EX-99.1 2 exhibit991.htm EXHIBIT 99.1 Exhibit 99.1


EXHIBIT 99.1
July 26, 2013

DTE Energy reports second quarter 2013 results

DETROIT – DTE Energy (NYSE:DTE) today reported second quarter 2013 earnings of $105 million, or $0.60
per diluted share, compared with $146 million, or $0.86 per diluted share in 2012. The variance is primarily due
to lower earnings at DTE Electric Company as a result of abnormally hot weather in 2012.

Operating earnings for the second quarter 2013 were $109 million, or $0.62 per diluted share, compared with
2012 operating earnings of $147 million, or $0.87 per diluted share. Operating earnings exclude non-recurring
items and discontinued operations. Reconciliations of reported earnings to operating earnings are at the end of
this news release.

Reported earnings for the first six months ended June 30, 2013 were $339 million or $1.94 per diluted share
versus $302 million or $1.77 per diluted share in 2012. Year-to-date operating earnings were $343 million or
$1.96 per diluted share, compared with $303 million or $1.78 per diluted share in 2012.

“I am pleased with our year-to-date financial performance, and we are on track to achieve our 2013 goals,”
said Gerard M. Anderson, DTE Energy chairman, president and CEO. “I am also very proud of the ongoing
dedication of our employees to our continuous improvement effort and the positive impact it has on customer
service and rate affordability.” Anderson also noted that customers can expect to see a reduction in their
monthly bills from the amended renewable energy plan DTE Energy recently filed with the Michigan Public
Service Commission. “When this plan is approved, residential and business customer’s rates will be reduced
by almost $90 million per year because we have found ways to improve the economics of wind turbines
installed in recent years.”

Outlook for 2013

DTE Energy reiterated its 2013 operating earnings guidance of $3.90 to $4.20 per diluted share.

“While last year’s second quarter operating earnings were boosted by record setting temperatures, we are on
track to realize our financial and operational goals for this year,” said David E. Meador, DTE Energy executive
vice president and chief financial officer.

Meador also provided an update on the Company’s commitment to the State of Michigan to increase spending
on goods and services with Michigan-based suppliers. “We have spent $364 million with Michigan suppliers
through the first half of the year, a 25% increase over our year-to-date budget of $288 million,” said Meador.

Last month DTE Energy announced that it would significantly increase its commitment to the Pure Michigan
Business Connect initiative from its original target of $750 million to $1 billion of incremental spending with
Michigan suppliers. The original $750 million of incremental spend will be achieved by the end of this year, two
years ahead of the five year commitment established in 2011.

This earnings announcement, as well as a slide presentation and supplemental information, is available at
www.dteenergy.com.

DTE Energy plans to conduct a conference call with the investment community hosted by Meador at 9:00 a.m.
EDT Friday, July 26, to discuss second quarter 2013 earnings results. Investors, the news media and the
public may listen to a live internet broadcast of the call at www.dteenergy.com/investors. The telephone dial-in
numbers are US/CAN Toll free: (888) 503-8175 or Int’l Toll: (719) 325-2376. The passcode is 8621853. The
internet broadcast will be archived on the company’s website. An audio replay of the call will be available from
noon today until August 9. To access the replay, dial (888) 203-1112 or (719) 457-0820 and enter passcode
8621853.

DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and
management of energy-related businesses and services nationwide. Its operating units include DTE Electric,
an electric utility serving 2.1 million customers in Southeastern Michigan, DTE Gas, a natural gas utility serving
1.2 million customers in Michigan and other non-utility, energy businesses focused on gas storage and




pipelines, power and industrial projects, and energy trading. Information about DTE Energy is available at
dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.

Use of Operating Earnings Information - DTE Energy management believes that operating earnings provide a more meaningful representation of the
company’s earnings from ongoing operations and uses operating earnings as the primary performance measurement for external communications with
analysts and investors. Internally, DTE Energy uses operating earnings to measure performance against budget and to report to the Board of Directors.

In this release, DTE Energy discusses 2013 operating earnings guidance. It is likely that certain items that impact the company's 2013 reported results
will be excluded from operating results. Reconciliations to the comparable 2013 reported earnings guidance are not provided because it is not possible
to provide a reliable forecast of specific line items. These items may fluctuate significantly from period to period and may have a significant impact on
reported earnings.

The information contained herein is as of the date of this release. DTE Energy expressly disclaims any current intention to update any forward-looking
statements contained in this release as a result of new information or future events or developments. Words such as “anticipate,” “believe,” “expect,”
“projected” and “goals” signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are
subject to various assumptions, risks and uncertainties. This release contains forward-looking statements about DTE Energy’s financial results and
estimates of future prospects, and actual results may differ materially.

Many factors may impact forward-looking statements including, but not limited to, the following: impact of regulation by the FERC, MPSC, NRC and
other applicable governmental proceedings and regulations, including any associated impact on rate structures; the amount and timing of cost recovery
allowed as a result of regulatory proceedings, related appeals or new legislation; impact of electric and natural gas utility restructuring in Michigan,
including legislative amendments and Customer Choice programs; economic conditions and population changes in our geographic area resulting in
changes in demand, customer conservation, increased thefts of electricity and natural gas and high levels of uncollectible accounts receivable;
environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state
requirements; health, safety, financial, environmental and regulatory risks associated with ownership and operation of nuclear facilities; changes in the
cost and availability of coal and other raw materials, purchased power and natural gas; volatility in the short-term natural gas storage markets impacting
third-party storage revenues; access to capital markets and the results of other financing efforts which can be affected by credit agency ratings;
instability in capital markets which could impact availability of short and long-term financing; the timing and extent of changes in interest rates; the level
of borrowings; the potential for losses on investments, including nuclear decommissioning and benefit plan assets and the related increases in future
expense and contributions; the potential for increased costs or delays in completion of significant construction projects; the uncertainties of successful
exploration of unconventional gas and oil resources and challenges in estimating gas and oil reserves with certainty; changes in and application of
federal, state and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings and audits; the
effects of weather and other natural phenomena on operations and sales to customers, and purchases from suppliers; unplanned outages; the cost of
protecting assets against, or damage due to, terrorism or cyber attacks; employee relations and the impact of collective bargaining agreements; the
availability, cost, coverage and terms of insurance and stability of insurance providers; cost reduction efforts and the maximization of plant and
distribution system performance; the effects of competition; changes in and application of accounting standards and financial reporting regulations;
changes in federal or state laws and their interpretation with respect to regulation, energy policy and other business issues; binding arbitration, litigation
and related appeals; and the risks discussed in our public filings with the Securities and Exchange Commission. New factors emerge from time to time.
We cannot predict what factors may arise or how such factors may cause our results to differ materially from those contained in any forward-looking
statement. Any forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any
forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated
events. This release should also be read in conjunction with the “Forward-Looking Statements” sections in each of DTE Energy’s and DTE Electric’s
2012 Forms 10-K and 2013 Forms 10-Q (which sections are incorporated herein by reference), and in conjunction with other SEC reports filed by DTE
Energy and DTE Electric.
# # #

For further information, members of the media may call:
Scott Simons (313) 235-8808
Alejandro Bodipo-Memba (313) 235-3202

Analysts, for further information call:
Anastasia Minor (313) 235-8466
Benny Riggi (313) 235-3208






DTE Energy Company
Consolidated Statements of Operations (Unaudited)
 
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2013
 
2012
 
2013
 
2012
 
(In millions, except per share amounts)
Operating Revenues
$
2,225

 
$
2,013

 
$
4,741

 
$
4,252

Operating Expenses
 

 
 

 
 

 
 

Fuel, purchased power and gas
940

 
697

 
1,964

 
1,586

Operation and maintenance
705

 
703

 
1,440

 
1,424

Depreciation, depletion and amortization
268

 
244

 
527

 
471

Taxes other than income
84

 
79

 
178

 
174

Asset (gains) and losses, reserves and impairments, net
5

 
(4
)
 
(1
)
 
(9
)
 
2,002

 
1,719

 
4,108

 
3,646

Operating Income
223

 
294

 
633

 
606

Other (Income) and Deductions
 

 
 

 
 

 
 

Interest expense
112

 
109

 
221

 
222

Interest income
(3
)
 
(3
)
 
(5
)
 
(5
)
Other income
(46
)
 
(41
)
 
(90
)
 
(78
)
Other expenses
9

 
11

 
16

 
18

 
72

 
76

 
142

 
157

Income Before Income Taxes
151

 
218

 
491

 
449

Income Tax Expense
44

 
70

 
149

 
143

Income from Continuing Operations
107

 
148

 
342

 
306

Loss from Discontinued Operations, net of tax
—

 
(1
)
 
—

 
(1
)
Net Income
107

 
147

 
342

 
305

Less: Net Income Attributable to Noncontrolling Interest
2

 
1

 
3

 
3

Net Income Attributable to DTE Energy Company
$
105

 
$
146

 
$
339

 
$
302

 
 
 
 
 
 
 
 
Basic Earnings per Common Share
 
 
 
 
 
 
 
Income from continuing operations
$
0.60

 
$
0.87

 
$
1.94

 
$
1.78

Loss from discontinued operations, net of tax
—

 
(0.01
)
 
—

 
(0.01
)
Total
$
0.60

 
$
0.86

 
$
1.94

 
$
1.77

 
 
 
 
 
 
 
 
Diluted Earnings per Common Share
 
 
 
 
 
 
 
Income from continuing operations
$
0.60

 
$
0.87

 
$
1.94

 
$
1.78

Loss from discontinued operations, net of tax
—

 
(0.01
)
 
—

 
(0.01
)
Total
$
0.60

 
$
0.86

 
$
1.94

 
$
1.77

 
 
 
 
 
 
 
 
Weighted Average Common Shares Outstanding
 

 
 

 
 

 
 

Basic
174

 
170

 
174

 
170

Diluted
175

 
171

 
174

 
171

Dividends Declared per Common Share
$
0.66

 
$
0.59

 
$
1.28

 
$
1.18

 
 
 
 
 
 
 
 





DTE Energy Company
Segment Net Income (Unaudited)
 
 
 
 
Three Months Ended June 30,
 
2013
 
2012
(in Millions)
Reported
Earnings
 
Adjustments
 
Operating
Earnings
 
Reported
Earnings
 
Adjustments
 
Operating
Earnings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DTE Electric
$
89

 
$
—

 
 
$
89

 
$
127

 
$
—

 
 
$
127

 


 
 
 
 
 
 
 
 
 
 
 
 
DTE Gas
8

 
—

 
 
8

 
4

 
—

 
 
4

 


 
 
 
 
 
 
 
 
 
 
 
 
Non-utility Operations


 
 
 
 
 
 
 
 
 
 
 
 
Gas Storage and Pipelines
16

 
—

 
 
16

 
17

 
—

 
 
17

 


 
 
 
 
 
 
 
 
 
 
 
 
Power and Industrial Projects
7

 
4

A
 
11

 
10

 
—

 
 
10

 


 
 
 
 
 
 
 
 
 
 
 
 
Energy Trading
(2
)
 
—

 
 
(2
)
 
4

 
—

 
 
4

 


 
 
 
 
 
 
 
 
 
 
 
 
Total Non-utility operations
21

 
4

 
 
25

 
31

 
—

 
 
31

 


 
 
 
 
 
 
 
 
 
 
 
 
Corporate and Other
(13
)
 
—

 
 
(13
)
 
(15
)
 
 
 
 
(15
)
 


 
 
 
 
 
 
 
 
 
 
 
 
Income from Continuing Operations
105

 
4

 
 
109

 
147

 
—

 
 
147

 


 
 
 
 
 
 
 
 
 
 
 
 
Discontinued Operations
—

 
—

 
 
—

 
(1
)
 
1

B
 
—

 


 
 
 
 
 
 
 
 
 
 
 
 
Net Income Attributable to DTE Energy Company
$
105

 
$
4

 
 
$
109

 
$
146

 
$
1

 
 
$
147

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjustments key
A) Asset impairment
B) Discontinued operations of Unconventional Gas Production business






DTE Energy Company
Segment Diluted Earnings Per Share (Unaudited)
 
 
 
 
 
Three Months Ended June 30,
 
2013
 
2012
 
Reported
Earnings
 
Adjustments
 
Operating
Earnings
 
Reported
Earnings
 
Adjustments
 
Operating
Earnings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DTE Electric
$
0.51

 
$
—

 
 
$
0.51

 
$
0.74

 
$
—

 
 
$
0.74

 
 
 
 
 
 
 
 
 
 
 
 
 
 
DTE Gas
0.05

 
—

 
 
0.05

 
0.02

 
—

 
 
0.02

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-utility Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
Gas Storage and Pipelines
0.09

 
—

 
 
0.09

 
0.10

 
—

 
 
0.10

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Power and Industrial Projects
0.04

 
0.02

A
 
0.06

 
0.06

 
—

 
 
0.06

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Energy Trading
(0.01
)
 
—

 
 
(0.01
)
 
0.02

 
—

 
 
0.02

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Non-utility operations
0.12

 
0.02

 
 
0.14

 
0.18

 
—

 
 
0.18

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate and Other
(0.08
)
 
—

 
 
(0.08
)
 
(0.07
)
 
 
 
 
(0.07
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from Continuing Operations
0.60

 
0.02

 
 
0.62

 
0.87

 
—

 
 
0.87

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Discontinued Operations
—

 
—

 
 
—

 
(0.01
)
 
0.01

B
 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income Attributable to DTE Energy Company
$
0.60

 
$
0.02

 
 
$
0.62

 
$
0.86

 
$
0.01

 
 
$
0.87

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjustments key
 
A) Asset impairment
 
B) Discontinued operations of Unconventional Gas Production business
 






DTE Energy Company
Segment Net Income (Unaudited)
 
 
 
 
Six Months Ended June 30,
 
2013
 
2012
(in Millions)
Reported
Earnings
 
Adjustments
 
Operating
Earnings
 
Reported
Earnings
 
Adjustments
 
Operating
Earnings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DTE Electric
$
204

 
$
—

 
 
$
204

 
$
223

 
$
—

 
 
$
223

 


 
 
 
 
 
 
 
 
 
 
 
 
DTE Gas
104

 
—

 
 
104

 
56

 
—

 
 
56

 


 
 
 
 
 
 
 
 
 
 
 
 
Non-utility Operations


 
 
 
 
 
 
 
 
 
 
 
 
Gas Storage and Pipelines
33

 
—

 
 
33

 
34

 
—

 
 
34

 


 
 
 
 
 
 
 
 
 
 
 
 
Power and Industrial Projects
19

 
4

A
 
23

 
18

 
—

 
 
18

 


 
 
 
 
 
 
 
 
 
 
 
 
Energy Trading
5

 
—

 
 
5

 
2

 
—

 
 
2

 


 
 
 
 
 
 
 
 
 
 
 
 
Total Non-utility operations
57

 
4

 
 
61

 
54

 
—

 
 
54

 


 
 
 
 
 
 
 
 
 
 
 
 
Corporate and Other
(26
)
 
—

 
 
(26
)
 
(30
)
 
—

 
 
(30
)
 


 
 
 
 
 
 
 
 
 
 
 
 
Income from Continuing Operations
339

 
4

 
 
343

 
303

 
—

 
 
303

 


 
 
 
 
 
 
 
 
 
 
 
 
Discontinued Operations
—

 
—

 
 
—

 
(1
)
 
1

B
 
—

 


 
 
 
 
 
 
 
 
 
 
 
 
Net Income Attributable to DTE Energy Company
$
339

 
$
4

 
 
$
343

 
$
302

 
$
1

 
 
$
303

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjustments key
A) Asset impairment
B) Discontinued operations of Unconventional Gas Production business





DTE Energy Company
Segment Diluted Earnings Per Share (Unaudited)
 
 
 
Six Months Ended June 30,
 
2013
 
2012
 
Reported
Earnings
 
Adjustments
 
Operating
Earnings
 
Reported
Earnings
 
Adjustments
 
Operating
Earnings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DTE Electric
$
1.17

 
$
—

 
 
$
1.17

 
$
1.30

 
$
—

 
 
$
1.30

 
 
 
 
 
 
 
 
 
 
 
 
 
 
DTE Gas
0.60

 
—

 
 
0.60

 
0.33

 
—

 
 
0.33

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-utility Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
Gas Storage and Pipelines
0.19

 
—

 
 
0.19

 
0.20

 
—

 
 
0.20

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Power and Industrial Projects
0.11

 
0.02

A
 
0.13

 
0.11

 
—

 
 
0.11

 
 
 

 
 
 
 
 
 
 
 
 
 
Energy Trading
0.03

 
—

 
 
0.03

 
0.01

 
—

 
 
0.01

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Non-utility operations
0.33

 
0.02

 
 
0.35

 
0.32

 
—

 
 
0.32

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate and Other
(0.16
)
 
—

 
 
(0.16
)
 
(0.17
)
 
—

 
 
(0.17
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from Continuing Operations
1.94

 
0.02

 
 
1.96

 
1.78

 
—

 
 
1.78

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Discontinued Operations
—

 
—

 
 
—

 
(0.01
)
 
0.01

B
 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income Attributable to DTE Energy Company
$
1.94

 
$
0.02

 
 
$
1.96

 
$
1.77

 
$
0.01

 
 
$
1.78

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjustments key
 
A) Asset impairment

B) Discontinued operations of Unconventional Gas Production business