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 25, 2013
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DOMINION RESOURCES, INC.
Registrant
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/s/Carter M. Reid
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Carter M. Reid
Senior Vice President – Administrative Services and Corporate Secretary
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FOR IMMEDIATE RELEASE
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April 25, 2013
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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
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Analysts:
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Nathan Frost (804) 819-2187, Nathan.J.Frost@dom.com
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· First-quarter 2013 operating earnings of 83 cents per share compared to guidance of 80 cents to 95 cents
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· First-quarter 2013 GAAP earnings of 86 cents per share
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· Company affirms 2013 operating earnings guidance of $3.20 to $3.50 per share
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· Conference call scheduled for 10 a.m. ET 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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|||||||
2013
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2012*
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Change
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||||||
Earnings:
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||||||||
Dominion Virginia Power
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$142
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$166
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$(24)
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|||||
Dominion Energy
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179
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149
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30
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|||||
Dominion Generation
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227
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222
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5
|
|||||
Corporate and Other
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(72)
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(51)
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(21)
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|||||
OPERATING EARNINGS
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$476
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$486
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$ (10)
|
|||||
Items excluded from operating earnings 2, 3
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19
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8
|
11
|
|||||
REPORTED EARNINGS 1
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$495
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$494
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$1
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|||||
Common Shares Outstanding (average, diluted)
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577.5
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571.9
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||||||
Earnings Per Share (EPS):
|
||||||||
Dominion Virginia Power
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$0.25
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$0.29
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$(0.04)
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|||||
Dominion Energy
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0.31
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0.26
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0.05
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|||||
Dominion Generation
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0.39
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0.39
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-
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|||||
Corporate and Other
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(0.12)
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(0.09)
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(0.03)
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|||||
OPERATING EARNINGS
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$0.83
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$0.85
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$(0.02)
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|||||
Items excluded from operating earnings 2
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0.03
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0.01
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0.02
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|||||
REPORTED EARNINGS 1
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$0.86
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$0.86
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$ -
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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 $31 million and $13 million, respectively.
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|||||||
*Reflects amounts as originally reported prior to recast of results for Brayton Point and Kincaid generating
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||||||||
stations as discontinued operations.
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·
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$20 million net gain related to our investments in nuclear decommissioning trust funds.
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·
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$1 million net loss related to other items, including the discontinued operations of two merchant power stations (Brayton Point and Kincaid).
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(millions, except per share amounts)
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1Q13
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2Q13
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3Q13
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4Q13
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YTD 2013
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Operating earnings
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$476
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$476
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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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20
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20
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||||
Other items
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(1)
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(1)
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||||
Total items excluded from operating earnings (after-tax) 1
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19
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19
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||||
Reported net income
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$495
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$495
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||||
Common shares outstanding (average, diluted)
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577.5
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577.5
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||||
Operating earnings per share
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$0.83
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$0.83
|
||||
Items excluded from operating earnings (after-tax)
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0.03
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0.03
|
||||
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:
|
|||||
Items excluded from operating earnings:
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1Q13
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2Q13
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3Q13
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4Q13
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YTD 2013
|
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Net gain in nuclear decommissioning trust funds
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34
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34
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||||
Other items
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(3)
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(3)
|
||||
Total items excluded from operating earnings
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$31
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$0
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$0
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$0
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$31
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·
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$1.1 billion 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.
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·
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$303 million net loss, including impairment charges, primarily resulting from the planned shutdown of our Kewaunee nuclear merchant power station.
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·
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$53 million of restoration costs associated with severe storms affecting our Dominion Virginia Power and Dominion North Carolina Power service territories.
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·
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$22 million net loss from discontinued operations of two merchant power stations (State Line and Salem Harbor) which were sold in 2012.
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·
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$5 million net benefit related to other items.
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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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2
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Operating earnings
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$486
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$337
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$526
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$400
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$1,749
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||
Items excluded from operating earnings (after-tax):
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|||||||
Fossil fuel-fired merchant power stations
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(45)
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(1,029)
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(1,074)
|
||||
Kewaunee power station
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2
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(18)
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(281)
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(6)
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(303)
|
||
Severe storms
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(45)
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3
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(11)
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(53)
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|||
Discontinued operations - State Line & Salem Harbor
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1
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(18)
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(5)
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(22)
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|||
Other items
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5
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2
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11
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(13)
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5
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||
Total items excluded from operating earnings (after-tax) 1
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8
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(79)
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(317)
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(1,059)
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(1,447)
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||
Reported net income
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$494
|
$258
|
$209
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($659)
|
$302
|
||
Common shares outstanding (average, diluted)
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571.9
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573.1
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574.7
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575.0
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573.9
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||
Operating earnings per share
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$0.85
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$0.59
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$0.92
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$0.69
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$3.05
|
||
Items excluded from operating earnings (after-tax)
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0.01
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(0.14)
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(0.56)
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(1.84)
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(2.52)
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||
Reported earnings per share
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$0.86
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$0.45
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$0.36
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($1.15)
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$0.53
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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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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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||
Fossil fuel-fired merchant power stations
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(34)
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(1,670)
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(1,704)
|
||||
Kewaunee power station
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3
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(26)
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(435)
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(9)
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(467)
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||
Severe storms
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(74)
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5
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(18)
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(87)
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|||
Discontinued operations - State Line & Salem Harbor
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2
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(32)
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(19)
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(49)
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|||
Other items
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8
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3
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3
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10
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24
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||
Total items excluded from operating earnings
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$13
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($129)
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($480)
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($1,687)
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($2,283)
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2)
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YTD 2012 EPS may not equal sum of quarters due to share count differences.
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||||||
3)
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Reflects amounts as originally reported prior to recast of results for Brayton Point and Kincaid generating stations as
|
||||||
discontinued operations.
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Schedule 4 - Reconciliation of 2013 Earnings to 2012
|
|||
Preliminary, unaudited
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Three Months Ended
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||
(millions, except EPS)
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March 31,
|
||
2013 vs. 20121
|
|||
Increase / (Decrease)
|
|||
Reconciling Items
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Amount
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EPS
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|
Dominion Virginia Power
|
|||
Regulated electric sales:
|
|||
Weather
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$15
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$0.03
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Other
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(2)
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0.00
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FERC Transmission equity return
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6
|
0.01
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Retail energy marketing operations
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(33)
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(0.07)
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Storm damage and service restoration
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(8)
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(0.01)
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Other
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(2)
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0.00
|
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Change in contribution to operating earnings
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($24)
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($0.04)
|
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Dominion Energy
|
|||
Gas Distribution weather
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$6
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$0.01
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Gas Transmission margin
|
22
|
0.04
|
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Producer Services margin
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(6)
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(0.01)
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Blue Racer Midstream JV
|
14
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0.02
|
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Other
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(6)
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(0.01)
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Change in contribution to operating earnings
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$30
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$0.05
|
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Dominion Generation
|
|||
Regulated electric sales:
|
|||
Weather
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$30
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$0.05
|
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Other
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(4)
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(0.01)
|
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Merchant generation margin
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(19)
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(0.03)
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Brayton Point, Kincaid and Elwood 2012 earnings
|
11
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0.02
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Rate adjustment clause equity return
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11
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0.02
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Other
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(24)
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(0.04)
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Share dilution
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0
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(0.01)
|
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Change in contribution to operating earnings
|
$5
|
$0.00
|
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Corporate and Other
|
|||
Change in contribution to operating earnings
|
($21)
|
($0.03)
|
|
Change in consolidated operating earnings
|
($10)
|
($0.02)
|
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Change in items excluded from operating earnings 2
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$11
|
$0.02
|
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Change in reported earnings (GAAP)
|
$1
|
$0.00
|
|
1)
|
Reflects 2012 amounts prior to recast of operating results of Brayton Point and Kincaid 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.
|