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Edison Electric Institute 47th Financial Conference – Dominion Resources, Inc.

Dominion Resources, Inc. · Nov 12, 2012 · 33 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. Edison Electric Institute 47th Financial Conference – Dominion Resources, Inc. – slide 1
    2012 EEI Financial Conference November 11-13, 2012
  2. Edison Electric Institute 47th Financial Conference – Dominion Resources, Inc. – slide 2
    Todays Agenda Operating Earnings Review Business Model Refinement Dominion Growth Plan Investment Consideration Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 3
  3. Edison Electric Institute 47th Financial Conference – Dominion Resources, Inc. – slide 3
    Operating Earnings Growth Weather normalized year to date (YTD) Mild weather has reduced YTD weather normalized earnings by 96 million operating EPS growth compared to normal YTD +5% 2011 2012 2.53 1Q EPS 0.93 0.85 2.40 2Q EPS…
  4. Edison Electric Institute 47th Financial Conference – Dominion Resources, Inc. – slide 4
    Operating Earnings Guidance 3.50 3.35 0.75 0.17 3.20 0.65 2012 3.10 3.05 Weather 4Q12 Guidance 2.36 Range 3Q12 YTD 2012* 2013* Operating Earnings Per Share** *Middle of guidance range assumes normal weather. **See pages…
  5. Edison Electric Institute 47th Financial Conference – Dominion Resources, Inc. – slide 5
    2013 Operating Earnings Guidance 3.50 3.35 Gas DD&A Rate trans. & 3.20 3.05 3.10 O&M Interest & VEPCO Adjustment distrib. Share Merchant taxes count Gen Revenue clauses revenue growth growth Middle of 2013 guidance is…
  6. Edison Electric Institute 47th Financial Conference – Dominion Resources, Inc. – slide 6
    Financing Debt DRI recently issued 1.05 billion of 5, 10, and 30-year notes Locked in Treasury rates for a significant amount of anticipated 2013 debt needs and portion of 2014 debt needs Equity Anticipate 320 million of equity…
  7. Edison Electric Institute 47th Financial Conference – Dominion Resources, Inc. – slide 7
    Hedged Power Update Millstone Hedge 2013 2014 2015 Position 80% 40% 24% 58.72 49.09 49.73 47.97 45.54 /MWH 45.12 45.45 35.57 2012 2013 2014 2015 NEPOOL Baseload Avg. Hedge Price NEPOOL ATC Power Price 2013…
  8. Edison Electric Institute 47th Financial Conference – Dominion Resources, Inc. – slide 8
    Business Model Refinement 9
  9. Edison Electric Institute 47th Financial Conference – Dominion Resources, Inc. – slide 9
    Business Model Refinement Operating Earnings Mix* 2006 2009 2011 2013+ Actual Target Mix Actual Target Mix Regulated 42% 65-75% 76% 80-90% 58% 25-35% 24% 10-20% Unregulated Continue transition to a more regulated earnings…
  10. Edison Electric Institute 47th Financial Conference – Dominion Resources, Inc. – slide 10
    Merchant Fleet Going Forward Positive spark spread CC Complements Millstone Manchester Lowest-cost baseload in NE Significant potential upside Millstone with modest gas price Fairless recovery Positive spark spread CC…
  11. Edison Electric Institute 47th Financial Conference – Dominion Resources, Inc. – slide 11
    Dominion Growth Plan 12
  12. Edison Electric Institute 47th Financial Conference – Dominion Resources, Inc. – slide 12
    Progress So Far Growth in Regulated Net Plant 30 75% increase 25 11 billion 20 in 6 years Billions 15 10 5 0 2007 2008 2009 2010 2011 2012e Net Plant at 2006 Regulated Electric Growth Regulated Gas Growth Please…
  13. Edison Electric Institute 47th Financial Conference – Dominion Resources, Inc. – slide 13
    Growth Plan Continues Planned regulated growth capital (billions) Additional capex of 2.5 - 3.5 billion 16.0 - 17.0 billion for Cove Point liquefaction 13.5 11.3 4.8 9.1 3.8 7.2 3.0 2.5 5.2 4.5 4.4 3.6 1.5 2.5 2.6 0.8 1.6…
  14. Edison Electric Institute 47th Financial Conference – Dominion Resources, Inc. – slide 14
    Utility Generation Projects 2012 2013 2014 2015 2016 2017 VCHEC 4.8 billion Uprates planned growth capex Biomass Conversions 2012-2017 Bremo Conversion Warren County Brunswick County Future CC Please refer to page 2 for…
  15. Edison Electric Institute 47th Financial Conference – Dominion Resources, Inc. – slide 15
    Gas Transmission Projects 2012 2013 2014 2015 2016 2017 Appalachian Gateway 2.3 billion Ellisburg to Craigs planned growth capex Northeast Expansion 2012-2017 Natrium Phase I 2.5 - 3.5 billion Tioga Area Expansion additional capex…
  16. Edison Electric Institute 47th Financial Conference – Dominion Resources, Inc. – slide 16
    Electric Transmission Projects 2012 2013 2014 2015 2016 2017 Mt. Storm - Doubs 3.1 billion Cannon Branch - Liberty planned growth capex 2012-2017 Dooms - Sherwood - Bremo Nokesville - Cannon Branch Skiffes Creek Fentress -…
  17. Edison Electric Institute 47th Financial Conference – Dominion Resources, Inc. – slide 17
    Growth Plan Summary Forward progress on long-term plan Regulated infrastructure investment plan in place to support future earnings growth Track record of successful execution 2012 2017 plan continues 2 billion per year growth…
  18. Edison Electric Institute 47th Financial Conference – Dominion Resources, Inc. – slide 18
    Investment Consideration 19
  19. Edison Electric Institute 47th Financial Conference – Dominion Resources, Inc. – slide 19
    Dividend Policy Regulated earnings support increasing dividend Previous Target New Target Operating Earnings Mix Operating Earnings Mix 2013+ Regulated 65-75% 80-90% 25-35% 10-20% Unregulated 65-70% dividend Supported…
  20. Edison Electric Institute 47th Financial Conference – Dominion Resources, Inc. – slide 20
    Investment Consideration Regulated infrastructure investment plan in place to support future earnings growth 2012 2017 plan continues 2 billion per year growth capex Additional 2.5 - 3.5 billion of capex for Cove Point Liquefaction…
  21. Edison Electric Institute 47th Financial Conference – Dominion Resources, Inc. – slide 21
    Visit our website at www.dom.com/investors.
  22. Edison Electric Institute 47th Financial Conference – Dominion Resources, Inc. – slide 22
    Appendix 23
  23. Edison Electric Institute 47th Financial Conference – Dominion Resources, Inc. – slide 23
    Dominion Profile Operating Segments Overview Dominion Virginia Power Dominion Energy Dominion Generation Electric Transmission Gas Transmission Utility Generation 6,300 miles of transmission lines Together with Gas Distribution,…
  24. Edison Electric Institute 47th Financial Conference – Dominion Resources, Inc. – slide 24
    Dominion Profile Power and Natural Gas Infrastructure Leading provider of energy and energy services in the Midwest, Northeast and Mid-Atlantic regions of the U.S NY WI MA 27,400 MW of electric generation CT RI 6,300 miles of…
  25. Edison Electric Institute 47th Financial Conference – Dominion Resources, Inc. – slide 25
    Gas Transmission and Distribution Well-positioned in Marcellus and Utica regions 11,000 miles of natural gas transmission, NY gathering and storage pipeline 947 Bcf of natural gas storage operated Cove Point LNG Facility Natrium…
  26. Edison Electric Institute 47th Financial Conference – Dominion Resources, Inc. – slide 26
    Gas Transmission Marcellus Infrastructure Growth Projects Sabinsville to Morrisville NY - 92,000 dt/d firm transportation Northeast Expansion - Transportion from Sabinsville (200 Line) to Morrisville (300 Line) Ellisburg to Craigs -…
  27. Edison Electric Institute 47th Financial Conference – Dominion Resources, Inc. – slide 27
    Gas Transmission Non-Marcellus Projects Utica Shale Gathering Allegheny Storage Project - Potentially prolific shale gas play underlying - Designed to provide 7.5 Bcf of incremental storage and the Marcellus formation 125,000 dth/d of…
  28. Edison Electric Institute 47th Financial Conference – Dominion Resources, Inc. – slide 28
    Gas Transmission Future Pipeline Opportunities Potential Pipeline Projects Northeast & Mid-Atlantic Market Centers Opportunities to transport growing Ohio to Midwest & production in PA, WV and Northeast Market Centers Marcellus &…
  29. Edison Electric Institute 47th Financial Conference – Dominion Resources, Inc. – slide 29
    Utility Generation Warren County Construction of an intermediate capacity 1,329 MW plant in Warren County, VA Warren County Gas Fired Combined Cycle Front Royal 3-on-1 Combined Cycle Charlottesville Duct burners, inlet air…
  30. Edison Electric Institute 47th Financial Conference – Dominion Resources, Inc. – slide 30
    Utility Generation Brunswick County Construction of a 1,300 MW plant in Brunswick County, VA Gas Fired Combined Cycle 3-on-1 Combined Cycle Charlottesville Duct burners, inlet air chillers, gas only Richmond Estimated Costs of 1…
  31. Edison Electric Institute 47th Financial Conference – Dominion Resources, Inc. – slide 31
    VEPCO Biennial Review Timeline of Events 2nd Biennial Review Filing: 2nd Biennial Review Ruling: 1) Earnings Test Analysis 1) 11/12 Earnings Test Analysis a) 2011 and 2012 earnings tests a) If earned return between 10.4% and…
  32. Edison Electric Institute 47th Financial Conference – Dominion Resources, Inc. – slide 32
    GAAP Reconciliation 2011 Original Earnings Earnings Per Share (diluted) Reconciliation of measures prepared in accordance with Generally Accepted Accounting Principles (GAAP) versus non-GAAP measures The net effects of the following…
  33. Edison Electric Institute 47th Financial Conference – Dominion Resources, Inc. – slide 33
    GAAP Reconciliation 2012 Earnings Earnings Per Share (diluted) Reconciliation of measures prepared in accordance with Generally Accepted Accounting Principles (GAAP) versus non-GAAP measures The net effects of the following items, all…

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