- Second-quarter 2022 GAAP reported net loss of $0.58 per share
- Second-quarter 2022 operating earnings of $0.77 per share
- Company initiates third-quarter 2022 operating earnings
guidance of $0.98 to $1.13 per share
- Company affirms full-year 2022 operating earnings guidance
as well as other long-term earnings and dividend guidance
RICHMOND, Va., Aug. 8, 2022
/PRNewswire/ -- Dominion Energy (NYSE: D) today announced an
unaudited net loss determined in accordance with Generally Accepted
Accounting Principles (reported earnings) for the three months
ended June 30, 2022, of $453 million ($0.58
per share) compared with net income of $285
million ($0.33 per share) for
the same period in 2021.
Operating earnings for the three months ended June 30, 2022, were $658
million ($0.77 per share),
compared to operating earnings of $628
million ($0.76 per share) for
the same period in 2021.
The difference between GAAP and operating earnings for the three
months ended June 30, 2022, reflect
the mark-to-market impact of economic hedging activities, gains and
losses on nuclear decommissioning trust funds, charges associated
with the sale of Kewaunee nuclear power station, 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 third-quarter
operating earnings in the range of $0.98 to $1.13 per
share.
The company affirms its full-year 2022 operating earnings
guidance range of $3.95 to
$4.25 per share. The company
also affirms its long-term earnings and dividend growth
guidance.
Webcast today
The company will host its second-quarter
2022 earnings call at 10 a.m. ET on
Monday, Aug. 8, 2022. 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 1-785-424-1205. The passcode for the telephonic earnings
call is 98021. 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 Aug. 8. A telephonic
replay of the earnings call will be available beginning at about
1 p.m. ET on Aug. 8. Domestic
callers may access the recording by dialing 1-800-839-9307.
International callers should dial 1-402-220-6085. The PIN for
the replay is 98021.
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 15
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,
including forecasted operating earnings third-quarter and full-year
2022 and beyond that are subject to various risks and
uncertainties. Factors that could cause actual results to differ
include, but are not limited to: 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; the expected timing and likelihood of the completion of
the proposed sale of Hope, including the ability to obtain the
requisite regulatory approvals and the terms and conditions of such
regulatory approvals; adverse outcomes in litigation matters or
regulatory proceedings; fluctuations in interest rates;
fluctuations in currency exchange rates of the Euro or Danish Krone
associated with 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 Securities and Exchange Commission.
Dominion Energy,
Inc.
|
Consolidated
Statements of Income*
|
Unaudited (GAAP
Based)
|
(millions, except
per share amounts)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
2022
|
2021
|
|
2022
|
2021
|
|
|
|
|
|
|
Operating
Revenue
|
$
3,596
|
$
3,038
|
|
$
7,875
|
$
6,908
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
Electric fuel and other
energy-related purchases
|
730
|
487
|
|
1,408
|
1,037
|
Purchased electric
capacity
|
16
|
25
|
|
29
|
36
|
Purchased
gas
|
202
|
121
|
|
847
|
605
|
Other operations and
maintenance1
|
2,036
|
1,216
|
|
3,052
|
2,298
|
Depreciation, depletion
and amortization
|
695
|
604
|
|
1,393
|
1,212
|
Other taxes
|
235
|
222
|
|
488
|
479
|
Total operating
expenses
|
3,914
|
2,675
|
|
7,217
|
5,667
|
|
|
|
|
|
|
Income (loss) from
operations
|
(318)
|
363
|
|
658
|
1,241
|
|
|
|
|
|
|
Other income
(expense)2
|
(204)
|
377
|
|
(78)
|
744
|
Interest and related
charges
|
47
|
518
|
|
221
|
571
|
|
|
|
|
|
|
Income (loss) from
continuing operations including noncontrolling interests
before income tax expense (benefit)
|
(569)
|
222
|
|
359
|
1,414
|
|
|
|
|
|
|
Income tax expense
(benefit)
|
(117)
|
(47)
|
|
119
|
165
|
|
|
|
|
|
|
Net Income (loss) from
continuing operations including noncontrolling interests
|
(452)
|
269
|
|
240
|
1,249
|
|
|
|
|
|
|
Net Income (loss) from
discontinued operations including noncontrolling
interests
|
(1)
|
26
|
|
18
|
54
|
|
|
|
|
|
|
Net Income (loss)
including noncontrolling interests
|
$
(453)
|
$
295
|
|
$ 258
|
$
1,303
|
Noncontrolling
interests
|
-
|
10
|
|
-
|
10
|
|
|
|
|
|
|
Net Income (Loss)
attributable to Dominion Energy
|
$
(453)
|
$
285
|
|
$ 258
|
$
1,293
|
|
|
|
|
|
|
Reported Income (loss)
per common share from continuing operations - diluted
|
$
(0.58)
|
$
0.30
|
|
$
0.23
|
$ 1.49
|
Reported Income (loss)
per common share from discontinued operations - diluted
|
-
|
0.03
|
|
0.02
|
0.07
|
Reported Income
(Loss) per common share - diluted
|
$
(0.58)
|
$
0.33
|
|
$
0.25
|
$ 1.56
|
Average shares
outstanding, diluted
|
818.4
|
806.6
|
|
815.9
|
806.3
|
|
|
|
|
|
|
1) Includes
impairment of assets and other charges and losses 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
June 30,
|
|
|
|
|
2022
|
|
2021
|
|
Change
|
|
|
|
|
|
|
|
|
|
REPORTED
EARNINGS1
|
|
|
|
$
(453)
|
|
$
285
|
|
$
(738)
|
|
|
|
|
|
|
|
|
|
Pre-tax loss (income)2
|
1,383
|
|
474
|
|
909
|
Income tax2
|
(272)
|
|
(131)
|
|
(141)
|
Adjustments to reported
earnings
|
1,111
|
|
343
|
|
768
|
|
|
|
|
|
|
|
|
|
OPERATING
EARNINGS
|
$
658
|
|
$
628
|
|
$
30
|
By segment:
|
|
|
|
|
|
Dominion Energy Virginia
|
440
|
|
431
|
|
9
|
Gas
Distribution
|
125
|
|
95
|
|
30
|
Dominion Energy South Carolina
|
124
|
|
84
|
|
40
|
Contracted Assets
|
20
|
|
104
|
|
(84)
|
Corporate and Other
|
(51)
|
|
(86)
|
|
35
|
|
|
|
|
$
658
|
|
$
628
|
|
$
30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(EPS):3
|
|
|
|
|
|
REPORTED EARNINGS
1
|
|
|
|
$
(0.58)
|
|
$
0.33
|
|
$
(0.91)
|
Adjustments to reported
earnings (after tax)
|
1.35
|
|
0.43
|
|
0.92
|
OPERATING
EARNINGS
|
$
0.77
|
|
$
0.76
|
|
$
0.01
|
By segment:
|
|
|
|
|
|
Dominion Energy Virginia
|
0.54
|
|
0.53
|
|
0.01
|
Gas
Distribution
|
0.15
|
|
0.12
|
|
0.03
|
Dominion Energy South Carolina
|
0.15
|
|
0.10
|
|
0.05
|
Contracted Assets
|
0.02
|
|
0.13
|
|
(0.11)
|
Corporate and Other
|
(0.09)
|
|
(0.12)
|
|
0.03
|
|
|
|
|
$
0.77
|
|
$
0.76
|
|
$
0.01
|
|
|
|
|
|
|
|
|
|
Common Shares
Outstanding (average, diluted)
|
832.5
|
|
806.6
|
|
|
|
|
|
|
|
|
|
|
|
(millions, except
earnings per share)
|
Six months ended
June 30,
|
|
|
|
|
2022
|
|
2021
|
|
Change
|
|
|
|
|
|
|
|
|
|
REPORTED
EARNINGS1
|
|
|
|
$
258
|
|
$
1,293
|
|
$
(1,035)
|
|
|
|
|
|
|
|
|
|
Pre-tax loss (income)2
|
|
1,638
|
|
322
|
|
1,316
|
Income tax2
|
|
(238)
|
|
(94)
|
|
(144)
|
Adjustments to reported
earnings
|
1,400
|
|
228
|
|
1,172
|
|
|
|
|
|
|
|
|
|
OPERATING
EARNINGS
|
$
1,658
|
|
$
1,521
|
|
$
137
|
By segment:
|
|
|
|
|
|
Dominion Energy Virginia
|
958
|
|
865
|
|
93
|
Gas
Distribution
|
419
|
|
346
|
|
73
|
Dominion Energy South Carolina
|
233
|
|
186
|
|
47
|
Contracted Assets
|
121
|
|
254
|
|
(133)
|
Corporate and Other
|
(73)
|
|
(130)
|
|
57
|
|
|
|
|
$
1,658
|
|
$
1,521
|
|
$
137
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(EPS):3
|
|
|
|
|
|
REPORTED
EARNINGS1
|
|
|
|
$
0.25
|
|
$
1.56
|
|
$
(1.31)
|
Adjustments to reported
earnings (after tax)
|
1.69
|
|
0.28
|
|
1.41
|
OPERATING
EARNINGS
|
$
1.94
|
|
$
1.84
|
|
$
0.10
|
By segment:
|
|
|
|
|
|
Dominion Energy Virginia
|
1.18
|
|
1.07
|
|
0.11
|
Gas
Distribution
|
0.51
|
|
0.43
|
|
0.08
|
Dominion Energy South Carolina
|
0.29
|
|
0.23
|
|
0.06
|
Contracted Assets
|
0.15
|
|
0.31
|
|
(0.16)
|
Corporate and Other
|
(0.19)
|
|
(0.20)
|
|
0.01
|
|
|
|
|
$
1.94
|
|
$
1.84
|
|
$
0.10
|
Common Shares
Outstanding (average, diluted)
|
|
|
832.3
|
|
806.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 June 30,
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. 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 six months ended
June 30, 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 three and six months ended June
30, 2022 also includes the impact of preferred dividends associated
with Series A preferred stock of $5 million and $12 million,
respectively. 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). See Forms 10-Q and 10-K for
additional information.
|
Schedule 2 - Reconciliation of 2022 Reported Earnings to
Operating Earnings
2022 Earnings (Six months ended June
30, 2022)
The $1.6 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:
- $382 million net market loss
associated with nuclear decommissioning trusts and economic hedging
activities.
- $649 million loss associated with
the sale of Kewaunee nuclear power station.
- $535 million of regulated asset
retirements and other charges, including $371 million of charges for certain Virginia Power fuel and Regional Greenhouse Gas
Initiative (RGGI) compliance costs deemed recovered through base
rates and $122 million associated
with the settlement of Virginia
Power's 2021 triennial review.
- $94 million of storm damage and
restoration costs associated with storms in Virginia Power's service territory.
|
|
|
|
|
|
|
(millions, except per share
amounts)
|
1Q22
|
2Q22
|
3Q22
|
4Q22
|
YTD 2022
|
Reported earnings
|
$711
|
($453)
|
$0
|
$0
|
$258
|
Adjustments to reported
earnings 1:
|
|
|
|
|
|
Pre-tax loss (income)
|
255
|
1,383
|
0
|
0
|
1,638
|
Income tax
|
34
|
(272)
|
0
|
0
|
(238)
|
|
|
289
|
1,111
|
0
|
0
|
1,400
|
Operating
earnings
|
$1,000
|
$658
|
$0
|
$0
|
$1,658
|
Common shares
outstanding (average, diluted)
|
832.0
|
832.5
|
0.0
|
0.0
|
832.3
|
Reported earnings per share
2
|
$0.83
|
($0.58)
|
$0.00
|
$0.00
|
$0.25
|
Adjustments to reported
earnings per share 2
|
0.35
|
1.35
|
0.00
|
0.00
|
1.69
|
Operating earnings per share
2
|
$1.18
|
$0.77
|
$0.00
|
$0.00
|
$1.94
|
|
|
|
|
|
|
|
1) Adjustments to reported earnings are reflected in
the following table:
|
|
|
|
|
|
|
|
1Q22
|
2Q22
|
3Q22
|
4Q22
|
YTD 2022
|
Pre-tax loss (income):
|
|
|
|
|
|
Net
loss on Nuclear Decommissioning Trust (NDT) funds
|
$125
|
$454
|
$0
|
$0
|
$579
|
Mark-to-market impact of economic hedging activities
|
(4)
|
(193)
|
0
|
0
|
(197)
|
Discontinued operations - Gas Transmission & Storage
segment
|
(25)
|
3
|
0
|
0
|
(22)
|
Sale
of Kewaunee
|
0
|
649
|
0
|
0
|
649
|
Regulated asset retirements and other charges
|
65
|
470
|
0
|
0
|
535
|
Storm damage and restoration costs
|
94
|
0
|
0
|
0
|
94
|
|
|
|
|
|
|
|
|
|
$255
|
$1,383
|
$0
|
$0
|
$1,638
|
Income tax expense (benefit):
|
|
|
|
|
|
Tax effect
of above adjustments to reported earnings *
|
(53)
|
(275)
|
0
|
0
|
(328)
|
Deferred
taxes associated with Hope Gas, Inc.
divestiture4
|
87
|
3
|
0
|
0
|
90
|
|
|
|
|
|
|
|
|
|
$34
|
($272)
|
$0
|
$0
|
($238)
|
|
|
|
|
|
|
|
|
* 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 a reported net loss for the
three months ended June 30, 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. 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 and six months
ended June 30, 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 will reverse upon completion of the sale.
|
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 2021
|
Reported earnings
|
$ 1,008
|
$
285
|
$
654
|
$ 1,341
|
$
3,288
|
Adjustments to reported
earnings 1:
|
|
|
|
|
|
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 share
2
|
$
1.23
|
$
0.33
|
$
0.79
|
$
1.63
|
$
3.98
|
Adjustments to reported
earnings per share 2
|
(0.14)
|
0.43
|
0.32
|
(0.73)
|
(0.12)
|
Operating earnings per share
2
|
$
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 2Q22 Earnings to
2Q21
|
|
|
|
|
|
|
|
|
|
|
|
|
Preliminary, Unaudited
|
Three Months Ended
|
|
Six Months Ended
|
(millions, except EPS)
|
June 30,
|
|
June 30,
|
|
|
2022 vs. 2021
|
|
2022 vs. 2021
|
|
|
Increase / (Decrease)
|
|
Increase / (Decrease)
|
Reconciling Items
|
Amount
|
EPS
|
|
Amount
|
EPS
|
|
|
|
|
|
|
|
Change in reported earnings
(GAAP)
|
($738)
|
($0.91)
|
|
($1,035)
|
($1.31)
|
|
|
|
|
|
|
|
|
Change in Pre-tax loss
(income) 1
|
909
|
|
|
1,316
|
|
|
Change in Income tax
1
|
(141)
|
|
|
(144)
|
|
Adjustments to reported
earnings
|
$768
|
$0.92
|
|
$1,172
|
$1.41
|
|
|
|
|
|
|
|
Change in consolidated operating
earnings
|
$30
|
$0.01
|
|
$137
|
$0.10
|
|
|
|
|
|
|
|
Dominion Energy Virginia
|
|
|
|
|
|
|
Regulated electric
sales:
|
|
|
|
|
|
|
Weather
|
($7)
|
($0.01)
|
|
$7
|
$0.01
|
|
Other
|
77
|
0.10
|
|
68
|
0.08
|
|
Rider equity
return
|
12
|
0.01
|
|
28
|
0.03
|
|
Electric
capacity
|
(4)
|
-
|
|
(12)
|
(0.01)
|
|
Storm damage and
restoration costs
|
(8)
|
(0.01)
|
|
(8)
|
(0.01)
|
|
Depreciation &
amortization
|
9
|
0.01
|
|
16
|
0.02
|
|
Renewable energy
investment tax credits
|
(38)
|
(0.05)
|
|
23
|
0.03
|
|
Interest expense,
net
|
(8)
|
(0.01)
|
|
(11)
|
(0.01)
|
|
Other
|
(24)
|
(0.02)
|
|
(18)
|
(0.02)
|
|
Share
dilution
|
|
(0.01)
|
|
|
(0.01)
|
|
Change in contribution to operating
earnings
|
$9
|
$0.01
|
|
$93
|
$0.11
|
|
|
|
|
|
|
|
Gas Distribution
|
|
|
|
|
|
|
Regulated gas
sales:
|
|
|
|
|
|
|
Weather
|
-
|
-
|
|
$2
|
-
|
|
Other
|
20
|
0.02
|
|
54
|
0.07
|
|
Rider equity
return
|
5
|
0.01
|
|
13
|
0.02
|
|
Interest expense,
net
|
(3)
|
-
|
|
(2)
|
-
|
|
Other
|
8
|
-
|
|
6
|
-
|
|
Share
dilution
|
|
-
|
|
|
(0.01)
|
|
Change in contribution to operating
earnings
|
$30
|
$0.03
|
|
$73
|
$0.08
|
|
|
|
|
|
|
|
Dominion Energy South
Carolina
|
|
|
|
|
|
|
Regulated electric
sales:
|
|
|
|
|
|
|
Weather
|
$12
|
$0.01
|
|
$13
|
$0.02
|
|
Other
|
23
|
0.03
|
|
38
|
0.05
|
|
Regulated gas
sales
|
1
|
-
|
|
4
|
-
|
|
Interest expense,
net
|
(3)
|
-
|
|
(3)
|
-
|
|
Other
|
7
|
0.01
|
|
(5)
|
(0.01)
|
|
Share
dilution
|
|
-
|
|
|
-
|
|
Change in contribution to operating
earnings
|
$40
|
$0.05
|
|
$47
|
$0.06
|
|
|
|
|
|
|
|
Contracted Assets
|
|
|
|
|
|
|
Margin
|
($24)
|
($0.03)
|
|
($27)
|
($0.03)
|
|
Sale of
non-wholly-owned nonregulated solar facilities
|
(10)
|
(0.01)
|
|
(9)
|
(0.01)
|
|
Planned outage
costs
|
(45)
|
(0.06)
|
|
(49)
|
(0.06)
|
|
Renewable energy
investment tax credits
|
-
|
-
|
|
(29)
|
(0.04)
|
|
Interest expense,
net
|
(13)
|
(0.02)
|
|
(25)
|
(0.03)
|
|
Other
|
8
|
0.01
|
|
6
|
0.01
|
|
Share
dilution
|
|
-
|
|
|
-
|
|
Change in contribution to operating
earnings
|
($84)
|
($0.11)
|
|
($133)
|
($0.16)
|
|
|
|
|
|
|
|
Corporate and Other
|
|
|
|
|
|
|
Interest expense,
net
|
$24
|
$0.03
|
|
$56
|
$0.07
|
|
Other
|
11
|
0.01
|
|
1
|
-
|
|
Share
dilution
|
-
|
(0.01)
|
|
-
|
(0.06)
|
|
Change in contribution to operating
earnings
|
$35
|
$0.03
|
|
$57
|
$0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in consolidated operating
earnings
|
$30
|
$0.01
|
|
$137
|
$0.10
|
|
|
|
|
|
|
|
Change in adjustments included in reported
earnings1
|
($768)
|
($0.92)
|
|
($1,172)
|
($1.41)
|
|
|
|
|
|
|
|
Change in consolidated reported
earnings
|
($738)
|
($0.91)
|
|
($1,035)
|
($1.31)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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-second-quarter-2022-earnings-301601205.html
SOURCE Dominion Energy