Virginia
(State or other jurisdiction
of incorporation)
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001-08489
(Commission
File Number)
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54-1229715
(IRS Employer
Identification No.)
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120 Tredegar Street
Richmond, Virginia
(Address of Principal Executive Offices)
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23219
(Zip Code)
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Exhibit
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99
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Dominion Resources, Inc. press release dated April 26, 2012
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DOMINION RESOURCES, INC.
Registrant
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/s/Carter M. Reid
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Carter M. Reid
Vice President, General Counsel, Chief Compliance Officer & Corporate Secretary
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FOR IMMEDIATE RELEASE
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April 26, 2012
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Company:
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Dominion
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Contacts:
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Media:
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Ryan Frazier (804) 819-2521, C.Ryan.Frazier@dom.com
Bill Hall (804) 819-2040, Bill.Hall@dom.com
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Analysts:
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Corynne Arnett (804) 819-2384, Corynne.Arnett@dom.com
Nathan Frost (804) 819-2187, Nathan.J.Frost@dom.com
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· First-quarter 2012 operating earnings of 85 cents per share compared to guidance of 85 cents to $1.00 per share
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· First-quarter 2012 GAAP earnings of 86 cents per share
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· Company affirms 2012 operating earnings guidance of $3.10 to $3.35 per share
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· Binding precedent agreements signed for Cove Point Liquefaction project
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· Conference call scheduled for 10 a.m. EDT today
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Schedule 1 - Segment Operating Earnings
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||||||||
Preliminary, Unaudited
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||||||||
(millions, except earnings per share)
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Three months ended March 31,
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|||||||
2012
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2011
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Change
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||||||
Earnings:
|
||||||||
Dominion Virginia Power
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$166
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$149
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$17
|
|||||
Dominion Energy
|
149
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169
|
(20)
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|||||
Dominion Generation
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223
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298
|
(75)
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|||||
Corporate and Other
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(51)
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(75)
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24
|
|||||
OPERATING EARNINGS
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$487
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$541
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$(54)
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|||||
Items excluded from operating earnings 2, 3
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7
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(62)
|
69
|
|||||
REPORTED EARNINGS 1
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$494
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$479
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$15
|
|||||
Common Shares Outstanding (average, diluted)
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571.9
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580.5
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||||||
Earnings Per Share (EPS):
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||||||||
Dominion Virginia Power
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$0.29
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$0.26
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$0.03
|
|||||
Dominion Energy
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0.26
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0.29
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(0.03)
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|||||
Dominion Generation
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0.39
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0.51
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(0.12)
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|||||
Corporate and Other
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(0.09)
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(0.13)
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0.04
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|||||
OPERATING EARNINGS
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$0.85
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$0.93
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$(0.08)
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|||||
Items excluded from operating earnings 2
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0.01
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(0.11)
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0.12
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|||||
REPORTED EARNINGS 1
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$0.86
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$0.82
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$0.04
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|||||
1)
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Determined in accordance with Generally Accepted Accounting Principles (GAAP).
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|||||||
2)
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Items excluded from operating earnings are reported in Corporate and Other segment. Refer to Schedules
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|||||||
2 and 3 for details, or find "GAAP Reconciliation" on Dominion's website at www.dom.com/investors.
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||||||||
3)
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Pre-tax amounts for the current period and the prior period are $11 million and ($81) million, respectively.
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·
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$5 million net gain related to our investments in nuclear decommissioning trust funds.
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·
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$2 million net benefit from operations at our Kewaunee nuclear merchant power station, which is being marketed for sale.
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(millions, except per share amounts)
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1Q12
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2Q12
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3Q12
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4Q12
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YTD 2012
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Operating earnings
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$487
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$487
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||||
Items excluded from operating earnings (after-tax):
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||||||
Net gain in nuclear decommissioning trust funds
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5
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5
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||||
Kewaunee operations
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2
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2
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||||
Total items excluded from operating earnings (after-tax) 1
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7
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7
|
||||
Reported net income
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$494
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$494
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||||
Common shares outstanding (average, diluted)
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571.9
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571.9
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||||
Operating earnings per share
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$0.85
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$0.85
|
||||
Items excluded from operating earnings (after-tax)
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0.01
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0.01
|
||||
Reported earnings per share
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$0.86
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$0.86
|
||||
1)
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Pre-tax amounts for items excluded from operating earnings are reflected in the following table:
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|||||
Items excluded from operating earnings:
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1Q12
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2Q12
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3Q12
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4Q12
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YTD 2012
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Net gain in nuclear decommissioning trust funds
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$8
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$8
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||||
Kewaunee operations
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3
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3
|
||||
Total items excluded from operating earnings
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$11
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$11
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·
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$178 million of impairment charges related to certain utility ($139 million) and merchant ($39 million) coal-fired power stations.
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·
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$59 million of restoration costs associated with Hurricane Irene.
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·
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$39 million net loss from operations at our Kewaunee nuclear merchant power station, which is being marketed for sale.
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·
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$34 million impairment of excess emission allowances resulting from a new EPA air pollution rule.
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·
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$21 million of severance costs and other charges resulting from expected closings of our Salem Harbor and State Line merchant generation plants.
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·
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$19 million net charge in connection with the Virginia Commission’s final ruling associated with its biennial review of Virginia Power’s base rates for 2009-2010 test years.
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·
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$13 million of earthquake related costs, largely related to inspections following the safe shutdown of reactors at our North Anna nuclear power station.
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·
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$14 million benefit related to litigation with the Department of Energy for spent nuclear fuel-related costs at Millstone nuclear power station.
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·
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$3 million net benefit related to other items.
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(millions, except per share amounts)
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1Q11
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2Q11
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3Q11
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4Q11
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YTD 2011
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2
|
||
Operating earnings
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$541
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$338
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$541
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$334
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$1,754
|
|||
Items excluded from operating earnings (after-tax):
|
||||||||
Impairment of generation assets
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(39)
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(139)
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(178)
|
|||||
Hurricane Irene costs
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(74)
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15
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(59)
|
|||||
Kewaunee operations
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(19)
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(1)
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(12)
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(7)
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(39)
|
|||
Emission allowances impairments
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(34)
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(34)
|
||||||
Charges related to merchant generation plant closings
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(11)
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(10)
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(21)
|
|||||
Impact of Virginia Power biennial review order
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(19)
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(19)
|
||||||
Earthquake costs
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(13)
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(13)
|
||||||
Recoverable spent nuclear fuel-related costs
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14
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14
|
||||||
Other items
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(4)
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(4)
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(6)
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17
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3
|
|||
Total items excluded from operating earnings (after-tax) 1
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(62)
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(2)
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(149)
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(133)
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(346)
|
|||
Reported net income
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$479
|
$336
|
$392
|
$201
|
$1,408
|
|||
Common shares outstanding (average, diluted)
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580.5
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575.2
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571.2
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571.2
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574.6
|
|||
Operating earnings per share
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$0.93
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$0.59
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$0.95
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$0.58
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$3.05
|
|||
Items excluded from operating earnings (after-tax)
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(0.11)
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(0.01)
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(0.26)
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(0.23)
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(0.60)
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|||
Reported earnings per share
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$0.82
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$0.58
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$0.69
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$0.35
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$2.45
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|||
1)
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Pre-tax amounts for items excluded from operating earnings are reflected in the following table:
|
|||||||
Items excluded from operating earnings:
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1Q11
|
2Q11
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3Q11
|
4Q11
|
YTD 2011
|
|||
Impairment of generation assets
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(55)
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(228)
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(283)
|
|||||
Hurricane Irene costs
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(121)
|
25
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(96)
|
|||||
Kewaunee operations
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(32)
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(5)
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(19)
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(10)
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(66)
|
|||
Emission allowances impairments
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(57)
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(57)
|
||||||
Charges related to merchant generation plant closings
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(17)
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(16)
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(33)
|
|||||
Impact of Virginia Power biennial review order
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(31)
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(31)
|
||||||
Earthquake costs
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(21)
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(21)
|
||||||
Recoverable spent nuclear fuel-related costs
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24
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24
|
||||||
Other items
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6
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(8)
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(29)
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(11)
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(42)
|
|||
Total items excluded from operating earnings
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($81)
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($6)
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($263)
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($255)
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($605)
|
|||
2)
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YTD 2011 EPS may not equal sum of quarters due to share count differences.
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Schedule 4 - Reconciliation of 1Q12 Earnings to 1Q11
|
|||
Preliminary, unaudited
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Three Months Ended
|
||
(millions, except EPS)
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March 31,
|
||
2012 vs. 2011
|
|||
Increase / (Decrease)
|
|||
Reconciling Items
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Amount
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EPS
|
|
Dominion Virginia Power
|
|||
Regulated electric sales:
|
|||
Weather
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($18)
|
($0.03)
|
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Other
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6
|
0.01
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FERC Transmission equity return
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9
|
0.02
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Retail energy marketing operations
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20
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0.03
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Other O&M expenses
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8
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0.01
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Other
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(8)
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(0.01)
|
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Share accretion
|
---
|
0.00
|
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Change in contribution to operating earnings
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$17
|
$0.03
|
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Dominion Energy
|
|||
Gas Distribution weather
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(6)
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(0.01)
|
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Producer Services margin
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(14)
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(0.02)
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Share accretion
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---
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0.00
|
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Change in contribution to operating earnings
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($20)
|
($0.03)
|
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Dominion Generation
|
|||
Regulated electric sales:
|
|||
Weather
|
($37)
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($0.07)
|
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Other
|
15
|
0.03
|
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Merchant generation margin
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(62)
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(0.11)
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PJM ancillary services
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(14)
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(0.02)
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Other O&M expenses
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18
|
0.03
|
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Other
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5
|
0.01
|
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Share accretion
|
---
|
0.01
|
|
Change in contribution to operating earnings
|
($75)
|
($0.12)
|
|
Corporate and Other
|
|||
Change in contribution to operating earnings
|
$24
|
$0.04
|
|
Change in consolidated operating earnings
|
($54)
|
($0.08)
|
|
Change in items excluded from operating earnings 1
|
$69
|
$0.12
|
|
Change in reported earnings (GAAP)
|
$15
|
$0.04
|
|
1)
|
Refer to Schedules 2 and 3 for details of items excluded from operating earnings, or find "GAAP Reconciliation"
|
||
on Dominion's website at www.dom.com/investors.
|