Williams Companies, Inc. (the) · NYSE:WMB
Williams Companies, Inc. (the) — Q3 2004 Earnings Presentation
84 slides from Williams Companies, Inc. (the)'s earnings presentation, Nov 4, 2004
Slide 1: Williams Analyst Conference Call 3rd Quarter 2004
Williams Analyst Conference Call 3rd Quarter 2004 November 4, 2004
Slide 2: Forward Looking Statements
Forward Looking Statements Our reports, filings, and other public announcements might contain or incorporate by reference statements that do not directly or exclusively relate to historical facts. Such statements are "forward-looking statements" with in the meaning of Private Securities Litigation R
Slide 3: 3Q04 Review
3Q04 Review Steve Malcolm, Chairman, President & CEO
Slide 4: Headlines: Results show discipline
Headlines Results show discipline Stronger balance sheet, moving towards growth Debt reduction efforts ahead of schedule 3Q 2003 $13.0 billion 3Q 2004 $ 8.9 billion Year to date CFFO from continuing operations almost double 3Q 2003 $567 million 3Q 2004 $1.1 billion Debt to total book capitalization
Slide 5: Headlines for the Quarter
Headlines for the Quarter Williams delivers strong 3Q performance Exploration & Production production volumes continue to increase Midstream has another outstanding quarter, despite Hurricane Ivan Gas Pipeline steady performance Power continues positive cash flows Consolidated strong cash flows cont
Slide 6: Headlines: Williams ceases efforts to sell Power business
Headlines Williams ceases efforts to sell Power business Natural gas businesses continue as focal point for strategy, investment Company has greater financial strength, lower Power liquidity requirements Adoption of hedge accounting expected to reduce earnings volatility Residual impact of MTM will
Slide 7: Headlines: Williams poised for growth, value-creation
Headlines Williams poised for growth, value-creation Natural gas businesses provide growth opportunities Investments today preserve, enhance competitive position and create value Drilling activity, production levels both increase Deepwater Gulf and West infrastructure prime for incremental business
Slide 8: The Road Ahead
Midstream Complete deepwater projects Complete asset sales Enhance competitive position- consider MLP Capture our share of new deepwater production 2004 2005 2006 2007 & beyond Gas Pipeline Exploration & Production Corporate Power CORE BUSINESSES The Road Ahead Complete announced expansion projects
Slide 9: Financial Results & 2004 Outlook
Financial Results & 2004 Outlook Don Chappel, CFO
Slide 10: Financial Results
3rd Quarter YTD 2004 2003 2004 2003 Income (Loss) from Continuing Ops.* $16 $20 ($3) $91 Income (Loss) from Discont. Ops.* 83 86 93 232 Effect of Accounting Change - - - (761) Net Income/(Loss)* $99 $106 $90 ($438) Net Income/(Loss) Share* $0.19 $0.20 $0.17 ($0.89) Recurring. Inc./(Loss) from Cont.
Slide 11: Recurring Income from Continuing Operations
2004 2003 2004 2003 Income/(Loss) from Cont. Ops. $16 $20 ($3) $91 Gains on Sale of Assets - (47) - (320) Impairments/Losses/Write-offs 16 9 39 158 Income (Expense) Related to Prior Periods 17 (1) 11 (108) Debt Retirement Expenses 155 - 252 - Other - Net 6 5 15 33 Less: Income Tax Provision 74 (14)
Slide 12: Mark to Market Adjustments
Mark to Market Adjustments Dollars in millions, except for per-share amounts 3rd Quarter YTD 2004 2003 2004 2003 Recurring income from continuing operations available to common shareholders 136 $ (0) $ 193 $ (56) $ Recurring diluted earnings per common share 0.26 $ (0.00) $ 0.37 $ (0.10) $ Mark-to-M
Slide 13: Net Income Components
2004 2003 2004 2003 Segment Profit* $436 $319 $1,006 $1,199 Net Interest Expense (196) (265) (657) (1,000) Debt Retirement Expense (155) - (252) - Other Income (Expense) - Net (21) (11) (58) 28 Income from Cont. Ops. Before Tax* 64 43 39 227 Provision for Income Tax 48 23 42 136 Income/(Loss) from C
Slide 14: Third Quarter Segment Profit
Third Quarter Segment Profit Reported Recurring 3Q04 3Q03 3Q04 3Q03 Gas Pipeline $149 $142 $149 $142 Exploration & Production 70 59 70 59 Midstream Gas & Liquids 105 77 128 70 Power(1) 109 37 109 15 Other 3 4 3 (5) Segment Profit(2) $436 $319 $459 $281 Dollars in millions (1) Power includes unrealiz
Slide 15: YTD Segment Profit
YTD Segment Profit Reported Recurring 2004 2003 2004 2003 Gas Pipeline $429 $407 $438 $434 Exploration & Production(1) 165 351 176 260 Midstream Gas & Liquids 312 247 318 240 Power(2) 121 236 121 (34) Other (21) (42) (3) (2) Segment Profit(3) $1,006 $1,199 $1,050 $898 Dollars in millions (1) E&P YTD
Slide 16: Major Changes in Recurring Segment Profit
Recurring Segment Profit 3Q2003 $281 Power 94 - Higher unrealized MTM gains +$242 million - Lower gains on contract suspension -$126 million - Lower realized margins and SG&A -$22 million Midstream 57 - Higher NGL margins +$45 million - Improved olefins results +$17 million - Impact of Hurricane Iva
Slide 17: Cash Information
3Q04 YTD04 Beginning Cash * $1,030 $2,318 Cash Flow from Continuing Operations 462 1,065 Cash Flow from Discontinued Operations 11 23 Asset Sales 618 1,013 Restricted Investments (LC Collateral) - 380 Debt Retirements (816) (3,036) Capital Expenditures/Investments (209) (540) Debt Premiums/Issuance
Slide 18: Debt Balance
Debt Balance Debt Balance @ 12/31/03 * $11,978 7.7% Scheduled Debt Retirements & Amortization (801) Tendered Debt Retirements (1,964) Open Market Purchases (269) Debt Balance @ 9/30/04 $8,944 7.3% FELINE PACS Exchange (827) Estimated Debt Balance @ 10/22/04 $8,117 7.3% Total Debt Reduction @ 10/22/0
Slide 19: 2004 Forecast EBITDA Reconciliation
2004 Forecast EBITDA Reconciliation Dollars in millions Net Income $25 - $160 $115 - $275 Income from Disc. Operations (50) - (100) (160) - (185) Net Interest 810 - 860 820 - 860 DD&A 660 - 710 650 - 700 Prov. (Benefit) for Income Taxes 0 - 80 (5) - 125 Other/Rounding 5 - 40 (70) - 25 EBITDA $1,450
Slide 20: Consolidated 2004 Segment Profit Guidance
Consolidated 2004 Segment Profit Guidance Dollars in millions 2004 Forecast Gas Pipeline $550 - 570 Exploration & Production 235 - 260 Midstream 435 - 485 Other/Rounding (45) - (40) $1,175 - 1,275 Power 0 - 100 Total $1,175 - 1,375 325 - 375 0 - 45 $1,100 - 1,400 $1,100 - 1,250 0 - 150 540 - 570
Slide 21: Consolidated 2004 Forecast Guidance
Segment profit $1,175 - $1,375 $1,100 - $1,400 Net Interest Expense (810) - (860) (820) - (860) Early Debt Retirement Costs (300) - (250) (250) - (200) Other (Primarily General Corp. Costs) (90) - (125) (80) - (125) Pretax Income (Loss) ($25) - $140 ($50) - $215 Provision (Benefit) for Income Tax 0
Slide 22: Business Unit Results
Business Unit Results
Slide 23: Exploration & Production
Exploration & Production Ralph Hill, Senior Vice President
Slide 24: Exploration & Production Segment Profit
3rd Quarter YTD 2004 2003 2004 2003 Exploration & Production Segment Profit Dollars in millions Segment Profit $70 $59 $165 $351 Non recurring: Ownership issue - - 11 - Gain on sale of assets - - - (91) Recurring Segment Profit $70 $59 $176 $260 3Q04 to 3Q03 increase includes $10 million due to high
Slide 25: Exploration & Production Third Quarter Accomplishments
1Q '03 2Q '03 3Q '03 4Q '03 1Q '04 2Q '04 3Q '04 Retained Properties 130.6 111.7 101.2 90.3 94 101.1 123.3 Sold Properties 9.3 9.3 Exploration & Production Third Quarter Accomplishments Recurring Segment Profit + Depreciation* Piceance volumes up 15% from last quarter Big George volumes up 10% to 68
Slide 26: Piceance area - Ryan Gulch
Ryan Gulch is north of existing Piceance production, and adjacent to a major pipeline hub Entered area through farm-in Spud first well in 3rd Quarter Commitment to drill 3 wells in '05, increasing in following years 15,000 net acres Exploration & Production Piceance area - Ryan Gulch Area Shown Area
Slide 27: Exploration & Production 2005-06 Guidance Reconciliation
Exploration & Production 2005-06 Guidance Reconciliation
Slide 28: Exploration & Production Year-Over-Year Performance
Exploration & Production Year-Over-Year Performance Dollars in millions 2004 2005 2006 Segment profit $235 - 260 $400 - 475 $450 - 525 Midpoint of range $247 $437 $487 Incremental increase +$190 +$50 Price impact +$98 ($29) Volumes (including new projects) +$92 +$79 Production (MMcfe/d) 525 - 550 60
Slide 29: Exploration & Production 2004-2006 Guidance
Exploration & Production 2004-2006 Guidance Note: If guidance has changed, previous guidance from 8/5/04 is shown in italics directly below. Economic impact of hedges may be different from the volume hedged due primarily to fuel and shrink and direct taxes 2004 2005 2006 Segment profit $235 - 260 $4
Slide 30: Midstream
Midstream Alan Armstrong, Senior Vice President
Slide 31: Midstream Segment Profit
3rd Quarter YTD 2004 2003 2004 2003 Segment Profit $105 $77 $312 $247 Non recurring: Depreciable Life Adjustment 6 4 6 4 Gain on Asset Sales - (11) - (11) Rev. Recognition Adjust. to 2Q 17 - - - Recurring Segment Profit $128 $70 $318 $240 Dollars in millions Midstream Segment Profit 3Q04 vs. 3Q03 in
Slide 32: Midstream Third Quarter Accomplishments
Midstream Third Quarter Accomplishments Near record margins Hurricane Ivan repair progress Closed Canadian straddle plants sale, $190 million in 3Q PSA signed for Ethylene Distribution System, $28 million cash in 4Q Completed negotiations of Gulf Liquids dispute $85 million cash in 4Q $95-100 millio
Slide 33: Midstream Domestic NGL Average Net Margin by Quarter
Midstream Domestic NGL Actual Average Net Margin by Qtr. Q1'02 Q2'02 Q3'02 Q4'02 Q1'03 Q2'03 Q3'03 Q4'03 Q1'04 Q2'04 Q3'04 5.21 7.7 11.75 12.75 17.16 7.99 6.18 11.01 10.08 8.84 17.64 Note: Based on actual realized prices, contractual obligations, shrink, fuel, actual equity liquids percentages, etc.
Slide 34: Midstream 2004-2006 Guidance
Midstream 2004-2006 Guidance Dollars in millions 2004 2005 2006 Segment Profit $435-485 $310-410 $400-500 Annual DD&A $175-185 $180-190 $185-195 Capital Spending $95-105 $120-140 $110-130 $325-375 Note: - - Both current & previous guidance excludes results & gains associated with Canada straddle pla
Slide 35: Midstream Segment Profit + DDA & Capital Spending
Midstream Segment Profit + DDA & Capital Spending 0 100 200 300 400 500 600 700 $ MM New Expansion Segment Profit Forecast Margin Uplift Segment Profit (Q4) Actual Margin Uplift Segment Profit (thru Q3) Base Segment Profit + DDA* Old Expansion New Expansion Mandatory, Reliability & Efficiency Well C
Slide 36: Gas Pipeline
Gas Pipeline Doug Whisenant, Senior Vice President
Slide 37: Gas Pipeline Segment Profit
Gas Pipeline Segment Profit 3rd Quarter YTD 2004 2003 2004 2003 Segment profit $149 $142 $429 $407 Includes: Write-off software project - - - 26 Write-off of previously capitalized cost for idled segment - - 9 Recurring Segment Profit $149 $142 $438 $434 Dollars in millions 3Q04 vs. 3Q03 increase in
Slide 38: Gas Pipeline Third Quarter Accomplishments
Gas Pipeline Third Quarter Accomplishments Gulfstream Peak day delivery record set 9/7/04 Phase II construction began 7/21/04 Central New Jersey expansion project filed with FERC Leidy to Long Island expansion; binding 100 MDtd, 20-year term Began design, environmental and permitting work for 26" Re
Slide 39: Gas Pipeline 2004-2006 Guidance
2004 2005 2006 Segment profit1 $550 - 570 $525 - 575 $525 - 575 Annual DD&A2 $265 - 275 $280 - 290 $290 - 300 Capital spending $260 - 300 $370 - 420 $475 - 550 Dollars in millions Gas Pipeline 2004-2006 Guidance $350 - 400 $450 - 520 $280 - 320 $270-280 Note: 1) Reported income and includes $9 milli
Slide 40: Gas Pipeline 2004-2006 Capital Spending Detail
Gas Pipeline 2004-2006 Capital Spending Detail $475 - 550 $370 - 420 $260 - 300 Total 10 - 20 20 - 30 30 - 40 255 - 275 50 - 65 35 - 40 60 - 70 $180 - 210 $220 - 235 $135 - 150 Normal Maintenance 2006 2005 2004 Dollars in millions $450 - 520 35 - 45 $350 - 400 Clean Air Act NWP 26" Restore/Replace E
Slide 41: Power
Power Bill Hobbs, Senior Vice President
Slide 42: Power Key Messages
Portfolio continues to generate positive cash flows Market conditions continue to slowly rebound Improving market liquidity Spark spreads are stabilizing Favorable political messages from California and FERC Cash management continues to improve New risk reducing contracts Favorable California PUC de
Slide 43: Power Segment Profit
3rd Quarter YTD 2004 2003 2004 2003 Power Segment Profit Dollars in millions Gross Margin $131 $60 $202 $198 SG&A (20) (26) (56) (107) Op. Exp. & Other Inc / (Exp) (3) 4 (25) 150 Equity Earnings (Losses) 1 (1) 0 (5) Segment Profit $109 $37 $121 $236 Includes: Aux Sable Impairment - 6 - 14 Regulatory
Slide 44: Power Segment Profit to Cash Flow
Power Segment Profit to Cash Flow Dollars in millions
Slide 45: Power Segment Undiscounted Cash Flows Variance Analysis
Power Segment Undiscounted Cash Flows Variance Analysis 4Q03 4Q02 2003 2002 Dollars in millions Dollars in millions Note: Q3 2004 forecast estimated as of 6/30/04. Combined Power Portfolio Actual Q3'04 v. Forecast Q3'04 3Q04 A 3Q04 F YTD'04 A YTD'04 F Tolling Demand Payment Obligations ($126) ($125)
Slide 46: Power Segment Profit after MTM Adjust. Forecast
Dollars in millions 1Schedule of expected realization of MTM gains/losses previously recognized is included in the Appendix. Power Segment Profit after MTM Adjust. Forecast
Slide 47: Power 2004-2006 Guidance
2004 2005 2006 Previous Segment Profit Guidance $0 - $150 $50 - $150 $50 - $200 Current Forecast: Segment Profit after MTM Adjustment (20) 100 154 MTM Adjustments 67 (254) (269) Segment Profit $47 ($154) ($115) Revised Segment Profit Guidance $0 - $100 ($200) - ($100) ($200) - ($50) Cash Flow from O
Slide 48: Power Summary
Power Summary Portfolio continues to generate positive cash flows Managing business to maximize cash flows, reduce risk and honor commitments Accounting change does not impact cash flow guidance or economic value Continued focus on greater reporting transparency Next Power Tutorial on November 18
Slide 49: Financial Overview & 3-Year Outlook
Financial Overview & 3-Year Outlook Don Chappel
Slide 50: Consolidated 2004-2006 Outlook
$1,100 - 1,400 (50) 125 - 25 1,175 - 1,375 1,225 - 1,425 660 - 710 1,250 - 1,450 775 - 875 $1,300 - 1,600 (250) 0 1,050 - 1,350 1,300 - 1,600 700 - 775 1,300 - 1,600 1,000 - 1,200 $1,400 - 1,700 (250) 50 1,200 - 1,500 1,450 - 1,750 750 - 850 1,450 - 1,750 1,150 - 1,350 Segment Profit: Prior Guidance
Slide 51: Consolidated 2004-2006 Capital Exp. By Business
90 - 110 280 - 320 2004 2005 2006 Exploration & Production $400 - 450 $500 - 575 $525 - 625 Midstream 95 - 105 120 - 140 110 - 130 Gas Pipeline 260 - 300 370 - 420 475 - 550 Power - - - Other/Corporate 10 - 30 10 - 30 10 - 30 Total $775 - 875 $1,000 - 1,200 $1,150 - 1,350 Dollars in millions Consoli
Slide 52: Consolidated Guidance Trends
Consolidated Guidance Trends 2004 2005 2006 2007 SP Old-Low 1225 1300 1450 1550 SP Old-High 1425 1600 1750 2050 SP New-Low 1175 1050 1200 1300 SP New-H 1375 1350 1500 1800 Cap Ex-Low 775 1000 1150 900 Cap Ex-High 875 1200 1350 1200 $1,000 to $1,200 $1,150 to $1,350 $900 to $1,200 $ Millions $775 to
Slide 53: Consolidated Progress as Promised
Consolidated Progress as Promised 2003 2004 2005 2006 CFFO-Low 570 1250 1300 1450 CFFO-High 570 1450 1600 1750 Debt to Cap 0.745 0.623 0.591 0.57 0.633 0.601 0.59 Cash Flow 1 Debt / Cap 2 75% Increasing Cash Flow 570 $1,250 to $1,450 $1,300 to $1,600 $1,450 to $1,750 $ Millions 1 Cash Flow from Cont
Slide 54: Consolidated FELINE PACS Update
Received tenders to exchange $827 million Issued 33.1 million common shares on Oct. 22 Paid cash of $49 million; expect pre-tax charge of $25 million in 4Q04 First remarketing for remaining $273 million debt scheduled for Nov. 16 Williams may choose to purchase some of the notes Remaining units exch
Slide 55: Consolidated Scheduled Debt Maturities
Consolidated Scheduled Debt Maturities 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013-2020 2021-2022 2023-2026 2027-2030 2031 2032 2033 Misc. Notes 31 247 119 323 640 53 221 1018 998 757 751 292 100 1170 850 300 Remaining PACS 273 Dollars in millions
Slide 56: Consolidated Financial Strategy/Key Points
Drive/enable sustainable growth in EVA(r)/ shareholder value Maintain a cash/liquidity cushion of $1.0 billion plus Continue to steadily improve credit ratios/ratings; ultimately achieving investment grade ratios Reduce risk in Power segment Increase focus and disciplined EVA(r) -based investments i
Slide 57: Summary
Summary Steve Malcolm
Slide 58: The Road Ahead
Midstream Complete deepwater projects Complete asset sales Capture our share of new deepwater production 2004 2005 2006 2007 & beyond Gas Pipeline Exploration & Production Corporate Power CORE BUSINESSES The Road Ahead Complete announced expansion projects Northwest testing and return to service Nor
Slide 59: Summary
Summary 3rd quarter results strong Restructuring nears the finish line Asset sales program essentially completed Adequate liquidity continues Pursuing growth opportunities Retaining Power and continuing strategy to Reduce risk Generate cash Meet contractual commitments
Slide 60: Scorecard Update
Initiate & Stabilize Execute Restructuring Emerge Avoid bankruptcy Address liquidity crisis Restore customer and supplier confidence Complete asset sales Rationalize cost structure Manage liquidity De-lever Restore confidence of and gain access to capital markets Position company for integrated natu
Slide 61: Williams
Ne Williams. | a
Slide 62: Non-GAAP Reconciliations
Non-GAAP Reconciliations
Slide 63: Non-GAAP Reconciliation Schedule
Non-GAAP Reconciliation Schedule
Slide 64: Non-GAAP Reconciliation Schedule
Non-GAAP Reconciliation Schedule
Slide 65: Non-GAAP Reconciliation Schedule
Non-GAAP Reconciliation Schedule Dollars in millions except for per share amounts 2004 2003 1Q 2Q 3Q 1Q 2Q 3Q Recurring income from continuing operations available to common shareholders 3 $ 54 $ 136 $ (44) $ (12) $ (0) $ Recurring diluted earnings per common share 0.00 $ 0.10 $ 0.26 $ (0.08) $ (0.0
Slide 66: 3Q 2004 EBITDA Reconciliation
3Q 2004 EBITDA Reconciliation 167 DD&A 48 Provision for Income Taxes 196 Net Interest Expense Dollars in millions $99 Net Income* $427 EBITDA* (83) Income from Disc. Operations * Includes gains and impairments on asset sales and prior period adjustments
Slide 67: 2004 YTD EBITDA Reconciliation
2004 YTD EBITDA Reconciliation 495 DD&A 42 Provision for Income Taxes 657 Net Interest Expense Dollars in millions $90 Net Income* $1,191 EBITDA* (93) Income from Disc. Operations * Includes gains and impairments on asset sales and prior period adjustments
Slide 68: 3Q 2004 Segment Contributions
* Excluding equity earnings and income (loss) from investments contained in segment profit Dollars in millions 3Q 2004 Segment Contributions Gas Pipeline E&P Midstream Power Corp/Other Total Segment Profit (Loss) $149 $70 $105 $109 $2 $436 DD&A 63 52 44 5 3 167 Segment Profit before DDA $212 $122 $1
Slide 69: Consolidated 2004 Forecast Segment Contribution
Gas Pipeline E&P Power 235 - 260 160 - 180 395 - 440 0 - 100 20 - 25 20 - 125 550 - 570 265 - 275 815 - 845 Segment Profit (Loss) DD&A Segment Profit before DDA General Corporate Expense Investing Income Other/Rounding TOTAL Midstream 435 - 485 175 - 185 610 - 670 Total 1,175 - 1,375 660 - 710 1,835
Slide 70: Consolidated 2004 Forecast Guidance
Dollars in millions, except per-share amounts Consolidated 2004 Forecast Guidance Net Income / (Loss) Reported $25 - $160 Less: Discontinued Operations (50) - (100) Net Income / (Loss) Continuing Ops Reported ($25) - $60 Adjustments: Early Debt Retirement Costs (Pretax) 300 - 250 Other Non-Recurring
Slide 71: Appendix
Appendix
Slide 72: Exploration & Production Net Realized Price Calculation
Exploration & Production Net Realized Price Calculation
Slide 73: Midstream Domestic NGL Quarterly Average Net Margins
Midstream Domestic NGL Quarterly Average Net Margins Note: Computed using NGL prices FOB plant tailgate less shrinkage costs, transportation and fractionation. Average is weighted using Williams' equity liquids percentages by region: 50% Rockies, 35% Gulf Coast and 15% San Juan. 1Q '02 2Q '02 3Q '02
Slide 74: Enterprise Risk Management
Enterprise Risk Management Margins & Ad. Assur. $19 $2 $133 - $154 $527 Prepayments - 5 32 - 37 151 Subtotal $19 $7 $165 $ - $191 $678 Letters of Credit 429 184 204 114 931 378 Total as of 9/30/04 $448 $191 $369 $114 $1,122 $1,056 Total as of 6/30/04 $489 $157 $424 $43 $1,113 Change ($41) $34 ($55)
Slide 75: Enterprise Risk Management
Enterprise Risk Management Margin volatility (99% confidence interval) - - Incremental liquidity requirement 9/30/04 12/31/03 30 days ($118) ($185) 180 days ($234) ($309) 360 days ($336) ($390) Assumption: The margin numbers above consist of only the forward marginable position values, starting from
Slide 76: Enterprise Risk Management Sensitivities Analysis
Enterprise Risk Management Sensitivities Analysis 1 Assumes a correlated movement in prices across all commodities, including spreads. 2 Assumes a non-correlated change in West power prices only, no change in power volatility, full extrinsic value not included. Heat rate and position change associat
Slide 77: Power Future Hedge Realization
Dollars in millions (estimated as of 9/30/04) Power Future Hedge Realization 1Represents the fair value and expected future realization of those derivatives which qualify for hedge accounting under SFAS 133. Future changes in fair value will be reported in OCI on the balance sheet, and then re-class
Slide 78: Power Derivative Net Asset Reconciliation
Dollars in millions Power Derivative Net Asset Reconciliation Balance at 9/30/04 Power - Fair Value of Designated FAS 133 Hedges1 $979 Power - Other Derivatives (134) E&P - Fair Value of Designated FAS 133 Hedges (612) Corporate 12 Net Derivative Assets Per Balance Sheet $244 1Represents the fair va
Slide 79: Power Total Undiscounted Cash Flows
Power Total Undiscounted Cash Flows Note: Actual cash flows realized may differ materially from those shown.
Slide 80: Power West - Total Undiscounted Cash Flows
Power West - Total Undiscounted Cash Flows Dollars in millions Note: Actual cash flows realized may differ materially from those shown.
Slide 81: Power Central - Total Undiscounted Cash Flows
Power Central - Total Undiscounted Cash Flows Dollars in millions Note: Actual cash flows realized may differ materially from those shown.
Slide 82: Power East - Total Undiscounted Cash Flows
Power East - Total Undiscounted Cash Flows Dollars in millions Note: Actual cash flows realized may differ materially from those shown.
Slide 83: Consolidated Effective Tax Rates
Consolidated Effective Tax Rates Combined Continuing Ops. Discontinued Ops. Third Quarter 2004 Federal $46 35% $23 35% $23 35% State 19 15% 16 25% 3 5% Foreign (41) (31%) 2 3% (43) (65%) Other 8 6% 7 11% 0 0% Tax Provision $32 25% $48 74% (17) (25%) Year to Date 2005 Federal $42 35% $14 35% $28 35%
Slide 84: Consolidated Drivers
Consolidated Drivers Dollars in millions