UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 5, 2011
CENTERPOINT ENERGY, INC.
(Exact name of registrant as specified in its charter)
| Texas (State or other jurisdiction of incorporation) |
1-31447 (Commission File Number) |
74-0694415 (IRS Employer Identification No.) |
| 1111 Louisiana Houston, Texas (Address of principal executive offices) |
77002 (Zip Code) |
Registrant’s telephone number, including area code: (713) 207-1111
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On May 5, 2011, CenterPoint Energy, Inc. (“CenterPoint Energy”) reported first quarter 2011
earnings. For additional information regarding CenterPoint Energy’s first quarter 2011 earnings,
please refer to CenterPoint Energy’s press release attached to this report as Exhibit 99.1 (the
“Press Release”), which Press Release is incorporated by reference herein. The information in the
Press Release is being furnished, not filed, pursuant to Item 2.02. Accordingly, the information
in the Press Release will not be incorporated by reference into any registration statement filed by
CenterPoint Energy under the Securities Act of 1933, as amended, unless specifically identified
therein as being incorporated therein by reference.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
| The exhibit listed below is furnished pursuant to Item 2.02 of this Form 8-K. |
(d) Exhibits.
99.1
|
Press Release issued May 5, 2011 regarding CenterPoint Energy, Inc.’s first quarter 2011 earnings. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CENTERPOINT ENERGY, INC. |
||||
| Date: May 5, 2011 | By: | /s/ Walter L. Fitzgerald | ||
| Walter L. Fitzgerald | ||||
| Senior Vice President and Chief Accounting Officer |
||||
EXHIBIT INDEX
| EXHIBIT | ||
| NUMBER | EXHIBIT DESCRIPTION | |
99.1
|
Press Release issued May 5, 2011 regarding CenterPoint Energy, Inc.’s first quarter 2011 earnings. |
Exhibit 99.1
|
For more information contact Media: |
|
| Leticia Lowe Phone 713.207.7702 Investors: |
||
| Marianne Paulsen Phone 713.207.6500 |
||
For Immediate Release
|
Page 1 Of 5 |
CENTERPOINT ENERGY REPORTS FIRST QUARTER 2011 EARNINGS
Houston,
TX — May 5, 2011 - CenterPoint Energy, Inc. (NYSE: CNP) today reported net income of
$148 million, or $0.35 per diluted share, for the first quarter of 2011 compared to $114 million,
or $0.29 per diluted share, for the same period of 2010. Operating income for the first quarter of
2011 was $364 million compared to $357 million for the same period of 2010.
“This was a good quarter for our company,” said David M. McClanahan, president and chief executive
officer of CenterPoint Energy. “We received a favorable decision from the Texas Supreme Court in
our true-up case. Our regulated electric and natural gas utilities and our interstate pipelines
performed well, and our field services unit continues to realize growth from the investments we
have made in the Haynesville shale. I remain optimistic about future investment opportunities in
our businesses.”
Electric Transmission & Distribution
The electric transmission & distribution segment reported operating income of $101 million for the
first quarter of 2011, consisting of $68 million from the regulated electric transmission &
distribution utility operations (TDU) and $33 million related to securitization bonds. Operating
income for the first quarter of 2010 was $107 million, consisting of $71 million from the TDU and
$36 million related to securitization bonds. Operating income for the TDU benefited from growth of
over 29,000 metered customers since March 2010, which was more than offset by higher operation and
maintenance expenses primarily associated with system reliability programs.
Natural Gas Distribution
The natural gas distribution segment reported operating income of $142 million for the first
quarter of 2011 compared to $139 million for the same period of 2010. The increase in operating
income resulted primarily from lower bad debt expense, partially offset by increases in other
operating expenses. Reduced throughput as a result of milder weather was mitigated by weather
hedges, weather normalization adjustment mechanisms and increased throughput to large volume
customers.
Interstate Pipelines
The interstate pipelines segment reported operating income of $76 million for the first quarter of
2011 compared to $72 million for the same period of 2010. Higher revenues from firm contracts
associated with Phase IV of the Carthage to Perryville pipeline and new power plant transportation
contracts were partially offset by reduced revenues from ancillary services. Operation and
maintenance expenses were lower primarily due to an insurance settlement.
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| Leticia Lowe Phone 713.207.7702 Investors: |
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| Marianne Paulsen Phone 713.207.6500 |
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For Immediate Release
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Page 2 Of 5 |
In addition to operating income, this segment recorded equity income of
$4 million for the first quarter of 2011 from its 50 percent interest in the Southeast Supply
Header (SESH) compared to equity income of $3 million for the same period of 2010.
Field Services
The field services segment reported operating income of $36 million for the first quarter of
2011 compared to $23 million for the same period of 2010. Revenue growth from higher gathering
volumes, primarily associated with projects in the Haynesville shale, was partially offset by
increased operation and maintenance expenses primarily related to facility expansions.
In addition to operating income, this business had equity income of $2 million in each of the first
quarters of 2011 and 2010 from its 50 percent interest in a gathering and processing joint venture
(Waskom).
Competitive Natural Gas Sales and Services
The competitive natural gas sales and services segment reported operating income of $10 million for
the first quarter of 2011 compared to $15 million for the same period of 2010. Operating income
for the first quarter of 2011 included charges of $2 million resulting from mark-to-market
accounting for derivatives associated with certain forward natural gas purchases and sales used to
lock in economic margins, compared to gains of $3 million for the same period of 2010.
True-up Decision
On March 18, 2011, the Texas Supreme Court issued its decision in the company’s true-up case, the
proceeding in which the Texas Public Utility Commission (PUC) determined the amount of stranded
costs and other amounts due to the company as a result of the restructuring of the Texas electric
industry in 1999. The Supreme Court’s decision remains subject to motions for rehearing and must
be implemented through a remand to the PUC. Based on the Court’s decision, the company plans to
seek a Financing Order from the PUC to authorize securitization of approximately $1.85 billion,
which includes interest through September 30, 2011.
Dividend Declaration
On April 21, 2011, CenterPoint Energy’s board of directors declared a regular quarterly cash
dividend of $0.1975 per share of common stock payable on June 10, 2011, to shareholders of record
as of the close of business on May 16, 2011.
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For more information contact Media: |
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| Leticia Lowe Phone 713.207.7702 Investors: |
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| Marianne Paulsen Phone 713.207.6500 |
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For Immediate Release
|
Page 3 Of 5 |
Outlook Reaffirmed for 2011
CenterPoint Energy reaffirmed its 2011 earnings guidance of $1.04 to $1.14 per diluted share.
This guidance takes into consideration various economic and operational assumptions related to the
business segments in which the company operates. The company has made certain assumptions
regarding financing activities and the impact to earnings of various regulatory proceedings. In
providing this guidance, the company has not included the impact of any changes in accounting
standards, any impact from significant acquisitions or divestitures, any impact to income from the
change in value of Time Warner stocks and the related ZENS securities, or the timing effects of
mark-to-market or inventory accounting in the company’s competitive natural gas sales and services
business. It also does not reflect the recording of the Texas Supreme Court’s decision in the
TDU’s true-up appeal. For the impact of these factors on the company’s earnings for the three
months ended March 31, 2011, see the attached reconciliation.
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 March 31, 2011. 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 Thursday, May 5, 2011, 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.
CenterPoint Energy, Inc., headquartered in Houston, Texas, is a domestic energy delivery company
that includes electric transmission & distribution, natural gas distribution, competitive natural
gas sales and services, interstate pipelines, and field services operations. The company serves
more than five million metered customers primarily in Arkansas, Louisiana, Minnesota, Mississippi,
Oklahoma and Texas. Assets total more than $19 billion. With over 8,800 employees, CenterPoint
Energy and its predecessor companies have been in business for more than 135 years. For more
information, visit the company’s website at CenterPointEnergy.com.
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For more information contact Media: |
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| Leticia Lowe Phone 713.207.7702 Investors: |
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| Marianne Paulsen Phone 713.207.6500 |
||
For Immediate Release
|
Page 4 Of 5 |
This news release includes forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Actual events and results may differ materially from those
expressed or implied by these forward-looking statements. The statements in this news release
regarding the company’s earnings outlook for 2011 and future financial performance and results of
operations, the expected request for future recovery as a result of the Texas Supreme Court’s
true-up decision, 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) the resolution of the
true-up proceedings, including, the outcome of requests to the Texas Supreme Court for rehearing,
future actions by the Public Utility Commission of Texas in response to the decisions by the Texas
Supreme Court and the Texas Third Court of Appeals, and any further appeals thereof; (2) state and
federal legislative and regulatory actions or developments relating to the environment, including
those related to global climate change; (3) other state and federal legislative and regulatory
actions or developments affecting various aspects of CenterPoint Energy’s businesses, including,
among others, energy deregulation or re-regulation, pipeline safety, health care reform, financial
reform and tax legislation; (4) timely and appropriate rate actions and increases, allowing
recovery of costs and a reasonable return on investment; (5) the timing and outcome of any audits,
disputes or other proceedings related to taxes; (6) 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; (7) 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; (8) 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; (9) the timing and extent of changes in the
supply of natural gas, including supplies available for gathering by CenterPoint Energy’s field
services business and transporting by its interstate pipelines; (10) weather variations and other
natural phenomena; (11) the impact of unplanned facility outages; (12) timely and appropriate
regulatory actions allowing securitization or other recovery of costs associated with any future
hurricanes or natural disasters; (13) changes in interest rates or rates of inflation; (14)
commercial bank and financial market conditions, CenterPoint Energy’s access to capital, the cost
of such capital, and the results of our financing and refinancing efforts, including availability
of funds in the debt capital markets; (15) actions by rating agencies; (16) effectiveness of
CenterPoint Energy’s risk management activities; (17) inability of various counterparties to meet
their obligations; (18) non-payment for services due to financial distress of CenterPoint Energy’s
customers; (19) the ability of GenOn Energy, Inc. (formerly known as RRI Energy, Inc.) and its
subsidiaries to satisfy their obligations to CenterPoint Energy and its subsidiaries; (20) the
ability of retail electric providers, and particularly the two largest customers of the TDU, to
satisfy their obligations to CenterPoint Energy and its subsidiaries; (21) the outcome of
litigation brought by or against CenterPoint Energy; (22) CenterPoint Energy’s ability to control
costs; (23) the investment performance of pension and postretirement benefit plans; (24) potential
business strategies, including restructurings, acquisitions or dispositions of assets or
businesses; (25) acquisition and merger activities; and (26) other factors discussed in CenterPoint
Energy’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010, and Form 10-Q for
the quarter ended March 31, 2011, and other reports CenterPoint Energy or its subsidiaries may file
from time to time with the Securities and Exchange Commission.
-more-
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|
For more information contact | |
| Media: | ||
| Leticia Lowe | ||
| Phone 713.207.7702 | ||
| Investors: | ||
| Marianne Paulsen | ||
| Phone 713.207.6500 |
| For Immediate Release | Page 5 of 5 |
CenterPoint Energy, Inc. and Subsidiaries
Reconciliation of reported Net Income and diluted EPS to the basis used in providing 2011 annual earnings guidance
| Quarter Ended | ||||||||
| March 31, 2011 | ||||||||
| Net Income | EPS | |||||||
| (in millions) | ||||||||
As reported |
$ | 148 | $ | 0.35 | ||||
Timing effects impacting CES(1): |
||||||||
Mark-to-market (gains) losses — natural gas derivative contracts |
1 | 0.00 | ||||||
Natural gas inventory write-downs |
— | — | ||||||
ZENS-related mark-to-market (gains) losses: |
||||||||
Marketable securities(2) |
(21 | ) | (0.05 | ) | ||||
Indexed debt securities |
15 | 0.04 | ||||||
Per the basis used in providing 2011 annual earnings guidance |
$ | 143 | $ | 0.34 | ||||
(1)
Competitive natural gas sales and services
(2) Time Warner Inc., Time Warner Cable Inc. and AOL Inc.
###
CenterPoint Energy, Inc. and Subsidiaries
Statements of Consolidated Income
(Millions of Dollars)
(Unaudited)
Statements of Consolidated Income
(Millions of Dollars)
(Unaudited)
| Quarter Ended | ||||||||
| March 31, | ||||||||
| 2010 | 2011 | |||||||
Revenues: |
||||||||
Electric Transmission & Distribution |
$ | 482 | $ | 489 | ||||
Natural Gas Distribution |
1,537 | 1,212 | ||||||
Competitive Natural Gas Sales and Services |
852 | 706 | ||||||
Interstate Pipelines |
138 | 147 | ||||||
Field Services |
68 | 90 | ||||||
Other Operations |
3 | 3 | ||||||
Eliminations |
(57 | ) | (60 | ) | ||||
Total |
3,023 | 2,587 | ||||||
Expenses: |
||||||||
Natural gas |
1,935 | 1,476 | ||||||
Operation and maintenance |
414 | 439 | ||||||
Depreciation and amortization |
200 | 201 | ||||||
Taxes other than income taxes |
117 | 107 | ||||||
Total |
2,666 | 2,223 | ||||||
Operating Income |
357 | 364 | ||||||
Other Income (Expense) : |
||||||||
Gain on marketable securities |
38 | 32 | ||||||
Loss on indexed debt securities |
(27 | ) | (23 | ) | ||||
Interest and other finance charges |
(122 | ) | (116 | ) | ||||
Interest on transition and system restoration bonds |
(36 | ) | (33 | ) | ||||
Equity in earnings of unconsolidated affiliates |
5 | 6 | ||||||
Other — net |
1 | 5 | ||||||
Total |
(141 | ) | (129 | ) | ||||
Income Before Income Taxes |
216 | 235 | ||||||
Income Tax Expense |
102 | 87 | ||||||
Net Income |
$ | 114 | $ | 148 | ||||
Reference is made to the Notes to the Consolidated Financial Statements
contained in the Quarterly Report on Form 10-Q of CenterPoint Energy, Inc.
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)
Selected Data From Statements of Consolidated Income
(Millions of Dollars, Except Share and Per Share Amounts)
(Unaudited)
| Quarter Ended | ||||||||
| March 31, | ||||||||
| 2010 | 2011 | |||||||
Basic Earnings Per Common Share |
$ | 0.29 | $ | 0.35 | ||||
Diluted Earnings Per Common Share |
$ | 0.29 | $ | 0.35 | ||||
Dividends Declared per Common Share |
$ | 0.1950 | $ | 0.1975 | ||||
Weighted Average Common Shares Outstanding (000): |
||||||||
- Basic |
392,855 | 425,018 | ||||||
- Diluted |
395,078 | 427,415 | ||||||
Operating Income (Loss) by Segment |
||||||||
Electric Transmission & Distribution: |
||||||||
Electric Transmission and Distribution Operations |
$ | 71 | $ | 68 | ||||
Transition and System Restoration Bond Companies |
36 | 33 | ||||||
Total Electric Transmission & Distribution |
107 | 101 | ||||||
Natural Gas Distribution |
139 | 142 | ||||||
Competitive Natural Gas Sales and Services |
15 | 10 | ||||||
Interstate Pipelines |
72 | 76 | ||||||
Field Services |
23 | 36 | ||||||
Other Operations |
1 | (1 | ) | |||||
Total |
$ | 357 | $ | 364 | ||||
Reference is made to the Notes to the Consolidated Financial Statements
contained in the Quarterly Report on Form 10-Q of CenterPoint Energy, Inc.
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)
Results of Operations by Segment
(Millions of Dollars)
(Unaudited)
| Electric Transmission & Distribution | ||||||||||||
| Quarter Ended | ||||||||||||
| March 31, | % Diff | |||||||||||
| 2010 | 2011 | Fav/(Unfav) | ||||||||||
Results of Operations: |
||||||||||||
Revenues: |
||||||||||||
Electric transmission and distribution utility |
$ | 386 | $ | 400 | 4 | % | ||||||
Transition and system restoration bond companies |
96 | 89 | (7 | %) | ||||||||
Total |
482 | 489 | 1 | % | ||||||||
Expenses: |
||||||||||||
Operation and maintenance |
190 | 208 | (9 | %) | ||||||||
Depreciation and amortization |
73 | 71 | 3 | % | ||||||||
Taxes other than income taxes |
52 | 53 | (2 | %) | ||||||||
Transition and system restoration bond companies |
60 | 56 | 7 | % | ||||||||
Total |
375 | 388 | (3 | %) | ||||||||
Operating Income |
$ | 107 | $ | 101 | (6 | %) | ||||||
Operating Income: |
||||||||||||
Electric transmission and distribution operations |
$ | 71 | $ | 68 | (4 | %) | ||||||
Transition and system restoration bond companies |
36 | 33 | (8 | %) | ||||||||
Total Segment Operating Income |
$ | 107 | $ | 101 | (6 | %) | ||||||
Electric Transmission & Distribution |
||||||||||||
Operating Data: |
||||||||||||
Actual MWH Delivered |
||||||||||||
Residential |
5,172,997 | 4,871,253 | (6 | %) | ||||||||
Total |
16,436,310 | 16,767,968 | 2 | % | ||||||||
Weather (average for service area): |
||||||||||||
Percentage of 10-year average: |
||||||||||||
Cooling degree days |
20 | % | 151 | % | 131 | % | ||||||
Heating degree days |
163 | % | 109 | % | (54 | %) | ||||||
Number of metered customers — end of period: |
||||||||||||
Residential |
1,858,403 | 1,885,691 | 1 | % | ||||||||
Total |
2,104,786 | 2,134,285 | 1 | % | ||||||||
| Natural Gas Distribution | ||||||||||||
| Quarter Ended | ||||||||||||
| March 31, | % Diff | |||||||||||
| 2010 | 2011 | Fav/(Unfav) | ||||||||||
Results of Operations: |
||||||||||||
Revenues |
$ | 1,537 | $ | 1,212 | (21 | %) | ||||||
Expenses: |
||||||||||||
Natural gas |
1,139 | 818 | 28 | % | ||||||||
Operation and maintenance |
167 | 168 | (1 | %) | ||||||||
Depreciation and amortization |
40 | 42 | (5 | %) | ||||||||
Taxes other than income taxes |
52 | 42 | 19 | % | ||||||||
Total |
1,398 | 1,070 | 23 | % | ||||||||
Operating Income |
$ | 139 | $ | 142 | 2 | % | ||||||
Natural Gas Distribution Operating Data: |
||||||||||||
Throughput data in BCF |
||||||||||||
Residential |
96 | 90 | (6 | %) | ||||||||
Commercial and Industrial |
87 | 88 | 1 | % | ||||||||
Total Throughput |
183 | 178 | (3 | %) | ||||||||
Weather (average for service area) |
||||||||||||
Percentage of 10-year average: |
||||||||||||
Heating degree days |
117 | % | 108 | % | (9 | %) | ||||||
Number of customers — end of period: |
||||||||||||
Residential |
3,012,856 | 3,029,079 | 1 | % | ||||||||
Commercial and Industrial |
246,676 | 246,987 | — | |||||||||
Total |
3,259,532 | 3,276,066 | 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.
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)
Results of Operations by Segment
(Millions of Dollars)
(Unaudited)
| Competitive Natural Gas Sales and Services | ||||||||||||
| Quarter Ended | ||||||||||||
| March 31, | % Diff | |||||||||||
| 2010 | 2011 | Fav/(Unfav) | ||||||||||
Results of Operations: |
||||||||||||
Revenues |
$ | 852 | $ | 706 | (17 | %) | ||||||
Expenses: |
||||||||||||
Natural gas |
826 | 685 | 17 | % | ||||||||
Operation and maintenance |
9 | 10 | (11 | %) | ||||||||
Depreciation and amortization |
1 | 1 | — | |||||||||
Taxes other than income taxes |
1 | — | 100 | % | ||||||||
Total |
837 | 696 | 17 | % | ||||||||
Operating Income |
$ | 15 | $ | 10 | (33 | %) | ||||||
Competitive Natural Gas Sales and
Services Operating Data: |
||||||||||||
Throughput data in BCF |
141 | 155 | 10 | % | ||||||||
Number of customers — end of period |
11,369 | 11,942 | 5 | % | ||||||||
| Interstate Pipelines | ||||||||||||
| Quarter Ended | ||||||||||||
| March 31, | % Diff | |||||||||||
| 2010 | 2011 | Fav/(Unfav) | ||||||||||
Results of Operations: |
||||||||||||
Revenues |
$ | 138 | $ | 147 | 7 | % | ||||||
Expenses: |
||||||||||||
Natural gas |
10 | 18 | (80 | %) | ||||||||
Operation and maintenance |
35 | 31 | 11 | % | ||||||||
Depreciation and amortization |
13 | 13 | — | |||||||||
Taxes other than income taxes |
8 | 9 | (13 | %) | ||||||||
Total |
66 | 71 | (8 | %) | ||||||||
Operating Income |
$ | 72 | $ | 76 | 6 | % | ||||||
Pipelines Operating Data: |
||||||||||||
Throughput data in BCF |
||||||||||||
Transportation |
438 | 461 | 5 | % | ||||||||
Reference is made to the Notes to the Consolidated Financial Statements
contained in the Quarterly Report on Form 10-Q of CenterPoint Energy, Inc.
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)
Results of Operations by Segment
(Millions of Dollars)
(Unaudited)
| Field Services | ||||||||||||
| Quarter Ended | ||||||||||||
| March 31, | % Diff | |||||||||||
| 2010 | 2011 | Fav/(Unfav) | ||||||||||
Results of Operations: |
||||||||||||
Revenues |
$ | 68 | $ | 90 | 32 | % | ||||||
Expenses: |
||||||||||||
Natural gas |
16 | 15 | 6 | % | ||||||||
Operation and maintenance |
21 | 29 | (38 | %) | ||||||||
Depreciation and amortization |
6 | 9 | (50 | %) | ||||||||
Taxes other than income taxes |
2 | 1 | 50 | % | ||||||||
Total |
45 | 54 | (20 | %) | ||||||||
Operating Income |
$ | 23 | $ | 36 | 57 | % | ||||||
Field Services Operating Data: |
||||||||||||
Throughput data in BCF |
||||||||||||
Gathering |
128 | 183 | 43 | % | ||||||||
| Other Operations | ||||||||||||
| Quarter Ended | ||||||||||||
| March 31, | % Diff | |||||||||||
| 2010 | 2011 | Fav/(Unfav) | ||||||||||
Results of Operations: |
||||||||||||
Revenues |
$ | 3 | $ | 3 | — | |||||||
Expenses |
2 | 4 | (100 | %) | ||||||||
Operating Income |
$ | 1 | $ | (1 | ) | (200 | %) | |||||
Capital Expenditures by Segment
(Millions of Dollars)
(Unaudited)
(Millions of Dollars)
(Unaudited)
| Quarter Ended | ||||||||
| March 31, | ||||||||
| 2010 | 2011 | |||||||
Capital Expenditures by Segment |
||||||||
Electric Transmission & Distribution |
$ | 95 | $ | 106 | ||||
Natural Gas Distribution |
29 | 51 | ||||||
Competitive Natural Gas Sales and Services |
— | — | ||||||
Interstate Pipelines |
8 | 18 | ||||||
Field Services |
121 | 69 | ||||||
Other Operations |
4 | 9 | ||||||
Total |
$ | 257 | $ | 253 | ||||
(Millions of Dollars)
(Unaudited)
(Unaudited)
| Quarter Ended | ||||||||
| March 31, | ||||||||
| 2010 | 2011 | |||||||
Interest Expense Detail |
||||||||
Amortization of Deferred Financing Cost |
$ | 7 | $ | 7 | ||||
Capitalization of Interest Cost |
(1 | ) | (2 | ) | ||||
Transition and System Restoration Bond Interest Expense |
36 | 33 | ||||||
Other Interest Expense |
116 | 111 | ||||||
Total Interest Expense |
$ | 158 | $ | 149 | ||||
Reference is made to the Notes to the Consolidated Financial Statements
contained in the Quarterly Report on Form 10-Q of CenterPoint Energy, Inc.
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)
Condensed Consolidated Balance Sheets
(Millions of Dollars)
(Unaudited)
| December 31, | March 31, | |||||||
| 2010 | 2011 | |||||||
ASSETS |
||||||||
Current Assets: |
||||||||
Cash and cash equivalents |
$ | 199 | $ | 95 | ||||
Other current assets |
2,383 | 1,919 | ||||||
Total current assets |
2,582 | 2,014 | ||||||
Property, Plant and Equipment, net |
11,732 | 11,857 | ||||||
Other Assets: |
||||||||
Goodwill |
1,696 | 1,696 | ||||||
Regulatory assets |
3,446 | 3,385 | ||||||
Other non-current assets |
655 | 642 | ||||||
Total other assets |
5,797 | 5,723 | ||||||
Total Assets |
$ | 20,111 | $ | 19,594 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||
Current Liabilities: |
||||||||
Short-term borrowings |
$ | 53 | $ | — | ||||
Current portion of transition and system restoration bonds long-term debt |
283 | 294 | ||||||
Current portion of indexed debt |
126 | 127 | ||||||
Current portion of other long-term debt |
19 | — | ||||||
Other current liabilities |
2,139 | 1,780 | ||||||
Total current liabilities |
2,620 | 2,201 | ||||||
Other Liabilities: |
||||||||
Accumulated deferred income taxes, net |
2,934 | 2,998 | ||||||
Regulatory liabilities |
989 | 1,015 | ||||||
Other non-current liabilities |
1,369 | 1,382 | ||||||
Total other liabilities |
5,292 | 5,395 | ||||||
Long-term Debt: |
||||||||
Transition and system restoration bonds |
2,522 | 2,371 | ||||||
Other |
6,479 | 6,361 | ||||||
Total long-term debt |
9,001 | 8,732 | ||||||
Shareholders’ Equity |
3,198 | 3,266 | ||||||
Total Liabilities and Shareholders’ Equity |
$ | 20,111 | $ | 19,594 | ||||
Reference is made to the Notes to the Consolidated Financial Statements
contained in the Quarterly Report on Form 10-Q of CenterPoint Energy, Inc.
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)
Condensed Statements of Consolidated Cash Flows
(Millions of Dollars)
(Unaudited)
| Three Months Ended March 31, | ||||||||
| 2010 | 2011 | |||||||
Cash Flows from Operating Activities: |
||||||||
Net income |
$ | 114 | $ | 148 | ||||
Adjustments to reconcile net income to net
cash provided by operating activities: |
||||||||
Depreciation and amortization |
207 | 208 | ||||||
Deferred income taxes |
(34 | ) | 80 | |||||
Changes in net regulatory assets |
19 | 17 | ||||||
Changes in other assets and liabilities |
127 | 173 | ||||||
Other, net |
2 | 1 | ||||||
Net Cash Provided by Operating Activities |
435 | 627 | ||||||
Net Cash Used in Investing Activities |
(303 | ) | (308 | ) | ||||
Net Cash Used in Financing Activities |
(543 | ) | (423 | ) | ||||
Net Decrease in Cash and Cash Equivalents |
(411 | ) | (104 | ) | ||||
Cash and Cash Equivalents at Beginning of Period |
740 | 199 | ||||||
Cash and Cash Equivalents at End of Period |
$ | 329 | $ | 95 | ||||
Reference is made to the Notes to the Consolidated Financial Statements
contained in the Quarterly Report on Form 10-Q of CenterPoint Energy, Inc.
contained in the Quarterly Report on Form 10-Q of CenterPoint Energy, Inc.