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
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Dominion Resources, Inc. press release dated May 4, 2016
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DOMINION RESOURCES, INC.
Registrant |
/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 2016 operating earnings of $0.96 per share compared to guidance of $0.90 to $1.05 per share
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·
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First-quarter 2016 GAAP earnings of $0.88 per share
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·
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Company affirms 2016 earnings guidance of $3.60 to $4.00 per share
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Schedule 1 - Segment Operating Earnings
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||||||||
Preliminary, Unaudited
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||||||||
(millions, except earnings per share)
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Three months ended March 31,
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|||||||
2016
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2015
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Change
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||||||
Earnings:
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||||||||
Dominion Virginia Power
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$ 120
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$ 140
|
$ (20)
|
|||||
Dominion Energy*
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186
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227
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(41)
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|||||
Dominion Generation*
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245
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262
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(17)
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|||||
Corporate and Other
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21
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(45)
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66
|
|||||
OPERATING EARNINGS
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$ 572
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$ 584
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$ (12)
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|||||
Items excluded from operating earnings 2, 3
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(48)
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(48)
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-
|
|||||
REPORTED EARNINGS 1
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$ 524
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$ 536
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$ (12)
|
|||||
Common Shares Outstanding (average, diluted)
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598.2
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589.9
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||||||
Earnings Per Share (EPS):
|
||||||||
Dominion Virginia Power
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$ 0.20
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$ 0.24
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$ (0.04)
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|||||
Dominion Energy*
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0.31
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0.39
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(0.08)
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|||||
Dominion Generation*
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0.41
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0.44
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(0.03)
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|||||
Corporate and Other
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0.04
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(0.08)
|
0.12
|
|||||
OPERATING EARNINGS
|
$ 0.96
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$ 0.99
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$ (0.03)
|
|||||
Items excluded from operating earnings 2
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(0.08)
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(0.08)
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-
|
|||||
REPORTED EARNINGS 1
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$ 0.88
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$ 0.91
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$ (0.03)
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|||||
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" 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 ($67) million and ($76) million, respectively.
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|||||||
*2015 amounts have been recast to reflect non-regulated retail energy marketing operations in the Dominion Energy segment.
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$43 million charge associated with an organizational design initiative, primarily comprised of employee severance benefits.
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·
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$5 million net expense related to other items.
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(millions, except per share amounts)
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1Q16
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2Q16
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3Q16
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4Q16
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YTD 2016
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|
Operating earnings
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$572
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$572
|
||||
Items excluded from operating earnings (after-tax):
|
||||||
Organizational design initiative
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(43)
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(43)
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||||
Other items
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(5)
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(5)
|
||||
Total items excluded from operating earnings (after-tax) 1
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(48)
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(48)
|
||||
Reported net income
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$524
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$524
|
||||
Common shares outstanding (average, diluted)
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598.2
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598.2
|
||||
Operating earnings per share
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$0.96
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$0.96
|
||||
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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$0.88
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$0.88
|
||||
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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1Q16
|
2Q16
|
3Q16
|
4Q16
|
YTD 2016
|
|
Organizational design initiative
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(70)
|
(70)
|
||||
Other items
|
3
|
3
|
||||
Total items excluded from operating earnings
|
($67)
|
$0
|
$0
|
$0
|
($67)
|
|
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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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$60 million charge associated with the asset retirement obligations for ash ponds and landfills at certain utility generation facilities in connection with the enactment of EPA coal combustion residuals rules in the second quarter of 2015.
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·
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$17 million net charge in connection with the Virginia Commission's final ruling associated with its biennial review of Virginia Power's base rates for 2013-2014 test years.
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·
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$12 million net expense related to other items.
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(millions, except per share amounts)
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1Q15
|
2Q15
|
3Q15
|
4Q15
|
YTD 2015
|
2
|
|
Operating earnings
|
$584
|
$429
|
$611
|
$416
|
$2,040
|
||
Items excluded from operating earnings (after-tax):
|
|||||||
Write-off of deferred fuel costs
|
(52)
|
(52)
|
|||||
Future ash pond and landfill closure costs
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(28)
|
(32)
|
(60)
|
||||
Impact of Virginia Power biennial review
|
(17)
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(17)
|
|||||
Other items
|
4
|
12
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(18)
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(10)
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(12)
|
||
Total items excluded from operating earnings (after-tax) 1
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(48)
|
(16)
|
(18)
|
(59)
|
(141)
|
||
Reported net income
|
$536
|
$413
|
$593
|
$357
|
$1,899
|
||
Common shares outstanding (average, diluted)
|
589.9
|
592.5
|
595.5
|
596.7
|
593.7
|
||
Operating earnings per share
|
$0.99
|
$0.73
|
$1.03
|
$0.70
|
$3.44
|
||
Items excluded from operating earnings (after-tax)
|
(0.08)
|
(0.03)
|
(0.03)
|
(0.10)
|
(0.24)
|
||
Reported earnings per share
|
$0.91
|
$0.70
|
$1.00
|
$0.60
|
$3.20
|
||
1)
|
Pre-tax amounts for items excluded from operating earnings are reflected in the following table:
|
||||||
Items excluded from operating earnings:
|
1Q15
|
2Q15
|
3Q15
|
4Q15
|
YTD 2015
|
||
Write-off of deferred fuel costs
|
(85)
|
(85)
|
|||||
Future ash pond and landfill closure costs
|
(45)
|
(54)
|
(99)
|
||||
Impact of Virginia Power biennial review
|
(28)
|
(28)
|
|||||
Other items
|
9
|
18
|
(19)
|
(16)
|
(8)
|
||
Total items excluded from operating earnings
|
($76)
|
($27)
|
($19)
|
($98)
|
($220)
|
||
2)
|
YTD EPS may not equal sum of quarters due to share count differences
|
Schedule 4 - Reconciliation of 1Q16 Earnings to 1Q15
|
|||
Preliminary, unaudited
|
Three Months Ended
|
||
(millions, except EPS)
|
March 31,
2016 vs. 2015
Increase / (Decrease)
|
||
Reconciling Items
|
Amount
|
EPS
|
|
Dominion Virginia Power
|
|||
Regulated electric sales:
|
|||
Weather
|
($15)
|
($0.03)
|
|
Other
|
(5)
|
(0.01)
|
|
FERC Transmission equity return
|
11
|
0.02
|
|
Other
|
(11)
|
(0.02)
|
|
Change in contribution to operating earnings
|
($20)
|
($0.04)
|
|
Dominion Energy
|
|||
Gas Distribution margin
|
($3)
|
($0.01)
|
|
Farmout transactions
|
(41)
|
(0.08)
|
|
Other
|
3
|
0.01
|
|
Change in contribution to operating earnings
|
($41)
|
($0.08)
|
|
Dominion Generation
|
|||
Regulated electric sales:
|
|||
Weather
|
($31)
|
($0.05)
|
|
Other
|
(3)
|
(0.01)
|
|
Merchant generation margin
|
(8)
|
(0.02)
|
|
Rate adjustment clause equity return
|
6
|
0.01
|
|
Capacity related expenses
|
14
|
0.03
|
|
Depreciation
|
(6)
|
(0.01)
|
|
Other
|
11
|
0.02
|
|
Change in contribution to operating earnings
|
($17)
|
($0.03)
|
|
Corporate and Other
|
|||
Renewable energy investment tax credits
|
75
|
0.13
|
|
Other
|
(9)
|
(0.01)
|
|
Change in contribution to operating earnings
|
$66
|
$0.12
|
|
Change in consolidated operating earnings
|
($12)
|
($0.03)
|
|
Change in items excluded from operating earnings 1
|
$0
|
$0.00
|
|
Change in reported earnings (GAAP)
|
($12)
|
($0.03)
|
|
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.
|
||
Note: Figures may not add due to rounding
|
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