- Fourth-quarter 2022 GAAP net loss of $0.07 per share; operating earnings of
$1.06 per share
- Full year 2022 GAAP net income of $1.09 per share; operating earnings of
$4.11 per share
RICHMOND, Va., Feb. 8, 2023
/PRNewswire/ -- Dominion Energy (NYSE: D) today announced unaudited
net loss determined in accordance with Generally Accepted
Accounting Principles (reported earnings) for the three months
ended Dec. 31, 2022, of $42 million ($0.07
per share) compared with net income of $1.3
billion ($1.63 per share) for
the same period in 2021, with net income of $994 million ($1.09
per share) for the 12 months ended Dec. 31,
2022, compared with net income of $3.3 billion ($3.98
per share) for the same period in 2021.
Operating earnings for the three months ended Dec. 31, 2022, were $903
million ($1.06 per share),
compared to operating earnings of $752
million ($0.90 per share) for
the same period in 2021. Operating earnings for the 12 months
ended Dec. 31, 2022, were
$3.5 billion ($4.11 per share) compared with operating earnings
of $3.2 billion ($3.86 per share) for the same period in 2021.
Differences between GAAP and operating earnings for the period
include an impairment of certain nonregulated solar generation
facilities, the mark-to-market impact of economic hedging
activities, gains and losses on nuclear decommissioning trust
funds, regulated asset retirements and other adjustments.
Operating earnings are defined as reported earnings adjusted for
certain items. Details of operating earnings as compared to
prior periods, business segment results and detailed descriptions
of items included in reported earnings but excluded from operating
earnings can be found on Schedules 1, 2, 3 and 4 of this release.
Guidance
Dominion Energy expects first-quarter
operating earnings in the range of $0.97 to $1.12 per
share.
Webcast today
The company will host its fourth-quarter
2022 earnings call at 10 a.m. ET on
Wednesday, Feb. 8, 2023. Management will discuss
matters of interest to financial and other stakeholders including
recent financial results.
A live webcast of the conference call, including accompanying
slides and other financial information, will be available on the
investor information pages at investors.dominionenergy.com.
For individuals who prefer to join via telephone, domestic
callers should dial 1-800-420-1271 and international callers should
dial 1-785-424-1634. The passcode for the telephonic earnings
call is 68006. Participants should dial in 10 to 15 minutes
prior to the scheduled start time.
A replay of the webcast will be available on the investor
information pages by the end of the day Feb. 8. A telephonic
replay of the earnings call will be available beginning at about
1 p.m. ET on Feb. 8. Domestic
callers may access the recording by dialing 1-800-839-6803.
International callers should dial 1-402-220-6056. The PIN for
the replay is 68006.
Important note to investors regarding operating, reported
earnings
Dominion Energy uses operating earnings as the
primary performance measurement of its earnings guidance and
results for public communications with analysts and
investors. Dominion Energy also uses operating earnings
internally for budgeting, for reporting to the Board of Directors,
for the company's incentive compensation plans and for its targeted
dividend payouts and other purposes. Dominion Energy management
believes operating earnings provide a more meaningful
representation of the company's fundamental earnings power.
In providing its operating earnings guidance, the company notes
that there could be differences between expected reported earnings
and estimated operating earnings for matters such as, but not
limited to, acquisitions, divestitures or extreme weather events
and other natural disasters. Dominion Energy management is
not able to estimate the aggregate impact of these items on future
period reported earnings.
About Dominion Energy
About 7 million customers in 16
states energize their homes and businesses with electricity or
natural gas from Dominion Energy (NYSE: D), headquartered in
Richmond, Va. The company is
committed to safely providing reliable, affordable and sustainable
energy and to achieving Net Zero emissions by 2050. Please visit
DominionEnergy.com to learn more.
This release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform
Act of 1995, including forecasted operating earnings first-quarter
2023 and beyond that are subject to various risks and
uncertainties. Factors that could cause actual results to differ
include, but are not limited to: the direct and indirect impacts of
implementing recommendations resulting from the business review
announced in November 2022; unusual
weather conditions and their effect on energy sales to customers
and energy commodity prices; extreme weather events and other
natural disasters; extraordinary external events, such as the
current pandemic health event resulting from COVID-19; federal,
state and local legislative and regulatory developments; changes to
regulated rates collected by Dominion Energy; timing and receipt of
regulatory approvals necessary for planned construction or
expansion projects and compliance with conditions associated with
such regulatory approvals; the inability to complete planned
construction projects within time frames initially anticipated;
risks and uncertainties that may impact the ability to develop and
construct the Coastal Virginia Offshore Wind (CVOW) Commercial
Project within the currently proposed timeline, or at all, and
consistent with current cost estimates along with the ability to
recover such costs from customers; changes to federal, state and
local environmental laws and regulations, including those related
to climate change; cost of environmental strategy and compliance,
including cost related to climate change; changes in implementation
and enforcement practices of regulators relating to environmental
standards and litigation exposure for remedial activities; changes
in operating, maintenance and construction costs; additional
competition in Dominion Energy's industries; changes in demand for
Dominion Energy's services; receipt of approvals for, and timing
of, closing dates for acquisitions and divestitures; impacts of
acquisitions, divestitures, transfers of assets by Dominion Energy
to joint ventures, and retirements of assets based on asset
portfolio reviews; adverse outcomes in litigation matters or
regulatory proceedings; fluctuations in interest rates; the
effectiveness to which existing economic hedging instruments
mitigate fluctuations in currency exchange rates of the Euro and
Danish Krone associated with certain fixed price contracts for the
major offshore construction and equipment components of the CVOW
Commercial Project; changes in rating agency requirements or credit
ratings and their effect on availability and cost of capital; and
capital market conditions, including the availability of credit and
the ability to obtain financing on reasonable terms. Other
risk factors are detailed from time to time in Dominion Energy's
quarterly reports on Form 10-Q and most recent annual report on
Form 10-K filed with the U.S. Securities and Exchange
Commission.
Dominion Energy,
Inc.
|
Consolidated
Statements of Income *
|
Unaudited (GAAP
Based)
|
(millions, except
per share amounts)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,
|
|
December
31,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
Operating
Revenue
|
$
4,913
|
|
$ 3,880
|
|
$
17,174
|
|
$
13,964
|
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
Electric fuel and other
energy-related purchases
|
1,086
|
|
628
|
|
3,711
|
|
2,368
|
Purchased electric
capacity
|
14
|
|
8
|
|
59
|
|
70
|
Purchased
gas
|
597
|
|
418
|
|
1,582
|
|
1,083
|
Other operations and
maintenance1
|
2,436
|
|
1,037
|
|
6,473
|
|
4,037
|
Depreciation, depletion
and amortization
|
710
|
|
645
|
|
2,830
|
|
2,478
|
Other taxes
|
204
|
|
207
|
|
923
|
|
909
|
Total operating
expenses
|
5,047
|
|
2,943
|
|
15,578
|
|
10,945
|
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
(134)
|
|
937
|
|
1,596
|
|
3,019
|
|
|
|
|
|
|
|
|
Other income
(expense)2
|
339
|
|
487
|
|
423
|
|
1,433
|
Interest and related
charges
|
416
|
|
376
|
|
966
|
|
1,354
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations including noncontrolling interests
before income tax expense (benefit)
|
(211)
|
|
1,048
|
|
1,053
|
|
3,098
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit)
|
(175)
|
|
225
|
|
68
|
|
425
|
|
|
|
|
|
|
|
|
Net Income (loss) from
continuing operations including noncontrolling interests
|
(36)
|
|
823
|
|
985
|
|
2,673
|
|
|
|
|
|
|
|
|
Net Income (loss) from
discontinued operations including noncontrolling
interests
|
(6)
|
|
522
|
|
9
|
|
641
|
|
|
|
|
|
|
|
|
Net Income (loss)
including noncontrolling interests
|
$
(42)
|
|
$ 1,345
|
|
$
994
|
|
$
3,314
|
Noncontrolling
interests
|
-
|
|
4
|
|
-
|
|
26
|
|
|
|
|
|
|
|
|
Net Income (loss)
attributable to Dominion Energy
|
$
(42)
|
|
$ 1,341
|
|
$
994
|
|
$
3,288
|
|
|
|
|
|
|
|
|
Reported Income (loss)
per common share from continuing operations - diluted
|
$
(0.06)
|
|
$
0.99
|
|
$
1.08
|
|
$
3.19
|
Reported Income (loss)
per common share from discontinued operations - diluted
|
(0.01)
|
|
0.64
|
|
0.01
|
|
0.79
|
Reported Income
(loss) per common share - diluted
|
$
(0.07)
|
|
$
1.63
|
|
$
1.09
|
|
$
3.98
|
Average shares
outstanding, diluted
|
833.7
|
|
811.0
|
|
824.8
|
|
808.5
|
|
|
|
|
|
|
|
|
1)Includes impairment of assets and other charges
(benefits) and losses (gains) on sales of assets.
|
|
|
|
|
|
|
2)Includes earnings from equity method
investees.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*The notes contained in
Dominion Energy's most recent quarterly report on Form 10-Q or
annual report on Form 10-K are an integral part of the
Consolidated Financial Statements.
|
Schedule 1 - Segment
Reported and Operating Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited
|
|
|
|
|
|
|
(millions, except
per share amounts)
|
Three months ended
December 31,
|
|
|
|
|
2022
|
|
2021
|
|
Change
|
|
|
|
|
|
|
|
|
|
REPORTED
EARNINGS1
|
|
|
|
$
(42)
|
|
$
1,341
|
|
$ (1,383)
|
|
|
|
|
|
|
|
|
|
Pre-tax loss (income)2
|
1,255
|
|
(761)
|
|
2,016
|
Income tax2
|
(310)
|
|
172
|
|
(482)
|
Adjustments to reported
earnings
|
945
|
|
(589)
|
|
1,534
|
|
|
|
|
|
|
|
|
|
OPERATING
EARNINGS
|
$
903
|
|
$
752
|
|
$
151
|
By segment:
|
|
|
|
|
|
Dominion Energy Virginia
|
433
|
|
455
|
|
(22)
|
Gas
Distribution
|
211
|
|
185
|
|
26
|
Dominion Energy South Carolina
|
97
|
|
100
|
|
(3)
|
Contracted Assets
|
93
|
|
58
|
|
35
|
Corporate and Other
|
69
|
|
(46)
|
|
115
|
|
|
|
|
$
903
|
|
$
752
|
|
$
151
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(EPS):3
|
|
|
|
|
|
REPORTED EARNINGS
1
|
|
|
|
$
(0.07)
|
|
$
1.63
|
|
$
(1.70)
|
Adjustments to reported
earnings (after tax)
|
1.13
|
|
(0.73)
|
|
1.86
|
OPERATING
EARNINGS
|
$
1.06
|
|
$
0.90
|
|
$
0.16
|
By segment:
|
|
|
|
|
|
Dominion Energy Virginia
|
0.52
|
|
0.56
|
|
(0.04)
|
Gas
Distribution
|
0.25
|
|
0.23
|
|
0.02
|
Dominion Energy South Carolina
|
0.12
|
|
0.12
|
|
-
|
Contracted Assets
|
0.11
|
|
0.07
|
|
0.04
|
Corporate and Other
|
0.06
|
|
(0.08)
|
|
0.14
|
|
|
|
|
$
1.06
|
|
$
0.90
|
|
$
0.16
|
|
|
|
|
|
|
|
|
|
Common Shares
Outstanding (average, diluted)
|
834.1
|
|
811.0
|
|
|
|
|
|
|
|
|
|
|
|
(millions, except
earnings per share)
|
Twelve months ended
December 31,
|
|
|
|
|
2022
|
|
2021
|
|
Change
|
|
|
|
|
|
|
|
|
|
REPORTED
EARNINGS1
|
|
|
|
$
994
|
|
$
3,288
|
|
$ (2,294)
|
|
|
|
|
|
|
|
|
|
Pre-tax loss (income)2
|
|
3,127
|
|
(26)
|
|
3,153
|
Income tax2
|
|
(616)
|
|
(71)
|
|
(545)
|
Adjustments to reported
earnings
|
2,511
|
|
(97)
|
|
2,608
|
|
|
|
|
|
|
|
|
|
OPERATING
EARNINGS
|
$
3,505
|
|
$
3,191
|
|
$
314
|
By segment:
|
|
|
|
|
|
Dominion Energy Virginia
|
2,008
|
|
1,919
|
|
89
|
Gas
Distribution
|
697
|
|
600
|
|
97
|
Dominion Energy South Carolina
|
505
|
|
437
|
|
68
|
Contracted Assets
|
335
|
|
431
|
|
(96)
|
Corporate and Other
|
(40)
|
|
(196)
|
|
156
|
|
|
|
|
$
3,505
|
|
$
3,191
|
|
$
314
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(EPS):3
|
|
|
|
|
|
REPORTED
EARNINGS1
|
|
|
|
$
1.09
|
|
$
3.98
|
|
$
(2.89)
|
Adjustments to reported
earnings (after tax)
|
3.02
|
|
(0.12)
|
|
3.14
|
OPERATING
EARNINGS
|
$
4.11
|
|
$
3.86
|
|
$
0.25
|
By segment:
|
|
|
|
|
|
Dominion Energy Virginia
|
2.44
|
|
2.37
|
|
0.07
|
Gas
Distribution
|
0.85
|
|
0.74
|
|
0.11
|
Dominion Energy South Carolina
|
0.61
|
|
0.54
|
|
0.07
|
Contracted Assets
|
0.41
|
|
0.53
|
|
(0.12)
|
Corporate and Other
|
(0.20)
|
|
(0.32)
|
|
0.12
|
|
|
|
|
$
4.11
|
|
$
3.86
|
|
$
0.25
|
|
|
|
|
|
|
|
|
|
Common Shares
Outstanding (average, diluted)
|
833.0
|
|
808.5
|
|
|
|
|
|
|
|
|
|
|
|
1)
|
Determined in
accordance with Generally Accepted Accounting Principles
(GAAP).
|
2)
|
Adjustments to reported
earnings are included in Corporate and Other segment reported GAAP
earnings. Refer to Schedules 2 and 3 for details, or
find
|
|
"GAAP Reconciliation"
in the Earnings Release Kit on Dominion Energy's website at
investors.dominionenergy.com.
|
3)
|
The calculation of
reported and operating earnings per share on a consolidated basis
utilizes shares outstanding on a diluted basis with all
dilutive
impacts, primarily consisting of potential shares which had not yet
been issued, reflected in the Corporate and Other segment. As a
result of a
reported net loss for the three months ended December 31, 2022, any
adjustments to earnings or shares would be considered antidilutive
and are
excluded from the calculation of diluted earnings per share.
Effective January 2022, the calculation of diluted reported and
operating earnings per
share assumes conversion, if dilutive, of the Series A preferred
stock to common stock as of January 1, 2022. The Series A preferred
stock was
reclassified to a liability in June 2022 and redeemed in September
2022. In prior periods, a fair value adjustment of the Series A
preferred stock was
included in the calculation of diluted reported earnings per share
if dilutive. No adjustments were necessary for the three and twelve
months ended
December 31, 2021. During each quarter of 2022, the calculation of
reported and operating earnings per share includes the impact of
preferred
dividends associated with preferred stock of $9 million (Series B)
and $11 million (Series C, issued in December 2021). Reported
earnings per share
for the twelve months ended December 31, 2022 also includes the
impact of preferred dividends associated with Series A preferred
stock of $12
million. During each quarter of 2021, the calculation of reported
and operating earnings per share includes the impact of preferred
dividends
associated with preferred stock of $7 million (Series A) and $9
million (Series B). In addition, the fourth quarter of 2021
includes $3 million of
preferred dividends associated with the Series C preferred stock
issued in December 2021. See Forms 10-Q and 10-K for additional
information.
|
|
|
Schedule 2 - Reconciliation of 2022 Reported Earnings to
Operating Earnings
2022 Earnings (Twelve months ended December 31, 2022)
The $3.1 billion pre-tax net loss
of the adjustments included in 2022 reported earnings, but excluded
from operating earnings, is primarily related to the following
items:
- $51 million net market loss
associated with $559 million from
nuclear decommissioning trusts offset by $508 million in economic hedging activities.
- $1.5 billion charge associated
with the impairment of certain nonregulated solar generation
facilities.
- $830 million of regulated asset
retirements and other charges, including $404M of charges for certain Virginia Power fuel and Regional Greenhouse Gas
Initiative (RGGI) compliance costs deemed recovered through base
rates, $243 million associated with
the settlement of Virginia Power's
2021 triennial review and $167
million for dismantling costs associated with the early
retirement of certain Virginia Power
fossil-fuel generation facilities.
- $649 million loss associated with
the sale of Kewaunee nuclear power station.
- $125 million of storm damage and
restoration costs primarily associated with storms in Virginia Power's service territory.
|
|
|
|
|
|
|
(millions, except per share
amounts)
|
1Q22
|
2Q22
|
3Q22
|
4Q22
|
YTD
20223
|
Reported earnings
|
$711
|
($453)
|
$778
|
($42)
|
$994
|
Adjustments to reported
earnings 1:
|
|
|
|
|
|
Pre-tax loss (income)
|
255
|
1,383
|
234
|
1,255
|
3,127
|
Income tax
|
34
|
(272)
|
(68)
|
(310)
|
(616)
|
|
|
289
|
1,111
|
166
|
945
|
2,511
|
Operating
earnings
|
$1,000
|
$658
|
$944
|
$903
|
$3,505
|
Common shares outstanding (average,
diluted)
|
832.0
|
832.5
|
833.2
|
834.1
|
833.0
|
Reported earnings per share
2
|
|
$0.83
|
($0.58)
|
$0.91
|
($0.07)
|
$1.09
|
Adjustments to reported
earnings per share 2
|
|
0.35
|
1.35
|
0.20
|
1.13
|
3.02
|
Operating earnings per share
2
|
|
$1.18
|
$0.77
|
$1.11
|
$1.06
|
$4.11
|
|
|
|
|
|
|
|
1) Adjustments to reported earnings are reflected in
the following table:
|
|
|
|
|
|
|
|
1Q22
|
2Q22
|
3Q22
|
4Q22
|
YTD 2022
|
Pre-tax loss (income):
|
|
|
|
|
|
Net
loss (gain) on NDT funds
|
$125
|
$454
|
$112
|
($132)
|
$559
|
Mark-to-market impact of economic hedging activities
|
(4)
|
(193)
|
24
|
(335)
|
(508)
|
Discontinued operations - Gas Transmission & Storage
segment
|
(25)
|
3
|
3
|
2
|
(17)
|
Nonregulated asset impairments and other charges*
|
-
|
-
|
-
|
1,511
|
1,511
|
Regulated asset retirements and other charges
|
65
|
470
|
112
|
183
|
830
|
Sale
of Kewaunee
|
-
|
649
|
-
|
-
|
649
|
Storm damage and restoration costs
|
94
|
-
|
-
|
31
|
125
|
Sale
of Hope Gas, Inc.
|
-
|
-
|
(17)
|
(5)
|
(22)
|
|
|
|
|
|
|
|
|
|
$255
|
$1,383
|
$234
|
$1,255
|
$3,127
|
Income tax expense (benefit):
|
|
|
|
|
|
Tax effect
of above adjustments to reported earnings **
|
(53)
|
(275)
|
22
|
(310)
|
(616)
|
Deferred
taxes associated with Hope Gas, Inc.
divestiture4
|
87
|
3
|
(90)
|
-
|
-
|
|
|
|
|
|
|
|
|
|
$34
|
($272)
|
($68)
|
($310)
|
($616)
|
|
|
*
|
In the fourth quarter
of 2022, Dominion Energy determined that its nonregulated solar
generation assets within the Contracted Assets segment were
impaired following the determination that it expects it is more
likely than not such assets will be sold before the end of their
useful lives.
|
|
|
**
|
Income taxes for
individual pre-tax items include current and deferred taxes using a
transactional effective tax rate. For interim reporting
purposes,
calculation of such amounts may be adjusted in connection with the
calculation of the Company's year-to-date income tax provision
based on its
estimated annual effective tax rate.
|
|
|
|
|
2)
|
The calculation of
reported and operating earnings per share on a consolidated basis
utilizes shares outstanding on a diluted basis with all
dilutive
impacts, primarily consisting of potential shares which had not yet
been issued, reflected in the Corporate and Other segment. As a
result of reported net
losses for the three months ended June 30, and December 31, 2022,
any adjustments to earnings or shares would be considered
antidilutive and are
excluded from the calculation of diluted earnings per share.
Effective January 2022, the calculation of diluted reported and
operating earnings per share
assumes conversion, if dilutive, of the Series A preferred stock to
common stock as of January 1, 2022. The Series A preferred stock
was reclassified to a
liability in June 2022 and redeemed in September 2022. During each
quarter of 2022, the calculation of reported and operating earnings
per share
includes the impact of preferred dividends associated with
preferred stock of $9 million (Series B) and $11 million (Series C,
issued in December 2021).
Reported earnings per share for the three months ended June 30,
2022 and the twelve months ended December 31, 2022 also includes
the impact of
preferred dividends associated with Series A preferred stock of $5
million and $12 million, respectively. See Forms 10-Q and 10-K for
additional
information.
|
|
|
3)
|
YTD EPS may not equal
sum of quarters due to share count difference.
|
|
|
4)
|
Represents deferred
taxes related to the basis in Hope Gas, Inc.'s stock that reversed
when the sale closed in the third quarter of 2022. This charge
is
reflected as a component of current income tax expense on the sale
in the third quarter of 2022.
|
|
|
Schedule 3 - Reconciliation of 2021 Reported Earnings to
Operating Earnings
2021 Earnings (Twelve months ended December 31, 2021)
The $26 million pre-tax net gain
of the adjustments included in 2021 reported earnings, but excluded
from operating earnings, is primarily related to the following
items:
- $308 million net market benefit
associated with $568 million from the
nuclear decommissioning trusts offset by $260 million in economic hedging activities.
- $829 million of net income from
discontinued operations, including $685
million associated with the sale of Questar Pipelines.
- $564 million of regulated asset
retirements and other charges, including $266 million associated with the settlement of
the South Carolina electric rate
case, primarily for the write-off of regulatory assets for debt
repurchased in 2019, $186 million
associated with the settlement of Virginia
Power's 2021 triennial review and $77
million for forgiveness of Virginia customer accounts in
arrears pursuant to Virginia's 2021 budget process.
- $235 million of net charges
associated with the sales of non-wholly-owned nonregulated solar
facilities.
- $99 million of net merger and
integration-related costs associated with the SCANA Combination,
primarily for litigation charges.
- $77 million of net charges
associated with workplace realignment, primarily related to a
corporate office lease termination.
- $68 million of storm damage and
restoration costs associated with ice storms in Virginia Power's service territory.
|
|
|
|
|
|
|
(millions, except per share
amounts)
|
1Q21
|
2Q21
|
3Q21
|
4Q21
|
YTD 20213
|
Reported earnings
|
$ 1,008
|
$
285
|
$
654
|
$ 1,341
|
$
3,288
|
Adjustments to reported
earnings1:
|
|
|
|
|
|
Pre-tax loss (income)
|
(152)
|
474
|
413
|
(761)
|
(26)
|
Income tax
|
37
|
(131)
|
(149)
|
172
|
(71)
|
|
|
(115)
|
343
|
264
|
(589)
|
(97)
|
Operating
earnings
|
$
893
|
$
628
|
$
918
|
$
752
|
$
3,191
|
Common shares outstanding (average,
diluted)
|
805.9
|
806.6
|
810.0
|
811.0
|
808.5
|
Reported earnings per
share2
|
$
1.23
|
$
0.33
|
$
0.79
|
$
1.63
|
$
3.98
|
Adjustments to reported
earnings per share2
|
(0.14)
|
0.43
|
0.32
|
(0.73)
|
(0.12)
|
Operating earnings per
share2
|
$
1.09
|
$
0.76
|
$
1.11
|
$
0.90
|
$
3.86
|
|
|
|
|
|
|
|
1) Adjustments to reported earnings are reflected in
the following table:
|
|
|
|
|
|
|
|
1Q21
|
2Q21
|
3Q21
|
4Q21
|
YTD 2021
|
Pre-tax loss (income):
|
|
|
|
|
|
Net
(gain) loss on NDT funds
|
$
(134)
|
$
(194)
|
$
19
|
$
(259)
|
$
(568)
|
Mark-to-market impact of economic hedging activities
|
(278)
|
291
|
284
|
(37)
|
260
|
Discontinued operations - Gas Transmission & Storage
segment
|
(35)
|
(30)
|
(59)
|
(705)
|
(829)
|
Regulated asset retirements and other charges
|
100
|
278
|
119
|
67
|
564
|
Sales of non-wholly-owned nonregulated solar facilities
|
-
|
-
|
23
|
212
|
235
|
Merger litigation and integration charges
|
71
|
48
|
8
|
(28)
|
99
|
Workplace realignment
|
71
|
-
|
17
|
(11)
|
77
|
Storm damage and restoration costs
|
51
|
17
|
-
|
-
|
68
|
Kewaunee decommissioning revision
|
-
|
44
|
-
|
-
|
44
|
Other
|
2
|
20
|
2
|
-
|
24
|
|
|
|
|
|
|
|
|
|
$
(152)
|
$
474
|
$
413
|
$
(761)
|
$
(26)
|
Income tax expense (benefit):
|
|
|
|
|
|
Tax effect
of above adjustments to reported earnings*
|
37
|
(131)
|
(140)
|
204
|
(30)
|
Other
|
-
|
-
|
(9)
|
(32)
|
(41)
|
|
|
|
|
|
|
|
|
|
$
37
|
$
(131)
|
$
(149)
|
$
172
|
$
(71)
|
|
|
* Income taxes for
individual pre-tax items include current and deferred taxes using a
transactional effective tax rate. For interim reporting
purposes,
|
such
amounts may be adjusted in connection with the calculation of the
Company's year-to-date income tax provision based on its
estimated
|
annual
effective tax rate.
|
|
|
|
|
|
|
|
|
|
|
|
2)
The calculation of operating earnings per
share excludes the impact, if any, of fair value adjustments
related to the Company's convertible preferred
|
securities
entered in June 2019. Such fair value adjustments, if any, are
required for the calculation of diluted reported earnings per
share. No
|
adjustments were necessary for the three months ended March 31,
June 30 or September 30 or for the three and twelve months ended
December 31.
|
During
each quarter of 2021, the calculation of reported and operating
earnings per share includes the impact of preferred dividends of $7
million
|
associated with the Series A preferred stock equity units and $9
million associated with the Series B preferred stock equity units.
In addition, the
|
fourth
quarter of 2021 includes $3 million of preferred dividends
associated with the Series C preferred stock issued in December
2021.
|
|
See Forms
10-Q and 10-K for additional information.
|
|
|
|
|
|
|
|
3) YTD
EPS may not equal sum of quarters due to share count difference and
fair value adjustment associated with the convertible
preferred
|
|
securities.
|
|
|
|
|
|
Schedule 4 - Reconciliation of 2022 Earnings to
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
Preliminary, Unaudited
|
Three Months Ended
|
|
Twelve Months Ended
|
(millions, except EPS)
|
December 31,
|
|
December 31,
|
|
|
2022 vs. 2021
|
|
2022 vs. 2021
|
|
|
Increase / (Decrease)
|
|
Increase / (Decrease)
|
Reconciling Items
|
Amount
|
EPS
|
|
Amount
|
EPS
|
|
|
|
|
|
|
|
Change in reported earnings
(GAAP)
|
($1,383)
|
($1.70)
|
|
($2,294)
|
($2.89)
|
|
|
|
|
|
|
|
|
Change in Pre-tax loss
(income) 1
|
2,016
|
|
|
3,153
|
|
|
Change in Income tax
1
|
(482)
|
|
|
(545)
|
|
Adjustments to reported
earnings
|
$1,534
|
$1.86
|
|
$2,608
|
$3.14
|
|
|
|
|
|
|
|
Change in consolidated operating
earnings
|
$151
|
$0.16
|
|
$314
|
$0.25
|
|
|
|
|
|
|
|
Dominion Energy
Virginia
|
|
|
|
|
|
|
Weather
|
$20
|
$0.02
|
|
$21
|
$0.03
|
|
Customer usage and
other factors
|
(16)
|
(0.02)
|
|
25
|
0.03
|
|
Customer-elected rate
impacts
|
(29)
|
(0.03)
|
|
13
|
0.02
|
|
Base rate case
impacts
|
(8)
|
(0.01)
|
|
(41)
|
(0.05)
|
|
Rider equity
return
|
8
|
0.01
|
|
64
|
0.08
|
|
Renewable energy
investment tax credits
|
14
|
0.02
|
|
65
|
0.08
|
|
Storm damage and
service restoration
|
(11)
|
(0.01)
|
|
(17)
|
(0.02)
|
|
Interest expense,
net
|
3
|
-
|
|
(13)
|
(0.02)
|
|
Other
|
(3)
|
-
|
|
(28)
|
(0.03)
|
|
Share
dilution
|
|
(0.02)
|
|
|
(0.05)
|
|
Change in contribution to operating
earnings
|
($22)
|
($0.04)
|
|
$89
|
$0.07
|
|
|
|
|
|
|
|
Gas Distribution
|
|
|
|
|
|
|
Weather
|
$1
|
-
|
|
$4
|
-
|
|
Customer usage and
other factors
|
32
|
0.04
|
|
57
|
0.07
|
|
Base rate case
impacts
|
(4)
|
(0.01)
|
|
29
|
0.04
|
|
Rider equity
return
|
6
|
0.01
|
|
25
|
0.03
|
|
Interest expense,
net
|
(9)
|
(0.01)
|
|
(16)
|
(0.02)
|
|
Other
|
-
|
-
|
|
(2)
|
-
|
|
Share
dilution
|
|
(0.01)
|
|
|
(0.01)
|
|
Change in contribution to operating
earnings
|
$26
|
$0.02
|
|
$97
|
$0.11
|
|
|
|
|
|
|
|
Dominion Energy South
Carolina
|
|
|
|
|
|
|
Weather
|
$3
|
-
|
|
$21
|
$0.03
|
|
Customer usage and
other factors
|
(13)
|
(0.01)
|
|
14
|
0.02
|
|
Customer-elected rate
impacts
|
(1)
|
-
|
|
14
|
0.02
|
|
Base & RSA rate
case impacts
|
3
|
-
|
|
22
|
0.03
|
|
Interest expense,
net
|
(6)
|
-
|
|
(16)
|
(0.02)
|
|
Other
|
11
|
0.01
|
|
13
|
-
|
|
Share
dilution
|
|
-
|
|
|
(0.01)
|
|
Change in contribution to operating
earnings
|
($3)
|
-
|
|
$68
|
$0.07
|
|
|
|
|
|
|
|
Contracted Assets
|
|
|
|
|
|
|
Margin
|
$8
|
$0.01
|
|
$11
|
$0.01
|
|
Sale of
non-wholly-owned nonregulated solar facilities
|
(1)
|
-
|
|
(20)
|
(0.02)
|
|
Planned outage
costs
|
25
|
0.03
|
|
(19)
|
(0.02)
|
|
Renewable energy
investment tax credits
|
-
|
-
|
|
(29)
|
(0.04)
|
|
Interest expense,
net
|
(11)
|
(0.01)
|
|
(50)
|
(0.06)
|
|
Other
|
14
|
0.01
|
|
11
|
0.02
|
|
Share
dilution
|
|
-
|
|
|
(0.01)
|
|
Change in contribution to operating
earnings
|
$35
|
$0.04
|
|
($96)
|
($0.12)
|
|
|
|
|
|
|
|
Corporate and Other
|
|
|
|
|
|
|
Other
|
$115
|
$0.14
|
|
$156
|
$0.12
|
|
Change in contribution to operating
earnings
|
$115
|
$0.14
|
|
$156
|
$0.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in consolidated operating
earnings
|
$151
|
$0.16
|
|
$314
|
$0.25
|
|
|
|
|
|
|
|
Change in adjustments included in reported
earnings1
|
($1,534)
|
($1.86)
|
|
($2,608)
|
($3.14)
|
|
|
|
|
|
|
|
Change in consolidated reported
earnings
|
($1,383)
|
($1.70)
|
|
($2,294)
|
($2.89)
|
|
|
|
|
|
|
|
|
|
|
1)
|
Adjustments to reported
earnings are included in Corporate and Other segment reported GAAP
earnings.
|
|
|
Refer to Schedules 2
and 3 for details, or find "GAAP Reconciliation" in the Earnings
Release Kit on Dominion Energy's
|
|
website at
investors.dominionenergy.com.
|
|
|
|
|
|
Note: Figures may not
sum due to rounding
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/dominion-energy-announces-fourth-quarter-and-full-year-2022-earnings-301741480.html
SOURCE Dominion Energy