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Quarterly Financial and Common Stock Data (Unaudited)
12 Months Ended
Dec. 31, 2014
Selected Quarterly Financial Information [Abstract]  
Quarterly Financial and Common Stock Data (Unaudited)
QUARTERLY FINANCIAL AND COMMON STOCK DATA (UNAUDITED)
A summary of the Companies' quarterly results of operations for the years ended December 31, 2014 and 2013 follows. Amounts reflect all adjustments necessary in the opinion of management for a fair statement of the results for the interim periods. Results for interim periods may fluctuate as a result of weather conditions, changes in rates and other factors.
Dominion
 
 
First
Quarter

Second
Quarter

Third
Quarter

Fourth
Quarter

Year

(millions, except per share amounts)
 
 
 
 
 
2014
 
 
 
 
 
Operating revenue
$
3,630

$
2,813

$
3,050

$
2,943

$
12,436

Income from operations
768

394

921

638

2,721

Net income including noncontrolling interests
385

161

531

249

1,326

Income from continuing operations(1)
379

159

529

243

1,310

Net income attributable to Dominion
379

159

529

243

1,310

Basic EPS:
 

 

 

 

 

Income from continuing operations(1)
0.65

0.27

0.91

0.42

2.25

Net income attributable to Dominion
0.65

0.27

0.91

0.42

2.25

Diluted EPS:
 

 

 

 

 

Income from continuing operations(1)
0.65

0.27

0.90

0.42

2.24

Net income attributable to Dominion
0.65

0.27

0.90

0.42

2.24

Dividends declared per share
0.60

0.60

0.60

0.60

2.40

Common stock prices (intraday high-low)
$72.22  -
63.14

$73.75  -
67.06

$71.62 - 64.71

$80.89  -
65.53

$80.89  -
63.14

2013
 
 
 
 
 
Operating revenue
$
3,523

$
2,980

$
3,432

$
3,185

$
13,120

Income from operations
930

548

1,034

804

3,316

Net income including noncontrolling interests
502

208

575

435

1,720

Income from continuing operations(1)
494

272

592

431

1,789

Income (loss) from discontinued operations(1)
1

(70
)
(23
)

(92
)
Net income attributable to Dominion
495

202

569

431

1,697

Basic EPS:
 

 

 

 

 

Income from continuing operations(1)
0.86

0.47

1.02

0.74

3.09

Income (loss) from discontinued operations(1)

(0.12
)
(0.04
)

(0.16
)
Net income attributable to Dominion
0.86

0.35

0.98

0.74

2.93

Diluted EPS:
 

 

 

 

 

Income from continuing operations(1)
0.86

0.47

1.02

0.74

3.09

Income (loss) from discontinued operations(1)

(0.12
)
(0.04
)

(0.16
)
Net income attributable to Dominion
0.86

0.35

0.98

0.74

2.93

Dividends declared per share
0.5625

0.5625

0.5625

0.5625

2.25

Common stock prices (intraday high-low)
$58.25  -
51.92

$61.85  -
53.79

$64.04 - 55.51

$67.97  -
61.36

$67.97  -
51.92


(1)
Amounts attributable to Dominion's common shareholders.

Dominion's 2014 results include the impact of the following significant items:
Fourth quarter results include $172 million in after-tax charges associated with the Liability Management Exercise in 2014 and $74 million in after-tax costs related to Virginia Power's settlement offer to incur future ash pond closure costs at certain utility generation facilities.
Second quarter results include $191 million in after-tax charges associated with Virginia legislation enacted in April 2014 relating to the development of a third nuclear unit located at North Anna and offshore wind facilities.
First quarter results include a $193 million after-tax reduction in revenues associated with the repositioning of Dominion's producer services business which was completed in the first quarter of 2014.

Dominion's 2013 results include the impact of the following significant items:
Second quarter results include a $70 million after-tax net loss from discontinued operations of Brayton Point and Kincaid; and a $57 million after-tax net loss, including a $33 million after-tax impairment charge related to certain natural gas infrastructure assets and a $24 million after-tax loss related to the producer services business.

Virginia Power
Virginia Power's quarterly results of operations were as follows:
 
 
First
Quarter

Second
Quarter

Third
Quarter

Fourth
Quarter

Year

(millions)
 
 
 
 
 
2014
 
 
 
 
 
Operating revenue
$
1,983

$
1,729

$
2,053

$
1,814

$
7,579

Income from operations
613

205

594

312

1,724

Net income
324

69

314

151

858

Balance available for common stock
318

67

312

148

845

2013
 

 

 

 

 

Operating revenue
$
1,781

$
1,710

$
2,059

$
1,745

$
7,295

Income from operations
530

463

679

408

2,080

Net income
287

265

387

199

1,138

Balance available for common stock
283

261

383

194

1,121


 
Virginia Power's 2014 results include the impact of the following significant items:
Fourth quarter results include $74 million in after-tax costs related to Virginia Power's settlement offer to incur future ash pond closure costs at certain utility generation facilities.
Second quarter results include a $191 million after-tax charge associated with Virginia legislation enacted in April 2014 relating to the development of a third nuclear unit located at North Anna and offshore wind facilities.

Virginia Power's 2013 results include the impact of the following significant item:
Fourth quarter results include a $28 million after-tax charge resulting from impacts of the 2013 Biennial Review Order.

Dominion Gas
Dominion Gas' quarterly results of operations were as follows:
 
First
Quarter

Second
Quarter

Third
Quarter

Fourth
Quarter

Year

(millions)
 
 
 
 
 
2014
 
 
 
 
 
Operating revenue
$
569

$
428

$
391

$
510

$
1,898

Income from operations
265

154

177

255

851

Net income
164

93

107

148

512

2013
 

 

 

 

 

Operating revenue
$
586

$
430

$
388

$
533

$
1,937

Income from operations
224

88

217

233

762

Net income
138

53

130

140

461


 
Dominion Gas' 2014 results include the impact of the following significant item:
Fourth quarter results include a $36 million after-tax gain from agreements to convey Marcellus Shale development rights underneath several natural gas storage fields.

Dominion Gas' 2013 results include the impact of the following significant item:
Second quarter results include a $33 million after-tax charge resulting from the impairment of certain natural gas infrastructure assets.