Virginia
(State or other jurisdiction
of incorporation)
|
001-08489
(Commission
File Number)
|
54-1229715
(IRS Employer
Identification No.)
|
120 Tredegar Street
Richmond, Virginia
(Address of Principal Executive Offices)
|
23219
(Zip Code)
|
Exhibit
|
|
99
|
Dominion Resources, Inc. press release dated January 31, 2013
|
DOMINION RESOURCES, INC.
Registrant
|
/s/ Carter M. Reid
|
Carter M. Reid
Senior Vice President – Administrative Services and Corporate Secretary
|
FOR IMMEDIATE RELEASE
|
January 31, 2013
|
Company:
|
Dominion
|
Contacts:
|
|
Media:
|
Ryan Frazier (804) 819-2521, C.Ryan.Frazier@dom.com
|
Analysts:
|
Nathan Frost (804) 819-2187, Nathan.J.Frost@dom.com
|
|
· Full-year 2012 operating earnings of $3.05 per share
|
|
· Full-year 2012 GAAP earnings of $1.01 per share
|
|
· Fourth-quarter 2012 operating earnings of 69 cents per share
|
|
· Fourth-quarter 2012 GAAP loss of 66 cents per share
|
|
· Company affirms 2013 operating earnings guidance of $3.20 to $3.50 per share
|
|
· Conference call scheduled for 10 a.m. ET today
|
Schedule 1 - Segment Operating Earnings
|
||||||||
Preliminary, Unaudited
|
||||||||
(millions, except earnings per share)
|
Three months ended December 31,
|
|||||||
2012
|
2011*
|
Change
|
||||||
Earnings:
|
||||||||
Dominion Virginia Power
|
$131
|
$112
|
$19
|
|||||
Dominion Energy
|
189
|
153
|
36
|
|||||
Dominion Generation
|
137
|
117
|
20
|
|||||
Corporate and Other
|
(57)
|
(48)
|
(9)
|
|||||
OPERATING EARNINGS
|
$400
|
$334
|
$66
|
|||||
Items excluded from operating earnings 2, 3
|
(780)
|
(133)
|
(647)
|
|||||
REPORTED EARNINGS 1
|
$(380)
|
$201
|
$(581)
|
|||||
Common Shares Outstanding (average, diluted)
|
575.0
|
571.2
|
||||||
Earnings Per Share (EPS):
|
||||||||
Dominion Virginia Power
|
$0.23
|
$0.20
|
$0.03
|
|||||
Dominion Energy
|
0.33
|
0.27
|
0.06
|
|||||
Dominion Generation
|
0.23
|
0.20
|
0.03
|
|||||
Corporate and Other
|
(0.10)
|
(0.09)
|
(0.01)
|
|||||
OPERATING EARNINGS
|
$0.69
|
$0.58
|
$0.11
|
|||||
Items excluded from operating earnings 2
|
(1.35)
|
(0.23)
|
(1.12)
|
|||||
REPORTED EARNINGS 1
|
$(0.66)
|
$0.35
|
$(1.01)
|
|||||
(millions, except earnings per share)
|
Twelve months ended December 31,
|
|||||||
2012
|
2011*
|
Change
|
||||||
Earnings:
|
||||||||
Dominion Virginia Power
|
$559
|
$501
|
$58
|
|||||
Dominion Energy
|
551
|
521
|
30
|
|||||
Dominion Generation
|
874
|
1,003
|
(129)
|
|||||
Corporate and Other
|
(235)
|
(271)
|
36
|
|||||
OPERATING EARNINGS
|
$1,749
|
$1,754
|
$(5)
|
|||||
Items excluded from operating earnings 2, 4
|
(1,168)
|
(346)
|
(822)
|
|||||
REPORTED EARNINGS 1
|
$581
|
$1,408
|
$(827)
|
|||||
Common Shares Outstanding (average, diluted)
|
573.9
|
574.6
|
||||||
Earnings Per Share (EPS):
|
||||||||
Dominion Virginia Power
|
$0.98
|
$0.87
|
$0.11
|
|||||
Dominion Energy
|
0.96
|
0.91
|
0.05
|
|||||
Dominion Generation
|
1.52
|
1.74
|
(0.22)
|
|||||
Corporate and Other
|
(0.41)
|
(0.47)
|
0.06
|
|||||
OPERATING EARNINGS
|
$3.05
|
$3.05
|
$(0.00)
|
|||||
Items excluded from operating earnings 2
|
(2.04)
|
(0.60)
|
(1.44)
|
|||||
REPORTED EARNINGS 1
|
$1.01
|
$2.45
|
$(1.44)
|
|||||
1)
|
Determined in accordance with Generally Accepted Accounting Principles (GAAP).
|
|||||||
2)
|
Items excluded from operating earnings are reported in Corporate and Other segment. Refer to Schedules
|
|||||||
2 and 3 for details, or find "GAAP Reconciliation" on Dominion's website at www.dom.com/investors.
|
||||||||
3)
|
Pre-tax amounts for the current period and the prior period are ($1.235) billion and ($255) million, respectively.
|
|||||||
4)
|
Pre-tax amounts for the current period and the prior period are ($1.831) billion and ($605) million, respectively.
|
|||||||
*
|
Reflects amounts as originally reported prior to recast of results for State Line and Salem Harbor generating
|
|||||||
stations as discontinued operations.
|
·
|
$795 million net loss, including an impairment charge, associated with certain fossil fuel-fired merchant power stations which Dominion decided to market for sale in the third quarter of 2012.
|
·
|
$303 million net loss, including impairment charges, primarily resulting from the planned shutdown of our Kewaunee nuclear merchant power station.
|
·
|
$53 million of restoration costs associated with severe storms affecting our Dominion Virginia Power and Dominion North Carolina Power service territories.
|
·
|
$22 million net loss from discontinued operations of two merchant power stations (State Line and Salem Harbor) which were sold in 2012.
|
·
|
$5 million net benefit related to other items.
|
(millions, except per share amounts)
|
1Q12
|
2Q12
|
3Q12
|
4Q12
|
YTD 2012
|
2
|
|
Operating earnings
|
$486
|
$337
|
$526
|
$400
|
$1,749
|
||
Items excluded from operating earnings (after-tax):
|
|||||||
Fossil fuel-fired merchant power stations
|
(45)
|
(750)
|
(795)
|
||||
Kewaunee power station
|
2
|
(18)
|
(281)
|
(6)
|
(303)
|
||
Severe storms
|
(45)
|
3
|
(11)
|
(53)
|
|||
Discontinued operations - State Line & Salem Harbor
|
1
|
(18)
|
(5)
|
(22)
|
|||
Other items
|
5
|
2
|
11
|
(13)
|
5
|
||
Total items excluded from operating earnings (after-tax) 1
|
8
|
(79)
|
(317)
|
(780)
|
(1,168)
|
||
Reported net income
|
$494
|
$258
|
$209
|
($380)
|
$581
|
||
Common shares outstanding (average, diluted)
|
571.9
|
573.1
|
574.7
|
575.0
|
573.9
|
||
Operating earnings per share
|
$0.85
|
$0.59
|
$0.92
|
$0.69
|
$3.05
|
||
Items excluded from operating earnings (after-tax)
|
0.01
|
(0.14)
|
(0.56)
|
(1.35)
|
(2.04)
|
||
Reported earnings per share
|
$0.86
|
$0.45
|
$0.36
|
($0.66)
|
$1.01
|
||
1)
|
Pre-tax amounts for items excluded from operating earnings are reflected in the following table:
|
||||||
Items excluded from operating earnings:
|
1Q12
|
2Q12
|
3Q12
|
4Q12
|
YTD 2012
|
||
Fossil fuel-fired merchant power stations
|
(34)
|
(1,218)
|
(1,252)
|
||||
Kewaunee power station
|
3
|
(26)
|
(435)
|
(9)
|
(467)
|
||
Severe storms
|
(74)
|
5
|
(18)
|
(87)
|
|||
Discontinued operations - State Line & Salem Harbor
|
2
|
(32)
|
(19)
|
(49)
|
|||
Other items
|
8
|
3
|
3
|
10
|
24
|
||
Total items excluded from operating earnings
|
$13
|
($129)
|
($480)
|
($1,235)
|
($1,831)
|
||
2)
|
YTD 2012 EPS may not equal sum of quarters due to share count differences.
|
·
|
$178 million of impairment charges related to certain utility ($139 million) and merchant ($39 million) coal-fired power stations.
|
·
|
$59 million of restoration costs associated with Hurricane Irene.
|
·
|
$39 million net loss from operations at our Kewaunee nuclear merchant power station.
|
·
|
$34 million impairment of excess emission allowances resulting from a new EPA air pollution rule.
|
·
|
$21 million of severance costs and other charges related to our State Line and Salem Harbor merchant power stations.
|
·
|
$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.
|
·
|
$13 million of earthquake related costs, largely related to inspections following the safe shutdown of reactors at our North Anna nuclear power station.
|
·
|
$14 million benefit related to litigation with the Department of Energy for spent nuclear fuel-related costs at Millstone nuclear power station.
|
·
|
$3 million net benefit related to other items.
|
(millions, except per share amounts)
|
1Q11
|
2Q11
|
3Q11
|
4Q11
|
YTD 2011
|
2
|
||
Operating earnings
|
$541
|
$338
|
$541
|
$334
|
$1,754
|
|||
Items excluded from operating earnings (after-tax):
|
||||||||
Impairment of generation assets
|
(39)
|
(139)
|
(178)
|
|||||
Hurricane Irene costs
|
(74)
|
15
|
(59)
|
|||||
Kewaunee operations
|
(19)
|
(1)
|
(12)
|
(7)
|
(39)
|
|||
Emission allowances impairments
|
(34)
|
(34)
|
||||||
Charges related to State Line & Salem Harbor operations
|
(11)
|
(10)
|
(21)
|
|||||
Impact of Virginia Power biennial review order
|
(19)
|
(19)
|
||||||
Earthquake costs
|
(13)
|
(13)
|
||||||
Recoverable spent nuclear fuel-related costs
|
14
|
14
|
||||||
Other items
|
(4)
|
(4)
|
(6)
|
17
|
3
|
|||
Total items excluded from operating earnings (after-tax) 1
|
(62)
|
(2)
|
(149)
|
(133)
|
(346)
|
|||
Reported net income
|
$479
|
$336
|
$392
|
$201
|
$1,408
|
|||
Common shares outstanding (average, diluted)
|
580.5
|
575.2
|
571.2
|
571.2
|
574.6
|
|||
Operating earnings per share
|
$0.93
|
$0.59
|
$0.95
|
$0.58
|
$3.05
|
|||
Items excluded from operating earnings (after-tax)
|
(0.11)
|
(0.01)
|
(0.26)
|
(0.23)
|
(0.60)
|
|||
Reported earnings per share
|
$0.82
|
$0.58
|
$0.69
|
$0.35
|
$2.45
|
|||
1)
|
Pre-tax amounts for items excluded from operating earnings are reflected in the following table:
|
|||||||
Items excluded from operating earnings:
|
1Q11
|
2Q11
|
3Q11
|
4Q11
|
YTD 2011
|
|||
Impairment of generation assets
|
(55)
|
(228)
|
(283)
|
|||||
Hurricane Irene costs
|
(121)
|
25
|
(96)
|
|||||
Kewaunee operations
|
(32)
|
(5)
|
(19)
|
(10)
|
(66)
|
|||
Emission allowances impairments
|
(57)
|
(57)
|
||||||
Charges related to State Line & Salem Harbor operations
|
(17)
|
(16)
|
(33)
|
|||||
Impact of Virginia Power biennial review order
|
(31)
|
(31)
|
||||||
Earthquake costs
|
(21)
|
(21)
|
||||||
Recoverable spent nuclear fuel-related costs
|
24
|
24
|
||||||
Other items
|
6
|
(8)
|
(29)
|
(11)
|
(42)
|
|||
Total items excluded from operating earnings
|
($81)
|
($6)
|
($263)
|
($255)
|
($605)
|
|||
2)
|
YTD 2011 EPS may not equal sum of quarters due to share count differences.
|
|||||||
3)
|
Reflects amounts as originally reported prior to recast of results for State Line and Salem Harbor generating stations
|
|||||||
as discontinued operations.
|
Schedule 4 - Reconciliation of 2012 Earnings to 2011
|
||||||
Preliminary, unaudited
|
Three Months Ended
|
Twelve Months Ended
|
||||
(millions, except EPS)
|
December 31,
|
December 31,
|
||||
2012 vs. 20111
|
2012 vs. 20111
|
|||||
Increase / (Decrease)
|
Increase / (Decrease)
|
|||||
Reconciling Items
|
Amount
|
EPS
|
Amount
|
EPS
|
||
Dominion Virginia Power
|
||||||
Regulated electric sales:
|
||||||
Weather
|
$5
|
$0.01
|
($34)
|
($0.06)
|
||
Other
|
9
|
0.01
|
28
|
0.05
|
||
FERC Transmission equity return
|
4
|
0.01
|
19
|
0.04
|
||
Retail energy marketing operations
|
(10)
|
(0.02)
|
35
|
0.06
|
||
Storm damage and service restoration
|
1
|
0.00
|
14
|
0.03
|
||
Other
|
10
|
0.02
|
(4)
|
(0.01)
|
||
Change in contribution to operating earnings
|
$19
|
$0.03
|
$58
|
$0.11
|
||
Dominion Energy
|
||||||
Gas Distribution weather
|
$1
|
$0.00
|
($5)
|
($0.01)
|
||
Gas Transmission margin
|
14
|
0.02
|
8
|
0.01
|
||
Producer Services margin
|
(5)
|
(0.01)
|
(13)
|
(0.02)
|
||
Blue Racer Midstream JV
|
43
|
0.08
|
43
|
0.08
|
||
Other
|
(17)
|
(0.03)
|
(3)
|
(0.01)
|
||
Change in contribution to operating earnings
|
$36
|
$0.06
|
$30
|
$0.05
|
||
Dominion Generation
|
||||||
Regulated electric sales:
|
||||||
Weather
|
$10
|
$0.02
|
($78)
|
($0.14)
|
||
Other
|
11
|
0.02
|
46
|
0.08
|
||
Merchant generation margin
|
(13)
|
(0.02)
|
(109)
|
(0.19)
|
||
Brayton Point, Kincaid and Elwood 2011 earnings
|
16
|
0.02
|
7
|
0.01
|
||
State Line and Salem Harbor 2011 earnings
|
(2)
|
0.00
|
(35)
|
(0.06)
|
||
Rate adjustment clause equity return
|
10
|
0.02
|
17
|
0.03
|
||
PJM ancillary services
|
1
|
0.00
|
(27)
|
(0.05)
|
||
Net capacity expenses
|
2
|
0.00
|
19
|
0.04
|
||
Outage costs
|
(13)
|
(0.02)
|
8
|
0.01
|
||
Other
|
(2)
|
(0.01)
|
23
|
0.05
|
||
Change in contribution to operating earnings
|
$20
|
$0.03
|
($129)
|
($0.22)
|
||
Corporate and Other
|
||||||
Change in contribution to operating earnings
|
($9)
|
($0.01)
|
$36
|
$0.06
|
||
Change in consolidated operating earnings
|
$66
|
$0.11
|
($5)
|
$0.00
|
||
Change in items excluded from operating earnings 2
|
($647)
|
($1.12)
|
($822)
|
($1.44)
|
||
Change in reported earnings (GAAP)
|
($581)
|
($1.01)
|
($827)
|
($1.44)
|
||
1)
|
Reflects 2011 amounts prior to recast of operating results of State Line and Salem Harbor generating
|
|||||
stations as discontinued operations.
|
||||||
2)
|
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.
|