EX-99

EX-99 22 d854390dex99.htm EX-99 EX-99

Exhibit 99

LOGO

4^th Quarter 2019

Earnings Release

Kit

As revised on

February 28, 2020¹

As a result of developments subsequent to the Fourth Quarter 2019 earnings call and release of the Earnings Release Kit on February 11, 2020, Dominion Energy increased certain litigation reserves acquired in the SCANA Merger by $120 million ($90 million after-tax). The change impacted GAAP reported earnings for the fourth quarter and the full-year of 2019 but had no impact on operating earnings during the same periods. The revision also did not impact the original operating earnings guidance. A list of revised schedules is available on page 34.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Table of Contents


IMPORTANT NOTES TO INVESTORS			3

EARNINGS REPORT			4
CONSOLIDATED STATEMENTS OF INCOME (GAAP)			6
SCHEDULE 1 - SEGMENT REPORTED AND OPERATING EARNINGS			7
SCHEDULE 2 - RECONCILIATION OF 2019 REPORTED EARNINGS TO OPERATING EARNINGS			8
SCHEDULE 3 - RECONCILIATION OF 2018 REPORTED EARNINGS TO OPERATING EARNINGS			9
SCHEDULE 4 - RECONCILIATION OF 2019 EARNINGS TO 2018			10

FINANCIALS			11

CONSOLIDATED FINANCIAL STATEMENTS (GAAP)			11
SEGMENT EARNINGS RESULTS			13

RECONCILIATION OF OPERATING EARNINGS GUIDANCE			20

2019 Operating Earnings Summary			20
4Q19 Operating Earnings Summary			21

2020 EARNINGS GUIDANCE AND ACCOMPANYING SCHEDULES			22

EARNINGS GUIDANCE			22

GAAP RECONCILIATION			24

RECONCILIATION OF 2019 CONSOLIDATED REPORTED EARNINGS TO OPERATING EARNINGS			24
RECONCILIATION OF 2018 CONSOLIDATED REPORTED EARNINGS TO OPERATING EARNINGS			25
RECONCILIATION OF 2019 CORPORATE AND OTHER REPORTED EARNINGS TO OPERATING EARNINGS			26
RECONCILIATION OF 2018 CORPORATE AND OTHER REPORTED EARNINGS TO OPERATING EARNINGS			27
RECONCILIATION OF 2019 REPORTED EARNINGS TO 2019 OPERATING EARNINGS			28
RECONCILIATION OF 2018 REPORTED EARNINGS TO 2018 OPERATING EARNINGS			29
RECONCILIATION OF 4Q19 REPORTED EARNINGS TO 4Q19 OPERATING EARNINGS			30
RECONCILIATION OF 4Q18 REPORTED EARNINGS TO 4Q18 OPERATING EARNINGS			31
RECONCILIATION OF 1Q19 REPORTED EARNINGS TO 1Q19 OPERATING EARNINGS			32
2020 EARNINGS EXPECTATIONS			33

APPENDIX			34

LIST OF REVISED SCHEDULES			34



February 28, 2020		2

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Important Notes to Investors

This Revised 4Q19 Earnings Release Kit contains certain forward-looking statements, including our forecasted operating earnings for the first-quarter and full-year 2020 which are subject to various risks and uncertainties. Factors that could cause actual results to differ include, but are not limited to: unusual weather conditions and their effect on energy sales to customers and energy commodity prices; extreme weather events and other natural disasters; federal, state and local legislative and regulatory developments; changes to federal, state and local environmental laws and regulations, including proposed carbon regulations; cost of environmental compliance; changes in enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities; capital market conditions, including the availability of credit and the ability to obtain financing on reasonable terms; fluctuations in interest rates; changes in rating agency requirements or credit ratings and their effect on availability and cost of capital; impacts of acquisitions, divestitures, transfers of assets by Dominion Energy to joint ventures and retirements of assets based on asset portfolio reviews; receipt of approvals for, and timing of, closing dates for other acquisitions and divestitures; changes in demand for Dominion Energy’s services; additional competition in Dominion Energy’s industries; changes to regulated rates collected by Dominion Energy; changes in operating, maintenance and construction costs; timing and receipt of regulatory approvals necessary for planned construction or expansion projects and compliance with conditions associated with such regulatory approvals; adverse outcomes in litigation matters or regulatory proceedings; and the inability to complete planned construction projects within time frames initially anticipated. Other risk factors are detailed from time to time in Dominion Energy’s quarterly reports on Form 10-Q and most recent annual report on Form 10-K filed with the Securities and Exchange Commission.

Certain information provided in this Revised 4Q19 Earnings Release Kit includes financial measures that are not required by, or presented in accordance with generally accepted accounting principles (GAAP), including operating earnings before interest and taxes (Adjusted EBIT). These non-GAAP financial measures should not be considered as alternatives to GAAP measures, such as net income, operating income, or earnings per share, and may be calculated differently from, and therefore may not be comparable to, similarly titled measures used at other companies. Dominion Energy has included reconciliations to the most directly comparable financial measures it is able to calculate and report in accordance with GAAP.

The consolidated financial data and statistics in this Revised 4Q19 Earnings Release Kit and its individual components reflect the financial position and operating results of Dominion Energy and its primary operating segments through December 31, 2019. Independent auditors have not audited any of the financial and operating statements. Projections or forecasts shown in this document are subject to change at any time. Dominion Energy undertakes no obligation to update any forward-looking information statement to reflect developments after the statement is made.

This Revised 4Q19 Earnings Release Kit has been prepared primarily for securities analysts and investors in the hope that it will serve as a convenient and useful reference document. The format of this release kit may change in the future as we continue to try to meet the needs of securities analysts and investors. This Revised 4Q19 Earnings Release Kit is not intended for use in connection with any sale, offer to sell, or solicitation of any offer to buy securities.

Please continue to check our website regularly at http://investors.dominionenergy.com/.



February 28, 2020		3

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Earnings Release and Accompanying Schedules

Earnings Report

SUMMARY OF DOMINION’S 2019 EARNINGS AS REVISED ON FEBRUARY 28, 2020

•

Fourth-quarter 2019 GAAP (reported) earnings of $1.21 per share; operating earnings of $1.18 per share

•

Full-year 2019 reported earnings of $1.62 per share; operating earnings of $4.24 per share

•

Company initiates 2020 operating earnings guidance of $4.25 to $4.60 per share

Dominion Energy’s reported earnings determined in accordance with Generally Accepted Accounting Principles (reported earnings) for the three months ended Dec. 31, 2019, of $1.0 billion ($1.21 per share) compared with net income of $641 million ($0.97 per share) for the same period in 2018. Reported earnings for the twelve months ended Dec. 31, 2019, were $1.4 billion ($1.62 per share) compared with earnings of $2.4 billion ($3.74 per share) for the same period in 2018.

Operating earnings for the three months ended Dec. 31, 2019, were $988 million ($1.18 per share), compared with operating earnings of $592 million ($0.89 per share) for the same period in 2018. Operating earnings for the twelve months ended Dec. 31, 2019, were $3.4 billion ($4.24 per share) compared with operating earnings of $2.7 billion ($4.05 per share) for the same period in 2018.

Operating earnings are defined as reported earnings adjusted for certain items. Details of operating earnings as compared to prior periods, business segment results and detailed descriptions of items included in reported earnings but excluded from operating earnings can be found on Schedules 1, 2, 3 and 4 of this release.

Operating earnings guidance

Dominion Energy expects 2020 operating earnings in the range of $4.25 to $4.60 per share, compared to full-year 2019 operating earnings of $4.24 per share. Positive drivers include regulated investment growth across electric and gas businesses, lower financing costs due to lower average debt balances, the full-year impact of the Millstone nuclear facility zero-carbon procurement contract, and lower depreciation expense associated with an anticipated extension of the useful life assumption for our regulated nuclear plants in Virginia. The company expects negative drivers for the year to include increased minority interest expense associated with the equity recapitalization of Cove Point, share dilution, two planned refueling outages at Millstone and lower New England capacity prices.

First-quarter 2020 operating earnings are expected to be in the range of $1.05 to $1.25 per share.

Important note to investors regarding operating, reported earnings

Dominion Energy uses operating earnings as the primary performance measurement of its earnings guidance and results for public communications with analysts and investors. Dominion Energy also uses operating earnings internally for budgeting, for reporting to the Board of Directors, for the company’s incentive compensation plans and for its targeted dividend payouts and other purposes. Dominion Energy management believes operating earnings provide a more meaningful representation of the company’s fundamental earnings power.



February 28, 2020		4

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DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

In providing its operating earnings guidance, the company notes that there could be differences between expected reported earnings and estimated operating earnings for matters such as, but not limited to, acquisitions, divestitures or changes in accounting principles. At this time, Dominion Energy management is not able to estimate the aggregate impact of these items on future period reported earnings.

About Dominion Energy

More than 7 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation’s largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company is committed to achieve net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.

This release contains certain forward-looking statements, including forecasted operating earnings first-quarter and full-year 2020 and beyond which are subject to various risks and uncertainties. Factors that could cause actual results to differ include, but are not limited to: unusual weather conditions and their effect on energy sales to customers and energy commodity prices; extreme weather events and other natural disasters; federal, state and local legislative and regulatory developments; changes to federal, state and local environmental laws and regulations, including proposed carbon regulations; cost of environmental compliance; changes in enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities; capital market conditions, including the availability of credit and the ability to obtain financing on reasonable terms; fluctuations in interest rates; changes in rating agency requirements or credit ratings and their effect on availability and cost of capital; impacts of acquisitions, divestitures, transfers of assets by Dominion Energy to joint ventures and retirements of assets based on asset portfolio reviews; receipt of approvals for, and timing of, closing dates for other acquisitions and divestitures; changes in demand for Dominion Energy’s services; additional competition in Dominion Energy’s industries; changes to regulated rates collected by Dominion Energy; changes in operating, maintenance and construction costs; timing and receipt of regulatory approvals necessary for planned construction or expansion projects and compliance with conditions associated with such regulatory approvals; adverse outcomes in litigation matters or regulatory proceedings; and the inability to complete planned construction projects within time frames initially anticipated. Other risk factors are detailed from time to time in Dominion Energy’s quarterly reports on Form 10-Q and most recent annual report on Form 10-K filed with the Securities and Exchange Commission.

#####



February 28, 2020		5

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Consolidated Statements of Income (GAAP)

Dominion Energy, Inc.

Consolidated Statements of Income*

Unaudited (GAAP Based)

(millions, except per share amounts)

Three Months Ended

Year Ended

December 31,

2019

2018

2019

2018

Operating Revenue

4,475

3,361

16,572

13,366

Operating Expenses

Electric fuel and other energy-related purchases

655

686

2,938

2,814

Purchased electric capacity

122

Purchased gas

426

236

1,536

645

Other operations and maintenance¹

1,274

896

5,801

3,481

Depreciation, depletion and amortization

664

513

2,655

2,000

Other taxes

221

161

1,040

703

Total operating expenses

3,254

2,527

14,058

9,765

Income from operations

1,221

834

2,514

3,601

Other income

333

363

986

1,021

Interest and related charges

401

440

1,773

1,493

Income from continuing operations including noncontrolling interests before income tax expense

1,153

757

1,727

3,129

Income tax expense

143

351

580

Net income including noncontrolling interests

1,010

662

1,376

2,549

Noncontrolling interests

102

Net Income attributable to Dominion Energy

1,009

641

1,358

2,447

Reported earnings per common share - diluted

1.21

0.97

1.62

3.74

Average shares outstanding, diluted

826.3

660.9

808.9

654.9

1)	Includes impairment of assets and related charges and gains on sale of assets.

*	The notes contained in Dominion Energy’s most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements.



February 28, 2020		6

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Schedule 1 - Segment Reported and Operating Earnings


Unaudited
(millions, except earnings per share)	Three months ended December 31,
	2019			2018			Change
REPORTED EARNINGS¹	$	1,009		$	641		$	368
Pre-tax loss (income)²		193			(50	)		243
Income tax²		(214	)		1			(215	)

Adjustments to reported earnings		(21	)		(49	)		28

OPERATING EARNINGS	$	988		$	592		$	396

By segment:
Dominion Energy Virginia		403			333			70
Gas Transmission & Storage		360			257			103
Gas Distribution		173			118			55
Dominion Energy South Carolina		98			—			98
Contracted Generation		114			5			109
Corporate and Other		(160	)		(121	)		(39	)

	$	988		$	592		$	396

Earnings Per Share (EPS):³
REPORTED EARNINGS ¹	$	1.21		$	0.97		$	0.24
Adjustments to reported earnings (after tax)		(0.03	)		(0.08	)		0.05

OPERATING EARNINGS	$	1.18		$	0.89		$	0.29

By segment:
Dominion Energy Virginia		0.49			0.50			(0.01	)
Gas Transmission & Storage		0.43			0.39			0.04
Gas Distribution		0.21			0.18			0.03
Dominion Energy South Carolina		0.12			—			0.12
Contracted Generation		0.14			0.01			0.13
Corporate and Other		(0.21	)		(0.19	)		(0.02	)

	$	1.18		$	0.89		$	0.29

Common Shares Outstanding (average, diluted)		826.3			660.9


(millions, except earnings per share)	Twelve months ended December 31,
	2019			2018			Change
REPORTED EARNINGS¹	$	1,358		$	2,447		$	(1,089	)
Pre-tax loss (income)²		2,620			201			2,419
Income tax²		(531	)		3			(534	)

Adjustments to reported earnings		2,089			204			1,885

OPERATING EARNINGS	$	3,447		$	2,651		$	796

By segment:
Dominion Energy Virginia		1,786			1,596			190
Gas Transmission & Storage		934			844			90
Gas Distribution		488			373			115
Dominion Energy South Carolina		430			—			430
Contracted Generation		276			245			31
Corporate and Other		(467	)		(407	)		(60	)

	$	3,447		$	2,651		$	796

Earnings Per Share (EPS):³
REPORTED EARNINGS¹	$	1.62		$	3.74		$	(2.12	)
Adjustments to reported earnings (after tax)		2.62			0.31			2.31

OPERATING EARNINGS	$	4.24		$	4.05		$	0.19

By segment:
Dominion Energy Virginia		2.21			2.44			(0.23	)
Gas Transmission & Storage		1.16			1.29			(0.13	)
Gas Distribution		0.60			0.57			0.03
Dominion Energy South Carolina		0.53			—			0.53
Contracted Generation		0.34			0.37			(0.03	)
Corporate and Other		(0.60	)		(0.62	)		0.02

	$	4.24		$	4.05		$	0.19

Common Shares Outstanding (average, diluted)		808.9			654.9

¹⁾	Determined in accordance with Generally Accepted Accounting Principles (GAAP).

²⁾	Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. Refer to Schedules 2 and 3 for details, or find “GAAP Reconciliation” in the Earnings Release Kit on Dominion Energy’s website at www.dominionenergy.com/investors.

³⁾

The calculation of operating earnings per share excludes the impact, if any, of fair value adjustments related to the Company’s convertible preferred securities entered in June 2019. Such fair value adjustments, if any, are required for the calculation of diluted reported earnings per share. For the three and twelve months ended December 31, the fair value adjustment required for diluted reported earnings per share calculation was $1 million and $28 million, respectively. The calculation of reported and operating earnings per share includes the impact of preferred dividends of $7 million per quarter associated with the Series A preferred stock equity units entered in June of 2019 and $2 million associated with the Series B preferred stock equity units entered in December of 2019. See Form 10-K for additional information.



February 28, 2020		7

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Schedule 2 - Reconciliation of 2019 Reported Earnings to Operating Earnings

2019 Earnings (Twelve months ended December 31, 2019)

The $2.6 billion pre-tax net effect of the adjustments included in 2019 reported earnings, but excluded from operating earnings, is primarily related to the following items:

•

$2.4 billion of merger and integration-related costs associated with the SCANA Combination, primarily reflecting $1 billion for refunds of amounts previously collected from retail electric customers of Dominion Energy South Carolina (DESC) for the NND Project, $427 million associated with a voluntary retirement program (which includes $112 million for employee benefit plan curtailment), and $641 million associated with litigation.

•

$783 million of charges at our regulated entities, primarily consisting of the retirement of electric generation facilities in cold reserve and certain automated meters and a purchase power contract termination.

•

$113 million benefit from the revision of certain asset retirement obligations for ash ponds and landfills at certain utility generation facilities, in connection with the enactment of Virginia legislation in March.

•

$553 million net gain related to our investments in nuclear decommissioning trust funds.

Dominion Energy also recorded $194 million tax charge for certain income tax-related regulatory assets acquired in the SCANA Combination for which Dominion Energy committed to forgo recovery.


*(millions, except per share amounts)*	1Q19			2Q19			3Q19			4Q19			YTD 2019 ³
Reported earnings (loss)	($	680	)	$	54		$	975		$	1,009		$	1,358

Adjustments to reported earnings ¹:
Pre-tax loss (income)		1,640			656			131			193			2,620
Income tax		(87	)		(91	)		(139	)		(214	)		(531	)

		1,553			565			(8	)		(21	)		2,089

Operating earnings	$	873		$	619		$	967		$	988		$	3,447

Common shares outstanding (average, diluted)		793.1			802.6			813.0			826.3			808.9

Reported earnings (loss) per share ²	($	0.86	)	$	0.05		$	1.17		$	1.21		$	1.62
Adjustments to reported earnings per share ²		1.96			0.72			0.01			(0.03	)		2.62
Operating earnings per share ²	$	1.10		$	0.77		$	1.18		$	1.18		$	4.24

¹⁾	Adjustments to reported earnings are reflected in the following table:


	1Q19			2Q19			3Q19			4Q19			YTD 2019
Pre-tax loss (income):
Merger and integration-related costs		1,429			542			60			378			2,409
Regulated asset and contract retirements/terminations		547			211			47			(22	)		783
Revision to ash pond and landfill closure costs		(113	)		0			0			0			(113	)
Net gain on NDT funds		(253	)		(83	)		(28	)		(189	)		(553	)
Other		30			(14	)		52			26			94

	$	1,640		$	656		$	131		$	193		$	2,620

Income tax expense (benefit):
Tax effect of above adjustments to reported earnings *		(255	)		(91	)		(139	)		(226	)		(711	)
Write-off EDIT regulatory assets (SCANA)		198			0			0			(4	)		194
Other		(30	)		0			0			16			(14	)

	($	87	)	($	91	)	($	139	)	($	214	)	($	531	)

Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective tax rate. For interim reporting purposes, such amounts may be adjusted in connection with the calculation of the Company’s year-to -date income tax provision based on its estimated annual effective tax rate.

²⁾

The calculation of operating earnings per share excludes the impact, if any, of fair value adjustments related to the Company’s convertible preferred securities entered in June 2019. Such fair value adjustments, if any, are required for the calculation of diluted reported earnings per share. No adjustments were necessary for the three months ended June 30. For the three months ended September 30, the fair value adjustment required for diluted reported earnings per share calculation was $ 13 million. For the three and twelve months ended December 31, the fair value adjustment required for diluted reported earnings per share calculation was $ 1million and $ 28 million, respectively. The calculation of reported and operating earnings per share includes the impact of preferred dividends of $ 7 million per quarter associated with the Series A preferred stock equity units entered in June of 2019 and $ 2 million associated with the Series B preferred stock equity units entered in December of 2019. See Forms 10-Q and 10-K for additional information.

³⁾	YTD EPS may not equal sum of quarters due to share count difference and fair value adjustment associated with the convertible preferred securities.



February 28, 2020		8

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Schedule 3 - Reconciliation of 2018 Reported Earnings to Operating Earnings

2018 Earnings (Twelve months ended December 31, 2018)

The $201 million pre-tax net effect of the adjustments included in 2018 reported earnings, but excluded from operating earnings, is primarily related to the following items:

•

$759 million net benefit associated with the sales of our non-core assets, primarily reflecting the gains on sales of certain merchant generation assets and our investment in Blue Racer.

•

$219 million impairment charge associated with gathering and processing assets.

•

$215 million charge associated with Virginia legislation enacted in March that requires one-time rate credits of certain amounts to utility customers.

•

$170 million net loss related to our investments in nuclear decommissioning trust funds.

•

$124 million charge associated with disallowance of FERC-regulated plant.

•

$81 million charge associated with the asset retirement obligations for ash ponds and landfills at certain utility generation facilities in connection with the enactment of Virginia legislation in April.

•

$74 million of restoration costs associated with major storms, primarily affecting our Virginia service territory.

•

$37 million of transaction and transition costs associated with the Dominion Energy Questar combination and the acquisition of SCANA Corporation.


*(millions, except per share amounts)*	1Q18			2Q18			3Q18			4Q18			YTD 2018 ²
Reported earnings	$	503		$	449		$	854		$	641		$	2,447
Adjustments to reported earnings ¹:
Pre-tax loss (income)		305			145			(199	)		(50	)		201
Income tax expense (benefit)		(67	)		(34	)		103			1			3

		238			111			(96	)		(49	)		204

Operating earnings	$	741		$	560		$	758		$	592		$	2,651

Common shares outstanding (average, diluted)		650.5			653.1			654.9			660.9			654.9

Reported earnings per share	$	0.77		$	0.69		$	1.30		$	0.97		$	3.74
Adjustments to reported earnings (after-tax)		0.37			0.17			(0.15	)		(0.08	)		0.31
Operating earnings per share	$	1.14		$	0.86		$	1.15		$	0.89		$	4.05

¹⁾	Adjustments to reported earnings are reflected in the following table:


	1Q18			2Q18			3Q18			4Q18			YTD 2018
Pre-tax loss (income):
Sale of non-core assets								(70	)		(689	)		(759	)
Impairment of gathering & processing assets											219			219
Impact of Virginia rate legislation		215												215
Net (gain) loss on NDT funds		43			(50	)		(149	)		326			170
FERC-regulated plant disallowance					122			2						124
Future ash pond and landfill closure costs					81									81
Storm costs		31									43			74
Merger-related transaction and transition costs		16			9			3			9			37
Other					(17	)		15			42			40

	$	305		$	145		($	199	)	($	50	)	$	201

Income tax expense (benefit):
Tax effect of above adjustments to reported earnings *		(67	)		(34	)		38			11			(52	)
Re-measurement of Deferred Tax balances **								47			(1	)		46
Valuation Allowance ***								18			(9	)		9

	($	67	)	($	34	)	$	103		$	1		$	3

**	During 2018, the Companies recorded further adjustments to deferred taxes in accordance with recently released tax reform guidance and to revise estimates made at year-end 2017.

***

In 3Q18, a valuation allowance was established against the portion of a deferred tax asset associated with the non-core assets that was no longer projected of being utilized to offset future taxable income. In 4Q18, the amount was adjusted based on management’s assessment that it is more-likely-than-not that a portion of the deferred tax asset would be realized in 2018, to reduce tax expense associated with the sale.

²⁾	YTD EPS may not equal sum of quarters due to share count difference.



February 28, 2020		9

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DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Schedule 4 - Reconciliation of 2019 Earnings to 2018


Preliminary, Unaudited	Twelve Months Ended
*(millions, except EPS)*	December 31,
	2019 vs. 2018
	Increase/ (Decrease)
Reconciling Items	Amount			EPS
Change in reported earnings (GAAP)	($	1,089	)	($	2.12	)
Change in Pre-tax loss (income) ¹		2,419
Change in Income tax ¹		(534	)

Adjustments to reported earnings	$	1,885		$	2.31

Change in consolidated operating earnings	$	796		$	0.19

*Dominion Energy Virginia*
Regulated electric sales:
Weather	($	14	)	($	0.02	)
Other		9			0.01
Rate adjustment clause equity return		84			0.13
Electric capacity		54			0.08
Renewable energy investment tax credits		(14	)		(0.02	)
Other		71			0.11
Share dilution		—			(0.52	)

Change in contribution to operating earnings	$	190		($	0.23	)
*Gas Transmission & Storage*
Cove Point export contracts	$	172		$	0.26
Assignment of shale development rights		(83	)		(0.12	)
Atlantic Coast Pipeline equity earnings		37			0.06
Interest expense		(60	)		(0.09	)
Other		24			0.03
Share dilution		—			(0.27	)

Change in contribution to operating earnings	$	90		($	0.13	)
*Gas Distribution*
Regulated gas sales:
Weather	($	3	)	$	0.00
Other		(2	)		0.00
Rate adjustment clause equity return		16			0.02
SCANA combination		87			0.13
Other		17			0.02
Share dilution		—			(0.14	)

Change in contribution to operating earnings	$	115		$	0.03
*Dominion Energy South Carolina*
SCANA combination	$	430		$	0.53

Change in contribution to operating earnings	$	430		$	0.53

*Contracted Generation*
Margin	$	42		$	0.06
Renewable energy investment tax credits		50			0.08
Sale of certain merchant generation facilitites		(95	)		(0.14	)
Other		34			0.05
Share dilution		—			(0.08	)

Change in contribution to operating earnings	$	31		($	0.03	)

*Corporate and Other*
Share dilution and other		(60	)		0.02

Change in contribution to operating earnings	($	60	)	$	0.02

*Change in consolidated operating earnings*	$	796		$	0.19
Change in adjustments included in reported earnings ¹	($	1,885	)	($	2.31	)

*Change in consolidated reported earnings*	($	1,089	)	($	2.12	)

1)	Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings.

Refer to Schedules 2 and 3 for details, or find “GAAP Reconciliation” in the Earnings Release Kit on Dominion Energy’s

website at www.dominionenergy.com/investors.

Note: Figures may not sum due to rounding



February 28, 2020		10

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Financials

Consolidated Financial Statements (GAAP)

Dominion Energy, Inc.

Consolidated Balance Sheets *

Unaudited & Summarized (GAAP Based)

($ in Millions)


	At December 31,
	2019		2018
Assets
Current assets	$	6,088	$	5,161
Investments		8,217		6,560
Property, plant and equipment, net		69,082		54,560
Deferred charges and other assets		20,436		11,633

Total Assets	$	103,823	$	77,914

Liabilities and Equity
Securities due within one year	$	3,162	$	3,697
Short-term debt		911		334
Other current liabilities		5,866		3,616

Total current liabilities		9,939		7,647
Long-term debt		33,824		31,144
Deferred credits and other liabilities		26,027		17,075

Total liabilities		69,790		55,866
Shareholders’ equity		31,994		20,107
Noncontrolling interest		2,039		1,941

Total equity		34,033		22,048
Total liabilities and equity	$	103,823	$	77,914

*	The notes contained in Dominion Energy’s most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements.



February 28, 2020		11

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Dominion Energy , Inc.

Consolidated Statements of Cash Flows *

Unaudited & Summarized

($ in Millions)


	Year Ended December 31,
	2019			2018
Operating Activities
Net Income including noncontrolling interests	$	1,376		$	2,549
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization (including nuclear fuel)		2,977			2,280
Deferred income taxes and investment tax credits		216			517
Provision for refunds and rate credits to electric utility customers		800			77
Impairment of assets and other charges		1,333			395
Charge related to a voluntary retirement program		320			—
Gains on the sales of assets and equity method investments		(167	)		(1,006	)
Net (gains) losses on nuclear decommissionning trusts funds and other investments		(626	)		102
Charge associated with future ash pond and landfill closure costs		—			81
Revision to future ash pond and landfill closure costs		(113	)		—
Other adjustments		(26	)		19
Changes in:
Accounts receivable		(71	)		(110	)
Inventories		(90	)		(29	)
Deferred fuel and purchased gas costs, net		195			(247	)
Prepayments		(225	)		(51	)
Accounts payable		(225	)		67
Accrued interest, payroll and taxes		(78	)		(12	)
Margin deposits assets and liabilities		60			—
Net realized and unrealized changes related to derivative activities		43			181
Asset retirement obligations		41			(35	)
Pension and other postretirement benefits		(148	)		(114	)
Other operating assets and liabilities		(388	)		109

Net cash provided by operating activities		5,204			4,773
Investing Activities
Plant construction and other property additions (including nuclear fuel)		(4,980	)		(4,254	)
Cash and restricted cash acquired in the SCANA Combination		389			—
Acquisition of solar development projects		(341	)		(151	)
Proceeds from sales of certain merchant generation facilities and equity method investments		447			2,379
Contributions to equity method affiliates		(209	)		(428	)
Distributions from equity method affiliates		9			36
Other		63			60

Net cash used in investing activities		(4,622	)		(2,358	)
Financing Activities
Issuance (repayment) of short-term debt, net		404			(2,964	)
Issuance of short-term notes		3,000			1,450
Repayment and repurchase of short-term notes		(3,000	)		(1,450	)
Issuance and remarketing of long-term debt		4,374			6,362
Repayment and repurchase of long-term debt (including redemption premiums)		(9,116	)		(5,682	)
Proceeds from sale of interest in Cove Point		2,078			—
Issuance of common stock		2,515			2,461
Common dividend payments		(2,983	)		(2,185	)
Issuance of 2019 Equity Units		1,582			—
Issuance of Series B preferred stock		791			—
Other		(349	)		(201	)

Net cash used in financing activities		(704	)		(2,209	)
Increase (Decrease) in cash, restricted cash and equivalents		(122	)		206
Cash, restricted cash and equivalents at beginning of period		391			185

Cash, restricted cash and equivalents at end of period	$	269		$	391

*	The notes contained in Dominion Energy’s most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements.



February 28, 2020		12

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DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Segment Earnings Results

Dominion Energy Consolidated Reported and Operating Results¹


	Three Months Ended						Year Ended
Unaudited Summary	December 31,						December 31,
(millions, except per share amounts)	2019			2018			2019			2018
Operating Revenue	$	4,475		$	3,361		$	16,572		$	13,366

Operating Expenses
Electric fuel and other energy-related purchases		655			686			2,938			2,814
Purchased electric capacity		14			35			88			122
Purchased gas		426			236			1,536			645
Other operations and maintenance ³		1,274			896			5,801			3,481
Depreciation, depletion and amortization		664			513			2,655			2,000
Other taxes		221			161			1,040			703

Total operating expenses		3,254			2,527			14,058			9,765

Income from operations		1,221			834			2,514			3,601

Other income		333			363			986			1,021

Income including noncontrolling interests before interest and income taxes		1,554			1,197			3,500			4,622
Interest and related charges		401			440			1,773			1,493

Income including noncontrolling interests before income taxes		1,153			757			1,727			3,129
Income taxes		143			95			351			580

Income including noncontrolling interests		1,010			662			1,376			2,549
Noncontrolling interests		1			21			18			102

Reported Earnings	$	1,009		$	641		$	1,358		$	2,447

Reported Earnings Per Share⁴	$	1.21		$	0.97		$	1.62		$	3.74

Adjustments to reported earnings:
Pre-tax Loss (Income) 2		193			(50	)		2,620			201
Income Tax 2		(214	)		1			(531	)		3

		(21	)		(49	)		2,089			204
Operating Earnings	$	988		$	592		$	3,447		$	2,651

Operating Earnings Per Share⁴	$	1.18		$	0.89		$	4.24		$	4.05

Average shares outstanding, diluted		826.3			660.9			808.9			654.9
Adjusted EBIT Reconciliation
Reported Earnings	$	1,009		$	641		$	1,358		$	2,447
Noncontrolling interest		1			21			18			102
Income taxes		143			95			351			580
Interest and related charges		401			440			1,773			1,493

	$	1,554		$	1,197		$	3,500		$	4,622
Adjustments²		192			(119	)		2,609			131

Adjusted EBIT	$	1,746		$	1,078		$	6,109		$	4,753

¹⁾	Dominion Energy Consolidated Income Statement reflects the impact of segment eliminations and adjustments.

²⁾	For additional details on adjustments to reporting earnings and to EBIT, see the GAAP Reconciliation schedules on pages 24-32.

³⁾	Includes impairment of assets and other charges.

⁴⁾

The calculation of operating earnings per share excludes the impact, if any, of fair value adjustments related to the Company’s convertible preferred securities entered in June 2019. Such fair value adjustments, if any, are required for the calculation of diluted reported earnings per share. For the three months and twelve months ended December 31, the fair value adjustment required for diluted reported earnings per share calculation was $1 million and $28 million, respectively. The calculation of reported and operating earnings per share includes the impact of preferred dividends of $7 million per quarter associated with the Series A preferred stock equity units entered in June of 2019 and $2 million associated with the Series B preferred stock equity units entered in December of 2019. See Form 10K for additional information.



February 28, 2020		13

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Dominion Energy Virginia Reported and Operating Results


	Three Months Ended					Year Ended
Unaudited Summary	December 31,					December 31,
(millions, except per share amounts)	2019			2018		2019		2018
Operating Revenue	$	1,948		$	1,814	$	8,157	$	7,849

Operating Expenses
Electric fuel and other energy-related purchases		487			570		2,178		2,318
Purchased (excess) electric capacity		(5	)		35		40		114
Purchased gas		—			—		—		—
Other operations and maintenance		440			400		1,641		1,513
Depreciation, depletion and amortization		305			292		1,216		1,158
Other taxes		71			61		323		305

Total operating expenses		1,298			1,358		5,398		5,408

Income from operations		650			456		2,759		2,441

Other income		11			14		39		51

Income including noncontrolling interests before interest and income taxes		661			470		2,798		2,492
Interest and related charges		118			124		530		516

Income including noncontrolling interests before income taxes		543			346		2,268		1,976
Income taxes		140			13		482		380

Income including noncontrolling interests		403			333		1,786		1,596
Noncontrolling interests		—			—		—		—

Reported and Operating Earnings Contribution	$	403		$	333	$	1,786	$	1,596

Reported and Operating Earnings Per Share Contribution	$	0.49		$	0.50	$	2.21	$	2.44

Average shares outstanding, diluted		826.3			660.9		808.9		654.9
Adjusted EBIT Reconciliation
Reported Earnings	$	403		$	333	$	1,786	$	1,596
Noncontrolling interest		—			—		—		—
Income taxes		140			13		482		380
Interest and related charges		118			124		530		516

Adjusted EBIT	$	661		$	470	$	2,798	$	2,492



February 28, 2020		14

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Gas Transmission & Storage Reported and Operating Results


	Three Months Ended				Year Ended
Unaudited Summary	December 31,				December 31,
(millions, except per share amounts)	2019		2018		2019		2018
Operating Revenue	$	833	$	756	$	3,321	$	2,590

Operating Expenses
Electric fuel and other energy-related purchases		29		48		93		139
Purchased electric capacity		—		—		—		—
Purchased gas		181		107		900		353
Other operations and maintenance		43		128		597		580
Depreciation, depletion and amortization		95		95		400		348
Other taxes		37		33		158		125

Total operating expenses		385		411		2,148		1,545

Income from operations		448		345		1,173		1,045

Other income		99		121		439		389

Income including noncontrolling interests before interest and income taxes		547		466		1,612		1,434

Interest and related charges		65		96		405		262

Income including noncontrolling interests before income taxes		482		370		1,207		1,172
Income taxes		117		88		262		236

Income including noncontrolling interests		365		282		945		936
Noncontrolling interests		5		25		11		92

Reported and Operating Earnings Contribution	$	360	$	257	$	934	$	844

Reported and Operating Earnings Per Share Contribution	$	0.43	$	0.39	$	1.16	$	1.29

Average shares outstanding, diluted		826.3		660.9		808.9		654.9
Adjusted EBIT Reconciliation
Reported Earnings	$	360	$	257	$	934	$	844
Noncontrolling interest		5		25		11		92
Income taxes		117		88		262		236
Interest and related charges		65		96		405		262

Adjusted EBIT	$	547	$	466	$	1,612	$	1,434



February 28, 2020		15

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Gas Distribution Reported and Operating Results


	Three Months Ended				Year Ended
Unaudited Summary	December 31,				December 31,
(millions, except per share amounts)	2019		2018		2019		2018
Operating Revenue	$	737	$	533	$	2,385	$	1,785
Operating Expenses
Electric fuel and other energy-related purchases		—		—		—		—
Purchased electric capacity		—		—		—		—
Purchased gas		233		157		619		401
Other operations and maintenance		166		120		618		475
Depreciation, depletion and amortization		82		67		335		263
Other taxes		39		47		200		190

Total operating expenses		520		391		1,772		1,329

Income from operations		217		142		613		456

Other income		27		23		105		91

Income including noncontrolling interests before interest and income taxes		244		165		718		547
Interest and related charges		29		20		116		79

Income including noncontrolling interests before income taxes		215		145		602		468
Income taxes		42		27		114		95

Income including noncontrolling interests		173		118		488		373
Noncontrolling interests		—		—		—		—

Reported and Operating Earnings Contribution	$	173	$	118	$	488	$	373

Reported and Operating Earnings Per Share Contribution	$	0.21	$	0.18	$	0.60	$	0.57

Average shares outstanding, diluted		826.3		660.9		808.9		654.9
Adjusted EBIT Reconciliation
Reported Earnings	$	173	$	118	$	488	$	373
Noncontrolling interest		—		—		—		—
Income taxes		42		27		114		95
Interest and related charges		29		20		116		79

Adjusted EBIT	$	244	$	165	$	718	$	547



February 28, 2020		16

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DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Dominion Energy South Carolina Reported and Operating Results


	Three Months Ended		Year Ended
Unaudited Summary	December 31,		December 31,
(millions, except per share amounts)	2019		2019
Operating Revenue	$	767	$	2,952
Operating Expenses
Electric fuel and other energy-related purchases		114		619
Purchased electric capacity		19		50
Purchased gas		55		177
Other operations and maintenance		170		595
Depreciation, depletion and amortization		117		452
Other taxes		53		241

Total operating expenses		528		2,134

Income from operations		239		818

Other income		9		17

Income including noncontrolling interests before interest and income taxes		248		835
Interest and related charges		52		242

Income including noncontrolling interests before income taxes		196		593
Income taxes		98		163

Income including noncontrolling interests		98		430
Noncontrolling interests		—		—

Reported and Operating Earnings Contribution	$	98	$	430

Reported and Operating Earnings Per Share Contribution	$	0.12	$	0.53

Average shares outstanding, diluted		826.3		808.9
Adjusted EBIT Reconciliation
Reported Earnings	$	98	$	430
Noncontrolling interest		—		—
Income taxes		98		163
Interest and related charges		52		242

Adjusted EBIT	$	248	$	835



February 28, 2020		17

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Contracted Generation Reported and Operating Results


	Three Months Ended						Year Ended
Unaudited Summary	December 31,						December 31,
(millions, except per share amounts)	2019			2018			2019		2018
Operating Revenue	$	274		$	303		$	1,150	$	1,495

Operating Expenses
Electric fuel and other energy-related purchases		35			73			138		340
Purchased electric capacity		—			—			—		—
Purchased gas		—			—			—		—
Other operations and maintenance		103			157			459		512
Depreciation, depletion and amortization		45			45			179		213
Other taxes		13			15			53		57

Total operating expenses		196			290			829		1,122

Income from operations		78			13			321		373

Other income		19			22			80		81

Income including noncontrolling interests before interest and income taxes		97			35			401		454
Interest and related charges		24			30			98		124

Income including noncontrolling interests before income taxes		73			5			303		330
Income taxes		(37	)		4			20		75

Income including noncontrolling interests		110			1			283		255
Noncontrolling interests		(4	)		(4	)		7		10

Reported and Operating Earnings Contribution	$	114		$	5		$	276	$	245

Reported and Operating Earnings Per Share Contribution	$	0.14		$	0.01		$	0.34	$	0.37

Average shares outstanding, diluted		826.3			660.9			808.9		654.9
Adjusted EBIT Reconciliation
Reported Earnings	$	114		$	5		$	276	$	245
Noncontrolling interest		(4	)		(4	)		7		10
Income taxes		(37	)		4			20		75
Interest and related charges		24			30			98		124

Adjusted EBIT	$	97		$	35		$	401	$	454



February 28, 2020		18

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Corporate & Other Reported and Operating Results


	Three Months Ended						Year Ended
Unaudited Summary	December 31,						December 31,
(millions, except per share amounts)	2019			2018			2019			2018
Operating Revenue	$	253		$	173		$	77		$	474
Operating Expenses
Electric fuel and other energy-related purchases		—			—			—			—
Purchased electric capacity		—			—			—			8
Purchased gas		—			—			—			—
Other operations and maintenance ²		634			276			3,105			1,133
Depreciation, depletion and amortization		20			14			73			18
Other taxes		9			5			68			29

Total operating expenses		663			295			3,246			1,188

Income (Loss) from operations		(410	)		(122	)		(3,169	)		(714	)

Other income		233			266			691			681

Income (Loss) including noncontrolling interests before interest and income taxes		(177	)		144			(2,478	)		(33	)
Interest and related charges		179			253			768			784

Income (Loss) including noncontrolling interests before income taxes		(356	)		(109	)		(3,246	)		(817	)
Income taxes		(217	)		(37	)		(690	)		(206	)

Income (Loss) including noncontrolling interests		(139	)		(72	)		(2,556	)		(611	)
Noncontrolling interests		—			—			—			—

Reported Earnings (Loss) Contribution	$	(139	)	$	(72	)	$	(2,556	)	$	(611	)

Reported Earnings (Loss) Per Share Contribution³	$	(0.18	)	$	(0.11	)	$	(3.22	)	$	(0.93	)

Adjustments to reported earnings:
Pre-tax Loss (Income) ¹		193			(50	)		2,620			201
Income Tax ¹		(214	)		1			(531	)		3

		(21	)		(49	)		2,089			204
Operating Earnings (Loss) Contribution	$	(160	)	$	(121	)	$	(467	)	$	(407	)

Operating Earnings (Loss) Per Share Contribution³	$	(0.21	)	$	(0.19	)	$	(0.60	)	$	(0.62	)

Average shares outstanding, diluted		826.3			660.9			808.9			654.9
Adjusted EBIT Reconciliation
Reported Earnings (Loss)	$	(139	)	$	(72	)	$	(2,556	)	$	(611	)
Noncontrolling interest		—			—			—			—
Income taxes		(217	)		(37	)		(690	)		(206	)
Interest and related charges		179			253			768			784

	$	(177	)	$	144		$	(2,478	)	$	(33	)
Adjustments¹		192			(119	)		2,609			131

Adjusted EBIT	$	15		$	25		$	131		$	98

¹⁾	For additional details on adjustments to reporting earnings and to EBIT see the GAAP Reconciliation schedules on pages 24-32.

²⁾	Includes impairment of assets and other charges.

³⁾

The calculation of operating earnings per share excludes the impact, if any, of fair value adjustments related to the Company’s convertible preferred securities entered in June 2019. Such fair value adjustments, if any, are required for the calculation of diluted reported earnings per share For the three months and twelve months ended December 31, the fair value adjustment required for diluted reported earnings per share calculation was $1 million and $28 million, respectively. The calculation of reported and operating earnings per share includes the impact of preferred dividends of $7 million per quarter associated with the Series A preferred stock equity units entered in June of 2019 and $2 million associated with the Series B preferred stock equity units entered in December of 2019. See Form 10K for additional information.



February 28, 2020		19

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Reconciliation of Operating Earnings Guidance

2019 Operating Earnings Summary

(millions, except per share amounts)


	2018 Actual			Range of FY19				2019 Actual
Description	2018 Actual			Low		High		2019 Actual
Dominion Energy Virginia
Adjusted EBIT	$	2,492			—		—	$	2,798
Operating earnings	$	1,596			—		—	$	1,786
Operating EPS	$	2.44			—		—	$	2.21
Gas Transmission & Storage
Adjusted EBIT	$	1,434			—		—	$	1,612
Operating earnings	$	844			—		—	$	934
Operating EPS	$	1.29			—		—	$	1.16
Gas Distribution
Adjusted EBIT	$	547			—		—	$	718
Operating earnings	$	373			—		—	$	488
Operating EPS	$	0.57			—		—	$	0.60
Dominion Energy South Carolina
Adjusted EBIT	$	0			—		—	$	835
Operating earnings	$	0			—		—	$	430
Operating EPS	$	0.00			—		—	$	0.53
Contracted Generation
Adjusted EBIT	$	454			—		—	$	401
Operating earnings	$	245			—		—	$	276
Operating EPS	$	0.37			—		—	$	0.34
Corporate and Other & Eliminations
Adjusted EBIT	($	174	)		—		—	($	255	)
Operating earnings	($	407	)		—		—	($	467	)
Operating EPS	($	0.62	)		—		—	($	0.60	)
Dominion Energy Consolidated
Total adjusted EBIT	$	4,753		$	5,780	$	6,105	$	6,109
Consolidated interest		1,423			1,835		1,815		1,762
Consolidated income taxes		577			690		725		882
Noncontrolling interests		102			15		20		18

Operating earnings	$	2,651		$	3,240	$	3,545	$	3,447
Operating EPS	$	4.05		$	4.01	$	4.39	$	4.24
Average Diluted Shares		654.9			809.0		807.0		808.9
2019 Operating EPS Guidance Range				$	4.05	$	4.40
2019 Operating EPS Actual >>>								$	4.24

Notes:

Figures may not sum due to rounding

For additional detail on items excluded from operating earnings see the GAAP Reconciliation schedules on pages 28 and 29

For additional detail on Adjusted EBIT see Segment Results on pages 13 - 19

Adjusted EBIT is defined as Reported Earnings excluding any adjustments to Reported Earnings (Operating Earnings)

before interest and related charges, income taxes and noncontrolling interests



February 28, 2020		20

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT


4Q19 Operating Earnings Summary
(millions, except per share amounts)
	4Q18		Range of 4Q19				4Q19
Description	Actual		Low		High		Actual
Dominion Energy Consolidated
Total adjusted EBIT	$	1,078	$	1,500	$	1,650	$	1,746
Consolidated interest		371		430		420		400
Consolidated income taxes		94		145		175		357
Noncontrolling interests		21		0		0		1

Operating earnings	$	592	$	925	$	1,055	$	988
Operating EPS	$	0.89	$	1.10	$	1.26	$	1.18
Average Diluted Shares		660.9		832		830		826.3
4Q19 Operating EPS Guidance Range			$	1.10	$	1.25
4Q19 Operating EPS Actual >>>							$	1.18

Notes:

Figures may not sum due to rounding

For additional detail on items excluded from operating earnings see the GAAP Reconciliation schedules on pages 30 and 31

Adjusted EBIT is defined as Reported Earnings excluding any adjustments to Reported Earnings (Operating Earnings)

before interest and related charges, income taxes and noncontrolling interests



February 28, 2020		21

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

2020 Earnings Guidance and Accompanying Schedules

Earnings Guidance


2020 Operating Earnings Forecast
(millions, except per share amounts)
	2019			Range of FY2020
Description	Actual			Low			High
Dominion Energy Virginia
Adjusted EBIT	$	2,798		$	2,830		$	3,010
Operating earnings	$	1,786		$	1,870		$	2,010
Operating EPS	$	2.21		$	2.22		$	2.40
Gas Transmission & Storage
Adjusted EBIT	$	1,612		$	1,535		$	1,615
Operating earnings	$	934		$	940		$	1,015
Operating EPS	$	1.16		$	1.12		$	1.21
Gas Distribution
Adjusted EBIT	$	718		$	755		$	795
Operating earnings	$	488		$	535		$	565
Operating EPS	$	0.60		$	0.64		$	0.67
Dominion Energy South Carolina
Adjusted EBIT	$	835		$	785		$	825
Operating earnings	$	430		$	460		$	490
Operating EPS	$	0.53		$	0.55		$	0.58
Contracted Generation
Adjusted EBIT	$	401		$	290		$	315
Operating earnings	$	276		$	205		$	235
Operating EPS	$	0.34		$	0.24		$	0.28
Corporate and Other & Eliminations
Adjusted EBIT	($	255	)	($	80	)	($	112	)
Operating earnings	($	467	)	($	370	)	($	387	)
Operating EPS	($	0.60	)	($	0.52	)	($	0.54	)
Dominion Energy Consolidated
Total adjusted EBIT	$	6,109		$	6,115		$	6,448
Consolidated interest		1,762			1,630			1,550
Consolidated income taxes		882			705			830
Noncontrolling interests		18			140			140

Operating earnings	$	3,447		$	3,640		$	3,928
Operating EPS	$	4.24		$	4.25		$	4.60
Average Diluted Shares		808.9			841.0			839.0
2020 Operating EPS Guidance Range				$	4.25		$	4.60

Notes:

Figures may not sum due to rounding

For additional detail on items excluded from operating earnings see the GAAP Reconciliation schedule on page 28 and 33

Corporate and Other & Eliminations Operating EPS guidance includes the impact of preferred dividends

Guidance assumes consolidated federal and state effective income tax rate of 15.5%—17.5%



February 28, 2020		22

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT


1Q20 Operating Earnings Forecast
(millions, except per share amounts)
	1Q19		Range of 1Q20
Description	Actual		Low		High
Dominion Energy Consolidated
Total adjusted EBIT	$	1,536	$	1,535	$	1,715
Consolidated interest		459		410		390
Consolidated income taxes		201		210		250
Noncontrolling interests		3		30		30

Operating earnings	$	873	$	885	$	1,045
Operating EPS	$	1.10	$	1.03	$	1.23
Average Diluted Shares		793.1		840.0		838.0
1Q20 Operating EPS Guidance Range			$	1.05	$	1.25

Notes:

Figures may not sum due to rounding

For additional detail on items excluded from operating earnings see the GAAP Reconciliation schedule on page 32 and 33

Operating EPS guidance includes the impact of preferred dividends



February 28, 2020		23

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

GAAP Reconciliation

Reconciliation of 2019 Consolidated Reported Earnings to Operating Earnings


	Unaudited Income Statements
	(millions, except per share amounts)
	Three Months Ended							Year Ended
	December 31, 2019							December 31, 2019
	GAAP		Adjustments			Operating		GAAP		Adjustments			Operating
Operating Revenue	$	4,475	$	14	(e)	$	4,489	$	16,572	$	1,088	(a),(e)	$	17,660

Operating Expenses
Electric fuel and other energy-related purchases		655		—			655		2,938		—			2,938
Purchased electric capacity		14		—			14		88		—			88
Purchased gas		426		—			426		1,536		—			1,536
Other operations and maintenance		1,274		(366	)(a),(b),(e)		908		5,801		(1,948	)(a),(b),(c),(e)		3,853
Depreciation, depletion and amortization		664		(1	)(b)		663		2,655		—	(b),(e)		2,655
Other taxes		221		—			221		1,040		(15	)(a)		1,025

Total operating expenses		3,254		(367	)		2,887		14,058		(1,963	)		12,095

Income from operations		1,221		381			1,602		2,514		3,051			5,565

Other income (loss)		333		(189	)(d)		144		986		(442	)(a),(b),(d)		544

Income including noncontrolling interests before interest and income taxes		1,554		192			1,746		3,500		2,609			6,109
Interest and related charges		401		(1	)(a)		400		1,773		(11	)(a),(b)		1,762

Income including noncontrolling interests before income taxes		1,153		193			1,346		1,727		2,620			4,347
Income taxes		143		214	(f)		357		351		531	(f),(g)		882

Income including noncontrolling interests		1,010		(21	)		989		1,376		2,089			3,465
Noncontrolling interests		1		—			1		18		—			18

Earnings	$	1,009	$	(21	)	$	988	$	1,358	$	2,089		$	3,447

Earnings Per Share - Diluted	$	1.21	$	(0.03	)	$	1.18	$	1.62	$	2.62		$	4.24

Average shares outstanding, diluted		826.3					826.3		808.9					808.9

Adjustments to Reported Earnings

(a)	Merger and integration-related costs.

(b)	Charges associated with regulated asset and contract retirements/terminations.

(c)	Revision to ash pond and landfill closure costs at certain Virginia utility power stations.

(d)	Net gain/loss on our investment in nuclear decommissioning trust funds.

(e)	Other miscellaneous items.

(f)	Income tax provisions associated with adjustments to reported earnings.

(g)	Deferred tax adjustments associated with the SCANA Combination.



February 28, 2020		24

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Reconciliation of 2018 Consolidated Reported Earnings to Operating Earnings


	Unaudited Income Statements
	(millions, except per share amounts)
	Three Months Ended							Year Ended
	December 31, 2018							December 31, 2018
	GAAP		Adjustments			Operating		GAAP		Adjustments			Operating
Operating Revenue	$	3,361	$	—		$	3,361	$	13,366	$	218	(a),(j)	$	13,584

Operating Expenses
Electric fuel and other energy-related purchases		686		—			686		2,814		—			2,814
Purchased electric capacity		35		—			35		122		(8	) (h)		114
Purchased gas		236		—			236		645		—			645
Other operations and maintenance		896		(93	) (b),(c),(j),(m)		803		3,481		(403	) (b),(c),(e),(f),(h),(j),(m)		3,078
Depreciation, depletion and amortization		513		(2	) (c)		511		2,000		35	(c),(f),(g)		2,035
Other taxes		161		—			161		703		—			703

Total operating expenses		2,527		(95	)		2,432		9,765		(376	)		9,389

Income from operations		834		95			929		3,601		594			4,195

Other income (loss)		363		(214	) (d),(h),(j)		149		1,021		(463	) (d),(f),(h),(j)		558

Income including noncontrolling interests before interest and income taxes		1,197		(119	)		1,078		4,622		131			4,753
Interest and related charges		440		(69	) (j)		371		1,493		(70	) (f),(j)		1,423

Income including noncontrolling interests before income taxes		757		(50	)		707		3,129		201			3,330
Income taxes		95		(1	) (i),(k),(l)		94		580		(3	) (i),(k),(l)		577

Income including noncontrolling interests		662		(49	)		613		2,549		204			2,753
Noncontrolling interests		21		—			21		102		—			102

Earnings	$	641	$	(49	)	$	592	$	2,447	$	204		$	2,651

Earnings Per Share - Diluted	$	0.97	$	(0.08	)	$	0.89	$	3.74	$	0.31		$	4.05

Average shares outstanding, diluted		660.9					660.9		654.9					654.9

Adjustments to Reported Earnings

(a)	Reserve for utility customers’ one-time rate credits associated with Virginia legislation.

(b)	Restoration costs associated with major storms.

(c)	Merger-related transaction and transition costs.

(d)	Net gain/loss on our investment in nuclear decommissioning trust funds.

(e)	Ash pond and landfill closure costs at certain utility power stations.

(f)	Charge associated with FERC-regulated plant disallowance.

(g)	Virginia depreciation revision.

(h)	Other miscellaneous items.

(i)	Income tax provisions associated with adjustments to reported earnings.

(j)	Transactions related to sale of non-core assets.

(k)	Remeasurement of deferred tax balances.

(l)	Tax valuation allowance.

(m)	Impairment charge associated with gathering and processing assets.



February 28, 2020		25

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Reconciliation of 2019 Corporate and Other Reported Earnings to Operating Earnings


	Unaudited Income Statements
	(millions, except per share amounts)
	Three Months Ended									Year Ended
	December 31, 2019									December 31, 2019
	GAAP			Adjustments			Operating			GAAP			Adjustments			Operating
Operating Revenue	$	253		$	14	(e)	$	267		$	77		$	1,088	(a),(e)	$	1,165
Operating Expenses
Electric fuel and other energy-related purchases		—			—			—			—			—			—
Purchased electric capacity		—			—			—			—			—			—
Purchased gas		—			—			—			—			—			—
Other operations and maintenance		634			(366	) (a),(b),(e)		268			3,105			(1,948	) (a),(b),(c),(e)		1,157
Depreciation, depletion and amortization		20			(1	) (b)		19			73			—	(b),(e)		73
Other taxes		9			—			9			68			(15	) (a)		53

Total operating expenses		663			(367	)		296			3,246			(1,963	)		1,283

Income from operations		(410	)		381			(29	)		(3,169	)		3,051			(118	)

Other income (loss)		233			(189	) (d)		44			691			(442	) (a),(b),(d)		249

Income including noncontrolling interests before interest and income taxes		(177	)		192			15			(2,478	)		2,609			131
Interest and related charges		179			(1	) (a)		178			768			(11	) (a),(b)		757

Income including noncontrolling interests before income taxes		(356	)		193			(163	)		(3,246	)		2,620			(626	)
Income taxes		(217	)		214	(f)		(3	)		(690	)		531	(f),(g)		(159	)
Income including noncontrolling interests		(139	)		(21	)		(160	)		(2,556	)		2,089			(467	)
Noncontrolling interests		—			—			—			—			—			—

Earnings	$	(139	)	$	(21	)	$	(160	)	$	(2,556	)	$	2,089		$	(467	)

Earnings Per Share - Diluted	$	(0.18	)	$	(0.03	)	$	(0.21	)	$	(3.22	)	$	2.62		$	(0.60	)

Average shares outstanding, diluted		826.3						826.3			808.9						808.9

Adjustments to Reported Earnings

(a)	Merger and integration-related costs.

(b)	Charges associated with regulated asset and contract retirements/terminations.

(c)	Revision to ash pond and landfill closure costs at certain Virginia utility power stations.

(d)	Net gain/loss on our investment in nuclear decommissioning trust funds.

(e)	Other miscellaneous items.

(f)	Income tax provisions associated with adjustments to reported earnings.

(g)	Deferred tax adjustments associated with the SCANA Combination.



February 28, 2020		26

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Reconciliation of 2018 Corporate and Other Reported Earnings to Operating Earnings


	Unaudited Income Statements
	(millions, except per share amounts)
	Three Months Ended									Year Ended
	December 31, 2018									December 31, 2018
	GAAP			Adjustments			Operating			GAAP			Adjustments			Operating
Operating Revenue	$	173		$	—		$	173		$	474		$	218	(a),(j)	$	692

Operating Expenses
Electric fuel and other energy-related purchases		—			—			—			—			—			—
Purchased electric capacity		—			—			—			8			(8	) (h)		—
Purchased gas		—			—			—			—			—			—
Other operations and maintenance		276			(93	) (b),(c),(j),(m)		183			1,133			(403	) (b),(c),(e),(f),(h),(j),(m)		730
Depreciation, depletion and amortization		14			(2	) (c)		12			18			35	(c),(f),(g)		53
Other taxes		5			—			5			29			—			29

Total operating expenses		295			(95	)		200			1,188			(376	)		812

Income from operations		(122	)		95			(27	)		(714	)		594			(120	)

Other income (loss)		266			(214	) (d),(h),(j)		52			681			(463	) (d),(f),(h),(j)		218

Income including noncontrolling interests before interest and income taxes		144			(119	)		25			(33	)		131			98
Interest and related charges		253			(69	) (j)		184			784			(70	) (f),(j)		714

Income including noncontrolling interests before income taxes		(109)			(50	)		(159	)		(817	)		201			(616	)
Income taxes		(37)			(1	) (i),(k),(l)		(38	)		(206	)		(3	) (i),(k),(l)		(209	)

Income including noncontrolling interests		(72	)		(49	)		(121)			(611	)		204			(407	)
Noncontrolling interests		—			—			—			—			—			—

Earnings	$	(72	)	$	(49	)	$	(121	)	$	(611	)	$	204		$	(407	)

Earnings Per Share - Diluted	$	(0.11	)	$	(0.08	)	$	(0.19	)	$	(0.93	)	$	0.31		$	(0.62	)

Average shares outstanding, diluted		660.9						660.9			654.9						654.9

Adjustments to Reported Earnings

(a)	Reserve for utility customers’ one-time rate credits associated with Virginia legislation.

(b)	Restoration costs associated with major storms.

(c)	Merger-related transaction and transition costs.

(d)	Net gain/loss on our investment in nuclear decommissioning trust funds.

(e)	Ash pond and landfill closure costs at certain utility power stations.

(f)	Charge associated with FERC-regulated plant disallowance.

(g)	Virginia depreciation revision.

(h)	Other miscellaneous items.

(i)	Income tax provisions associated with adjustments to reported earnings.

(j)	Transactions related to sale of non-core assets.

(k)	Remeasurement of deferred tax balances.

(l)	Tax valuation allowance.

(m)	Impairment charge associated with gathering and processing assets.



February 28, 2020		27

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Reconciliation of 2019 Reported Earnings to 2019 Operating Earnings

Unaudited, Operating Segments

(millions, except per share amounts)


Description	2019 Reported			Adjustments			2019 Operating
Dominion Energy Virginia Adjusted EBIT	$	2,798					$	2,798
Gas Transmission & Storage Adjusted EBIT		1,612						1,612
Gas Distribution Adjusted EBIT		718						718
Dominion Energy South Carolina Adjusted EBIT		835						835
Contracted Generation Adjusted EBIT		401						401
Corporate and Other & Eliminations Adjusted EBIT		(2,864	)		2,609	(a), (b), (c), (d), (e)		(255	)

Total Adjusted EBIT	$	3,500		$	2,609		$	6,109
Consolidated Interest		1,773			(11	) (a), (b)		1,762
Consolidated Income Taxes		351			531	(f), (g)		882
Noncontrolling Interests		18			0			18

Earnings	$	1,358		$	2,089		$	3,447
Average Diluted Shares Outstanding		808.9			808.9			808.9

Reported EPS	$	1.62			—			—

Adjustments to reported earnings		—		$	2.62			—

Operating EPS		—			—		$	4.24

Adjustments to Reported Earnings

(a)	Merger and integration-related costs.

(b)	Charges associated with regulated asset and contract retirements/terminations.

(c)	Revision to ash pond and landfill closure costs at certain Virginia utility power stations.

(d)	Net gain/loss on our investment in nuclear decommissioning trust funds.

(e)	Other miscellaneous items.

(f)	Income tax provisions associated with adjustments to reported earnings.

(g)	Deferred tax adjustments associated with the SCANA Combination.



February 28, 2020		28

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Reconciliation of 2018 Reported Earnings to 2018 Operating Earnings

Unaudited, Operating Segments

(millions, except per share amounts)


Description	2018 Reported			Adjustments			2018 Operating
Dominion Energy Virginia Adjusted EBIT		2,492						2,492
Gas Transmission & Storage Adjusted EBIT		1,434						1,434
Gas Distribution Adjusted EBIT		547						547
Contracted Generation Adjusted EBIT		454						454
Corporate and Other & Eliminations Adjusted EBIT		(305	)		131	(a), (b), (c), (d), (e), (f), (g), (h), (i), (j)		(174	)

Total Adjusted EBIT	$	4,622		$	131		$	4,753
Consolidated Interest		1,493			(70	) (a), (e)		1,423
Consolidated Income Taxes		580			(3	) (k), (l), (m)		577
Noncontrolling Interests		102			0			102

Earnings	$	2,447		$	204		$	2,651
Average Diluted Shares Outstanding		654.9			654.9			654.9

Reported EPS	$	3.74			—			—

Adjustments to reported earnings		—		$	0.31			—

Operating EPS		—			—		$	4.05

Adjustments to Reported Earnings

(a)	Transactions related to sale of non-core assets.

(b)	Impairment charge associated with gathering and processing assets.

(c)	Reserve for utility customers’ one-time rate credits associated with Virginia legislation.

(d)	Net gain/loss on our investment in nuclear decommissioning trust funds.

(e)	Charge associated with FERC-regulated plant disallowance.

(f)	Ash pond and landfill closure costs at certain utility power stations.

(g)	Restoration costs associated with major storms.

(h)	Merger-related transaction and transition costs.

(i)	Virginia depreciation revision.

(j)	Other miscellaneous items.

(k)	Income tax provisions associated with adjustments to reported earnings.

(l)	Remeasurement of deferred tax balances.

(m)	Tax valuation allowance.



February 28, 2020		29

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Reconciliation of 4Q19 Reported Earnings to 4Q19 Operating Earnings

Unaudited, Operating Segments

(millions, except per share amounts)


Description	4Q19 Reported		Adjustments			4Q19 Operating
Dominion Energy Consolidated
Total Adjusted EBIT	$	1,554	$	192	(a),(b),(c),(d)	$	1,746
Consolidated Interest		401		(1	) (a)		400
Consolidated Income Taxes		143		214	(e)		357
Noncontrolling Interests		1		0			1

Earnings	$	1,009		($21	)	$	988
Average Diluted Shares Outstanding		826.3		826.3			826.3

Reported EPS	$	1.21		—			—

Adjustments to reported earnings		—	($	0.03)			—

Operating EPS		—		—		$	1.18

Adjustments to Reported Earnings

(a)	Merger and integration-related costs.

(b)	Charges associated with regulated asset and contract retirements/terminations.

(c)	Other miscellaneous items.

(d)	Net gain/loss on our investment in nuclear decommissioning trust funds.

(e)	Income tax provisions associated with adjustments to reported earnings.



February 28, 2020		30

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Reconciliation of 4Q18 Reported Earnings to 4Q18 Operating Earnings


Unaudited, Operating Segments (millions, except per share amounts)
Description	4Q18 Reported		Adjustments			4Q18 Operating
Dominion Energy Consolidated
Total Adjusted EBIT	$	1,197		($119	) (a), (b), (c), (d), (e), (f)	$	1,078
Consolidated Interest		440		(69	) (a)		371
Consolidated Income Taxes		95		(1	) (g), (h), (i)		94
Noncontrolling Interests		21		0			21

Earnings	$	641		($49	)	$	592
Average Diluted Shares Outstanding		660.9		660.9			660.9

Reported EPS	$	0.97		—			—

Adjustments to reported earnings		—		($0.08	)		—

Operating EPS		—		—		$	0.89

Adjustments to Reported Earnings

(a)	Transactions related to sale of non-core assets.

(b)	Impairment charge associated with gathering and processing assets.

(c)	Net gain/loss on our investment in nuclear decommissioning trust funds.

(d)	Restoration costs associated with major storms.

(e)	Merger-related transaction and transition costs.

(f)	Other miscellaneous items.

(g)	Income tax provisions associated with adjustments to reported earnings.

(h)	Remeasurement of deferred tax balances.

(i)	Tax valuation allowance.



February 28, 2020		31

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Reconciliation of 1Q19 Reported Earnings to 1Q19 Operating Earnings


Unaudited, Operating Segments (millions, except per share amounts)
Description	1Q19 Reported			Adjustments			1Q19 Operating
Dominion Energy Consolidated
Total Adjusted EBIT		(94	)	$	1,630	(a),(b),(c),(d),(e)	$	1,536
Consolidated Interest		469			(10	) (a), (b)		459
Consolidated Income Taxes		114			87	(f), (g)		201
Noncontrolling Interests		3			0			3

Earnings (Loss)	($	680	)	$	1,553		$	873
Average Diluted Shares Outstanding		793.1			793.1			793.1

Reported EPS	($	0.86	)		—			—

Adjustments to reported earnings		—		$	1.96			—

Operating EPS		—			—		$	1.10

Adjustments to Reported Earnings

(a)	Merger and integration-related costs.

(b)	Charges associated with Virginia utility asset retirements.

(c)	Revision to ash pond and landfill closure costs at certain Virginia utility power stations.

(d)	Net gain/loss on our investment in nuclear decommissioning trust funds.

(e)	Other miscellaneous items.

(f)	Income tax provisions associated with adjustments to reported earnings.

(g)	Deferred tax adjustments associated with the SCANA Combination.



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Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

2020 Earnings Expectations

Earnings Per Share (diluted)

Reconciliation of measures prepared in accordance with Generally Accepted Accounting Principles (GAAP) versus non-GAAP measures


1Q 2020 Operating Earnings (estimate):	$	1.05 - $1.25
1Q 2020 Reported Earnings (estimate):		See Note 1 below
FY 2020 Operating Earnings (estimate):	$	4.25 - $4.60
FY 2020 Reported Earnings (estimate):		See Note 1 below

In providing its first-quarter and full-year 2020 operating earnings guidance, the company notes that there could be differences between expected reported earnings and estimated operating earnings for matters such as, but not limited to, acquisitions, divestitures or changes in accounting principles. At this time, Dominion Energy management is not able to estimate the aggregate impact, if any, of these items on future period reported earnings. Accordingly, Dominion Energy is not able to provide a corresponding GAAP equivalent for its operating earnings guidance.

Dominion Energy uses operating earnings as the primary performance measurement of its earnings guidance and results for public communications with analysts and investors. Dominion Energy also uses operating earnings internally for budgeting, for reporting to the board of directors, for the company’s incentive compensation plans and for its targeted dividend payouts and other purposes. Dominion Energy management believes operating earnings provide a more meaningful representation of the company’s fundamental earnings power.

Dominion Energy’s estimates of first-quarter and full-year 2020 earnings are subject to various risks and uncertainties. Factors that could cause actual results to differ include, but are not limited to: unusual weather conditions and their effect on energy sales to customers and energy commodity prices; extreme weather events and other natural disasters; federal, state and local legislative and regulatory developments; changes to federal, state and local environmental laws and regulations, including proposed carbon regulations; cost of environmental compliance; changes in enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities; capital market conditions, including the availability of credit and the ability to obtain financing on reasonable terms; fluctuations in interest rates; changes in rating agency requirements or credit ratings and their effect on availability and cost of capital; impacts of acquisitions, divestitures, transfers of assets by Dominion Energy to joint ventures and retirements of assets based on asset portfolio reviews; receipt of approvals for, and timing of, closing dates for other acquisitions and divestitures; changes in demand for Dominion Energy’s services; additional competition in Dominion Energy’s industries; changes to regulated rates collected by Dominion Energy; changes in operating, maintenance and construction costs; timing and receipt of regulatory approvals necessary for planned construction or expansion projects and compliance with conditions associated with such regulatory approvals; adverse outcomes in litigation matters or regulatory proceedings; and the inability to complete planned construction projects within time frames initially anticipated. Other risk factors are detailed from time to time in Dominion Energy’s quarterly reports on Form 10-Q and most recent annual report on Form 10-K filed with the Securities and Exchange Commission.



February 28, 2020		33

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

APPENDIX

List of Revised Schedules


Schedule	Page Number
Consolidated Statements of Income (GAAP)		6

Schedule 1 - Segment Operating Earnings		7

Schedule 2 - Reconciliation of 2019 Repoted Earnings to Operating Earnings		8

Schedule 4 - Reconciliation of 2019 Earnings to 2018		10

Consolidated Financial Statements (GAAP) - Dominion Energy Consolidated

Unaudited Balance Sheets (Summarized)		11

Unaudited Statements of Cash Flows (Summarized		12

Segment Earnings Results

Dominion Energy Consolidated Reported and Operating Results (Unaudited Summary)		13

Corporate & Other Reported and Operating Results (Unaudited Summary)		19

GAAP Reconciliation

Reconciliation of 2019 Consolidated Reported Earnings to Operating Earnings		24

Reconciliation of 2019 Corporate and Other Reported Earnings to Operating Earnings		26

Reconciliation of 2019 Reported Earnings to 2019 Operating Earnings		28

Reconciliation of 4Q19 Reported Earnings to 4Q19 Operating Earnings		30



February 28, 2020		34

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.