DTE Energy (DTE) 8-K DTE Energy reports first quarter 2014 results

EXHIBIT 99.2

DTE Energy Company

Consolidated Statements of Financial Position (Unaudited)

	March 31,			December 31,
	2014			2013
	(In millions)
ASSETS
Current Assets
Cash and cash equivalents	$	98		$	52
Restricted cash, principally Securitization	57			123
Accounts receivable (less allowance for doubtful accounts of $56 and $55, respectively)
Customer	1,811			1,542
Other	140			127
Inventories
Fuel and gas	208			363
Materials and supplies	272			265
Derivative assets	79			99
Regulatory assets	130			26
Other	178			209
	2,973			2,806
Investments
Nuclear decommissioning trust funds	1,195			1,191
Other	596			603
	1,791			1,794
Property
Property, plant and equipment	25,384			25,123
Less accumulated depreciation, depletion and amortization	(9,399		)	(9,323		)
	15,985			15,800
Other Assets
Goodwill	2,018			2,018
Regulatory assets	2,792			2,837
Securitized regulatory assets	182			231
Intangible assets	118			122
Notes receivable	92			102
Derivative assets	17			27
Other	193			198
	5,412			5,535
Total Assets	$	26,161		$	25,935

DTE Energy Company

Consolidated Statements of Financial Position (Unaudited) — (Continued)

	March 31,			December 31,
	2014			2013
	(In millions, except shares)
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	945		$	962
Accrued interest	118			90
Dividends payable	116			116
Short-term borrowings	375			131
Current portion long-term debt, including capital leases	1,069			898
Derivative liabilities	140			195
Gas inventory equalization	142			—
Regulatory liabilities	175			302
Other	489			495
	3,569			3,189
Long-Term Debt (net of current portion)
Mortgage bonds, notes and other	6,438			6,618
Securitization bonds	—			105
Junior subordinated debentures	480			480
Capital lease obligations	5			11
	6,923			7,214
Other Liabilities
Deferred income taxes	3,390			3,321
Regulatory liabilities	829			862
Asset retirement obligations	1,854			1,827
Unamortized investment tax credit	44			47
Derivative liabilities	16			43
Accrued pension liability	630			653
Accrued postretirement liability	328			350
Nuclear decommissioning	175			178
Other	266			297
	7,532			7,578
Commitments and Contingencies
Equity
Common stock, without par value, 400,000,000 shares authorized, 177,016,824 and 177,087,230 shares issued and outstanding, respectively	3,894			3,907
Retained earnings	4,360			4,150
Accumulated other comprehensive loss	(137		)	(136		)
Total DTE Energy Company Equity	8,117			7,921
Noncontrolling interests	20			33
Total Equity	8,137			7,954
Total Liabilities and Equity	$	26,161		$	25,935

DTE Energy Company

Consolidated Statements of Cash Flows (Unaudited)

	Three Months Ended March 31,
	2014			2013
	(In millions)
Operating Activities
Net income	$	327		$	235
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization	280			259
Nuclear fuel amortization	5			9
Allowance for equity funds used during construction	(5		)	(3		)
Deferred income taxes	77			65
Asset (gains) and losses, reserves and impairments, net	(1		)	(6		)
Changes in assets and liabilities:
Accounts receivable, net	(270		)	(78		)
Inventories	147			221
Accounts payable	100			(126		)
Gas inventory equalization	142			140
Accrued pension obligation	(23		)	(46		)
Accrued postretirement obligation	(22		)	(154		)
Derivative assets and liabilities	(51		)	18
Regulatory assets and liabilities	(222		)	152
Other assets	50			34
Other liabilities	(2		)	(123		)
Net cash from operating activities	532			597
Investing Activities
Plant and equipment expenditures — utility	(399		)	(309		)
Plant and equipment expenditures — non-utility	(98		)	(73		)
Proceeds from sale of assets	3			4
Restricted cash for debt redemption, principally Securitization	66			57
Proceeds from sale of nuclear decommissioning trust fund assets	271			136
Investment in nuclear decommissioning trust funds	(275		)	(140		)
Other	(10		)	(7		)
Net cash used for investing activities	(442		)	(332		)
Financing Activities
Issuance of long-term debt, net of issuance costs	—			372
Redemption of long-term debt	(115		)	(141		)
Short-term borrowings, net	244			(240		)
Issuance of common stock	—			10
Repurchase of common stock	(50		)	—
Dividends on common stock	(116		)	(107		)
Other	(7		)	(6		)
Net cash used for financing activities	(44		)	(112		)
Net Increase in Cash and Cash Equivalents	46			153
Cash and Cash Equivalents at Beginning of Period	52			65
Cash and Cash Equivalents at End of Period	$	98		$	218

DTE Electric Company

Consolidated Statements of Operations (Unaudited)

	Three Months Ended March 31,
	2014			2013
	(In millions)
Operating Revenues	$	1,410		$	1,219
Operating Expenses
Fuel and purchased power	498			372
Operation and maintenance	342			331
Depreciation and amortization	228			212
Taxes other than income	71			70
Asset (gains) losses and reserves, net	—			(1		)
	1,139			984
Operating Income	271			235
Other (Income) and Deductions
Interest expense	63			66
Other income	(13		)	(15		)
Other expenses	7			6
	57			57
Income Before Income Taxes	214			178
Income Tax Expense	77			62
Net Income	$	137		$	116

DTE Gas Company

Consolidated Statements of Operations (Unaudited)

	Three Months Ended March 31,
	2014			2013
	(In millions)
Operating Revenues	$	789		$	594
Operating Expenses
Cost of gas	429			292
Operation and maintenance	109			105
Depreciation and amortization	24			23
Taxes other than income	16			17
	578			437
Operating Income	211			157
Other (Income) and Deductions
Interest expense	15			15
Interest income	(2		)	(1		)
Other income	(2		)	(2		)
Other expenses	1			—
	12			12
Income Before Income Taxes	199			145
Income Tax Expense	72			51
Net Income	$	127		$	94

DTE Energy Debt/Equity Calculation

As of March 31, 2014

($ millions)

Short-term borrowings	$	375
Current portion of long-term debt, including capital leases	1,069
Mortgage bonds, notes and other	6,438
Capital lease obligations	5
Other adjustments	286
less Securitization bonds, including current portion	(201		)
50% Junior Subordinated Debentures	240
Total debt	8,212
50% Junior Subordinated Debentures	240
Common equity	8,137
Total adjusted equity	8,377
Total capitalization	$	16,589
Debt	49.5		%
Adjusted equity	50.5		%
Total	100		%

Sales Analysis - Q1 2014
Electric Sales - DTE Electric Service Area (GWh)					Electric Billings - DTE Electric Service Area (000s)
	Q1 2014	Q1 2013	% Change			Q1 2014		Q1 2013		% Change
Residential	3,978	3,854	3	%	Residential	$	574,673	$	578,737	(1	)%
Commercial	4,048	3,923	3	%	Commercial	423,575		441,430		(4	)%
Industrial	2,501	2,436	3	%	Industrial	199,027		186,254		7	%
Other	205	252	(19	)%	Other	22,859		26,464		(14	)%
	10,732	10,465	3	%		$	1,220,134	$	1,232,885	(1	)%
Choice	1,267	1,260	1	%	Choice	23,418		23,021		2	%
TOTAL SALES	11,999	11,725	2	%	TOTAL REVENUES	$	1,243,552	$	1,255,906	(1	)%

Gas Sales - DTE Gas Service Area (MMcf)					Gas Billings - DTE Gas Service Area (000s)
	Q1 2014	Q1 2013	% Change			Q1 2014		Q1 2013		% Change
Residential	55,429	45,557	22	%	Residential	$	438,011	$	369,983	18	%
Commercial	13,251	10,659	24	%	Commercial	102,702		84,736		21	%
Industrial	475	217	119	%	Industrial	6,062		1,637		270	%
	69,155	56,433	23	%		$	546,775	$	456,356	20	%
End User Transportation*	62,463	55,564	12	%	End User Transportation*	96,661		85,161		14	%
TOTAL SALES	131,618	111,997	18	%	TOTAL REVENUES	$	643,436	$	541,517	19	%
________________					________________
* Includes choice customers					* Includes choice customers

Weather
Cooling Degree Days							Heating Degree Days
DTE Electric service territory							DTE Gas service territory
	Q1 2014		Q1 2013		% Change			Q1 2014		Q1 2013		% Change
Actuals	—		—		—	%	Actuals	3,977		3,228		23	%
Normal	—		—				Normal	3,175		3,141
Deviation from normal	—	%	—	%			Deviation from normal	25	%	3	%

Earnings Impact of Weather
Variance from normal weather ($ millions, after-tax)
	Q1 2014		Q1 2013
DTE Electric	$	13	$	—
DTE Gas	31		3

DTE Electric Temperature Normal Sales Analysis - YTD March 31, 2014
Temperature Normal Electric Sales - DTE Electric Service Area (GWh)					Temperature Normal Electric Sales - DTE Electric Service Area (Includes Electric Choice) (GWh)
	Q1 2014	Q1 2013	% Change			Q1 2014	Q1 2013	% Change
Residential	3,769	3,855	(2	)%	Residential	3,769	3,855	(2	)%
Commercial	3,987	3,923	2	%	Commercial	4,729	4,649	2	%
Industrial	2,504	2,436	3	%	Industrial	3,019	2,970	2	%
Other	205	252	(19	)%	Other	205	252	(19	)%
	10,465	10,466	—	%	TOTAL SALES	11,722	11,726	—	%
Choice	1,257	1,260	—	%
TOTAL SALES	11,722	11,726	—	%