The document provides an overview of EFH Corp.'s Q4 2008 investor call. It includes a safe harbor statement noting forward-looking statements are subject to risks and uncertainties. The agenda covers financial and operational overviews, a review of 2008, and Q&A. Charts show EFH Corp. and TCEH adjusted EBITDA was near plan and key drivers of changes in adjusted operating results from Q4 2007 to Q4 2008 and 2007 to 2008. Oncor, Luminant, and TXU Energy operational results for Q4 2008 and 2008 are also presented. The document discusses EFH Corp. liquidity and 2008 accomplishments and challenges.
energy future holindings Q3_08_Investor_Call_Deck_FINALfinance29
This document summarizes key points from an investor call held by EFH Corp. on November 6, 2008. It discusses EFH Corp.'s financial results for Q3 2008 compared to Q3 2007, including adjusted operating earnings, interest expense, and purchase accounting adjustments. It also provides an overview of operational results for Oncor, TXU Energy, and Luminant in Q3 2008, including impacts from Hurricane Ike and progress on new generation projects. The document concludes with an appendix including Regulation G reconciliations.
el paso 02_274Q2006Earnings_FINAL_FINAL_bbfinance49
This document provides an investor update from El Paso Corporation for the fourth quarter and full year 2006. Key highlights include:
- The company reduced gross debt by $2.8 billion in 2006 and had $1 billion year-over-year swing in profits.
- Pipelines segment saw record earnings and a 22% increase in earnings from 2005. E&P segment replaced 108% of production primarily through drilling.
- For full year 2006, the company reported $1.75 billion in EBIT and $475 million in net income.
- The company used $2.5 billion in cash for debt reduction in 2006 and reduced net debt to $14.1 billion at the end of the year.
public serviceenterprise group library.corporatefinance20
PSEG held an earnings conference call to discuss its fourth quarter and full-year 2008 results. For the fourth quarter, PSEG reported operating earnings of $250 million compared to $272 million in the prior year quarter. For the full year, operating earnings were $1,487 million compared to $1,385 million in 2007. PSEG Power's fourth quarter operating earnings were $207 million, matching the prior year, while PSE&G's were $76 million, down slightly from $77 million in 2007. PSEG provided 2009 operating earnings guidance of $3.00-$3.25 per share.
- The company reported financial and operational results for the first quarter of 2007, with pipeline and E&P results on target.
- Pipeline throughput was up 9% from the first quarter of 2006 due to new supply, expansions, power loads, and colder weather. Several pipeline expansion projects were completed or underway.
- E&P production was on target and a South Texas acquisition was completed for $254 million. Exploration continued in Brazil and the organization's capabilities were increased.
El Paso Corporation reported financial and operational results for the first quarter of 2006. Key highlights included:
- EBIT of $888 million, up significantly from $463 million in the first quarter of 2005.
- Pipelines segment EBIT of $478 million, up 16% year-over-year, driven by growth projects and acquisitions.
- Exploration and Production segment EBIT of $199 million, in line with prior year despite lower production volumes impacted by hurricanes.
- $1.3 billion in gross debt reduction year-to-date through asset sales and cash flow. Balance sheet metrics continue to improve.
- 130 Bcf of 2007 production hedged to provide
This document provides non-GAAP reconciliations of Alltel Corporation's results of operations for various periods under GAAP and from current businesses. It excludes items like amortization of intangible assets from acquisitions, gains or losses from asset sales or disposals, integration expenses, adjustments to tax liabilities, and discontinued operations. Notes further explain the adjustments and excluded items, such as amortization, integration costs, gains or losses on sales of assets or securities, compensation from accelerated vesting of restricted stock, and the spin-off of Alltel's wireline business.
Hexion Specialty Chemicals reported financial results for the fourth quarter and fiscal year 2007. Revenue increased 13% in the fourth quarter and 12% for the fiscal year. Operating income was $21 million for the quarter, impacted by $40 million of asset impairments and manufacturing issues, and $302 million for the fiscal year, up 22% excluding gains. Segment EBITDA increased 2% for the quarter to $125 million and 17% for the fiscal year to $611 million. Hexion remains on track to achieve $175 million in targeted synergies and had a strong liquidity position at year-end.
The Pipeline Group had a strong fourth quarter and 2007. EBIT increased 2% and 7% respectively compared to the prior year. Throughput increased 7% in 2007. Notable events included placing the WIC Kanda project in service and acquiring a 50% stake in Gulf LNG. The group signed a precedent agreement to support expansion of the FGT pipeline and has a committed backlog approaching $4 billion.
energy future holindings Q3_08_Investor_Call_Deck_FINALfinance29
This document summarizes key points from an investor call held by EFH Corp. on November 6, 2008. It discusses EFH Corp.'s financial results for Q3 2008 compared to Q3 2007, including adjusted operating earnings, interest expense, and purchase accounting adjustments. It also provides an overview of operational results for Oncor, TXU Energy, and Luminant in Q3 2008, including impacts from Hurricane Ike and progress on new generation projects. The document concludes with an appendix including Regulation G reconciliations.
el paso 02_274Q2006Earnings_FINAL_FINAL_bbfinance49
This document provides an investor update from El Paso Corporation for the fourth quarter and full year 2006. Key highlights include:
- The company reduced gross debt by $2.8 billion in 2006 and had $1 billion year-over-year swing in profits.
- Pipelines segment saw record earnings and a 22% increase in earnings from 2005. E&P segment replaced 108% of production primarily through drilling.
- For full year 2006, the company reported $1.75 billion in EBIT and $475 million in net income.
- The company used $2.5 billion in cash for debt reduction in 2006 and reduced net debt to $14.1 billion at the end of the year.
public serviceenterprise group library.corporatefinance20
PSEG held an earnings conference call to discuss its fourth quarter and full-year 2008 results. For the fourth quarter, PSEG reported operating earnings of $250 million compared to $272 million in the prior year quarter. For the full year, operating earnings were $1,487 million compared to $1,385 million in 2007. PSEG Power's fourth quarter operating earnings were $207 million, matching the prior year, while PSE&G's were $76 million, down slightly from $77 million in 2007. PSEG provided 2009 operating earnings guidance of $3.00-$3.25 per share.
- The company reported financial and operational results for the first quarter of 2007, with pipeline and E&P results on target.
- Pipeline throughput was up 9% from the first quarter of 2006 due to new supply, expansions, power loads, and colder weather. Several pipeline expansion projects were completed or underway.
- E&P production was on target and a South Texas acquisition was completed for $254 million. Exploration continued in Brazil and the organization's capabilities were increased.
El Paso Corporation reported financial and operational results for the first quarter of 2006. Key highlights included:
- EBIT of $888 million, up significantly from $463 million in the first quarter of 2005.
- Pipelines segment EBIT of $478 million, up 16% year-over-year, driven by growth projects and acquisitions.
- Exploration and Production segment EBIT of $199 million, in line with prior year despite lower production volumes impacted by hurricanes.
- $1.3 billion in gross debt reduction year-to-date through asset sales and cash flow. Balance sheet metrics continue to improve.
- 130 Bcf of 2007 production hedged to provide
This document provides non-GAAP reconciliations of Alltel Corporation's results of operations for various periods under GAAP and from current businesses. It excludes items like amortization of intangible assets from acquisitions, gains or losses from asset sales or disposals, integration expenses, adjustments to tax liabilities, and discontinued operations. Notes further explain the adjustments and excluded items, such as amortization, integration costs, gains or losses on sales of assets or securities, compensation from accelerated vesting of restricted stock, and the spin-off of Alltel's wireline business.
Hexion Specialty Chemicals reported financial results for the fourth quarter and fiscal year 2007. Revenue increased 13% in the fourth quarter and 12% for the fiscal year. Operating income was $21 million for the quarter, impacted by $40 million of asset impairments and manufacturing issues, and $302 million for the fiscal year, up 22% excluding gains. Segment EBITDA increased 2% for the quarter to $125 million and 17% for the fiscal year to $611 million. Hexion remains on track to achieve $175 million in targeted synergies and had a strong liquidity position at year-end.
The Pipeline Group had a strong fourth quarter and 2007. EBIT increased 2% and 7% respectively compared to the prior year. Throughput increased 7% in 2007. Notable events included placing the WIC Kanda project in service and acquiring a 50% stake in Gulf LNG. The group signed a precedent agreement to support expansion of the FGT pipeline and has a committed backlog approaching $4 billion.
This document is a Form 10-K annual report filed with the SEC by Calpine Generating Company, LLC and CalGen Finance Corp. for the fiscal year ending December 31, 2004. It provides an overview of the companies, including that CalGen owns 14 power generation facilities with 9,834 MW of peak capacity. It also summarizes principal agreements with affiliates for fuel supply and power sales. The report contains the standard sections required for a 10-K, including business description, legal proceedings, financial statements and certifications.
This document provides an overview and summary of the EEI Conference. It begins with safe harbor statements and discusses the ERCOT market framework, including how deregulation led to investment, increased efficiency, and innovation similar to other deregulated markets. It then summarizes how deregulation in ERCOT led to a $15 billion capital infusion, a reduction in market heat rates, strong retail competition giving customers access to lower prices compared to regulated rates. Overall, the deregulated market in ERCOT is considered a success.
This document is a Form 10-Q quarterly report filed with the SEC by Calpine Corporation. It provides financial statements and disclosures for the quarter ended March 31, 2005, including the consolidated condensed balance sheet, statement of operations, and statement of cash flows. Key details include total assets of $27.6 billion, total liabilities of $22.8 billion, a net loss of $168.7 million for the quarter, and cash used in operating activities of $114.6 million.
NiSource Inc. is a regulated energy company that aims to be the premier company in the industry. In 2007, NiSource made progress on its strategic plan through regulatory approvals, infrastructure projects, and resolving legacy issues. Key accomplishments included rate cases, pipeline expansion projects, restructuring business agreements, and maintaining investment grade credit ratings. NiSource views 2008 as pivotal for executing infrastructure projects, achieving regulatory initiatives like rate cases, and advancing its gas transmission and storage growth strategy including an MLP.
This document is Calpine Corporation's annual report (Form 10-K) for the fiscal year ended December 31, 2007. It provides an overview of Calpine's business operations for the past year, including discussions of its legal proceedings, risks factors, properties, executive officers and directors. The report also contains Calpine's audited financial statements and notes.
This document is Calpine Corporation's annual report on Form 10-K for the fiscal year ending December 31, 2005 filed with the United States Securities and Exchange Commission. It includes information on Calpine's business operations, legal proceedings, financial statements, executive compensation and other required disclosures. The report indicates that Calpine is a large accelerated filer and the aggregate market value of shares held by non-affiliates was approximately $1.9 billion as of June 30, 2005.
- This document is a Form 10-Q quarterly report filed by Calpine Corporation with the SEC for the quarter ended June 30, 2005.
- The report provides Calpine's consolidated condensed financial statements, including its balance sheet, statements of operations and cash flows for the periods ended June 30, 2005 and 2004.
- It also includes notes to the financial statements which provide additional details on Calpine's organization, accounting policies, strategic initiatives, debt, derivatives, commitments and contingencies.
This document is an amendment to a quarterly report filed with the SEC by Calpine Corporation. It provides revised or additional disclosure for the company's financial statements, management discussion/analysis, and controls/procedures for the quarter ended March 31, 2004. Specifically, it includes:
1) Calpine's consolidated balance sheets, statements of operations, and cash flows for Q1 2004 and 2003.
2) Notes to the financial statements providing additional details.
3) An explanatory note stating this amendment was filed in connection with an SEC review and resulted in expanded disclosure but no changes to financial statements.
4) Sections on management discussion/analysis of financial condition, market risk, and controls/pro
The document provides an overview of the transformation of TXU from a regulated monopoly utility to an industrial energy company through deregulation of the Texas energy market. It discusses how regulators recognized the need for market solutions to drive efficiency and innovation. The restructuring of the Texas power market allowed competition to spur investment and efficiency gains, providing customers with lower electricity prices than under regulation. It established Texas as the only true competitive retail electric market in the U.S.
- The Sherwin-Williams Company reported a 1.4% increase in sales for the second quarter and first six months of 2008 compared to the same periods in 2007. Earnings per share were $1.45 for the second quarter and $2.07 for the first six months.
- Sales increased for the Global Group but declined for the Paint Stores Group and Consumer Group due to soft demand in the US housing and DIY markets. Earnings declined across all business segments.
- The company expects sales and earnings per share to be lower in the third quarter and full year 2008 compared to 2007, citing continued weakness in the US housing market.
This annual report summarizes Campbell Soup Company's financial highlights and business performance for fiscal year 2007. Key points include:
- Net sales increased 7% to $7.9 billion and adjusted earnings per share increased 13% to $1.95.
- The company achieved strong sales growth in U.S. soup, beverages, and Pepperidge Farm baked snacks. International operations also improved.
- Campbell is focusing on winning in the marketplace through products aligned with wellness trends like lower sodium soups and juices. It is also focusing on winning in the workplace by improving employee engagement.
- The company delivered superior shareholder returns and is well positioned for continued growth by expanding in key categories and new markets globally.
The document summarizes TXU's fourth quarter and full year 2004 earnings discussion. Some key highlights include:
- TXU's financial profile and operational performance improved significantly from 2003 to 2004 as measured by metrics like operational EPS, normalized operating cash flow, ROIC, debt ratios, and margins.
- All of TXU's core business segments, including electric delivery, energy, and corporate functions contributed to strong year-over-year earnings growth.
- TXU reduced its fixed charges while improving contribution margins over the period. By 2005, the company expects its contribution margin to fixed charges ratio to reach 63%.
- The company's strategic priorities are focused on driving performance in its core businesses, unlocking value, profitable
NiSource Inc. is an energy holding company that provides natural gas, electricity, and other energy products and services. In 2003:
- Net income was $85.2 million, compared to $372.5 million in 2002 and $216.2 million in 2001.
- Operating income was $1,116.3 million in 2003, $1,152.2 million in 2002, and $967.9 million in 2001.
- The main business segments are gas distribution, gas transmission and storage, and electric operations.
Campbell Soup Company launched a five-year plan in 2001 to transform the company. In 2002, the first year of the plan, Campbell began implementing initiatives to revitalize its core U.S. Soup business, strengthen its broader portfolio, build new growth avenues, drive quality and productivity improvements, and improve organizational excellence. While investments reduced net earnings, Campbell made progress in nearly every part of the company and expects benefits to increase in future years as the transformation plan continues.
- Calpine Corporation filed a quarterly report on Form 10-Q with the SEC for the quarter ended September 30, 2005.
- The filing includes consolidated condensed balance sheets, statements of operations, and statements of cash flows for the periods presented.
- It provides notes and details around Calpine's organization, accounting policies, strategic initiatives, debt, derivatives, contingencies and other disclosures.
The Sherwin-Williams Company 2002 Annual Report summarizes the company's financial performance for the year. It discusses the company's four business segments: Paint Stores (63.7% of sales), Consumer (22.7% of sales), Automotive Finishes (8.8% of sales), and International Coatings (4.7% of sales). It also highlights that net sales were $5.18 billion for 2002, income before accounting changes was $310.7 million, and net income was $127.6 million. The report indicates Sherwin-Williams has been a leading force in the coatings industry for 137 years.
The document provides notice of Calpine Corporation's 2004 Annual Meeting of Stockholders to be held on May 26, 2004. The meeting will address electing three Class II Directors, amending Calpine's Certificate of Incorporation to increase authorized shares, amending stock incentive and purchase plans to increase shares available for grants, and considering three stockholder proposals as well as ratifying the appointment of PricewaterhouseCoopers as independent accountants. Only stockholders of record as of March 29, 2004 are entitled to vote. A majority of shares is required for a quorum and approval of most matters.
NiSource Inc. is a utility company focused on natural gas and electric utilities. It has over 3 million customers across 9 states. In 2002, NiSource focused on strengthening its balance sheet by reducing debt, streamlining operations, and shedding non-core assets. It raised $735 million through an equity offering, using the funds to further pay down debt. NiSource maintained investment-grade credit ratings while improving transparency and adhering to new governance standards. It focused on efficiently operating its regulated gas and electric utilities to serve customers in a high-demand region from Indiana to New England.
energy future holindings Q3_08_Investor_Call_Deck_FINALfinance29
This document summarizes an investor call held by EFH Corp. on November 6, 2008. It discusses EFH Corp.'s financial results for Q3 2008 compared to Q3 2007 and year-to-date 2008 compared to year-to-date 2007. It also provides an overview of the operational results and strategic initiatives of EFH Corp.'s subsidiaries Oncor, TXU Energy, and Luminant during Q3 2008. Key highlights include lower adjusted operating earnings due to higher purchased power and fuel costs as well as the impact of Hurricane Ike, progress on construction of new generation plants by Luminant, and the sale of a minority interest in Oncor.
energy future holindings 081908_Q208_Investor_Call_Deck_FINALfinance29
The document is the transcript from an investor call held by EFH Corp. on August 19, 2008. It includes:
1) A safe harbor statement noting forward-looking statements are subject to risks and uncertainties outlined in SEC filings.
2) An agenda for the call including discussions of financial overview, strategy/operational results, and Q&A.
3) Summaries of key operational results for Luminant including solid nuclear performance and progress on new plant construction, and for TXU Energy including customer growth and initiatives.
public serviceenterprise group library.corporate-irfinance20
PSEG held an earnings conference call to discuss its fourth quarter and full-year 2008 results. For Q4 2008, PSEG reported operating earnings of $250 million compared to $272 million in Q4 2007. For the full year, operating earnings were $1,487 million compared to $1,385 million in 2007. PSEG Power's Q4 operating earnings were $207 million, matching the prior year, while PSE&G's were $76 million compared to $77 million in Q4 2007. PSEG provided 2009 operating earnings guidance of $3.00-$3.25 per share.
This document is a Form 10-K annual report filed with the SEC by Calpine Generating Company, LLC and CalGen Finance Corp. for the fiscal year ending December 31, 2004. It provides an overview of the companies, including that CalGen owns 14 power generation facilities with 9,834 MW of peak capacity. It also summarizes principal agreements with affiliates for fuel supply and power sales. The report contains the standard sections required for a 10-K, including business description, legal proceedings, financial statements and certifications.
This document provides an overview and summary of the EEI Conference. It begins with safe harbor statements and discusses the ERCOT market framework, including how deregulation led to investment, increased efficiency, and innovation similar to other deregulated markets. It then summarizes how deregulation in ERCOT led to a $15 billion capital infusion, a reduction in market heat rates, strong retail competition giving customers access to lower prices compared to regulated rates. Overall, the deregulated market in ERCOT is considered a success.
This document is a Form 10-Q quarterly report filed with the SEC by Calpine Corporation. It provides financial statements and disclosures for the quarter ended March 31, 2005, including the consolidated condensed balance sheet, statement of operations, and statement of cash flows. Key details include total assets of $27.6 billion, total liabilities of $22.8 billion, a net loss of $168.7 million for the quarter, and cash used in operating activities of $114.6 million.
NiSource Inc. is a regulated energy company that aims to be the premier company in the industry. In 2007, NiSource made progress on its strategic plan through regulatory approvals, infrastructure projects, and resolving legacy issues. Key accomplishments included rate cases, pipeline expansion projects, restructuring business agreements, and maintaining investment grade credit ratings. NiSource views 2008 as pivotal for executing infrastructure projects, achieving regulatory initiatives like rate cases, and advancing its gas transmission and storage growth strategy including an MLP.
This document is Calpine Corporation's annual report (Form 10-K) for the fiscal year ended December 31, 2007. It provides an overview of Calpine's business operations for the past year, including discussions of its legal proceedings, risks factors, properties, executive officers and directors. The report also contains Calpine's audited financial statements and notes.
This document is Calpine Corporation's annual report on Form 10-K for the fiscal year ending December 31, 2005 filed with the United States Securities and Exchange Commission. It includes information on Calpine's business operations, legal proceedings, financial statements, executive compensation and other required disclosures. The report indicates that Calpine is a large accelerated filer and the aggregate market value of shares held by non-affiliates was approximately $1.9 billion as of June 30, 2005.
- This document is a Form 10-Q quarterly report filed by Calpine Corporation with the SEC for the quarter ended June 30, 2005.
- The report provides Calpine's consolidated condensed financial statements, including its balance sheet, statements of operations and cash flows for the periods ended June 30, 2005 and 2004.
- It also includes notes to the financial statements which provide additional details on Calpine's organization, accounting policies, strategic initiatives, debt, derivatives, commitments and contingencies.
This document is an amendment to a quarterly report filed with the SEC by Calpine Corporation. It provides revised or additional disclosure for the company's financial statements, management discussion/analysis, and controls/procedures for the quarter ended March 31, 2004. Specifically, it includes:
1) Calpine's consolidated balance sheets, statements of operations, and cash flows for Q1 2004 and 2003.
2) Notes to the financial statements providing additional details.
3) An explanatory note stating this amendment was filed in connection with an SEC review and resulted in expanded disclosure but no changes to financial statements.
4) Sections on management discussion/analysis of financial condition, market risk, and controls/pro
The document provides an overview of the transformation of TXU from a regulated monopoly utility to an industrial energy company through deregulation of the Texas energy market. It discusses how regulators recognized the need for market solutions to drive efficiency and innovation. The restructuring of the Texas power market allowed competition to spur investment and efficiency gains, providing customers with lower electricity prices than under regulation. It established Texas as the only true competitive retail electric market in the U.S.
- The Sherwin-Williams Company reported a 1.4% increase in sales for the second quarter and first six months of 2008 compared to the same periods in 2007. Earnings per share were $1.45 for the second quarter and $2.07 for the first six months.
- Sales increased for the Global Group but declined for the Paint Stores Group and Consumer Group due to soft demand in the US housing and DIY markets. Earnings declined across all business segments.
- The company expects sales and earnings per share to be lower in the third quarter and full year 2008 compared to 2007, citing continued weakness in the US housing market.
This annual report summarizes Campbell Soup Company's financial highlights and business performance for fiscal year 2007. Key points include:
- Net sales increased 7% to $7.9 billion and adjusted earnings per share increased 13% to $1.95.
- The company achieved strong sales growth in U.S. soup, beverages, and Pepperidge Farm baked snacks. International operations also improved.
- Campbell is focusing on winning in the marketplace through products aligned with wellness trends like lower sodium soups and juices. It is also focusing on winning in the workplace by improving employee engagement.
- The company delivered superior shareholder returns and is well positioned for continued growth by expanding in key categories and new markets globally.
The document summarizes TXU's fourth quarter and full year 2004 earnings discussion. Some key highlights include:
- TXU's financial profile and operational performance improved significantly from 2003 to 2004 as measured by metrics like operational EPS, normalized operating cash flow, ROIC, debt ratios, and margins.
- All of TXU's core business segments, including electric delivery, energy, and corporate functions contributed to strong year-over-year earnings growth.
- TXU reduced its fixed charges while improving contribution margins over the period. By 2005, the company expects its contribution margin to fixed charges ratio to reach 63%.
- The company's strategic priorities are focused on driving performance in its core businesses, unlocking value, profitable
NiSource Inc. is an energy holding company that provides natural gas, electricity, and other energy products and services. In 2003:
- Net income was $85.2 million, compared to $372.5 million in 2002 and $216.2 million in 2001.
- Operating income was $1,116.3 million in 2003, $1,152.2 million in 2002, and $967.9 million in 2001.
- The main business segments are gas distribution, gas transmission and storage, and electric operations.
Campbell Soup Company launched a five-year plan in 2001 to transform the company. In 2002, the first year of the plan, Campbell began implementing initiatives to revitalize its core U.S. Soup business, strengthen its broader portfolio, build new growth avenues, drive quality and productivity improvements, and improve organizational excellence. While investments reduced net earnings, Campbell made progress in nearly every part of the company and expects benefits to increase in future years as the transformation plan continues.
- Calpine Corporation filed a quarterly report on Form 10-Q with the SEC for the quarter ended September 30, 2005.
- The filing includes consolidated condensed balance sheets, statements of operations, and statements of cash flows for the periods presented.
- It provides notes and details around Calpine's organization, accounting policies, strategic initiatives, debt, derivatives, contingencies and other disclosures.
The Sherwin-Williams Company 2002 Annual Report summarizes the company's financial performance for the year. It discusses the company's four business segments: Paint Stores (63.7% of sales), Consumer (22.7% of sales), Automotive Finishes (8.8% of sales), and International Coatings (4.7% of sales). It also highlights that net sales were $5.18 billion for 2002, income before accounting changes was $310.7 million, and net income was $127.6 million. The report indicates Sherwin-Williams has been a leading force in the coatings industry for 137 years.
The document provides notice of Calpine Corporation's 2004 Annual Meeting of Stockholders to be held on May 26, 2004. The meeting will address electing three Class II Directors, amending Calpine's Certificate of Incorporation to increase authorized shares, amending stock incentive and purchase plans to increase shares available for grants, and considering three stockholder proposals as well as ratifying the appointment of PricewaterhouseCoopers as independent accountants. Only stockholders of record as of March 29, 2004 are entitled to vote. A majority of shares is required for a quorum and approval of most matters.
NiSource Inc. is a utility company focused on natural gas and electric utilities. It has over 3 million customers across 9 states. In 2002, NiSource focused on strengthening its balance sheet by reducing debt, streamlining operations, and shedding non-core assets. It raised $735 million through an equity offering, using the funds to further pay down debt. NiSource maintained investment-grade credit ratings while improving transparency and adhering to new governance standards. It focused on efficiently operating its regulated gas and electric utilities to serve customers in a high-demand region from Indiana to New England.
energy future holindings Q3_08_Investor_Call_Deck_FINALfinance29
This document summarizes an investor call held by EFH Corp. on November 6, 2008. It discusses EFH Corp.'s financial results for Q3 2008 compared to Q3 2007 and year-to-date 2008 compared to year-to-date 2007. It also provides an overview of the operational results and strategic initiatives of EFH Corp.'s subsidiaries Oncor, TXU Energy, and Luminant during Q3 2008. Key highlights include lower adjusted operating earnings due to higher purchased power and fuel costs as well as the impact of Hurricane Ike, progress on construction of new generation plants by Luminant, and the sale of a minority interest in Oncor.
energy future holindings 081908_Q208_Investor_Call_Deck_FINALfinance29
The document is the transcript from an investor call held by EFH Corp. on August 19, 2008. It includes:
1) A safe harbor statement noting forward-looking statements are subject to risks and uncertainties outlined in SEC filings.
2) An agenda for the call including discussions of financial overview, strategy/operational results, and Q&A.
3) Summaries of key operational results for Luminant including solid nuclear performance and progress on new plant construction, and for TXU Energy including customer growth and initiatives.
public serviceenterprise group library.corporate-irfinance20
PSEG held an earnings conference call to discuss its fourth quarter and full-year 2008 results. For Q4 2008, PSEG reported operating earnings of $250 million compared to $272 million in Q4 2007. For the full year, operating earnings were $1,487 million compared to $1,385 million in 2007. PSEG Power's Q4 operating earnings were $207 million, matching the prior year, while PSE&G's were $76 million compared to $77 million in Q4 2007. PSEG provided 2009 operating earnings guidance of $3.00-$3.25 per share.
This document provides a summary of PSEG's 4th quarter and full-year 2008 earnings conference call. It discusses PSEG meeting its 2008 earnings guidance despite challenges. Key points include PSEG focusing on operational excellence, laying a foundation for the future through carbon abatement and infrastructure programs, and strengthening its financial position by reducing debt and recognizing reserves for tax risks. The document also provides guidance for 2009 operating earnings of $3.00-$3.25 per share.
public serviceenterprise group Investor library.corporatefinance20
PSEG held an earnings conference call to discuss its fourth quarter and full-year 2008 results. For the fourth quarter, PSEG reported operating earnings of $250 million compared to $272 million in the prior year quarter. For the full year, operating earnings were $1,487 million compared to $1,385 million in 2007. PSEG Power's fourth quarter operating earnings were $207 million, matching the prior year, while PSE&G's were $76 million, down slightly from $77 million in 2007. PSEG provided 2009 operating earnings guidance of $3.00-$3.25 per share.
public serviceenterprise grouplibrary.corporate-ifinance20
This document provides a summary of PSEG's 4th quarter and full-year 2008 earnings conference call. It discusses PSEG meeting its 2008 earnings guidance despite challenges. Key points include PSEG focusing on operational excellence, laying a foundation for the future through carbon abatement and infrastructure programs, and strengthening its financial position by reducing debt and recognizing reserves for tax risks. The document also provides guidance for 2009 operating earnings of $3.00-$3.25 per share.
public serviceenterprise group library.corporate-irfinance20
PSEG held an earnings conference call to discuss its fourth quarter and full-year 2008 results. For Q4 2008, PSEG reported operating earnings of $250 million compared to $272 million in Q4 2007. For the full year, operating earnings were $1,487 million compared to $1,385 million in 2007. PSEG Power's Q4 operating earnings were $207 million, matching the prior year, while PSE&G's were $76 million compared to $77 million in Q4 2007. PSEG provided 2009 operating earnings guidance of $3.00-$3.25 per share.
public serviceenterprise group library.corporatefinance20
PSEG held an earnings conference call to discuss its fourth quarter and full-year 2008 results. For Q4 2008, PSEG reported operating earnings of $250 million compared to $272 million in Q4 2007. For the full year, operating earnings were $1,487 million compared to $1,385 million in 2007. PSEG Power's Q4 operating earnings were $207 million, matching the prior year, while PSE&G's were $76 million, down slightly from $77 million in Q4 2007. PSEG provided 2009 operating earnings guidance of $3.00-$3.25 per share.
PSEG held an earnings conference call to discuss its fourth quarter and full-year 2008 results. For the fourth quarter, PSEG reported operating earnings of $250 million compared to $272 million in the prior year quarter. For the full year, operating earnings were $1,487 million compared to $1,385 million in 2007. PSEG Power's fourth quarter operating earnings were $207 million, matching the prior year, while PSE&G's were $76 million, down slightly from $77 million in 2007. PSEG provided 2009 operating earnings guidance of $3.00-$3.25 per share.
public serviceenterprise group Investor library.corporatefinance20
PSEG held an earnings conference call to discuss its fourth quarter and full-year 2008 results. For the fourth quarter, PSEG reported operating earnings of $250 million compared to $272 million in the prior year quarter. For the full year, operating earnings were $1,487 million compared to $1,385 million in 2007. PSEG Power's fourth quarter operating earnings were $207 million, matching the prior year, while PSE&G's were $76 million, down slightly from $77 million in 2007. PSEG provided 2009 operating earnings guidance of $3.00-$3.25 per share.
public serviceenterprise grouplibrary.corporate-ifinance20
PSEG held an earnings conference call to discuss its fourth quarter and full-year 2008 results. For the fourth quarter, PSEG reported operating earnings of $250 million compared to $272 million in the prior year quarter. For the full year, operating earnings were $1,487 million compared to $1,385 million in 2007. PSEG Power's fourth quarter operating earnings were $207 million, matching the prior year, while PSE&G's were $76 million, down slightly from $77 million in 2007. PSEG provided 2009 operating earnings guidance of $3.00-$3.25 per share.
public serviceenterprise group library.corporate-irfinance20
PSEG held an earnings conference call to discuss its fourth quarter and full-year 2008 results. For the fourth quarter, PSEG reported operating earnings of $250 million compared to $272 million in the prior year quarter. For the full year, operating earnings were $1,487 million compared to $1,385 million in 2007. PSEG Power's operating earnings were relatively flat quarter-over-quarter, while PSE&G's operating earnings declined slightly due to higher energy costs and lower margins, offset partially by O&M savings. PSEG provided 2009 operating earnings guidance of $3.00-$3.25 per share.
public serviceenterprise group library.corporate-irfinance20
PSEG held an earnings conference call to discuss its fourth quarter and full-year 2008 results. For the fourth quarter, PSEG reported operating earnings of $250 million compared to $272 million in the prior year quarter. For the full year, operating earnings were $1,487 million compared to $1,385 million in 2007. PSEG Power's fourth quarter operating earnings were $207 million, matching the prior year, while PSE&G's were $76 million, down slightly from $77 million in 2007. PSEG provided 2009 operating earnings guidance of $3.00-$3.25 per share.
el paso 02_274Q2006Earnings_FINAL_FINAL_bbfinance49
This document provides an investor update from El Paso Corporation for the fourth quarter and full year 2006. Key highlights include:
- The company reduced gross debt by $2.8 billion in 2006 and had a $1 billion year-over-year swing in profits.
- Pipelines saw a 22% increase in earnings from 2005 and set a record. Exploration and production replaced 108% of production.
- For the fourth quarter, earnings were adjusted upwards by $122 million due to an alliance capacity buyout.
- For the full year, earnings were adjusted upwards by $122 million due to the buyout but adjusted downwards by $159 million due to income tax settlements and $172 million due to production hed
The Pipeline Group had a strong fourth quarter and 2007. EBIT increased 2% and 7% respectively compared to the prior year. Throughput increased 7% in 2007. Notable events included placing the WIC Kanda project in service and acquiring a 50% stake in Gulf LNG. The group signed a precedent agreement to support expansion of the FGT pipeline and has a committed backlog approaching $4 billion.
El Paso Corporation reported financial and operational results for the first quarter of 2008. Earnings per share were $0.33 compared to $0.18 in the prior year. Pipeline throughput increased 7% due to higher volumes on key systems. Exploration and production volumes grew 8% as lifting costs decreased 14%. The company also completed $598 million in asset divestitures.
El Paso Corporation reported financial and operational results for the first quarter of 2008. Key highlights included solid earnings of $0.33 per share, an 8% increase in exploration and production volumes, and a 5% rise in pipeline earnings. The company also made progress on several growth projects and completed $598 million in divestitures. However, results were impacted by non-cash changes in fair values of certain derivatives. Overall, both the pipelines and exploration & production segments saw higher volumes and earnings compared to the prior year quarter.
- El Paso Corporation reported a net loss of $321 million for Q3 2005, impacted by $80 million in significant items including asset impairments and a contract termination.
- Regulated pipelines continue to perform solidly, while non-regulated businesses such as production, power, and field services faced challenges from hurricanes and commodity price volatility.
- Restoration of gas flows following hurricanes Katrina and Rita is progressing, but full recovery is not expected until year-end due to dependencies on third-party infrastructure and production.
- El Paso Corporation provides natural gas and related energy products. In Q3 2005 it reported a net loss of $321 million compared to a $214 million loss in Q3 2004.
- Significant items negatively impacting results included $162 million in asset impairments and a $28 million contract termination charge, partially offset by a $110 million gain on asset sales.
- Cash flow from operating activities was negative $398 million for the first nine months of 2005, compared to positive $799 million for the same period in 2004, largely due to working capital changes.
- Total debt increased to $17.9 billion as of September 30, 2005, up from $17.5 billion as of June 30,
This document discusses General Motors' use of non-GAAP financial measures in its earnings releases and analyst presentations. It provides definitions for four non-GAAP measures - adjusted net income, adjusted earnings before tax, managerial cash flow, and GM North America vehicle revenue per unit. It also lists adjustments made to arrive at these non-GAAP figures from the reported GAAP measures. Management believes the non-GAAP measures provide useful supplemental information for assessing performance and making operational and investment decisions.
Similar to energy future holindings Q408InvestorCallDeck_FINAL (20)
This document provides an overview of Chesapeake Energy Corporation (CHK) from a March 2009 investor presentation. It summarizes that CHK is a leading producer of natural gas in the US, with production of over 2 billion cubic feet per day. It has top-quality assets in major shale plays like the Haynesville, Marcellus, Barnett, and Fayetteville, giving it low finding and development costs. Joint venture deals have also provided significant value for the company while improving its balance sheet. Looking ahead, CHK expects to continue increasing production and reserves at a low cost despite the economic downturn.
The document contains a single number - 5.5% - which appears to indicate a percentage or rate of some kind. No other context or details are provided that would help explain what the given percentage refers to.
The document contains a single number - 5.5% - which appears to indicate a percentage or rate of some kind. No other context or details are provided that would help explain the meaning or significance of this number.
This document provides an overview of Chesapeake Energy Corporation (CHK) from a March 2009 investor presentation. It summarizes that CHK is a leading producer of natural gas in the US, with production of over 2 billion cubic feet per day. It has top-quality assets in major shale plays like the Haynesville, Marcellus, Barnett, and Fayetteville shales. CHK has captured value through joint venture deals in these plays while maintaining high production growth rates and low finding costs. The document outlines CHK's competitive advantages that position it well during an economic downturn.
This document provides an overview of Chesapeake Energy Corporation (CHK) from a March 2009 investor presentation. It summarizes that CHK is a leading producer of natural gas in the US, with production of over 2 billion cubic feet per day. It has top-quality assets in major shale plays like the Haynesville, Marcellus, Barnett, and Fayetteville shales. CHK has captured value through joint venture deals in these plays while maintaining high production growth rates and low finding costs. The document outlines CHK's competitive advantages that position it well during an economic downturn.
The document contains a single number - 5.5% - which appears to indicate a percentage or rate of some kind. No other context or details are provided, so a concise 3 sentence summary cannot capture much meaningful information from this very brief document.
The document contains a single number - 5.5% - which appears to indicate a percentage or rate of some kind. No other context or details are provided that would help explain what the given percentage refers to.
This document provides an overview of Chesapeake Energy Corporation (CHK) from a March 2009 investor presentation. It summarizes that CHK is a leading producer of natural gas in the US, with production of over 2 billion cubic feet per day. It has top-quality assets in major shale plays like the Haynesville, Marcellus, Barnett, and Fayetteville, giving it low finding and development costs. Joint venture deals have also provided significant value for the company while improving its balance sheet. Looking ahead, CHK expects to continue increasing production and reserves at a low cost despite the economic downturn.
This document contains selected historical net revenue and EBITDA data by resort for MGM MIRAGE and its subsidiaries. It shows that for the quarter ending September 30, 2004, Mandalay Bay had the highest net revenue of $194,864,000 and EBITDA of $47,807,000. Overall for 2004, Mandalay Bay had the highest annual net revenue of $823,464,000 and EBITDA of $241,512,000 among all the listed resorts. The data is broken out by quarter and resort, with notes on what properties are included in certain categories.
This document provides pro forma net revenues and EBITDA by resort for MGM MIRAGE and subsidiaries for the second quarter and first half of 2005 and 2004. It shows that the Bellagio and MGM Grand Las Vegas resorts generated the highest net revenues and EBITDA amounts both quarterly and year-to-date. Additional data includes pro forma results for other Nevada properties, MGM Grand Detroit, and Mississippi properties including Beau Rivage and Gold Strike Tunica. Schedules also reconcile operating income to EBITDA for the periods presented.
This document provides supplemental data on net revenues and EBITDA by resort for MGM MIRAGE and its subsidiaries. It shows that for the second quarter of 2005, net revenues increased over 60% and EBITDA increased over 47% compared to the same period in 2004. The largest contributors to net revenues and EBITDA were the Bellagio, MGM Grand Las Vegas, and other Las Vegas Strip properties. EBITDA margins expanded as several new acquisitions were integrated into operations.
Navigating Your Financial Future: Comprehensive Planning with Mike Baumannmikebaumannfinancial
Learn how financial planner Mike Baumann helps individuals and families articulate their financial aspirations and develop tailored plans. This presentation delves into budgeting, investment strategies, retirement planning, tax optimization, and the importance of ongoing plan adjustments.
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
Madhya Pradesh, the "Heart of India," boasts a rich tapestry of culture and heritage, from ancient dynasties to modern developments. Explore its land records, historical landmarks, and vibrant traditions. From agricultural expanses to urban growth, Madhya Pradesh offers a unique blend of the ancient and modern.
Discovering Delhi - India's Cultural Capital.pptxcosmo-soil
Delhi, the heartbeat of India, offers a rich blend of history, culture, and modernity. From iconic landmarks like the Red Fort to bustling commercial hubs and vibrant culinary scenes, Delhi's real estate landscape is dynamic and diverse. Discover the essence of India's capital, where tradition meets innovation.
How to Invest in Cryptocurrency for Beginners: A Complete GuideDaniel
Cryptocurrency is digital money that operates independently of a central authority, utilizing cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies are decentralized and typically operate on a technology called blockchain. Each cryptocurrency transaction is recorded on a public ledger, ensuring transparency and security.
Cryptocurrencies can be used for various purposes, including online purchases, investment opportunities, and as a means of transferring value globally without the need for intermediaries like banks.
Monthly Market Risk Update: June 2024 [SlideShare]Commonwealth
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Calculation of compliance cost: Veterinary and sanitary control of aquatic bi...Alexander Belyaev
Calculation of compliance cost in the fishing industry of Russia after extended SCM model (Veterinary and sanitary control of aquatic biological resources (ABR) - Preparation of documents, passing expertise)
KYC Compliance: A Cornerstone of Global Crypto Regulatory FrameworksAny kyc Account
This presentation explores the pivotal role of KYC compliance in shaping and enforcing global regulations within the dynamic landscape of cryptocurrencies. Dive into the intricate connection between KYC practices and the evolving legal frameworks governing the crypto industry.
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?
Budgeting as a Control Tool in Government Accounting in Nigeria
Being a Paper Presented at the Nigerian Maritime Administration and Safety Agency (NIMASA) Budget Office Staff at Sojourner Hotel, GRA, Ikeja Lagos on Saturday 8th June, 2024.
Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
For more details, you can visit https://technoxander.com.
2. Safe Harbor Statement
This presentation contains forward-looking statements, which are subject to various risks
and uncertainties. Discussion of risks and uncertainties that could cause actual results to
differ materially from management's current projections, forecasts, estimates and
expectations is contained in EFH Corp.'s filings with the Securities and Exchange
Commission (SEC). In addition to the risks and uncertainties set forth in EFH Corp.'s SEC
filings, the forward-looking statements in this presentation regarding the company’s long-
term hedging program could be affected by, among other things: any change in the ERCOT
electricity market, including a regulatory or legislative change, that results in wholesale
electricity prices not being largely driven by natural gas prices; any decrease in market heat
rates as the long-term hedging program does not mitigate exposure to changes in market
heat rates; the unwillingness or failure of any hedge counterparty or the lender under the
commodity collateral posting facility to perform its obligations under a long-term hedge
agreement or the facility, as applicable; or any other unforeseen event that results in the
inability to continue to use a first lien to secure a substantial portion of the hedges under
the long-term hedging program. In addition, the forward-looking statements in this
presentation regarding the company’s new generation plants could be affected by, among
other things, EFH Corp.’s ability to timely manage the construction of the new plants, labor
strikes or labor or materials shortages, and any unexpected judicial rulings with respect to
the plants’ construction permits.
Regulation G
This presentation includes certain non-GAAP financial measures. A reconciliation of these
measures to the most directly comparable GAAP measures is included in the appendix to this
presentation.
1
3. Today’s Agenda
Paul Keglevic
Financial and Operational
Financial and Operational
Executive Vice President & CFO
Overview
Overview
John Young
Review of 2008
Review of 2008 President & CEO
Q&A
Q&A
2
4. EFH Corp. And TCEH Adjusted EBITDA (Non-GAAP)
EFH Corp. and TCEH Adjusted EBITDA (non-GAAP)1
2008 Actual vs. 2008 Plan; $ millions
2008 Actual 2008 Plan
4,674
4,578
Business Svcs. / Corp.
1,342
1,315
Oncor
3,325
3,242
TCEH
98%
of
Plan
Actual to Plan variances were driven by lost margins and higher purchased power costs
Actual to Plan variances were driven by lost margins and higher purchased power costs
and baseload generation plant outages.
and baseload generation plant outages.
1 See Appendix for Regulation G reconciliations and definition. .
3
5. EFH Corp. Adjusted (Non-GAAP) Operating Results
Consolidated: reconciliation of GAAP net loss to adjusted (non-GAAP) operating results1
Q4 08 vs. Q4 07; $ millions and after tax
Change
Factor Q4 08 Q4 07
GAAP net loss (8,855) (1,253) (7,602)
Income from discontinued operations - (1) 1
Other items excluded from adjusted (non-GAAP) operating earnings (after tax):
Unrealized commodity-related mark-to-market net (gains) losses (1,642) 1,014 (2,656)
Unrealized mark-to-market net losses on interest rate swaps 983 - 983
Non-cash Impairment charges:
Goodwill 8,860 - 8,860
Goodwill impairment applicable to minority interests (171) - (171)
Intangible assets2 310 - 310
Natural gas-fueled generation plants 147 - 147
Charges related to cancelled development of generation facilities - (36) 36
Other 1 15 (14)
Adjusted (non-GAAP) operating loss (367) (261) (106)
Other factors
Interest expense and related charges3 597 563 34
Purchase accounting adjustments 182 222 (40)
All other variances (112)
1 See Appendix for Regulation G reconciliations and definition.
2 Includes impairment of trade name and emissions allowances.
3
4
For Q4 08, excludes $983 million ($1.512 billion pre tax) of unrealized mark-to-market net losses on interest rate swap transactions.
6. EFH Corp. Adjusted (Non-GAAP) Operating Results
Key drivers of change in EFH Corp. (non-GAAP) operating results
Q4 07 to Q4 08; $ millions and after tax
Description/Drivers $ millions
Q4 08 adjusted (non-GAAP) operating earnings versus Q4 07 - all other variances (112)
Key drivers:
Lost margin and purchased power costs due to reduced retail business market sales volumes (30)
Higher outage costs and retail expenses to support customer growth (30)
Lower baseload generation due to Big Brown unplanned outage (20)
Losses related to declining natural gas prices on storage activity (20)
Other (12)
Total all other variances (112)
5
7. EFH Corp. Adjusted (Non-GAAP) Operating Results
Consolidated: reconciliation of GAAP net loss to adjusted (non-GAAP) operating results1
2008 vs. 2007; $ millions and after tax
Change
Factor 2008 2007
GAAP net loss (9,838) (637) (9,201)
Income from discontinued operations - (25) 25
Other items excluded from adjusted (non-GAAP) operating earnings (after tax):
Unrealized commodity-related mark-to-market net (gains) losses (1,500) 1,467 (2,967)
Unrealized mark-to-market net losses on interest rate swaps 960 - 960
Non-cash Impairment charges:
Goodwill 8,860 - 8,860
Goodwill impairment applicable to minority interests (171) - (171)
Intangible assets2 632 - 632
Natural gas-fueled generation plants 147 - 147
Charges related to cancelled development of generation facilities - 488 (488)
Other3 34 (32) 66
Adjusted (non-GAAP) operating (loss) earnings (876) 1,261 (2,137)
Other factors
Interest expense and related charges 2,248 982 1,266
Purchase accounting adjustments 679 222 457
All other variances (414)
1 See Appendix for Regulation G reconciliations and definition.
2 Includes impairment of trade name and emissions allowances.
3 For 2008, includes reserve established against accounts receivable (excluding termination-related costs) from affiliates of Lehman Brothers Holdings, Inc. arising from
commodity hedging and trading activities, all of which were terminated in September 2008. Such Lehman affiliates have filed for bankruptcy under Chapter 11 of the
U.S. Bankruptcy Code. For 2007, includes adjustment to the liability recorded in 2004 for leases of certain natural gas-fueled combustion turbines (net of estimated
6
sublease revenues) that were no longer operated for EFH Corp.’s benefit and deferred income tax benefit related to Texas margin tax.
8. EFH Corp. Adjusted (Non-GAAP) Operating Results
Key drivers of change in EFH Corp. (non-GAAP) operating results
2007 to 2008; $ millions and after tax
Description/Drivers $ millions
Q4 08 adjusted (non-GAAP) operating earnings versus Q4 07 - all other variances (414)
Key drivers:
15% price reductions phased in in 2007 for certain retail residential customers (85)
Higher purchased power costs due primarily to higher demand volatility (80)
Higher outage costs and retail expenses to support customer growth (80)
Higher purchased coal costs (30)
Lower baseload generation due to Sandow 4 and Big Brown unplanned outages (30)
Lower interest income on lower rates and decreased investment yields (35)
Other (74)
Total all other variances (414)
7
9. Oncor Operational Results
Total electric energy delivered
Q4 08 vs. Q4 07 and 2008 vs. 2007; GWh 2008 2007
107,672 106,145
Q4 08 Q4 07
1%
4%
24,622
23,634
Lower business markets deliveries. Lower than planned growth in energy delivered.
Electricity distribution points of delivery
Q1 08 – Q4 08 and Q4 07; End of period, thousands of meters
Q4 07
Q1 08 Q2 08 Q3 08 Q4 08
3,123
3,116
3,108
3,101 3,093
1%
Lower than planned growth in distribution points.
8
10. Luminant Operational Results
Nuclear generation and capacity factors
2008 vs. 2007; GWh, percent
Nuclear Plant Accomplishments:
Two outages in 2008 vs. one in 2008 2007
2007 2
95.21 93.5
Company record safety 2%
19,218 18,821
performance
2nd shortest refueling outage in
Luminant history
Performance at Best of Industry Strong performance from the nuclear fleet.
Standards
94.0% capacity factor and 4,769 GWh in Q4 08.
1
101.6% capacity factor and 5,157 GWh in Q4 07.
2
Lignite/coal generation and capacity factors
2008 vs. 2007; GWh, percent
2008 2007
Lignite/Coal Plant Accomplishments:
3%
4
90.9
87.6 3
Company record safety
46,494
44,923
performance
Unplanned outages at Sandow 4
and Big Brown
Top quartile industry performance
Unplanned outages at Sandow 4 and Big Brown.
87.1% capacity factor and 11,226 GWh in Q4 08.
3
9
94.5% capacity factor and 12,197 GWh in Q4 07.
4
11. TXU Energy Operational Results
Retail electricity sales volumes by customer class
Q4 08 vs. Q4 07 and 2008 vs. 2007; GWh
2007
2008
Q4 07
Q4 08
49,443 49,243
6%
11,180
10,537 7,363 7,483
1,622
1,561
13,945 14,537
3,591
2,994
SMB SMB
LCI LCI
28,135 27,223
5,982 5,967
Res Res
Reflects economic impact on LCI and SMB. Reflects economic impact of LCI in Q4 08.
Total residential customers
Q1 08 – Q4 08 and Q4 07; End of period, thousands
Q1 08 Q2 08 Q3 08 Q4 08 Q4 07
1,932
1,927
1,899
1,889 1,875 3%
TXU Energy has experienced 18 consecutive months of residential customer growth.
10
12. EFH Corp. Liquidity Management
EFH Corp. (excluding Oncor) available liquidity
• Utilization of the uncapped
As of 12/31/08; $ millions
commodity collateral posting
Cash and Equivalents
facility and 1st lien structure to
TCEH Letter of Credit Facility 1
8,050
minimize liquidity exposure on
TCEH Revolving Credit Facility 2
1,250 the natural gas hedge program
TCEH Delayed Draw Term Loan Facility 3
• Ability to exercise the PIK
5,229
2,700
4,485
760
feature to further enhance
907
liquidity by $1.6 billion
1,706
490
4,100
3,562
1,767
522
Availability 4
Facility Limit LOCs/Cash Borrowings
EFH Corp. and TCEH have sufficient liquidity to meet their anticipated ongoing liquidity needs, but
EFH Corp. and TCEH have sufficient liquidity to meet their anticipated ongoing liquidity needs, but
will continue to monitor dislocated market conditions to ensure financial flexibility.
will continue to monitor dislocated market conditions to ensure financial flexibility.
1 Cash borrowings of $1.250 billion were drawn on this facility at the closing of the Merger and have been retained as restricted cash. Letters of credit are supported by
the restricted cash.
2 Facility to be used for letters of credit and borrowings for general corporate purposes.
3 Facility to be used during the two-year period commencing on the date of the Merger to fund expenditures for constructing certain new generation facilities and
environmental upgrades of existing generation facilities, including previously incurred expenditures not yet funded under this facility.
4 As of December 31, 2008, the TCEH Revolving Credit Facility includes approximately $144 million of undrawn commitments from a Lehman subsidiary that is only
available from the fronting banks in the form of letters of credit and excludes $26 million of requested draws not funded by the Lehman subsidiary. The TCEH Delayed
Draw Term Loan Facility excludes $9 million of undrawn commitments and $7 million of requested draws that have not been funded by the Lehman subsidiary.
11
13. Today’s Agenda
Paul Keglevic
Financial and Operational
Financial and Operational
Executive Vice President & CFO
Overview
Overview
John Young
Review of 2008
Review of 2008 President & CEO
Q&A
Q&A
12
14. 2008 Year In Review
Accomplishments Accomplishments
Recruited / retained strong leadership team Record safety performance at nuclear and lignite plants
Made significant progress on Merger Commitments New units at Sandow and Oak Grove remain on budget and
on schedule
Completed minority interest selldown of Oncor
2nd shortest refueling outage at Comanche Peak
Increased liquidity by ~$2 billion
US Dept of Interior Director’s Award for reforestation
Joint development agreement for Comanche Peak 3/4 with
Mitsubishi Heavy Industries
Successfully negotiated settlements involving PUC Notice
of Violation and Sierra Club
Accomplishments Accomplishments
PUC approved $700 million accelerated capital recovery 18 straight months of residential customer growth
plan associated with Advanced Metering System Highest recorded level of overall customer satisfaction
PUC assigned to Oncor $1.3 billion out of a total $5 billion Significant progress on customer care transformation
CREZ transmission projects including a new customer care system
Successfully refinanced $1.5 billion of short-term debt
before capital market dislocation
13
15. Challenges / Focus Areas
Financial Markets Industry
Credit markets continue to be challenged Continued need for infrastructure
development industry wide
Focus on impacts of bank recovery, Stimulus
Plan and credit markets Technological change associated with new
generation development, emissions
reduction and renewable technology
Continued advocacy for competitive markets
Federal Legislation State Legislation
Understanding of new Administration’s Focus on 2009 Legislative Session
energy and environmental policies
Development of policies that promote plug-in
Federal legislation surrounding climate electric vehicles in Texas
change and Renewable Electricity Standard
(RES)
14
16. Outlook for 2009
Value Creation for our Stakeholders through:
Operational excellence
Financial discipline
Customer focus
EFH Business Services
Main focus areas:
Main focus areas:
Safety
Liquidity forecasting and enhancement
Continuous improvement in operations
Opportunistic deleveraging and maturity
extension Commercial operation of new units at Sandow
and Oak Grove
Business services transformation
Development of Comanche Peak 3 & 4
Cost efficiencies and customer service
Main focus areas: Main focus areas:
Safety and reliability Profitable growth
Rate case completion Completion of customer care transformation
AMS rollout Delivering a “customer based” value proposition
CREZ build-out Margin management
15
17. Today’s Agenda
Paul Keglevic
Financial and Operational
Financial and Operational
Executive Vice President & CFO
Overview
Overview
John Young
Review of 2008
Review of 2008 President & CEO
Q&A
Q&A
16
19. Appendix –
Additional Slides and
Regulation G Reconciliations
20. Unrealized Mark-To-Market Impact Of Hedging
Unrealized mark-to-market impact of hedging program
12/31/07 vs. 12/31/08; mixed measures
Total or
Factor Measure 2009 2010 2011 2012 2013 2014 Avg.
12/31/07
Natural gas hedges mm MMBtu ~362 ~505 ~547 ~467 ~400 - ~2,281
Average hedge price1 $/MMBtu ~$8.11 ~$7.80 ~$7.56 ~$7.31 ~$7.25 -
Natural gas prices $/MMBtu ~$8.52 ~$8.59 ~$8.55 ~$8.46 ~$8.36 -
Cum. MTM loss at 12/31/072,3 $ billions ~($0.1) ~($0.4) ~($0.5) ~($0.5) ~($0.3) - ~($1.8)
12/31/08
Natural gas hedges mm MMBtu ~173 ~450 ~502 ~492 ~300 ~101 ~2,018
Average hedge price1 $/MMBtu ~$8.16 ~$7.82 ~$7.56 ~$7.36 ~$7.19 ~$7.82
Natural gas prices1 $/MMBtu ~$6.11 ~$7.13 ~$7.31 ~$7.23 ~$7.15 ~$7.15
Cum. MTM gain at 12/31/082 $ billions ~$0.4 ~$0.3 ~$0.0 ~$0.0 ~$0.0 ~$0.2 ~$0.9
FY 08 MTM gain $ billions ~$0.5 ~$0.7 ~$0.5 ~$0.5 ~$0.3 ~$0.2 ~$2.7
Reductions in natural gas prices during 2008 resulted in aa$2.7 billion ($1.7 billion after tax)
Reductions in natural gas prices during 2008 resulted in $2.7 billion ($1.7 billion after tax)
unrealized mark-to-market net gain in GAAP income for 2008.
unrealized mark-to-market net gain in GAAP income for 2008.
1 Weighted average prices are based on sales prices of short positions in the corporate natural gas hedge program based on NYMEX Henry Hub. 2014
hedge price represents collar floor price. 12/31/08 2009 price represents balance-of-year (Feb-Dec) value.
2 MTM values are shown on a discounted basis and include the effects of all transactions in the corporate hedge program including offsetting purchases
(for re-balancing) and natural gas basis deals.
Unrealized MTM impact excludes unrealized impacts related to 2008 positions that were realized during the year resulting in ~$100 million of losses. 19
3
21. TCEH Has Significantly Hedged Luminant’s
Natural Gas Position
Natural gas position estimate1
09-13; million MMBtu
609 611
606 592
65 69 111
466
498 492
22
Un-hedged 290
417
Hedged2
444
541 540 300
Corporate 500
NG Hedges
302
155
BAL09 2010 2011 2012 2013
Total or
Factor Measure BAL09 2010 2011 2012 2013 Average
Natural gas hedging program mm MMBtu ~155 ~417 ~498 ~492 ~300 ~1,862
Average price3 $/MMBtu $8.12 $7.82 $7.56 $7.36 $7.19 $7.55
Overall estimated percent of total
TCEH/Luminant NG position hedged1 Percent ~95% ~89% ~89% ~82% ~51% ~81%
TCEH has hedged approximately 81% of Luminant’s estimated Henry Hub-based natural gas
TCEH has hedged approximately 81% of Luminant’s estimated Henry Hub-based natural gas
exposure from 2009-2013. More than 95% of the hedge positions are supported directly by aafirst
exposure from 2009-2013. More than 95% of the hedge positions are supported directly by first
lien or by the TCEH Commodity Collateral Posting Facility.
lien or by the TCEH Commodity Collateral Posting Facility.
1 As of 1/30/09 and assumes conversion of power positions based on a ~8.0 heat rate with natural gas being on the margin ~75-90% of the time (i.e., when natural gas is
forecast to not be on the margin, no natural gas position is assumed to be generated).
2 Includes corporate natural gas hedge program and retail/wholesale effects.
20
3 Weighted average prices are based on actual sales prices of short positions in the corporate natural gas hedge program based on NYMEX Henry Hub.
22. 2009 EFH Adjusted EBITDA Sensitivities
Impact on EFH Adjusted EBITDA1
09E; mixed measures
Percent Hedged at Impact
Commodity January 30, 2009 Change $ millions
7X24 market heat rate (MMbtu/MWh)2 ~76 0.3 MMBtu/MWh ~23
NYMEX gas price ($/MMBtu) ~95 $1/MMBtu ~22
Texas gas vs. NYMEX Henry Hub price ($/MMBtu)3 ~95 $0.10/MMBtu ~2
Diesel ($/gallon)4 ~83 – 100 $1 / gallon ~4 – 0
Base coal ($/ton)5 ~96 $10 / ton ~6
Nuclear fuel ($/lb) ~78 $10 / lb. ~2
Luminant Operational
Baseload generation (TWh) n.a. 1 TWh ~30
Mine productivity (tons produced) n.a. 1 million tons ~11
TXU Energy Operational
Residential contribution margin ($/MWh) n.a. $1/MWh ~30
Residential consumption n.a. 3.5% ~1TWh ~25
Business markets consumption n.a. 1% ~0.2TWh ~8
In the near-term, the majority of commodity-related risks are estimated to be significantly mitigated.
In the near-term, the majority of commodity-related risks are estimated to be significantly mitigated.
Balance of year estimate based on commodity positions as of January 30, 2009, net of long-term hedges and wholesale/retail effects.
1
Simplified representation of heat rate position in a single TWh position. In reality, heat rate impacts are increasingly differentiated across baseload plants (linked primarily to changes in NZ
2
7x24), natural gas plants (primarily NZ 5x16) and wind (primarily WZ 7x24).
The percentage hedged represents the amount of estimated natural gas exposure based on Houston Ship Channel gas price sensitivity as a proxy for Texas gas price.
3
Includes fuel surcharge on rail transportation.
4
21
Excludes fuel surcharge on rail transportation.
5
23. Financial Definitions
Measure Definition
Generally accepted accounting principles. In order to facilitate a meaningful comparison, GAAP results for the fourth quarter
GAAP
2007 and full year 2007 as presented in this release reflect the combination of the results of the periods before and after the
October 10, 2007 Merger date.
Adjusted (non-GAAP) Net income (loss) adjusted for items representing income or losses that are not reflective of continuing operations.
Operating Results These items include unrealized mark-to-market gains and losses, results of discontinued operations and other
charges, credits or gains that are unusual or nonrecurring. EFH Corp. uses adjusted (non-GAAP) operating
earnings as a measure of performance and believes that analysis of its business by external users is enhanced by
visibility to both net income (loss) prepared in accordance with GAAP and adjusted (non-GAAP) operating earnings
(losses).
EBITDA Net income (loss) from continuing operations before interest expense and related charges, and income tax expense
(non-GAAP) (benefit) plus depreciation and amortization.
Adjusted EBITDA EBITDA adjusted to exclude interest income, non-cash items, unusual items, interest income, income from
(non-GAAP) discontinued operations and other adjustments allowable under the EFH Corp. Senior Notes bond indenture.
Adjusted EBITDA plays an important role in respect of certain covenants contained in the EFH Corp. Senior Notes.
Adjusted EBITDA is not intended to be an alternative to GAAP results as a measure of operating performance or an
alternative to cash flows from operating activities as a measure of liquidity or an alternative to any other measure
of financial performance presented in accordance with GAAP, nor is it intended to be used as a measure of free
cash flow available for EFH Corp.’s discretionary use, as the measure excludes certain cash requirements such as
interest payments, tax payments and other debt service requirements. Because not all companies use identical
calculations, Adjusted EBITDA may not be comparable to similarly titled measures of other companies.
Purchase Accounting The purchase method of accounting for a business combination as prescribed by Statement of Financial
Accounting Standards No. 141, “Business Combinations,” whereby the cost or “purchase price” of a business
combination, representing the amount paid for the equity and direct transaction costs, are allocated to identifiable
assets and liabilities (including intangible assets) based upon their fair values. The excess of the purchase price
over the fair values of assets and liabilities is recorded as goodwill. Depreciation and amortization due to purchase
accounting represents the net increase in such non-cash expenses due to recording the fair market values of
property, plant and equipment, debt and other assets and liabilities, including intangible assets such as emission
allowances, customer relationships and sales and purchase contracts with pricing favorable to market prices at the
date of the Merger. Amortization is reflected in revenues, fuel, purchased power costs and delivery fees,
depreciation and amortization, other income and interest expense in the income statement.
22
24. Table 1: EFH Corp. Adjusted EBITDA Reconciliation
12 Months Ended December 31, 2008 and 2007
$ millions
Factor 2008 2007
Net loss (9,838) (637)
Income tax benefit (471) (364)
Interest expense and related charges 4,935 1,510
Depreciation and amortization 1,610 1,049
EBITDA (3,764) 1,558
Adjustments to EBITDA (pre-tax):
Oncor EBITDA (496) (1,291)
Oncor distributions/dividends1 1,582 326
Interest income (27) (80)
Amortization of nuclear fuel 76 69
Purchase accounting adjustments2 460 138
Impairment of goodwill 8,000 -
Impairment of other assets and inventory write down3 1,221 757
Minority interests in earnings of consolidated subsidiaries (160) -
Unrealized net (gain) or loss from hedging and trading transactions (2,329) 2,278
Losses on sale of receivables 29 39
Income from discontinued operations, net of tax effect - (25)
Non-cash compensation expenses (FAS 123R)4 27 22
Severance expense5 3 -
23
Note: Table and footnotes to this table continue on following page
25. Table 1: EFH Corp. Adjusted EBITDA Reconciliation (continued from previous page)
12 Months Ended December 31, 2008 and 2007
$ millions
Factor 2008 2007
Equity losses of unconsolidated affiliate engaged in broadband over power lines - 1
Transition and business optimization costs6 45 24
Transaction and merger expenses7 64 150
Insurance settlement proceeds8 (21) -
Restructuring and other9 35 (33)
Expenses incurred to upgrade or expand a generation station10 100 5
Adjusted EBITDA per Debt Incurrence Covenant 4,845 3,938
Add back Oncor adjustments (267) 978
Adjusted EBITDA per Restricted Payments Covenants 4,578 4,916
1 Includes $1.253 billion distribution of net proceeds from the sale of a minority interest in Oncor.
2 Includes amortization of the intangible net asset value of retail and wholesale power sales agreements, environmental credits, coal purchase
contracts, nuclear fuel contracts and power purchase agreements and the stepped up value of nuclear fuel. Also includes certain credits not
recognized in net income due to purchase accounting.
3 Includes impairments of emission allowances and trade name intangible assets, impairment of natural gas-fueled generation fleet and charges
related to the cancelled coal-fueled generation facilities.
4 Excludes capitalized amounts.
5 Includes amounts incurred related to outsourcing, restructuring and other amounts deemed to be in excess of normal recurring amounts.
6 Includes professional fees primarily for retail billing and customer care systems enhancements and incentive compensation.
7 Includes costs related to the Merger, abandoned strategic transactions and a terminated joint venture. Also includes administrative costs related to
the cancelled program to develop coal-fueled generation facilities, the Sponsor management fee, costs related to certain growth initiatives and costs
related to the sale of a minority interest in Oncor.
8 Includes the amount received for property damage to certain mining equipment.
9 For 2008, includes a litigation accrual and the charge related to the bankruptcy of a subsidiary of Lehman Brothers Holdings Inc. For 2007, includes
credits related to impaired combustion turbine leases and other restructuring initiatives and nonrecurring activities.
10 Reflects non-capital outage costs.
24
26. Table 2: TCEH Adjusted EBITDA Reconciliation
12 Months Ended December 31, 2008 and 2007
$ millions
Factor 2008 2007
Net income (loss) (8,862) 35
Income tax benefit (411) (56)
Interest expense and related charges 3,918 910
Depreciation and amortization 1,092 568
EBITDA (4,263) 1,457
Adjustments to EBITDA (pre-tax):
Interest income (60) (281)
Amortization of nuclear fuel 76 69
Purchase accounting adjustments1 413 128
Impairment of goodwill 8,000 -
Impairment of other assets and inventory write down2 1,210 -
Unrealized net (gain) or loss resulting from hedging transactions (2,329) 2,278
Losses on sale of receivables 29 39
Non-cash compensation expenses (FAS 123R)3 10 8
Severance expense4 3 -
Transition and business optimization costs5 33 21
Transaction and merger expenses6 10 -
25
Note: Table and footnotes to this table continue on following page
27. Table 2: TCEH Adjusted EBITDA Reconciliation (continued from previous page)
12 Months Ended December 31, 2008 and 2007
$ millions
Factor 2008 2007
Insurance settlement proceeds7 (21) -
Restructuring and other8 31 (33)
Expenses incurred to upgrade or expand a generation station9 100 5
Adjusted EBITDA per Debt Incurrence Covenant 3,242 3,691
Expenses related to unplanned generation station outages9 250 -
Other adjustments allowed to determine adjusted EBITDA per Maintenance Covenant10 15 -
Adjusted EBITDA per Maintenance Covenant 3,507 3,691
1 Includes amortization of the intangible net asset value of retail and wholesale power sales agreements, environmental credits, coal purchase
contracts, nuclear fuel contracts and power purchase agreements and the stepped up value of nuclear fuel. Also includes certain credits not
recognized in net income due to purchase accounting.
2 Includes impairments of emission allowances and trade name intangible assets and impairment of natural gas-fueled generation fleet.
3 Excludes capitalized amounts.
4 Includes amounts incurred related to outsourcing, restructuring and other amounts deemed to be in excess of normal recurring amounts.
5 Includes professional fees primarily for retail billing and customer care systems enhancements and incentive compensation.
6 Includes costs related to the Merger and costs related to certain growth initiatives.
7 Includes the amount received for property damage to certain mining equipment.
8 For 2008, includes the charge related to the bankruptcy of a subsidiary of Lehman Brothers Holdings Inc. For 2007, includes credits related to
impaired combustion turbine leases and other restructuring initiatives and nonrecurring activities.
9 Reflects non-capital outage costs.
10 Primarily pre-operating expenses related to Oak Grove and Sandow 5 generation facilities.
26