DUKE ENERGY REPORTS SECOND QUARTER 2005 RESULTS
-
Reported basic earnings per share of 33 cents in second quarter
2005 versus 46 cents in previous year; 31 cents in ongoing basic
EPS versus 42 cents in prior year’s quarter
-
Mild weather dampens sales at Franchised Electric and DENA
-
Field Services and International post strong quarter
-
Company on track to meet 2005 EPS incentive target
CHARLOTTE, N.C. -- Duke Energy today reported second quarter 2005 basic earnings per share (EPS) of $0.33, or $309 million in net income, compared to $0.46 per share in second quarter 2004, or $432 million. On a diluted basis, second quarter 2005 earnings were $0.32 per share, compared to $0.45 in second quarter 2004.
Ongoing basic EPS for second quarter 2005, which excludes special items, were $0.31 versus $0.42 in second quarter 2004. On a diluted basis, ongoing EPS for second quarter 2005 were $0.30 compared to $0.42 in second quarter 2004.
"Thanks to a strong performance from Field Services and International, our results are on plan with respect to where we thought we would be at this point in the year. Mild weather hurt sales at our merchant and regulated electric businesses this quarter, but we remain confident that we will be able to achieve our 2005 EPS incentive of $1.60 per share," said Paul Anderson, chairman of the board and chief executive officer. That incentive should track basic ongoing earnings.
"Looking to full-year results, the weather in July portends a stronger
third quarter for Duke Power and Duke Energy North America. Based on transactions
expected in the second half, Crescent is poised to meet or exceed last year’s
results. And International expects to have an exceptional year," he
said.
Anderson added the company’s debt reduction efforts in 2004 continue to help Duke Energy in 2005. Second quarter 2005 interest expense was $39 million less than the previous year’s quarter. Special items impacting basic EPS for the quarter include:
| |
Pre-Tax Amount |
Tax Effect |
2005
EPS Impact |
2004
EPS Impact |
| ($ in Millions) |
|
|
|
|
| |
|
|
|
|
Second quarter 2005 |
|
|
|
|
- Settlement of positions on 2005 Field Services' hedges that were de-designated
|
$22 |
($8) |
$0.02 |
-- |
- Mark-to-market gain on de-designated 2005 Field Services' hedges
|
7 |
(2) |
-- |
-- |
| Second quarter 2004 |
|
|
|
|
- Enron settlement (net of minority interest of $5 million)
|
$130 |
($46) |
-- |
$0.09 |
- True-up on net gain on sale of International Energy assets
|
38 |
(9) |
-- |
0.03 |
- California and western U.S. energy markets settlement
|
(105) |
37 |
-- |
(0.07) |
- Net losses on asset sales (net of minority interest of $6 million)
|
(8) |
3 |
-- |
-- |
- Interest related to litigation reserve
|
(12) |
4 |
-- |
(0.01) |
|
|
|
|
|
| Total basic EPS impact |
|
|
$0.02 |
$0.04 |
| Basic EPS, as reported |
|
|
$0.33 |
$0.46 |
| Basic EPS, ongoing * |
|
|
$0.31 |
$0.42 |
Special items EPS year-to-date impact:
| |
2005 |
2004 |
| First quarter |
$0.47 |
-- |
| Second quarter |
$0.02 |
$0.04 |
Impact of change in shares
outstanding and rounding |
$0.01 |
-- |
| Total EPS Impact |
$0.50 |
$0.04 |
| Year-to-date EPS as reported |
$1.25 |
$0.80 |
| Year-to-date EPS, ongoing* |
$0.75 |
$0.76 |
* Includes results from operations in Duke Energy North America, International Energy, Field Services and Crescent Resources that have been discontinued.
BUSINESS UNIT RESULTS
Franchised Electric
Second quarter 2005 segment EBIT from continuing operations for Franchised Electric was $274 million, compared to $338 million in the prior year’s quarter. The decrease was driven by milder weather, which lowered residential sales 9.1 percent. Also contributing to the decrease were higher operating and maintenance expenses -- mainly additional planned power plant outages, increased right of way maintenance expenses and storm costs.
The decrease in segment EBIT for the quarter was partially offset by improved bulk power marketing (BPM) sales. In addition to greater sales, the improvement in BPM results was driven by a $27 million charge recorded in second quarter 2004 related to the commencement of the profit-sharing program with customers in North Carolina and South Carolina. Another positive for Franchised Electric in the quarter was an increase of 42,000 customers -- about 2 percent -- over the prior year.
J.D. Power announced last month that Duke Power ranked No. 1 in residential customer satisfaction in the South region of the United States.
Year-to-date segment EBIT from continuing operations for Franchised Electric was $610 million, compared to $762 million in 2004.
Franchised Electric remains on target to meet its annual segment growth target of zero to 2 percent for the 2005 to 2007 time period. While year-to-date segment EBIT from continuing operations is lower than the comparable period last year, the company expects segment EBIT for 2005 at or slightly below 2004 segment EBIT.
Natural Gas Transmission
Duke Energy Gas Transmission (DEGT) reported second quarter 2005 EBIT from continuing operations of $302 million compared to $311 million in the prior year’s quarter. The decrease resulted from a benefit of $17 million for the favorable resolution of ad valorem tax issues in several states and a $9 million gain on the sale of assets, both in second quarter 2004. Continued contributions from U.S. expansion projects and a $9 million benefit due to a stronger Canadian currency boosted earnings for the second quarter 2005.
The favorable Canadian currency impacts on DEGT’s EBIT were partially offset in Duke Energy’s net income by currency impacts on Canadian interest and taxes.
Year-to-date EBIT from continuing operations for Natural Gas Transmission was $709 million, compared with $709 million in 2004.
Natural Gas Transmission continues to expect its ongoing annual segment EBIT growth rate to be in the range of 3 percent to 5 percent for the 2005 to 2007 time period. The recent transfer of Field Services’ Canadian assets and the addition of the Empress system from ConocoPhillips will contribute to earnings growth and put DEGT at the high end of this range for 2005.
Field Services
The Field Services business segment, which in the quarter represented Duke Energy's 70-percent interest in Duke Energy Field Services (DEFS), reported second quarter 2005 EBIT from continuing operations of $166 million compared to $95 million in second quarter 2004.
The increase was primarily driven by higher commodity prices, net of hedging, slightly offset by increased operating expenses and the absence of earnings from TEPPCO, which was sold in first quarter 2005.
On July 5, 2005, Duke Energy transferred a 19.7 percent interest in DEFS to ConocoPhillips in exchange for cash and assets of approximately $1.1 billion. Going forward, DEFS will be a 50/50 joint venture between Duke Energy and ConocoPhillips.
Year-to-date EBIT from continuing operations for Field Services was approximately $1.09 billion, compared to $186 million in 2004. The company expects ongoing equity earnings from its 50-percent interest in Field Services for the last half of 2005 to be about $200 million, not adjusted for the remaining recognition of the hedge de-designation of negative $73 million, and net of interest expense.
Duke Energy North America
Duke Energy North America (DENA) reported a segment EBIT loss from continuing operations of $56 million in second quarter 2005, compared to a loss of $38 million in second quarter 2004.
The increased loss for the quarter was due to reduced generation sales
as a result of milder weather in the West and losses related to the current
weakness in the gas transportation business, which resulted in lower margins
in the second quarter of 2005 versus 2004. These losses were partially offset
by reductions in operating and general and administrative expenses during
second quarter 2005. Additionally, mark-to-market earnings in second quarter
2005 were flat, representing a $24 million decrease ($22 million before
minority interest) from second quarter 2004, due primarily to the absence
of last year’s mark-to-market gains that were related to favorable
market price changes on the disqualified hedge positions.
Overall year-to-date EBIT loss from continuing operations for DENA was $91
million, compared to a $595 million loss in 2004.
Provided that hot summer weather occurs in the third quarter, the company
expects DENA to reach its 2005 goal of no more than a $150 million ongoing
segment EBIT loss.
International Energy
For second quarter 2005, Duke Energy International (DEI) reported segment
EBIT from continuing operations of $86 million, compared to $68 million in
second quarter 2004. The results were driven primarily by improved performance
in Brazil due to increased volumes offset by lower prices, the stronger Brazilian
real and higher commodity prices at National Methanol.
The favorable currency impacts on DEI’s EBIT were partially offset
in Duke Energy’s net income by currency impacts on Brazilian interest
and taxes.
Year-to-date EBIT from continuing operations for International Energy was
$154 million, compared with $97 million in 2004.
International Energy expects to see ongoing annual segment EBIT growth in
the 2 percent to 3 percent range over the 2005 to 2007 time period. However,
International Energy is expecting to have a very good year in 2005 as a result
of improved Latin America operations, higher prices at our National Methanol
business and favorable foreign currency exchange.
Crescent Resources
Crescent Resources reported second quarter 2005 segment EBIT from continuing
operations of $39 million, compared to $87 million in the previous year’s
quarter. The difference was largely due to a $45 million gain on a commercial
land sale at Potomac Yard in northern Virginia, which occurred in second quarter
2004.
Year-to-date EBIT from continuing operations for Crescent Resources was $91
million, compared with $147 million in 2004.
As the result of continuing strength in real estate markets this year, segment
EBIT from continuing and discontinued operations for 2005 is expected to be
at, or above, the results for 2004 -- which were approximately $250 million.
Other
Other includes the cost of corporate governance, DukeNet Communications, the
company’s 50-percent interest in Duke/Fluor Daniel, Duke Energy Merchants,
Duke Energy’s captive insurance company Bison Insurance Co. Limited
and de-designated hedges resulting from the decision to transfer a 19.7 percent
interest in DEFS to ConocoPhillips. Other reported an EBIT loss from continuing
operations of $88 million in second quarter 2005, compared to a loss of $26
million in second quarter 2004. The additional losses were due primarily to
increased liabilities associated with mutual insurance companies, the change
in value of the de-designated hedges during the quarter and the gain on the
Enron bankruptcy settlement in second quarter 2004.
Year-to-date EBIT loss from continuing operations for Other was $257 million,
compared with a $31 million EBIT loss in 2004.
Ongoing EBIT for Other is expected to remain in the $200 million loss range
annually, excluding any changes due to mark-to-market fluctuations on the
de-designated hedges.
Discontinued Operations
Discontinued Operations showed a second quarter 2005 loss of $2 million, compared
to a gain of $26 million in 2004. The difference was due primarily to a true-up
on the net gain on the sale of International Energy assets in the second quarter
2004.
Year-to-date, Discontinued Operations posted a loss of $1 million, compared
with a gain of $272 million in 2004.
INTEREST EXPENSE
Interest expense was $297 million for second quarter 2005, compared to $336
million for second quarter 2004. This decrease was primarily due to the company’s
debt reduction efforts in 2004.
Year-to-date interest expense was $590 million, compared with interest expense
of $692 million in 2004.
INCOME TAX
Second quarter 2005 income tax expense from continuing operations was $151
million, compared to $134 million in second quarter 2004. During second quarter
2004, Duke Energy released income tax reserves of approximately $52 million,
resulting from the resolution of various outstanding income tax issues during
the quarter and changes in estimates. The impact of this prior year release
of income tax reserves was offset by lower pretax earnings during second quarter
2005, as compared to the same period in 2004.
Year-to-date income tax expense from continuing operations was $598 million,
compared to $167 million in 2004.
LIQUIDITY AND CAPITAL RESOURCES
Duke Energy's consolidated capital structure at the end of second quarter
2005, including short-term debt, was 50 percent debt, 45 percent common equity
and 5 percent minority interests. The company had approximately $2.05 billion
in cash, cash equivalents and short-term investments at the end of second
quarter 2005.
ADDITIONAL INFORMATION
Additional information, including EPS reconciliation data and a schedule
for Duke Energy Field Services’ gas volume and margin by contract
type can be obtained at Duke Energy’s second quarter 2005 earnings
information Web site at: http://www.duke-energy.com/investors/.
NON-GAAP FINANCIAL MEASURES
The primary performance measure used by management to evaluate segment performance
is segment EBIT from continuing operations, which at the segment level represents
all profits from continuing operations (both operating and non-operating)
before deducting interest and taxes, and is net of the minority interest expense
related to those profits. Management believes segment EBIT from continuing
operations, which is the GAAP measure used to report segment results, is a
good indicator of each segment’s operating performance as it represents
the results of our ownership interests in continuing operations without regard
to financing methods or capital structures.
Duke Energy’s management uses ongoing basic and diluted EPS, which
are non-GAAP financial measures as they represent basic and diluted EPS adjusted
for the impact of special items, as two of the measures to evaluate operations
of the company. Special items represent certain charges and credits which
management believes will not be recurring on a regular basis. Management believes
that the presentation of ongoing basic and diluted EPS provides useful information
to investors, as it allows them to more accurately compare the company’s
ongoing performance across all periods. Ongoing basic EPS is also the basis
used for employee incentive bonuses. The most directly comparable GAAP measures
for ongoing basic and diluted EPS are reported basic and diluted EPS, respectively,
which include the impact of special items. Due to the forward-looking nature
of ongoing basic and diluted EPS for future periods, information to reconcile
such non-GAAP financial measures to the most directly comparable GAAP financial
measure is not available at this time as the company is unable to forecast
any special items for future periods.
Duke Energy also uses ongoing segment EBIT as a measure of historical and
anticipated future segment performance. When used for future periods, ongoing
segment EBIT may also include any amounts that may be reported as discontinued
operations. Ongoing segment EBIT is a non-GAAP financial measure as it represents
reported segment EBIT adjusted for special items. Management believes that
the presentation of ongoing segment EBIT provides useful information to investors,
as it allows them to more accurately compare a segment’s ongoing performance
across all periods. The most directly comparable GAAP measure for ongoing
segment EBIT is reported segment EBIT, which represents EBIT from continuing
operations, including any special items. Due to the forward-looking nature
of forecasted ongoing segment EBIT and related growth rates for future periods,
information to reconcile these non-GAAP financial measures to the most directly
comparable GAAP financial measures is not available at this time as the company
is unable to forecast any special items or any amounts that may be reported
as discontinued operations for future periods.
Duke Energy also uses segment EBIT from continuing and discontinued operations
as a measure of historical and anticipated future segment performance for
Crescent Resources. Since selling commercial and multi-family assets is an
ongoing part of operations for Crescent Resources, it is likely that Crescent
Resources will report discontinued operations on a recurring basis under normal
operating conditions. Accordingly, management believes that the presentation
of segment EBIT from continuing and discontinued operations provides useful
information to investors, as it allows them to compare Crescent’s total
performance across all periods. The most directly comparable GAAP measure
for Crescent’s segment EBIT from continuing and discontinued operations
is reported segment EBIT from continuing operations. Information to reconcile
this non-GAAP financial measure to the most directly comparable GAAP financial
measure is not available at this time as the company is unable to forecast
those Crescent operations, if any, which will be discontinued operations during
2005.
Duke Energy is a diversified energy company with a portfolio of natural gas
and electric businesses, both regulated and unregulated, and an affiliated
real estate company. Duke Energy supplies, delivers and processes energy for
customers in the Americas. Headquartered in Charlotte, N.C., Duke Energy is
a Fortune 500 company traded on the New York Stock Exchange under the symbol
DUK. More information about the company is available on the Internet at: www.duke-energy.com.
An earnings conference call for analysts is scheduled for 10 a.m. ET today.
The conference call can be accessed via the investors'
section of Duke Energy’s Web site http://www.duke-energy.com/investors/
or by dialing 800/475-3716 in the United States or 719/457-2728 outside
the United States. The confirmation code is 4199913. Please call in five
to 10 minutes prior to the scheduled start time. A replay of the conference
call will be available until Aug. 12, 2005, midnight ET, by dialing 888/203-1112
with a confirmation code of 4199913. The international replay number is
719/457-0820, confirmation code 4199913. A replay and transcript also will
be available by accessing the investors'
section of the company’s Web site. The presentation may include
certain non-GAAP financial measures as defined under SEC rules. In such
event, a reconciliation of those measures to the most directly comparable
GAAP measures will be available on our investor relations Web site at: http://www.duke-energy.com/investors/publications/gaap/.
This release includes statements that do not directly or exclusively relate
to historical facts. Such statements are "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Those statements represent Duke
Energy’s intentions, plans, expectations, assumptions and beliefs about
future events and are subject to risks, uncertainties and other factors, many
of which are outside Duke Energy’s control and could cause actual results
to differ materially from the results expressed or implied by those forward-looking
statements. Those factors include: industrial, commercial and residential
growth in Duke Energy’s service territories; the influence of weather
on company operations; general economic conditions, including any potential
effects arising from terrorist attacks and any consequential hostilities or
other hostilities or other external factors over which Duke Energy has no
control; changes in environmental and other laws and regulations to which
Duke Energy and its subsidiaries are subject; the results of financing efforts,
including Duke Energy’s ability to obtain financing on favorable terms,
which can be affected by various factors, including Duke Energy’s credit
ratings and general economic conditions; declines in the market prices of
equity securities and resultant cash funding requirements for Duke Energy’s
defined benefit pension plans; the performance of electric generation, pipeline
and gas processing facilities; the extent of success in connecting natural
gas supplies to gathering and processing systems and in connecting and expanding
gas and electric markets; conditions of the capital markets and equity markets
during the periods covered by the forward-looking statements; the effect of
accounting pronouncements issued periodically by accounting standard-setting
bodies; the outcomes of litigation and regulatory investigations, proceedings
or inquiries and other contingencies; the level of creditworthiness of counterparties
to Duke Energy’s transactions; the amount of collateral required to
be posted from time to time in Duke Energy’s transactions; opportunities
for Duke Energy’s business units, including the timing and success of
efforts to develop domestic and international power, pipeline, gathering,
liquefied natural gas, processing and other infrastructure projects.
In light of these risks, uncertainties and assumptions, the events described
in the forward-looking statements might not occur or might occur to a different
extent or at a different time than Duke Energy has described. Duke Energy
undertakes no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.
Information contained in this release is unaudited, and is subject to change.
| Media Contact: |
Randy Wheeless |
| Phone: |
704/382-8379 |
| 24 Hour Phone: |
704/382-8333 |
| Email: |
crwheele@duke-energy.com |
| Analyst Contact: |
Julie Dill |
| Phone: |
980/373-4332 |
 |
JUNE 2005
QUARTERLY HIGHLIGHTS
(Unaudited)
| |
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
| |
|
|
|
| (In millions, except where noted) |
2005 |
|
2004 |
|
2005 |
|
2004 |
|
| COMMON STOCK DATA |
|
|
|
|
|
|
|
| Earnings Per Share (from continuing operations) |
|
|
|
|
|
|
|
| Basic |
$0.33 |
|
$0.43 |
|
$1.25 |
|
$0.50 |
| Diluted |
$0.32 |
|
$0.42 |
|
$1.20 |
|
$0.49 |
| Earnings Per Share (from discontinued operations)
|
|
|
|
|
|
|
|
| Basic |
$- |
|
$0.03 |
|
$- |
|
$0.30 |
| Diluted |
$- |
|
$0.03 |
|
$- |
|
$0.29 |
| Earnings Per Share |
|
|
|
|
|
|
|
| Basic |
$0.33 |
|
$0.46 |
|
$1.25 |
|
$0.80 |
| Diluted |
$0.32 |
|
$0.45 |
|
$1.20 |
|
$0.78 |
| Dividends Per Share |
$0.585 |
|
$0.550 |
|
$0.860 |
|
$0.825 |
| Weighted-Average Shares Outstanding |
|
|
|
|
|
|
|
| Basic |
927 |
|
926 |
|
941 |
|
919 |
| Diluted |
964 |
|
961 |
|
977 |
|
954 |
| |
|
|
|
|
|
|
|
|
| INCOME |
|
|
|
|
|
|
|
| Operating Revenues |
$5,654 |
|
$5,316 |
|
$11,403 |
|
$10,952 |
| |
|
|
|
|
|
|
|
| Total Reportable Segment EBIT |
811 |
|
861 |
|
2,560 |
|
1,306 |
| Other EBIT |
(88) |
|
(26) |
|
(257) |
|
(31) |
| Interest Expense |
297 |
|
336 |
|
590 |
|
692 |
| Interest Income and Other (a) |
(36) |
|
(41) |
|
(63) |
|
(55) |
| Income Tax Expense from Continuing Operations |
151 |
|
134 |
|
598 |
|
167 |
| (Loss) Income from Discontinued Operations |
(2) |
|
26 |
|
(1) |
|
272 |
| |
|
|
|
|
|
|
|
| Net Income |
309 |
|
432 |
|
1,177 |
|
743 |
| Dividends and Premiums on Redemption of Preferred and Preference Stock |
2 |
|
3 |
|
4 |
|
5 |
| |
|
|
|
|
|
|
|
| Earnings Available for Common Stockholders |
$307 |
|
$429 |
|
$1,173 |
|
$738 |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| CAPITALIZATION |
|
|
|
|
|
|
|
| Common Equity |
|
|
|
|
45% |
|
39% |
| Preferred Stock |
|
|
|
|
0% |
|
0% |
| |
|
|
|
|
|
|
|
| Total Common Equity and Preferred Securities |
|
|
|
|
45% |
|
39% |
| Minority Interests |
|
|
|
|
5% |
|
5% |
| Total Debt |
|
|
|
|
50% |
|
56% |
|
| Total Debt |
|
|
|
|
$18,368 |
|
$21,153 |
| Book Value Per Share |
|
|
|
|
$17.58 |
|
$15.52 |
| Actual Shares Outstanding |
|
|
|
|
926 |
|
938 |
|
| CAPITAL AND INVESTMENT EXPENDITURES |
|
|
|
|
|
|
|
| Franchised Electric |
$287 |
|
$254 |
|
$578 |
|
$528 |
| Natural Gas Transmission |
129 |
|
102 |
|
225 |
|
256 |
| Field Services |
50 |
|
107 |
|
99 |
|
132 |
| Duke Energy North America |
2 |
|
5 |
|
5 |
|
14 |
| International Energy |
8 |
|
7 |
|
12 |
|
15 |
| Crescent (b) |
191 |
|
122 |
|
331 |
|
284 |
| Other |
7 |
|
6 |
|
10 |
|
24 |
| |
|
|
|
|
|
|
|
| Total Capital and Investment Expenditures |
$674 |
|
$603 |
|
$1,260 |
|
$1,253 |
| |
|
|
|
|
|
|
|
|
| EBIT BY BUSINESS SEGMENT |
|
|
|
|
|
|
|
| Franchised Electric |
$274 |
|
$338 |
|
$610 |
|
$762 |
| Natural Gas Transmission |
302 |
|
311 |
|
709 |
|
709 |
| Field Services |
166 |
|
95 |
|
1,087 |
|
186 |
| Duke Energy North America |
(56) |
|
(38) |
|
(91) |
|
(595) |
| International Energy |
86 |
|
68 |
|
154 |
|
97 |
| Crescent |
39 |
|
87 |
|
91 |
|
147 |
| |
|
|
|
|
|
|
|
| Total reportable segment EBIT |
811 |
|
861 |
|
2,560 |
|
1,306 |
| Other EBIT |
(88) |
|
(26) |
|
(257) |
|
(31) |
| Interest expense |
(297) |
|
(336) |
|
(590) |
|
(692) |
| Interest Income and Other (a) |
36 |
|
41 |
|
63 |
|
55 |
| |
|
|
|
|
|
|
|
| Consolidated earnings from continuing operations before income taxes |
$462 |
|
$540 |
|
$1,776 |
|
$638 |
| |
|
|
|
|
|
|
|
|
(a) Other includes foreign currency
remeasurement gains and losses and additional minority interest not
allocated to the segment results.
(b) Amounts include capital expenditures for residential real estate
included in operating cash flows of $118 million and $92 million for
the three months ended June 30, 2005 and 2004 respectively, and $209
million and $138 million for the six months ended June 30, 2005 and
2004, respectively. |
 top
JUNE 2005
QUARTERLY HIGHLIGHTS
(Unaudited)
| |
|
|
|
|
|
|
|
| |
Three Months Ended |
|
Six Months Ended |
| |
June 30, |
|
June 30, |
| |
|
|
|
| (In millions, except where noted) |
2005 |
|
2004 |
|
2005 |
|
2004 |
|
| FRANCHISED ELECTRIC |
|
|
|
|
|
|
|
| Operating Revenues |
$1,234 |
|
$1,228 |
|
$2,499 |
|
$2,499 |
| Operating Expenses |
959 |
|
896 |
|
1,890 |
|
1,747 |
| Gains on Sales of Other Assets, net |
- |
|
3 |
|
1 |
|
3 |
| Other (Expense) Income, net |
(1) |
|
3 |
|
- |
|
7 |
| |
|
|
|
|
|
|
|
| EBIT |
$274 |
|
$338 |
|
$610 |
|
$762 |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| Sales, GWh |
20,431 |
|
20,087 |
|
41,594 |
|
42,050 |
| |
|
|
|
|
|
|
|
|
| NATURAL GAS TRANSMISSION |
|
|
|
|
|
|
|
| Operating Revenues |
$749 |
|
$688 |
|
$1,924 |
|
$1,726 |
| Operating Expenses |
457 |
|
397 |
|
1,233 |
|
1,035 |
| Gains on Sales of Other Assets, net |
2 |
|
9 |
|
4 |
|
9 |
| Other Income, net of expenses |
14 |
|
13 |
|
28 |
|
19 |
| Minority Interest Expense |
6 |
|
2 |
|
14 |
|
10 |
| |
|
|
|
|
|
|
|
| EBIT |
$302 |
|
$311 |
|
$709 |
|
$709 |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| Proportional Throughput, TBtu |
719 |
|
726 |
|
1,775 |
|
1,815 |
| |
|
|
|
|
|
|
|
|
| FIELD SERVICES (a) |
|
|
|
|
|
|
|
| Operating Revenues |
$2,888 |
|
$2,341 |
|
$5,562 |
|
$4,694 |
| Operating Expenses |
2,651 |
|
2,209 |
|
5,237 |
|
4,437 |
| Gains on Sales of Other Assets, net |
- |
|
- |
|
2 |
|
- |
| Other Income, net of expenses |
7 |
|
15 |
|
1,258 |
|
33 |
| Minority Interest Expense |
78 |
|
52 |
|
498 |
|
104 |
| |
|
|
|
|
|
|
|
| EBIT |
$166 |
|
$95 |
|
$1,087 |
|
$186 |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| Natural Gas Gathered and Processed/Transported,
TBtu/day (b) |
7.3 |
|
7.4 |
|
7.2 |
|
7.3 |
| Natural Gas Liquids Production, MBbl/d
(b) |
370 |
|
368 |
|
367 |
|
360 |
| Average Natural Gas Price per MMBtu |
$6.73 |
|
$5.99 |
|
$6.50 |
|
$5.84 |
| Average Natural Gas Liquids Price per Gallon |
$0.75 |
|
$0.61 |
|
$0.74 |
|
$0.60 |
| |
|
|
|
|
|
|
|
|
| DUKE ENERGY NORTH AMERICA (a) |
|
|
|
|
|
|
|
| Operating Revenues |
$463 |
|
$646 |
|
$931 |
|
$1,270 |
| Operating Expenses |
525 |
|
674 |
|
1,063 |
|
1,515 |
| (Losses) Gains on Sales of Other Assets,
net (c) |
(1) |
|
(16) |
|
27 |
|
(368) |
| Other Income (Expense), net |
3 |
|
- |
|
4 |
|
(2) |
| Minority Interest Benefit |
(4) |
|
(6) |
|
(10) |
|
(20) |
| |
|
|
|
|
|
|
|
| EBIT |
$(56) |
|
$(38) |
|
$(91) |
|
$(595) |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| Actual Plant Production, GWh (d) |
3,939 |
|
5,422 |
|
7,895 |
|
10,883 |
| Proportional MW Capacity in Operation |
|
|
|
|
9,890 |
|
15,465 |
| |
|
|
|
|
|
|
|
|
| INTERNATIONAL ENERGY |
|
|
|
|
|
|
|
| Operating Revenues |
$182 |
|
$147 |
|
$350 |
|
$301 |
| Operating Expenses |
127 |
|
98 |
|
246 |
|
229 |
| Other Income, net of expenses |
34 |
|
22 |
|
55 |
|
31 |
| Minority Interest Expense |
3 |
|
3 |
|
5 |
|
6 |
| |
|
|
|
|
|
|
|
| EBIT |
$86 |
|
$68 |
|
$154 |
|
$97 |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| Sales, GWh |
4,527 |
|
4,247 |
|
9,062 |
|
8,811 |
| Proportional MW Capacity in Operation |
|
|
|
|
4,139 |
|
4,130 |
| |
|
|
|
|
|
|
|
|
| CRESCENT (a) |
|
|
|
|
|
|
|
| Operating Revenues |
$112 |
|
$101 |
|
$176 |
|
$139 |
| Operating Expenses |
79 |
|
75 |
|
130 |
|
111 |
| Gains on Sales of Investments in Commercial
and Multi-Family Real Estate |
12 |
|
62 |
|
54 |
|
121 |
| Other Expense, net |
(1) |
|
- |
|
(1) |
|
- |
| Minority Interest Expense |
5 |
|
1 |
|
8 |
|
2 |
| |
|
|
|
|
|
|
|
| EBIT |
$39 |
|
$87 |
|
$91 |
|
$147 |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| OTHER |
|
|
|
|
|
|
|
| Operating Revenues |
$149 |
|
$290 |
|
$189 |
|
$634 |
| Operating Expenses |
241 |
|
311 |
|
451 |
|
698 |
| (Losses) Gains on Sales of Other Assets,
net |
- |
|
(7) |
|
- |
|
7 |
| Other Income, net of expenses |
4 |
|
2 |
|
5 |
|
26 |
| |
|
|
|
|
|
|
|
| EBIT |
$(88) |
|
$(26) |
|
$(257) |
|
$(31) |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
(a) Certain prior year amounts
have been reclassified due to discontinued operations.
(b) Represents 100% of joint venture volumes.
(c) Prior year amounts for the six months ended June 30, 2004 include
DENA Southeast plant impairment of approximately $360 million.
(d) Represents 100% of GWh.
Note: See GAAP reconciliation associated with the 2005 second quarter
Earnings Release on the Investor Relations Web site at http://www.duke-energy.com/investors/publications/gaap/. |
top
DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In millions, except per-share amounts)
| |
|
|
|
|
|
|
|
| |
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
| |
|
|
|
| |
2005 |
|
2004 |
|
2005 |
|
2004 |
| |
|
|
|
|
|
|
|
| Operating Revenues |
$5,654 |
|
$5,316 |
|
$11,403 |
|
$10,952 |
| Operating Expenses |
4,915 |
|
4,537 |
|
10,021 |
|
9,462 |
| Gains on Sales of Investments in Commercial and Multi-Family
Real Estate |
12 |
|
62 |
|
54 |
|
121 |
| (Losses) Gains on Sales of Other Assets, net |
- |
|
(11) |
|
33 |
|
(349) |
| |
|
|
|
|
|
|
|
| Operating Income |
751 |
|
830 |
|
1,469 |
|
1,262 |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| Other Income and Expenses |
85 |
|
89 |
|
1,390 |
|
149 |
| Interest Expense |
297 |
|
336 |
|
590 |
|
692 |
| Minority Interest Expense |
77 |
|
43 |
|
493 |
|
81 |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| Earnings From Continuing Operations Before Income Taxes |
462 |
|
540 |
|
1,776 |
|
638 |
| Income Tax Expense from Continuing Operations |
151 |
|
134 |
|
598 |
|
167 |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| Income From Continuing Operations |
311 |
|
406 |
|
1,178 |
|
471 |
| (Loss) Income From Discontinued Operations, net of tax |
(2) |
|
26 |
|
(1) |
|
272 |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| Net Income |
309 |
|
432 |
|
1,177 |
|
743 |
| |
|
|
|
|
|
|
|
| Dividends and Premiums on Redemption of Preferred and
Preference Stock |
2 |
|
3 |
|
4 |
|
5 |
| |
|
|
|
|
|
|
|
| Earnings Available For Common Stockholders |
$307 |
|
$429 |
|
$1,173 |
|
$738 |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| Common Stock Data |
|
|
|
|
|
|
|
| Weighted-average shares outstanding |
|
|
|
|
|
|
|
| Basic |
927 |
|
926 |
|
941 |
|
919 |
| Diluted |
964 |
|
961 |
|
977 |
|
954 |
| Earnings per share (from continuing
operations) |
|
|
|
|
|
|
|
| Basic |
$0.33 |
|
$0.43 |
|
$1.25 |
|
$0.50 |
| Diluted |
$0.32 |
|
$0.42 |
|
$1.20 |
|
$0.49 |
| Earnings per share (from discontinued
operations) |
|
|
|
|
|
|
|
| Basic |
$- |
|
$0.03 |
|
$- |
|
$0.30 |
| Diluted |
$- |
|
$0.03 |
|
$- |
|
$0.29 |
| Earnings per share |
|
|
|
|
|
|
|
| Basic |
$0.33 |
|
$0.46 |
|
$1.25 |
|
$0.80 |
| Diluted |
$0.32 |
|
$0.45 |
|
$1.20 |
|
$0.78 |
| Dividends per share |
$0.585 |
|
$0.550 |
|
$0.860 |
|
$0.825 |
top
DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In millions)
| |
|
|
|
|
| |
|
June 30, |
|
December 31, |
| |
|
2005 |
|
2004 |
| ASSETS |
|
|
|
|
| |
|
|
|
|
| Current Assets |
|
$7,962 |
|
$7,971 |
| Investments and Other Assets |
|
12,121 |
|
11,533 |
| Net Property, Plant and Equipment |
|
33,390 |
|
33,506 |
| Regulatory Assets and Deferred Debits |
|
2,522 |
|
2,460 |
| |
|
|
|
|
| |
|
|
|
|
| Total Assets |
|
$55,995 |
|
$55,470 |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| LIABILITIES AND COMMON STOCKHOLDERS' EQUITY |
|
|
|
|
| |
|
|
|
|
| Current Liabilities |
|
$7,799 |
|
$7,538 |
| Long-term Debt |
|
16,359 |
|
16,932 |
| Deferred Credits and Other Liabilities |
|
13,497 |
|
12,939 |
| Minority Interests |
|
1,925 |
|
1,486 |
| Preferred and preference stock without sinking fund requirements |
|
134 |
|
134 |
| Common Stockholders' Equity |
|
16,281 |
|
16,441 |
| |
|
|
|
|
| |
|
|
|
|
| Total Liabilities and Common Stockholders'
Equity |
|
$55,995 |
|
$55,470 |
| |
|
|
|
|
top
DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
| |
|
|
|
| |
Six Months Ended |
| |
June 30, |
| |
|
| |
2005 |
|
2004 |
| |
|
|
|
| |
|
|
(as Revised -
see Note below) |
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
| Net income |
$1,177 |
|
$743 |
Adjustments to reconcile net income to
net cash provided by operating activities
|
817 |
|
1,628 |
| |
|
|
|
| Net cash provided by operating activities |
1,994 |
|
2,371 |
| |
|
|
|
| |
|
|
|
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
| Net cash provided by (used in) investing
activities |
396 |
|
(1,349) |
| |
|
|
|
| |
|
|
|
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
| Net cash used in financing activities |
(1,915) |
|
(447) |
| |
|
|
|
| |
|
|
|
| Changes in cash and cash equivalents associated
with assets held for sale |
1 |
|
40 |
| |
|
|
|
| |
|
|
|
| Net increase in cash and cash equivalents |
476 |
|
615 |
| Cash and cash equivalents at beginning
of period |
533 |
|
397 |
| |
|
|
|
| Cash and cash equivalents at end
of period |
$1,009 |
|
$1,012 |
| |
|
|
|
Note: The Consolidated Statement of Cash Flows for the
six months ended June 30, 2004 reflects a change in the classification
of expenditures for equipment related to clean air legislation in the
state of North Carolina from cash flows from operating activities to
cash flows from investing activities. As a result, net cash provided
by operating activities for the six months ended June 30, 2004 increased
by $21 million, while net cash used in investing activities for the
six months ended June 30, 2004 increased by $21 million. |
top
Supplemental Disclosures
Quarter Ended June 30, 2005
| Duke Energy Corporation |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mark-to-market Portfolio (in millions) |
|
|
|
|
|
|
|
|
|
|
| As of 06/30/2005 |
|
|
|
|
$(360) |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Daily Earnings at Risk (DER) (in millions) |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 95% Confidence Level, One-Day Holding Period, Two-Tailed |
|
|
|
|
|
|
|
|
|
|
| As of 06/30/2005 |
|
|
|
|
$3 |
|
(a) |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) This figure excludes effects
of the February 22, 2005 de-designation of certain hedges of Field
Services' commodity risk, which have been retained as undesignated
derivatives. |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Duke Energy North America |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in millions unless stated otherwise) |
|
Q-T-D June 30, 2005 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Gross Margin |
|
|
|
|
|
|
|
|
$63 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation to Segment EBIT: |
|
|
|
|
|
|
|
|
|
|
| Plant depreciation |
|
|
|
|
|
(39) |
|
|
|
|
| Plant operating and maintenance expenses |
|
|
|
|
|
(54) |
|
|
|
|
| General and administrative and other expenses |
|
|
|
|
|
(32) |
|
|
|
|
| Minority interest benefit |
|
|
|
|
|
4 |
|
|
|
|
| Other income (expense), net |
|
|
|
|
|
3 |
|
|
|
|
| Gain (loss) on sales of other assets, net |
|
|
|
|
|
(1) |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| DENA Segment EBIT |
|
|
|
|
|
|
|
|
$(56) |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Owned Assets - Contracted Level |
|
Remaining 2005 |
|
2006 |
|
|
|
|
|
| |
|
|
Millions |
|
|
|
|
|
Millions |
|
|
|
|
| |
MWs |
|
MWh |
|
%
Contracted
|
|
MWh |
|
%
Contracted
|
| Region |
Capacity |
|
Available |
|
Capacity |
|
Energy |
|
Available |
|
Capacity |
(c) |
Energy |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| East |
4,615 |
|
18 |
(b) |
17% |
|
7% |
|
38 |
(b) |
10% |
|
10% |
| West |
5,275 |
|
18 |
|
37% |
|
32% |
|
34 |
|
11% |
|
34% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
9,890 |
|
36 |
|
27% |
|
19% |
|
72 |
|
11% |
|
21% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) East capacity includes
3.3 million MWh from peaking facilities in 2005 and 6.7 million in
2006 and excludes plants where we own a non-controlling equity interest
only.
(c) Capacity does not include Regulatory Must Run ("RMR")
elections for 2006, scheduled to occur in late 2005. |
top
Supplemental Disclosures
Quarter Ended June 30, 2005
Terms of Reference
MWs Capacity
Represents the official rated capacity of DENA’s percentage ownership of its merchant assets excluding Bayside which has been classified as discontinued operations.
Millions MWhs Available
Represents the amount of electric power capable of being generated from owned merchant assets, after adjusting for scheduled maintenance and outage factors. For simple cycle facilities, only peak demand periods were included in this calculation.
% Contracted:
Capacity: Volumes contracted under tolls as well as Regulatory Must
Run (“RMR”) and Canadian facilities.
Energy: Volumes sold as forward power hedges.
|
top
Duke Energy Corporation
Quarterly Highlights
Supplemental Franchised Electric Information
|
| |
|
Quarter Ended
June 30, |
|
|
|
Year To Date
June 30, |
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
% |
|
|
|
|
|
|
|
|
|
% |
| |
|
2005 |
|
|
2004 |
|
|
Inc.(Dec.) |
|
|
|
2005 |
|
|
2004 |
|
|
Inc.(Dec.) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GWH Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Residential |
|
5,118 |
|
|
5,631 |
|
|
(9.1%) |
|
|
|
12,042 |
|
|
12,662 |
|
|
(4.9%) |
| General Service |
|
5,983 |
|
|
6,253 |
|
|
(4.3%) |
|
|
|
11,870 |
|
|
12,050 |
|
|
(1.5%) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Industrial - Textile |
|
1,680 |
|
|
1,850 |
|
|
(9.2%) |
|
|
|
3,255 |
|
|
3,465 |
|
|
(6.1%) |
| Industrial - Other |
|
4,649 |
|
|
4,557 |
|
|
2.0% |
|
|
|
9,019 |
|
|
8,554 |
|
|
5.4% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Industrial |
|
6,329 |
|
|
6,407 |
|
|
(1.2%) |
|
|
|
12,274 |
|
|
12,019 |
|
|
2.1% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Energy Sales |
|
67 |
|
|
66 |
|
|
1.5% |
|
|
|
134 |
|
|
132 |
|
|
1.5% |
| Regular Resale |
|
323 |
|
|
342 |
|
|
(5.6%) |
|
|
|
666 |
|
|
694 |
|
|
(4.0%) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Regular Sales Billed |
|
17,820 |
|
|
18,699 |
|
|
(4.7%) |
|
|
|
36,986 |
|
|
37,557 |
|
|
(1.5%) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Special Sales (a) |
|
1,959 |
|
|
913 |
|
|
114.6% |
|
|
|
4,150 |
|
|
3,936 |
|
|
5.4% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Electric Sales |
|
19,779 |
|
|
19,612 |
|
|
0.9% |
|
|
|
41,136 |
|
|
41,493 |
|
|
(0.9%) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unbilled Revenue |
|
372 |
|
|
195 |
|
|
90.8% |
|
|
|
(173) |
|
|
(56) |
|
|
(208.9%) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Duke Power Electric Sales |
|
20,151 |
|
|
19,807 |
|
|
1.7% |
|
|
|
40,963 |
|
|
41,437 |
|
|
(1.1%) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nantahala Electric Sales |
|
280 |
|
|
280 |
|
|
- |
|
|
|
631 |
|
|
613 |
|
|
2.9% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total DP Consolidated Electric Sales |
|
20,431 |
|
|
20,087 |
|
|
1.7% |
|
|
|
41,594 |
|
|
42,050 |
|
|
(1.1%) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average Number of Customers |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Residential |
|
1,833,189 |
|
|
1,799,504 |
|
|
1.9% |
|
|
|
1,831,498 |
|
|
1,797,080 |
|
|
1.9% |
| General Service |
|
310,115 |
|
|
304,220 |
|
|
1.9% |
|
|
|
309,116 |
|
|
303,047 |
|
|
2.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Industrial - Textile |
|
805 |
|
|
857 |
|
|
(6.1%) |
|
|
|
811 |
|
|
866 |
|
|
(6.4%) |
| Industrial - Other |
|
6,656 |
|
|
6,658 |
|
|
- |
|
|
|
6,667 |
|
|
6,676 |
|
|
(0.1%) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Industrial |
|
7,461 |
|
|
7,515 |
|
|
(0.7%) |
|
|
|
7,478 |
|
|
7,542 |
|
|
(0.8%) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Energy Sales |
|
13,095 |
|
|
11,921 |
|
|
9.8% |
|
|
|
13,136 |
|
|
11,692 |
|
|
12.4% |
| Regular Resale |
|
15 |
|
|
15 |
|
|
- |
|
|
|
15 |
|
|
15 |
|
|
- |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Regular Sales |
|
2,163,875 |
|
|
2,123,175 |
|
|
1.9% |
|
|
|
2,161,243 |
|
|
2,119,376 |
|
|
2.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Special Sales (a) |
|
30 |
|
|
34 |
|
|
(11.8%) |
|
|
|
34 |
|
|
38 |
|
|
(10.5%) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Duke Power Electric
Sales |
|
2,163,905 |
|
|
2,123,209 |
|
|
1.9% |
|
|
|
2,161,277 |
|
|
2,119,414 |
|
|
2.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nantahala Electric Sales |
|
68,145 |
|
|
66,854 |
|
|
1.9% |
|
|
|
67,876 |
|
|
66,549 |
|
|
2.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total DP Average Number of
Customers |
|
2,232,050 |
|
|
2,190,063 |
|
|
1.9% |
|
|
|
2,229,153 |
|
|
2,185,963 |
|
|
2.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Excludes sales to Nantahala Power and
Light Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Heating and Cooling Degree Days |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Actual |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Heating Degree Days |
|
262 |
|
|
213 |
|
|
23.0% |
|
|
|
1,975 |
|
|
2,085 |
|
|
(5.3%) |
| Cooling Degree Days |
|
351 |
|
|
562 |
|
|
(37.5%) |
|
|
|
351 |
|
|
569 |
|
|
(38.3%) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Variance from Normal |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Heating Degree Days |
|
17.1% |
|
|
(7.3%) |
|
|
n/a |
|
|
|
2.5% |
|
|
9.8% |
|
|
n/a |
| Cooling Degree Days |
|
(23.8%) |
|
|
23.4% |
|
|
n/a |
|
|
|
(24.3%) |
|
|
24.0% |
|
|
n/a |
top
DUKE ENERGY CORPORATION
ONGOING TO REPORTED EARNINGS RECONCILIATION
June 2004 Quarter-to-date
(Dollars in Millions)
| |
|
|
Special
Items (Note 1) |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Ongoing Earnings |
|
Gain (Loss) on Sale
of Assets |
|
Impairment |
|
Enron Settlement |
|
|
California Settlement |
|
|
Interest on SoCal Reserve |
|
Norsk-Hydro
True-up |
|
Gain on Sale - Asia Pacific |
|
Total |
|
Reported Earnings |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| SEGMENT EARNINGS BEFORE INTEREST AND TAXES
FROM CONTINUING OPERATIONS |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Franchised Electric |
|
$335 |
|
$3 |
|
$- |
|
$- |
|
|
$- |
|
|
$- |
|
$- |
|
$- |
|
$3 |
|
$338 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gas Transmission |
|
302 |
|
9 |
|
- |
|
- |
|
|
- |
|
|
- |
|
- |
|
- |
|
9 |
|
311 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Field Services |
|
94 |
|
- |
|
- |
|
1 |
D |
|
- |
|
|
- |
|
- |
|
- |
|
1 |
|
95 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Duke Energy North America |
|
(28) |
|
(10) |
A |
(3) |
B |
108 |
C,D |
|
(105) |
D |
|
- |
|
- |
|
- |
|
(10) |
|
(38) |
| |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| International Energy |
|
68 |
|
- |
|
- |
|
- |
|
|
- |
|
|
- |
|
- |
|
- |
|
- |
|
68 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Crescent |
|
87 |
|
- |
|
- |
|
- |
|
|
- |
|
|
- |
|
- |
|
- |
|
- |
|
87 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total reportable segment EBIT |
|
858 |
|
2 |
|
(3) |
|
109 |
|
|
(105) |
|
|
- |
|
- |
|
- |
|
3 |
|
861 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other |
|
(40) |
|
(7) |
|
- |
|
21 |
|
|
- |
|
|
- |
|
- |
|
- |
|
14 |
|
(26) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total reportable segment EBIT and other EBIT |
|
$818 |
|
$(5) |
|
$(3) |
|
$130 |
|
|
$(105) |
|
|
$- |
|
$- |
|
$- |
|
$17 |
|
$835 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| EARNINGS FOR COMMON |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Total reportable segment EBIT and other EBIT |
|
$818 |
|
$(5) |
|
$(3) |
|
$130 |
|
|
$(105) |
|
|
$- |
|
$- |
|
$- |
|
$17 |
|
$835 |
| Foreign Currency Translation Gains / (Losses) |
|
2 |
|
- |
|
- |
|
- |
|
|
- |
|
|
- |
|
- |
|
- |
|
- |
|
2 |
| Interest Income |
|
30 |
|
- |
|
- |
|
- |
|
|
- |
|
|
- |
|
- |
|
- |
|
- |
|
30 |
| Interest Expense |
|
(324) |
|
- |
|
- |
|
- |
|
|
- |
|
|
(12) |
|
- |
|
- |
|
(12) |
|
(336) |
| Minority Interest - Interest Expense |
|
9 |
|
- |
|
- |
|
- |
|
|
- |
|
|
- |
|
- |
|
- |
|
- |
|
9 |
| Income taxes on continuing operations |
|
(132) |
|
2 |
|
1 |
|
(46) |
|
|
37 |
|
|
4 |
|
- |
|
- |
|
(2) |
|
(134) |
| Discontinued operations, net of taxes |
|
(3) |
|
- |
|
- |
|
- |
|
|
- |
|
|
- |
|
(9) |
|
38 |
|
29 |
|
26 |
| Trust Preferred/Preferred Dividends |
|
(3) |
|
- |
|
- |
|
- |
|
|
- |
|
|
- |
|
- |
|
- |
|
- |
|
(3) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Earnings for Common |
|
$397 |
|
$(3) |
|
$(2) |
|
$84 |
|
|
$(68) |
|
|
$(8) |
|
$(9) |
|
$38 |
|
$32 |
|
$429 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| EARNINGS PER SHARE, BASIC |
|
$0.42 |
|
$- |
|
$- |
|
$0.09 |
|
|
$(0.07) |
|
|
$(0.01) |
|
$(0.01) |
|
$0.04 |
|
$0.04 |
|
$0.46 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| EARNINGS PER SHARE, DILUTED |
|
$0.42 |
|
$(0.01) |
|
$- |
|
$0.09 |
|
|
$(0.07) |
|
|
$(0.01) |
|
$(0.01) |
|
$0.04 |
|
$0.03 |
|
$0.45 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1 -Amounts for special items are entered net
of minority interest
A - Amount is net of $6 million of minority interest.
B - Charge related to Grays Harbor, recorded in Impairment and other
charges on the Consolidated Statements of Operations.
C - Amount is net of $5 million of minority interest.
D - Recorded in Operation, maintenance and other on the Consolidated
Statements of Operations.
|
| Weighted Average Shares (reported and ongoing)
- in millions |
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
926 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diluted |
|
961 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
top
DUKE ENERGY CORPORATION
ONGOING TO REPORTED EARNINGS RECONCILIATION
June 2005 Quarter-to-date
(Dollars in Millions)
| |
|
Special Items (Note 1) |
|
| |
|
|
|
| |
|
|
|
|
|
|
|
| |
Ongoing Earnings |
Field Services hedge de-designation, net |
|
MTM change on de-designated Field Services
hedges for 2005, net |
|
Total |
Reported Earnings |
| |
|
|
|
|
|
|
|
| SEGMENT EARNINGS BEFORE INTEREST AND TAXES
FROM CONTINUING OPERATIONS |
| |
|
|
|
|
|
|
|
| Franchised Electric |
$274 |
$- |
|
$- |
|
$- |
$274 |
| |
|
|
|
|
|
|
|
| Gas Transmission |
302 |
- |
|
- |
|
- |
302 |
| |
|
|
|
|
|
|
|
| Field Services |
144 |
22 |
A |
- |
|
22 |
166 |
| |
|
|
|
|
|
|
|
| Duke Energy North America |
(56) |
- |
|
- |
|
- |
(56) |
| |
|
|
|
|
|
|
|
| International Energy |
86 |
- |
|
- |
|
- |
86 |
| |
|
|
|
|
|
|
|
| Crescent |
39 |
- |
|
- |
|
- |
39 |
| |
|
|
|
|
|
|
|
| Total reportable segment EBIT |
789 |
22 |
|
- |
|
22 |
811 |
| |
|
|
|
|
|
|
|
| Other |
(95) |
- |
|
7 |
B |
7 |
(88) |
| |
|
|
|
|
|
|
|
| Total reportable segment EBIT and other EBIT |
$694 |
$22 |
|
$7 |
|
$29 |
$723 |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| EARNINGS FOR COMMON |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| Total reportable segment EBIT and other EBIT |
$694 |
$22 |
|
$7 |
|
$29 |
$723 |
| Foreign Currency Translation Gains / (Losses) |
4 |
- |
|
- |
|
- |
4 |
| Interest Income |
22 |
- |
|
- |
|
- |
22 |
| Interest Expense |
(297) |
- |
|
- |
|
- |
(297) |
| Minority Interest - Interest Expense |
10 |
- |
|
- |
|
- |
10 |
| Income taxes on continuing operations |
(141) |
(8) |
|
(2) |
|
(10) |
(151) |
| Discontinued operations, net of taxes |
(2) |
- |
|
- |
|
- |
(2) |
| Trust Preferred/Preferred Dividends |
(2) |
- |
|
- |
|
- |
(2) |
| |
|
|
|
|
|
|
|
| Total Earnings for Common |
$288 |
$14 |
|
$5 |
|
$19 |
$307 |
| |
|
|
|
|
|
|
|
| EARNINGS PER SHARE, BASIC |
$0.31 |
$0.02 |
|
$- |
|
$0.02 |
$0.33 |
| |
|
|
|
|
|
|
|
| EARNINGS PER SHARE, DILUTED |
$0.30 |
$0.02 |
|
$- |
|
$0.02 |
$0.32 |
| |
|
|
|
|
|
|
|
Note 1 - Amounts for special
items are entered net of minority interest
A- Second quarter settlements of the 2005 portion of the Field Services
de-designated hedges as of 2/22/05, recorded in Non-regulated electric,
natural gas liquids and other on the Consolidated Statements of Operations
B - Recorded in Non-regulated electric, natural gas liquids and other
on the Consolidated Statements of Operations
|
Weighted Average Shares (reported and ongoing) - in millions |
| Basic |
927 |
| Diluted |
964 |
top
DUKE ENERGY CORPORATION
ONGOING TO REPORTED EARNINGS RECONCILIATION
June 2004 Year-to-date
(Dollars in Millions)
| |
|
Special Items (Note 1) |
|
| |
|
|
|
| |
Ongoing Earnings |
Gain (Loss) on Sale
of Assets |
|
Impairment |
|
Enron Settlement |
|
California Settlement |
|
Interest on SoCal Reserve |
Norsk-Hydro
True-up |
Gain on Sale - Asia Pacific |
Total |
Reported Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SEGMENT EARNINGS BEFORE INTEREST AND TAXES
FROM CONTINUING OPERATIONS |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Franchised Electric |
$759 |
$3 |
|
$- |
|
$- |
|
$- |
|
$- |
$- |
$- |
$3 |
$762 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gas Transmission |
700 |
9 |
|
- |
|
- |
|
- |
|
- |
- |
- |
9 |
709 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Field Services |
185 |
- |
|
- |
|
1 |
D |
- |
|
- |
- |
- |
1 |
186 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Duke Energy North America |
(226) |
(369) |
A |
(3) |
B |
108 |
C,D |
(105) |
D |
- |
- |
- |
(369) |
(595) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| International Energy |
110 |
- |
|
(13) |
E |
- |
|
- |
|
- |
- |
- |
(13) |
97 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Crescent |
147 |
- |
|
- |
|
- |
|
- |
|
- |
- |
- |
- |
147 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total reportable segment EBIT |
1,675 |
(357) |
|
(16) |
|
109 |
|
(105) |
|
- |
- |
- |
(369) |
1,306 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other |
(59) |
7 |
F |
- |
|
21 |
D |
- |
|
- |
- |
- |
28 |
(31) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total reportable segment EBIT and other
EBIT |
$1,616 |
$(350) |
|
$(16) |
|
$130 |
|
$(105) |
|
$- |
$- |
$- |
$(341) |
$1,275 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| EARNINGS FOR COMMON |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total reportable segment EBIT and other EBIT |
$1,616 |
$(350) |
|
$(16) |
|
$130 |
|
$(105) |
|
$- |
$- |
$- |
$(341) |
$1,275 |
| Foreign Currency Translation Gains / (Losses) |
(2) |
- |
|
- |
|
- |
|
- |
|
- |
- |
- |
- |
(2) |
| Interest Income |
37 |
- |
|
- |
|
- |
|
- |
|
- |
- |
- |
- |
37 |
| Interest Expense |
(680) |
- |
|
- |
|
- |
|
- |
|
(12) |
- |
- |
(12) |
(692) |
| Minority Interest - Interest Expense |
20 |
- |
|
- |
|
- |
|
- |
|
- |
- |
- |
- |
20 |
| Income taxes on continuing operations |
(289) |
122 |
|
5 |
|
(46) |
|
37 |
|
4 |
- |
- |
122 |
(167) |
| Discontinued operations, net of taxes |
5 |
- |
|
- |
|
- |
|
- |
|
- |
(9) |
276 |
267 |
272 |
| Trust Preferred/Preferred Dividends |
(5) |
- |
|
- |
|
- |
|
- |
|
- |
- |
- |
- |
(5) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Earnings for Common |
$702 |
$(228) |
|
$(11) |
|
$84 |
|
$(68) |
|
$(8) |
$(9) |
$276 |
$36 |
$738 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| EARNINGS PER SHARE, BASIC |
$0.76 |
$(0.25) |
|
$(0.01) |
|
$0.09 |
|
$(0.07) |
|
$(0.01) |
$(0.01) |
$0.30 |
$0.04 |
$0.80 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| EARNINGS PER SHARE, DILUTED |
$0.74 |
$(0.24) |
|
$(0.01) |
|
$0.09 |
|
$(0.07) |
|
$(0.01) |
$(0.01) |
$0.29 |
$0.04 |
$0.78 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1 - Amounts for special items are entered net
of minority interest
A - Approximately $(360) million related to loss on sale of the Southeast
assets and approximately $(9) million related to losses on liquidation
of DETM contracts (net of $5 million of minority interest). $(363)
million recorded in Gains (Losses) on Sales of Other Assets, net (net
of $5 million of minority interest) and $(6) million recorded in Operation,
maintenance and other on the Consolidated Statements of Operations.
B - Charge related to Grays Harbor, recorded in Impairment and other
charges on the Consolidated Statements of Operations.
C - Amount is net of $5 million of minority interest.
D - Recorded in Operation, maintenance and other on the Consolidated
Statements of Operations.
E - Charge related to Cantarell, recorded in Operation, maintenance
and other on the Consolidated Statements of Operations.
F - Includes $13 million related to the sale of Caribbean Nitrogen
Co. |
Weighted Average Shares (reported and ongoing) - in millions |
| Basic |
919 |
| Diluted |
954 |
top
DUKE ENERGY CORPORATION
ONGOING TO REPORTED EARNINGS RECONCILIATION
June 2005 Year-to-date
(Dollars in Millions)
| |
Ongoing Earnings |
Gain on sale of Grays Harbor |
|
Mutual insurance liability
adjustment |
|
Gains on sales of equity
investments |
|
Field Services hedge de-designation,
net |
|
MTM change on de-designated
Field Services hedges for 2005, net |
|
Total |
Reported Earnings |
| |
|
| SEGMENT EARNINGS BEFORE INTEREST AND TAXES
FROM CONTINUING OPERATIONS |
| Franchised Electric |
$610 |
$- |
|
$- |
|
$- |
|
$- |
|
$- |
|
$- |
$610 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gas Transmission |
709 |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
709 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Field Services |
295 |
- |
|
- |
|
888 |
A |
(96) |
B |
- |
|
792 |
1,087 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Duke Energy North America |
(112) |
21 |
C |
- |
|
- |
|
- |
|
- |
|
21 |
(91) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| International Energy |
154 |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
154 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Crescent |
91 |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
91 |
| |
|
| Total reportable segment EBIT |
1,747 |
21 |
|
- |
|
888 |
|
(96) |
|
- |
|
813 |
2,560 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other |
(182) |
- |
|
(28) |
D |
- |
|
- |
|
(47) |
E |
(75) |
(257) |
| |
|
| Total reportable segment EBIT and other
EBIT |
$1,565 |
$21 |
|
$(28) |
|
$888 |
|
$(96) |
|
$(47) |
|
$738 |
$2,303 |
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| EARNINGS FOR COMMON |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total reportable segment EBIT and other EBIT |
$1,565 |
$21 |
|
$(28) |
|
$888 |
|
$(96) |
|
$(47) |
|
$738 |
$2,303 |
| Foreign Currency Translation Gains / (Losses) |
3 |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
3 |
| Interest Income |
37 |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
37 |
| Interest Expense |
(590) |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
(590) |
| Minority Interest - Interest Expense |
23 |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
23 |
| Income taxes on continuing operations |
(323) |
(8) |
|
10 |
|
(329) |
|
36 |
|
16 |
|
(275) |
(598) |
| Discontinued operations, net of taxes |
(1) |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
(1) |
| Trust Preferred/Preferred Dividends |
(4) |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
(4) |
| |
|
| Total Earnings for Common |
$710 |
$13 |
|
$(18) |
|
$559 |
|
$(60) |
|
$(31) |
|
$463 |
$1,173 |
| |
|
| EARNINGS PER SHARE, BASIC |
$0.75 |
$0.01 |
|
$(0.02) |
|
$0.59 |
|
$(0.05) |
|
$(0.03) |
|
$0.50 |
$1.25 |
| |
|
| EARNINGS PER SHARE, DILUTED |
$0.73 |
$0.01 |
|
$(0.02) |
|
$0.57 |
|
$(0.06) |
|
$(0.03) |
|
$0.47 |
$1.20 |
| |
|
Note 1 - Amounts for special
items are entered net of minority interest
A - Gain on sale of investment in units of TEPPCO LP, $97 million,
and TEPPCO GP, $791 million net of $343 million of minority interest
B - De-designation of hedges due to the anticipated transfer of a
19.7% interest in DEFS to ConocoPhillips. $125 million loss recorded
in Impairment and other charges on the Consolidated Statements of
Operations,reduced by $29 million of hedge settlements recorded in
Non-regulated electric, natural gas liquids and other on the Consolidated
Statements of Operations
C - Recorded in Gains (Losses) on Sales of Other Assets, net on the
Consolidated Statements of Operations
D - Recorded in Operation, maintenance and other on the Consolidated
Statements of Operations
E - Recorded in Non-regulated electric, natural gas liquids and other
on the Consolidated Statements of Operations |
Weighted Average Shares (reported and ongoing) - in millions |
| Basic |
941 |
| Diluted |
977 |
top
Special items for the first quarter (as summarized in this earnings release) include:
| ($ in Millions) |
Pre-Tax Amount |
Tax Effect |
2005 EPS Impact |
2004 EPS Impact |
| First quarter 2005
|
| Gain on sale of TEPPCO GP, net of minority interest of $343 million |
$791 |
($293) |
$0.52 |
-- |
| Gain on sale of TEPPCO L.P. units |
97 |
(36) |
0.07 |
-- |
| Loss on de-designation of Field Services’ hedges as a result of the announced
transaction with ConocoPhillips |
(118) |
44 |
(0.08) |
-- |
| Mark-to-market losses on de-designated 2005 Field Services’ hedges |
(54) |
19 |
(0.03) |
-- |
| Additional liabilities related to mutual insurance companies |
(28) |
10 |
(0.02) |
-- |
| Gain on sale of Grays Harbor |
21 |
(8) |
0.01 |
-- |
| First quarter 2004 |
|
|
|
|
| Gain on sale of the Asia Pacific Business |
$256 |
($18) |
-- |
$0.26 |
| Net loss on sale of DENA assets, primarily anticipated sale of southeast
U.S. plants |
(359) |
126 |
-- |
(0.26) |
| Gains on sale of other assets, including Caribbean Nitrogen Co. |
14 |
(5) |
-- |
0.01 |
| Charge related to planned sale of Cantarell investment |
(13) |
5 |
-- |
(0.01) |
| |
| Total basic EPS impact |
|
|
$0.47 |
-- |
|
