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

Summary

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.

Key Highlights

• 1Net income attributable to Dominion Energy increased by 5% to $1.022 billion for the first six months of 2017 compared to the same period in 2016.
• 2The acquisition of Dominion Energy Questar was a significant driver of the earnings growth.
• 3Operating cash flows improved, increasing by $334 million to $2.35 billion for the first six months of 2017.
• 4Total assets grew to $73.9 billion as of June 30, 2017, reflecting investments and acquisitions.
• 5The company's Power Delivery segment showed strong performance with a 5% increase in electricity delivered year-over-year.
• 6Gas Infrastructure segment experienced growth in transportation and storage activities, with a 11% increase in operating revenue year-over-year, partly due to growth projects.
• 7Dominion Energy continues to manage its risk exposure through derivative instruments for commodity prices and interest rates.

Frequently Asked Questions