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, 2014
|
DOMINION RESOURCES, INC.
Registrant
|
/s/ Mark F. McGettrick
|
Mark F. McGettrick
Executive Vice President and Chief Financial Officer
|
FOR IMMEDIATE RELEASE
|
January 31, 2014
|
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
|
Schedule 1 - Segment Operating Earnings
|
||||||||
Preliminary, Unaudited
|
||||||||
(millions, except earnings per share)
|
Three months ended December 31,
|
|||||||
2013
|
2012
|
Change
|
||||||
Earnings:
|
||||||||
Dominion Virginia Power**
|
$126
|
$111
|
$15
|
|||||
Dominion Energy
|
171
|
189
|
(18)
|
|||||
Dominion Generation**
|
252
|
159
|
93
|
|||||
Corporate and Other
|
(82)
|
(59)
|
(23)
|
|||||
OPERATING EARNINGS
|
$467
|
$400
|
$67
|
|||||
Items excluded from operating earnings 2, 3
|
(36)
|
(1,059)
|
1,023
|
|||||
REPORTED EARNINGS 1
|
$431
|
$(659)
|
$1,090
|
|||||
Common Shares Outstanding (average, diluted)
|
581.3
|
575.9
|
||||||
Earnings Per Share (EPS):
|
||||||||
Dominion Virginia Power**
|
$0.22
|
$0.19
|
$0.03
|
|||||
Dominion Energy
|
0.29
|
0.33
|
(0.04)
|
|||||
Dominion Generation**
|
0.43
|
0.27
|
0.16
|
|||||
Corporate and Other
|
(0.14)
|
(0.10)
|
(0.04)
|
|||||
OPERATING EARNINGS
|
$0.80
|
$0.69
|
$0.11
|
|||||
Items excluded from operating earnings 2
|
(0.06)
|
(1.84)
|
1.78
|
|||||
REPORTED EARNINGS 1
|
$0.74
|
$(1.15)
|
$1.89
|
|||||
(millions, except earnings per share)
|
Twelve months ended December 31,
|
|||||||
2013
|
2012*
|
Change
|
||||||
Earnings:
|
||||||||
Dominion Virginia Power**
|
$475
|
$439
|
$36
|
|||||
Dominion Energy
|
643
|
551
|
92
|
|||||
Dominion Generation**
|
1,031
|
996
|
35
|
|||||
Corporate and Other
|
(268)
|
(237)
|
(31)
|
|||||
OPERATING EARNINGS
|
$1,881
|
$1,749
|
$132
|
|||||
Items excluded from operating earnings 2, 4
|
(184)
|
(1,447)
|
1,263
|
|||||
REPORTED EARNINGS 1
|
$1,697
|
$302
|
$1,395
|
|||||
Common Shares Outstanding (average, diluted)
|
579.5
|
573.9
|
||||||
Earnings Per Share (EPS):
|
||||||||
Dominion Virginia Power**
|
$0.82
|
$0.77
|
$0.05
|
|||||
Dominion Energy
|
1.11
|
0.96
|
0.15
|
|||||
Dominion Generation**
|
1.78
|
1.73
|
0.05
|
|||||
Corporate and Other
|
(0.46)
|
(0.41)
|
(0.05)
|
|||||
OPERATING EARNINGS
|
$3.25
|
$3.05
|
$0.20
|
|||||
Items excluded from operating earnings 2
|
(0.32)
|
(2.52)
|
2.20
|
|||||
REPORTED EARNINGS 1
|
$2.93
|
$0.53
|
$2.40
|
|||||
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 ($56) million and ($1.687) billion, respectively.
|
|||||||
4)
|
Pre-tax amounts for the current period and the prior period are ($284) million and ($2.283) billion, respectively.
|
|||||||
*
|
Reflects amounts as originally reported prior to recast of results for Brayton Point and Kincaid generating
|
|||||||
stations as discontinued operations.
|
||||||||
**
|
Amounts have been recast to reflect non-regulated retail energy marketing operations in Dominion Generation.
|
·
|
$92 million net loss from discontinued operations of two merchant power stations (Brayton Point & Kincaid) which were sold in third quarter 2013.
|
·
|
$109 million net charge related to an impairment of certain natural gas infrastructure assets and the repositioning of Producer Services.
|
·
|
$28 million charge in connection with the Virginia Commission’s final ruling associated with its biennial review of Virginia Power’s base rates for 2011-2012 test years.
|
·
|
$17 million charge associated with our operating expense reduction initiative, primarily reflecting severance pay and other employee-related costs.
|
·
|
$39 million net gain related to our investments in nuclear decommissioning trust funds.
|
·
|
$30 million benefit due to a downward revision in the nuclear decommissioning asset retirement obligations (ARO) for certain merchant nuclear units that are no longer in service.
|
·
|
$7 million net expense related to other items.
|
(millions, except per share amounts)
|
1Q13
|
2Q13
|
3Q13
|
4Q13
|
YTD 2013
|
2
|
|
Operating earnings
|
$476
|
$355
|
$583
|
$467
|
$1,881
|
||
Items excluded from operating earnings (after-tax):
|
|||||||
Discontinued operations - Brayton Point & Kincaid
|
1
|
(70)
|
(23)
|
(92)
|
|||
Gas infrastructure & repositioning
|
(57)
|
(17)
|
(35)
|
(109)
|
|||
Impact of Virginia Power biennial review order
|
(28)
|
(28)
|
|||||
O&M expense reduction initiative
|
(17)
|
(17)
|
|||||
Net gain in nuclear decommissioning trust funds
|
20
|
1
|
9
|
9
|
39
|
||
ARO revision
|
30
|
30
|
|||||
Other items
|
(2)
|
(10)
|
17
|
(12)
|
(7)
|
||
Total items excluded from operating earnings (after-tax) 1
|
19
|
(153)
|
(14)
|
(36)
|
(184)
|
||
Reported net income
|
$495
|
$202
|
$569
|
$431
|
$1,697
|
||
Common shares outstanding (average, diluted)
|
577.5
|
578.9
|
580.1
|
581.3
|
579.5
|
||
Operating earnings per share
|
$0.83
|
$0.62
|
$1.00
|
$0.80
|
$3.25
|
||
Items excluded from operating earnings (after-tax)
|
0.03
|
(0.27)
|
(0.02)
|
(0.06)
|
(0.32)
|
||
Reported earnings per share
|
$0.86
|
$0.35
|
$0.98
|
$0.74
|
$2.93
|
||
1)
|
Pre-tax amounts for items excluded from operating earnings are reflected in the following table:
|
||||||
Items excluded from operating earnings:
|
1Q13
|
2Q13
|
3Q13
|
4Q13
|
YTD 2013
|
||
Discontinued operations - Brayton Point & Kincaid
|
1
|
(119)
|
(17)
|
(135)
|
|||
Gas infrastructure & repositioning
|
(107)
|
(23)
|
(52)
|
(182)
|
|||
Impact of Virginia Power biennial review order
|
(40)
|
(40)
|
|||||
O&M expense reduction initiative
|
(28)
|
(28)
|
|||||
Net gain in nuclear decommissioning trust funds
|
34
|
1
|
15
|
15
|
65
|
||
ARO revision
|
47
|
47
|
|||||
Other items
|
(4)
|
(10)
|
29
|
(26)
|
(11)
|
||
Total items excluded from operating earnings
|
$31
|
($263)
|
$4
|
($56)
|
($284)
|
||
2)
|
YTD EPS may not equal sum of quarters due to share count differences.
|
·
|
$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.
|
·
|
$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)
|
(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
|
Twelve Months Ended
|
||||
(millions, except EPS)
|
December 31,
|
December 31,
|
||||
2013 vs. 2012
|
2013 vs. 20121
|
|||||
Increase / (Decrease)
|
Increase / (Decrease)
|
|||||
Reconciling Items
|
Amount
|
EPS
|
Amount
|
EPS
|
||
Dominion Virginia Power
|
||||||
Regulated electric sales:
|
||||||
Weather
|
$10
|
$0.02
|
$24
|
$0.04
|
||
Other
|
0
|
0.00
|
(2)
|
0.00
|
||
FERC Transmission equity return
|
6
|
0.01
|
30
|
0.05
|
||
Storm damage and service restoration
|
(3)
|
0.00
|
(20)
|
(0.04)
|
||
Depreciation
|
(2)
|
0.00
|
(7)
|
(0.01)
|
||
Other operations and maintenance expense
|
0
|
0.00
|
7
|
0.01
|
||
Other
|
4
|
0.00
|
4
|
0.00
|
||
Change in contribution to operating earnings
|
$15
|
$0.03
|
$36
|
$0.05
|
||
Dominion Energy
|
||||||
Gas Distribution weather
|
$1
|
$0.00
|
$8
|
$0.01
|
||
Gas Transmission margin
|
8
|
0.01
|
88
|
0.15
|
||
Marcellus Farmout
|
12
|
0.02
|
12
|
0.02
|
||
Producer Services
|
(17)
|
(0.03)
|
(37)
|
(0.06)
|
||
Blue Racer Midstream JV
|
(40)
|
(0.07)
|
17
|
0.03
|
||
Other
|
18
|
0.03
|
4
|
0.00
|
||
Change in contribution to operating earnings
|
($18)
|
($0.04)
|
$92
|
$0.15
|
||
Dominion Generation
|
||||||
Regulated electric sales:
|
||||||
Weather
|
$20
|
$0.03
|
$44
|
$0.07
|
||
Other
|
(1)
|
0.00
|
(4)
|
(0.01)
|
||
Merchant generation margin
|
20
|
0.03
|
(14)
|
(0.02)
|
||
Retail operations
|
(3)
|
(0.01)
|
(54)
|
(0.09)
|
||
Brayton Point and Kincaid 2012 results
|
0
|
0.00
|
25
|
0.04
|
||
Rate adjustment clause equity return
|
3
|
0.00
|
35
|
0.06
|
||
PJM ancillary services
|
(5)
|
0.00
|
(26)
|
(0.05)
|
||
Outage costs
|
33
|
0.06
|
10
|
0.01
|
||
Other
|
25
|
0.05
|
19
|
0.04
|
||
Change in contribution to operating earnings
|
$93
|
$0.16
|
$35
|
$0.05
|
||
Corporate and Other
|
||||||
Change in contribution to operating earnings
|
($23)
|
($0.04)
|
($31)
|
($0.05)
|
||
Change in consolidated operating earnings
|
$67
|
$0.11
|
$132
|
$0.20
|
||
Change in items excluded from operating earnings 2
|
$1,023
|
$1.78
|
$1,263
|
$2.20
|
||
Change in reported earnings (GAAP)
|
$1,090
|
$1.89
|
$1,395
|
$2.40
|
||
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.
|
|||||
|
Note: Figures may not add due to rounding
|