Dominion Resources, Inc.
Preliminary Earnings Report - Operating Segments
December 31, 2001
(millions, except earnings per share)
4th Quarter Ended | 12 Months Ended | ||||||||
2001(1) | 2000(2) | 2001(1) | 2000(2) | ||||||
Operating Revenues & Income | $2,507 | $2,782 | $10,558 | $9,246 | |||||
Earnings: | |||||||||
Dominion Energy | $127 | $67 | $723 | $ 489 | |||||
Dominion Delivery | 93 | 78 | 366 | 339 | |||||
Dominion Exploration & Production | 86 | 81 | 320 | 255 | |||||
Dominion Capital | 2 | (1) | (14) | 11 | |||||
Corporate & Other(3) | (77) | (81) | (342) | (307) | |||||
OPERATING EARNINGS (EXCLUDING SPECIA |
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| |||||
Special Items (see Note 1) | (348) | (38) | (509) | (351) | |||||
REPORTED NET INCOME | $(117) | $106 | $544 | $436 | |||||
Common Shares Outstanding (average, diluted) | 260.8 | 243.5 | 252.5 | 235.9 | |||||
Earnings Per Share (EPS): | |||||||||
Dominion Energy | $0.49 | $ 0.28 | $2.86 | $2.07 | |||||
Dominion Delivery | 0.36 | 0.32 | 1.45 | 1.43 | |||||
Dominion Exploration & Production | 0.33 | 0.33 | 1.27 | 1.08 | |||||
Dominion Capital | 0.01 | (0.01) | (0.06) | 0.04 | |||||
Corporate & Other(3) | (0.30) | (0.33) | (1.35) | (1.29) | |||||
OPERATING EPS (EXCLUDING SPECIAL ITEMS) | $0.89 | $0.59 | $4.17 | $ 3.33 | |||||
Special Items (see Note 1) | (1.34) | (0.15) | (2.02) | (1.48) | |||||
REPORTED EPS | $(0.45) | $ 0.44 | $ 2.15 | $ 1.85 | |||||
Note 1:Special Items | |||||||||
Pre-tax | |||||||||
Enron impairment | $(151) | $(151) | |||||||
NUG buyout | $(220) | ||||||||
Loss on sale of Saxon Capital, Inc. | $(40) | ||||||||
Restructuring & acquisition-related charges | $(105) | $(48) | $(105) | $(299) | |||||
Financial service asset impairment | $(281) | $(281) | $(291) | ||||||
Gain on sale of Corby Power Station | $11 | ||||||||
Cumulative effect of change in accounting principle (pension) | $ 33 | ||||||||
After-tax | |||||||||
Enron impairment | $(97) | $(97) | |||||||
NUG buyout | $(136) | ||||||||
Loss on sale of Saxon Capital, Inc. | $(25) | ||||||||
Restructuring & acquisition-related charges | $(68) | $(38) | $(68) | $(198) | |||||
Financial service asset impairment | $(183) | $(183) | $(187) | ||||||
Gain on sale of Corby Power Station | $13 | ||||||||
Cumulative effect of change in accounting principle (pension) | $ 21 | ||||||||
EPS impact | |||||||||
Enron impairment | $(0.37) | $(0.38) | |||||||
NUG buyout | $(0.54) | ||||||||
Loss on sale of Saxon Capital, Inc. | $(0.10) | ||||||||
Restructuring & acquisition-related charges | $(0.27) | $(0.15) | $(0.27) | $(0.84) | |||||
Financial service asset impairment | $(0.70) | $(0.73) | $(0.79) | ||||||
Gain on sale of Corby Power Station | $0.06 | ||||||||
Cumulative effect of change in accounting principle (pension) | $0.09 | ||||||||
(1) | 2001 results include Louis Dreyfus as of 11/01/01 | ||||||||
(2) | 2000 results include CNG as of 1/28/00 | ||||||||
(3) | Includes goodwill, interest and Corby Power Station | ||||||||
Dominion Resources, Inc.
Preliminary Earnings Report - Legal Entities
December 31, 2001
(millions, except earnings per share)
4th Quarter Ended | 12 Months Ended | ||||||||
2001(1) | 2000(2) | 2001(1) | 2000(2) | ||||||
Operating Revenues & Income | $2,507 | $2,782 | $10,558 | $9,246 | |||||
Earnings: | |||||||||
Virginia Power | $44 | $61 | $587 | $ 568 | |||||
Consolidated Natural Gas(4) | 177 | 102 | 505 | 343 | |||||
Dominion Energy | 94 | 24 | 312 | 85 | |||||
Dominion Capital | 2 | (2) | (14) | 11 | |||||
Corporate & Other(3)(4) | (86) | (41) | (337) | (220) | |||||
OPERATING EARNINGS (EXCLUDING SPECIAL |
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Special Items (see Note 1) | (348) | (38) | (509) | (351) | |||||
REPORTED NET INCOME | $(117) | $106 | $544 | $436 | |||||
Common Shares Outstanding (average, diluted) | 260.8 | 243.5 | 252.5 | 235.9 | |||||
Earnings Per Share (EPS): | |||||||||
Virginia Power | $0.17 | $ 0.25 | $2.32 | $2.41 | |||||
Consolidated Natural Gas | 0.68 | 0.42 | 2.00 | 1.45 | |||||
Dominion Energy | 0.36 | 0.10 | 1.24 | 0.36 | |||||
Dominion Capital | 0.01 | (0.01) | (0.06) | 0.04 | |||||
Corporate & Other(3) | (0.33) | (0.17) | (1.33) | (0.93) | |||||
OPERATING EPS (EXCLUDING SPECIAL ITEMS) | $0.89 | $0.59 | $4.17 | $ 3.33 | |||||
Special Items (see Note 1) | (1.34) | (0.15) | (2.02) | (1.48) | |||||
REPORTED EPS | $(0.45) | $ 0.44 | $ 2.15 | $ 1.85 | |||||
Note 1:Special Items | |||||||||
Pre-tax | |||||||||
Enron impairment | $(151) | $(151) | |||||||
NUG buyout | $(220) | ||||||||
Loss on sale of Saxon Capital, Inc. | $(40) | ||||||||
Restructuring & acquisition-related charges | $(105) | $(48) | $(105) | $(299) | |||||
Financial service asset impairment | $(281) | $(281) | $(291) | ||||||
Gain on sale of Corby Power Station | $11 | ||||||||
Cumulative effect of change in accounting principle (pension) | $ 33 | ||||||||
After-tax | |||||||||
Enron impairment | $(97) | $(97) | |||||||
NUG buyout | $(136) | ||||||||
Loss on sale of Saxon Capital, Inc. | $(25) | ||||||||
Restructuring & acquisition-related charges | $(68) | $(38) | $(68) | $(198) | |||||
Financial service asset impairment | $(183) | $(183) | $(187) | ||||||
Gain on sale of Corby Power Station | $13 | ||||||||
Cumulative effect of change in accounting principle (pension) | $ 21 | ||||||||
EPS impact | |||||||||
Enron impairment | $(0.37) | $(0.38) | |||||||
NUG buyout | $(0.54) | ||||||||
Loss on sale of Saxon Capital, Inc. | $(0.10) | ||||||||
Restructuring & acquisition-related charges | $(0.27) | $(0.15) | $(0.27) | $(0.84) | |||||
Financial service asset impairment | $(0.70) | $(0.73) | $(0.79) | ||||||
Gain on sale of Corby Power Station | $0.06 | ||||||||
Cumulative effect of change in accounting principle (pension) | $0.09 | ||||||||
See footnotes on next page | |||||||||
Footnotes to Preliminary Earnings Report - Legal Entities | |||||||||
(1) | 2001 results include Louis Dreyfus as of 11/01/01 | ||||||||
(2) | 2000 results include CNG as of 1/28/00 | ||||||||
(3) | Includes goodwill, interest and Corby Power Station | ||||||||
(4) | 2001 results for CNG include a $53 million (21 cents) charge relating to ceiling test impairment, fully offset by a reclassification of other comprehensive income to earnings. The elimination of these adjustments are included in Corporate & Other to reflect that there was no ceiling test impairment at the consolidated Dominion level after aggregating all of Dominion's oil and gas properties. | ||||||||
Dominion Resources, Inc.
Preliminary Earnings Report - Legal Entities
December 31, 2001
(millions, except earnings per share)
| Consolidated |
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EARNINGS: | |||||||
OPERATING EARNINGS (EXCLUDING |
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Special Items, net of tax | |||||||
Enron impairment | 2 | (69) | (30) | (97) | |||
NUG buyout | (136) | (136) | |||||
Loss on sale of Saxon Capital, Inc. | (25) | (25) | |||||
Restructuring & acquisition-related charges | (29) | (31) | (4) | (3) | (1) | (68) | |
Financial service asset impairment | (183) | (183) | |||||
Cumulative effect of adopting FAS 133 | (1) | (14) |
|
| 15 | 0 | |
REPORTED NET INCOME | $423 | $391 | $278 | $(225) | $(323) | $544 | |
Common Shares Outstanding |
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EARNINGS PER SHARE: | |||||||
OPERATING EPS (EXCLUDING SPECIAL |
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Special Items, net of tax | |||||||
Enron impairment | 0.01 | (0.27) | (0.12) | (0.38) | |||
NUG buyout | (0.54) | (0.54) | |||||
Loss on sale of Saxon Capital, Inc. | (0.10) | (0.10) | |||||
Restructuring & acquisition-related charges | (0.12) | (0.13) | (0.02) | (0.27) | |||
Financial service asset impairment | (0.73) | (0.73) | |||||
Cumulative effect of adopting FAS 133 |
| (0.05) |
|
| 0.05 | 0.00 | |
REPORTED EPS | $1.67 | $1.55 | $1.10 | $(0.89) | $(1.28) | $2.15 | |
(1) | 2001 results for CNG include a $53 million (21 cents) charge relating to ceiling test impairment, fully offset by a reclassification of other comprehensive income to earnings. The elimination of these adjustments are included in Corporate & Other to reflect that there was no ceiling test impairment at the consolidated Dominion level after aggregating all of Dominion's oil and gas properties. | ||||||
