Commission File Number | Exact Name of Registrant as Specified in its Charter, State of Incorporation, Address of Principal Executive Offices and Telephone Number | IRS Employer Identification No. |
1-11607 | DTE Energy Company (a Michigan corporation) One Energy Plaza Detroit, Michigan 48226-1279 313-235-4000 | 38-3217752 |
1-2198 | DTE Electric Company (a Michigan corporation) One Energy Plaza Detroit, Michigan 48226-1279 313-235-4000 | 38-0478650 |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
99.1 | Earnings Release of DTE Energy Company dated July 26, 2016. |
99.2 | Slide Presentation of DTE Energy Company dated July 26, 2016. |
DTE ENERGY COMPANY (Registrant) | |
/s/Peter B. Oleksiak Peter B. Oleksiak Senior Vice President and Chief Financial Officer |
DTE ELECTRIC COMPANY (Registrant) | |
/s/Peter B. Oleksiak Peter B. Oleksiak Senior Vice President and Chief Financial Officer |
Exhibit Number | Description |
99.1 | Earnings Release of DTE Energy Company dated July 26, 2016. |
99.2 | Slide Presentation of DTE Energy Company dated July 26, 2016. |
• | Earlier this month, DTE Energy ranked second in overall customer satisfaction with electric utility residential customers in the Midwest among large utilities in J.D. Power’s 2016 study. The recent results mark a sixth consecutive year that DTE Energy has ranked in the top quartile for Midwest large utilities. DTE has improved its customer satisfaction score every year since 2012. |
• | Through the first half of the year, DTE spent nearly $600 million with Michigan-based companies as part of the Pure Michigan Business Connect initiative, well above the $500 million year to date target. This is an increase of 20% and puts the company on track for a record $1.2 billion spend this year. The spend helps drive the state and local economy and create jobs without compromising on cost and quality. |
• | In one of the most recognized global measures of corporate environmental performance, DTE placed third in Newsweek’s ranking of the top green energy companies and 32nd across all industries. DTE moved up nearly 50 positions from its 2015 ranking. Newsweek performs its annual assessments in partnership with Corporate Knights Capital and HIP Investor Inc. |
• | The Edison Electric Institute (EEI) has honored DTE Energy with its prestigious 2016 EEI Supplier Diversity Excellence Award -- one of the highest supplier diversity honors in the energy business. In announcing the award, EEI noted DTE's efforts to promote diverse businesses, and its progressive program to attract, develop and retain diverse suppliers. |
• | DTE Energy achieved the strongest OSHA safety performance in the company’s history during the first half of the 2016. In addition, DTE Energy received the 2015 American Gas Association's (AGA) Safety Achievement Award for excellence in employee safety. The award recognizes companies that have the lowest number of injuries and illnesses as measured by the Federal Occupational Safety and Health Administration (OSHA). |
DTE Energy Company | |||||||||||||||
Consolidated Statements of Operations (Unaudited) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In millions, except per share amounts) | |||||||||||||||
Operating Revenues | |||||||||||||||
Utility operations | $ | 1,435 | $ | 1,357 | $ | 3,099 | $ | 3,198 | |||||||
Non-utility operations | 827 | 911 | 1,729 | 2,054 | |||||||||||
2,262 | 2,268 | 4,828 | 5,252 | ||||||||||||
Operating Expenses | |||||||||||||||
Fuel, purchased power, and gas — utility | 414 | 434 | 979 | 1,127 | |||||||||||
Fuel, purchased power, and gas — non-utility | 717 | 769 | 1,493 | 1,774 | |||||||||||
Operation and maintenance | 542 | 532 | 1,058 | 1,058 | |||||||||||
Depreciation and amortization | 243 | 220 | 472 | 429 | |||||||||||
Taxes other than income | 91 | 91 | 190 | 191 | |||||||||||
Asset (gains) losses and impairments, net | (1 | ) | 18 | (1 | ) | 8 | |||||||||
2,006 | 2,064 | 4,191 | 4,587 | ||||||||||||
Operating Income | 256 | 204 | 637 | 665 | |||||||||||
Other (Income) and Deductions | |||||||||||||||
Interest expense | 114 | 115 | 227 | 225 | |||||||||||
Interest income | (3 | ) | (2 | ) | (14 | ) | (6 | ) | |||||||
Other income | (57 | ) | (49 | ) | (109 | ) | (100 | ) | |||||||
Other expenses | 7 | 9 | 15 | 19 | |||||||||||
61 | 73 | 119 | 138 | ||||||||||||
Income Before Income Taxes | 195 | 131 | 518 | 527 | |||||||||||
Income Tax Expense | 50 | 26 | 133 | 148 | |||||||||||
Net Income | 145 | 105 | 385 | 379 | |||||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests | (7 | ) | (4 | ) | (14 | ) | (3 | ) | |||||||
Net Income Attributable to DTE Energy Company | $ | 152 | $ | 109 | $ | 399 | $ | 382 | |||||||
Basic Earnings per Common Share | |||||||||||||||
Net Income Attributable to DTE Energy Company | $ | 0.84 | $ | 0.61 | $ | 2.22 | $ | 2.13 | |||||||
Diluted Earnings per Common Share | |||||||||||||||
Net Income Attributable to DTE Energy Company | $ | 0.84 | $ | 0.61 | $ | 2.22 | $ | 2.13 | |||||||
Weighted Average Common Shares Outstanding | |||||||||||||||
Basic | 179 | 179 | 179 | 179 | |||||||||||
Diluted | 180 | 179 | 180 | 179 | |||||||||||
Dividends Declared per Common Share | $ | 0.73 | $ | 0.69 | $ | 1.46 | $ | 1.38 | |||||||
DTE Energy Company | |||||||||||||||||||||||||
Segment Net Income (Unaudited) | |||||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||||||
Reported Earnings | Adjustments | Operating Earnings | Reported Earnings | Adjustments | Operating Earnings | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
DTE Electric | $ | 135 | $ | — | $ | 135 | $ | 99 | $ | 12 | C | $ | 111 | ||||||||||||
DTE Gas | 13 | — | 13 | (7 | ) | — | (7 | ) | |||||||||||||||||
Non-utility operations | |||||||||||||||||||||||||
Gas Storage and Pipelines | 35 | — | 35 | 25 | — | 25 | |||||||||||||||||||
Power and Industrial Projects | 15 | 2 | A | 17 | 8 | 10 | D | 18 | |||||||||||||||||
Energy Trading | (23 | ) | 23 | B | — | (3 | ) | 6 | B | 3 | |||||||||||||||
Total Non-utility operations | 27 | 25 | 52 | 30 | 16 | 46 | |||||||||||||||||||
Corporate and Other | (23 | ) | — | (23 | ) | (13 | ) | — | (13 | ) | |||||||||||||||
Net Income Attributable to DTE Energy Company | $ | 152 | $ | 25 | $ | 177 | $ | 109 | $ | 28 | $ | 137 | |||||||||||||
Adjustments key | |||||||||||||||||||||||||
A) Plant closure | |||||||||||||||||||||||||
B) Certain mark-to-market adjustments | |||||||||||||||||||||||||
C) 2011/2012 PSCR disallowance | |||||||||||||||||||||||||
D) Contract termination | |||||||||||||||||||||||||
DTE Energy Company | |||||||||||||||||||||||||
Segment Diluted Earnings Per Share (Unaudited) | |||||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||||||
Reported Earnings | Adjustments | Operating Earnings | Reported Earnings | Adjustments | Operating Earnings | ||||||||||||||||||||
DTE Electric | $ | 0.75 | $ | — | $ | 0.75 | $ | 0.55 | $ | 0.07 | C | $ | 0.62 | ||||||||||||
DTE Gas | 0.07 | — | 0.07 | (0.04 | ) | — | (0.04 | ) | |||||||||||||||||
Non-utility operations | |||||||||||||||||||||||||
Gas Storage and Pipelines | 0.20 | — | 0.20 | 0.14 | — | 0.14 | |||||||||||||||||||
Power and Industrial Projects | 0.08 | 0.01 | A | 0.09 | 0.05 | 0.05 | D | 0.10 | |||||||||||||||||
Energy Trading | (0.13 | ) | 0.13 | B | — | (0.02 | ) | 0.03 | B | 0.01 | |||||||||||||||
Total Non-utility operations | 0.15 | 0.14 | 0.29 | 0.17 | 0.08 | 0.25 | |||||||||||||||||||
Corporate and Other | (0.13 | ) | — | (0.13 | ) | (0.07 | ) | — | (0.07 | ) | |||||||||||||||
Net Income Attributable to DTE Energy Company | $ | 0.84 | $ | 0.14 | $ | 0.98 | $ | 0.61 | $ | 0.15 | $ | 0.76 | |||||||||||||
Adjustments key | |||||||||||||||||||||||||
A) Plant closure | |||||||||||||||||||||||||
B) Certain mark-to-market adjustments | |||||||||||||||||||||||||
C) 2011/2012 PSCR disallowance | |||||||||||||||||||||||||
D) Contract termination | |||||||||||||||||||||||||
DTE Energy Company | |||||||||||||||||||||||||
Segment Net Income (Unaudited) | |||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||||||
Reported Earnings | Adjustments | Operating Earnings | Reported Earnings | Adjustments | Operating Earnings | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
DTE Electric | $ | 262 | $ | — | $ | 262 | $ | 235 | $ | 12 | C | $ | 247 | ||||||||||||
DTE Gas | 100 | — | 100 | 104 | — | 104 | |||||||||||||||||||
Non-utility operations | |||||||||||||||||||||||||
Gas Storage and Pipelines | 65 | — | 65 | 52 | — | 52 | |||||||||||||||||||
Power and Industrial Projects | 32 | 6 | A | 38 | 41 | 10 | D | 51 | |||||||||||||||||
Energy Trading | (30 | ) | 46 | B | 16 | (12 | ) | 37 | B | 15 | |||||||||||||||
(10 | ) | E | |||||||||||||||||||||||
Total Non-utility operations | 67 | 52 | 119 | 81 | 37 | 118 | |||||||||||||||||||
Corporate and Other | (30 | ) | — | (30 | ) | (38 | ) | — | (38 | ) | |||||||||||||||
Net Income Attributable to DTE Energy Company | $ | 399 | $ | 52 | $ | 451 | $ | 382 | $ | 49 | $ | 431 | |||||||||||||
Adjustments key | |||||||||||||||||||||||||
A) Plant closure | |||||||||||||||||||||||||
B) Certain mark-to-market adjustments | |||||||||||||||||||||||||
C) 2011/2012 PSCR disallowance | |||||||||||||||||||||||||
D) Contract termination | |||||||||||||||||||||||||
E) Natural gas pipeline refund | |||||||||||||||||||||||||
DTE Energy Company | |||||||||||||||||||||||||
Segment Diluted Earnings Per Share (Unaudited) | |||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||||||
Reported Earnings | Adjustments | Operating Earnings | Reported Earnings | Adjustments | Operating Earnings | ||||||||||||||||||||
DTE Electric | $ | 1.46 | $ | — | $ | 1.46 | $ | 1.31 | $ | 0.07 | C | $ | 1.38 | ||||||||||||
DTE Gas | 0.56 | — | 0.56 | 0.58 | — | 0.58 | |||||||||||||||||||
Non-utility operations | |||||||||||||||||||||||||
Gas Storage and Pipelines | 0.36 | — | 0.36 | 0.29 | — | 0.29 | |||||||||||||||||||
Power and Industrial Projects | 0.18 | 0.03 | A | 0.21 | 0.23 | 0.05 | D | 0.28 | |||||||||||||||||
Energy Trading | (0.17 | ) | 0.26 | B | 0.09 | (0.07 | ) | 0.22 | B | 0.09 | |||||||||||||||
— | (0.06 | ) | E | ||||||||||||||||||||||
Total Non-utility operations | 0.37 | 0.29 | 0.66 | 0.45 | 0.21 | 0.66 | |||||||||||||||||||
Corporate and Other | (0.17 | ) | — | (0.17 | ) | (0.21 | ) | — | (0.21 | ) | |||||||||||||||
Net Income Attributable to DTE Energy Company | $ | 2.22 | $ | 0.29 | $ | 2.51 | $ | 2.13 | $ | 0.28 | $ | 2.41 | |||||||||||||
Adjustments key | |||||||||||||||||||||||||
A) Plant closure | |||||||||||||||||||||||||
B) Certain mark-to-market adjustments | |||||||||||||||||||||||||
C) 2011/2012 PSCR disallowance | |||||||||||||||||||||||||
D) Contract termination | |||||||||||||||||||||||||
E) Natural gas pipeline refund | |||||||||||||||||||||||||
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