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
|
Dominion Resources, Inc. press release dated May 4, 2015
|
DOMINION RESOURCES, INC.
Registrant
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/s/Carter M. Reid
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Carter M. Reid
Senior Vice President, Chief Administrative &
Compliance Officer and Corporate Secretary
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·
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First-quarter 2015 operating earnings of 99 cents per share compared to guidance of 85 cents to $1.00 per share
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·
|
First-quarter 2015 GAAP earnings of 91 cents per share
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·
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Company affirms 2015 operating earnings guidance of $3.50 to $3.85 per share
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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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|||||||||
2015
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2014
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Change
|
||||||||
Earnings:
|
||||||||||
Dominion Virginia Power
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$140
|
$131
|
$9
|
|||||||
Dominion Energy
|
207
|
208
|
(1)
|
|||||||
Dominion Generation
|
282
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309
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(27)
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|||||||
Corporate and Other
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(45)
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(41)
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(4)
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|||||||
OPERATING EARNINGS
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$584
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$607
|
$(23)
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|||||||
Items excluded from operating earnings 2, 3
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(48)
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(228)
|
180
|
|||||||
REPORTED EARNINGS 1
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$536
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$379
|
$157
|
|||||||
Common Shares Outstanding (average, diluted)
|
589.9
|
582.9
|
||||||||
Earnings Per Share (EPS):
|
||||||||||
Dominion Virginia Power
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$0.24
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$0.22
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$0.02
|
|||||||
Dominion Energy
|
0.35
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0.36
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(0.01)
|
|||||||
Dominion Generation
|
0.48
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0.53
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(0.05)
|
|||||||
Corporate and Other
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(0.08)
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(0.07)
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(0.01)
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|||||||
OPERATING EARNINGS
|
$0.99
|
$1.04
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$(0.05)
|
|||||||
Items excluded from operating earnings 2
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(0.08)
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(0.39)
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0.31
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|||||||
REPORTED EARNINGS 1
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$0.91
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$0.65
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$0.26
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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" in the Earnings Release Kit 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 ($76) million and ($352) million, respectively.
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·
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$52 million charge associated with Virginia legislation enacted in February that required the write-off of Virginia Power prior-period deferred fuel costs during the first quarter of 2015.
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·
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$4 million net benefit related to other items.
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(millions, except per share amounts)
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1Q15
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2Q15
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3Q15
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4Q15
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YTD 2015
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|
Operating earnings
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$584
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$584
|
||||
Items excluded from operating earnings (after-tax):
|
||||||
Write-off of deferred fuel costs
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(52)
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(52)
|
||||
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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(48)
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(48)
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||||
Reported net income
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$536
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$536
|
||||
Common shares outstanding (average, diluted)
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589.9
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589.9
|
||||
Operating earnings per share
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$0.99
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$0.99
|
||||
Items excluded from operating earnings (after-tax)
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(0.08)
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(0.08)
|
||||
Reported earnings per share
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$0.91
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$0.91
|
||||
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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1Q15
|
2Q15
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3Q15
|
4Q15
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YTD 2015
|
|
Write-off of deferred fuel costs
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(85)
|
(85)
|
||||
Other items
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9
|
9
|
||||
Total items excluded from operating earnings
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($76)
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$0
|
$0
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$0
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($76)
|
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·
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$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.
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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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$174 million charge associated with our liability management exercise, mainly reflecting the call premiums on our early debt redemptions in the fourth quarter.
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·
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$74 million charge related to a settlement offer to incur future ash pond closure costs at certain utility generation facilities.
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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.
|
·
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$27 million net benefit related to other items.
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(millions, except per share amounts)
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1Q14
|
2Q14
|
3Q14
|
4Q14
|
YTD 2014
|
2
|
|
Operating earnings
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$607
|
$361
|
$545
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$490
|
$2,003
|
||
Items excluded from operating earnings (after-tax):
|
|||||||
North Anna and offshore wind facilities
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(191)
|
(28)
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(29)
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(248)
|
|||
Producer Services repositioning
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(193)
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(193)
|
|||||
Charges associated with liability management exercise
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(2)
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(172)
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(174)
|
||||
Future ash pond closure costs
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(74)
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(74)
|
|||||
Goodwill write-off at unregulated electric retail
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(31)
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(31)
|
|||||
Other items
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(4)
|
(11)
|
14
|
28
|
27
|
||
Total items excluded from operating earnings (after-tax) 1
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(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
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$1.04
|
$0.62
|
$0.93
|
$0.84
|
$3.43
|
||
Items excluded from operating earnings (after-tax)
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(0.39)
|
(0.35)
|
(0.03)
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(0.42)
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(1.19)
|
||
Reported earnings per share
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$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
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(3)
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(281)
|
(284)
|
||||
Future ash pond closure costs
|
(121)
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(121)
|
|||||
Goodwill write-off at unregulated electric retail
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(31)
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(31)
|
|||||
Other items
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(2)
|
(15)
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(8)
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(12)
|
(37)
|
||
Total items excluded from operating earnings
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($352)
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($302)
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($54)
|
($458)
|
($1,166)
|
||
2)
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YTD EPS may not equal sum of quarters due to share count differences.
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Schedule 4 - Reconciliation of 1Q15 Earnings to 1Q14
|
||||
Preliminary, unaudited
|
Three Months Ended
|
|||
(millions, except EPS)
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March 31,
|
|||
2015 vs. 2014
|
||||
Increase / (Decrease)
|
||||
Reconciling Items
|
Amount
|
EPS
|
||
Dominion Virginia Power
|
||||
Regulated electric sales:
|
||||
Weather
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$1
|
$0.00
|
||
Other
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6
|
0.01
|
||
FERC Transmission equity return
|
12
|
0.02
|
||
Depreciation and amortization
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(2)
|
0.00
|
||
Other
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(8)
|
(0.01)
|
||
Change in contribution to operating earnings
|
$9
|
$0.02
|
||
Dominion Energy
|
||||
Gas Distribution margin
|
$6
|
$0.01
|
||
Marcellus Farmouts
|
43
|
0.07
|
||
Blue Racer Midstream JV 2
|
(35)
|
(0.06)
|
||
Depreciation and amortization
|
(5)
|
(0.01)
|
||
Other
|
(10)
|
(0.02)
|
||
Change in contribution to operating earnings
|
($1)
|
($0.01)
|
||
Dominion Generation
|
||||
Regulated electric sales:
|
||||
Weather
|
$2
|
$0.00
|
||
Other
|
9
|
0.02
|
||
Merchant generation margin
|
(15)
|
(0.03)
|
||
Rate adjustment clause equity return
|
11
|
0.02
|
||
PJM ancillary services
|
(12)
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(0.02)
|
||
Outage costs
|
(6)
|
(0.01)
|
||
Depreciation and amortization
|
(6)
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(0.01)
|
||
Other
|
(10)
|
(0.02)
|
||
Change in contribution to operating earnings
|
($27)
|
($0.05)
|
||
Corporate and Other
|
||||
Change in contribution to operating earnings
|
($4)
|
($0.01)
|
||
Change in consolidated operating earnings
|
($23)
|
($0.05)
|
||
Change in items excluded from operating earnings 1
|
$180
|
$0.31
|
||
Change in reported earnings (GAAP)
|
$157
|
$0.26
|
||
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.
|
|||
2)
|
Primarily represents absence of gains from the sale of assets.
|
|||