EX-99.2 4 exhibit992.htm EXHIBIT 99.2 DRAFT

Dominion Resources, Inc.
Preliminary Earnings Report - Operating Segments
December 31, 2001

(millions, except earnings per share)

4th Quarter Ended
December 31

12 Months Ended
December 31

2001 (1)

2000 (2)

2001 (1)

2000 (2)

Operating Revenues & Income

$2,507 

$2,782 

$10,558 

$9,246 

Earnings:

Dominion Energy

$127 

$67 

$723 

$ 489 

Dominion Delivery

93 

78 

366 

339 

Dominion Exploration & Production

86 

81 

320 

255 

Dominion Capital

2 

(1)

(14)

11 

Corporate & Other (3)

   (77)

   (81)

    (342)

  (307)

OPERATING EARNINGS (EXCLUDING SPECIA
    ITEMS)


$231 


$144 


$1,053 


$ 787 

Special Items (see Note 1)

(348)

(38)

(509)

(351)

REPORTED NET INCOME

$(117)

$106 

$544 

$436 

Common Shares Outstanding (average, diluted)

260.8 

243.5 

252.5 

235.9 

Earnings Per Share (EPS):

Dominion Energy

$0.49 

$ 0.28 

$2.86 

$2.07 

Dominion Delivery

0.36 

0.32 

1.45 

1.43 

Dominion Exploration & Production

0.33 

0.33 

1.27 

1.08 

Dominion Capital

0.01 

(0.01)

(0.06)

0.04 

Corporate & Other (3)

(0.30)

(0.33)

(1.35)

(1.29)

OPERATING EPS (EXCLUDING SPECIAL ITEMS)

$0.89 

$0.59 

$4.17 

$ 3.33 

Special Items (see Note 1)

(1.34)

(0.15)

(2.02)

(1.48)

REPORTED EPS

$(0.45)

$ 0.44 

$ 2.15 

$ 1.85 

Note 1: Special Items

Pre-tax

Enron impairment

$(151)

$(151)

NUG buyout

$(220)

Loss on sale of Saxon Capital, Inc.

$(40)

Restructuring & acquisition-related charges

$(105)

$(48)

$(105)

$(299)

Financial service asset impairment

$(281)

$(281)

$(291)

Gain on sale of Corby Power Station

$11 

Cumulative effect of change in accounting principle (pension)

$ 33 

After-tax

Enron impairment

$(97)

$(97)

NUG buyout

$(136)

Loss on sale of Saxon Capital, Inc.

$(25)

Restructuring & acquisition-related charges

$(68)

$(38)

$(68)

$(198)

Financial service asset impairment

$(183)

$(183)

$(187)

Gain on sale of Corby Power Station

$13 

Cumulative effect of change in accounting principle (pension)

$ 21 

EPS impact

Enron impairment

$(0.37)

$(0.38)

NUG buyout

$(0.54)

Loss on sale of Saxon Capital, Inc.

$(0.10)

Restructuring & acquisition-related charges

$(0.27)

$(0.15)

$(0.27)

$(0.84)

Financial service asset impairment

$(0.70)

$(0.73)

$(0.79)

Gain on sale of Corby Power Station

$0.06 

Cumulative effect of change in accounting principle (pension)

$0.09 

(1)

2001 results include Louis Dreyfus as of 11/01/01

(2)

2000 results include CNG as of 1/28/00

(3)

Includes goodwill, interest and Corby Power Station

Dominion Resources, Inc.
Preliminary Earnings Report - Legal Entities
December 31, 2001

(millions, except earnings per share)

4th Quarter Ended
December 31

12 Months Ended
December 31

2001 (1)

2000 (2)

2001 (1)

2000 (2)

Operating Revenues & Income

$2,507 

$2,782 

$10,558 

$9,246 

Earnings:

Virginia Power

$44 

$61 

$587 

$ 568 

Consolidated Natural Gas(4)

177 

102 

505 

343 

Dominion Energy

94 

24 

312 

85 

Dominion Capital

2 

(2)

(14)

11 

Corporate & Other (3)(4)

   (86)

   (41)

    (337)

  (220)

OPERATING EARNINGS (EXCLUDING SPECIAL
     ITEMS)


$231 


$144 


$1,053 


$ 787 

Special Items (see Note 1)

(348)

(38)

(509)

(351)

REPORTED NET INCOME

$(117)

$106 

$544 

$436 

Common Shares Outstanding (average, diluted)

260.8 

243.5 

252.5 

235.9 

Earnings Per Share (EPS):

Virginia Power

$0.17 

$ 0.25 

$2.32 

$2.41 

Consolidated Natural Gas

0.68 

0.42 

2.00 

1.45 

Dominion Energy

0.36 

0.10 

1.24 

0.36 

Dominion Capital

0.01 

(0.01)

(0.06)

0.04 

Corporate & Other (3)

(0.33)

(0.17)

(1.33)

(0.93)

OPERATING EPS (EXCLUDING SPECIAL ITEMS)

$0.89 

$0.59 

$4.17 

$ 3.33 

Special Items (see Note 1)

(1.34)

(0.15)

(2.02)

(1.48)

REPORTED EPS

$(0.45)

$ 0.44 

$ 2.15 

$ 1.85 

Note 1: Special Items

Pre-tax

Enron impairment

$(151)

$(151)

NUG buyout

$(220)

Loss on sale of Saxon Capital, Inc.

$(40)

Restructuring & acquisition-related charges

$(105)

$(48)

$(105)

$(299)

Financial service asset impairment

$(281)

$(281)

$(291)

Gain on sale of Corby Power Station

$11 

Cumulative effect of change in accounting principle (pension)

$ 33 

After-tax

Enron impairment

$(97)

$(97)

NUG buyout

$(136)

Loss on sale of Saxon Capital, Inc.

$(25)

Restructuring & acquisition-related charges

$(68)

$(38)

$(68)

$(198)

Financial service asset impairment

$(183)

$(183)

$(187)

Gain on sale of Corby Power Station

$13 

Cumulative effect of change in accounting principle (pension)

$ 21 

EPS impact

Enron impairment

$(0.37)

$(0.38)

NUG buyout

$(0.54)

Loss on sale of Saxon Capital, Inc.

$(0.10)

Restructuring & acquisition-related charges

$(0.27)

$(0.15)

$(0.27)

$(0.84)

Financial service asset impairment

$(0.70)

$(0.73)

$(0.79)

Gain on sale of Corby Power Station

$0.06 

Cumulative effect of change in accounting principle (pension)

$0.09 

See footnotes on next page

 

Footnotes to Preliminary Earnings Report - Legal Entities

(1)

2001 results include Louis Dreyfus as of 11/01/01

(2)

2000 results include CNG as of 1/28/00

(3)

Includes goodwill, interest and Corby Power Station

(4)

2001 results for CNG include a $53 million (21 cents) charge relating to ceiling test impairment, fully offset by a reclassification of other comprehensive income to earnings. The elimination of these adjustments are included in Corporate & Other to reflect that there was no ceiling test impairment at the consolidated Dominion level after aggregating all of Dominion's oil and gas properties.

 

 

Dominion Resources, Inc.
Preliminary Earnings Report - Legal Entities
December 31, 2001

(millions, except earnings per share)


Virginia
  Power  

Consolidated
Natural
   Gas(1)   


Dominion
 Energy 


Dominion
 Capital 


Corporate
and Other(1)



Total

EARNINGS:

OPERATING EARNINGS (EXCLUDING
SPECIAL ITEMS, NET OF TAX)


$587 


$505 


$312 


$(14)


$(337)


$1,053 

   Special Items, net of tax

      Enron impairment

2 

(69)

(30)

(97)

      NUG buyout

(136)

(136)

      Loss on sale of Saxon Capital, Inc.

(25)

(25)

      Restructuring & acquisition-related charges

(29)

(31)

(4)

(3)

(1)

(68)

      Financial service asset impairment

 (183)

  (183)

      Cumulative effect of adopting FAS 133

     (1)

   (14)

         

         

      15

       0

REPORTED NET INCOME

$423 

$391 

$278 

$(225)

$(323)

$544 

Common Shares Outstanding
   (average, diluted)


252.5


252.5


252.5


252.5


252.5


252.5

EARNINGS PER SHARE:

OPERATING EPS (EXCLUDING SPECIAL
    ITEMS, NET OF TAX)


$2.32 


$2.00


$1.24


$(0.06)


$(1.33)


$4.17 

   Special Items, net of tax

      Enron impairment

0.01 

(0.27)

(0.12)

(0.38)

      NUG buyout

(0.54)

(0.54)

      Loss on sale of Saxon Capital, Inc.

(0.10)

(0.10)

      Restructuring & acquisition-related charges

(0.12)

(0.13)

(0.02)

(0.27)

      Financial service asset impairment

(0.73)

(0.73)

      Cumulative effect of adopting FAS 133

         

(0.05)

         

         

  0.05

  0.00

REPORTED EPS

$1.67

$1.55

$1.10

$(0.89)

$(1.28)

$2.15

(1)

2001 results for CNG include a $53 million (21 cents) charge relating to ceiling test impairment, fully offset by a reclassification of other comprehensive income to earnings. The elimination of these adjustments are included in Corporate & Other to reflect that there was no ceiling test impairment at the consolidated Dominion level after aggregating all of Dominion's oil and gas properties.