D Dominion Energy Inc

By Joshua Jamerson 

Dominion Resources Inc. said earnings are expected to fall this year, hurt by import contract revenue at its Cove Point Terminal in Maryland, among other causes.

Dominion expects full-year 2017 operating earnings in the range of $3.40 to $3.90 a share, compared with full-year 2016 operating earnings of $3.80 a share in 2016. Analysts polled by Thomson Reuters expected $3.78 a share this year.

The company said lower revenue from import contracts at Cove Point, a refueling outage and lower hedged power prices at its Millstone power station in Connecticut, and a "step down" in solar investment tax credits, are expected to hurt results this year.

Dominion Resources -- with about 26,000 megawatts of generation, 14,400 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric-transmission lines -- is a producer and transporter of energy. Dominion Resources formed Dominion Midstream Partners LP as a partnership to create a portfolio of natural gas terminaling, processing, storage and transportation assets.

Dominion Resources reported earnings of $457 million, or 73 cents a share, up from $357 million, or 60 cents a share, a year prior. Operating revenue came in at $3.08 billion, up from $2.56 billion in the year-earlier period.

Dominion Midstream reported earnings of $36.5 million, up from the year prior's $25.1 million. Operating revenue jumped 42% to $117.5 million.

Write to Joshua Jamerson at joshua.jamerson@wsj.com

(END) Dow Jones Newswires

February 01, 2017 08:37 ET (13:37 GMT)

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