DTE Energy (DTE) 8-K Dte Energy Reports First Quarter Earnings

Exhibit 99.2

DTE ENERGY COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF OPERATIONS (PRELIMINARY/UNAUDITED)
(in Millions, Except per Share Amounts)

	3 Months - March
	2004			2003			% Change
Operating Revenues	$	2,093		$	2,095			—
Operating Expenses
Fuel, purchased power and gas		741			813			-9	%
Operation and maintenance		736			771			-5	%
Depreciation, depletion and amortization		167			197			-15	%
Taxes other than income		85			97			-12	%
		1,729			1,878			-8	%
Operating Income		364			217			68	%
Other (Income) and Deductions
Interest expense		131			139			-6	%
Interest income		(10	)		(8	)		-25	%
Minority interest		(30	)		(16	)		-88	%
Other income		(17	)		(13	)		-31	%
Other expenses		22			33			-33	%
		96			135			-29	%
Income Before Income Taxes		268			82			n/m
Income Tax Provision (Benefit)		75			(26	)		n/m
Income from Continuing Operations		193			108			79	%
Income (Loss) from Discontinued Operations		(7	)		74			n/m
Cumulative Effect of Accounting Changes		—			(27	)		—
Reported Net Income	$	186		$	155			20	%
Basic Earnings per Common Share
Income from Continuing Operations	$	1.14		$	0.65
Discontinued Operations	$	(0.04	)	$	0.44
Cumulative Effect of Accounting Changes	$	—		$	(0.17	)
Total	$	1.10		$	0.92			20	%
Diluted Earnings per Common Share
Income from Continuing Operations	$	1.13		$	0.64
Discontinued Operations	$	(0.04	)	$	0.44
Cumulative Effect of Accounting Changes		—		$	(0.16	)
Total	$	1.09		$	0.92			19	%
Significant Items Impacting Comparability
Unusual Items
Pipeline Contract Modification/Termination		(0.28	)		—			—
Tax credit driven normalization		0.04			0.27
Loss on Sale of Steam Heating Business		—			0.08			—
Contribution to DTE Energy Foundation		—			0.06			—
Disallowance of Gas Costs		—			0.10			—
Energy Trading Activities (EITF 98-10 flowback)		—			(0.09	)		—
Discontinued Operations
Southern Missouri Gas Company		0.04			—			—
International Transmission Company		—			(0.44	)		—
Cumulative Effect of Accounting Changes
Asset Retirement Obligations (FAS 143)		—			0.07			—
Energy Trading Activities (EITF 98-10 implementation)		—			0.09			—
Operating Earnings per Diluted Share	$	0.89		$	1.06			-16	%
Average Common Shares
Basic		170			167			2	%
Diluted		170			168			1	%
Dividends Declared per Common Share	$	0.515		$	0.515			—

The Consolidated Statement of Operations (Preliminary/Unaudited) should be read in conjunction with the Notes to Consolidated Financial Statements appearing in the Annual Report to Shareholders, 10K and 10Q.

n/m — not meaningful

4

DTE ENERGY COMPANY AND SUBSIDIARY COMPANIES
Earnings Variance Analysis (Preliminary/Unaudited)

Q1 2003 Reported Earnings per Share			$	0.92
Unusual Items				0.15
Adjust for Q4 2002 Quarterly Effective Tax Rate Adjustment				0.27
Adjust for discontinued operations (ITC)				(0.44	)
Cumulative Effect of Accounting Changes				0.16
Q1 2003 Operating Earnings per Share			$	1.06
Regulated Electric				0.03
Regulatory Assets	0.04
Bundled Sales Growth	0.03
Choice Margin Loss	(0.11	)
PSCR Rate Reduction	(0.11	)
Interim Relief	0.05
Power Supply (2003 price spike)	0.07
Pension/Health Care	(0.05	)
Interest/Taxes/Other	0.07
O&M Timing	0.04
Regulated Gas				($0.03	)
Weather	(0.03	)
Uncollectables	(0.05	)
Taxes & Other	0.05
Non-Regulated				(0.20	)
Synfuels	(0.08	)
Energy Trading/CoEnergy	(0.11	)
Coke Batteries	0.03
Other — Primarily Overheads	(0.04	)
Holding Company & Share Dilution				0.03
Q1 2004 Operating Earnings per Share			$	0.89
Pipeline contract termination				0.28
Effective tax rate adjustment				(0.04	)
Impairment loss				(0.04	)
Q1 2004 Reported Earnings per Share			$	1.09

5

Net Income Summary
(Preliminary/Unaudited)

(in millions, except per share amounts)	Reported							Operating			Operating
	Q1 2004			Adjustments				Q1 2004			Q1 2003			Variance
Energy Resources
Regulated — Power Generation	$	15		$	—			$	15		$	25		$	(10	)
Non-Regulated
Energy Services
Coal Based Fuels
Synfuels		40			—				40			54		$	(14	)
Coke Batteries		4			—				4			(1	)		5
On Site Energy Projects		3			—				3			2			1
Merchant Generation		(4	)		—				(4	)		(4	)		—
Coal Services		1			—				1			3			(2	)
Biomass Energy		1			—				1			2			(1	)
Energy Trading & CoEnergy Portfolio		57			(48	)	A		9			28			(19	)
Energy Resources Overheads		(9	)		—				(9	)		(5	)		(4	)
Total Energy Resources Non-Regulated	$	93		$	(48	)		$	45		$	79		$	(34	)
Total Energy Resources	$	108		$	(48	)		$	60		$	104		$	(44	)
Energy Distribution
Regulated — Power Distribution	$	26		$	—				26		$	10		$	16
Non Regulated (Energy Technologies)		(3	)		—				(3	)		(4	)		1
Total Energy Distribution	$	23		$	—			$	23		$	6		$	17
Energy Gas
Regulated	$	70		$	—				70		$	76		$	(6	)
Non-Regulated		4			—				4			8			(4	)
Total Energy Gas	$	74		$	—			$	74		$	84		$	(10	)
Holding Company & Other
Energy Technology Investments	$	—							—		$	(3	)	$	3
Other		(12	)		6		B		(6	)		(13	)		7
Total Holding Company & Other	$	(12	)	$	6			$	(6	)	$	(16	)	$	10
Total
Regulated
Electric	$	41		$	—			$	41		$	35		$	6
Gas		70			—				70			76			(6	)
Non-Regulated		94			(48	)			46			80			(34	)
Holding Company/Other		(12	)		6				(6	)		(13	)		7
Total	$	193		$	(42	)		$	151		$	178		$	(27	)
Discontinued Operations	$	(7	)	$	7		C	$	—
Total Net Income	$	186		$	(35	)		$	151		$	178		$	(27	)
Total Diluted EPS	$	1.09		$	(0.20	)		$	0.89		$	1.06		$	(0.17	)
Average Diluted Shares Outstanding		170			170				170			168

Key:
A	Adjustment for contract termination/modification	Terminated a long-term gas storage agreement and modified a related transportation agreement with a pipeline company
B	Tax credit driven normalization	Quarterly adjustment at DTE Energy to normailize its effective tax rate. Annual results not impacted.
C	Impairment Loss / Discontinued Operations	Impairment charge relating to the expected loss on sale of Southern Missouri Gas Company.

6

DTE ENERGY COMPANY
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (PRELIMINARY/UNAUDITED)

(in Millions)

	Mar. 31			Dec. 31			Percent
ASSETS	2004			2003			Change
Current Assets
Cash and cash equivalents	$	64		$	54			19	%
Restricted cash		77			131			-41	%
Accounts receivable
Customer (less allow. for doubtful accounts of $116 and $99)		1,052			877			20	%
Accrued unbilled revenues		266			316			-16	%
Other		426			338			26	%
Inventories
Fuel and gas		208			467			-55	%
Materials and supplies		161			162			-1	%
Assets from risk management and trading activities		216			186			16	%
Other		238			181			31	%
		2,708			2,712			—
Investments
Nuclear decommissioning trust funds		537			518			4	%
Other		575			601			-4	%
		1,112			1,119			-1	%
Property
Property, plant and equipment		17,806			17,679			1	%
Less accumulated depreciation and depletion		(7,474	)		(7,355	)		—
		10,332			10,324			—
Other Assets
Goodwill		2,064			2,067			—
Regulatory assets		2,085			2,063			1	%
Securitized regulatory assets		1,505			1,527			-1	%
Notes receivable		527			469			12	%
Assets from risk management and trading activities		156			88			77	%
Prepaid pension assets		182			181			1	%
Other		203			203			—
		6,722			6,598			2	%
Total Assets	$	20,874		$	20,753			1	%

LIABILITIES AND	Mar. 31			Dec. 31			Percent
SHAREHOLDERS’ EQUITY	2004			2003			Change
Current Liabilities
Accounts payable	$	652		$	625			4	%
Accrued interest		113			110			3	%
Dividends payable		89			87			2	%
Accrued payroll		31			51			-39	%
Income taxes		—			185			—
Short-term borrowings		504			370			36	%
Current portion long-term debt, including capital leases		592			477			24	%
Liabilities from risk management and trading activities		387			326			19	%
Gas inventory equalization		167			—			—
Other		539			648			-17	%
		3,074			2,879			7	%
Other Liabilities
Deferred income taxes		1,103			988			12	%
Regulatory liabilities		818			817			—
Asset retirement obligations		879			866			2	%
Unamortized investment tax credit		153			156			-2	%
Liab. from risk mgmt. and trading activities		218			173			26	%
Liab. from transportation and storage contracts		418			495			-16	%
Accrued pension liability		199			345			-42	%
Deferred gains from asset sales		373			311			20	%
Minority interest		159			156			2	%
Nuclear decommissioning		69			67			3	%
Other		523			544			-4	%
		4,912			4,918			-
Long-Term Debt (net of current portion)
Mortgage bonds, notes and other		5,437			5,624			-3	%
Securitization bonds		1,446			1,496			-3	%
Equity-linked securities		183			185			-1	%
Trust preferred-linked securities		186			289			-36	%
Capital lease obligations		73			75			-3	%
		7,325			7,669			-4	%
Contingencies
Shareholders’ Equity
Common stock		3,288			3,109			6	%
Retained earnings		2,406			2,308			4	%
Accumulated other comprehensive loss		(131	)		(130	)		-1	%
		5,563			5,287			5	%
Total Liabilities and Shareholders’ Equity	$	20,874		$	20,753			1	%

The Consolidated Statement of Financial Position (Preliminary/Unaudited) should be read in conjunction with the Notes to Consolidated Financial Statements appearing in the Annual Report to Shareholders, Form 10K and 10Q.

7

DTE ENERGY COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS (PRELIMINARY/UNAUDITED)

	3 Months - March
	2004			2003
(in Millions)
Operating Activities
Net Income	$	186		$	155
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion, and amortization		167			201
Deferred income taxes		113			18
Gain on sale of assets, net		(3	)		(118	)
Partners’ share of synfuel project losses		(36	)		(16	)
Contributions from synfuel partners		17			14
Cumulative effect of accounting changes		—			27
Changes in assets and liabilities, exclusive of changes shown separately		(164	)		(140	)
Net cash from operating activities	$	280		$	141
Investing Activities
Plant and equipment expenditures — regulated		(161	)		(191	)
Plant and equipment expenditures — non-regulated		(18	)		(20	)
Proceeds from sale of interests in synfuel projects		26			16
Proceeds from sale of ITC and other assets		31			612
Restricted cash for debt redemptions		54			147
Other investments		(26	)		(21	)
Net cash from (used for ) investing activities	$	(94	)	$	543
Financing Activities
Issuance of long-term debt		—			199
Redemption of long-term debt		(232	)		(417	)
Short-term borrowings, net		134			(384	)
Issuance of common stock		11			10
Dividends on common stock		(87	)		(86	)
Other		(2	)		(3	)
Net cash used for financing activities	$	(176	)	$	(681	)
Net Increase in Cash and Cash Equivalents		10			3
Cash and Cash Equivalents at Beginning of the Period		54			133
Cash and Cash Equivalents at End of the Period	$	64		$	136

8

The Detroit Edison Company
Consolidated Statement of Operations (Preliminary/Unaudited)
(in Millions)

	3 Months - March
	2004			2003			% Change
Operating Revenues	$	886		$	937			-5	%
Operating Expenses
Fuel and purchased power		216			247			-13	%
Operation and maintenance		346			366			-5	%
Depreciation, depletion and amortization		114			135			-16	%
Taxes other than income		68			73			-7	%
		744			821			-9	%
Operating Income		142			116			22	%
Other (Income) and Deductions
Interest expense		72			75			-4	%
Other income		(15	)		(11	)		-36	%
Other expense		22			19			16	%
		79			83			-5	%
Income Before Income Taxes		63			33			91	%
Income Tax Provision		22			12			83	%
Income Before Accounting Change		41			21			95	%
Cumulative Effect of Accounting Change		—			(6	)		—
Reported Earnings	$	41		$	15			173	%
Cumulative Effect of Accounting Changes
Asset Retirement Obligations (FAS 143)		—			6			—
Unusual Items
Loss on Sale of Steam Heating Business		—			14			—
Operating Earnings	$	41		$	35			17	%

The Consolidated Statement of Operations (Preliminary/Unaudited) should be read in conjunction with the Notes to Consolidated Financial Statements appearing in the Annual Report to Shareholders, Form 10K and Form 10Q.

n/m-not meaningful

9

Michigan Consolidated Gas Company
Consolidated Statement of Operations (Preliminary/Unaudited)
(in Millions)

	3 Months - March
	2004			2003			% Change
Operating Revenues	$	715		$	625			14	%
Operating Expenses
Cost of gas		488			421			16	%
Operation and maintenance		96			78			23	%
Depreciation, depletion and amortization		27			25			8	%
Taxes other than income		12			17			-29	%
		623			541			15	%
Operating Income		92			84			10	%
Other (Income) and Deductions    Interest expense		14			15			-7	%
Interest income		(2	)		(3	)		—
Other		1			(2	)		—
		13			10			30	%
Income Before Income Taxes		79			74			7	%
Income Tax Provision		10			15			-33	%
Reported Earnings		69			59			17	%
Unusual Item
Disallowance of gas costs		—			17			—
Operating Earnings (A)	$	69		$	76			-9	%

The Consolidated Statement of Operations
(Preliminary/Unaudited) should be read in conjunction
with the Notes to Consolidated Financial Statements
appearing in the Annual Report to Shareholders,
Form 10K and Form 10Q.

(A) Represents MichCon’s results included in the
DTE Energy Consolidated Statement of Operations.

n/m — not meaningful

10

DTE Energy Debt/Equity Calculation
As of March 31, 2004
($ millions)

short-term borrowings	$	504
current portion LTD + cap leases		592
long-term debt		5,623
securitization bonds		1,446
capital leases		73
less QUIDS		(385	)
less trust pref linked debt		(186	)
less MichCon short-term debt		—
less securitization debt		(1,539	)
Deco invested
Total debt	$	6,129
Trust preferred	$	186
QUIDS		385
Mandatory convertible		183
Total preferred/ other	$	753
Equity	$	5,563
Total cap	$	12,446
Debt		49.2	%
Preferred stock		6.1	%
Common shareholders’ equity		44.7	%
Total		100.0	%

11

Sales Analysis

Electric Sales — Detroit Edison Service Area (000’s of GWh)

	Q1 2004		Q1 2003		% Change
Residential		4,068		3,856		5.5	%
Commercial		3,491		4,126		-15.4	%
Industrial		2,754		3,085		-10.7	%
Other		666		683		-2.5	%
TOTAL SYSTEM		10,979		11,750		-6.6	%
Choice Sales*		1,943		1,172		65.8	%
TOTAL SALES		12,922		12,922		0.0	%

* Includes Dearborn Industrial Group sales

Electric Revenue — Detroit Edison Service Area ($000s)

	Q1 2004		Q1 2003		% Change
Residential		360,250		344,525		4.6	%
Commercial		334,952		335,368		-0.1	%
Industrial		133,413		159,858		-16.5	%
Other		29,182		29,761		-1.9	%
TOTAL SYSTEM		857,797		869,512		-1.3	%
Choice Sales*		27,556		6,884		300.3	%
TOTAL SALES		885,353		876,396		1.0	%

* Includes Dearborn Industrial Group sales

Gas Sales — MichCon Service Area (Mcf)

	Q1 2004		Q1 2003		% Change
Residential		60,701,689		60,229,684		0.8	%
Commercial		20,315,556		19,292,592		5.3	%
Industrial		1,761,162		506,582		247.7	%
		82,778,407		80,028,858		3.4	%
End User Transportation*		49,878,340		60,772,150		-17.9	%
TOTAL SALES		132,656,747		140,801,008		-5.8	%

* includes choice customers

Gas Revenue — MichCon Service Area (Mcf)

	Q1 2004		Q1 2003		% Change
Residential		437,059,933		380,648,119		14.8	%
Commercial		149,147,387		125,572,503		18.8	%
Industrial		12,696,249		3,194,207		297.5	%
		598,903,569		509,414,829		17.6	%
End User Transportation*		42,316,720		57,185,584		-26.0	%
TOTAL SALES		641,220,289		566,600,414		13.2	%

* includes choice customers

Weather

Cooling Degree Days

	Q1 2004		Q1 2003		% Change
Actuals		0		0		n/m
Normal		0		0		n/m
Deviation from normal		n/m		n/m

Heating Degree Days

	Q1 2004			Q1 2003			% Change
Actuals		3,358			3,551			-5	%
Normal		3,220			3,383
Deviation from normal		4.3	%		5.0	%

12