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D · DOMINION ENERGY, INC

50 filings

10-Q

D 10-Q Quarterly Reports

DOMINION ENERGY, INC - 50 quarterly reports

Filing record · 2016–202610-K1110-Q328-K223

D filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 223 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Jan ’17Jan ’17
  2. Material agreement8-K · Mar ’19Mar ’19
  3. Material agreement8-K · Jul ’21Jul ’21
  4. Leadership change8-K · Jul ’25Jul ’25
  1. 2026-Q2

    DOMINION ENERGY, INC Quarterly Report for Q2 Ended Jun 30, 2026

    Dominion Energy reported a significant decrease in net income attributable to the company for the three and six months ended June 30, 2026, compared to the same periods in 2025. This decline was primarily driven by a substantial impairment charge related to nonregulated renewable natural gas facilities, higher unrealized losses on economic hedging activities, and increased interest expenses on long-term debt. These factors were partially offset by benefits from the revision of asset retirement obligations for Millstone Unit 1, increased investment gains on nuclear decommissioning trust funds, and positive impacts from capital investments and regulatory reviews at Virginia Power. Financially, the company saw an increase in operating revenue primarily due to higher fuel-related revenues and increased recovery of non-fuel rider costs at Virginia Power, though this was partially offset by a net decrease related to market price impacts at Millstone. The company's overall liquidity remains supported by its joint revolving credit facility, with substantial unused capacity available. The proposed merger with NextEra Energy remains a key event, with various regulatory approvals pending, which could significantly impact the company's future structure and operations.

    Jul 31, 2026
  2. 2026-Q1

    DOMINION ENERGY, INC Quarterly Report for Q1 Ended Mar 31, 2026

    Dominion Energy (D) reported a decrease in net income attributable to the company to $621 million for the first quarter of 2026, down from $665 million in the same period of 2025. This decline was primarily driven by increased interest expenses on long-term debt and unrealized losses on economic hedging activities, alongside an impairment charge related to non-regulated solar generation facilities. However, these impacts were partially offset by higher rider equity returns, reflecting capital investments at Virginia Power, and the benefits from Virginia Power's 2025 Biennial Review. Operating revenue saw a significant increase of 23% year-over-year, largely due to higher fuel-related revenue and increased recovery of costs associated with Virginia Power's non-fuel riders and the 2025 Biennial Review. The company continues to advance its major projects, notably the CVOW Commercial Project, with significant onshore and offshore construction activities progressing. The estimated total project cost for CVOW is approximately $11.4 billion, with the majority of turbines expected to be in service by the end of 2026. Management anticipates issuing between $6.0 billion and $9.5 billion in long-term debt during 2026 to fund capital expenditures and maturing debt.

    May 1, 2026
  3. 2025-Q3

    DOMINION ENERGY, INC Quarterly Report for Q3 Ended Sep 30, 2025

    Dominion Energy, Inc. reported a strong third quarter and year-to-date performance for 2025, with net income attributable to Dominion Energy increasing by 8% in the third quarter to $1,006 million and by 28% year-to-date to $2,431 million. This growth was primarily driven by higher rider equity returns from capital investments in Virginia Power, increased net investment earnings on nuclear decommissioning trust funds, and favorable rate case settlements. The company also benefited from the absence of certain market-related impacts on pension plans and prior period charges. For the nine months ended September 30, 2025, Dominion Energy's operating revenue increased by 12% to $12,413 million. The company successfully managed operating expenses, although electric fuel and other energy-related purchases rose significantly due to higher commodity costs. Capital expenditures were substantial, reflecting ongoing investments in property, plant, and equipment, particularly in Virginia Power's regulated operations. The company also strengthened its liquidity position, with total cash, restricted cash, and equivalents reaching $1,066 million at the end of the period. Dominion Energy continues to navigate regulatory environments and manage its substantial project pipeline, including the significant offshore wind project.

    Oct 31, 2025
  4. 2025-Q2

    DOMINION ENERGY, INC Quarterly Report for Q2 Ended Jun 30, 2025

    Dominion Energy, Inc. reported a strong financial performance for the quarter ending June 30, 2025, with net income attributable to the company increasing by 35% to $760 million, or $0.88 per diluted share, compared to the prior year's second quarter. This growth was primarily driven by increased net investment earnings on nuclear decommissioning trust funds and higher rider equity returns at Virginia Power, reflecting significant capital investments. The year-to-date results also showed substantial improvement, with net income up 48% to $1.425 billion, or $1.65 per diluted share, benefiting from the absence of certain pension-related charges and positive contributions from tax credits. These positive trends were partially tempered by the ongoing impact of divestitures, as the company continues to refine its business portfolio. On the balance sheet, Dominion Energy maintained a solid financial position. Total assets grew to $107.4 billion at June 30, 2025, supported by ongoing investments in property, plant, and equipment. Total liabilities also increased, primarily due to higher long-term debt, reflecting the financing of capital expenditures. The company successfully amended and extended its joint revolving credit facility, increasing its capacity to $7.0 billion, enhancing its liquidity position. The company reiterated its 2025 outlook, signaling confidence in its operational performance and strategic initiatives. Investors should note the significant capital expenditures underway, particularly related to the CVOW Commercial Project, which continues to represent a substantial investment and potential source of future regulated growth, though subject to certain tariff impacts and regulatory approvals. The company's focus remains on executing its capital plan while managing operational and regulatory risks.

    Aug 1, 2025
  5. 2025-Q1

    DOMINION ENERGY, INC Quarterly Report for Q1 Ended Mar 31, 2025

    Dominion Energy (D) reported strong first-quarter 2025 financial results, with net income attributable to Dominion Energy increasing by 46% to $646 million ($0.75 diluted EPS) compared to $441 million ($0.50 diluted EPS) in the prior year's quarter. This substantial improvement was driven by a combination of factors, including higher rider equity returns from increased capital investments at Virginia Power, favorable weather conditions impacting electric utility sales, and reduced unrealized losses on economic hedging activities. The company also benefited from the absence of certain prior-year charges and market-related impacts on pension plans. Operationally, the company saw a 12% increase in total operating revenue, largely due to higher recovery of costs through non-fuel riders, increased electric utility retail sales, and contributions from recent settlements. While expenses saw increases in other operations and maintenance, notably due to severe weather events, these were largely offset by reductions in depreciation and amortization and lower interest expenses. The company continues to advance its significant capital projects, including the CVOW Commercial Project, which is on track for completion by the end of 2026, though subject to potential tariff impacts. Dominion Energy's liquidity remains solid, supported by its credit facilities and a strong operating cash flow.

    May 1, 2025
  6. 2024-Q3

    DOMINION ENERGY, INC Quarterly Report for Q3 Ended Sep 30, 2024

    Dominion Energy reported a significant increase in net income attributable to the company for the third quarter and year-to-date periods ending September 30, 2024, compared to the prior year. This improvement was largely driven by the absence of substantial charges related to asset dispositions in the prior year, increased net investment earnings on nuclear decommissioning trust funds, and higher equity returns from Virginia Power's capital investments. The company also saw a reduction in interest expenses due to lower debt levels and a benefit from a nuclear production tax credit. However, operating revenue saw a modest increase primarily due to regulatory riders and market price impacts at Millstone, partially offset by lower fuel-related revenue and one-time customer credits. Overall, Dominion Energy demonstrated solid financial performance, benefiting from operational efficiencies and favorable investment returns. Key financial highlights include a robust increase in both quarterly and year-to-date net income, driven by the aforementioned factors. The company's strategic asset dispositions and ongoing capital investments in regulated operations, particularly at Virginia Power, contributed to improved financial results. Despite headwinds from fluctuating commodity costs and regulatory adjustments, Dominion Energy maintained a strong liquidity position and managed its debt effectively, underscoring its financial resilience and commitment to returning value to shareholders.

    Nov 1, 2024
  7. 2024-Q2

    DOMINION ENERGY, INC Quarterly Report for Q2 Ended Jun 30, 2024

    Dominion Energy, Inc. (D) reported its financial results for the quarter ended June 30, 2024. The company saw a slight decrease in net income attributable to Dominion Energy for both the second quarter and year-to-date periods compared to the prior year. This decrease was primarily driven by the closing of the East Ohio Transaction and impacts from 2023 Virginia legislation, partially offset by improved operational performance at Millstone and favorable weather conditions for electric utility customers. Financially, the company's operating revenue increased due to the recovery of costs associated with non-fuel riders and growth in retail electric sales. However, higher interest expenses, increased impairment charges, and a decrease in other income impacted profitability. The company continues to manage its debt, with notable activity including term loan repayments and issuances of long-term debt. Investing activities were significantly influenced by proceeds from asset dispositions, while capital expenditures increased. The company's subsidiary, Virginia Power, also reported improved net income, benefiting from the absence of amortization related to a prior regulatory settlement and increased electric sales, though partially offset by legislative changes impacting riders.

    Aug 1, 2024
  8. 2024-Q1

    DOMINION ENERGY, INC Quarterly Report for Q1 Ended Mar 31, 2024

    Dominion Energy, Inc. reported a net income attributable to the company of $674 million ($0.78 per diluted share) for the first quarter of 2024, a decrease from $981 million ($1.15 per diluted share) in the same period of 2023. This decline was primarily attributed to the completion of the East Ohio Transaction, increased unrealized losses on economic hedging activities, and impacts from 2023 Virginia legislation, partially offset by higher net investment earnings on nuclear decommissioning trust funds. The company continues to navigate significant divestitures, including the completion of the East Ohio Transaction in March 2024. The sale of regulated gas distribution operations to Enbridge is a key strategic move. The company is also progressing with other planned sales, such as PSNC and Questar Gas, expected to close later in 2024. Capital expenditures remain substantial, with a planned $11.8 billion for 2024 focused on regulated utility investments, particularly in Dominion Energy Virginia, which includes significant investments in renewable energy projects like the CVOW Commercial Project.

    May 2, 2024
  9. 2023-Q3

    DOMINION ENERGY, INC Quarterly Report for Q3 Ended Sep 30, 2023

    Dominion Energy reported a significant decrease in net income attributable to Dominion Energy for the third quarter of 2023, down to $163 million from $778 million in the same period last year. This decline was primarily driven by charges related to deferred taxes on the sale of gas distribution operations and the impact of recent Virginia legislation, partially offset by a gain from the sale of its noncontrolling interest in Cove Point. For the nine months ended September 30, 2023, net income increased by 70% year-over-year to $1,759 million, benefiting from the absence of prior year charges related to asset sales and regulatory matters, alongside increased investment gains and the Cove Point sale gain. Operationally, revenue from continuing operations showed a mixed trend with a slight decrease year-over-year for the quarter but an increase for the year-to-date period, driven by changes in commodity costs and the inclusion of new riders. The company is actively managing its portfolio, having entered into agreements to sell regulated gas distribution operations and completing the sale of its interest in Cove Point. Significant capital expenditures continue, particularly for infrastructure improvements and projects like the CVOW Commercial Project, influencing liquidity and financing activities.

    Nov 8, 2023
  10. 2023-Q2

    DOMINION ENERGY, INC Quarterly Report for Q2 Ended Jun 30, 2023

    Dominion Energy, Inc. (D) reported a significant increase in net income for the six months ended June 30, 2023, compared to the same period in 2022, largely driven by the absence of significant one-time charges and improved investment earnings. For the second quarter of 2023, net income attributable to Dominion Energy was $599 million ($0.69 diluted EPS), a substantial improvement from a net loss of $453 million ($0.58 diluted EPS) in the prior year's second quarter. Year-to-date, net income was $1.6 billion ($1.86 diluted EPS), up from $258 million ($0.25 diluted EPS) in the first half of 2022. This strong performance was aided by higher operating revenues, driven by increased fuel-related revenue and favorable market conditions at Millstone, as well as favorable investment performance in nuclear decommissioning trust funds. Management highlighted improved operating revenues and a reduction in significant charges, such as those related to Virginia fuel expenses and RGGI compliance costs, as key drivers for the improved results.

    Aug 4, 2023
  11. 2023-Q1

    DOMINION ENERGY, INC Quarterly Report for Q1 Ended Mar 31, 2023

    Dominion Energy (D) reported a strong first quarter for 2023, with net income attributable to the company increasing by 40% to $997 million, or $1.17 per diluted share, compared to $711 million, or $0.83 per diluted share, in the prior year's first quarter. This significant improvement was driven by several factors, including higher net investment earnings on nuclear decommissioning trust funds, increased unrealized gains on economic hedging activities, and a notable decrease in storm damage and service restoration costs. The company also benefited from the absence of a prior-year charge related to the sale of Hope. Revenue also saw a substantial increase of 23% to $5.25 billion, bolstered by higher market prices for electricity and increased fuel-related revenue due to rising commodity costs. Despite these positive results, the company faces ongoing scrutiny regarding its business strategy and capital allocation, with a comprehensive business review expected to conclude in the third quarter of 2023. Recent legislative changes in Virginia are set to alter the regulatory framework, including a shift of $350 million in annual revenue requirement from riders to base rates and adjustments to Return on Equity (ROE) parameters. These regulatory and strategic developments will be critical for investors to monitor as they could materially impact Dominion Energy's future financial performance.

    May 5, 2023
  12. 2022-Q3

    DOMINION ENERGY, INC Quarterly Report for Q3 Ended Sep 30, 2022

    Dominion Energy's Q3 2022 10-Q shows third-quarter net income attributable to Dominion of $778 million ($0.91 diluted EPS), up from $654 million ($0.79) a year earlier, driven mainly by unrealized gains on economic hedges, partly offset by lower nuclear decommissioning trust earnings. Year-to-date, net income fell 47% to $1.036 billion ($1.17 diluted EPS) from $1.947 billion ($2.35), largely due to the roughly $649 million pre-tax loss on the sale of Kewaunee, lower nuclear trust investment returns (about $1.2 billion of net investment losses year-to-date), Virginia Triennial Review impacts, a RGGI cost charge and a Virginia fuel expense settlement charge. Operating revenue rose 22% year-to-date to $12.3 billion, reflecting higher fuel and commodity pass-through revenue and riders, while total assets grew to $103.5 billion and long-term debt rose to $38.2 billion. Balance-sheet and capital activity was heavy. Dominion redeemed its $1.6 billion Series A Preferred Stock in September 2022, after settling the 2019 Equity Units with 19.4 million common shares, and completed the sale of Hope Gas for $690 million. Capital expenditures continued to rise, with plant construction and other property additions of $5.3 billion year-to-date, and the company expects to issue $3.2 to $4.4 billion of long-term debt in 2022. Operating cash flow declined to $2.7 billion from $3.5 billion, mainly on lower deferred fuel recoveries and refund payments to Virginia customers. Liquidity remains supported by a $6.0 billion joint revolving credit facility with $3.1 billion unused. Investors should weigh the strong operating momentum in the regulated utilities and the Q3 earnings rebound against the year-to-date earnings decline, the sizable nuclear trust losses and one-time charges, and rising capital needs for the CVOW offshore wind project and other growth investments. The company also announced a business review in November 2022 that could materially affect its future business mix and capital allocation, with results expected in 2023.

    Nov 4, 2022
  13. 2022-Q2

    DOMINION ENERGY, INC Quarterly Report for Q2 Ended Jun 30, 2022

    Dominion Energy's Q2 2022 10-Q shows a sharply weaker quarter driven by non-recurring and mark-to-market items. Second-quarter net loss attributable to Dominion Energy was $(453) million, or $(0.58) per diluted share, versus net income of $285 million ($0.33 per share) a year earlier. Year-to-date net income fell to $258 million ($0.25 per diluted share) from $1,293 million ($1.56), a decline of about 80%. The main drivers were a $649 million pre-tax loss on the sale of Kewaunee nuclear station, $579 million of losses on nuclear decommissioning trust investments year to date, a $191 million charge tied to a proposed Virginia fuel expense settlement, and a $180 million charge for RGGI compliance costs deemed recovered through base rates. Operating revenue rose 18% in the quarter to $3.6 billion, mainly from higher fuel and commodity pass-through costs and riders, so the top-line growth does not reflect underlying earnings strength. Balance sheet and financing activity were significant. Total assets reached $103.7 billion, and long-term debt rose to $38.3 billion. Dominion issued 19.4 million common shares to settle the stock purchase contract component of its 2019 Equity Units, receiving $1.6 billion, and called all Series A Preferred Stock for redemption in September 2022, funded by a $2.0 billion short-term deposit. Operating cash flow fell to $1.4 billion from $2.2 billion, while capital spending on plant and other property additions rose to $3.2 billion, reflecting continued heavy investment in offshore wind (CVOW) and regulated infrastructure. Management also flagged that 2022 EPS is expected to decline versus 2021, and that Hope Gas is being sold to Ullico for $690 million. For investors, the key questions are whether the one-time losses are truly non-recurring, how quickly the Kewaunee and Hope transactions close and affect earnings, and whether the company can fund its large capital program while keeping the dividend and credit profile intact. Standard & Poor's revised its outlook from positive to stable in August 2022, a signal of added caution on leverage.

    Aug 8, 2022
  14. 2022-Q1

    DOMINION ENERGY, INC Quarterly Report for Q1 Ended Mar 31, 2022

    Dominion Energy's first-quarter 2022 10-Q shows net income attributable to the company of $711 million, down 29% from $1,008 million a year earlier, and diluted EPS of $0.83 versus $1.23. The decline was driven mainly by a swing from net investment gains to net investment losses on nuclear decommissioning trust funds (other income fell from $287 million to $46 million), and by an $87 million deferred tax charge tied to the pending sale of Hope Gas. Operating revenue rose 11% to $4.28 billion on higher fuel and gas cost pass-throughs, while interest expense more than tripled to $174 million, reflecting net debt issuance and lower unrealized derivative gains. Balance sheet and cash flow trends warrant attention. Total assets grew to $100.9 billion, and capital spending ran at $1.6 billion in the quarter, funded by $1.0 billion of new Virginia Power senior notes and higher short-term borrowings. Operating cash flow fell 23% to $1.1 billion, pressured by $190 million of refunds to Virginia customers under the 2021 Triennial Review settlement. Securities due within one year rose to $2.55 billion, and the June 2022 settlement of the 2019 Equity Units (about $1.6 billion of proceeds and up to 21.8 million new shares) and the September 2022 redemption of Series A Preferred Stock are near-term items to monitor. Pending portfolio actions are a meaningful part of the story. The Hope sale for $690 million is expected to close by year-end 2022, with a pre-tax gain of about $60 million, and the Kewaunee sale would generate an estimated $660 million pre-tax loss ($520 million after tax) if it were classified as held for sale. Dominion also agreed to form Dominion Privatization with Patriot, and the Q-Pipe Group sale closed in December 2021. Overall, investors face a quarter with weaker reported earnings driven largely by non-operating and one-time items, alongside rising leverage and a sizable capital program.

    May 5, 2022
  15. 2021-Q3

    DOMINION ENERGY, INC Quarterly Report for Q3 Ended Sep 30, 2021

    Dominion Energy's Q3 2021 10-Q shows a sharp earnings rebound driven by the absence of 2020's large impairment and discontinued-operations charges. Net income attributable to Dominion Energy was $654 million ($0.79 diluted EPS) for the quarter versus $356 million ($0.41) a year earlier. Year-to-date net income was $1.947 billion ($2.35 diluted EPS) versus a loss of $1.083 billion in the prior-year period, which had been hit by the Atlantic Coast Pipeline cancellation and the planned early retirement of Virginia generation units. Operating revenue fell 12% in the quarter to $3.18 billion, largely because of a $350 million refund provision tied to the proposed 2021 Triennial Review settlement in Virginia. The portfolio is continuing to be reshaped. Dominion agreed in October 2021 to sell the Q-Pipe Group to Southwest Gas for roughly $2 billion, with an expected gain of about $685 million pre-tax, and it has agreements to sell Kewaunee, its stake in Four Brothers and Three Cedars, and SBL Holdco. Debt rose meaningfully: short-term debt reached $3.9 billion and long-term debt $34.8 billion, with a $900 million sustainability-linked facility and a $1.3 billion term loan used to hold the Q-Pipe deposit. Liquidity remains adequate, with about $2.4 billion of unused capacity under the $6.0 billion joint revolver. Investors should watch the pending Virginia and North Carolina rate outcomes, the roughly $10 billion Coastal Virginia Offshore Wind project and its risk factor on cost and schedule, and the reclassification of $1.6 billion of Series A preferred stock to mezzanine equity in Q4 2021 after the settlement terms were amended. Net debt and capital spending are rising, so the pace of asset sales and the ability to fund the capital program without further equity issuance are key considerations.

    Nov 5, 2021
  16. 2021-Q2

    DOMINION ENERGY, INC Quarterly Report for Q2 Ended Jun 30, 2021

    Dominion Energy, Inc. (D) reported financial results for the second quarter and the first six months of 2021. For the second quarter, the company reported a net income attributable to Dominion Energy of $285 million, or $0.33 per diluted share, a significant improvement compared to a net loss of $1,169 million, or ($1.52) per diluted share, in the same period of 2020. This turnaround was largely driven by the absence of substantial charges related to discontinued operations, specifically the cancellation of the Atlantic Coast Pipeline Project, which had negatively impacted the prior year's results. Year-to-date, net income attributable to Dominion Energy was $1,293 million, or $1.56 per diluted share, compared to a net loss of $1,439 million, or ($1.83) per diluted share, in the corresponding period of 2020. The year-to-date improvement also reflects the absence of significant charges from discontinued operations and the planned early retirement of certain electric generation facilities. While operating revenue saw a slight decrease year-over-year due to various factors including unfavorable pricing and lower sales to electric utility customers, the company's management of operating expenses, particularly the absence of certain large charges from the prior year, led to the improved net income. Investors should note the ongoing management of capital expenditures and the company's continued focus on its regulatory asset recovery mechanisms and strategic asset dispositions.

    Aug 6, 2021
  17. 2021-Q1

    DOMINION ENERGY, INC Quarterly Report for Q1 Ended Mar 31, 2021

    Dominion Energy reported a significant turnaround in the first quarter of 2021 compared to the same period in 2020. Net income attributable to Dominion Energy surged to $1,008 million, or $1.23 per diluted share, a substantial improvement from a net loss of $270 million, or ($0.34) per diluted share, in Q1 2020. This dramatic increase was largely driven by the absence of substantial charges related to early retirement of electric generation facilities and favorable investment earnings on nuclear decommissioning trust funds. Operationally, the company saw a slight decrease in total operating revenue to $3,870 million from $3,938 million year-over-year, influenced by factors such as unbilled revenue reductions and unfavorable pricing at Millstone. However, key operational expenses like electric fuel and other energy-related purchases saw a notable decrease. The company continues to navigate its strategic divestitures, particularly the Q-Pipe transaction, which is expected to result in a pre-tax gain upon closing in 2021. Investors should monitor the progress of these divestitures and the ongoing regulatory matters, especially concerning base rate cases and environmental regulations.

    May 4, 2021
  18. 2020-Q3

    DOMINION ENERGY, INC Quarterly Report for Q3 Ended Sep 30, 2020

    Dominion Energy, Inc. reported a net income attributable to the company of $356 million for the third quarter of 2020, a significant decrease from $975 million in the same period of 2019. This decline was primarily driven by a substantial $1.15 billion "Impairment of assets and other charges" in the current quarter, largely due to charges related to merchant solar facilities, a contract termination for Fowler Ridge, and a customer credit reinvestment offset in Virginia. Year-to-date, the company reported a net loss of $1.083 billion, a stark contrast to a net income of $349 million in the first nine months of 2019. This loss was heavily influenced by significant charges from discontinued operations, particularly related to the cancellation of the Atlantic Coast Pipeline Project, alongside other impairments and charges. Operationally, total operating revenue for the third quarter decreased slightly to $3.61 billion from $3.78 billion in the prior year. For the nine months ended September 30, 2020, operating revenue increased to $10.65 billion from $10.51 billion in the same period of 2019. Despite the overall decline in profitability, Dominion Energy maintained its financial flexibility, with $3.8 billion in unused capacity under its joint revolving credit facility and an additional $675 million available under a 364-Day Revolving Credit Agreement. The company also repurchased approximately $2.4 billion of its common stock during the third quarter.

    Nov 6, 2020
  19. 2020-Q2

    DOMINION ENERGY, INC Quarterly Report for Q2 Ended Jun 30, 2020

    Dominion Energy, Inc. (D) reported a net loss of $1.17 billion ($1.41 per share) for the second quarter of 2020, a significant decrease from a net income of $54 million ($0.07 per share) in the same period of 2019. This decline was primarily driven by substantial charges related to the cancellation of the Atlantic Coast Pipeline and Supply Header Projects, amounting to $482 million, and other early retirement charges for generation facilities. Despite the net loss, operating revenue showed resilience, down only 5% year-over-year for the quarter, indicating the stable nature of its regulated utility operations. Looking at the first six months of 2020, Dominion Energy reported a net loss of $1.44 billion ($1.75 per share), compared to a net loss of $626 million ($0.78 per share) in the first half of 2019. The year-to-date results were heavily impacted by the same pipeline project charges and early retirement expenses. However, the company announced a significant strategic move in July 2020 to sell substantially all of its gas transmission and storage operations to Berkshire Hathaway Energy for approximately $10 billion, a transaction expected to close in Q4 2020. This divestiture is anticipated to generate substantial cash and allow Dominion Energy to focus on its regulated utility operations and renewable energy initiatives.

    Aug 5, 2020
  20. 2020-Q1

    DOMINION ENERGY, INC Quarterly Report for Q1 Ended Mar 31, 2020

    Dominion Energy reported a net loss attributable to the company of $270 million ($0.34 per diluted share) for the first quarter of 2020, a significant improvement from a net loss of $680 million ($0.86 per diluted share) in the same period of 2019. This improvement was largely driven by the absence of substantial charges related to the SCANA Combination in the prior year, including refunds for the NND Project and impairments for regulatory assets. Operating revenue increased to $4.5 billion from $3.86 billion year-over-year. While specific segment performance varied, Dominion Energy Virginia saw a notable increase in net income, driven by rate adjustment clauses and absent certain prior year charges. Conversely, Contracted Generation experienced a decrease in net income. The company's liquidity remains strong, with significant unused capacity under its credit facilities, and proactive measures were taken in March and April 2020 to further bolster liquidity in response to the COVID-19 pandemic. The company is managing ongoing regulatory matters and environmental compliance, with the Virginia Electric and Power Company (Virginia Power) facing new renewable energy mandates under the Virginia Clean Economy Act.

    May 5, 2020
  21. 2019-Q3

    DOMINION ENERGY, INC Quarterly Report for Q3 Ended Sep 30, 2019

    Dominion Energy, Inc. (D) reported a significant increase in operating revenue for the third quarter of 2019 compared to the same period in 2018, driven by the SCANA Combination and favorable weather conditions. However, net income attributable to Dominion Energy declined year-over-year for the nine-month period ending September 30, 2019. This decline was largely attributed to substantial charges related to the SCANA acquisition, including refunds for the NND Project, voluntary retirement programs, early retirement of generation facilities, and litigation costs. While the SCANA Combination expanded the company's regulated asset base and revenue, integration costs and specific charges significantly impacted profitability in the year-to-date period. The company continues to manage its energy portfolios through derivative instruments and maintain a strong liquidity position supported by its credit facility. Capital expenditures are ongoing for growth projects. Investors should monitor the impact of SCANA integration costs, ongoing regulatory matters, and the Atlantic Coast Pipeline project developments.

    Nov 1, 2019
  22. 2019-Q2

    DOMINION ENERGY, INC Quarterly Report for Q2 Ended Jun 30, 2019

    Dominion Energy reported a significant decrease in net income for the second quarter and year-to-date periods of 2019 compared to 2018, primarily driven by substantial charges related to a voluntary retirement program, litigation acquired through the SCANA Combination, and early retirement of certain assets. The SCANA Combination, completed in January 2019, contributed to increased operating revenue but also led to significant integration costs and specific charges, impacting overall profitability. While operating revenue saw an increase across the consolidated entity and its key subsidiaries (Virginia Power and Dominion Energy Gas), the substantial charges related to the SCANA acquisition and other operational restructuring initiatives led to a sharp decline in net income and earnings per share for the reported periods. The company's liquidity remains strong with significant unused capacity under its credit facilities, but investors should closely monitor the impact of ongoing integration efforts and regulatory matters, particularly those related to the SCANA Combination and environmental compliance. Key financial metrics highlight the impact of these charges. For the second quarter of 2019, net income attributable to Dominion Energy was $54 million ($0.05 EPS), a significant drop from $449 million ($0.69 EPS) in the prior year's quarter. Year-to-date, the company reported a net loss of $626 million ($0.78 EPS), compared to a net income of $952 million ($1.46 EPS) in the same period of 2018. Despite these reported losses, the company's core operational revenues showed resilience, bolstered by regulated utility operations and strategic acquisitions.

    Aug 1, 2019
  23. 2019-Q1

    DOMINION ENERGY, INC Quarterly Report for Q1 Ended Mar 31, 2019

    Dominion Energy, Inc. reported a net loss of $680 million, or $0.86 per diluted share, for the first quarter of 2019. This significant loss was primarily driven by substantial charges related to the SCANA combination, including refunds for the NND Project, and costs associated with early retirement of certain generation and infrastructure assets. Despite these one-time charges, the company's core regulated utility operations, particularly within the Gas Infrastructure and Power Delivery segments, demonstrated operational performance, although impacted by seasonal weather patterns. Investors should note the significant balance sheet changes resulting from the SCANA acquisition, including an increase in Property, Plant and Equipment, Goodwill, and long-term debt. The company continues to focus on integrating SCANA and managing its extensive asset base, while navigating regulatory environments and environmental compliance. The Atlantic Coast Pipeline project remains a key strategic initiative, albeit with ongoing cost and schedule uncertainties due to regulatory and judicial actions.

    May 3, 2019
  24. 2018-Q3

    DOMINION ENERGY, INC Quarterly Report for Q3 Ended Sep 30, 2018

    Dominion Energy, Inc. (D) reported solid financial results for the nine months ended September 30, 2018. The company saw a 7% increase in net income attributable to Dominion Energy compared to the same period in 2017, reaching $1.8 billion, and diluted Earnings Per Share (EPS) grew to $2.77 from $2.66. This growth was primarily driven by the commencement of commercial operations at its Liquefaction Project at Cove Point and increased net investment earnings on nuclear decommissioning trust funds. The company also made progress on its strategic acquisition of SCANA Corporation, targeting closing by the end of 2018, subject to regulatory approvals. Operationally, the company experienced increased electricity delivered and a rise in net revenue, partly due to favorable weather conditions and growth projects. However, specific charges related to Virginia legislation for customer rate credits and provisions for future ash pond and landfill closure costs impacted net income. Despite these, Dominion Energy's strong operating cash flow generation supports its capital expenditures and dividend payments, indicating a stable financial outlook for investors.

    Nov 2, 2018
  25. 2018-Q2

    DOMINION ENERGY, INC Quarterly Report for Q2 Ended Jun 30, 2018

    Dominion Energy's Q2 2018 10-Q shows net income attributable to Dominion Energy of $1.02 billion for the first half of 2018, down 7% from the prior year, with diluted EPS of $1.46 versus $1.63. The decline was driven by non-recurring-type charges: a $215 million ($160 million after-tax) charge tied to Virginia legislation requiring one-time customer rate credits, a $129 million ($94 million after-tax) FERC-regulated plant disallowance at DETI, and an $81 million ($60 million after-tax) charge for ash pond and landfill closure costs. Second-quarter net income rose 15% to $0.69 per diluted share (from $0.62), helped by the Cove Point Liquefaction Project entering commercial operation, higher nuclear decommissioning trust earnings and fewer planned outages, though the quarter still absorbed the disallowance and ash pond charges. Balance sheet and financing activity were significant. Total assets rose to $78.1 billion and long-term debt to $32.1 billion, while common equity increased to $18.1 billion, reflecting common stock issuance and the reclassification of AOCI under new accounting standards. Management continued to pursue the proposed all-stock SCANA acquisition (0.6690 Dominion shares per SCANA share, targeted to close by year-end 2018), received FERC and SCANA shareholder approval in July 2018, and announced plans to raise up to $3 billion of debt at Cove Point and to divest assets, potentially including its Blue Racer interest, to reduce parent-level debt. Operating cash flow was $2.4 billion for the first half, roughly flat year over year, while capital spending fell to $2.0 billion from $2.7 billion. Key risks for investors include the uncertain outcome of the SCANA merger approvals and the $280 million termination fee exposure, ongoing regulatory uncertainty from the 2017 Tax Reform Act's rate impacts, an open FERC audit of DETI that could produce additional material adjustments, and potential ozone and CCR-related environmental compliance costs that management cannot yet quantify.

    Aug 2, 2018
  26. 2018-Q1

    DOMINION ENERGY, INC Quarterly Report for Q1 Ended Mar 31, 2018

    Dominion Energy, Inc.'s (D) first quarter 2018 results show a decrease in net income attributable to the company, primarily driven by a significant charge related to Virginia legislation and lower investment earnings on nuclear decommissioning trust funds. Despite these headwinds, favorable pricing in merchant generation and increased heating degree days provided some offset. The company continues to navigate regulatory changes, including the impact of the 2017 Tax Reform Act, which has led to provisions for customer refunds and rate adjustments. The company's financial position remains robust, with substantial liquidity available through its credit facilities. Dominion Energy is actively managing its capital structure, including debt financings and potential asset divestitures. The proposed acquisition of SCANA is progressing through regulatory approvals, with a targeted closing by the end of 2018, which is expected to be a significant development for the company's future operations and scale.

    May 4, 2018
  27. 2017-Q3

    DOMINION ENERGY, INC Quarterly Report for Q3 Ended Sep 30, 2017

    Dominion Energy, Inc. (D) reported solid financial results for the nine months ended September 30, 2017. The company saw a modest increase in net income attributable to Dominion Energy, growing by 1% to $1.687 billion compared to the same period in 2016. This growth was driven by the inclusion of operations from the Dominion Energy Questar acquisition, a capacity benefit in the PJM market, and the absence of prior-year organizational restructuring costs. Diluted Earnings Per Share (EPS) saw a slight decrease to $2.66 from $2.71, primarily impacted by lower anticipated renewable energy investment tax credits and milder weather conditions affecting electricity sales. Operationally, Dominion Energy experienced growth in its Gas Infrastructure segment, benefiting from regulated natural gas transmission projects. The Power Generation segment, however, faced headwinds from lower renewable energy investment tax credits and less favorable pricing at merchant generation facilities. The company continues to invest in infrastructure, with significant capital expenditures noted in property, plant, and equipment additions. Management remains focused on operational efficiency and strategic growth initiatives, as indicated by ongoing investments and the successful financing activities during the period.

    Nov 1, 2017
  28. 2017-Q2

    DOMINION ENERGY, INC Quarterly Report for Q2 Ended Jun 30, 2017

    Dominion Energy, Inc. reported net income attributable to Dominion Energy of $1.022 billion for the six months ended June 30, 2017, a 5% increase compared to the same period in 2016. This growth was primarily driven by the Dominion Energy Questar Combination, positive impacts from the PJM capacity performance market, and the absence of costs related to an organizational design initiative. Despite these positive factors, higher interest expenses and lower merchant generation pricing presented headwinds. The company's balance sheet showed total assets of $73.9 billion at June 30, 2017, up from $71.6 billion at December 31, 2016. Total liabilities also increased, reflecting growth in the business. Operating cash flows for the first six months of 2017 were $2.35 billion, an increase from $2.02 billion in the prior year, indicating strong operational cash generation. The company also maintained significant capacity under its credit facilities, demonstrating solid liquidity.

    Aug 3, 2017
  29. 2017-Q1

    DOMINION ENERGY, INC Quarterly Report for Q1 Ended Mar 31, 2017

    Dominion Resources' first-quarter 2017 combined 10-Q shows net income attributable to Dominion rising 21% to $632 million ($1.01 diluted EPS) versus $524 million ($0.88) a year earlier. Operating revenue grew 16% to $3.38 billion, driven largely by the Dominion Questar Combination, which closed in September 2016. Net revenue increased 20% to $2.52 billion, with an $85 million electric capacity benefit from the PJM capacity performance market and higher retail sales, partially offset by warmer weather that reduced heating demand. Interest expense rose 29% on new debt, and the effective tax rate increased to 29.0% from 25.2%. Balance sheet leverage increased modestly. Total assets reached $72.9 billion, and total long-term debt rose to $31.1 billion from $30.2 billion at year-end 2016, while short-term debt declined to $2.6 billion. Operating cash flow improved to $1.36 billion from $1.19 billion, but investing outflows of $1.69 billion, including capital spending and solar and Atlantic Coast Pipeline investments, were funded with $1.95 billion of new long-term debt issuance. Dominion reports $2.8 billion of unused credit facility capacity and no changes to its credit ratings. For investors, the key items to monitor are the Virginia Power contingent liability of $208 million tied to the PJM transmission cost allocation settlement (offset by a $200 million regulatory asset), the pending Virginia rate case proposing a 10.5% ROE, the Chesapeake ash pond litigation, and the Cove Point Liquefaction Project still under construction. The filing also notes a $75 million pension contribution and a 70% temporary debt-to-capital covenant waiver through June 30, 2017.

    May 4, 2017
  30. 2016-Q3

    DOMINION ENERGY, INC Quarterly Report for Q3 Ended Sep 30, 2016

    Dominion Resources' Q3 2016 10-Q shows a company in transition. Consolidated net income attributable to Dominion rose 16% in the third quarter to $690 million ($1.10 diluted EPS, versus $1.00 a year earlier), and year-to-date net income rose 8% to $1,666 million ($2.71 diluted EPS). The gains were driven mainly by higher renewable energy investment tax credits and the new PJM capacity performance market effective June 2016, partly offset by transaction and transition costs tied to the Dominion Questar Combination, which closed September 16, 2016 for about $4.4 billion in cash. The balance sheet and financing picture changed sharply. Total assets rose to $69.6 billion from $58.6 billion at year-end 2015, with goodwill up to $6.4 billion from $3.3 billion. Total long-term debt climbed to $28.7 billion, and the company issued $1.4 billion of 2016 Equity Units, $1.3 billion of senior notes, a $1.2 billion private placement term loan, $800 million of 5.25% hybrid notes, and about $756 million of common stock in April. Shares outstanding increased to 627 million from 596 million. Cash from operations was $3.4 billion for the nine months, down slightly, while capital spending was $4.5 billion. Management also temporarily raised the debt-to-capital covenant ceiling for Dominion to 70% from 65% through June 2017. For investors, the key questions are the pace of integrating Dominion Questar, the planned contribution of Questar Pipeline to Dominion Midstream to repay the acquisition bridge loan, and the reliance on tax credits and regulatory recovery mechanisms. Watch for the Virginia Power and North Carolina rate cases and the ongoing PJM cost-allocation settlement, which requires Virginia Power to pay roughly $200 million over ten years.

    Nov 9, 2016
  31. 2016-Q2

    DOMINION ENERGY, INC Quarterly Report for Q2 Ended Jun 30, 2016

    Dominion Resources' Q2 2016 10-Q (combined filing with Virginia Electric and Power and Dominion Gas Holdings) shows a 9% increase in second-quarter net income attributable to Dominion to $452 million ($0.73 diluted EPS, vs. $0.70), and a 3% year-to-date increase to $976 million ($1.61 diluted EPS). Quarterly growth was driven mainly by the absence of 2015 ash pond and landfill closure charges, lower electric utility capacity expenses, and higher gains from conveying shale development rights. Year-to-date results were supported by higher renewable energy investment tax credits, partly offset by weather-driven declines in retail electric sales (cooling and heating degree days) and $65 million of organizational design initiative severance costs. Consolidated operating revenue fell 10% year-to-date to $5.5 billion, largely due to lower electric fuel and purchased power pass-through costs and lower merchant generation volumes from outages. Balance sheet and financing activity were heavy. Total assets rose to $61.4 billion, and total debt (long-term plus securities due and short-term) increased materially. Dominion issued $1.46 billion of common stock in the first half, including a $756 million April offering, and $1.93 billion of long-term debt, and it has pending financing for the proposed $4.4 billion cash acquisition of Questar, which Dominion targets closing by year-end 2016. Operating cash flow fell to $2.0 billion from $2.2 billion, reflecting higher margin collateral and weather impacts, while capital expenditures rose to $3.2 billion. Dominion also issued $800 million of 5.25% July 2016 hybrids and tendered for older hybrids after the period. Key risks include the pending Questar transaction and its financing, the Clean Power Plan and other EPA rules (CCR, 316(b), methane, ozone), a $200 million PJM transmission settlement, the Cove Point Liquefaction Project litigation, the SunEdison Chapter 11 filing affecting merchant solar partners, and the Virginia Commission's pending fuel and rider proceedings. Virginia Power and Dominion Gas report under the reduced disclosure format.

    Aug 3, 2016
  32. 2016-Q1

    DOMINION ENERGY, INC Quarterly Report for Q1 Ended Mar 31, 2016

    Dominion Resources' first quarter 2016 results show net income attributable to Dominion of $524 million, or $0.88 diluted EPS, down 2% from $536 million ($0.91) a year earlier. The decline was driven mainly by lower heating-degree-day sales to retail customers, $69 million of organizational design initiative costs, and a $65 million drop in gains from conveying shale development rights under gas storage fields. These were partly offset by the absence of an $85 million Virginia deferred fuel write-off from 2015 and higher renewable energy investment tax credits. Operating revenue fell 14% to $2.92 billion, while total operating expenses declined 15%, so the top-line weakness was largely matched by lower fuel and purchased gas costs. The balance sheet expanded, with total assets rising to $59.5 billion and long-term debt to $24.2 billion. Capital spending was heavy at $1.5 billion in the quarter, and operating cash flow of $1.19 billion did not fully cover it, so the gap was funded through net debt issuance and the sale of an interest in merchant solar projects. Short-term debt fell to $3.0 billion, and cash dropped to $218 million. The company also disclosed that it has agreed to acquire Questar for about $4.4 billion in cash plus assumed debt, which it targets closing by the end of 2016. Dominion has begun financing that deal with an April 2016 common stock offering that raised $756 million, and the acquisition facility was reduced to $3.14 billion as a result. For investors, the key items are the near-term earnings pressure from weather and one-time costs, the leverage implications of the Questar transaction, and the regulatory backdrop. Virginia base rates are frozen through 2022 under 2015 legislation, and several rider-related ROE adjustments were approved in 2016. Dominion has also disclosed potential environmental and regulatory cost exposures, including the Yorktown MATS extension, coal ash pond closures, and the cooling water intake rule.

    May 5, 2016
  33. 2015-Q3

    DOMINION ENERGY, INC Quarterly Report for Q3 Ended Sep 30, 2015

    Dominion Resources' Q3 2015 10-Q shows a strong quarter and year-to-date period, with net income attributable to Dominion rising 12% in the quarter to $593 million ($1.00 diluted EPS vs. $0.90) and 45% year-to-date to $1,542 million ($2.60 diluted EPS vs. $1.83). The improvement is driven mainly by the absence of 2014 charges tied to Virginia legislation on a third North Anna nuclear unit and offshore wind (roughly $330 million pre-tax in 2014), the absence of 2014 losses from the producer services repositioning, and gains from conveying shale development rights under gas storage fields. Weather-driven cooling demand and rate adjustment clauses also helped electric utility net revenue. Net cash from operations rose to $3.45 billion for the nine months from $2.41 billion, while investing outflows grew to $4.35 billion, reflecting the DCG acquisition ($497 million), solar project purchases, and continued capital spending. Balance sheet leverage increased modestly: total long-term debt rose to $23.2 billion from $21.8 billion, and the company issued $2.26 billion of long-term debt and about $717 million of common stock during the nine months. Management highlighted $1.9 billion of unused credit facility capacity. Key forward-looking items include a pending Virginia Commission biennial review that staff proposes could result in a roughly $65 million customer credit (not yet reserved), the EPA's Clean Power Plan and new ozone and CCR/ash pond rules that could require material spending, and the proposed Atlantic Coast Pipeline (estimated at $4.5 to $5.0 billion) and other gas expansion projects. The filing is a combined report for Dominion Resources, Virginia Electric and Power, and Dominion Gas Holdings. Virginia Power and Dominion Gas use reduced disclosure format. Dominion's results were supported by one-time gains, so investors should look at underlying segment performance, particularly Dominion Generation and Dominion Energy, which contributed most of the primary-segment earnings growth.

    Nov 3, 2015
  34. 2015-Q2

    DOMINION ENERGY, INC Quarterly Report for Q2 Ended Jun 30, 2015

    Dominion Resources' second-quarter 2015 Form 10-Q (combined with Virginia Electric and Power Company and Dominion Gas Holdings) shows a sharply improved earnings picture versus the prior year. Net income attributable to Dominion rose to $413 million ($0.70 diluted EPS) in Q2 2015 from $159 million ($0.27) in Q2 2014, and year-to-date net income reached $949 million ($1.60 diluted EPS) versus $538 million ($0.92). The improvement is driven mainly by the absence of a 2014 charge of roughly $287 million tied to Virginia legislation on a third North Anna nuclear unit and offshore wind, and the absence of producer services repositioning losses. Year-to-date operating revenue declined about 4.5% to $6.16 billion, reflecting lower gas and electric commodity revenue, while net revenue rose 18%. Cash flow and balance sheet activity were significant. Operating cash flow was $2.16 billion year-to-date, up about $713 million, while investing outflows of $3.08 billion included the $497 million DCGT pipeline acquisition and solar project purchases. Total debt rose: long-term debt increased to $23.1 billion and short-term debt was $2.6 billion, with new senior notes issued and commercial paper used to fund growth. Dominion also raised about $647 million of common equity through direct purchase plans, at-the-market sales and an underwritten offering, and stated it has no current plans for further 2015 equity issuance. Dividends declared rose to $0.6475 per quarter. Key risks and regulatory items include a $325 million asset retirement obligation for ash pond and landfill closures under the final CCR rule (plus a $45 million charge), a $85 million write-off of deferred fuel costs under Virginia legislation, pending Clean Power Plan compliance uncertainty, and Virginia Commission actions on riders, including full approval of the Rider T1 revenue requirement. Management reports no material changes to risk factors or internal controls.

    Aug 6, 2015
  35. 2015-Q1

    DOMINION ENERGY, INC Quarterly Report for Q1 Ended Mar 31, 2015

    Dominion Resources' first-quarter 2015 results show net income attributable to Dominion of $536 million, or $0.91 diluted EPS, up from $379 million ($0.65) a year earlier, a 41% increase. The improvement is driven mainly by the absence of 2014 losses from the repositioning of the producer services business (about $315 million in net revenue impact) and the absence of losses tied to the electric retail energy marketing business sold in March 2014. These gains were partly offset by an $85 million ($52 million after-tax) write-off of deferred Virginia fuel costs required by legislation enacted in February 2015, along with lower merchant generation margins and PJM ancillary revenue declines. Consolidated operating revenue fell 6% to $3.409 billion, while other operations and maintenance rose 42%, partly because 2014 included a one-time gain on the retail marketing sale and Blue Racer asset sales. Balance sheet and cash flow developments were notable. Total assets rose to $55.2 billion, and short-term debt climbed to $3.2 billion while securities due within one year reached $1.8 billion. Operating cash flow improved to $1.131 billion from $753 million, but investing outflows of $1.5 billion, including the $495 million acquisition of Dominion Carolina Gas Transmission (DCGT) from SCANA, pushed financing reliance higher. Dominion also raised equity through its at-the-market program, issuing 2.9 million shares for about $219 million in the quarter and roughly $43 million more in April. Liquidity remained adequate, with about $1.3 billion of unused credit facility capacity. Regulatory and environmental items deserve investor attention. Virginia Power's 2015 biennial review is pending, with a reported 10.13% ROE within the earnings band. The April 2015 EPA coal ash (CCR) final rule creates a legal obligation to retrofit or close inactive and existing ash ponds, and Virginia Power expects to establish material ARO balances in Q2 2015 that could significantly affect financial position and cash flows, although it expects a limited effect on overall results. Other watch items include MATS compliance extensions at Yorktown, Section 316(b) cooling water rules that could require impingement technology, and a Supreme Court of Virginia ruling on the Skiffes Creek transmission line.

    May 5, 2015
  36. 2014-Q3

    DOMINION ENERGY, INC Quarterly Report for Q3 Ended Sep 30, 2014

    Dominion Resources' Q3 2014 10-Q shows a quarter with lower earnings, driven by a one-time $330 million pre-tax charge (about $219 million after-tax) tied to Virginia legislation on a third North Anna nuclear unit and offshore wind. Third-quarter net income attributable to Dominion fell 7% to $529 million ($0.90 diluted EPS vs. $0.98), and year-to-date net income fell 16% to $1,067 million ($1.83 diluted EPS vs. $2.19). Excluding specific items, the underlying operating picture was steadier: Virginia Power's distribution and rate adjustment clause revenue grew, merchant generation margins improved, and the producer services repositioning and retail energy marketing sale were largely completed. Balance sheet and capital plans point to a heavy growth agenda. Total assets rose to $52.3 billion, with long-term debt up to $20.7 billion and short-term debt up to $2.6 billion. Planned capital expenditures are about $5.6 billion for 2014, $4.8 billion for 2015 and $5.4 billion for 2016, reflecting solar projects, Dominion's share of the Atlantic Coast Pipeline, and Virginia Power's undergrounding and substation programs. Operating cash flow fell to $2.4 billion from $2.95 billion, mainly on lower deferred fuel recoveries, while investing outflows widened. Management continues to fund this through debt, hybrid notes, and equity units. On the business front, Dominion announced a $392 million net-proceeds IPO of Dominion Midstream Partners, an MLP, and formed the Atlantic Coast Pipeline with Duke, Piedmont and AGL. Regulatory and project risks remain significant, including the Cove Point LNG liquefaction project (subject to a pending stay motion at FERC and a Maryland CPCN challenge), the EPA's pending coal ash rule, cooling water intake rules, and the Fukushima-driven nuclear requirements. Overall, the filing presents a company in investment mode, with near-term earnings pressured by one-time charges but a multi-year growth pipeline that depends on regulatory approvals and continued access to capital markets.

    Nov 3, 2014
  37. 2014-Q2

    DOMINION ENERGY, INC Quarterly Report for Q2 Ended Jun 30, 2014

    Dominion Resources, Inc. (with its subsidiaries Virginia Electric and Power Company and Dominion Gas Holdings, LLC) reported second-quarter 2014 net income attributable to Dominion of $159 million, or $0.27 per diluted share, down 21% from $202 million ($0.35) a year earlier. Year-to-date net income fell 23% to $538 million ($0.92 per share) from $697 million ($1.21). The decline is driven mainly by a $287 million pre-tax ($191 million after-tax) charge tied to April 2014 Virginia legislation allowing recovery of previously deferred costs for a third North Anna nuclear unit and offshore wind projects, plus a $319 million pre-tax net loss from the repositioning of the producer services business. Partial offsets came from the absence of 2013 losses from discontinued operations (Brayton Point and Kincaid), higher merchant generation margins, and more favorable weather. Operating revenue declined modestly to $2.81 billion in the quarter (down 6%), while income tax expense fell sharply on lower pre-tax income. Liquidity remained adequate, with Dominion holding about $1.3 billion of unused credit facility capacity at June 30, 2014, after the $4 billion joint revolving credit facility was extended to April 2019. Total debt rose as the company issued long-term debt and increased short-term borrowings to fund capital spending, which reached $2.4 billion in the first half, and total assets grew to $51.5 billion. Operating cash flow fell 19% to $1.45 billion for the six months, mainly due to lower deferred fuel recoveries in Virginia and the producer services repositioning. For investors, the key takeaways are the one-time nature of the North Anna/offshore wind charge, continued heavy capital investment in regulated utility and midstream/LNG growth projects (including the Cove Point liquefaction project, which still requires FERC approval), and the July 2014 issuance of $1 billion of equity units that will add roughly 11.5 to 14.3 million shares by 2017. Management reported no changes to credit ratings or debt covenants during the period.

    Jul 30, 2014
  38. 2014-Q1

    DOMINION ENERGY, INC Quarterly Report for Q1 Ended Mar 31, 2014

    Dominion Resources, Inc. (combined with Virginia Electric and Power Company) reported Q1 2014 net income attributable to Dominion of $379 million, or $0.65 diluted EPS, down 23% from $495 million ($0.86) a year earlier. The decline was driven mainly by a $319 million pre-tax net loss tied to the repositioning of its producer services business (natural gas trading and marketing), which cut net revenue by $322 million. Partial offsets came from higher merchant generation margins, more favorable heating-driven weather, and a $100 million pre-tax gain on the sale of its electric retail energy marketing business. Total operating revenue rose 3% to $3.63 billion, while other operations and maintenance expense fell 32%, largely because of those gains. Cash generation weakened. Operating cash flow fell $299 million to $753 million, reflecting the producer services exit, lower deferred fuel recoveries at Virginia Power, and lower retail marketing margins. Capital spending rose to $1.12 billion, and the company funded the gap with net debt issuance; long-term debt increased by roughly $1.1 billion on a balance-sheet basis. Dominion closed the quarter with $228 million in cash and $1.3 billion of unused credit facility capacity. Total assets were $50.6 billion, and common shareholders' equity was $11.7 billion. Growth investments continued. Dominion acquired six California solar projects (about 139 MW, roughly $450 million total cost once built) and formed Dominion Midstream as an MLP vehicle, with an IPO filing in progress. Virginia Power's net income rose 13% to $324 million on weather and PJM ancillary revenues. Regulatory items to watch include the FERC transmission cost reallocation ruling, a legislative change allowing recovery of 70% of previously deferred North Anna nuclear and offshore wind costs, and an ongoing Cove Point liquefaction legal challenge.

    Apr 30, 2014
  39. 2013-Q3

    DOMINION ENERGY, INC Quarterly Report for Q3 Ended Sep 30, 2013

    Dominion Resources, Inc. (combined with Virginia Electric and Power Company) reported a strong third quarter 2013, with net income attributable to Dominion rising to $569 million, or $0.98 diluted EPS, versus $209 million, or $0.36, in the prior-year quarter. The improvement was driven mainly by the absence of 2012 charges tied to the decision to decommission Kewaunee, plus gains from asset sales to Blue Racer and the sale of its Elwood equity investment. Year-to-date net income rose 32% to $1.266 billion ($2.19 diluted EPS). Underlying operations were mixed: net revenue fell 2% in the quarter on weaker weather-driven utility sales, lower merchant generation output and producer services losses, partly offset by growth in regulated gas transmission from projects such as Appalachian Gateway and Northeast Expansion. The balance sheet shows continued portfolio repositioning and heavier financing. Dominion sold Brayton Point, Kincaid and its Elwood stake to Energy Capital Partners, completed the purchase of Fairless from Juniper for $923 million, and issued $1.1 billion of remarketable equity units. Long-term debt rose to $18.5 billion, and the company announced DGH, a new regulated gas holding company that issued $1.2 billion of senior notes in October 2013. Planned capital expenditures are about $5.1 billion in both 2013 and 2014 and $4.3 billion in 2015, reflecting the Cove Point liquefaction project. Management noted that S&P lowered Dominion's senior unsecured rating to BBB+ because of structural subordination from DGH debt. Virginia Power's net income fell 7% in the quarter to $387 million, mainly on less favorable weather, though year-to-date earnings rose 13% to $939 million. Its earned ROE was 10.30% against an authorized 10.9%, which is below the authorized band. The Virginia Commission's final biennial review order is due by November 28, 2013.

    Nov 5, 2013
  40. 2013-Q2

    DOMINION ENERGY, INC Quarterly Report for Q2 Ended Jun 30, 2013

    Dominion Resources' second-quarter 2013 10-Q (combined with Virginia Electric and Power Company) shows a mixed picture. Consolidated net income attributable to Dominion fell 22% to $202 million ($0.35 diluted EPS) from $258 million ($0.45) a year earlier, and year-to-date net income fell 7% to $697 million ($1.21 diluted EPS vs. $1.31). The decline was driven mainly by unfavorable price changes on economic hedges at producer services, lower retail energy marketing margins, lower merchant generation output (including the Kewaunee closure and a Millstone refueling outage), and impairment charges on certain natural gas infrastructure assets. Partially offsetting these were growth in regulated gas transmission (Appalachian Gateway and Northeast Expansion projects) and more favorable weather for electric utility operations. Operating revenue was roughly flat at $6.5 billion year-to-date. Balance sheet and financing activity were significant during the quarter. Dominion issued $1.1 billion of equity units (Series A and B) in June 2013, issued $2.35 billion of long-term debt year-to-date, and redeemed or repaid roughly $1.4 billion of debt and junior subordinated notes. Total assets rose to $48.4 billion from $46.8 billion, and long-term debt increased to $18.0 billion. Operating cash flow declined 25% to $1.79 billion, largely due to lower deferred fuel recoveries in Virginia, higher margin collateral requirements, and weaker merchant margins. Planned capital expenditures for 2013-2015 total about $14.5 billion, with the increase driven by the Cove Point liquefaction project. Portfolio management was active. The sale of Brayton Point, Kincaid and the 50% Elwood interest to Energy Capital Partners (about $472 million) is expected to close in Q3 2013 pending FERC approval, and Brayton Point and Kincaid are reported as discontinued operations. Dominion also sold Illinois Gas Contracts for about $32 million and contributed assets to the Blue Racer joint venture with Caiman. Virginia Power's net income rose 54% in the quarter to $265 million, supported by rate adjustment clauses and the absence of 2012 storm costs, and its regulatory filings for Brunswick County and several riders remain pending or were approved at favorable terms.

    Aug 6, 2013
  41. 2013-Q1

    DOMINION ENERGY, INC Quarterly Report for Q1 Ended Mar 31, 2013

    Dominion Resources (with its subsidiary Virginia Electric and Power Company, "Virginia Power") reported first-quarter 2013 results that were essentially flat year over year. Consolidated net income attributable to Dominion was $495 million, or $0.86 per diluted share, versus $494 million, or $0.86, in Q1 2012. Operating revenue rose 4% to $3.52 billion, driven by weather: heating degree days were up 31% to 40% across the service areas, which lifted regulated electric sales and gas transmission margins. That benefit was largely offset by a $51 million decline in retail energy marketing (mostly price risk management) and a $19 million drop in merchant generation output. Note that Brayton Point and Kincaid are now reported as discontinued operations, so prior-year figures were recast. The most material strategic development is the pending sale of Brayton Point, Kincaid, and Dominion's 50% interest in Elwood to Energy Capital Partners for about $472 million, expected to close in Q2 2013 subject to FERC approval, which reflects a continued pivot away from merchant coal and gas generation. Dominion also disclosed a planned Cove Point LNG liquefaction project, estimated at $3.4 to $3.8 billion, which has been fully subscribed under 20-year terminal service agreements with Sumitomo and GAIL affiliates. Planned capital expenditures for 2013 through 2015 total roughly $5.1 billion, $5.1 billion, and $4.3 billion, with the Cove Point project a key driver of the increase. Balance-sheet and liquidity items warrant attention. Total long-term debt rose to $17.3 billion from $16.9 billion, and short-term debt fell to $2.0 billion. Operating cash flow fell to $1.05 billion from $1.62 billion, mainly due to lower deferred fuel recoveries in Virginia and higher margin collateral requirements. Dominion retained $1.5 billion of unused credit facility capacity. Virginia Power's Q1 net income rose 18% to $287 million on favorable weather, and it filed its 2013 biennial rate review, requesting a 11.5% ROE for 2014 with no base rate increase. Management reported no changes in credit ratings during the quarter.

    Apr 25, 2013
  42. 2012-Q3

    DOMINION ENERGY, INC Quarterly Report for Q3 Ended Sep 30, 2012

    Dominion Resources, Inc. (combined with Virginia Electric and Power Company) reported third-quarter 2012 results that were sharply lower year over year, driven primarily by a $435 million pre-tax impairment and other charge tied to the decision to decommission the Kewaunee nuclear station in 2013. Net income attributable to Dominion fell 47% to $209 million ($0.36 diluted EPS) from $392 million ($0.69) in Q3 2011. For the nine months, net income attributable to Dominion declined 20% to $961 million ($1.68 diluted EPS). Excluding specific items, the company's results were pressured by weaker merchant generation margins (lower realized prices), less favorable weather, and higher O&M expense, partially offset by rate adjustment clause revenue and the absence of 2011 Hurricane Irene restoration costs and CSAPR-related SO2 allowance impairments. Operating revenue declined 9% for the quarter to $3.41 billion, while cash from operations rose to $3.46 billion for the nine months (up about $1.1 billion), largely from higher deferred fuel recoveries at Virginia Power, lower margin collateral requirements, and income tax refunds. Dominion continued to invest heavily, with nine-month capital spending of $2.9 billion, and paid $906 million in common dividends while raising its quarterly dividend to $0.5275 per share. Portfolio management was active: Salem Harbor and State Line were sold, and Dominion decided to pursue sales of Brayton Point, Kincaid and its 50% interest in Elwood, with about $2.0 billion of net carrying value at stake and potential impairment exposure. Balance sheet and financing remain solid: total assets were $46.9 billion, long-term debt $17.1 billion, and no changes were reported in credit ratings. The company issued $1.05 billion of senior notes in September 2012 and has $2.1 billion of unused credit facility capacity. Key forward-looking items include the Supreme Court of Virginia ruling on Virginia Power's Biennial Review appeals (expected early November), the North Carolina rate case decision, the proposed Cove Point LNG liquefaction export project (estimated $2.5 to $3.5 billion), and ongoing EPA and CSAPR litigation developments.

    Oct 25, 2012
  43. 2012-Q2

    DOMINION ENERGY, INC Quarterly Report for Q2 Ended Jun 30, 2012

    Dominion Resources, Inc. (combined with Virginia Electric and Power Company) reported second-quarter 2012 results that declined year over year. Net income attributable to Dominion fell 23% to $258 million ($0.45 diluted EPS) from $336 million ($0.58) in Q2 2011, and year-to-date net income fell 8% to $752 million ($1.31 diluted EPS) from $815 million ($1.41). The decline was driven mainly by restoration costs from late June 2012 summer storms, less favorable weather that reduced electric utility sales, and lower merchant generation margins. Operating revenue fell 7% in the quarter to $3.05 billion, and net revenue decreased 1% in Q2 and 5% year to date. Dividends declared rose to $0.5275 per share in the quarter from $0.4925. Balance sheet and cash flow were broadly stable. Operating cash flow improved sharply to $2.4 billion for the first half, up from $1.3 billion, mainly on higher deferred fuel cost recoveries in Virginia and lower margin collateral requirements. Capital spending rose, with plant additions of $1.96 billion, and net financing outflows of $474 million reflected net debt repayments. Total assets reached $46.4 billion and total equity $11.95 billion. Dominion also continued portfolio pruning, agreeing to sell Salem Harbor (expected to close in Q3 2012) and completing the sale of State Line, both now reported as discontinued operations, while Kewaunee remains under a pending sale decision. Regulatory and strategic items to watch include the Virginia Supreme Court's review of Virginia Power's Biennial Review Order, a pending Virginia Commission order on Rider T1 expected by August 2012, the Virginia City Hybrid Energy Center entering commercial operation in July 2012, and the potential Cove Point LNG export project, for which definitive terminal agreements are targeted by year-end 2012. Environmental exposures remain significant, including MATS compliance by 2015, the EPA Clean Air Act New Source Review matter at State Line and Kincaid, and the Brayton Point cooling tower project (about $570 million total). The company also reported no changes to its credit ratings.

    Aug 1, 2012
  44. 2012-Q1

    DOMINION ENERGY, INC Quarterly Report for Q1 Ended Mar 31, 2012

    Dominion Resources, Inc. (combined with Virginia Electric and Power Company) reported Q1 2012 net income attributable to Dominion of $494 million, or $0.86 diluted EPS, up 3% from $479 million ($0.82) in Q1 2011. The improvement was driven mainly by the absence of the 2011 State Line impairment charge and a lower effective tax rate (34.1% vs. 39.1%). These gains were partly offset by weaker merchant generation margins, less favorable weather, and a $99 million (approximately $15 million net effect on earnings, per the filing's noted structure) lower-margin natural gas and producer services performance. Consolidated operating revenue fell 14% to $3.5 billion, largely because of lower purchased gas costs and reduced natural gas and electric sales, while net revenue declined 10% to $2.0 billion. Cash generation improved meaningfully. Operating cash flow rose to $1.6 billion from $912 million, reflecting higher deferred fuel cost recoveries in Virginia, lower margin collateral requirements, and income tax refunds. Capital spending remained elevated at $981 million, and the company continued to fund growth projects. Total debt, including securities due within one year, was roughly $17.1 billion plus $2.1 billion of current maturities, and Dominion maintained $2.4 billion of unused credit facility capacity. Dividends declared rose to $0.5275 per share from $0.4925. Key regulatory and strategic items include the Virginia Commission's November 2011 Biennial Review Order setting a 10.9% base ROE (under appeal), a pending North Carolina rate request of about $64 million, and the planned Fairless purchase in 2013 at a fixed option price of roughly $923 million. Dominion also advanced a proposed Cove Point LNG export project, with precedent agreements covering the planned capacity. Contingent exposures include EPA Clean Air Act enforcement at State Line and Kincaid, the Ward Transformer Superfund order, and NRC post-Fukushima requirements, for which no reliable loss estimates were provided.

    Apr 26, 2012
  45. 2011-Q3

    DOMINION ENERGY, INC Quarterly Report for Q3 Ended Sep 30, 2011

    Dominion Resources, Inc. (combined with Virginia Electric and Power Company) reported third-quarter 2011 net income attributable to Dominion of $392 million, or $0.69 diluted EPS, down from $575 million ($0.98) a year earlier. Year-to-date net income fell to $1,207 million ($2.10 diluted EPS) from $2,510 million ($4.23), but the prior-year comparison is distorted by the one-time $2.5 billion pre-tax gain on the April 2010 sale of Appalachian E&P operations. Operating revenue declined 7% in the quarter to $3.8 billion, driven mainly by lower merchant generation margins, Hurricane Irene restoration costs of $121 million, and a $57 million impairment of SO2 allowances following the EPA's CSAPR rule. Specific items for the nine months totaled after-tax net expenses of $213 million, including State Line impairment and Kewaunee operating losses. Balance sheet and cash flow data show operating cash flow rising to $2.4 billion (up $514 million) on lower income tax payments, while investing outflows of $2.4 billion reflect continued capital spending of $2.6 billion year-to-date. Total debt increased with $2.2 billion in long-term debt issued, and the company repurchased about 13 million shares for $601 million under its program, which management has now ended. Planned capital expenditures for 2012 and 2013 were revised to $4.2 billion and $3.8 billion, respectively, reflecting timing changes tied to environmental regulation. Virginia Power's pending biennial review could materially affect its ROE and customer credits, with a final order due by November 30, 2011. Key forward-looking items include the planned consolidation of the Juniper leasing entity in Q4 2011 (adding roughly $1 billion of PP&E and $900 million of debt), the North Anna earthquake restart expected in Q4 2011, the proposed State Line shutdown in 2012, and environmental exposures from CSAPR, RGGI, and the Brayton Point cooling tower project. Investors should weigh weaker merchant margins and regulatory uncertainty against a still-substantial regulated utility base.

    Oct 28, 2011
  46. 2011-Q2

    DOMINION ENERGY, INC Quarterly Report for Q2 Ended Jun 30, 2011

    Dominion Resources' Q2 2011 10-Q (combined with Virginia Electric and Power Company) shows a sharp year-over-year earnings decline driven almost entirely by the absence of the 2010 gain on the sale of its Appalachian E&P operations. Second-quarter net income attributable to Dominion fell to $336 million ($0.58 diluted EPS) from $1.761 billion ($2.98) a year earlier. Year-to-date net income was $815 million ($1.41 diluted EPS) versus $1.935 billion ($3.25). Excluding that one-time item and the 2010 workforce reduction and Peoples sale charges, the underlying picture is more modest: regulated utility results held up, while merchant generation margins weakened, weather was less favorable, and State Line impairments and merchant plant closure costs were recorded. Operating revenue was essentially flat at $3.34 billion for the quarter and fell 1.4% year-to-date to $7.40 billion. Net revenue (after electric fuel, purchased capacity and purchased gas) rose modestly, helped by rate adjustment clauses, PJM ancillary revenues and producer services, offset by a $76 million decline in merchant generation. Other operations and maintenance fell 9% in the quarter and 15% year-to-date, largely reflecting the absence of 2010 workforce reduction charges and the State Line impairment. Interest expense rose 15% in the quarter, as the 2010 period had included a hedge accounting benefit. Total long-term debt rose to $16.5 billion from $15.8 billion, and short-term debt to $1.8 billion, while common equity declined to $11.7 billion after $601 million of share repurchases. Cash flow was steady but tighter: operating cash flow fell to $1.29 billion (from $1.41 billion), investing outflows of $1.5 billion reflected continued capital spending of $1.6 billion, and financing inflows of $266 million came from net debt issuance. Looking ahead, management flagged several items: the EPA's CSAPR rule will lead to an impairment of substantially all of Dominion's SO2 and NOx allowances in Q3 2011, the Virginia Commission approved a two-year recovery of the fuel under-recovery, the Warren County and biomass conversion projects are pending approval, Kewaunee is being prepared for sale, and State Line and Salem Harbor units will be retired by 2014. Dominion also expects to receive a $155 million DOE spent-fuel damages payment in Q3 2011.

    Jul 29, 2011
  47. 2011-Q1

    DOMINION ENERGY, INC Quarterly Report for Q1 Ended Mar 31, 2011

    Dominion Resources, Inc. (combined with Virginia Electric and Power Company) reported a sharply improved first quarter 2011. Net income attributable to Dominion rose to $479 million, or $0.82 diluted EPS, versus $174 million ($0.29) in Q1 2010. The comparison is flattered by the absence of 2010 one-time charges: a $338 million pre-tax workforce reduction program and a $149 million after-tax loss on the sale of Peoples. Operating revenue fell about 3% to $4.06 billion, but other operations and maintenance expense dropped 19% to $861 million, largely because of those 2010 charges. Underlying operating drivers were mixed. Merchant generation margins weakened, and the company recorded a $55 million pre-tax impairment on the State Line coal plant, which it now expects to retire before the end of its useful life. Regulated utility results were stronger, helped by Riders C1, C2, R, S and T and by FERC transmission revenue. Cash flow and balance sheet trends warrant attention. Operating cash flow fell to $912 million from $1,650 million, reflecting higher margin collateral requirements, lower merchant margins and working capital changes. Total debt rose: long-term debt increased to $16.8 billion after $1.06 billion of new issuance in March 2011, and short-term debt fell to $848 million. Dominion plans to repurchase $600 million to $700 million of stock using cash tax savings from extended bonus depreciation, and it had repurchased about $274 million in the quarter. Liquidity remained solid, with $2.5 billion of unused credit facility capacity. Regulatory and strategic developments include the Virginia biennial review, with a final order due by November 30, 2011, and a proposed 12.5% ROE request, plus the potential sale of the Kewaunee nuclear plant and the planned third North Anna nuclear unit, which lost its ODEC co-participant. The company also noted that the March 2011 Fukushima earthquake and tsunami could trigger new NRC safety reviews and capital requirements at U.S. nuclear plants.

    Apr 29, 2011
  48. 2010-Q3

    DOMINION ENERGY, INC Quarterly Report for Q3 Ended Sep 30, 2010

    Dominion Resources, Inc. (combined with Virginia Electric and Power Company) reported Q3 2010 net income attributable to Dominion of $575 million, or $0.98 diluted EPS, down 3% from $594 million ($1.00) a year earlier. Year-to-date net income rose to $2.51 billion ($4.23 diluted EPS) from $1.30 billion ($2.19), but this was driven by the roughly $1.4 billion after-tax gain on the April 2010 sale of substantially all of its Appalachian E&P operations to CONSOL. Underlying performance was mixed: the third quarter was hurt by lower merchant generation margins, the loss of E&P earnings, and lower nuclear decommissioning trust returns, partly offset by warmer weather and higher electric utility revenue from rider recoveries. Year-to-date results also absorbed a $338 million pre-tax workforce reduction charge, a $163 million impairment at the State Line coal plant, and a loss on the sale of Peoples. Balance sheet and cash flow shifted significantly. Dominion used proceeds from the E&P and Peoples sales to repurchase about $900 million of stock (21.4 million shares), repay debt, and fund pension contributions. Net cash from operations fell to $1.88 billion from $2.98 billion, while investing cash flow turned positive at $1.2 billion. Total assets were $42.2 billion, and long-term debt rose to $16.0 billion. Management expects 2011 and 2012 capital expenditures of about $4.0 billion and $5.1 billion, reflecting Marcellus-related pipeline expansion and the planned Warren County power station. For investors, the key questions are how durable earnings will be once one-time gains roll off, how the Virginia rate settlement and the 2011 biennial review affect utility returns, and whether the expanded capital program and environmental compliance costs, including the EPA's new SO2 and NOx rules and the Transport Rule, will pressure cash flow and the dividend. Virginia Power's standalone results were solid, with net income up 11% year to date to $742 million, driven by favorable weather and rate adjustment clauses.

    Oct 29, 2010
  49. 2010-Q2

    DOMINION ENERGY, INC Quarterly Report for Q2 Ended Jun 30, 2010

    Dominion Resources, Inc. (combined with Virginia Electric and Power Company) reported a very strong second quarter 2010, driven almost entirely by the one-time gain from the sale of substantially all of its Appalachian E&P operations to CONSOL for roughly $3.5 billion. Net income attributable to Dominion rose to $1.761 billion ($2.98 diluted EPS) from $454 million ($0.76) a year earlier, and year-to-date net income reached $1.935 billion ($3.25 EPS). Excluding specific items, the picture is more mixed: primary operating segments earned $0.80 per share in Q2 versus $0.77 in 2009, helped by favorable weather and rate adjustment clauses, while merchant generation margins fell and the company took a $163 million State Line impairment, a workforce reduction charge, and a loss on the sale of Peoples. Balance sheet and liquidity moved substantially. Cash rose to $411 million, the company repaid $1.3 billion of short-term debt and $411 million of long-term debt, repurchased about 12.2 million shares for roughly $500 million, and paid $544 million in common dividends. Total assets declined to $41.8 billion and shareholders' equity increased to $12.1 billion. Management stated that E&P sale proceeds will largely offset 2010 equity needs and 2011 market equity issuances, fund pension contributions, and reduce debt, and that Virginia Power's rate case settlement impact is being partly offset. For Virginia Power, Q2 net income rose 79% to $267 million on favorable weather and lower outage costs, though year-to-date growth was a more modest 3%, reflecting workforce reduction charges. Regulatory and project items to watch include the pending Virginia fuel factor hearing, the Virginia City Hybrid Energy Center, a North Anna third nuclear unit (now using US-APWR technology, with COL review further delayed), and new EPA air and waste rules that could require significant future capital spending, particularly for coal-fired plants like State Line.

    Aug 2, 2010
  50. 2010-Q1

    DOMINION ENERGY, INC Quarterly Report for Q1 Ended Mar 31, 2010

    Dominion Energy, Inc. (D) reported its first quarter 2010 financial results, showing a decrease in net income attributable to Dominion from $248 million in Q1 2009 to $174 million in Q1 2010. This decline was primarily driven by charges related to a workforce reduction program, a loss on the sale of its Peoples subsidiary, and lower margins from merchant generation operations. However, the company saw favorable impacts from lower ceiling test impairment charges related to its E&P properties and net realized gains from its nuclear decommissioning trust funds. The company is actively managing its asset portfolio, notably agreeing to sell substantially all of its Appalachian E&P operations in March 2010 for approximately $3.5 billion, with an expected after-tax gain of $1.4 billion. Proceeds from this sale are earmarked for offsetting equity needs, stock repurchases, and employee benefit contributions. Furthermore, Dominion has begun repurchasing its common stock, signaling a strategic use of capital. Key regulatory developments include the approval of Virginia Power's rate settlement, which freezes base rates until December 2013 and establishes specific Return on Equity (ROE) targets.

    Apr 29, 2010