Dominion Energy, Inc. · NYSE:D
Dominion Energy — Dominion Resources — Q2 2015 Earnings Presentation
15 slides from Dominion Energy's earnings presentation, Aug 5, 2015
Slide 1: 2nd Quarter 2015 Earnings Call
2nd Quarter 2015 Earnings Call August 5, 2015
Slide 2: Important Note to Investors
Important Note to Investors This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding Dominion and Dominion Midstream. The statements relate to, among other things, expectations, estimates and projections concer
Slide 3: Key Takeaways
Key Takeaways Second Quarter 2015 Highlights – Dominion • Operating earnings of $0.73 per share near the top of second quarter guidance range* • Filed VEPCO Integrated Resource Plan • Filed Greensville A-6 Rider & CPCN – Dominion Midstream (DM) • Financial and distribution results in line with expec
Slide 4: Operating Earnings Summary
Operating Earnings Summary Second Quarter 2015 $0.75 $0.73 2nd Quarter Drivers $0.65 Weather Lower operating expenses Guidance Actual Range Operating EPS* *See page 30 of the second quarter 2015 Earnings Release Kit for a reconciliation to GAAP. Please refer to page 2 for risks and uncertainties rel
Slide 5: Operating EBITDA Summary
Operating EBITDA Summary Second Quarter 2015 versus guidance (in $millions) Operating Guidance Actual Drivers Segment EBITDA EBITDA Dominion Virginia $350 - $395 $374 Weather Power Dominion Weather $520 - $580 $546 Generation Lower operating expenses Higher distribution margins Dominion Energy $250
Slide 6: Dominion Midstream Partners (DM)
Dominion Midstream Partners (DM) Second Quarter 2015 Earnings and Distribution – Financial Results in line with Management expectations • Net Income $17.6 million • Adjusted EBITDA $19.9 million* • Distributable Cash Flow $19.3 million* – Distribution Results • Board declared 2Q 2015 cash distributi
Slide 7: Cash Flow and Financing Activities
Cash Flow and Financing Activities Second Quarter 2015 – Cash Flow • $2.1 billion in funds from operations for first half of 2015 • $2.7 billion in commercial paper and letters of outstanding credit • $4.5 billion of credit facilities • $2.0 billion of liquidity – Equity Financing • Raised $500 mill
Slide 8: Operating Earnings Guidance
Operating Earnings Guidance Third Quarter 2015 $1.10 3rd Quarter Drivers $0.93 $0.95 Normal weather Growth projects Higher operating expenses Share dilution 3Q 2014 3Q 2015 EPS* Guidance* *See page 36 and 37 of the second quarter 2015 Earnings Release Kit for a reconciliation to GAAP. Please refer t
Slide 9: Hedged Power Update
Hedged Power Update Millstone Hedge Position 94% Hedged 60% Hedged $65.06 $56.94 $52.43 $51.51 $46.81 $47.75 2014 2015 2016 NEPOOL Baseload Avg Hedge Position NEPOOL ATC Power Price 2015-2016 forward curves as of 7/24/15 Please refer to page 2 for risks and uncertainties related to projections and f
Slide 10: Regulatory Update
Regulatory Update – Biennial Review • Virginia Electric and Power Company filed March 31 for earnings periods 2013 - 2014 Filing demonstrates a 10.13% ROE, below the top of the allowed range of 10.7% Intervenor testimony submitted July 30 Commission’s Staff testimony expected second week of Au
Slide 11: Dominion Generation Growth Projects Update
Dominion Generation Growth Projects Update Brunswick – Brunswick County • 75% complete – On Time, On Budget • Expect in service mid-2016 – Greensville County • Construction of a ~1,588 MW plant • Estimated Costs of $1.3 billion • Filed CPCN/Rider July 2015 • Expect in service December 2018 Brunswick
Slide 12: Dominion Generation Solar Update
Dominion Generation Solar Update – Utility Scale Solar in Virginia* • Announced Remington Power Station 20 MW solar facility Filed A-6 Rider and CPCN in January Part of plan to invest $700 million to build total of 400 MW – Contracted Solar • Placed 81 MW in-service since 1Q call • 333 MW curren
Slide 13: Dominion Energy Growth Projects Update
Dominion Energy Growth Projects Update – Producer Outlet Projects (~2 Bcf/day) 4 Bcf/day of • Five projects in-service Growth • Four projects to be completed by end of 2016 Projects – Market Access Projects (~0.6 Bcf/day) Underway • Seven projects to be completed by end of 2017 – Atlantic Coast Pipe
Slide 14: Cove Point Liquefaction
Dominion Energy Cove Point Liquefaction Project is ~31% complete – Engineering is ~90% complete – Procurement of major equipment is ~85% complete Construction is On-time & On- budget Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. Second Quar
Slide 15: Second Quarter 2015
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