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
|
|
99
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Dominion Resources, Inc. press release dated April 30, 2014
|
DOMINION RESOURCES, INC.
Registrant
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/s/ Mark F. McGettrick
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Mark F. McGettrick
Executive Vice President and Chief Financial Officer
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Schedule 1 - Segment Operating Earnings
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||||||||
Preliminary, Unaudited
|
||||||||
(millions, except earnings per share)
|
Three months ended March 31,
|
|||||||
2014
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2013
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Change
|
||||||
Earnings:
|
||||||||
Dominion Virginia Power*
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$131
|
$116
|
$15
|
|||||
Dominion Energy
|
208
|
179
|
29
|
|||||
Dominion Generation*
|
309
|
254
|
55
|
|||||
Corporate and Other
|
(41)
|
(73)
|
32
|
|||||
OPERATING EARNINGS
|
$607
|
$476
|
$131
|
|||||
Items excluded from operating earnings 2, 3
|
(228)
|
19
|
(247)
|
|||||
REPORTED EARNINGS 1
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$379
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$495
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$(116)
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|||||
Common Shares Outstanding (average, diluted)
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582.9
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577.5
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||||||
Earnings Per Share (EPS):
|
||||||||
Dominion Virginia Power*
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$0.22
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$0.20
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$0.02
|
|||||
Dominion Energy
|
0.36
|
0.31
|
0.05
|
|||||
Dominion Generation*
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0.53
|
0.44
|
0.09
|
|||||
Corporate and Other
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(0.07)
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(0.12)
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0.05
|
|||||
OPERATING EARNINGS
|
$1.04
|
$0.83
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$0.21
|
|||||
Items excluded from operating earnings 2
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(0.39)
|
0.03
|
(0.42)
|
|||||
REPORTED EARNINGS 1
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$0.65
|
$0.86
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$(0.21)
|
|||||
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.
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||||||||
3)
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Pre-tax amounts for the current period and the prior period are ($352) million and $31 million, respectively.
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|||||||
*
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Amounts for 2013 have been recast to reflect unregulated retail energy marketing operations in Dominion Generation.
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·
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$193 million net charge related to the repositioning of our Producer Services business, reflecting the termination of natural gas trading and certain energy marketing activities.
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·
·
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$31 million goodwill write-off associated with the company exiting the unregulated electric retail energy marketing business.
$4 million net charge related to other items.
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(millions, except per share amounts)
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1Q14
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2Q14
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3Q14
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4Q14
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YTD 2014
|
|
Operating earnings
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$607
|
$607
|
||||
Items excluded from operating earnings (after-tax):
|
||||||
Producer Services repositioning
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(193)
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(193)
|
||||
Goodwill write-off at unregulated electric retail
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(31)
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(31)
|
||||
Other items
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(4)
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(4)
|
||||
Total items excluded from operating earnings (after-tax) 1
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(228)
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(228)
|
||||
Reported net income
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$379
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$379
|
||||
Common shares outstanding (average, diluted)
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582.9
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582.9
|
||||
Operating earnings per share
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$1.04
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$1.04
|
||||
Items excluded from operating earnings (after-tax)
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(0.39)
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(0.39)
|
||||
Reported earnings per share
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$0.65
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$0.65
|
||||
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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1Q14
|
2Q14
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3Q14
|
4Q14
|
YTD 2014
|
|
Producer Services repositioning
|
(319)
|
(319)
|
||||
Goodwill write-off at unregulated electric retail
|
(31)
|
(31)
|
||||
Other items
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(2)
|
(2)
|
||||
Total items excluded from operating earnings
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($352)
|
$0
|
$0
|
$0
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($352)
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·
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$92 million net loss from discontinued operations of two merchant power stations (Brayton Point & Kincaid) which were sold in third quarter 2013.
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·
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$109 million net 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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$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.
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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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$39 million net gain related to our investments in nuclear decommissioning trust funds.
|
·
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$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.
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·
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$7 million net expense 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
|
YTD 2013
|
2
|
|
Operating earnings
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$476
|
$355
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$583
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$467
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$1,881
|
||
Items excluded from operating earnings (after-tax):
|
|||||||
Discontinued operations - Brayton Point & Kincaid
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1
|
(70)
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(23)
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(92)
|
|||
Gas infrastructure & repositioning
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(57)
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(17)
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(35)
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(109)
|
|||
Impact of Virginia Power biennial review order
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(28)
|
(28)
|
|||||
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
|
9
|
9
|
39
|
||
ARO revision
|
30
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30
|
|||||
Other items
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(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
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$0.83
|
$0.62
|
$1.00
|
$0.80
|
$3.25
|
||
Items excluded from operating earnings (after-tax)
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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
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(28)
|
(28)
|
|||||
Net gain in nuclear decommissioning trust funds
|
34
|
1
|
15
|
15
|
65
|
||
ARO revision
|
47
|
47
|
|||||
Other items
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(4)
|
(10)
|
29
|
(26)
|
(11)
|
||
Total items excluded from operating earnings
|
$31
|
($263)
|
$4
|
($56)
|
($284)
|
||
2)
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YTD EPS may not equal sum of quarters due to share count differences.
|
Schedule 4 - Reconciliation of 1Q14 Earnings to 1Q13
|
|||
Preliminary, unaudited
|
Three Months Ended
|
||
(millions, except EPS)
|
March 31,
|
||
2014 vs. 2013
|
|||
Increase / (Decrease)
|
|||
Reconciling Items
|
Amount
|
EPS
|
|
Dominion Virginia Power
|
|||
Regulated electric sales:
|
|||
Weather
|
$13
|
$0.02
|
|
Other
|
(4)
|
(0.01)
|
|
FERC Transmission equity return
|
2
|
0.00
|
|
Storm damage and service restoration
|
5
|
0.01
|
|
Other
|
(1)
|
0.00
|
|
Change in contribution to operating earnings
|
$15
|
$0.02
|
|
Dominion Energy
|
|||
Gas Distribution weather
|
$4
|
$0.01
|
|
Gas Transmission margin
|
(1)
|
0.00
|
|
Blue Racer Midstream JV
|
22
|
0.04
|
|
Other
|
4
|
0.00
|
|
Change in contribution to operating earnings
|
$29
|
$0.05
|
|
Dominion Generation
|
|||
Regulated electric sales:
|
|||
Weather
|
$26
|
$0.04
|
|
Other
|
(6)
|
(0.01)
|
|
Merchant generation margin
|
51
|
0.09
|
|
Retail electric energy marketing 2013 earnings
|
(7)
|
(0.01)
|
|
Utility ancillary services
|
21
|
0.03
|
|
Outage costs
|
(11)
|
(0.02)
|
|
Other
|
(19)
|
(0.03)
|
|
Change in contribution to operating earnings
|
$55
|
$0.09
|
|
Corporate and Other
|
|||
Change in contribution to operating earnings
|
$32
|
$0.05
|
|
Change in consolidated operating earnings
|
$131
|
$0.21
|
|
Change in items excluded from operating earnings 1
|
($247)
|
($0.42)
|
|
Change in reported earnings (GAAP)
|
($116)
|
($0.21)
|
|
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.
|