DTE Energy Company reported its historical operating net income for 2004 and preliminary results for the first two quarters of 2005. Some key highlights include:
- For full year 2004, DTE Energy reported total operating net income of $427 million, up from $134 million in the first quarter.
- In the second quarter of 2005, operating net income was $161 million, down from $215 million in the same period of 2004.
- Electric utility operations contributed steadily to profits in 2004 but were down in the second quarter of 2005 due to lower rates and weather.
- Gas utility profits fluctuated in 2004 and lost $2 million in the second quarter of 2005 due to higher gas costs and regulatory orders
Duke Energy provided a reconciliation of reported earnings per share for the third quarter and year-to-date 2003 and 2004. Several one-time gains and losses were identified for both years, including asset sales, impairments, settlements and tax adjustments. Excluding these one-time items, ongoing earnings per share were $0.35 for the third quarter of 2003 and $1.07 year-to-date, compared to $0.38 for the third quarter of 2004 and $1.15 year-to-date. The reconciliation identified various factors across Duke Energy's business segments that impacted reported results.
Duke Energy provided a reconciliation of its reported 2003 and 2004 earnings per share from ongoing (recurring) earnings. For 2003, reported EPS was $(2.23) for Q4 and $(1.48) for the full year, while ongoing EPS was $0.22 for Q4 and $1.28 for the full year. The reconciliation lists adjustments between reported and ongoing EPS for various business segments and items such as impairments, settlements, and tax adjustments. For 2004, reported EPS was $0.38 for Q4 and $1.59 for the full year, compared to ongoing EPS of $0.24 for Q4 and $1.38 for the full year.
This document provides a reconciliation of Duke Energy Corporation's reported earnings per share for the fourth quarter and full year 2002 compared to ongoing earnings per share. It then provides line items accounting for reconciling items that resulted in reported earnings per share of $(2.23) for 2003 fourth quarter and $(1.48) for full year 2003, compared to ongoing earnings per share of $0.32 and $1.88 in 2002, respectively. Major reconciling items for 2003 include impairments and charges related to Duke Energy North America's plants and power contracts, as well as discontinued operations.
This document summarizes the expected effects of the merger between Duke Energy and Cinergy. Shareholders and customers can expect value and reliable, affordable service. Local communities can anticipate support and enhancement. Employees will find a safe workplace that supports growth while sustaining the environment. The merger aims to increase value for investors while serving customers, communities, employees, and protecting the environment. Financial details of both companies from 2001-2005 are provided.
Duke Energy provided a reconciliation of reported earnings per share for Q3 2002 and full year 2002 with ongoing earnings per share, excluding certain one-time items. For 2003, it provided a reconciliation of reported EPS for Q3 and full year 2003 with ongoing EPS, excluding various one-time gains and losses. The reconciling items included plant write-offs, severance costs, asset sales gains and losses, goodwill impairments, and other one-time charges across its business segments.
First, earnings per share for the first quarter of 2007 were $0.92 compared to $0.67 in the first quarter of 2006. Normalized non-GAAP earnings, excluding special items, were $0.88 per share for the first quarter of 2007. Higher electric distribution deliveries and generation revenues increased earnings, while higher fuel and purchased power expenses and lower distribution rates reduced earnings. Earnings guidance for 2007 remains at $4.05 to $4.25 per share on a non-GAAP basis excluding special items.
Duke Energy provided a reconciliation of reported earnings per share for Q2 and year-to-date 2003 and 2004. Various factors that impacted earnings are listed, including higher/lower sales, expenses, asset sales, commodity prices, and settlements. Excluding certain one-time items, ongoing earnings per share were $0.30 for Q2 2003 and $0.72 for 2003 total, compared to $0.42 for Q2 2004 and $0.76 for 2004 total.
- ConocoPhillips reported revenues of $34.7 billion for Q3 2004, up from $26.5 billion in Q3 2003, and net income of $2 billion, up from $1.3 billion.
- Earnings per share for Q3 2004 were $2.86, up from $1.90 in Q3 2003.
- Oil and gas production volumes were up slightly from Q3 2003, with crude oil production of 733 thousand barrels per day consolidated and 844 thousand barrels per day total.
Duke Energy provided a reconciliation of reported earnings per share for the third quarter and year-to-date 2003 and 2004. Several one-time gains and losses were identified for both years, including asset sales, impairments, settlements and tax adjustments. Excluding these one-time items, ongoing earnings per share were $0.35 for the third quarter of 2003 and $1.07 year-to-date, compared to $0.38 for the third quarter of 2004 and $1.15 year-to-date. The reconciliation identified various factors across Duke Energy's business segments that impacted reported results.
Duke Energy provided a reconciliation of its reported 2003 and 2004 earnings per share from ongoing (recurring) earnings. For 2003, reported EPS was $(2.23) for Q4 and $(1.48) for the full year, while ongoing EPS was $0.22 for Q4 and $1.28 for the full year. The reconciliation lists adjustments between reported and ongoing EPS for various business segments and items such as impairments, settlements, and tax adjustments. For 2004, reported EPS was $0.38 for Q4 and $1.59 for the full year, compared to ongoing EPS of $0.24 for Q4 and $1.38 for the full year.
This document provides a reconciliation of Duke Energy Corporation's reported earnings per share for the fourth quarter and full year 2002 compared to ongoing earnings per share. It then provides line items accounting for reconciling items that resulted in reported earnings per share of $(2.23) for 2003 fourth quarter and $(1.48) for full year 2003, compared to ongoing earnings per share of $0.32 and $1.88 in 2002, respectively. Major reconciling items for 2003 include impairments and charges related to Duke Energy North America's plants and power contracts, as well as discontinued operations.
This document summarizes the expected effects of the merger between Duke Energy and Cinergy. Shareholders and customers can expect value and reliable, affordable service. Local communities can anticipate support and enhancement. Employees will find a safe workplace that supports growth while sustaining the environment. The merger aims to increase value for investors while serving customers, communities, employees, and protecting the environment. Financial details of both companies from 2001-2005 are provided.
Duke Energy provided a reconciliation of reported earnings per share for Q3 2002 and full year 2002 with ongoing earnings per share, excluding certain one-time items. For 2003, it provided a reconciliation of reported EPS for Q3 and full year 2003 with ongoing EPS, excluding various one-time gains and losses. The reconciling items included plant write-offs, severance costs, asset sales gains and losses, goodwill impairments, and other one-time charges across its business segments.
First, earnings per share for the first quarter of 2007 were $0.92 compared to $0.67 in the first quarter of 2006. Normalized non-GAAP earnings, excluding special items, were $0.88 per share for the first quarter of 2007. Higher electric distribution deliveries and generation revenues increased earnings, while higher fuel and purchased power expenses and lower distribution rates reduced earnings. Earnings guidance for 2007 remains at $4.05 to $4.25 per share on a non-GAAP basis excluding special items.
Duke Energy provided a reconciliation of reported earnings per share for Q2 and year-to-date 2003 and 2004. Various factors that impacted earnings are listed, including higher/lower sales, expenses, asset sales, commodity prices, and settlements. Excluding certain one-time items, ongoing earnings per share were $0.30 for Q2 2003 and $0.72 for 2003 total, compared to $0.42 for Q2 2004 and $0.76 for 2004 total.
- ConocoPhillips reported revenues of $34.7 billion for Q3 2004, up from $26.5 billion in Q3 2003, and net income of $2 billion, up from $1.3 billion.
- Earnings per share for Q3 2004 were $2.86, up from $1.90 in Q3 2003.
- Oil and gas production volumes were up slightly from Q3 2003, with crude oil production of 733 thousand barrels per day consolidated and 844 thousand barrels per day total.
- ConocoPhillips reported significantly higher revenues and net income for both the fourth quarter and full year 2004 compared to the same periods in 2003, driven by higher oil and gas prices and increased production volumes.
- Revenues for the fourth quarter of 2004 were $40.1 billion, up 54% from $26 billion in the fourth quarter of 2003. Net income for the fourth quarter was $2.4 billion, up 138% from $1 billion.
- For the full year 2004, revenues were $136.9 billion compared to $105.1 billion in 2003. Net income was $8.1 billion compared to $4.7 billion in 2003.
This document provides preliminary financial highlights and operating metrics for ConocoPhillips for the first quarter of 2004 compared to the first quarter of 2003. Some key figures include:
- Total revenues of $30.2 billion for the first quarter of 2004, up from $27.1 billion in the same period of 2003.
- Net income of $1.6 billion for the first quarter of 2004, up from $1.2 billion in the first quarter of 2003.
- Oil and gas production of 941 thousand barrels per day for the first quarter of 2004, up slightly from 935 thousand barrels per day in the same period of 2003.
- Tribune Company reported its second quarter and first half 2002 results, with operating revenues increasing 1% in the second quarter compared to the previous year.
- Operating profit before restructuring charges was up 16% in the second quarter and 7% in the first half compared to the previous year. However, net income declined due to losses from derivatives and investments.
- Earnings per share were lower than the previous year in the second quarter and first half due to restructuring charges, losses from investments, and a cumulative effect of a change in accounting principle related to impairments of intangible assets.
This document is Xcel Energy's Form 10-Q quarterly report filed with the SEC for the quarter ended June 30, 2003. It includes:
1) Consolidated statements of operations for the three and six month periods ended June 30, 2003 and 2002 showing operating revenues, expenses, and net income/loss.
2) Consolidated balance sheets as of June 30, 2003 and December 31, 2002 listing assets, liabilities, and equity.
3) Consolidated statements of cash flows for the six month periods ended June 30, 2003 and 2002 showing cash flows from operating, investing and financing activities.
This document provides financial highlights and operating data for ConocoPhillips for the fourth quarter and full year 2006 compared to 2005. Some key details:
- Revenues for Q4 2006 were $42.5 billion compared to $52.2 billion for Q4 2005. Full year revenues were $188.5 billion in 2006 versus $183.4 billion in 2005.
- Net income for Q4 2006 was $3.2 billion compared to $3.7 billion for Q4 2005. Full year net income was $15.6 billion in 2006 versus $13.5 billion in 2005.
- Average daily oil and gas production for Q4 2006 was 859 thousand barrels of oil equivalent for consolidated
This document is Ameren's consolidated statement of income, balance sheet, and cash flows for the years ended December 31, 2003, 2002, and 2001.
In 2003, Ameren reported total operating revenues of $4.6 billion and net income of $524 million. Total assets were $14.2 billion as of December 31, 2003, with long-term debt of $4.1 billion and total stockholders' equity of $4.4 billion.
Cash provided by operating activities was $1 billion in 2003. Cash used in investing activities included $682 million for construction expenditures and $479 million for acquisitions. Financing activities included $410 million in dividends paid and $815 million in
This document is the 2007 Statistical Supplement of Duke Energy Corporation. It provides consolidated financial statements and operating statistics for Duke Energy Corporation and its major business segments: U.S. Franchised Electric and Gas, Commercial Power, International Energy, and Crescent. The consolidated statement of operations shows the company's revenues and expenses from continuing operations for the year ended December 31, 2007, including operating revenues of $12.7 billion and operating expenses of $10.2 billion.
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The document provides operating statistics for El Paso Corporation for the fourth quarter of 2008. It includes consolidated statements of income, operating results, and business segment results for Pipelines, Exploration and Production, Marketing, Power, and Corporate/Other. Key details include a net loss of $1.68 billion for Q4 2008 driven by $2.66 billion in ceiling test charges in Exploration and Production. Pipelines EBIT was $319 million for Q4. Exploration and Production had an EBIT loss of $2.526 billion for the quarter due to the ceiling test charges.
The document provides operating statistics and financial results for El Paso Corporation for the fourth quarter and full year of 2005. Some key details include:
- For the fourth quarter of 2005, El Paso reported a net loss of $162 million and a loss from continuing operations of $283 million.
- For the full year 2005, El Paso reported a net loss of $606 million and a loss from continuing operations of $702 million.
- El Paso reported earnings before interest and taxes of -$106 million for the fourth quarter and $398 million for the full year from its various business segments including pipelines, exploration and production, marketing and trading, power and field services.
The document provides operating statistics for El Paso Corporation for the first quarter of 2008. It includes:
1) Consolidated statements of income showing revenues of $1.269 billion for Q1 2008, operating income of $550 million, and net income of $219 million.
2) Segment information on earnings before interest and taxes for the company's four business segments: Pipelines at $405 million, Exploration and Production at $208 million, Marketing at $39 million, and Power at $52 million.
3) Additional data on throughput, volumes, prices and costs for the Pipelines and Exploration and Production segments.
- Xcel Energy Inc. filed a quarterly report on Form 10-Q with the SEC for the quarter ended March 31, 2008.
- The report includes unaudited financial statements and disclosures including the consolidated statements of income, cash flows, and balance sheets for the quarter.
- Key results include net income of $153 million for the quarter, operating revenues of $3 billion, and total assets of $23.4 billion as of March 31, 2008.
This document provides financial highlights and selected financial data for ConocoPhillips for the three month and twelve month periods ending December 31, 2005 and 2004. Some key details include:
- Revenues for the three months ending December 31, 2005 were $52.2 billion compared to $40.1 billion for the same period in 2004.
- Net income for the twelve months ending December 31, 2005 was $13.5 billion compared to $8.1 billion for the same period in 2004.
- Earnings per share (diluted) for continuing operations for the twelve months ending December 31, 2005 were $9.63 compared to $5.79 for the same period in 2004.
This document contains financial statements and exhibits from Covanta Holding Corporation for the first quarter of 2009 compared to the first quarter of 2008. It includes statements of income, reconciliation of net income to adjusted EBITDA, reconciliation of cash flow to adjusted EBITDA, and statements of cash flows. Adjusted EBITDA is a non-GAAP measure used to evaluate performance and compliance with debt covenants, and excludes items such as interest, taxes, depreciation, and amortization.
DTE Energy reported a 25% increase in earnings for 2005 compared to 2004, driven by operational and regulatory improvements at its electric and gas utilities Detroit Edison and MichCon. It expects continued strong earnings growth in 2006 across all of its business segments. Non-utility operations performed well in 2005 and are expected to contribute further to earnings growth in 2006. The company provided guidance of $3.60 to $3.90 per share in operating earnings for 2006, a significant increase over 2005.
DTE Energy reported earnings of $186 million for the first quarter of 2004, up from $155 million in the first quarter of 2003. Operating earnings, which exclude non-recurring items, were $151 million, comparable to the $178 million reported in the first quarter of 2003. Earnings were impacted by warmer weather and increased uncollectable accounts at the company's gas distribution business. The company expects to receive rate relief in 2004 that will help improve earnings performance for the year.
DTE Energy reported 2006 operating earnings of $593 million, or $3.33 per share, compared to 2005 operating earnings of $577 million, or $3.28 per share. Excluding synthetic fuels, 2006 operating earnings were $2.89 per share, above guidance. The company's electric utility had strong results due to higher rates and customers returning to service, while its gas utility saw lower earnings due to mild weather. DTE Energy reiterated 2007 operating earnings guidance, excluding synthetic fuels, of $2.60 to $2.80 per share and including synthetic fuels of $3.20 to $4.05 per share.
DTE Energy reported earnings for 2003 fell 18% from 2002, driven by weak results at its utility subsidiaries, Detroit Edison and MichCon. Earnings at Detroit Edison dropped 31% due to impacts of Michigan's Electric Choice program, as well as higher costs and mild weather. MichCon saw a 26% rise in operating expenses. The CEO noted regulatory issues need resolution and Electric Choice program flaws addressed for financial health of the utilities. Non-regulated operations increased earnings 7% and continued stable growth, but regulated businesses face financial pressure until regulatory issues are resolved.
The document provides financial information for DTE Energy Company for Q3 2005, including:
- Operating net income was $5 million compared to $97 million in Q3 2004. Electric utility income was $97 million and gas utility lost $18 million.
- Factors impacting results included unrealized mark-to-market losses at Energy Trading of $140 million, gain on land sale of $10 million, and impairment charges of $15 million.
- Consolidated statements of financial position and cash flows are provided for the company and its subsidiaries.
We sold our power generation subsidiary, Texas Genco, for $3.65 billion and received approval from the Public Utility Commission of Texas to recover a portion of our stranded costs. This allowed us to significantly reduce our debt and interest costs. Our core electric, gas, and pipeline businesses also reported higher operating incomes in 2004 from growth in customers and improved operational efficiencies. We are committed to providing shareholders a well-managed company focused on paying dividends and increasing shareholder value.
DTE Energy reported first quarter earnings of $149 million compared to $190 million in the first quarter of 2004. Operating earnings, which exclude non-recurring items, were $153 million compared to $152 million in the prior year. The company reconfirmed its 2005 earnings guidance range of $3.30 to $3.60 per share. Several business units saw lower earnings due to timing factors but the company expects to meet its annual targets.
- DTE Energy's consolidated statement of financial position as of September 30, 2006 showed total assets of $22.3 billion and total liabilities and shareholders' equity of the same amount.
- Key assets included property, plant and equipment of $10.5 billion, goodwill of $2.1 billion, and regulatory and intangible assets of $3.5 billion. Total debt was $6.7 billion.
- Detroit Edison reported operating revenues of $1.5 billion for the third quarter of 2006 with operating earnings of $145 million. Michigan Consolidated Gas had operating revenues of $167 million and an operating loss of $7 million for the same period.
DTE Energy reported first quarter 2007 earnings of $134 million, down slightly from $136 million in first quarter 2006. Operating earnings were $149 million in first quarter 2007, down from $171 million in the prior year period. The company reiterated its full year 2007 operating earnings guidance. DTE Energy saw increased earnings at its gas utility segment due to colder weather, while earnings declined at its electric utility due to a rate reduction and higher storm costs. The company is pursuing plans to restructure its non-utility businesses and return value to shareholders through stock buybacks.
- ConocoPhillips reported significantly higher revenues and net income for both the fourth quarter and full year 2004 compared to the same periods in 2003, driven by higher oil and gas prices and increased production volumes.
- Revenues for the fourth quarter of 2004 were $40.1 billion, up 54% from $26 billion in the fourth quarter of 2003. Net income for the fourth quarter was $2.4 billion, up 138% from $1 billion.
- For the full year 2004, revenues were $136.9 billion compared to $105.1 billion in 2003. Net income was $8.1 billion compared to $4.7 billion in 2003.
This document provides preliminary financial highlights and operating metrics for ConocoPhillips for the first quarter of 2004 compared to the first quarter of 2003. Some key figures include:
- Total revenues of $30.2 billion for the first quarter of 2004, up from $27.1 billion in the same period of 2003.
- Net income of $1.6 billion for the first quarter of 2004, up from $1.2 billion in the first quarter of 2003.
- Oil and gas production of 941 thousand barrels per day for the first quarter of 2004, up slightly from 935 thousand barrels per day in the same period of 2003.
- Tribune Company reported its second quarter and first half 2002 results, with operating revenues increasing 1% in the second quarter compared to the previous year.
- Operating profit before restructuring charges was up 16% in the second quarter and 7% in the first half compared to the previous year. However, net income declined due to losses from derivatives and investments.
- Earnings per share were lower than the previous year in the second quarter and first half due to restructuring charges, losses from investments, and a cumulative effect of a change in accounting principle related to impairments of intangible assets.
This document is Xcel Energy's Form 10-Q quarterly report filed with the SEC for the quarter ended June 30, 2003. It includes:
1) Consolidated statements of operations for the three and six month periods ended June 30, 2003 and 2002 showing operating revenues, expenses, and net income/loss.
2) Consolidated balance sheets as of June 30, 2003 and December 31, 2002 listing assets, liabilities, and equity.
3) Consolidated statements of cash flows for the six month periods ended June 30, 2003 and 2002 showing cash flows from operating, investing and financing activities.
This document provides financial highlights and operating data for ConocoPhillips for the fourth quarter and full year 2006 compared to 2005. Some key details:
- Revenues for Q4 2006 were $42.5 billion compared to $52.2 billion for Q4 2005. Full year revenues were $188.5 billion in 2006 versus $183.4 billion in 2005.
- Net income for Q4 2006 was $3.2 billion compared to $3.7 billion for Q4 2005. Full year net income was $15.6 billion in 2006 versus $13.5 billion in 2005.
- Average daily oil and gas production for Q4 2006 was 859 thousand barrels of oil equivalent for consolidated
This document is Ameren's consolidated statement of income, balance sheet, and cash flows for the years ended December 31, 2003, 2002, and 2001.
In 2003, Ameren reported total operating revenues of $4.6 billion and net income of $524 million. Total assets were $14.2 billion as of December 31, 2003, with long-term debt of $4.1 billion and total stockholders' equity of $4.4 billion.
Cash provided by operating activities was $1 billion in 2003. Cash used in investing activities included $682 million for construction expenditures and $479 million for acquisitions. Financing activities included $410 million in dividends paid and $815 million in
This document is the 2007 Statistical Supplement of Duke Energy Corporation. It provides consolidated financial statements and operating statistics for Duke Energy Corporation and its major business segments: U.S. Franchised Electric and Gas, Commercial Power, International Energy, and Crescent. The consolidated statement of operations shows the company's revenues and expenses from continuing operations for the year ended December 31, 2007, including operating revenues of $12.7 billion and operating expenses of $10.2 billion.
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The document provides operating statistics for El Paso Corporation for the fourth quarter of 2008. It includes consolidated statements of income, operating results, and business segment results for Pipelines, Exploration and Production, Marketing, Power, and Corporate/Other. Key details include a net loss of $1.68 billion for Q4 2008 driven by $2.66 billion in ceiling test charges in Exploration and Production. Pipelines EBIT was $319 million for Q4. Exploration and Production had an EBIT loss of $2.526 billion for the quarter due to the ceiling test charges.
The document provides operating statistics and financial results for El Paso Corporation for the fourth quarter and full year of 2005. Some key details include:
- For the fourth quarter of 2005, El Paso reported a net loss of $162 million and a loss from continuing operations of $283 million.
- For the full year 2005, El Paso reported a net loss of $606 million and a loss from continuing operations of $702 million.
- El Paso reported earnings before interest and taxes of -$106 million for the fourth quarter and $398 million for the full year from its various business segments including pipelines, exploration and production, marketing and trading, power and field services.
The document provides operating statistics for El Paso Corporation for the first quarter of 2008. It includes:
1) Consolidated statements of income showing revenues of $1.269 billion for Q1 2008, operating income of $550 million, and net income of $219 million.
2) Segment information on earnings before interest and taxes for the company's four business segments: Pipelines at $405 million, Exploration and Production at $208 million, Marketing at $39 million, and Power at $52 million.
3) Additional data on throughput, volumes, prices and costs for the Pipelines and Exploration and Production segments.
- Xcel Energy Inc. filed a quarterly report on Form 10-Q with the SEC for the quarter ended March 31, 2008.
- The report includes unaudited financial statements and disclosures including the consolidated statements of income, cash flows, and balance sheets for the quarter.
- Key results include net income of $153 million for the quarter, operating revenues of $3 billion, and total assets of $23.4 billion as of March 31, 2008.
This document provides financial highlights and selected financial data for ConocoPhillips for the three month and twelve month periods ending December 31, 2005 and 2004. Some key details include:
- Revenues for the three months ending December 31, 2005 were $52.2 billion compared to $40.1 billion for the same period in 2004.
- Net income for the twelve months ending December 31, 2005 was $13.5 billion compared to $8.1 billion for the same period in 2004.
- Earnings per share (diluted) for continuing operations for the twelve months ending December 31, 2005 were $9.63 compared to $5.79 for the same period in 2004.
This document contains financial statements and exhibits from Covanta Holding Corporation for the first quarter of 2009 compared to the first quarter of 2008. It includes statements of income, reconciliation of net income to adjusted EBITDA, reconciliation of cash flow to adjusted EBITDA, and statements of cash flows. Adjusted EBITDA is a non-GAAP measure used to evaluate performance and compliance with debt covenants, and excludes items such as interest, taxes, depreciation, and amortization.
DTE Energy reported a 25% increase in earnings for 2005 compared to 2004, driven by operational and regulatory improvements at its electric and gas utilities Detroit Edison and MichCon. It expects continued strong earnings growth in 2006 across all of its business segments. Non-utility operations performed well in 2005 and are expected to contribute further to earnings growth in 2006. The company provided guidance of $3.60 to $3.90 per share in operating earnings for 2006, a significant increase over 2005.
DTE Energy reported earnings of $186 million for the first quarter of 2004, up from $155 million in the first quarter of 2003. Operating earnings, which exclude non-recurring items, were $151 million, comparable to the $178 million reported in the first quarter of 2003. Earnings were impacted by warmer weather and increased uncollectable accounts at the company's gas distribution business. The company expects to receive rate relief in 2004 that will help improve earnings performance for the year.
DTE Energy reported 2006 operating earnings of $593 million, or $3.33 per share, compared to 2005 operating earnings of $577 million, or $3.28 per share. Excluding synthetic fuels, 2006 operating earnings were $2.89 per share, above guidance. The company's electric utility had strong results due to higher rates and customers returning to service, while its gas utility saw lower earnings due to mild weather. DTE Energy reiterated 2007 operating earnings guidance, excluding synthetic fuels, of $2.60 to $2.80 per share and including synthetic fuels of $3.20 to $4.05 per share.
DTE Energy reported earnings for 2003 fell 18% from 2002, driven by weak results at its utility subsidiaries, Detroit Edison and MichCon. Earnings at Detroit Edison dropped 31% due to impacts of Michigan's Electric Choice program, as well as higher costs and mild weather. MichCon saw a 26% rise in operating expenses. The CEO noted regulatory issues need resolution and Electric Choice program flaws addressed for financial health of the utilities. Non-regulated operations increased earnings 7% and continued stable growth, but regulated businesses face financial pressure until regulatory issues are resolved.
The document provides financial information for DTE Energy Company for Q3 2005, including:
- Operating net income was $5 million compared to $97 million in Q3 2004. Electric utility income was $97 million and gas utility lost $18 million.
- Factors impacting results included unrealized mark-to-market losses at Energy Trading of $140 million, gain on land sale of $10 million, and impairment charges of $15 million.
- Consolidated statements of financial position and cash flows are provided for the company and its subsidiaries.
We sold our power generation subsidiary, Texas Genco, for $3.65 billion and received approval from the Public Utility Commission of Texas to recover a portion of our stranded costs. This allowed us to significantly reduce our debt and interest costs. Our core electric, gas, and pipeline businesses also reported higher operating incomes in 2004 from growth in customers and improved operational efficiencies. We are committed to providing shareholders a well-managed company focused on paying dividends and increasing shareholder value.
DTE Energy reported first quarter earnings of $149 million compared to $190 million in the first quarter of 2004. Operating earnings, which exclude non-recurring items, were $153 million compared to $152 million in the prior year. The company reconfirmed its 2005 earnings guidance range of $3.30 to $3.60 per share. Several business units saw lower earnings due to timing factors but the company expects to meet its annual targets.
- DTE Energy's consolidated statement of financial position as of September 30, 2006 showed total assets of $22.3 billion and total liabilities and shareholders' equity of the same amount.
- Key assets included property, plant and equipment of $10.5 billion, goodwill of $2.1 billion, and regulatory and intangible assets of $3.5 billion. Total debt was $6.7 billion.
- Detroit Edison reported operating revenues of $1.5 billion for the third quarter of 2006 with operating earnings of $145 million. Michigan Consolidated Gas had operating revenues of $167 million and an operating loss of $7 million for the same period.
DTE Energy reported first quarter 2007 earnings of $134 million, down slightly from $136 million in first quarter 2006. Operating earnings were $149 million in first quarter 2007, down from $171 million in the prior year period. The company reiterated its full year 2007 operating earnings guidance. DTE Energy saw increased earnings at its gas utility segment due to colder weather, while earnings declined at its electric utility due to a rate reduction and higher storm costs. The company is pursuing plans to restructure its non-utility businesses and return value to shareholders through stock buybacks.
- DTE Energy's total assets increased slightly to $23.8 billion in 2006 from $23.3 billion in 2005. Total liabilities also increased slightly to $15.2 billion from $14.5 billion.
- Electric sales for Detroit Edison decreased 5% to 57 billion kWh while revenues increased 8% to $4.5 billion, driven by higher commercial and industrial sales.
- Gas sales for MichCon decreased 16% to 271 billion cubic feet while revenues decreased 10% to $1.7 billion due to lower residential and commercial usage.
DTE Energy raised its 2008 earnings guidance due to strong expected performance across several business segments. It reported first quarter 2008 earnings of $212 million compared to $134 million in first quarter 2007. Operating earnings for first quarter 2008 were $128 million compared to $112 million in first quarter 2007, driven by higher earnings from energy trading. Several business segments experienced improved earnings compared to first quarter 2007. DTE Energy also saw higher cash flows from operations compared to first quarter 2007.
This document is CenterPoint Energy's 2008 Annual Report. It summarizes the company's strong financial performance in 2008, with net income increasing 12% to $447 million. It highlights the reliable performance of the company's electric transmission, natural gas distribution, interstate pipelines and field services businesses. It also discusses challenges for 2009, including a national recession, volatile energy markets and reduced customer growth, but notes the company is well positioned due to its diversified portfolio and strengthened financial position.
DTE Energy reported second quarter 2007 earnings of $385 million, up from a loss of $33 million in the second quarter of 2006. Operating earnings were $101 million for the quarter, an increase from an operating loss of $1 million in the prior year. The sale of the company's Antrim Shale gas business and increased non-utility earnings contributed to the earnings growth. DTE Energy also reported year-to-date cash flow from operations of approximately $998 million, a 12% increase from the previous year. The company reiterated its 2007 operating earnings guidance excluding synthetic fuel of $450-485 million and including synthetic fuel of $150-215 million.
DTE Energy reported 2004 earnings of $431 million, down from 2003 earnings of $521 million. Operating earnings for 2004 were $427 million, down from $500 million in 2003. Earnings declined due to factors such as mild weather, lower retail customer sales, and higher expenses. However, the company completed several regulatory proceedings favorably and expects earnings to improve in 2005 with resolution of outstanding rate cases and continued non-utility business growth. DTE Energy reconfirmed its 2005 earnings guidance of $3.30 to $3.60 per share.
DTE Energy announced its 2007 financial results. Reported earnings were $971 million or $5.70 per share, up from $433 million or $2.43 per share in 2006. This was largely driven by asset sales. Operating earnings excluding special items were $2.82 per share, down slightly from $2.89 per share in 2006. DTE Energy expects over 80% of its earnings to come from its utility businesses going forward and provided 2008 operating earnings guidance of $2.70 to $3.10 per share.
- DTE Energy's consolidated statement of financial position as of June 30, 2006 showed total assets of $22.2 billion and total liabilities and shareholders' equity of $22.2 billion. Cash and cash equivalents totaled $76 million as of June 30, 2006.
- Detroit Edison's electric sales increased 7% in the second quarter of 2006 compared to the same period in 2005, while gas sales at MichCon decreased 21% over the same period.
- DTE Energy's debt to total capitalization as of June 30, 2006 was 52.9% with long-term debt totaling $6.7 billion.
DTE Energy reported third quarter net income of $176 million compared to $161 million in the previous year. Operating earnings for the third quarter were $114 million, comparable to the $120 million in 2002. For the first nine months, net income was $292 million compared to $429 million in 2002, while operating earnings were $362 million versus $387 million the prior year. The company faced challenges from a cool summer, storms, and the August 2003 blackout. Looking ahead, the company said regulatory actions and legislative changes are needed to address issues with Michigan's electric customer choice program.
DTE Energy reported lower third quarter earnings compared to the previous year. Earnings were down due to a decline in operating earnings at Detroit Edison, impacted by mild weather and loss of customers to electric choice programs. While non-regulated businesses performed well, regulatory uncertainties at the utilities impacted overall results. Management expects resolutions to rate cases and improvements to electric choice programs to strengthen earnings in 2005.
DTE Energy announced its third quarter 2007 earnings. Operating earnings were $181 million compared to $255 million in third quarter 2006, primarily due to one-time gains in 2006 and startup costs for new systems in 2007. For the first nine months, operating earnings were $317 million compared to $377 million in 2006, mainly due to onetime costs at Detroit Edison including new system startup. The company expects to meet its annual operating earnings guidance and sees underlying business performing well despite some one-time items.
The document provides financial information for DTE Energy Company for Q3 2005, including:
- Operating net income was $5 million compared to $97 million in Q3 2004. Electric utility income was $97 million and gas utility lost $18 million.
- Factors impacting results included unrealized mark-to-market losses at Energy Trading of $140 million, gain on land sale of $10 million, and impairment charges of $15 million.
- Consolidated statements of financial position and cash flows are provided for the company and its subsidiaries.
This document is FirstEnergy Corp.'s consolidated report for the first quarter of 2008. It provides highlights of financial results including non-GAAP earnings of $0.88 per share, unchanged from the prior year. Increased electric distribution deliveries and generation revenues were offset by higher fuel and purchased power costs. The report also reaffirms earnings guidance for 2008.
This document provides a consolidated report for FirstEnergy Corp for the first quarter of 2008. Some key highlights include:
- Normalized non-GAAP earnings were $0.88 per share, unchanged from the first quarter of 2007. GAAP earnings were $0.91 per share compared to $0.92 per share in the prior year.
- Electric distribution deliveries increased 1% overall, increasing earnings by $0.02 per share. Generation revenues increased $0.23 per share due to higher wholesale and retail prices.
- Fuel and purchased power expenses reduced earnings by $0.19 per share due to higher fuel costs and market prices.
- 2008 earnings guidance remains at $4.15
The document provides a net income summary and earnings variance analysis for DTE Energy Company and its subsidiaries for Q3 2004. Key highlights include:
- Total net income for Q3 2004 was $69 million, down $45 million from Q3 2003, with diluted EPS of $0.40, down $0.27 from the prior year.
- Lower earnings in regulated electric and gas segments contributed most to the decline, partially offset by higher earnings in non-regulated energy resources and synfuels.
- Key drivers behind segment earnings changes include weather, regulatory assets, generation costs, taxes, and synfuels/coke batteries performance.
The document provides a net income summary for Q3 2004 compared to Q3 2003 for DTE Energy Company and its subsidiaries. Key highlights include:
- Total net income was $69 million in Q3 2004 compared to $114 million in Q3 2003, a decrease of $45 million.
- Earnings per share decreased from $0.67 in Q3 2003 to $0.40 in Q3 2004, a decrease of $0.27 per share.
- Lower earnings in regulated electric power generation and energy gas were partially offset by higher earnings from non-regulated energy services and energy distribution.
This document summarizes FirstEnergy's financial results for the fourth quarter of 2007. Some key points:
- Normalized non-GAAP earnings were $0.90 per share for Q4 2007, up from $0.84 per share in Q4 2006.
- GAAP earnings for Q4 2007 were $0.88 per share, up from $0.85 per share in Q4 2006.
- For the full year 2007, normalized non-GAAP earnings were $4.23 per share, near the guidance range, and up from $3.88 per share in 2006.
This document provides a consolidated report and financial highlights for FirstEnergy Corp for the 4th quarter of 2007. Some key points:
- Normalized non-GAAP earnings per share for Q4 2007 were $0.90 compared to $0.84 in Q4 2006.
- GAAP earnings per share for Q4 2007 were $0.88 compared to $0.85 in Q4 2006.
- Normalized non-GAAP earnings for 2007 were $4.23 per share, near the top of guidance range.
- 2008 earnings guidance range is $4.15 to $4.35 per share.
This document provides a consolidated report for FirstEnergy Corp.'s third quarter of 2007. Some key highlights include:
- Normalized non-GAAP earnings were $1.32 per share for Q3 2007 compared to $1.42 per share for Q3 2006.
- GAAP earnings were $1.36 per share for Q3 2007 compared to $1.41 per share for Q3 2006.
- Earnings guidance for 2007 was revised to $4.15 to $4.25 per share from the previous range of $4.05 to $4.25 per share.
This document provides a consolidated report for FirstEnergy Corp.'s third quarter of 2007. Some key highlights include:
- Normalized non-GAAP earnings were $1.32 per share for Q3 2007 compared to $1.42 per share for Q3 2006.
- GAAP earnings were $1.36 per share for Q3 2007 compared to $1.41 per share for Q3 2006.
- Earnings guidance for 2007 was revised to $4.15 to $4.25 per share from the previous range of $4.05 to $4.25 per share.
DTE Energy reported a 20% increase in net income for the first quarter of 2004 compared to the same period in 2003. Total operating revenues were relatively flat at $2.093 billion for the quarter. Operating expenses declined 8% due to lower fuel and purchased power costs. Operating income increased 68% due to cost reductions. After adjustments including a pipeline contract termination benefit, net income increased 19% and diluted earnings per share rose from $0.92 to $1.09.
DTE Energy reported a 20% increase in net income for the first quarter of 2004 compared to the same period in 2003. Operating expenses decreased 8% due to lower fuel and operation and maintenance costs. Operating income increased 68% while income from continuing operations rose 79%. Earnings per share from continuing operations were $1.14 for Q1 2004 compared to $0.65 for Q1 2003, an increase of 75%. Significant special items impacting comparability between the periods included a $0.28 per share benefit from a pipeline contract termination in 2004.
first energy 4Q 06 Consolidated Report to the Financial_Communityfinance21
This document is Consolidated Energy's quarterly report for Q4 2006. It provides an analysis of changes in EPS from Q4 2005 to Q4 2006. Normalized non-GAAP EPS increased from $0.77 to $0.84 primarily due to regulatory changes in Ohio that increased earnings. However, lower distribution deliveries and generation revenues, along with higher fuel and purchase power costs reduced earnings. Guidance for 2007 normalized non-GAAP EPS is $4.05 to $4.25.
first energy 4Q06 Consolidated Report to the Financial_Communityfinance21
- FirstEnergy reported normalized non-GAAP earnings of $0.84 per share for Q4 2006, up from $0.77 per share in Q4 2005. GAAP earnings were $0.85 per share compared to $0.58 per share in Q4 2005.
- Earnings were positively impacted by Ohio regulatory changes which increased earnings by $0.23 per share. However, lower distribution deliveries and generation revenues reduced earnings. Higher fuel and purchased power costs also decreased earnings.
- For full-year 2006, normalized non-GAAP earnings were $3.88 per share, exceeding guidance of $3.75-$3.85 per share. GAAP earnings were $3.
- FirstEnergy reported normalized non-GAAP earnings of $0.87 per share for Q2 2008, compared to $1.13 per share for Q2 2007. GAAP earnings were $0.86 per share for Q2 2008 and $1.11 per share for Q2 2007.
- Electric distribution deliveries declined 2% due to milder weather, decreasing earnings by $0.05 per share. Generation revenues increased earnings by $0.08 per share due to higher wholesale and retail prices despite a 6% decline in generation sales.
- Higher fuel and purchased power expenses reduced earnings by $0.23 per share due to increased market prices and coal transportation costs.
This document is a consolidated report from FirstEnergy Corp for the second quarter of 2008. Some key points:
- Normalized non-GAAP earnings were $0.87 per share for Q2 2008, down from $1.13 per share in Q2 2007, with lower distribution deliveries and higher fuel/purchased power costs reducing earnings.
- GAAP earnings were $0.86 per share for Q2 2008 compared to $1.11 per share in the prior year.
- Earnings guidance for 2008 was revised to $4.25 to $4.35 per share on a non-GAAP basis.
First, earnings per share for the first quarter of 2007 were $0.92 compared to $0.67 in the first quarter of 2006. Normalized non-GAAP earnings, excluding special items, were $0.88 per share for the first quarter of 2007. Higher electric distribution deliveries and generation revenues increased earnings, while higher fuel and purchased power expenses and lower distribution rates reduced earnings. Overall, normalized earnings increased due to various factors including higher sales volumes and market prices.
This document provides a consolidated report for FirstEnergy Corp for the second quarter of 2007. Some key highlights include:
- Normalized non-GAAP earnings were $1.13 per share for Q2 2007 compared to $0.95 per share for Q2 2006.
- GAAP earnings were $1.11 per share for Q2 2007 compared to $0.92 per share for Q2 2006.
- Higher electric distribution deliveries and generation revenues contributed to increased earnings. However, this was partially offset by higher purchased power costs and financing costs.
This document provides a consolidated report for FirstEnergy Corp for the second quarter of 2007. Some key highlights include:
- Normalized non-GAAP earnings were $1.13 per share for Q2 2007 compared to $0.95 per share for Q2 2006.
- GAAP earnings for Q2 2007 were $1.11 per share compared to $0.92 per share in Q2 2006.
- Electric distribution deliveries increased 4% primarily due to higher weather-related usage. Earnings guidance for 2007 remains at $4.05 to $4.25 per share on a normalized non-GAAP basis.
DTE Energy Company reported financial results for the first quarter of 1999. Operating revenues increased 8.4% to $1.024 billion compared to $945 million in the first quarter of 1998. However, operating expenses rose 13.6% to $809 million, resulting in a 7.7% decline in operating income to $215 million. Net income increased 10.6% to $115 million due to a lower effective tax rate, though earnings per share grew at a slower rate of 9.7% to $0.79 per share. Total sales volumes increased across all customer classes for the first quarter of 1999 compared to the prior year.
The document is DTE Energy Company's condensed consolidated statement of income and balance sheet for the first quarter of 1999 compared to the same period in 1998. Some key points:
- Operating revenues increased 8.4% to $1,024 million, while operating expenses rose 13.6% to $809 million, resulting in a 7.7% decrease in operating income to $215 million.
- Net income increased 10.6% to $115 million due to higher regulated revenues and lower expenses, as well as improved performance from non-regulated subsidiaries.
- As of March 31, 1999, current assets decreased primarily due to lower cash and cash equivalents, while accounts receivable and inventories
Pepco Holdings, Inc. held an analyst conference on October 5-6, 2004 to discuss the company's performance. The presentation included an overview of PHI's businesses, strategy, and corporate governance practices. It noted PHI has $7.1 billion in revenues and focuses on its regulated electric and gas delivery business, which accounts for 72% of operating income. The Power Delivery segment was discussed, which includes the transmission and distribution of electricity to 1.8 million customers across several mid-Atlantic states.
The document discusses Joseph Rigby's presentation on the strategic positioning of Southeast Utilities. It summarizes the company's strategic focus on power delivery, Conectiv Energy, and Pepco Energy Services. It also outlines the goals for the power delivery business, including sales growth, infrastructure investment, operational excellence, and constructive regulatory outcomes to deliver average annual earnings growth of at least 4%. Key infrastructure projects are highlighted.
The document summarizes a presentation given by Joseph M. Rigby, CFO of Pepco Holdings, Inc. (PHI) at an investor conference on March 28, 2006. The presentation outlines PHI's strategy to remain a regional diversified energy delivery and competitive services company focused on operational excellence. It discusses PHI's power delivery business, Conectiv Energy, and Pepco Energy Services. The presentation also provides financial performance summaries and projections showing PHI's ability to cover dividends and capital expenditures with cash from operations.
The document provides an overview and summary of PHI's strategy and performance across its various business segments. PHI aims to remain a regional diversified energy delivery and competitive services company focused on value creation and operational excellence. Key aspects include achieving constructive regulatory outcomes and 4% annual earnings growth for its power delivery utilities, optimizing assets and market opportunities for Conectiv Energy, and expanding Pepco Energy Services into additional markets. Financial performance has been positively impacted by infrastructure investments and sales growth, though earnings have been reduced in some jurisdictions due to higher standard offer service pricing.
This document provides an overview of PHI and its strategy for positioning itself for success in a dynamic industry. PHI's strategy is to remain a diversified regional energy delivery and competitive services company focused on value creation and operational excellence. For its power delivery utility operations, PHI's goals are to operate with excellence, achieve constructive regulatory outcomes, invest in infrastructure, and deliver at least 4% annual average earnings growth. PHI's service territory has a robust economy that is less susceptible to downturns and includes diverse government and private sectors.
This document provides an overview of PHI's 41st EEI Financial Conference held from November 5-8, 2006. It includes sections on PHI's financial performance for Q3 and year-to-date 2006, drivers of performance, sales and customer trends, regulated distribution summaries, upcoming regulatory activities including transmission formula rate filings and rate cases, and PHI's proposed MAPP transmission project. Key highlights are lower sales due to mild weather, lower transmission revenue, and plans to file rate cases in late 2006/early 2007.
This document provides an overview and summary of Power Holdings Inc.'s (PHI) various business segments. It discusses PHI's regulated electric and gas delivery business, which accounts for 67% of operating income. It also summarizes Conectiv Energy's competitive merchant generation and load service business, which accounts for 33% of operating income. Key highlights from rate cases and recent regulatory activities involving PHI's delivery businesses are also provided. The document contains forward-looking statements and non-GAAP financial measures.
The document provides an overview of Pepco Holdings Inc.'s (PHI) power delivery business and regulatory environment. It summarizes PHI's sales and customer growth projections, infrastructure investment strategy including the proposed Mid-Atlantic Power Pathway transmission project and Blueprint for the Future initiative. Recent distribution rate case outcomes for PHI's utilities are also summarized. The document is intended as a presentation for investors on PHI's positioned for success through its regulated electric and gas delivery business.
The document provides an overview of Pepco Holdings Inc.'s (PHI) various businesses including its regulated electric and gas delivery business, competitive energy generation business, and energy services business. It discusses PHI's infrastructure investment strategies, the status of major projects like the Mid-Atlantic Power Pathway, and the company's regulatory environment. Financial projections show expectations for continued investment and growth across PHI's businesses.
The document discusses Pepco Holdings' strategic focus on infrastructure investments and customer programs to position the company for continued success. It outlines plans to invest $1.2 billion in the Mid-Atlantic Power Pathway transmission project through 2014 and $646 million in advanced metering infrastructure and other programs through the company's Blueprint for the Future initiative between 2008-2014. Regulatory support is essential for cost recovery for these investments, which aim to enhance reliability, manage costs and protect the environment for customers.
This document provides an overview of Pepco Holdings' transmission and distribution business. It discusses plans to invest over $5 billion from 2007-2012 to upgrade aging infrastructure and improve reliability. A key project is the $1.05 billion Mid-Atlantic Power Pathway, a 230-mile 500kV transmission line from Northern Virginia to Southern New Jersey to be completed by 2013. The presentation outlines the project timeline, environmental stewardship efforts, and cost recovery approach through PJM and FERC. It also reviews the company's focus on replacing aging transmission equipment to further enhance reliability.
The document provides an overview of Pepco Holdings, Inc.'s (PHI) strategy to build shareholder value. PHI aims to increase investment in infrastructure through its Blueprint programs to modernize its electric grid. It also plans growth for its competitive energy businesses, Conectiv Energy and Pepco Energy Services. PHI expects its regulated Power Delivery business to remain the primary driver of earnings, contributing 60-70% of operating income over the planning period through infrastructure investments and favorable regulatory outcomes.
This document provides an overview of Pepco Holdings, Inc.'s power delivery business. It discusses planned infrastructure investments totaling $4.99 billion from 2008-2012 to improve reliability, support load growth, and implement new technology. A key project is the $1.05 billion Mid-Atlantic Power Pathway transmission line. The document also reviews regulatory highlights, including recent rate cases, and outlines operational and financial summaries for the company's distribution and transmission businesses.
- Pepco Holdings held its annual meeting and provided its annual report to shareholders.
- In 2002, Pepco Holdings earned $210.5 million in consolidated earnings, or $1.61 per share. Earnings were driven by strong performance from regulated utility businesses and some competitive energy businesses.
- The letter discusses the company's strategy, leadership, and financial and operational performance across its various business segments in 2002. It also encourages shareholders to vote and continue supporting the company.
- Pepco Holdings provided its first annual report after merging Pepco and Conectiv in August 2002.
- In 2002, PHI earned $210.5 million, or $1.61 per share, on $4.3 billion in revenue. Excluding merger costs, earnings were $1.74 per share.
- The letter discusses the company's regulated utility and competitive energy businesses, noting stable earnings from utilities and growth potential from competitive businesses. It encourages shareholders to vote and thanks them for their confidence and investment.
This document provides a summary of Pepco Holdings' 2004 annual report and proxy statement. Key points include:
1) Pepco Holdings reported improved financial performance in 2004 with consolidated earnings of $258.7 million, up from $113.5 million in 2003, driven by improved performance of competitive energy businesses.
2) The company made progress on reducing debt and preferred stock by $480 million in 2004 and achieved a total shareholder return of over 22% for 2003-2004.
3) The regulated power delivery business continues as the primary focus and driver of steady cash flow. Earnings from this segment improved to $233.4 million in 2004.
4) Competitive energy businesses also posted
The document provides details on Pepco Holdings' 2003 performance and future plans. It discusses challenges faced in 2003 including an energy trading loss, Mirant's bankruptcy, and Hurricane Isabel. However, actions taken in 2003 such as divesting non-core businesses and reducing risk are expected to set the stage for future earnings growth. The company remains focused on strengthening its core power delivery business and improving customer satisfaction.
The document provides details on Pepco Holdings' 2003 performance and future plans. It discusses challenges faced in 2003 including an energy trading loss, Mirant's bankruptcy, and Hurricane Isabel. However, actions taken in 2003 such as divesting non-core businesses and reducing risk are expected to set the stage for future earnings growth. The company remains focused on strengthening its core power delivery business and improving customer satisfaction.
This document provides a summary of Pepco Holdings' 2004 annual report and proxy statement. Key points include:
1) Pepco Holdings reported improved financial performance in 2004 with consolidated earnings of $258.7 million, up from $113.5 million in 2003, driven by improved performance of competitive energy businesses.
2) The company made progress on reducing debt and preferred stock by $480 million in 2004 as part of its balance sheet improvement goals.
3) The regulated power delivery business continues as the primary focus due to its stability and cash generation. Earnings from this segment grew to $233.4 million in 2004.
4) Competitive energy businesses also posted profits in 2004 despite challenging markets
The document is the 2005 annual report and proxy statement from PHI (Pepco Holdings Inc.). It discusses PHI's strategy of focusing on stable power delivery and growing energy businesses. In 2005, PHI achieved earnings of $371.2 million and strengthened its balance sheet by paying down over $1 billion in debt. Rising energy prices present challenges for PHI and its customers. The proxy statement announces the annual meeting to elect directors and ratify the independent auditor.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
South Dakota State University degree offer diploma Transcriptynfqplhm
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Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
1. DTE Energy Company
Historical Operating Net Income
(Preliminary/Unaudited)
(in millions, except per share amounts)
2004 2005
Q1 Q2 Q3 Q4 Total Q1 Q2
Electric Utility 38 10 62 68 178 57 46
Gas Utility 57 (28) (31) 26 24 58 (2)
Total Utilities 95 (18) 31 94 202 115 44
Power & Industrial Projects
Synfuels 41 54 51 47 193 65 18
Power Generation (4) (4) (6) (3) (17) (4) (3)
All Other Projects 1 6 6 (1) 12 5 8
Corporate Overheads (2) (3) (2) (2) (9) - (3)
Total Power & Industrial Projects 36 53 49 41 179 66 20
Fuel Transportation & Marketing
Coal Services 3 5 5 7 20 5 6
Midstream 3 4 4 6 17 8 5
Energy Trading and CoEnergy Portfolio 9 (7) 12 30 44 (22) (7)
Corporate Overheads (3) (3) (3) (3) (12) (1) (4)
Total Fuel Transportation & Marketing 12 (1) 18 40 69 (10) -
Unconventional Gas Production 1 2 2 1 6 1 -
Corporate & Other (10) 16 (8) (27) (29) (11) (27)
Total Net Income 134 52 92 149 427 161 37
Earnings Per Diluted Share $0.79 $0.30 $0.53 $0.85 $2.46 $0.92 $0.21
Average Diluted Shares Outstanding 170 174 174 175 173 175 175
Page 1
2. DTE ENERGY COMPANY AND SUBSIDIARY COMPANIES
Earnings Variance Analysis (Preliminary/Unaudited)
Q2 2004 Reported Earnings per Share $0.20
Quarterly adjustment normalize the effective tax rate 0.08
Incremental non-recurring DTE2 project costs 0.02
Q2 2004 Operating Earnings per Share $0.30
Electric Utility
Rate Relief 0.13
Weather 0.11
Economy (0.03)
Electric Choice 0.03
Regulatory Deferrals (0.07)
Merger Interest 0.06
Benefits (0.05)
Other 0.02
Gas Utility
Rate Relief 0.04
Gas Margins 0.03
Merger Interest 0.03
Other 0.05
Non-Utility
Synfuel production 0.14
Mark-to-market loss on oil price hedges (0.10)
Q2 deferred synfuel variable note payment (0.26)
Power & Industrial projects (excl. synfuels) 0.03
Other -
Holding Company (merger interest, gain on Plug Power in 2004) (0.25)
$0.21
Q2 2005 Operating Earnings per Share
Quarterly adjustment normalize the effective tax rate (0.05)
Incremental non-recurring DTE2 project costs (0.03)
Mark to market adjustment on 2006 oil price options 0.06
Impact of disallowances from April 2005 MPSC gas order (0.02)
Discontinued operations - gain on sale of Southern Missouri Gas Company (0.01)
Discontinued operations - adjustment from the sale of Int'l Transmission Co. 0.01
Q2 2005 Reported Earnings per Share $0.17
2
3. DTE ENERGY COMPANY
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
(Unaudited)
December 31
June 30
2004
2005
(in Millions)
ASSETS
Current Assets
Cash and cash equivalents ..................................................................................... $ $ 56
86
Restricted cash ....................................................................................................... 126
107
Accounts receivable
Customer (less allowance for doubtful accounts of $138 and $129, respectively) 1,103 880
Accrued unbilled revenues................................................................................... 378
232
Other .................................................................................................................... 383
470
Inventories
Fuel and gas ......................................................................................................... 509
517
Materials and supplies ......................................................................................... 159
153
Assets from risk management and trading activities.............................................. 296
361
Other ...................................................................................................................... 209
237
2,996
3,266
Investments
Nuclear decommissioning trust funds.................................................................... 590
613
Other ...................................................................................................................... 558
563
1,148
1,176
Property
Property, plant and equipment ............................................................................... 18,011
18,118
Less accumulated depreciation and depletion ....................................................... (7,520 )
(7,619 )
10,491
10,499
Other Assets
Goodwill ................................................................................................................ 2,067
2,064
Regulatory assets .................................................................................................. 2,119
2,132
Securitized regulatory assets.................................................................................. 1,438
1,391
Notes receivable..................................................................................................... 529
488
Assets from risk management and trading activities.............................................. 125
328
Prepaid pension assets ........................................................................................... 184
185
Other ...................................................................................................................... 200
212
6,662
6,800
$ 21,297
Total Assets ............................................................................................................. $ 21,741
4. DTE ENERGY COMPANY
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
(Unaudited)
December 31
June 30
2004
2005
(in Millions, Except Shares)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable ............................................................................................. $ $ 892
979
Accrued interest................................................................................................ 111
117
Dividends payable ............................................................................................ 90
90
Accrued payroll ................................................................................................ 33
24
Income taxes..................................................................................................... 16
-
Short-term borrowings...................................................................................... 403
494
Gas inventory equalization ............................................................................... -
116
Current portion of long-term debt, including capital leases ............................. 514
885
Liabilities from risk management and trading activities................................... 369
460
Other................................................................................................................. 581
601
3,009
3,766
Other Liabilities
Deferred income taxes...................................................................................... 1,124
1,169
Regulatory liabilities ........................................................................................ 817
831
Asset retirement obligations ............................................................................. 916
943
Unamortized investment tax credit................................................................... 143
137
Liabilities from risk management and trading activities................................... 224
450
Liabilities from transportation and storage contracts ....................................... 387
368
Accrued pension liability.................................................................................. 265
313
Deferred gains from asset sales ........................................................................ 414
357
Minority interest ............................................................................................... 132
120
Nuclear decommissioning ................................................................................ 77
80
Other................................................................................................................. 635
774
5,134
5,542
Long-Term Debt (net of current portion)
Mortgage bonds, notes and other...................................................................... 5,673
5,122
Securitization bonds ......................................................................................... 1,400
1,345
Equity-linked securities .................................................................................... 178
172
Trust preferred-linked securities....................................................................... 289
289
Capital lease obligations................................................................................... 66
61
7,606
6,989
Commitments and Contingencies
Shareholders’ Equity
Common stock, without par value, 400,000,000 shares
authorized, 174,159,338 and 174,209,034 shares issued
and outstanding, respectively ......................................................................... 3,323
3,307
Retained earnings ............................................................................................. 2,383
2,355
Accumulated other comprehensive loss ........................................................... (158 )
(218 )
5,548
5,444
$ 21,297
Total Liabilities and Shareholders’ Equity ..................................................... $ 21,741
5. DTE ENERGY COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
Six Months Ended
June 30
2004
2005
(in Millions)
Operating Activities
Net Income ..................................................................................................... $ 225
$ 151
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization .................................................. 346
424
Deferred income taxes ............................................................................... 112
65
Gain on sale of interests in synfuel projects .............................................. (106 )
(100 )
Loss (gain) on sale of assets, net................................................................ (24 )
3
Partners’ share of synfuel project losses.................................................... (87 )
(149 )
Contributions from synfuel partners .......................................................... 36
113
Changes in assets and liabilities, exclusive of changes
shown separately .................................................................................... 17
172
Net cash from operating activities .................................................................. 519
679
Investing Activities
Plant and equipment expenditures – utility..................................................... (363 )
(372 )
Plant and equipment expenditures – non-utility ............................................. (33 )
(58 )
Proceeds from sale of interests in synfuel projects......................................... 88
145
Proceeds from sale of other assets .................................................................. 59
18
Restricted cash for debt redemptions.............................................................. 10
19
Other investments........................................................................................... (74 )
(56 )
Net cash used for investing activities ............................................................. (313 )
(304 )
Financing Activities
Issuance of long-term debt ............................................................................. 418
395
Redemption of long-term debt........................................................................ (565 )
(639 )
Short-term borrowings, net ............................................................................. 120
91
Issuance of common stock.............................................................................. 21
-
Repurchase of common stock......................................................................... -
(11 )
Dividends on common stock .......................................................................... (176 )
(179 )
Other............................................................................................................... (3 )
(2 )
Net cash used for financing activities ............................................................. (185 )
(345 )
21
Net Increase in Cash and Cash Equivalents................................................. 30
54
Cash and Cash Equivalents at Beginning of the Period............................... 56
$ 75
Cash and Cash Equivalents at End of the Period ......................................... $ 86
6. THE DETROIT EDISON COMPANY
CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)
Three Months Ended Six Months Ended
June 30 June 30
(in Millions) 2004 2004
2005 2005
$ 835 $ 1,721
Operating Revenues .................................................................$ 1,035 $ 2,025
Operating Expenses
Fuel and purchased power ....................................................... 200 416
343 644
Operation and maintenance ..................................................... 359 702
330 651
Depreciation and amortization ................................................ 122 236
160 310
Taxes other than income.......................................................... 62 130
63 132
743 1,484
896 1,737
92 237
Operating Income .................................................................... 139 288
Other (Income) and Deductions
Interest expense ....................................................................... 71 143
69 133
Interest income ........................................................................ - -
- (1 )
Other income ........................................................................... (15 ) (30 )
(18 ) (30 )
Other expenses ........................................................................ 23 45
24 42
79 158
75 144
13 79
Income Before Income Taxes .................................................. 64 144
5 27
Income Tax Provision .............................................................. 21 46
8 52
Reported Earnings ................................................................... 43 98
Adjustments
Stranded Cost adjustment ........................................................ - (7 )
- -
Incremental non-recurring DTE2 project costs ....................... 2 4
3 5
Effective tax rate normalization .............................................. - (1 )
- -
$ 10 $ 48
Operating Earnings .................................................................$ 46 $ 103
The Consolidated Statement of Operations (Unaudited) should be read in conjunction with the Notes to
Consolidated Financial Statements appearing in the Annual Report to Shareholders, Form 10K and 10Q.
7. MICHIGAN CONSOLIDATED GAS COMPANY
CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)
Three Months Ended Six Months Ended
June 30 June 30
(in Millions) 2004 2004
2005 2005
$ 271 $ 986
Operating Revenues ..................................................... $ 261 $ 1,095
Operating Expenses
Cost of gas................................................................... 161 649
131 758
Operation and maintenance ......................................... 108 205
96 215
Depreciation, depletion and amortization.................... 26 53
24 50
Taxes other than income.............................................. 13 25
13 26
Asset (gains) and losses, net........................................ - (2)
- 48
308 930
264 1,097
Operating Income (Loss) ............................................ (37) 56
(3) (2)
Other (Income) and Deductions
Interest expense ........................................................... 13 27
13 28
Interest income ............................................................ (3) (5)
(3) (5)
Other............................................................................ - (1)
- -
10 23
10 23
(47) 33
Income (Loss) Before Income Taxes ........................... (13) (25)
(10) -
Income Tax Provision (Benefit)................................... 37 38
(37) 33
Reported Earnings ....................................................... (50) (63)
Adjustments
Incremental non-recurring DTE2 project costs ........... 1 3
2 2
April 2005 MPSC gas orders........................................ - -
4 65
Effective tax rate normalization ................................... 9 (7)
43 51
$ (27) $ 29
Operating Earnings...................................................... $ (1) $ 55
Consolidated Statement of Operations (Unaudited) should be read in conjunction with the Notes to
Consolidated Financial Statements appearing in the Annual Report to Shareholders, Form 10K and 10Q.
8. DTE Energy Debt/Equity Calculation
As of June 30, 2005
($ millions)
short-term borrowings $ 494
current portion LTD & cap leases 885
long-term debt 5,122
securitization bonds 1,345
capital leases 61
less MichCon short-term debt -
less securitization debt, including current portion (1,446)
Total debt $ 6,461
Trust preferred $ 289
Mandatory convertible 172
Total preferred/ other $ 461
Equity $ 5,444
Total capitalization $ 12,366
Debt 52.3%
Preferred stock 3.7%
Common shareholders' equity 44.0%
Total 100.0%
8
9. Sales Analysis - Q2 2005
Electric Sales - Detroit Edison Service Area (GWh) Electric Revenue - Detroit Edison Service Area ($ 000s)
Q2 2005 Q2 2004 Q2 2005 Q2 2004
% Change % Change
Residential 3,766 3,472 8% Residential 338,297 309,485 9%
Commercial 3,820 3,049 25% Commercial 326,309 257,378 27%
Industrial 3,024 2,810 8% Industrial 166,384 135,628 23%
Other 646 656 -2% Other 30,730 30,531 1%
11,256 9,987 13% 861,720 733,022 18%
Interconnection Interconnection
1,142* 1,026 11% 76,490 39,614 93%
Choice** Choice*
1,996 2,480 -20% 39,180 46,937 -17%
TOTAL SALES 14,393 13,493 7% TOTAL REVENUES 977,390 819,573 19%
* Estimated due to MISO startup * Distribution charge, includes Dearborn Industrial Group revenues
** Includes Dearborn Industrial Group sales
Gas Sales - MichCon Service Area (Mcf) Gas Revenue - MichCon Service Area ($000s)
Q2 2005 Q2 2004 Q2 2005 Q2 2004
% Change % Change
Residential 16,509,131 17,721,665 -7% Residential 185,175 146,783 26%
Commercial 5,017,774 5,666,174 -11% Commercial 54,235 44,812 21%
Industrial 306,601 (947,171) n/m Industrial 3,082 (6,674) n/m
21,833,506 22,440,668 -3% 242,492 184,921 31%
End User End User
Transportation* Transportation*
32,628,790 29,160,337 12% 27,861 25,136 11%
TOTAL SALES 54,462,296 51,601,005 6% TOTAL REVENUES 270,353 210,057 29%
* Includes choice customers * Includes choice customers
Weather
Cooling Degree Days Heating Degree Days
Detroit Edison service area MichCon service area
Q2 2005 Q2 2004 Q2 2005 Q2 2004
% Change % Change
Actuals 301 171 76% Actuals 757 766 -1%
Normal 193 193 Normal* 860 888
56% -11% -12% -14%
Deviation from normal Deviation from normal
* 2005 data based on 30-year average, 2004 data based on 10-year average
9