income including noncontrolling interests before interest and taxes		(106	)		(26	)		(27	)		(27	)		(26	)
Interest and related charges		(106	)		(26	)		(27	)		(27	)		(26	)
Income taxes		0			0			0			0			0
Noncontrolling interests		0			0			0			0			0


Segment Eliminations Earnings (Loss) Contribution	$	0		$	0		$	0		$	0		$	0
Average shares outstanding, diluted		573.9			575.0			574.7			573.1			571.9

Segment Eliminations Earnings (Loss) Per Share Contribution	$	0.00		$	0.00		$	0.00		$	0.00		$	0.00


Dominion Total
Operating revenue	$	13,093		$	3,167		$	3,411		$	3,053		$	3,462

Expenses:
Commodity purchases		4,925			1,214			1,243			1,121			1,347
Purchased electric capacity		387			90			86			98			113
Other operations and maintenance		4,868			2,319			1,134			782			633
Depreciation, depletion and amortization		1,186			304			306			289			287
Other taxes		571			132			124			146			169

Total operating expenses		11,937			4,059			2,893			2,436			2,549

Income from Operations		1,156			(892	)		518			617			913
Other income (loss)		223			49			56			44			74
Income including noncontrolling interests before interest and taxes		1,379			(843	)		574			661			987
Interest and related charges		882			215			215			224			228
Income before taxes		497			(1,058	)		359			437			759
Income taxes		146			(406	)		139			154			259

Income from continuing operations including noncontrolling interests		351			(652	)		220			283			500
Income(loss) from discontinued operations, net of tax		(22	)		0			(5	)		(18	)		1
Noncontrolling interests		27			7			6			7			7

Net Income attributable to Dominion	$	302		($	659	)	$	209		$	258		$	494
Average shares outstanding, diluted		573.9			575.0			574.7			573.1			571.9

Consolidated reported earnings per share		0.53			(1.15	)		0.36			0.45			0.86

Notes:

•

Commodity purchases = Electric fuel and other energy-related purchases + Purchased gas

•

Other = Other Taxes - Other Income

•

Figures may not add due to rounding

Page 5 of 5