RICHMOND, Va., Aug. 2, 2017 /PRNewswire/ -- Dominion Energy
(NYSE: D) today announced unaudited reported earnings determined in
accordance with Generally Accepted Accounting Principles (reported
earnings) for the three months ended June
30, 2017, of $390 million
($0.62 per share) compared with
earnings of $452 million
($0.73 per share) for the same period
in 2016.
Operating earnings for the three months ended June 30, 2017, were $421
million ($0.67 per share),
compared to operating earnings of $441
million ($0.71 per share) for
the same period in 2016. Operating earnings are defined as
reported earnings adjusted for certain items.
The principal difference between reported earnings and operating
earnings for the quarter were transition and integration costs
associated with the Dominion Energy Questar combination.
Dominion Energy uses operating earnings as the primary
performance measurement of its earnings guidance and results for
public communications with analysts and investors. Dominion
Energy also uses operating earnings internally for budgeting, for
reporting to the Board of Directors, for the company's incentive
compensation plans and for its targeted dividend payouts and other
purposes. Dominion Energy management believes operating earnings
provide a more meaningful representation of the company's
fundamental earnings power.
Thomas F. Farrell II, chairman,
president and chief executive officer, said:
"We are pleased with our financial performance in the second
quarter with operating earnings near the top of our guidance
range.
"We continue to execute with strong operational and safety
performance, and have seen significant progress on our growth
investments that will total over $4
billion this year.
"Construction of Greensville County Power Station is proceeding
on time and on budget. The project is now about 47 percent
complete and expected to achieve commercial operations in late
2018.
"The Cove Point Liquefaction project is 95 percent
complete. In July, we received FERC authorization for
hydrocarbon entry into four additional project areas. Over 90
percent of the project's systems are now in the commissioning
phase. Our work continues on-time and on-budget and we expect
to have this significant project in-service late this
year.
"FERC released the Final Environmental Impact Statement for the
Atlantic Coast Pipeline and Supply Header projects. The
favorable environmental report provides us with a clear path
forward for final approval of one of the largest, most important
natural gas infrastructure projects in the company's history.
We remain on track to start construction on both projects later
this year."
SECOND-QUARTER 2017 REPORTED AND OPERATING EARNINGS COMPARED
TO 2016
Reported earnings decreased $62 million as compared to second-quarter
2016. Business segment results and detailed descriptions of
items included in reported earnings but excluded from operating
earnings can be found on schedules 1, 2, and 3 of this
release.
Operating earnings decreased $20
million as compared to second-quarter 2016 operating
earnings. The decrease is primarily attributable to a
reduction of Cove Point import contract revenues and the absence of
a farmout transaction. Factors offsetting the decrease
include revenues from regulated growth projects, lower electric
capacity expense, and the addition of Dominion Energy Questar.
Details of second-quarter operating earnings as compared to 2016
may be found on Schedule 4 of this release.
THIRD-QUARTER 2017 OPERATING EARNINGS GUIDANCE
Dominion Energy expects third-quarter 2017 operating earnings in
the range of $0.95-$1.15 per share,
compared to third-quarter 2016 operating earnings of $1.14 per share. Positive factors for the
third quarter compared to last year include the addition of Questar
operations. Negative factors compared to last year include a return
to normal weather, lower earnings from Cove Point due to the
roll-off of one of our import contracts, higher PJM electric
capacity expenses and a step down in solar investment tax
credits.
The company is maintaining its previously issued 2017 operating
earnings guidance of $3.40-$3.90 per
share.
In providing its operating earnings guidance, the company notes
that there could be differences between expected reported earnings
and estimated operating earnings for matters such as, but not
limited to, acquisitions, divestitures or changes in accounting
principles. At this time, Dominion Energy management is not able to
estimate the aggregate impact of these items on future period
reported earnings.
CONFERENCE CALL TODAY
Dominion Energy will host its
second-quarter earnings conference call at 9
a.m. ET on Wednesday, August
2, 2017. Management will discuss second-quarter
financial results and other matters of interest to the financial
community.
Domestic callers should dial (877) 410-5657.
International callers should dial (334) 323-9872. The
passcode for the conference call is "Dominion." Participants
should dial in 10 to 15 minutes prior to the scheduled start
time. Members of the media also are invited to listen.
A live webcast of the conference call, including accompanying
slides, and other financial information will be available on the
investor information pages at www.dominionenergy.com/investors.
A replay of the conference call will be available beginning
about 1 p.m. ET Aug. 2 and lasting until 11 p.m. ET Aug. 9. Domestic callers may
access the recording by dialing (877) 919-4059. International
callers should dial (334) 323-0140. The PIN for the replay is
89026239. Additionally, a replay of the webcast will be
available on the investor information pages by the end of the day
Aug. 2.
Dominion Energy is one of the nation's largest producers and
transporters of energy, with a portfolio of approximately 25,700
megawatts of generation, 15,000 miles of natural gas transmission,
gathering and storage pipeline, and 6,600 miles of electric
transmission lines. Dominion Energy operates one of the nation's
largest natural gas storage systems with 1 trillion cubic feet of
storage capacity and serves more than 6 million utility and retail
energy customers. For more information about Dominion Energy, visit
the company's website at www.dominionenergy.com.
This release contains certain forward-looking statements,
including forecasted operating earnings for third-quarter and
full-year 2017 and beyond which are subject to various risks and
uncertainties. Factors that could cause actual results
to differ materially from management's projections, forecasts,
estimates and expectations may include factors that are beyond the
company's ability to control or estimate precisely, including
fluctuations in energy-related commodity prices, estimates of
future market conditions, additional competition in our industries,
changes in the demand for Dominion Energy's services, access to and
costs of capital, fluctuations in the value of our pension assets
and assets held in our decommissioning trusts, impacts of
acquisitions, divestitures, transfers of assets to joint ventures
or Dominion Energy Midstream and retirements of assets based on
asset portfolio reviews, the receipt of approvals for, and timing
of, closing dates for acquisitions and divestitures, the timing and
execution of Dominion Energy Midstream's growth strategy, and the
ability to complete planned construction or expansion projects
at all or within the terms and timeframes initially
anticipated. Other factors include, but are not limited to,
weather conditions and other events, including the effects of
hurricanes, earthquakes, high winds, major storms and changes in
water temperatures on operations, the risk associated with the
operation of nuclear facilities, unplanned outages at facilities in
which Dominion Energy has an ownership interest, the impact of
operational hazards and catastrophic events, state and federal
legislative and regulatory developments, including changes in
federal and state tax laws and changes to environmental and other
laws and regulations, including those related to climate change,
greenhouse gases and other emissions to which we are subject,
changes in enforcement practices of regulators relating to
environmental standards and litigation exposure for remedial
activities, political and economic conditions, industrial,
commercial and residential growth or decline in Dominion Energy's
service area, risks of operating businesses in regulated industries
that are subject to changing regulatory structures, changes to
regulated gas and electric rates collected by Dominion Energy,
changes to rating agency requirements and ratings, changing
financial accounting standards, fluctuations in interest rates,
employee workforce factors, including collective bargaining,
counter-party credit and performance risks, adverse outcomes in
litigation matters or regulatory proceedings, the risk of hostile
cyber intrusions and other uncertainties. Other risk factors
are detailed from time to time in Dominion Energy's quarterly
reports on Form 10-Q or most recent annual report on Form 10-K
filed with the Securities and Exchange Commission.
|
Dominion Energy,
Inc.
|
|
Consolidated
Statements of Income *
|
|
Unaudited (GAAP
Based)
|
|
(millions, except
per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June 30,
|
|
June
30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
(millions, except per
share amounts)
|
|
|
|
|
|
|
|
|
|
Operating
Revenue
|
|
$
2,813
|
|
$
2,598
|
|
$
6,197
|
|
$
5,519
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
|
|
Electric fuel and
other energy-related purchases
|
|
498
|
|
551
|
|
1,073
|
|
1,185
|
|
Purchased (excess)
electric capacity
|
|
(12)
|
|
45
|
|
(29)
|
|
113
|
|
Purchased
gas
|
|
112
|
|
56
|
|
417
|
|
175
|
|
Other operations and
maintenance
|
|
779
|
|
665
|
|
1,517
|
|
1,368
|
|
Depreciation,
depletion and amortization
|
|
467
|
|
361
|
|
936
|
|
712
|
|
Other
taxes
|
|
168
|
|
139
|
|
357
|
|
303
|
|
Total operating
expenses
|
|
2,012
|
|
1,817
|
|
4,271
|
|
3,856
|
|
Income from
operations
|
|
801
|
|
781
|
|
1,926
|
|
1,663
|
|
Other
income
|
|
60
|
|
72
|
|
176
|
|
126
|
|
Interest and related
charges
|
|
308
|
|
239
|
|
600
|
|
465
|
|
Income from
operations including noncontrolling
interests before income tax expense
|
|
553
|
|
614
|
|
1,502
|
|
1,324
|
|
Income tax
expense
|
|
136
|
|
152
|
|
411
|
|
331
|
|
Net Income
Including Noncontrolling Interests
|
|
417
|
|
462
|
|
1,091
|
|
993
|
|
Noncontrolling
Interests
|
|
27
|
|
10
|
|
69
|
|
17
|
|
Net Income
Attributable to Dominion Energy
|
|
$
390
|
|
$
452
|
|
$
1,022
|
|
$
976
|
|
Earnings Per
Common Share
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Dominion Energy - Basic
|
|
$
0.62
|
|
$
0.73
|
|
$
1.63
|
|
$
1.61
|
|
Net income
attributable to Dominion Energy - Diluted
|
|
0.62
|
|
0.73
|
|
1.63
|
|
1.61
|
|
Dividends Declared
Per Common Share
|
|
$
0.7550
|
|
$
0.7000
|
|
$
1.5100
|
|
$
1.4000
|
|
|
|
|
|
|
|
|
|
|
* The notes contained
in Dominion Energy's most recent quarterly report on Form 10-Q or
annual report on Form 10-K
|
|
are an integral part
of the Consolidated Financial Statements.
|
|
|
|
|
|
|
|
|
|
Schedule 1 -
Segment Reported and Operating Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
Preliminary,
Unaudited
|
|
|
|
|
|
|
(millions, except
earnings per share)
|
Three months ended
June 30,
|
|
|
|
|
2017
|
|
2016
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
REPORTED EARNINGS
1
|
|
$
390
|
|
$
452
|
|
$
(62)
|
|
Pre-tax
loss (income) 2
|
47
|
|
(12)
|
|
59
|
|
Income
tax 2
|
(16)
|
|
1
|
|
(17)
|
|
Adjustments to
reported earnings
|
31
|
|
(11)
|
|
42
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EARNINGS
|
$
421
|
|
$
441
|
|
$
(20)
|
|
By
segment:
|
|
|
|
|
|
|
Power
Delivery4
|
127
|
|
104
|
|
23
|
|
Power
Generation4
|
240
|
|
171
|
|
69
|
|
Gas
Infrastructure3, 4
|
163
|
|
162
|
|
1
|
|
Corporate and Other
|
(109)
|
|
4
|
|
(113)
|
|
|
|
|
$
421
|
|
$
441
|
|
$
(20)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(EPS):
|
|
|
|
|
|
|
REPORTED EARNINGS
1
|
|
|
|
$
0.62
|
|
$
0.73
|
|
$
(0.11)
|
|
Adjustments to
reported earnings (after tax)
|
0.05
|
|
(0.02)
|
|
0.07
|
|
OPERATING
EARNINGS
|
$
0.67
|
|
$
0.71
|
|
$
(0.04)
|
|
By
segment:
|
|
|
|
|
|
|
Power
Delivery
|
0.20
|
|
0.17
|
|
0.03
|
|
Power
Generation
|
0.38
|
|
0.28
|
|
0.10
|
|
Gas
Infrastructure3
|
0.26
|
|
0.26
|
|
-
|
|
Corporate and Other
|
(0.17)
|
|
-
|
|
(0.17)
|
|
|
|
|
$
0.67
|
|
$
0.71
|
|
$
(0.04)
|
|
|
|
|
|
|
|
|
|
|
Common Shares
Outstanding (average, diluted)
|
629.2
|
|
617.0
|
|
|
|
|
|
|
|
|
|
|
|
|
(millions, except
earnings per share)
|
Six months ended
June 30,
|
|
|
|
|
2017
|
|
2016
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
REPORTED EARNINGS
1
|
|
|
$
1,022
|
|
$
976
|
|
$
46
|
|
Pre-tax
loss (income) 2
|
|
16
|
|
55
|
|
(39)
|
|
Income
tax 2
|
|
(6)
|
|
(18)
|
|
12
|
|
Adjustments to
reported earnings
|
10
|
|
37
|
|
(27)
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EARNINGS
|
$
1,032
|
|
$
1,013
|
|
$
19
|
|
By
segment:
|
|
|
|
|
|
Power
Delivery
|
252
|
|
224
|
|
28
|
|
Power
Generation
|
501
|
|
416
|
|
85
|
|
Gas
Infrastructure3
|
426
|
|
348
|
|
78
|
|
Corporate and Other
|
(147)
|
|
25
|
|
(172)
|
|
|
|
|
$
1,032
|
|
$
1,013
|
|
$
19
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(EPS):
|
|
|
|
|
|
|
REPORTED EARNINGS
1
|
|
|
$
1.63
|
|
$
1.61
|
|
$
0.02
|
|
Adjustments to
reported earnings (after tax)
|
0.01
|
|
0.06
|
|
(0.05)
|
|
OPERATING
EARNINGS
|
$
1.64
|
|
$
1.67
|
|
$
(0.03)
|
|
By
segment:
|
|
|
|
|
|
|
Power
Delivery
|
0.40
|
|
0.37
|
|
0.03
|
|
Power
Generation
|
0.80
|
|
0.69
|
|
0.11
|
|
Gas
Infrastructure3
|
0.68
|
|
0.57
|
|
0.11
|
|
Corporate and Other
|
(0.24)
|
|
0.04
|
|
(0.28)
|
|
|
|
|
$
1.64
|
|
$
1.67
|
|
$
(0.03)
|
|
|
|
|
|
|
|
|
|
|
Common Shares
Outstanding (average, diluted)
|
628.7
|
|
607.6
|
|
|
|
1)
|
Determined in
accordance with Generally Accepted Accounting Principles
(GAAP).
|
|
2)
|
Adjustments to
reported earnings are included in Corporate and Other segment
reported GAAP earnings. Refer to Schedules 2 and 3 for
details, or find "GAAP Reconciliation" in
the Earnings Release Kit on Dominion Energy's website at
www.dominionenergy.com/investors.
|
|
3)
|
2017 amounts include
Dominion Energy Questar.
|
|
4)
|
In connection with
its corporate rebranding, Dominion Energy changed the names of its
principal operating segments to Power Delivery, Power Generation
and Gas Infrastructure from Dominion
Virginia Power, Dominion Generation and Dominion Energy,
respectively.
|
|
|
Schedule 2 - Reconciliation of 2017 Operating Earnings to
Reported Earnings
2017 Earnings (Six months ended June
30, 2017)
The $16 million pre-tax net effect of the adjustments
included in 2017 reported earnings, but excluded from operating
earnings, is primarily related to the following items:
- $37 million net gain related to
our investments in nuclear decommissioning trust funds.
- $23 million of transition and
integration costs associated with the Dominion Energy Questar
combination, which was completed in September 2016.
- $15 million charge to write-off
the balance of a regulatory asset, originally established in a
prior year, which is no longer considered probable of recovery as
of June 30, 2017.
|
|
|
|
|
|
|
|
|
(millions,
except per share amounts)
|
1Q17
|
2Q17
|
3Q17
|
4Q17
|
YTD
2017
|
2
|
|
Reported
earnings
|
$632
|
$390
|
|
|
$1,022
|
|
|
Adjustments to
reported earnings 1:
|
|
|
|
|
|
|
|
Pre-tax loss (income)
|
(31)
|
47
|
|
|
16
|
|
|
Income tax
|
10
|
(16)
|
|
|
(6)
|
|
|
|
(21)
|
31
|
|
|
10
|
|
|
Operating
earnings
|
$611
|
$421
|
|
|
$1,032
|
|
|
Common shares
outstanding (average, diluted)
|
628.1
|
629.2
|
|
|
628.7
|
|
|
Reported earnings
per share
|
$1.01
|
$0.62
|
|
|
$1.63
|
|
|
Adjustments to
reported earnings (after-tax)
|
(0.04)
|
0.05
|
|
|
0.01
|
|
|
Operating earnings
per share
|
$0.97
|
$0.67
|
|
|
$1.64
|
|
|
|
|
|
|
|
|
|
|
1) Adjustments to
reported earnings are reflected in the following
table:
|
|
|
|
|
|
|
|
1Q17
|
2Q17
|
3Q17
|
4Q17
|
YTD
2017
|
|
|
Pre-tax loss
(income):
|
|
|
|
|
|
|
|
Net gain on NDT funds
|
(34)
|
(3)
|
|
|
(37)
|
|
|
Questar transition and integration costs
|
3
|
20
|
|
|
23
|
|
|
Regulatory asset write-off
|
|
15
|
|
|
15
|
|
|
Other
|
|
15
|
|
|
15
|
|
|
|
($31)
|
$47
|
|
|
$16
|
|
|
Income tax expense
(benefit):
|
|
|
|
|
|
|
|
Tax
effect of above adjustments to reported earnings *
|
$10
|
($16)
|
|
|
($6)
|
|
|
|
|
|
|
|
|
|
|
* Income taxes for
individual pre-tax items include current and deferred taxes using a
transactional effective tax rate.
For interim reporting purposes, such amounts may be adjusted in
connection with the calculation of the Company's year-to-date income tax provision based
on its estimated annual effective tax
rate.
|
|
|
|
|
|
|
|
|
|
2) YTD EPS may not
equal sum of quarters due to share count differences
|
|
|
|
|
|
|
|
|
Schedule 3 - Reconciliation of 2016 Reported Earnings to
Operating Earnings
2016 Earnings (Twelve months ended December 31, 2016)
The $359 million pre-tax net
effect of the adjustments included in 2016 reported earnings, but
excluded from operating earnings, is primarily related to the
following items:
- $197 million additional charge
associated with the asset retirement obligations for ash ponds and
landfills at certain utility generation facilities to comply with
the EPA coal combustion residuals rule.
- $74 million of transaction and
transition costs associated with the Dominion Energy Questar
combination, which was completed in September 2016.
- $65 million charge associated
with an organizational design initiative and primarily comprised of
employee severance benefits.
- $23 million of restoration costs
associated with Hurricane Matthew affecting our electric utility
service territories.
|
|
|
|
|
|
|
|
|
(millions,
except per share amounts)
|
1Q16
|
2Q16
|
3Q16
|
4Q16
|
YTD
2016
|
2
|
|
Reported
earnings
|
$524
|
$452
|
$690
|
$457
|
$2,123
|
|
|
Adjustments to
reported earnings 1:
|
|
|
|
|
|
|
|
Pre-tax loss (income)
|
67
|
(12)
|
48
|
256
|
359
|
|
|
Income tax
|
(19)
|
1
|
(22)
|
(95)
|
(135)
|
|
|
|
48
|
(11)
|
26
|
161
|
224
|
|
|
Operating
earnings
|
$572
|
$441
|
$716
|
$618
|
$2,347
|
|
|
Common shares
outstanding (average, diluted)
|
598.2
|
617.0
|
626.0
|
627.1
|
617.1
|
|
|
Reported earnings
per share
|
$0.88
|
$0.73
|
$1.10
|
$0.73
|
$3.44
|
|
|
Adjustments to
reported earnings (after-tax)
|
0.08
|
(0.02)
|
0.04
|
0.26
|
0.36
|
|
|
Operating earnings
per share
|
$0.96
|
$0.71
|
$1.14
|
$0.99
|
$3.80
|
|
|
|
|
|
|
|
|
|
|
1)Adjustments to reported earnings are
reflected in the following table:
|
|
|
|
|
|
|
1Q16
|
2Q16
|
3Q16
|
4Q16
|
YTD
2016
|
|
|
Pre-tax loss
(income):
|
|
|
|
|
|
|
|
Future ash ponds and landfill closure costs
|
|
|
|
197
|
197
|
|
|
Questar transaction and transition costs
|
2
|
5
|
53
|
14
|
74
|
|
|
Organizational design initiative
|
70
|
(5)
|
|
|
65
|
|
|
Hurricane Matthew costs
|
|
|
|
23
|
23
|
|
|
Other items
|
(5)
|
(12)
|
(5)
|
22
|
0
|
|
|
|
$67
|
($12)
|
$48
|
$256
|
$359
|
|
|
Income tax expense
(benefit):
|
|
|
|
|
|
|
|
Tax
effect of above adjustments to reported earnings *
|
(19)
|
1
|
(10)
|
(95)
|
(123)
|
|
|
Divestiture tax settlement
|
|
|
(12)
|
|
(12)
|
|
|
|
($19)
|
$1
|
($22)
|
($95)
|
($135)
|
|
|
|
|
|
|
|
|
|
|
* Income taxes for
individual pre-tax items include current and deferred taxes using a
transactional effective tax rate. For interim reporting
purposes, such amounts may be adjusted in connection with the
calculation of the Company's
year-to-date income tax provision based on its estimated annual
effective tax rate.
|
|
|
|
|
|
|
2) YTD EPS may not
equal sum of quarters due to share count differences
|
|
Schedule 4 -
Reconciliation of 2Q17 Earnings to 2Q16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preliminary,
Unaudited
|
Three Months
Ended
|
|
Six Months
Ended
|
|
(millions,
except EPS)
|
June
30,
|
|
June
30,
|
|
|
2017 vs.
2016
|
|
2017 vs.
2016
|
|
|
Increase /
(Decrease)
|
|
Increase /
(Decrease)
|
|
Reconciling
Items
|
Amount
|
|
EPS
|
|
Amount
|
EPS
|
|
|
|
|
|
|
|
|
|
Change in reported
earnings (GAAP)
|
($62)
|
|
($0.11)
|
|
$46
|
$0.02
|
|
|
|
|
|
|
|
|
|
Change in Pre-tax
loss (income) 1
|
$59
|
|
|
|
($39)
|
|
|
Change in Income tax
1
|
(17)
|
|
|
|
12
|
|
|
Adjustments to
reported earnings
|
$42
|
|
$0.07
|
|
($27)
|
($0.05)
|
|
|
|
|
|
|
|
|
|
Change in
consolidated operating earnings
|
($20)
|
|
($0.04)
|
|
$19
|
($0.03)
|
|
|
|
|
|
|
|
|
|
Power
Delivery
|
|
|
|
|
|
|
|
Regulated electric
sales:
|
|
|
|
|
|
|
|
Weather
|
$4
|
|
$0.01
|
|
($6)
|
($0.01)
|
|
Other
|
1
|
|
-
|
|
11
|
0.02
|
|
FERC Transmission
equity return
|
4
|
|
0.01
|
|
9
|
0.01
|
|
Storm damage and
service restoration
|
10
|
|
0.01
|
|
14
|
0.02
|
|
Other
|
4
|
|
-
|
|
-
|
-
|
|
Share
dilution
|
-
|
|
-
|
|
-
|
(0.01)
|
|
Change in
contribution to operating earnings
|
$23
|
|
$0.03
|
|
$28
|
$0.03
|
|
|
|
|
|
|
|
|
|
Power
Generation
|
|
|
|
|
|
|
|
Regulated electric
sales:
|
|
|
|
|
|
|
|
Weather
|
$9
|
|
$0.01
|
|
($12)
|
($0.02)
|
|
Other
|
2
|
|
-
|
|
21
|
0.04
|
|
Merchant generation
margin
|
(14)
|
|
(0.02)
|
|
(15)
|
(0.03)
|
|
Renewable energy
investment tax credits
|
55
|
|
0.09
|
|
55
|
0.09
|
|
Noncontrolling
interest related to solar partnerships
|
(2)
|
|
-
|
|
(13)
|
(0.02)
|
|
Depreciation
|
(13)
|
|
(0.02)
|
|
(26)
|
(0.04)
|
|
Electric
capacity
|
34
|
|
0.05
|
|
86
|
0.14
|
|
Other
|
(2)
|
|
-
|
|
(11)
|
(0.02)
|
|
Share
dilution
|
-
|
|
(0.01)
|
|
-
|
(0.03)
|
|
Change in
contribution to operating earnings
|
$69
|
|
$0.10
|
|
$85
|
$0.11
|
|
|
|
|
|
|
|
|
|
Gas
Infrastructure
|
|
|
|
|
|
|
|
Dominion Energy
Questar combination2
|
$49
|
|
$0.08
|
|
$150
|
$0.25
|
|
Farmout
transaction
|
(22)
|
|
(0.03)
|
|
(26)
|
(0.04)
|
|
Transportation and
storage growth projects
|
8
|
|
0.01
|
|
16
|
0.02
|
|
Noncontrolling
interest
|
(8)
|
|
(0.01)
|
|
(19)
|
(0.03)
|
|
Cove Point import
contracts
|
(21)
|
|
(0.03)
|
|
(36)
|
(0.06)
|
|
Other
|
(5)
|
|
(0.01)
|
|
(7)
|
(0.01)
|
|
Share
dilution
|
-
|
|
(0.01)
|
|
-
|
(0.02)
|
|
Change in
contribution to operating earnings
|
$1
|
|
$0.00
|
|
$78
|
$0.11
|
|
|
|
|
|
|
|
|
|
Corporate and
Other
|
|
|
|
|
|
|
|
Renewable energy
investment tax credits
|
($63)
|
|
($0.10)
|
|
($105)
|
($0.17)
|
|
Interest expense and
other
|
(50)
|
|
(0.07)
|
|
(67)
|
(0.11)
|
|
Change in
contribution to operating earnings
|
($113)
|
|
($0.17)
|
|
($172)
|
($0.28)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in
consolidated operating earnings
|
($20)
|
|
($0.04)
|
|
$19
|
($0.03)
|
|
|
|
|
|
|
|
|
|
Change in
adjustments included in reported
earnings1
|
($42)
|
|
($0.07)
|
|
$27
|
$0.05
|
|
|
|
|
|
|
|
|
|
Change in
consolidated reported earnings
|
($62)
|
|
($0.11)
|
|
$46
|
$0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1)
|
Adjustments to
reported earnings are included in Corporate and Other segment
reported GAAP earnings. Refer to
Schedules 2 and 3 for details, or find "GAAP Reconciliation" in the
Earnings Release Kit on Dominion's website at
www.dominionenergy.com/investors.
|
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Excludes financing
impact of Dominion Energy Questar combination.
|
|
|
|
|
Note: Figures may not
add due to rounding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/dominion-energy-announces-second-quarter-earnings-300497772.html
SOURCE Dominion Energy