CenterPoint Energy, Inc.
Nov 5, 2014

CenterPoint Energy reports third quarter 2014 earnings of $0.33 per diluted share

- Utility performance in-line with expectations
- $1.4 billion annual capital investment program on track
- Reaffirms 2014 Utility Operations guidance of $0.72 to $0.76 and full year consolidated guidance of $1.14 to $1.21

HOUSTON, Nov. 5, 2014 /PRNewswire/ -- CenterPoint Energy, Inc. (NYSE: CNP) today reported net income of $143 million, or $0.33 per diluted share, for the third quarter of 2014, compared to net income of $151 million, or $0.35 per diluted share the previous year.

CenterPoint Energy logo

Operating income for the third quarter and for the nine months ended Sept. 30, 2014, was $233 million and $714 million, respectively. Following the May 1, 2013, formation of Enable, CenterPoint Energy reports its investment in midstream operations as equity income rather than operating income. As a result, operating income for the nine months ended Sept. 30, 2014, is not comparable to prior results.

"I am pleased with our company's financial and operational performance this quarter, which was in-line with our expectations," said Scott M. Prochazka, president and chief executive officer of CenterPoint Energy. "We continue to execute our robust capital plan supported by strong customer growth across our service territories. We are on-track to achieve our expected earnings for the year and remain well positioned to deliver long-term growth."

For the nine months ended Sept. 30, 2014, net income was $435 million, or $1.01 per diluted share. This compares to net income for the nine months ended Sept. 30, 2013, of $198 million, or $0.46 per diluted share. These 2013 results included two unusual items recorded in the second quarter related to the formation of the midstream partnership: (i) a $225 million, non-cash deferred tax charge and (ii) $10 million of partnership formation expenses. Excluding the effects of the unusual items, net income for the nine months ended Sept. 30, 2013, would have been $431 million, or $1.00 per diluted share.

Electric Transmission & Distribution

The electric transmission & distribution segment reported operating income of $232 million for the third quarter of 2014, consisting of $202 million from the regulated utility operations (TDU) and $30 million related to securitization bonds. Operating income for the third quarter of 2013 was $239 million, consisting of $207 million from the TDU and $32 million related to securitization bonds.

Third quarter 2014 operating income for the TDU benefited from higher revenues associated with continued strong customer growth, higher equity returns primarily related to true-up proceeds and increased  right of way revenues. This increase was more than offset by higher operating and maintenance expenses and decreased usage, primarily due to milder weather.

Operating income for the nine months ended Sept. 30, 2014, was $482 million, consisting of $392 million from the TDU and $90 million related to securitization bonds. Operating income for the same period of 2013 was $488 million, consisting of $387 million from the TDU and $101 million related to securitization bonds.

Natural Gas Distribution

The natural gas distribution segment reported an operating loss of $8 million for the third quarter of 2014, compared to operating income of $5 million for the same period of 2013. Third quarter 2014 operating income benefited from higher revenues associated with increased economic activity across its footprint, including customer growth. These revenue improvements were more than offset by higher operating and maintenance expenses, depreciation and taxes.

Operating income for the nine months ended Sept. 30, 2014, was $184 million, compared to $169 million for the same period of 2013.

Energy Services

The energy services segment reported operating income of $6 million for the third quarter of 2014, compared to $2 million for the same period of 2013. Third quarter 2014 operating income included a mark-to-market gain of $13 million, compared to $6 million for the same period of 2013.

Operating income for the nine months ended Sept. 30, 2014, was $43 million, compared to $12 million for the same period of 2013.

Midstream Investments

Equity income for the third quarter of 2014 and for the nine months ended Sept. 30, 2014, was $79 million and $241 million, respectively. See Enable Midstream's earnings press release issued on Nov. 4, 2014, for detailed results of operations.

Dividend Declaration

On Oct. 21, 2014, CenterPoint Energy's board of directors declared a regular quarterly cash dividend of $0.2375 per share of common stock payable on Dec. 10, 2014, to shareholders of record as of the close of business on Nov. 14, 2014

Guidance for 2014

CenterPoint Energy affirms its earnings estimate for 2014 Utility Operations to be in the range of $0.72 to $0.76 per diluted share. The Utility Operations guidance range considers performance to date and significant variables that may impact earnings, such as weather, regulatory and judicial proceedings, throughput, commodity prices, effective tax rates, and financing activities. In providing this guidance, the company does not include other potential impacts, such as the impact of any changes in accounting standards, any impact to earnings from the change in the value of the ZENS securities and the related stocks, or the timing effects of mark-to-market accounting in the company's energy services business.

The company affirms its 2014 earnings estimate from Midstream Investments to be in the range of $0.42 to $0.45 per diluted share. In providing guidance, the company takes into account Enable's most recent public forecast, effective tax rates, the amortization of our basis difference in Enable and other factors.

On a consolidated basis, CenterPoint Energy affirms its earnings estimate for 2014 on a guidance basis to be in the range of $1.14 to $1.21 per diluted share.

 CenterPoint Energy, Inc. and Subsidiaries 



















Reconciliation of Net Income and diluted EPS to the basis used in providing 2014 annual earnings guidance






























 Quarter Ended 


 Nine Months Ended 



 September 30, 2014 


 September 30, 2014 












 Net Income
(in millions) 


 EPS 


 Net Income
 (in millions) 


 EPS 



















Consolidated as reported


$                143


$      0.33


$                435


$      1.01

Midstream Investments


(49)


(0.11)


(150)


(0.35)

Utility Operations (1) 


94


$      0.22


285


$      0.66










Timing effects impacting CES(2):









Mark-to-market (gain) losses


(8)


$   (0.02)


(15)


$   (0.03)










ZENS-related mark-to-market (gains) losses:









Marketable securities(3)


(21)


$   (0.04)


(48)


$   (0.11)

Indexed debt securities


14


$      0.03


19


$      0.04










Utility operations earnings on an adjusted guidance basis


$                  79


$      0.19


$                241


$      0.56










Per the basis used in providing 2014 earnings guidance:









Utility Operations on a guidance basis


$                  79


$      0.19


$                241


$      0.56

Midstream Investments


49


0.11


150


0.35

2014 Consolidated on guidance basis


$                128


$      0.30


$                391


$      0.91


(1)  CenterPoint Energy earnings excluding Midstream Investments

(2)  Energy Services segment

(3)  Time Warner Inc., Time Warner Cable Inc., Time Inc. and AOL Inc.

 

Filing of Form 10-Q for CenterPoint Energy, Inc.

Today, CenterPoint Energy, Inc. filed with the Securities and Exchange Commission (SEC) its Quarterly Report on Form 10-Q for the period ended Sept. 30, 2014. A copy of that report is available on the company's website, under the Investors section. Other filings the company makes with the SEC and other documents relating to its corporate governance can also be found on that site. 

Webcast of Earnings Conference Call

CenterPoint Energy's management will host an earnings conference call on Wed., Nov. 5, 2014, at 10:30 a.m. Central time or 11:30 a.m. Eastern time. Interested parties may listen to a live audio broadcast of the conference call on the company's website under the Investors section. A replay of the call can be accessed approximately two hours after the completion of the call and will be archived on the website for at least one year.

About CenterPoint Energy, Inc.

CenterPoint Energy, Inc., headquartered in Houston, Texas, is a domestic energy delivery company that includes electric transmission & distribution, natural gas distribution and energy services operations. The company serves more than five million metered customers primarily in Arkansas, Louisiana, Minnesota, Mississippi, Oklahoma, and Texas. The company also owns a 55.4 percent limited partner interest in Enable Midstream Partners, a publicly traded master limited partnership it jointly controls with OGE Energy Corp., which owns, operates and develops natural gas and crude oil infrastructure assets. With more than 8,500 employees, CenterPoint Energy and its predecessor companies have been in business for more than 140 years. For more information, visit the website at www.CenterPointEnergy.com.

Investors and others should note that we may announce material information using SEC filings, press releases, public conference calls, webcasts and the Investors page of our website.  In the future, we will continue to use these channels to distribute material information about the company and to communicate important information about the company, key personnel, corporate initiatives, regulatory updates and other matters. Information that we post on our website could be deemed material; therefore, we encourage investors, the media, our customers, business partners and others interested in our company to review the information we post on our website.

Forward-Looking Statements

This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based upon assumptions of management which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. Actual events and results may differ materially from those expressed or implied by these forward-looking statements. Any statements in this news release regarding future earnings, and future financial performance and results of operations, including, but not limited to earnings guidance, and any other statements that are not historical facts are forward-looking statements. Each forward-looking statement contained in this news release speaks only as of the date of this release. Factors that could affect actual results include (1) state and federal legislative and regulatory actions or developments affecting various aspects of CenterPoint Energy's businesses (including the businesses of Enable Midstream Partners (Enable)), including, among others, energy deregulation or re-regulation, pipeline integrity and safety, health care reform, financial reform, tax legislation, and actions regarding the rates charged by CenterPoint Energy's regulated businesses; (2) state and federal legislative and regulatory actions or developments relating to the environment, including those related to global climate change; (3) timely and appropriate rate actions that allow recovery of costs and a reasonable return on investment; (4) the timing and outcome of any audits, disputes or other proceedings related to taxes; (5) problems with construction, implementation of necessary technology or other issues with respect to major capital projects that result in delays or in cost overruns that cannot be recouped in rates; (6) industrial, commercial and residential growth in CenterPoint Energy's service territories and changes in market demand, including the effects of energy efficiency measures and demographic patterns; (7) the timing and extent of changes in commodity prices, particularly natural gas and natural gas liquids, and the effects of geographic and seasonal commodity price differentials; (8) weather variations and other natural phenomena, including the impact on operations and capital from severe weather events; (9) any direct or indirect effects on CenterPoint Energy's facilities, operations and financial condition resulting from terrorism, cyber-attacks, data security breaches or other attempts to disrupt its businesses or the businesses of third parties, or other catastrophic events; (10) the impact of unplanned facility outages; (11) timely and appropriate regulatory actions allowing securitization or other recovery of costs associated with any future hurricanes or natural disasters; (12) changes in interest rates or rates of inflation; (13) commercial bank and financial market conditions, CenterPoint Energy's access to capital, the cost of such capital, and the results of its financing and refinancing efforts, including availability of funds in the debt capital markets; (14) actions by credit rating agencies; (15) effectiveness of CenterPoint Energy's risk management activities; (16) inability of various counterparties to meet their obligations; (17) non-payment for services due to financial distress of CenterPoint Energy's customers; (18) the ability of GenOn Energy, Inc. (formerly known as RRI Energy, Inc.), a wholly owned subsidiary of NRG Energy, Inc., and its subsidiaries to satisfy their obligations to CenterPoint Energy and its subsidiaries; (19) the ability of retail electric providers, and particularly the largest customers of the TDU, to satisfy their obligations to CenterPoint Energy and its subsidiaries; (20) the outcome of litigation brought by or against CenterPoint Energy or its subsidiaries; ; (21) CenterPoint Energy's ability to control costs; (22) CenterPoint Energy's ability to invest planned capital; (23) changes in technology, particularly with respect to efficient battery storage or emergence or growth of new, developing or alternative sources of generation; (24) the investment performance of pension and postretirement benefit plans; (25) potential business strategies, including restructurings, joint ventures, and acquisitions or dispositions of assets or businesses, for which no assurance can be given that they will be completed or will provide the anticipated benefits to CenterPoint Energy; (26) acquisition and merger activities involving CenterPoint Energy or its competitors; (27) future economic conditions in regional and national markets and their effects on sales, prices and costs; (28)  the performance of Enable, the amount of cash distributions CenterPoint Energy receives from Enable, and the value of its interests in Enable, and factors that may have a material impact on such performance, cash distributions and value, including certain of the factors specified above and: (A) the integration of the operations of the businesses contributed to Enable; (B) the achievement of anticipated operational and commercial synergies and expected growth opportunities, and the successful implementation of  Enable's business plan; (C) competitive conditions in the midstream industry, and actions taken by Enable's customers and competitors, including the extent and timing of the entry of additional competition in the markets served by Enable; (D) the timing and extent of changes in the supply of natural gas and associated commodity prices, particularly prices of natural gas and natural gas liquids, the competitive effects of the available pipeline capacity in the regions served by Enable, and the effects of geographic and seasonal commodity price differentials, including the effects of these circumstances on re-contracting available capacity on Enable's interstate pipelines; (E) the demand for natural gas, NGLs and transportation and storage services; (F) changes in tax status; (G) access to growth capital; and (H) the availability and prices of raw materials for current and future construction projects; and (29) other factors discussed in CenterPoint Energy's Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2013, as well as in CenterPoint Energy's Quarterly Report on Form 10-Q for the quarter ended March 31, 2014, June 30, 2014, and Sept. 30, 2014, and other reports CenterPoint Energy or its subsidiaries may file from time to time with the Securities and Exchange Commission, which can be found at www.CenterPointEnergy.com on the Investor Relations page and on the Securities and Exchange Commission's website at www.sec.gov.

The Use of Non-GAAP Measures

To supplement CenterPoint Energy's financial results presented on a GAAP basis, CenterPoint Energy provides guidance based on adjusted diluted earnings per share, which is a non-GAAP measure as defined in Regulation G of the Securities Exchange Act of 1934, as amended. A reconciliation of adjusted diluted net earnings per share for guidance purposes to net income is provided in this news release.

CenterPoint Energy reports its financial results in compliance with GAAP, but believes that also discussing non-GAAP measures provides investors with additional, meaningful comparisons of current and anticipated future results to prior periods' results by excluding items that CenterPoint Energy does not believe reflect its fundamental business performance. This non-GAAP financial measure should be considered as a supplement to, and not as a substitute for, or superior to, the financial measures prepared in accordance with GAAP.

Other Financial Measure Presentation Notes

This release contains time sensitive information that is accurate only as of the time hereof.  Information contained in this release is unaudited and subject to change. CenterPoint Energy undertakes no obligation to update the information herein except to the extent required by law.

For more information contact
Media:
Leticia Lowe
Phone   713.207.7702
Investors:
Carla Kneipp
Phone   713.207.6500

 

CenterPoint Energy, Inc. and Subsidiaries

Statements of Consolidated Income


(Millions of Dollars)


(Unaudited)
























Quarter Ended


Nine Months Ended




September 30,


September 30,




2014


2013


2014


2013






















Revenues:










Electric Transmission & Distribution 


$   839


$   745


$  2,166


$  1,933


Natural Gas Distribution


382


381


2,401


1,961


Energy Services


604


520


2,364


1,745


Interstate Pipelines 


-


-


-


186


Field Services


-


-


-


196


Other Operations


4


4


11


10


Eliminations


(22)


(10)


(88)


(109)


Total


1,807


1,640


6,854


5,922












Expenses:










Natural gas


702


637


3,625


2,741


Operation and maintenance


493


422


1,441


1,352


Depreciation and amortization


293


248


784


741


Taxes other than income taxes


86


89


290


289


Total


1,574


1,396


6,140


5,123


Operating Income


233


244


714


799












Other Income (Expense) :










Gain on marketable securities


31


54


73


158


Loss on indexed debt securities


(22)


(42)


(29)


(120)


Interest and other finance charges


(88)


(86)


(261)


(269)


Interest on transition and system restoration bonds


(30)


(32)


(90)


(101)


Equity in earnings of unconsolidated affiliates


79


80


241


122


Other - net


10


11


28


17


Total


(20)


(15)


(38)


(193)












Income Before Income Taxes 


213


229


676


606












Income Tax Expense


70


78


241


408












Net Income


$   143


$   151


$     435


$     198



Reference is made to the Notes to the Consolidated Financial Statements

contained in the Quarterly Report on Form 10-Q of CenterPoint Energy, Inc.

 

CenterPoint Energy, Inc. and Subsidiaries

Selected Data From Statements of Consolidated Income

(Millions of Dollars, Except Share and Per Share Amounts)

(Unaudited)























Quarter Ended


Nine Months Ended




September 30,


September 30,




2014


2013


2014


2013






















Basic Earnings (Loss) Per Common Share


$      0.33


$      0.35


$     1.01


$      0.46












Diluted Earnings (Loss) Per Common Share


$      0.33


$      0.35


$     1.01


$      0.46












Dividends Declared per Common Share


$  0.2375


$  0.2075


$ 0.7125


$  0.6225












     Weighted Average Common Shares Outstanding (000):










- Basic


429,796


428,628


429,580


428,389


- Diluted


431,573


430,867


431,357


430,624






















Operating Income (Loss) by Segment 




















Electric Transmission & Distribution:










Electric Transmission and Distribution Operations


$       202


$       207


$      392


$       387


Transition and System Restoration Bond Companies


30


32


90


101


Total Electric Transmission & Distribution


232


239


482


488


Natural Gas Distribution


(8)


5


184


169


Energy Services


6


2


43


12


Interstate Pipelines


-


-


-


72


Field Services


-


-


-


73


Other Operations


3


(2)


5


(15)












Total


$       233


$       244


$      714


$       799



Reference is made to the Notes to the Consolidated Financial Statements

contained in the Quarterly Report on Form 10-Q of CenterPoint Energy, Inc.

 

CenterPoint Energy, Inc. and Subsidiaries

Results of Operations by Segment

(Millions of Dollars)

(Unaudited)





























Electric Transmission & Distribution



Quarter Ended




Nine Months Ended





September 30,


% Diff


September 30,


% Diff



2014


2013


Fav/(Unfav)


2014


2013


Fav/(Unfav)

Results of Operations:













Revenues:













Electric transmission and distribution utility


$            660


$            600


10%


$         1,716


$         1,534


12%

Transition and system restoration bond companies


179


145


23%


450


399


13%

Total


839


745


13%


2,166


1,933


12%














Expenses:













Operation and maintenance


319


256


(25%)


907


740


(23%)

Depreciation and amortization


83


80


(4%)


247


238


(4%)

Taxes other than income taxes


56


57


2%


170


169


(1%)

Transition and system restoration bond companies


149


113


(32%)


360


298


(21%)

Total


607


506


(20%)


1,684


1,445


(17%)

Operating Income


$            232


$            239


(3%)


$            482


$            488


(1%)














Operating Income:













Electric transmission and distribution operations


$            202


$            207


(2%)


$            392


$            387


1%

Transition and system restoration bond companies


30


32


(6%)


90


101


(11%)

Total Segment Operating Income


$            232


$            239


(3%)


$            482


$            488


(1%)














Electric Transmission & Distribution Operating Data:









Actual MWH Delivered













Residential


9,736,785


9,945,256


(2%)


22,000,244


21,736,219


1%

Total


24,801,549


24,409,786


2%


63,128,739


61,543,907


3%














Weather (average for service area):













Percentage of 10-year average:













Cooling degree days


99%


104%


(5%)


92%


99%


(7%)

Heating degree days


0%


0%


0%


138%


92%


46%














Number of metered customers - end of period:













Residential


2,018,858


1,973,270


2%


2,018,858


1,973,270


2%

Total


2,284,202


2,234,041


2%


2,284,202


2,234,041


2%





























Natural Gas Distribution



Quarter Ended 




Nine Months Ended





September 30,


% Diff


September 30,


% Diff



2014


2013


Fav/(Unfav)


2014


2013


Fav/(Unfav)

Results of Operations:













Revenues


$            382


$            381


-


$         2,401


$         1,961


22%

Natural gas


142


142


-


1,432


1,066


(34%)

   Gross Margin


240


239


-


969


895


8%

Expenses:













Operation and maintenance


169


158


(7%)


524


488


(7%)

Depreciation and amortization


52


47


(11%)


149


138


(8%)

Taxes other than income taxes


27


29


7%


112


100


(12%)

Total


248


234


(6%)


785


726


(8%)

Operating Income (Loss)


$               (8)


$                5


(260%)


$            184


$            169


9%














Natural Gas Distribution Operating Data:













Throughput data in BCF













Residential


12


12


-


140


117


20%

Commercial and Industrial


46


49


(6%)


197


191


3%

Total Throughput


58


61


(5%)


337


308


9%














Weather (average for service area)













Percentage of 10-year average:













Heating degree days


106%


52%


54%


128%


105%


23%














Number of customers - end of period:













Residential


3,077,633


3,045,701


1%


3,077,633


3,045,701


1%

Commercial and Industrial


246,789


242,587


2%


246,789


242,587


2%

Total


3,324,422


3,288,288


1%


3,324,422


3,288,288


1%


Reference is made to the Notes to the Consolidated Financial Statements

contained in the Quarterly Report on Form 10-Q of CenterPoint Energy, Inc.

 

CenterPoint Energy, Inc. and Subsidiaries


Results of Operations by Segment


(Millions of Dollars)


(Unaudited)
































Energy Services




Quarter Ended 




Nine Months Ended






September 30,


% Diff


September 30,


% Diff




2014


2013


Fav/(Unfav)


2014


2013


Fav/(Unfav)


Results of Operations:














Revenues


$     604


$     520


16%


$  2,364


$  1,745


35%


Natural gas


582


503


(16%)


2,280


1,693


(35%)


   Gross Margin


22


17


29%


84


52


62%


Expenses:














Operation and maintenance


14


13


(8%)


36


35


(3%)


Depreciation and amortization


2


2


-


4


4


-


Taxes other than income taxes


-


-


-


1


1


-


Total


16


15


(7%)


41


40


(3%)


Operating Income


$         6


$         2


200%


$       43


$       12


258%
















Energy Services Operating Data:














Throughput data in BCF


140


134


4%


463


433


7%
















Number of customers - end of period


17,900


17,537


2%


17,900


17,537


2%
































Other Operations




Quarter Ended 




Nine Months Ended






September 30,


% Diff


September 30,


% Diff




2014


2013


Fav/(Unfav)


2014


2013


Fav/(Unfav)


Results of Operations:














Revenues


$         4


$         4


-


$       11


$       10


10%


Expenses


1


6


83%


6


25


76%


Operating Income (Loss)


$         3


$       (2)


250%


$         5


$     (15)


133%
















 Capital Expenditures by Segment 


(Millions of Dollars)


(Unaudited)


















Quarter Ended 




Nine Months Ended






September 30,




September 30,






2014


2013




2014


2013




Capital Expenditures by Segment














Electric Transmission & Distribution


$     203


$     190




$     573


$     515




Natural Gas Distribution


148


127




378


313




Energy Services


-


-




2


3




Interstate Pipelines


-


-




-


29




Field Services


-


-




-


16




Other Operations


7


12




34


31




Total


$     358


$     329




$     987


$     907


















Interest Expense Detail


(Millions of Dollars)

(Unaudited)

















Quarter Ended 




Nine Months Ended






September 30,




September 30,






2014


2013




2014


2013




Interest Expense Detail














Amortization of Deferred Financing Cost


$         6


$         6




$       19


$       20




Capitalization of Interest Cost


(2)


(4)




(8)


(8)




Transition and System Restoration Bond Interest Expense


30


32




90


101




Other Interest Expense


84


84




250


257




Total Interest Expense


$     118


$     118




$     351


$     370





Reference is made to the Notes to the Consolidated Financial Statements

contained in the Quarterly Report on Form 10-Q of CenterPoint Energy, Inc.

 

CenterPoint Energy, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Millions of Dollars)

(Unaudited)















September 30,


December 31,




2014


2013














                                        ASSETS






Current Assets:






  Cash and cash equivalents


$             230


$           208


  Other current assets


2,346


2,450


      Total current assets


2,576


2,658








Property, Plant and Equipment, net


10,205


9,593








Other Assets:






  Goodwill


840


840


  Regulatory assets


3,372


3,726


  Investment in unconsolidated affiliates


4,525


4,518


  Other non-current assets


530


535


      Total other assets


9,267


9,619


        Total Assets


$        22,048


$       21,870








                         LIABILITIES AND SHAREHOLDERS' EQUITY












Current Liabilities:






  Short-term borrowings


$              80


$             43


  Current portion of transition and system restoration bonds long-term debt


370


354


  Indexed debt


149


143


  Current portion of other long-term debt


203


-


  Other current liabilities


2,206


2,479


      Total current liabilities


3,008


3,019








Other Liabilities:






  Accumulated deferred income taxes, net 


4,606


4,542


  Regulatory liabilities


1,237


1,152


  Other non-current liabilities


927


1,011


      Total other liabilities


6,770


6,705








Long-term Debt:






  Transition and system restoration bonds


2,736


3,046


  Other


5,061


4,771


      Total long-term debt


7,797


7,817








Shareholders' Equity


4,473


4,329


      Total Liabilities and Shareholders' Equity


$        22,048


$       21,870



Reference is made to the Notes to the Consolidated Financial Statements

contained in the Quarterly Report on Form 10-Q of CenterPoint Energy, Inc.

 

CenterPoint Energy, Inc. and Subsidiaries

Condensed Statements of Consolidated Cash Flows

(Millions of Dollars)

(Unaudited)














Nine Months Ended September 30,


2014


2013





Cash Flows from Operating Activities:




  Net income

$  435


$ 198

  Adjustments to reconcile net income to net cash provided by operating activities:




Depreciation and amortization

805


764

Deferred income taxes

94


356

Write-down of natural gas inventory

2


4

Changes in net regulatory assets

53


78

Changes in other assets and liabilities

(277)


(281)

Other, net

12


13

Net Cash Provided by Operating Activities

1,124


1,132





Net Cash Used in Investing Activities

(1,026)


(926)





Net Cash Used in Financing Activities

(76)


(633)





Net Increase (Decrease) in Cash and Cash Equivalents

22


(427)





Cash and Cash Equivalents at Beginning of Period

208


646





Cash and Cash Equivalents at End of Period

$  230


$ 219


Reference is made to the Notes to the Consolidated Financial Statements

contained in the Quarterly Report on Form 10-Q of CenterPoint Energy, Inc.

 

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SOURCE CenterPoint Energy, Inc.

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