What were the primary drivers of Dominion's increased net income in the first nine months of 2013?

The increase in net income was primarily driven by the absence of significant charges recorded in 2012 related to the cessation of operations and decommissioning of the Kewaunee nuclear plant. Additionally, growth in regulated natural gas transmission operations and gains from asset sales, particularly to Blue Racer, contributed positively to the financial results.

What is Dominion's outlook for capital expenditures and liquidity?

Dominion anticipates significant capital expenditures, with approximately $5.1 billion planned for 2014, largely driven by projects like the Cove Point liquefaction project. The company maintains strong liquidity, with approximately $1.3 billion in unused capacity under its credit facilities as of September 30, 2013, positioning it well to fund its growth initiatives.

What are Dominion's plans regarding its natural gas assets?

Dominion announced plans to form a Master Limited Partnership (MLP) in 2014 to hold certain midstream natural gas assets. This strategic move is expected to unlock value and provide a dedicated financing vehicle for its regulated natural gas businesses. Additionally, Dominion is pursuing initiatives like the New Market Project and the Western Access Project to expand its natural gas infrastructure.

D 10-Q Quarterly Report Q3 FY2013 — Revenue, Net Income, EPS

Q: Has Dominion continued its strategy of divesting non-core assets?

Yes, Dominion continued to execute its strategy of divesting non-core assets. Key transactions during this period included the sale of Illinois Gas Contracts and the divestiture of Brayton Point, Kincaid, and an equity method investment in Elwood. These actions are part of an ongoing effort to streamline operations and focus on core energy businesses.

Summary

Dominion Energy, Inc. (D) reported improved financial performance for the nine months ended September 30, 2013, compared to the same period in the prior year. Net income attributable to Dominion increased by 32% to $1.266 billion, driven by the absence of significant charges recorded in 2012 related to the cessation of operations at Kewaunee, growth in regulated natural gas transmission, and gains from asset sales to Blue Racer. \n\nThe company continued its strategic divestiture of non-core assets, including the sale of Illinois Gas Contracts and the divestiture of Brayton Point, Kincaid, and an equity method investment in Elwood. These transactions, along with the sale of State Line and Salem Harbor in the previous year, reflect a focus on streamlining operations and enhancing financial flexibility. Dominion's regulated businesses, particularly natural gas transmission and distribution, demonstrated solid performance, contributing to the overall earnings improvement.

Financial Highlights

47 data points

Beta

Revenue

$3.43B

Net Income

$569.00M

0.2% Net Margin

EPS (Diluted)

$0.98

Total Assets

$48.49B

Cash & Equivalents

$287.00M

Free Cash Flow

$141.00M

Financial Statements

Beta

Revenue	$3.43B
Operating Expenses	$2.40B
Operating Income	$1.03B
Net Income	$569.00M
EPS (Basic)	$0.98
EPS (Diluted)	$0.98
Shares Outstanding (Basic)	579.40M
Shares Outstanding (Diluted)	580.10M

Key Highlights

1Net income attributable to Dominion increased by 32% to $1.266 billion for the nine months ended September 30, 2013, compared to $961 million in the prior year.
2Diluted Earnings Per Share (EPS) increased to $2.19 from $1.68 for the same period.
3The company successfully completed several divestitures, including Illinois Gas Contracts and the sale of Brayton Point, Kincaid, and its equity method investment in Elwood, generating gains and streamlining operations.
4Regulated natural gas transmission operations showed strong growth, with a $108 million increase in operating revenue year-to-date, driven by projects like the Appalachian Gateway Project.
5Dominion announced plans to form a Master Limited Partnership (MLP) in 2014 to hold certain midstream natural gas assets, signaling a strategic move to unlock value.
6Capital expenditures for planned projects, including the Cove Point liquefaction project, are substantial, with Dominion forecasting approximately $5.1 billion in 2014.
7The company continued its share repurchase program, with approximately 15,701 shares repurchased during the third quarter of 2013.

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

Summary

Financial Highlights

Key Highlights

Frequently Asked Questions