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 August 6, 2013
|
DOMINION RESOURCES, INC.
Registrant
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/s/James P. Carney
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James P. Carney
Vice President and Assistant Treasurer
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FOR IMMEDIATE RELEASE
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August 6, 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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· Second-quarter 2013 operating earnings of 62 cents per share compared to guidance of 60 cents to 70 cents
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· Second-quarter 2013 GAAP earnings of 35 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
|
||||||||
(millions, except earnings per share)
|
Three months ended June 30,
|
|||||||
2013
|
2012*
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Change
|
||||||
Earnings:
|
||||||||
Dominion Virginia Power
|
$132
|
$143
|
$(11)
|
|||||
Dominion Energy
|
124
|
109
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15
|
|||||
Dominion Generation
|
165
|
152
|
13
|
|||||
Corporate and Other
|
(66)
|
(67)
|
1
|
|||||
OPERATING EARNINGS
|
$355
|
$337
|
$18
|
|||||
Items excluded from operating earnings 2, 3
|
(153)
|
(79)
|
(74)
|
|||||
REPORTED EARNINGS 1
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$202
|
$258
|
$(56)
|
|||||
Common Shares Outstanding (average, diluted)
|
578.9
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573.1
|
||||||
Earnings Per Share (EPS):
|
||||||||
Dominion Virginia Power
|
$0.23
|
$0.25
|
$(0.02)
|
|||||
Dominion Energy
|
0.21
|
0.19
|
0.02
|
|||||
Dominion Generation
|
0.29
|
0.27
|
0.02
|
|||||
Corporate and Other
|
(0.11)
|
(0.12)
|
0.01
|
|||||
OPERATING EARNINGS
|
$0.62
|
$0.59
|
$0.03
|
|||||
Items excluded from operating earnings 2
|
(0.27)
|
(0.14)
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(0.13)
|
|||||
REPORTED EARNINGS 1
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$0.35
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$0.45
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$(0.10)
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|||||
(millions, except earnings per share)
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Six months ended June 30,
|
|||||||
2013
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2012*
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Change
|
||||||
Earnings:
|
||||||||
Dominion Virginia Power
|
$274
|
$309
|
$(35)
|
|||||
Dominion Energy
|
303
|
258
|
45
|
|||||
Dominion Generation
|
392
|
374
|
18
|
|||||
Corporate and Other
|
(138)
|
(118)
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(20)
|
|||||
OPERATING EARNINGS
|
$831
|
$823
|
$ 8
|
|||||
Items excluded from operating earnings 2, 4
|
(134)
|
(71)
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(63)
|
|||||
REPORTED EARNINGS 1
|
$697
|
$752
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$(55)
|
|||||
Common Shares Outstanding (average, diluted)
|
578.2
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572.5
|
||||||
Earnings Per Share (EPS):
|
||||||||
Dominion Virginia Power
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$0.47
|
$0.54
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$(0.07)
|
|||||
Dominion Energy
|
0.53
|
0.45
|
0.08
|
|||||
Dominion Generation
|
0.68
|
0.66
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0.02
|
|||||
Corporate and Other
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(0.24)
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(0.21)
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(0.03)
|
|||||
OPERATING EARNINGS
|
$1.44
|
$1.44
|
$(0.00)
|
|||||
Items excluded from operating earnings 2
|
(0.23)
|
(0.13)
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(0.10)
|
|||||
REPORTED EARNINGS 1
|
$1.21
|
$1.31
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$(0.10)
|
|||||
1)
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Determined in accordance with Generally Accepted Accounting Principles (GAAP).
|
|||||||
2)
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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)
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Pre-tax amounts for the current period and the prior period are ($263) million and ($129) million, respectively.
|
|||||||
4)
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Pre-tax amounts for the current period and the prior period are ($232) million and ($116) million, respectively.
|
|||||||
*
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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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$69 million net loss from discontinued operations of two merchant power stations (Brayton Point & Kincaid) for which an agreement to sell was executed in first quarter 2013.
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·
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$57 million charge related to an impairment of certain natural gas infrastructure assets and the repositioning of Producer Services.
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·
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$17 million charge associated with our operating expense reduction initiative, primarily reflecting severance pay and other employee-related costs.
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·
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$21 million net gain related to our investments in nuclear decommissioning trust funds.
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·
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$12 million net loss related to other items.
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(millions, except per share amounts)
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1Q13
|
2Q13
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3Q13
|
4Q13
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YTD 2013
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2
|
|
Operating earnings
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$476
|
$355
|
$831
|
||||
Items excluded from operating earnings (after-tax):
|
|||||||
Discontinued operations - Brayton Point & Kincaid
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1
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(70)
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(69)
|
||||
Gas infrastructure & repositioning
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(57)
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(57)
|
|||||
O&M expense reduction initiative
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(17)
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(17)
|
|||||
Net gain in nuclear decommissioning trust funds
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20
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1
|
21
|
||||
Other items
|
(2)
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(10)
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(12)
|
||||
Total items excluded from operating earnings (after-tax) 1
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19
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(153)
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(134)
|
||||
Reported net income
|
$495
|
$202
|
$697
|
||||
Common shares outstanding (average, diluted)
|
577.5
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578.9
|
578.2
|
||||
Operating earnings per share
|
$0.83
|
$0.62
|
$1.44
|
||||
Items excluded from operating earnings (after-tax)
|
0.03
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(0.27)
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(0.23)
|
||||
Reported earnings per share
|
$0.86
|
$0.35
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$1.21
|
||||
1)
|
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
|
2Q13
|
3Q13
|
4Q13
|
YTD 2013
|
||
Discontinued operations - Brayton Point & Kincaid
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1
|
(119)
|
(118)
|
||||
Gas infrastructure & repositioning
|
(107)
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(107)
|
|||||
O&M expense reduction initiative
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(28)
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(28)
|
|||||
Net gain in nuclear decommissioning trust funds
|
34
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1
|
35
|
||||
Other items
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(4)
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(10)
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(14)
|
||||
Total items excluded from operating earnings
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$31
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($263)
|
($232)
|
||||
2)
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YTD EPS may not equal sum of quarters due to share count differences.
|
||||||
·
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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)
|
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)
|
(1,029)
|
(1,074)
|
||||
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)
|
(1,059)
|
(1,447)
|
||
Reported net income
|
$494
|
$258
|
$209
|
($659)
|
$302
|
||
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)
|
(1.84)
|
(2.52)
|
||
Reported earnings per share
|
$0.86
|
$0.45
|
$0.36
|
($1.15)
|
$0.53
|
||
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)
|
(1,670)
|
(1,704)
|
||||
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)
|
($1,687)
|
($2,283)
|
||
2)
|
YTD 2012 EPS may not equal sum of quarters due to share count differences.
|
||||||
3)
|
Reflects amounts as originally reported prior to recast of results for Brayton Point and Kincaid generating stations as
|
||||||
discontinued operations.
|
Schedule 4 - Reconciliation of 2013 Earnings to 2012
|
|||
Preliminary, unaudited
|
Three Months Ended
|
||
(millions, except EPS)
|
June 30,
|
||
2013 vs. 20121
|
|||
Increase / (Decrease)
|
|||
Reconciling Items
|
Amount
|
EPS
|
|
Dominion Virginia Power
|
|||
Regulated electric sales:
|
|||
Weather
|
$4
|
$0.01
|
|
Other
|
(2)
|
0.00
|
|
FERC Transmission equity return
|
8
|
0.01
|
|
Retail energy marketing operations
|
(26)
|
(0.04)
|
|
Storm damage and service restoration
|
(10)
|
(0.02)
|
|
Other O&M expenses
|
7
|
0.01
|
|
Other
|
8
|
0.01
|
|
Change in contribution to operating earnings
|
($11)
|
($0.02)
|
|
Dominion Energy
|
|||
Gas Transmission margin
|
$30
|
$0.05
|
|
Producer Services margin
|
(13)
|
(0.02)
|
|
Depreciation
|
(4)
|
(0.01)
|
|
Other
|
2
|
0.00
|
|
Change in contribution to operating earnings
|
$15
|
$0.02
|
|
Dominion Generation
|
|||
Regulated electric sales:
|
|||
Weather
|
$9
|
$0.02
|
|
Other
|
(2)
|
0.00
|
|
Merchant generation margin
|
(19)
|
(0.03)
|
|
Brayton Point, Kincaid and Elwood 2012 earnings
|
12
|
0.02
|
|
Rate adjustment clause equity return
|
19
|
0.03
|
|
Outage costs
|
(21)
|
(0.04)
|
|
Other
|
15
|
0.02
|
|
Change in contribution to operating earnings
|
$13
|
$0.02
|
|
Corporate and Other
|
|||
Change in contribution to operating earnings
|
$1
|
$0.01
|
|
Change in consolidated operating earnings
|
$18
|
$0.03
|
|
Change in items excluded from operating earnings 2
|
($74)
|
($0.13)
|
|
Change in reported earnings (GAAP)
|
($56)
|
($0.10)
|
|
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.
|