DOMINION ENERGY, INC - FORM 8-K - EX-99.3 - 2009 SEGMENT OPERATING RESULTS

Attached files

file	filename
8-K - FORM 8-K - DOMINION ENERGY, INC	d8k.htm
EX-99.2 - DOMINION RESOURCES, INC. EARNINGS RELEASE KIT - DOMINION ENERGY, INC	dex992.htm
EX-99.1 - DOMINION RESOURCES, INC PRESS RELEASE DATED FEBRUARY 26 ,2010 - DOMINION ENERGY, INC	dex991.htm
EX-99.4 - SUPPLEMENTAL SUMMARY OF 2009 OPERATING EARNINGS - DOMINION ENERGY, INC	dex994.htm

Exhibit 99.3

Dominion Consolidated

Unaudited Summary of Operating results

(millions, except per share amounts)


		Year ended 12/31/09			Quarter ended 12/31/09			Quarter ended 09/30/09		Quarter ended 06/30/09		Quarter ended 03/31/09

Operating Revenue	$	15,242		$	3,617		$	3,630	$	3,406	$	4,589


Operating Expenses
Electric fuel and other energy-related purchases		4,155			946			1,072		996		1,141
Purchased electric capacity		411			102			96		106		107
Purchased gas		2,199			560			281		350		1,008
Other operations and maintenance		3,208			937			714		777		780
Depreciation, depletion and amortization		1,120			290			276		273		280
Other taxes		483			117			106		108		153

Total operating expenses		11,576			2,952			2,545		2,610		3,469


Income from operations		3,666			665			1,085		796		1,120


Other income		221			54			72		50		44


Income including noncontrolling interests before interest and income taxes		3,887			719			1,157		846		1,164

Interest and related charges		889			232			217		220		219


Income including noncontrolling interest before income taxes		2,998			487			940		626		945

Income taxes		1,039			108			346		218		367


Income including noncontrolling interest		1,959			379			594		408		578

Noncontrolling interests		17			5			4		4		4


Operating Earnings	$	1,942		$	374		$	590	$	404	$	574


Operating Earnings Per Share	$	3.27		$	0.63		$	0.99	$	0.68	$	0.98


Items excluded from operating earnings (net of taxes)		(655	)		(383	)		4		50		(326	)


Reported Earnings	$	1,287		$	(9	)	$	594	$	454	$	248


Reported Earnings Per Common Share - Diluted	$	2.17		$	(0.01	)	$	1.00	$	0.76	$	0.42


Average shares outstanding, diluted		593.7			598.1			596.3		594.0		585.7

Our 2009 income statements have been recast due to Dominion management’s decision to retain Hope Gas, Inc. as a part of Dominion Energy.

Notes:

Figures may not add due to rounding

For additional detail on items excluded from operating earnings, visit Dominion’s

Investor Relations Web site at www.dom.com/investors under “GAAP Reconciliation”.

2009 operating results reflect a charge recorded in connection with the proposed settlement of Virginia Power’s 2009 rate case proceeding, representing the amounts collected for the interim base rate increase that began on September 1, 2009 that are expected to be refunded to customers.

Page 1 of 11

Dominion Virginia Power

Unaudited Summary of Operating results

(millions, except per share amounts)


		Year ended 12/31/2009		Quarter ended 12/31/09		Quarter ended 09/30/09		Quarter ended 06/30/09		Quarter ended 03/31/09

Operating Revenue	$	3,281	$	863	$	686	$	680	$	1,052


Operating Expenses
Electric fuel and other energy-related purchases		658		170		199		157		132
Purchased electric capacity		-		-		-		-		-
Purchased gas		869		244		50		118		457
Other operations and maintenance		602		168		148		140		146
Depreciation, depletion and amortization		341		85		88		86		82
Other taxes		99		24		25		23		27

Total operating expenses		2,569		691		510		524		844


Income from operations		712		172		176		156		208


Other income		72		17		19		19		17


Income including noncontrolling interests before interest and income taxes		784		189		195		175		225

Interest and related charges		159		39		42		39		39


Income including noncontrolling interest before income taxes		625		150		153		136		186

Income taxes		233		56		56		52		69


Income including noncontrolling interest		392		94		97		84		117

Noncontrolling interests		8		2		2		2		2


Operating Earnings Contribution	$	384	$	92	$	95	$	82	$	115


Operating Earnings Per Share Contribution	$	0.65	$	0.15	$	0.16	$	0.14	$	0.20


Average shares outstanding, diluted		593.7		598.1		596.3		594.0		585.7

Notes:

Figures may not add due to rounding

Page 2 of 11

Dominion Energy

Unaudited Summary of Operating results

(millions, except per share amounts)


	Year ended 12/31/09		Quarter ended 12/31/09		Quarter ended 09/30/09		Quarter ended 06/30/09		Quarter ended 03/31/09

Operating Revenue	$	3,810	$	962	$	714	$	785	$	1,349


Operating Expenses
Electric fuel and other energy-related purchases		25		2		2		1		21
Purchased electric capacity		-		-		-		-		-
Purchased gas		1,708		398		303		346		661
Other operations and maintenance		735		209		150		155		220
Depreciation, depletion and amortization		258		64		62		62		71
Other taxes		175		46		29		35		65

Total operating expenses		2,901		719		546		599		1,038


Income from operations		909		243		168		186		311


Other income		40		7		11		11		12


Income including noncontrolling interests before interest and income taxes		949		250		179		197		323

Interest and related charges		113		28		28		29		28


Income including noncontrolling interests before income taxes		836		222		151		168		295

Income taxes		319		77		57		66		118


Income including noncontrolling interests		517		145		94		102		177

Noncontrolling interests		-		-		-		-		-


Operating Earnings Contribution	$	517	$	145	$	93	$	102	$	177


Operating Earnings Per Share Contribution	$	0.87	$	0.25	$	0.16	$	0.17	$	0.30


Average shares outstanding, diluted		593.7		598.1		596.3		594.0		585.7

Our 2009 income statements have been recast due to Dominion management’s decision to retain Hope Gas, Inc. as a part of Dominion Energy.

Note: Figures may not add due to rounding

Page 3 of 11

Dominion Generation

Unaudited Summary of Operating results

(millions, except per share amounts)


	Year ended 12/31/09		Quarter ended 12/31/09		Quarter ended 09/30/09		Quarter ended 06/30/09		Quarter ended 03/31/09

Operating Revenue	$	8,751	$	1,933	$	2,376	$	2,114	$	2,328


Operating Expenses
Electric fuel and other energy-related purchases		3,627		815		925		882		1,005
Purchased electric capacity		411		102		96		105		108
Purchased gas		-		-		-		-		-
Other operations and maintenance		1,936		577		435		486		438
Depreciation, depletion and amortization		492		134		119		119		120
Other taxes		179		42		45		43		49

Total operating expenses		6,645		1,670		1,620		1,635		1,720


Income from operations		2,106		263		756		479		608


Other income		79		20		33		12		14


Income including noncontrolling interests before interest and income taxes		2,185		283		789		491		622

Interest and related charges		201		48		50		54		49


Income including noncontrolling interest before income taxes		1,984		235		739		437		573

Income taxes		694		49		278		165		202


Income including noncontrolling interest		1,290		186		461		272		371

Noncontrolling interests		9		3		2		2		2


Operating Earnings Contribution	$	1,281	$	183	$	459	$	270	$	369


Operating Earnings Per Share Contribution	$	2.16	$	0.31	$	0.77	$	0.46	$	0.63


Average shares outstanding, diluted		593.7		598.1		596.3		594.0		585.7

Notes: Figures may not add due to rounding

Page 4 of 11

Corporate and Other

Unaudited Summary of Operating results

(millions, except per share amounts)


	Year ended 12/31/09			Quarter ended 12/31/09			Quarter ended 09/30/09			Quarter ended 06/30/09			Quarter ended 03/31/09

Operating Revenue	$	683		$	181		$	171		$	161		$	170

Operating Expenses
Electric fuel and other energy-related purchases		-			-			-			-			-
Purchased electric capacity		-			-			-			-			-
Purchased gas		4			1			1			1			1
Other operations and maintenance		681			181			172			171			156
Depreciation, depletion and amortization		29			8			7			7			7
Other taxes		30			5			6			7			13

Total operating expenses		744			195			186			186			177


Income (loss) from operations		(61	)		(14	)		(15	)		(25	)		(7	)


Other income		147			39			38			38			31


Income including noncontrolling interests before interest and income taxes		86			25			23			13			24

Interest and related charges		533			145			126			128			134


Income including noncontrolling interests before income taxes		(447	)		(120	)		(103	)		(115	)		(110	)

Income taxes		(207	)		(74	)		(46	)		(65	)		(23	)


Income including noncontrolling interests		(240	)		(46	)		(57	)		(50	)		(87	)

Noncontrolling interests		-			-			-			-			-


Operating Earnings (Loss) Contribution	$	(240	)	$	(46	)	$	(57	)	$	(50	)	$	(87	)


Operating Earnings (Loss) Per Share Contribution	$	(0.41	)	$	(0.08	)	$	(0.10	)	$	(0.09	)	$	(0.15	)


Average shares outstanding, diluted		593.7			598.1			596.3			594.0			585.7

Our 2009 income statements have been recast due to Dominion management’s decision to retain Hope Gas, Inc. as a part of Dominion Energy.

Note: Figures may not add due to rounding

Page 5 of 11

Dominion

Unaudited Operating Revenue Detail (GAAP Based)

(millions)


	Year ended 12/31/09			Quarter ended 12/31/09			Quarter ended 09/30/09			Quarter ended 06/30/09		Quarter ended 03/31/09
Dominion Consolidated
Operating Revenue
Electric sales:
Regulated	$	6,477		$	1,100		$	1,905		$	1,648	$	1,824
Nonregulated		3,802			884			999			925		994
Gas sales:
Regulated		829			171			50			91		517
Nonregulated		2,259			630			338			378		912
Gas transportation and storage		1,328			360			249			299		420
Other		436			110			107			109		111

Total operating revenue	$	15,131		$	3,255		$	3,648		$	3,450	$	4,778

Dominion Virginia Power
Operating Revenue
Electric sales:
Regulated	$	1,413		$	346		$	361		$	340	$	368
Nonregulated		781			205			234			182		160
Gas sales:
Regulated		-			-			-			-		-
Nonregulated		942			277			52			123		490
Gas transportation and storage		6			1			1			1		2
Other		139			34			38			34		32

Total operating revenue	$	3,281		$	863		$	686		$	680	$	1,052

Dominion Energy¹
Operating Revenue
Electric sales:
Regulated	$	-		$	-		$	-		$	-	$	-
Nonregulated		-			-			-			-		-
Gas sales:
Regulated		494			91			25			47		331
Nonregulated		1,715			439			364			369		542
Gas transportation and storage		1,291			350			249			294		398
Other		310			82			76			75		78

Total operating revenue	$	3,810		$	962		$	714		$	785	$	1,349

Dominion Generation
Operating Revenue
Electric sales:
Regulated	$	5,505		$	1,196		$	1,544		$	1,308	$	1,457
Nonregulated		3,183			723			817			790		854
Gas sales:
Regulated		-			-			-			-		-
Nonregulated		1			-			-			-		-
Gas transportation and storage		-			-			-			-		-
Other		62			14			15			16		17

Total operating revenue	$	8,751		$	1,933		$	2,376		$	2,114	$	2,328

Corporate and Other¹
Operating Revenue
Electric sales:
Regulated	$	(441	)	$	(441	)	$	-		$	-	$	-
Nonregulated		-			-			-			-		-
Gas sales:
Regulated		335			79			25			45		186
Nonregulated		8			2			(1	)		-		7
Gas transportation and storage		74			20			10			13		31
Other		677			179			171			162		165

Total operating revenue	$	653		$	(161	)	$	205		$	220	$	389

¹⁾	Our operating revenue have been recast due to Dominion management’s decision to retain Hope Gas, Inc.

The re-alignment shifted Hope Gas, Inc.’s results from Corporate to Dominion Energy.

Note: Figures may not add due to rounding

Page 6 of 11


Dominion Operating Statistics	Year ended 12/31/09			Quarter ended 12/31/09			Quarter ended 09/30/09		Quarter ended 06/30/09		Quarter ended 03/31/09

Dominion Consolidated

Regulated Electric Sales Revenue ($ millions)
Residential	$	3,156		$	698		$	885	$	708	$	865
Commercial		2,306			549			620		579		558
Industrial		559			132			152		138		137
Governmental		720			177			184		171		189

Regulated retail revenue		6,741			1,555			1,840		1,596		1,750
Wholesale - sales for resale		181			53			37		36		55
Other revenue¹		(445	)		(508	)		28		16		20

Total	$	6,477		$	1,100		$	1,905	$	1,648	$	1,825

¹⁾	4Q09 and full year 2009 amounts include a $523 million charge associated with the proposed settlement of Virginia Power’s 2009 rate case proceeding.

Note: Figures may not add due to rounding.

Page 7 of 11


Dominion Operating Statistics	Year ended 12/31/09	Quarter ended 12/31/09	Quarter ended 09/30/09	Quarter ended 06/30/09	Quarter ended 03/31/09

Dominion Virginia Power

Degree Days (Electric service area)
Cooling
Actual	1,477	26	988	459	4
Normal	1,545	45	1,057	436	7
Heating
Actual	3,747	1,285	5	294	2,163
Normal	3,638	1,317	15	326	1,980

Electric Delivery Customers (at period end)
Residential	2,149,288	2,149,288	2,141,554	2,136,201	2,137,364
Commercial	232,656	232,656	232,383	232,037	231,979
Industrial	576	576	583	581	581
Governmental	31,870	31,870	31,759	31,716	31,741

Total Retail	2,414,390	2,414,390	2,406,279	2,400,535	2,401,665
Wholesale - sales for resale	5	5	5	5	5

Total	2,414,395	2,414,395	2,406,284	2,400,540	2,401,670


Electricity Delivered (GWh)
Residential	29,920	6,778	8,024	6,428	8,690
Commercial	28,463	6,886	7,687	7,004	6,886
Industrial	8,644	2,124	2,361	2,084	2,075
Governmental	10,727	2,610	2,851	2,689	2,578

Total Retail	77,755	18,397	20,924	18,205	20,229
Wholesale - sales for resale	3,620	882	876	812	1,050

Total	81,374	19,279	21,800	19,017	21,279


Dominion Retail

Unregulated Energy Customer Accounts (Average)
Natural Gas	631,054	617,397	634,827	653,582	621,107
Electric	430,285	483,473	451,927	420,746	368,358
Products and Services	656,484	674,347	660,095	650,654	641,348

Total	1,717,823	1,775,217	1,746,849	1,724,982	1,630,812


Volumes Sold
Natural Gas (mmcf)	100,605	29,548	9,469	14,790	46,798
Electricity (MWh)	7,855,669	2,153,717	2,461,261	1,797,086	1,443,605

Note: Figures may not add due to rounding.

Page 8 of 11


Dominion Operating Statistics	Year ended 12/31/09		Quarter ended 12/31/09		Quarter ended 09/30/09		Quarter ended 06/30/09			Quarter ended 03/31/09

Dominion Energy - Gas Distribution¹

Regulated Gas Revenue ($mm)
Gas sales revenue
Residential	$	396	$	79	$	21	$	39		$	256
Commercial		88		11		4		8			66
Industrial		6		1		1		-			5
Other		4		1		0		0			3

Total	$	494	$	91	$	26	$	47		$	330


Regulated Gas Transportation and Storage Revenue ($mm)
Gas transportation revenue
Residential	$	374	$	106	$	53	$	73		$	143
Commercial		123		33		12		20			58
Industrial		45		12		8		9			16
Other		1		-		0		0			0

Total transportation revenue		544		152		73		103			217

Storage revenue		12		3		3		3			2

Total	$	555	$	154	$	76	$	106		$	219


Degree Days
Heating
Actual		5,847		2,019		79		649			3,100
Normal		5,711		2,012		118		717			2,864

LDC Natural Gas Customers (Average)
Gas sales customers
Residential		304,096		253,563		246,061		278,840			427,907
Commercial		16,274		11,237		9,945		14,424			27,850
Industrial		141		34		30		159			325
Other		24		24		24		24			24

Total		320,535		264,858		256,060		293,447			456,106

Gas transportation customers
Residential		912,380		957,206		955,578		941,199			802,375
Commercial		74,220		78,927		78,949		75,891			64,360
Industrial		1,471		1,562		1,593		1,460			1,307

Total		988,071		1,037,695		1,036,120		1,018,550			868,042

Total LDC natural gas customers
Residential		1,216,476		1,210,769		1,201,639		1,220,039			1,230,282
Commercial		90,494		90,164		88,894		90,315			92,210
Industrial		1,612		1,596		1,623		1,619			1,632
Other		24		24		24		24			24

Total		1,308,606		1,302,553		1,292,180		1,311,997			1,324,148


LDC Natural Gas Delivery (mmcf)
Gas sales volume
Residential		34,056		8,179		1,419		3,171			21,287
Commercial		7,705		1,188		279		594			5,644
Industrial		658		84		84		(7	)		496
Other		349		104		5		12			228

Total		42,768		9,555		1,787		3,770			27,655

Gas transportation volume
Residential		87,022		29,464		5,692		11,806			40,060
Commercial		47,450		14,982		4,063		6,573			21,831
Industrial		70,324		20,939		13,178		13,656			22,551
Other		3,574		846		743		421			1,564

Total		208,370		66,231		23,676		32,456			86,006

Total LDC natural gas throughput
Residential		121,078		37,643		7,111		14,977			61,347
Commercial		55,155		16,170		4,342		7,167			27,475
Industrial		70,982		21,023		13,262		13,649			23,047
Other		3,923		950		748		433			1,792

Total		251,138		75,786		25,463		36,226			113,661

¹⁾	Includes Hope Gas, Inc. operations.

Note: Figures may not add due to rounding.

Page 9 of 11


Dominion	Year	Quarter	Quarter	Quarter	Quarter
Operating Statistics	ended	ended	ended	ended	ended
	12/31/09	12/31/09	09/30/09	06/30/09	03/31/09

Dominion Energy - Gas Transmission

Natural Gas Liquids sales (million gallons)	162.1	43.2	40.7	40.9	37.4
Average Realized NGL Price with Hedging ($/gal)	$1.34	$1.42	$1.33	$1.25	$1.35

Gas Shrinkage Cost ($mm)	$72.0	$19.7	$14.8	$16.0	$21.5

Dominion Energy - Appalachia E&P*
*NGLs reported with Liquids

Volumes Produced
Natural Gas US (Bcf)	46.5	11.8	11.1	10.5	13.1
Liquids US (Mbbls)	958.8	259.2	235.9	244.3	219.4

Total equivalent (Bcfe)	52.3	13.4	12.5	12.0	14.4


Average Realized Prices Without Hedging Results
Natural Gas (per Mcf)	$4.20	$4.32	$3.45	$3.63	$5.19
Liquids (per Bbl)	$20.68	$21.98	$19.09	$19.67	$21.98
Equivalent (per Mcfe)	$4.11	$4.24	$3.42	$3.58	$5.04

Average Realized Prices With Hedging Results
Natural Gas (per Mcf)	$7.74	$7.42	$7.39	$7.70	$8.35
Liquids (per Bbl)	$20.68	$21.98	$19.09	$19.67	$21.98
Equivalent (per Mcfe)	$7.25	$6.97	$6.88	$7.14	$7.90

E&P Lifting costs ($/mcfe)	$1.21	$1.23	$1.10	$1.26	$1.24
E&P DD&A rates ($/mcfe)	$1.50	$1.30	$1.37	$1.39	$1.90

Note: Figures may not add due to rounding.

Page 10 of 11


Dominion	Year	Quarter	Quarter	Quarter	Quarter
Operating Statistics	ended	ended	ended	ended	ended
	12/31/09	12/31/09	09/30/09	06/30/09	03/31/09

Dominion Generation

Regulated Generation

Electricity Sold (GWh) to VP/NCP customers
Residential	29,919	6,778	8,024	6,428	8,689
Commercial	28,463	6,886	7,687	7,004	6,886
Industrial	8,644	2,124	2,361	2,084	2,075
Governmental	10,727	2,610	2,851	2,689	2,578

Total Retail	77,754	18,397	20,924	18,205	20,228
Wholesale - sales for resale	3,620	882	876	812	1,050

Total	81,374	19,279	21,800	19,017	21,278

Merchant Generation

NEPOOL Merchant Fleet ¹
Baseload Electric Sales (GWh)	24,499	5,241	5,960	6,423	6,875
Other Electric Sales (GWh)	1,819	507	557	516	239

Total Electric Sales (GWh)	26,318	5,748	6,517	6,939	7,114


PJM Merchant Fleet ²
Baseload Electric Sales (GWh)	2,766	718	771	449	828
Other Electric Sales (GWh)	6,532	1,429	1,949	1,836	1,318

Total Electric Sales (GWh)	9,298	2,147	2,720	2,285	2,146

¹⁾ Baseload Electric Sales include Millstone and the coal units at Brayton Point and Salem Harbor. Other Electric Sales include Manchester generating station and the oil units at Brayton Point and Salem Habor.

²⁾ Baseload Electric Sales include the State Line generating station. Other Electric Sales includes the Fairless generating station.

Note: Figures may not add due to rounding.

Page 11 of 11

DOMINION ENERGY, INC - FORM 8-K - EX-99.3 - 2009 SEGMENT OPERATING RESULTS - February 26, 2010

Attached files

DOMINION ENERGY, INC Reports