Dominion Energy(US:D)2024-08-01 14:40Financial Performance - Dominion Energy reported a net income of $572 million for the three months ended June 30, 2024, compared to $583 million for the same period in 2023, reflecting a decrease of 1.9%[11]. - Comprehensive income attributable to Dominion Energy was $629 million for the three months ended June 30, 2024, up from $582 million in the same period last year, representing an increase of 8.1%[12]. - Net income for the six months ended June 30, 2024, was $1,246 million, a decrease of 20.3% from $1,564 million in the same period of 2023[24]. - The company reported a net income attributable to the company from continuing operations of $491 million for Q2 2024, compared to $415 million in Q2 2023, representing a 18.3% increase[61]. - Year-to-date net income attributable to Dominion Energy from continuing operations was $1,051 million in 2024, slightly down from $1,115 million in 2023[61]. - Net income for Virginia Power for the three months ended June 30, 2024, was $485 million, up from $394 million in the same period of 2023, reflecting a 23.1% increase[204]. - Net income for the six months ended June 30, 2024, was $909 million, compared to $780 million in the same period of 2023, marking a 16.5% increase[204]. Assets and Liabilities - Total assets decreased to $100.417 billion as of June 30, 2024, down from $109.032 billion at the end of 2023, indicating a decline of 7.4%[14]. - Total current liabilities decreased from $24,476 million as of December 31, 2023, to $11,506 million as of June 30, 2024, a reduction of approximately 53%[17]. - Long-term debt increased from $33,248 million as of December 31, 2023, to $36,617 million as of June 30, 2024, an increase of about 7.1%[17]. - Total liabilities decreased from $81,503 million as of December 31, 2023, to $73,344 million as of June 30, 2024, a reduction of about 10%[17]. - The company’s total assets as of June 30, 2024, were $63,199 million, an increase from $58,618 million as of December 31, 2023[29]. - Total liabilities related to fair value measurements were $25 million, with specific liabilities for natural gas and electricity forwards reported at $3 million and $20 million, respectively[73]. Cash Flow and Investments - Net cash provided by operating activities for the six months ended June 30, 2024, was $2,838 million, down from $3,194 million in 2023, a decrease of 11.2%[24]. - The company reported a net cash provided by investing activities of $1,328 million for the six months ended June 30, 2024, compared to a net cash used of $5,014 million in the same period of 2023[24]. - The company reported a net cash used in investing activities of $4,635 million for the six months ended June 30, 2024, compared to $3,398 million in 2023, reflecting an increase of 36.5%[36]. - The company acquired solar development projects for $187 million during the six months ended June 30, 2024, compared to $12 million in the same period of 2023[24]. - Dominion Energy's total cash and equivalents at the end of June 30, 2024, included $67 million in restricted cash, compared to $178 million in June 30, 2023[40]. Regulatory and Compliance - Dominion Energy is in the process of selling its membership interests in Fall North Carolina Holdco LLC to Enbridge, which is expected to enhance its market position[8]. - The company continues to focus on regulatory adjustments through various riders to recover costs associated with renewable energy and grid transformation projects[8]. - Virginia Power's combined return on equity (ROE) for the test period was 9.04%, which is within 70 basis points of the authorized ROE of 9.35% established in the 2021 Triennial Review[115]. - The comprehensive settlement agreement approved in February 2024 requires Virginia Power to recover previously unrecovered severe weather event costs of $45 million through base rates during the 2023-2024 biennial period, along with carrying costs[115]. - Dominion Energy's regulatory liabilities totaled $9.831 billion as of June 30, 2024, compared to $9.196 billion on December 31, 2023[111]. Capital Expenditures and Financing - The company issued 1 million shares of common stock during the quarter ended June 30, 2024, raising $36 million[20]. - Dominion Energy raised $66 million from the issuance of 1 million shares of common stock for the six months ended June 30, 2024[152]. - The company has $0.9 billion remaining for stock repurchase authorization as of June 30, 2024[155]. - Dominion Energy entered forward sale agreements for approximately 7.7 million shares of common stock at a weighted average initial forward price of $52.39 per share[154]. - Dominion Energy has a $6.0 billion joint revolving credit facility, with $2.682 billion in outstanding commercial paper and $23 million in letters of credit as of June 30, 2024[140]. Environmental and Legal Matters - The Companies are involved in various legal proceedings and governmental examinations, with an estimated potential loss of approximately $410 million related to a sales and use tax assessment[173]. - The Companies are subject to costs from federal, state, and local environmental regulations, which may increase capital and operating costs due to compliance obligations[157]. - The Companies are evaluating the need for impingement control technologies at certain facilities under the final regulations of Section 316(b) of the CWA, which could materially impact financial results[164]. - Dominion Energy has proposed remediation plans for one site at Virginia Power, expecting to commence activities in 2024 or 2025[169]. - The Companies maintain various insurance programs, including general liability insurance, to cover potential losses from legal proceedings[17]. Pension and Employee Benefits - The service cost component of net periodic benefit cost for the quarter ended June 30, 2024, was $22 million, down from $24 million in the same quarter of 2023[191]. - Dominion Energy's net periodic benefit cost for the year-to-date period ended June 30, 2024, was $(111) million, compared to $(163) million for the same period in 2023[191]. - Dominion Energy expects to make $46 million in minimum required contributions to its qualified defined benefit pension plans in 2024, having already contributed $7 million in the first half of the year[194]. Other Comprehensive Income - The accumulated other comprehensive income (AOCI) balance at the end of Q2 2024 was $(1,687) million, compared to $(1,566) million at the end of Q2 2023[63]. - The total net of tax for other comprehensive income for Q2 2024 was $64 million, compared to $(6) million in Q2 2023, showing a significant improvement[65]. - For the first half of 2024, the net current period other comprehensive income was $57 million, while it was $(1) million in the same period of 2023[65].