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 February 6, 2015
|
DOMINION RESOURCES, INC.
Registrant
|
/s/ Carter M. Reid
|
Carter M. Reid
Senior Vice President, Chief Administrative & Compliance Officer and Corporate Secretary
|
Schedule 1 - Segment Operating Earnings
|
||||||||
Preliminary, Unaudited
|
||||||||
(millions, except earnings per share)
|
Three months ended December 31,
|
|||||||
2014
|
2013
|
Change
|
||||||
Earnings:
|
||||||||
Dominion Virginia Power
|
$136
|
$126
|
$10
|
|||||
Dominion Energy
|
195
|
171
|
24
|
|||||
Dominion Generation
|
307
|
252
|
55
|
|||||
Corporate and Other
|
(148)
|
(82)
|
(66)
|
|||||
OPERATING EARNINGS
|
$490
|
$467
|
$23
|
|||||
Items excluded from operating earnings 2, 3
|
(247)
|
(36)
|
(211)
|
|||||
REPORTED EARNINGS 1
|
$243
|
$431
|
$(188)
|
|||||
Common Shares Outstanding (average, diluted)
|
586.5
|
581.3
|
||||||
Earnings Per Share (EPS):
|
||||||||
Dominion Virginia Power
|
$0.23
|
$ 0.22
|
$ 0.01
|
|||||
Dominion Energy
|
0.34
|
0.29
|
0.05
|
|||||
Dominion Generation
|
0.52
|
0.43
|
0.09
|
|||||
Corporate and Other
|
(0.25)
|
(0.14)
|
(0.11)
|
|||||
OPERATING EARNINGS
|
$0.84
|
$ 0.80
|
$ 0.04
|
|||||
Items excluded from operating earnings 2
|
(0.42)
|
(0.06)
|
(0.36)
|
|||||
REPORTED EARNINGS 1
|
$0.42
|
$ 0.74
|
$ (0.32)
|
|||||
(millions, except earnings per share)
|
Twelve months ended December 31,
|
|||||||
2014
|
2013
|
Change
|
||||||
Earnings:
|
||||||||
Dominion Virginia Power
|
$502
|
$475
|
$27
|
|||||
Dominion Energy
|
677
|
643
|
34
|
|||||
Dominion Generation
|
1,101
|
1,031
|
70
|
|||||
Corporate and Other
|
(277)
|
(268)
|
(9)
|
|||||
OPERATING EARNINGS
|
$2,003
|
$1,881
|
$122
|
|||||
Items excluded from operating earnings 2, 4
|
(693)
|
(184)
|
(509)
|
|||||
REPORTED EARNINGS 1
|
$1,310
|
$1,697
|
$(387)
|
|||||
Common Shares Outstanding (average, diluted)
|
584.5
|
579.5
|
||||||
Earnings Per Share (EPS):
|
||||||||
Dominion Virginia Power
|
$ 0.86
|
$0.82
|
$0.04
|
|||||
Dominion Energy
|
1.16
|
1.11
|
0.05
|
|||||
Dominion Generation
|
1.88
|
1.78
|
0.10
|
|||||
Corporate and Other
|
(0.47)
|
(0.46)
|
(0.01)
|
|||||
OPERATING EARNINGS
|
$3.43
|
$3.25
|
$0.18
|
|||||
Items excluded from operating earnings 2
|
(1.19)
|
(0.32)
|
(0.87)
|
|||||
REPORTED EARNINGS 1
|
$2.24
|
$2.93
|
$(0.69)
|
|||||
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" in the Earnings Release Kit on Dominion's website
|
||||||||
at www.dom.com/investors.
|
||||||||
3)
|
Pre-tax amounts for the current period and the prior period are ($458) million and ($56) million, respectively.
|
|||||||
4)
|
Pre-tax amounts for the current period and the prior period are ($1.166) billion and ($284) million, respectively.
|
·
|
$248 million charge associated with Virginia legislation enacted in April that permits Virginia Power to recover 70% of the costs previously deferred or capitalized through Dec. 31, 2013 relating to the development of a third nuclear unit located at North Anna and offshore wind facilities as part of the 2013 and 2014 base rates.
|
·
|
$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.
|
·
|
$174 million charge associated with our liability management exercise, mainly reflecting the call premiums on our early debt redemptions in the fourth quarter.
|
·
|
$74 million charge related to a settlement offer to incur future ash pond closure costs at certain utility generation facilities.
|
·
|
$31 million goodwill write-off associated with the company exiting the unregulated electric retail energy marketing business.
|
·
|
$27 million net benefit related to other items.
|
(millions, except per share amounts)
|
1Q14
|
2Q14
|
3Q14
|
4Q14
|
YTD 2014
|
2
|
|
Operating earnings
|
$607
|
$361
|
$545
|
$490
|
$2,003
|
||
Items excluded from operating earnings (after-tax):
|
|||||||
North Anna and offshore wind facilities
|
(191)
|
(28)
|
(29)
|
(248)
|
|||
Producer Services repositioning
|
(193)
|
(193)
|
|||||
Charges associated with liability management exercise
|
(2)
|
(172)
|
(174)
|
||||
Future ash pond closure costs
|
(74)
|
(74)
|
|||||
Goodwill write-off at unregulated electric retail
|
(31)
|
(31)
|
|||||
Other items
|
(4)
|
(11)
|
14
|
28
|
27
|
||
Total items excluded from operating earnings (after-tax) 1
|
(228)
|
(202)
|
(16)
|
(247)
|
(693)
|
||
Reported net income
|
$379
|
$159
|
$529
|
$243
|
$1,310
|
||
Common shares outstanding (average, diluted)
|
582.9
|
583.9
|
584.6
|
586.5
|
584.5
|
||
Operating earnings per share
|
$1.04
|
$0.62
|
$0.93
|
$0.84
|
$3.43
|
||
Items excluded from operating earnings (after-tax)
|
(0.39)
|
(0.35)
|
(0.03)
|
(0.42)
|
(1.19)
|
||
Reported earnings per share
|
$0.65
|
$0.27
|
$0.90
|
$0.42
|
$2.24
|
||
1)
|
Pre-tax amounts for items excluded from operating earnings are reflected in the following table:
|
||||||
Items excluded from operating earnings:
|
1Q14
|
2Q14
|
3Q14
|
4Q14
|
YTD 2014
|
||
North Anna and offshore wind facilities
|
(287)
|
(43)
|
(44)
|
(374)
|
|||
Producer Services repositioning
|
(319)
|
(319)
|
|||||
Charges associated with liability management exercise
|
(3)
|
(281)
|
(284)
|
||||
Future ash pond closure costs
|
(121)
|
(121)
|
|||||
Goodwill write-off at unregulated electric retail
|
(31)
|
(31)
|
|||||
Other items
|
(2)
|
(15)
|
(8)
|
(12)
|
(37)
|
||
Total items excluded from operating earnings
|
($352)
|
($302)
|
($54)
|
($458)
|
($1,166)
|
||
2)
|
YTD EPS may not equal sum of quarters due to share count differences.
|
·
|
$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.
|
Schedule 4 - Reconciliation of 2014 Earnings to 2013
|
||||||
Preliminary, unaudited
|
Three Months Ended
|
Twelve Months Ended
|
||||
(millions, except EPS)
|
December 31,
|
December 31,
|
||||
2014 vs. 2013
|
2014 vs. 2013
|
|||||
Increase / (Decrease)
|
Increase / (Decrease)
|
|||||
Reconciling Items
|
Amount
|
EPS
|
Amount
|
EPS
|
||
Dominion Virginia Power
|
||||||
Regulated electric sales:
|
||||||
Weather
|
($2)
|
$0.00
|
$8
|
$0.01
|
||
FERC Transmission equity return
|
11
|
0.02
|
27
|
0.04
|
||
Storm damage and service restoration
|
3
|
0.00
|
13
|
0.02
|
||
Depreciation
|
(2)
|
0.00
|
(8)
|
(0.01)
|
||
Other
|
0
|
0.00
|
(13)
|
(0.02)
|
||
Change in contribution to operating earnings
|
$10
|
$0.01
|
$27
|
$0.04
|
||
Dominion Energy
|
||||||
Gas Distribution margin
|
$6
|
$0.01
|
$24
|
$0.04
|
||
Marcellus Farmouts
|
26
|
0.05
|
31
|
0.05
|
||
Blue Racer Midstream JV
|
8
|
0.01
|
(1)
|
0.00
|
||
Depreciation
|
(11)
|
(0.02)
|
(8)
|
(0.01)
|
||
Other
|
(5)
|
0.00
|
(12)
|
(0.03)
|
||
Change in contribution to operating earnings
|
$24
|
$0.05
|
$34
|
$0.05
|
||
Dominion Generation
|
||||||
Regulated electric sales:
|
||||||
Weather
|
($3)
|
$0.00
|
$13
|
$0.02
|
||
Other
|
(7)
|
(0.01)
|
(7)
|
(0.01)
|
||
Merchant generation margin
|
(2)
|
0.00
|
64
|
0.11
|
||
Retail operations 1
|
(2)
|
0.00
|
(20)
|
(0.04)
|
||
Rate adjustment clause equity return
|
8
|
0.01
|
(8)
|
(0.01)
|
||
PJM ancillary services
|
3
|
0.00
|
24
|
0.04
|
||
Outage costs
|
(29)
|
(0.05)
|
(40)
|
(0.07)
|
||
Salaries and benefits
|
0
|
0.00
|
(11)
|
(0.03)
|
||
AFUDC equity return
|
(1)
|
0.00
|
(17)
|
(0.04)
|
||
Renewable energy investment tax credits
|
97
|
0.17
|
97
|
0.17
|
||
Other
|
(9)
|
(0.02)
|
(25)
|
(0.04)
|
||
Change in contribution to operating earnings
|
$55
|
$0.09
|
$70
|
$0.10
|
||
Corporate and Other
|
||||||
Change in contribution to operating earnings
|
($66)
|
($0.11)
|
($9)
|
($0.01)
|
||
Change in consolidated operating earnings
|
$23
|
$0.04
|
$122
|
$0.18
|
||
Change in items excluded from operating earnings 2
|
($211)
|
($0.36)
|
($509)
|
($0.87)
|
||
Change in reported earnings (GAAP)
|
($188)
|
($0.32)
|
($387)
|
($0.69)
|
||
1)
|
Excludes earnings from Retail electric energy marketing, which was sold in March 2014
|
|||||
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
|