RICHMOND, Va., Feb. 1, 2017 /PRNewswire/ -- Dominion
Resources (NYSE: D) today announced unaudited reported earnings
determined in accordance with Generally Accepted Accounting
Principles (reported earnings) for the three months ended
Dec. 31, 2016, of $457 million ($0.73
per share) compared with earnings of $357
million ($0.60 per share) for
the same period in 2015. Reported earnings for the 12 months
ended Dec. 31, 2016 were $2.1 billion ($3.44
per share) compared with earnings of $1.9
billion ($3.20 per share) for
the same period in 2015.
Operating earnings for the three months ended Dec. 31, 2016, were $618
million ($0.99 per share),
compared to operating earnings of $416
million ($0.70 per share) for
the same period in 2015. Operating earnings for the 12 months
ended Dec. 31, 2016 were $2.3 billion ($3.80
per share), compared to operating earnings of $2.0 billion ($3.44
per share) for the same period in 2015. Operating earnings
are defined as reported earnings adjusted for certain
items.
The principal difference between reported earnings and operating
earnings for the quarter is related to charges associated with
future ash pond and landfill closures. The principal
difference between reported earnings and operating earnings for the
full year is related to charges associated with future ash pond and
landfill closures, costs associated with the Dominion-Questar
combination and the company's organizational design initiative.
Dominion uses operating earnings as the primary performance
measurement of its earnings guidance and results for public
communications with analysts and investors. Dominion 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 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 very pleased with our strong safety, operational and
financial performance in 2016. Operating earnings per
share were in the middle of our guidance range and 10 percent above
last year's. In December, our Board established a 2017
dividend rate that would result in an increase of 8 percent from
2016. This is the third straight year of 8 percent annual
dividend growth, which is among the best in the industry. We
anticipate being able to increase the dividend at greater than 8
percent beginning in 2018.
"Our employees set another new company-wide safety record.
Several projects began operating, including Brunswick County Power
Station, which was honored with a number of industry awards – Best
Overall Generation Project of the Year among them.
"We continue executing on our growth projects, and have begun
constructing the 1,588-megawatt Greensville County combined-cycle power
station. The project is on time and on budget.
"Our Cove Point Liquefaction project made significant progress
this year. It is now 84 percent complete and is on time, with an
expected in-service date in late 2017.
"We received a draft Environmental Impact Statement from FERC
for the Atlantic Coast Pipeline and the related Supply Header
project. Our company continues working toward a construction start
date later this year. We expect to complete these projects in
late 2019."
FULL-YEAR 2016 REPORTED AND OPERATING EARNINGS COMPARED TO
2015
Reported earnings in 2016 were 24
cents per share higher than full-year reported earnings in
2015. Business segment results and detailed descriptions of
items included in 2016 and 2015 reported earnings but excluded from
operating earnings may be found on Schedules 1, 2, and 3 of this
release.
Operating earnings in 2016 rose 36
cents per share from full-year 2015 operating earnings of
$3.44 per share. The increase
in operating earnings was primarily attributable to growth projects
in our regulated electric and gas service areas, lower capacity
expenses and investment tax credits from solar facilities.
Offsetting drivers for the year included lower farmout earnings,
higher depreciation, interest costs and share dilution.
Details of fourth-quarter and full-year 2016 operating earnings
as compared to 2015 may be found on Schedule 4 of this release.
OPERATING EARNINGS GUIDANCE
Dominion expects full-year 2017 operating earnings in the range
of $3.40-$3.90 per share, compared to
full-year 2016 operating earnings of $3.80 per share. Positive drivers include
increased revenues from our growth projects and the addition of
Dominion Questar. The company expects negative drivers for the year
to include a reduction of Cove Point import contract revenues, a
second Millstone refueling outage, lower hedged power prices at
Millstone, a step down in solar investment tax credits and share
dilution.
First-quarter 2017 operating earnings are expected to be in the
range of $0.90-$1.10 per share.
Expected revenues from Cove Point export contracts, along with
other growth drivers, support at least 10 percent year over year
growth in full-year 2018 operating earnings. Furthermore,
Dominion expects a 6 to 8 percent compound average growth rate in
earnings through 2020 from a 2017 base reflecting contributions
from its diverse portfolio of businesses.
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 management is not able to
estimate the aggregate impact of these items on future period
reported earnings.
CONFERENCE CALL TODAY
Dominion will host its fourth-quarter earnings conference call
at 10 a.m. ET on Wednesday, Feb. 1, 2017. Management will
discuss fourth-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.dom.com/investors and
www.dommidstream.com/investors.
A replay of the conference call will be available beginning
about 1 p.m. ET Feb. 1 and lasting until 11 p.m. ET Feb. 8. Domestic callers may
access the recording by dialing (877) 919-4059. International
callers should dial (334) 323-0140. The PIN for the replay is
61568881. Additionally, a replay of the webcast will be
available on the investor information pages by the end of the day
Feb. 1.
Dominion is one of the nation's largest producers and
transporters of energy, with a portfolio of approximately 26,400
megawatts of generation, 14,600 miles of natural gas transmission,
gathering and storage pipeline, and 6,600 miles of electric
transmission lines. Dominion 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, visit the company's
website at www.dom.com.
This release contains certain forward-looking statements,
including forecasted operating earnings for 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'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 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 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 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'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, 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's quarterly reports on
Form 10-Q or most recent annual report on Form 10-K filed with the
U.S. Securities and Exchange Commission.
|
Dominion
Resources, Inc.
|
|
Consolidated
Statements of Income *
|
|
Unaudited (GAAP
Based)
|
|
(millions, except
per share amounts)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
Year
Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2016
|
2015
|
|
2016
|
2015
|
|
|
|
|
Operating
Revenue
|
$
3,082
|
$
2,556
|
|
$
11,733
|
$
11,683
|
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
|
Electric fuel and
other energy-related purchases
|
542
|
545
|
|
2,333
|
2,725
|
|
Purchased electric
capacity
|
(8)
|
71
|
|
99
|
330
|
|
Purchased
gas
|
203
|
105
|
|
455
|
551
|
|
Other operations and
maintenance
|
931
|
720
|
|
3,064
|
2,595
|
|
Depreciation,
depletion and amortization
|
447
|
358
|
|
1,559
|
1,395
|
|
Other
taxes
|
148
|
119
|
|
596
|
551
|
|
Total
operating expenses
|
2,263
|
1,918
|
|
8,106
|
8,147
|
|
|
|
|
|
|
|
|
Income from
operations
|
819
|
638
|
|
3,627
|
3,536
|
|
|
|
|
|
|
|
|
Other
income
|
61
|
69
|
|
250
|
196
|
|
Interest and related
charges
|
295
|
230
|
|
1,010
|
904
|
|
Income from
continuing operations including noncontrolling
|
|
|
|
|
|
|
interests before income taxes
|
585
|
477
|
|
2,867
|
2,828
|
|
|
|
|
|
|
|
|
Income tax
expense
|
94
|
111
|
|
655
|
905
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
including noncontrolling interests
|
$
491
|
$
366
|
|
$
2,212
|
$
1,923
|
|
Noncontrolling
interests
|
34
|
9
|
|
89
|
24
|
|
|
|
|
|
|
|
|
Net Income
attributable to Dominion
|
$
457
|
$
357
|
|
$
2,123
|
$
1,899
|
|
|
|
|
|
|
|
|
Reported earnings
per common share - diluted
|
$
0.73
|
$
0.60
|
|
$
3.44
|
$
3.20
|
|
|
|
|
|
|
|
|
Average shares
outstanding, diluted
|
627.1
|
596.7
|
|
617.1
|
593.7
|
|
|
|
|
|
|
|
|
* The notes contained
in Dominion'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
December 31,
|
|
|
|
|
2016
|
|
2015
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
REPORTED EARNINGS
1
|
|
|
$
457
|
|
$
357
|
|
$
100
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax loss (income)
2
|
256
|
|
98
|
|
158
|
|
|
Income tax
2
|
(95)
|
|
(39)
|
|
(56)
|
|
Adjustments to
reported earnings
|
161
|
|
59
|
|
102
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EARNINGS
|
$
618
|
|
$
416
|
|
$
202
|
|
|
By
segment:
|
|
|
|
|
|
|
|
Dominion Virginia
Power
|
121
|
|
108
|
|
13
|
|
|
Dominion Energy
3
|
243
|
|
171
|
|
72
|
|
|
Dominion
Generation
|
331
|
|
218
|
|
113
|
|
|
Corporate and
Other
|
(77)
|
|
(81)
|
|
4
|
|
|
|
$
618
|
|
$
416
|
|
$
202
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(EPS):
|
|
|
|
|
|
|
REPORTED EARNINGS
1
|
|
|
$
0.73
|
|
$
0.60
|
|
$
0.13
|
|
Adjustments to
reported earnings (after tax)
|
0.26
|
|
0.10
|
|
0.16
|
|
OPERATING
EARNINGS
|
$
0.99
|
|
$
0.70
|
|
$
0.29
|
|
|
By
segment:
|
|
|
|
|
|
|
|
Dominion Virginia
Power
|
0.19
|
|
0.18
|
|
0.01
|
|
|
Dominion Energy
3
|
0.39
|
|
0.29
|
|
0.10
|
|
|
Dominion
Generation
|
0.53
|
|
0.37
|
|
0.16
|
|
|
Corporate and
Other
|
(0.12)
|
|
(0.14)
|
|
0.02
|
|
|
|
|
$
0.99
|
|
$
0.70
|
|
$
0.29
|
|
|
|
|
|
|
|
|
|
|
Common Shares
Outstanding (average, diluted)
|
627.1
|
|
596.7
|
|
|
|
|
|
|
|
|
|
|
|
|
(millions, except
earnings per share)
|
Twelve months
ended December 31,
|
|
|
|
|
2016
|
|
2015
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
REPORTED EARNINGS
1
|
|
|
$
2,123
|
|
$
1,899
|
|
$
224
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax loss (income)
2
|
|
359
|
|
220
|
|
139
|
|
|
Income tax
2
|
|
(135)
|
|
(79)
|
|
(56)
|
|
Adjustments to
reported earnings
|
224
|
|
141
|
|
83
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EARNINGS
|
$
2,347
|
|
$
2,040
|
|
$
307
|
|
|
By
segment:
|
|
|
|
|
|
|
|
Dominion Virginia
Power
|
484
|
|
490
|
|
(6)
|
|
|
Dominion Energy
3
|
726
|
|
680
|
|
46
|
|
|
Dominion
Generation
|
1,397
|
|
1,120
|
|
277
|
|
|
Corporate and
Other
|
(260)
|
|
(250)
|
|
(10)
|
|
|
|
|
$
2,347
|
|
$
2,040
|
|
$
307
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(EPS):
|
|
|
|
|
|
|
REPORTED EARNINGS
1
|
|
|
$
3.44
|
|
$
3.20
|
|
$
0.24
|
|
Adjustments to
reported earnings (after tax)
|
0.36
|
|
0.24
|
|
0.12
|
|
OPERATING
EARNINGS
|
$
3.80
|
|
$
3.44
|
|
$
0.36
|
|
|
By
segment:
|
|
|
|
|
|
|
|
Dominion Virginia
Power
|
0.78
|
|
0.82
|
|
(0.04)
|
|
|
Dominion Energy
3
|
1.18
|
|
1.15
|
|
0.03
|
|
|
Dominion
Generation
|
2.26
|
|
1.89
|
|
0.37
|
|
|
Corporate and
Other
|
(0.42)
|
|
(0.42)
|
|
-
|
|
|
|
|
$
3.80
|
|
$
3.44
|
|
$
0.36
|
|
|
|
|
|
|
|
|
|
|
Common Shares
Outstanding (average, diluted)
|
617.1
|
|
593.7
|
|
|
|
|
|
|
|
|
|
|
|
|
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's website at
www.dom.com/investors.
|
3)
|
2016 amounts include
Dominion Questar operations as of September 16, 2016.
|
Schedule 2 - 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 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
20162
|
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 3 - Reconciliation of 2015 Reported Earnings to
Operating Earnings
2015 Earnings (Twelve months ended December 31, 2015)
The $220 million pre-tax net
effect of the adjustments included in 2015 reported earnings, but
excluded from operating earnings, is primarily related to the
following items:
- $85 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.
- $99 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.
- $28 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.
(millions,
except per share amounts)
|
1Q15
|
2Q15
|
3Q15
|
4Q15
|
YTD
20152
|
Reported
earnings
|
$536
|
$413
|
$593
|
$357
|
$1,899
|
Adjustments to
reported earnings 1:
|
|
|
|
|
|
Pre-tax
loss (income)
|
76
|
27
|
19
|
98
|
220
|
Income
tax
|
(28)
|
(11)
|
(1)
|
(39)
|
(79)
|
|
48
|
16
|
18
|
59
|
141
|
Operating
earnings
|
$584
|
$429
|
$611
|
$416
|
$2,040
|
Common shares
outstanding (average, diluted)
|
589.9
|
592.5
|
595.5
|
596.7
|
593.7
|
Reported earnings
per share
|
$0.91
|
$0.70
|
$1.00
|
$0.60
|
$3.20
|
Adjustments to
reported earnings (after-tax)
|
0.08
|
0.03
|
0.03
|
0.10
|
0.24
|
Operating earnings
per share
|
$0.99
|
$0.73
|
$1.03
|
$0.70
|
$3.44
|
|
|
|
|
|
|
1) Adjustments to
reported earnings are reflected in the following
table:
|
|
|
|
|
1Q15
|
2Q15
|
3Q15
|
4Q15
|
YTD
2015
|
Pre-tax loss
(income):
|
|
|
|
|
|
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
|
|
$76
|
$27
|
$19
|
$98
|
$220
|
|
|
|
|
|
|
Income tax expense
(benefit):
|
|
|
|
|
|
Tax
effect of above adjustments to reported earnings *
|
(28)
|
(11)
|
(7)
|
(39)
|
(85)
|
Deferred taxes refundable to utility customers
|
|
|
6
|
|
6
|
|
($28)
|
($11)
|
($1)
|
($39)
|
($79)
|
|
|
|
|
|
|
* 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 2016 Earnings to 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preliminary,
unaudited
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
(millions,
except EPS)
|
December
31,
|
|
December
31,
|
|
|
|
2016 vs.
2015
|
|
2016 vs.
2015
|
|
|
|
Increase /
(Decrease)
|
|
Increase /
(Decrease)
|
|
Reconciling
Items
|
Amount
|
EPS
|
|
Amount
|
EPS
|
|
|
|
|
|
|
|
|
|
Change in reported
earnings (GAAP)
|
$100
|
$0.13
|
|
$224
|
$0.24
|
|
|
|
|
|
|
|
|
|
|
Change in Pre-tax
loss (income) 1
|
$158
|
|
|
$139
|
|
|
|
Change in Income tax
1
|
(56)
|
|
|
(56)
|
|
|
Adjustments to
reported earnings
|
$102
|
$0.16
|
|
$83
|
$0.12
|
|
|
|
|
|
|
|
|
|
Change in
consolidated operating earnings
|
$202
|
$0.29
|
|
$307
|
$0.36
|
|
|
|
|
|
|
|
|
|
Dominion
Virginia Power
|
|
|
|
|
|
|
|
Regulated electric
sales:
|
|
|
|
|
|
|
|
Weather
|
$13
|
$0.02
|
|
($1)
|
-
|
|
|
Other
|
1
|
-
|
|
1
|
-
|
|
|
FERC Transmission
equity return
|
11
|
0.02
|
|
41
|
0.07
|
|
|
Depreciation
|
(3)
|
-
|
|
(10)
|
(0.02)
|
|
|
Storm damage and
service restoration
|
1
|
-
|
|
(16)
|
(0.03)
|
|
|
AFUDC equity
return
|
(2)
|
-
|
|
(8)
|
(0.01)
|
|
|
Other
|
(8)
|
(0.01)
|
|
(13)
|
(0.02)
|
|
|
Share
dilution
|
-
|
(0.01)
|
|
-
|
(0.03)
|
|
|
Change in
contribution to operating earnings
|
$13
|
$0.01
|
|
($6)
|
($0.04)
|
|
|
|
|
|
|
|
|
|
Dominion
Energy
|
|
|
|
|
|
|
|
Gas Distribution
margin
|
$10
|
$0.02
|
|
$13
|
$0.02
|
|
|
Farmout
transaction
|
(1)
|
-
|
|
(48)
|
(0.08)
|
|
|
Dominion Questar
combination2
|
73
|
0.12
|
|
78
|
0.13
|
|
|
Other
|
(10)
|
(0.02)
|
|
3
|
0.01
|
|
|
Share
dilution
|
-
|
(0.02)
|
|
-
|
(0.05)
|
|
|
Change in
contribution to operating earnings
|
$72
|
$0.10
|
|
$46
|
$0.03
|
|
|
|
|
|
|
|
|
|
Dominion
Generation
|
|
|
|
|
|
|
|
Regulated electric
sales:
|
|
|
|
|
|
|
|
Weather
|
$24
|
$0.04
|
|
$2
|
-
|
|
|
Other
|
1
|
-
|
|
13
|
0.02
|
|
|
Merchant generation
margin
|
8
|
0.01
|
|
(34)
|
(0.06)
|
|
|
Rate adjustment
clause equity return
|
6
|
0.01
|
|
24
|
0.04
|
|
|
Renewable energy
investment tax credits
|
6
|
0.01
|
|
186
|
0.31
|
|
|
Noncontrolling
interest related to solar partnerships
|
(8)
|
(0.01)
|
|
(28)
|
(0.05)
|
|
|
Depreciation
|
(10)
|
(0.02)
|
|
(25)
|
(0.04)
|
|
|
Electric
capacity
|
48
|
0.08
|
|
137
|
0.23
|
|
|
Other
|
38
|
0.06
|
|
2
|
0.01
|
|
|
Share
dilution
|
-
|
(0.02)
|
|
-
|
(0.09)
|
|
|
Change in
contribution to operating earnings
|
$113
|
$0.16
|
|
$277
|
$0.37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and
Other
|
|
|
|
|
|
|
|
Renewable energy
investment tax credits
|
$25
|
$0.04
|
|
-
|
-
|
|
|
Other
|
(21)
|
(0.02)
|
|
(10)
|
-
|
|
|
Change in
contribution to operating earnings
|
$4
|
$0.02
|
|
($10)
|
-
|
|
|
|
|
|
|
|
|
|
Change in
consolidated operating earnings
|
$202
|
$0.29
|
|
$307
|
$0.36
|
|
|
|
|
|
|
|
|
|
Change in
adjustments included in reported
earnings1
|
($102)
|
($0.16)
|
|
($83)
|
($0.12)
|
|
|
|
|
|
|
|
|
|
Change in
consolidated reported earnings
|
$100
|
$0.13
|
|
$224
|
$0.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.dom.com/investors.
|
|
|
|
2)
|
Excludes financing
impact of Dominion Questar combination.
|
|
|
|
|
|
Note: Figures may
not add due to rounding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/dominion-announces-fourth-quarter-and-full-year-2016-earnings-300399942.html
SOURCE Dominion Resources