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Q4 2010 Earnings Call – Dominion Resources, Inc.

Dominion Resources, Inc. · Jan 28, 2011 · 19 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q4 2010 Earnings Call – Dominion Resources, Inc. – slide 1
    Dominion Resources, Inc. January 28, 2011 Visit us online at: www.dom.com/investors Dominions common stock trades under ticker D:NYSE
  2. Q4 2010 Earnings Call – Dominion Resources, Inc. – slide 2
    Table of Contents 2010 Overview g y Updates Regulatory p Highlights and Updates 2010 Operational Performance 2010 E Earnings i S Summary 4Q10 Earnings Summary 2010 Business Unit Overview Cash Flow/Financing Activities…
  3. Q4 2010 Earnings Call – Dominion Resources, Inc. – slide 3
    2010 Overview Significant Progress on Strategic Plan Infrastructure Growth Plan Continues for the Next Five Years and Beyond New Dividend Policyy Raises Targeted g Payout y Ratio* * All dividend policy changes and dividend…
  4. Q4 2010 Earnings Call – Dominion Resources, Inc. – slide 4
    Regulatory Updates Virginia Power Rate Case Comprehensive Settlement Agreement reached in early 2010 Proposal filed recently with VA State Corporation Commission (SCC) to defer first biennial review until 2012 North Carolina Rate…
  5. Q4 2010 Earnings Call – Dominion Resources, Inc. – slide 5
    Highlights and Updates Dominion Energy Appalachian E&P business sold for 3 3.475 475 billion in 2010 Four Marcellus-related growth projects announced in 2010 Additional Marcellus p project j announcements expected p…
  6. Q4 2010 Earnings Call – Dominion Resources, Inc. – slide 6
    Highlights and Updates contd. Dominion Utility Generation Bear Garden Power Station expected in service during 2Q11 Virginia City Hybrid Energy Center expected in service 2Q12 Warren County -- 1,300 MW three-on-one natural gas-fired…
  7. Q4 2010 Earnings Call – Dominion Resources, Inc. – slide 7
    2010 Operational Performance Safety performance and service reliability continued to improve despite p 7% workforce reduction from VSP ((voluntary y separation program) Nuclear fleet capacity factor exceeded 90% for seventh year in…
  8. Q4 2010 Earnings Call – Dominion Resources, Inc. – slide 8
    2010 Earnings Summary 2010 Operating Earnings: 3.34 per share Drivers: Di Favorable Weather Higher rate adjustment clause revenues L Lower iinterest t t expense Lower merchant generation margins Absence of Appalachian E&P…
  9. Q4 2010 Earnings Call – Dominion Resources, Inc. – slide 9
    4Q10 Earnings Summary 4Q10 Operating g Earnings: g 0.63 per share Guidance Range: 0.59 to 0.69 per share 4Q10 Reported Earnings*: 0.43 per share * Determined in accordance with Generally Accepted Accounting Principles (GAAP).…
  10. Q4 2010 Earnings Call – Dominion Resources, Inc. – slide 10
    2010 Business Unit Overview Dominion Virginia Power Favorable weather was offset by higher storm and restoration costs Dominion D i i E Energy Lower fuel costs in gas transmission business was offset by lower contribution from…
  11. Q4 2010 Earnings Call – Dominion Resources, Inc. – slide 11
    Cash Flow/Financing Activities Strong 2010 cash flow from operations and divestitures Li Liquidity idit PPosition iti ((att D December b 3131, 2010) was 2 billion Please refer to the Important Note to Investors on page 2…
  12. Q4 2010 Earnings Call – Dominion Resources, Inc. – slide 12
    Bonus Depreciation Bonus depreciation cash benefit estimated b t between 1.6 1 6 billi billion and d 2 2.5 5 billi billion th through h 2013 Contribution made to pension plan Common stock repurchase in 2011 Avoid debt…
  13. Q4 2010 Earnings Call – Dominion Resources, Inc. – slide 13
    Cash Flow/Financing Activities contd Equity No planned equity issuances in 2011 400 million to 700 million equity repurchase in 2011 No N planned l d market k t equity it iissuances iin 2012 Debt Plan debt issuance of 2.2…
  14. Q4 2010 Earnings Call – Dominion Resources, Inc. – slide 14
    2011 Operating Guidance 2011 operating earnings guidance remains 3.00 - 3.30 per share share** Drivers Lower merchant fleet margins due to lower commodity prices and higher planned outage expenses Normal weather Higher effective…
  15. Q4 2010 Earnings Call – Dominion Resources, Inc. – slide 15
    1Q11 Earnings Drivers vs. 1Q10* (1Q11 Operating Earnings Guidance: 0.85- 0.85-0.95 per share**) share ) Favorable Drivers Unfavorable Drivers Higher rider revenues Normal weather Lower storm costs Lower merchant generation margins…
  16. Q4 2010 Earnings Call – Dominion Resources, Inc. – slide 16
    Hedge Update Power Percentage Hedged Description 10/29/10 1/28/11* Increase 2011 Millstone 90% 90% -- Dominion New England Coal (Power) 50% 50% -- 2012 Millstone 30% 70% 40% Dominion New England Coal (Power) 0% 0% -- 2011…
  17. Q4 2010 Earnings Call – Dominion Resources, Inc. – slide 17
    Hedging NEPOOL Baseload 80 79 86 79.86 65 67.88 59 90 59.90 /MWh 57.54 54.36 50 50.17 48.85 49.65 47.23 48.23 41 54 41.54 35 20 2009 2010 2011 2012 2013 2014 2015 NEPOOL Baseload - Average Hedge Price…
  18. Q4 2010 Earnings Call – Dominion Resources, Inc. – slide 18
    Summary 2011 Operating Earnings Guidance Unchanged at 3.00- 3 30 per share 3.30 Bonus o us Depreciation ep ec a o Funds 400 million to 700 million equity repurchase in 2011 Mitigate earnings impact through pension contribution,…
  19. Q4 2010 Earnings Call – Dominion Resources, Inc. – slide 19
    Visit our website at: www.dom.com/investors

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