CenterPoint Energy Reports Second Quarter 2013 Earnings

REAFFIRMS FULL YEAR 2013 GUIDANCE

01 Aug, 2013, 08:15 ET from CenterPoint Energy, Inc.

HOUSTON, Aug. 1, 2013 /PRNewswire/ -- CenterPoint Energy, Inc. (NYSE: CNP) today reported a net loss of $100 million, or $0.23 per diluted share, for the second quarter of 2013. Second quarter results included two unusual items 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 these items, the second quarter net income would have been $131 million, or $0.30 per diluted share. This compares to net income of $126 million, or $0.29 per diluted share, for the same period of 2012. 

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"The most significant accomplishment this quarter was the closing of our midstream partnership with OGE Energy, Enable Midstream Partners," said David M. McClanahan, president and chief executive officer of CenterPoint Energy. "Our financial results for the quarter include a number of one-time charges associated with its formation.  While it will take some time to realize the full potential of this new venture we remain very excited about the future of this business. Our other businesses continue to show the benefits of our balanced portfolio with our gas distribution utilities reporting a strong quarter largely offsetting the impact of milder weather on our electric utility. Operational performance continues to be very good across all of our businesses."

For the six months ended June 30, 2013, net income was $47 million, or $0.11 per diluted share. Excluding the two unusual items noted above, net income would have been $279 million, or $0.65 per diluted share. This compares to net income of $273 million, or $0.64 per diluted share, for the same period of 2012.

Operating income for the second quarter and for the six months ended June 30, 2013, was $223 million and $555 million, respectively. CenterPoint Energy's second quarter 2013 operating income reflects only the month of April's results for the Interstate Pipeline and Field Services segments. Following the May 1, 2013, formation of Enable Midstream Partners, CenterPoint Energy reports its investment in midstream operations as equity income thus is not reflected in operating income. As a result, CenterPoint Energy's operating income for the second quarter and the six months ended June 30, 2013, is not comparable to prior results.

Electric Transmission & Distribution

The electric transmission & distribution segment reported operating income of $165 million for the second quarter of 2013, consisting of $131 million from the regulated electric transmission & distribution utility operations (TDU) and $34 million related to securitization bonds. Operating income for the second quarter of 2012 was $191 million, consisting of $153 million from the TDU and $38 million related to securitization bonds.

Economic activity around the Houston area remains robust, however second quarter operating income for the TDU declined due to milder weather. Customer growth, which continued at an annual rate of 2 percent, and higher net transmission revenues, offset increased depreciation and taxes, lower right of way revenues, and higher expenses.

Operating income for the six months ended June 30, 2013, was $249 million, consisting of $180 million from the TDU and $69 million related to securitization bonds. Operating income for the same period of 2012 was $298 million, consisting of $223 million from the TDU and $75 million related to securitization bonds.

Natural Gas Distribution

The natural gas distribution segment reported operating income of $25 million for the second quarter of 2013, compared to $9 million for the same period of 2012. Operating income benefited from colder weather as compared to last year, rate changes, and increased economic activity across our footprint, partially offset by an increase in depreciation and property taxes. Operating income also benefited from continued control of operation and maintenance expenses.

Operating income for the six months ended June 30, 2013, was $164 million, compared to $130 million for the same period of 2012.

Competitive Natural Gas Sales and Services

The competitive natural gas sales and services segment reported operating income of $3 million for the second quarter of 2013, compared to an operating loss of $4 million for the same period of 2012. Excluding the adjustments from mark-to-market accounting for derivatives associated with forward natural gas transactions used to lock in economic margin, the business performance was consistent with the prior year. Operating income for the six months ended June 30, 2013, was $10 million, compared to an operating loss of $3 million for the same period of 2012.

Other Operations

The other operations segment reported an operating loss of $10 million for the second quarter of 2013, compared to operating income of $3 million for the same period of 2012. The decline is related to the expenses associated with the formation of Enable Midstream Partners as well as higher property taxes.

Interstate Pipelines/ Field Services

For the month of April, prior to the formation of Enable Midstream Partners, the interstate pipelines segment reported operating income of $20 million and equity earnings of $2 million from its 50 percent interest in the Southeast Supply Header (SESH) and the field services segment reported operating income of $20 million.

Midstream Investments

As previously announced, the formation of Enable Midstream Partners closed on May 1, 2013.The partnership consists of OGE's midstream business, Enogex LLC, and CenterPoint Energy's interstate pipelines and field services businesses, other than a 25.05 percent interest in SESH retained by the company. Following the formation of Enable Midstream Partners, CenterPoint Energy reports equity earnings from its interest in the partnership and equity earnings from its retained interest in SESH under a new midstream investments reporting segment. In May and June, CenterPoint Energy reported equity income of $33 million from its interest in Enable Midstream Partners and equity income of $2 million from its retained interest in SESH.The performance of the partnership was in line with management's expectations given low natural gas liquids prices and low seasonal and geographic price differentials.

Dividend Declaration

On July 25, 2013, CenterPoint Energy's board of directors declared a regular quarterly cash dividend of $0.2075 per share of common stock payable on September 10, 2013, to shareholders of record as of the close of business on August 16, 2013. 

Guidance Reaffirmed for 2013

Excluding the effects of the two unusual items recorded in the second quarter related to the formation of Enable Midstream Partners as noted above, CenterPoint Energy reaffirmed its estimate for 2013 earnings on a guidance basis in the range of $1.17 to $1.25 per diluted share. Earnings guidance is being provided in the form of a range to reflect economic and operational variables associated with the company's various business segments and ownership interest in Enable Midstream Partners and takes into consideration performance to date. Significant variables include the impact to earnings of commodity prices, volume throughput, ancillary services, weather, regulatory proceedings, effective tax rates and financing activities. In providing this guidance, the company does not include the impact of any changes in accounting standards, any impact to earnings from the change in the value of Time Warner stocks and the related ZENS securities, or the timing effects of mark-to-market and inventory accounting in the company's competitive natural gas sales and services business.

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

Today, CenterPoint Energy, Inc. filed its Form 10-Q with the Securities and Exchange Commission (SEC) for the period ended June 30, 2013. A copy is available on the company's website, under the Investors section. Company SEC filings and other documents relating to its corporate governance can also be found on the website. 

Webcast of Earnings Conference Call

CenterPoint Energy's management will host an earnings conference call on Thursday, August 1, 2013, 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. and Subsidiaries 

Reconciliation of Net Income and diluted EPS to the basis used in providing 2013 annual earnings guidance

 Quarter Ended 

 Year To Date 

 June 30, 2013 

 June 30, 2013 

 Net Income (in millions) 

 EPS 

 Net Income

(in millions) 

 EPS 

As reported

$        (100)

$(0.23)

$          47

$0.11

Deferred Tax Charge(1)

225

0.52

225

0.52

Midstream Partnership Formation Costs, after-tax

6

0.01

7

0.02

Excluding Unusual Items(1)

$         131

$ 0.30

$         279

$0.65

Timing effects impacting CES (2):

Mark-to-market (gain) losses

(4)

(0.01)

(1)

0.00

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

Marketable securities(3)

(19)

(0.04)

(67)

(0.16)

Indexed debt securities

18

0.04

51

0.12

Per the basis used in providing 2013 annual earnings guidance

$         126

$ 0.29

$         262

$0.61

(1)  Associated with formation of the Midstream Partnership

(2)  Competitive natural gas sales and services segment

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

 

CenterPoint Energy, Inc., headquartered in Houston, Texas, is a domestic energy delivery company that includes electric transmission & distribution, natural gas distribution and competitive natural gas sales and 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 58.3 percent limited partner interest in Enable Midstream Partners it jointly controls with OGE Energy Corp. with operations in major natural gas and liquids-rich producing areas of Oklahoma, Texas, Arkansas and Louisiana. With more than 8,700 employees, CenterPoint Energy and its predecessor companies have been in business for more than 135 years. For more information, visit the website at www.CenterPointEnergy.com.

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 2013 and future financial performance and results of operations, 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 its midstream partnership with OGE Energy Corp. and affiliates of ArcLight Capital Partners, LLC (Enable Midstream Partners)), 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 two 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) the investment performance of pension and postretirement benefit plans; (23) 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; (24) acquisition and merger activities involving CenterPoint Energy or its competitors; (25) future economic conditions in regional and national markets and their effects on sales, prices and costs; (26)  the performance of the Midstream Partnership, the amount of cash distributions CenterPoint Energy receives from the Midstream Partnership, and the value of its interest in the Midstream Partnership, 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 the Midstream Partnership with those contributed by OGE and ArcLight; (B) the achievement of anticipated operational and commercial synergies and expected growth opportunities, and the successful implementation of the Midstream Partnership's business plan; (C) competitive conditions in the midstream industry, and actions taken by the Midstream Partnership's customers and competitors, including the extent and timing of the entry of additional competition in the markets served by the Midstream Partnership; (D) the timing and extent of changes in commodity prices, particularly natural gas and natural gas liquids, the competitive effects of the available pipeline capacity in the regions served by the Midstream Partnership, and the effects of geographic and seasonal commodity price differentials, including the effects of these circumstances on re-contracting available capacity on the Midstream Partnership'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 (27) other factors discussed in CenterPoint Energy's Form 10-K for the period ended December 31, 2012, as well as in CenterPoint Energy's Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2013, and June 30, 2013, and other reports CenterPoint Energy or its subsidiaries may file from time to time with the Securities and Exchange Commission.

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

Six Months Ended

June 30,

June 30,

2012

2013

2012

2013

Revenues:

Electric Transmission & Distribution

$ 676

$ 656

$ 1,207

$ 1,188

Natural Gas Distribution

366

529

1,220

1,580

Competitive Natural Gas Sales and Services

308

628

833

1,225

Interstate Pipelines

125

54

252

186

Field Services

104

55

209

196

Other Operations

3

3

6

6

Eliminations

(57)

(31)

(118)

(99)

     Total

1,525

1,894

3,609

4,282

Expenses:

Natural gas

409

852

1,378

2,076

Natural gas - affiliates

-

28

-

28

Operation and maintenance

451

446

906

930

Depreciation and amortization

275

253

499

493

Taxes other than income taxes

88

92

186

200

     Total

1,223

1,671

2,969

3,727

Operating Income

302

223

640

555

Other Income (Expense) :

Gain on marketable securities

13

30

59

104

Loss on indexed debt securities

9

(27)

(24)

(78)

Interest and other finance charges

(104)

(85)

(214)

(183)

Interest on transition and system restoration bonds

(38)

(34)

(75)

(69)

Equity in earnings of unconsolidated affiliates

8

37

17

42

Other - net

10

-

16

6

     Total

(102)

(79)

(221)

(178)

Income Before Income Taxes

200

144

419

377

Income Tax Expense

74

244

146

330

Net Income (Loss)

$ 126

$ (100)

$ 273

$ 47

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

Six Months Ended

June 30,

June 30,

2012

2013

2012

2013

Basic Earnings (Loss) Per Common Share

$ 0.29

$ (0.23)

$ 0.64

$ 0.11

Diluted Earnings (Loss) Per Common Share

$ 0.29

$ (0.23)

$ 0.64

$ 0.11

Dividends Declared per Common Share

$ 0.2025

$ 0.2075

$ 0.405

$ 0.415

   Weighted Average Common Shares Outstanding (000):

  - Basic

427,349

428,571

426,924

428,268

  - Diluted

429,629

430,554

429,200

430,246

Operating Income (Loss) by Segment

Electric Transmission & Distribution:

     Electric Transmission and Distribution Operations

$ 153

$ 131

$ 223

$ 180

     Transition and System Restoration Bond Companies

38

34

75

69

          Total Electric Transmission & Distribution

191

165

298

249

Natural Gas Distribution

9

25

130

164

Competitive Natural Gas Sales and Services

(4)

3

(3)

10

Interstate Pipelines

52

20

112

72

Field Services

51

20

98

73

Other Operations

3

(10)

5

(13)

Total

$ 302

$ 223

$ 640

$ 555

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

Six Months Ended

June 30,

% Diff

June 30,

% Diff

2012

2013

Fav/(Unfav)

2012

2013

Fav/(Unfav)

Results of Operations:

Revenues:

Electric transmission and distribution utility

$ 514

$ 513

-

$ 929

$ 934

1%

Transition and system restoration bond companies

162

143

(12%)

278

254

(9%)

     Total

676

656

(3%)

1,207

1,188

(2%)

Expenses:

Operation and maintenance

232

246

(6%)

452

484

(7%)

Depreciation and amortization

75

79

(5%)

148

158

(7%)

Taxes other than income taxes

54

57

(6%)

106

112

(6%)

Transition and system restoration bond companies

124

109

12%

203

185

9%

     Total

485

491

(1%)

909

939

(3%)

Operating Income

$ 191

$ 165

(14%)

$ 298

$ 249

(16%)

Operating Income:

Electric transmission and distribution operations

$ 153

$ 131

(14%)

$ 223

$ 180

(19%)

Transition and system restoration bond companies

38

34

(11%)

75

69

(8%)

     Total Segment Operating Income

$ 191

$ 165

(14%)

$ 298

$ 249

(16%)

Electric Transmission & Distribution

Operating Data:

Actual MWH Delivered

Residential

7,917,194

7,233,064

(9%)

12,442,488

11,790,963

(5%)

Total

20,987,702

20,773,110

(1%)

37,531,711

37,134,121

(1%)

Weather (average for service area):

Percentage of 10-year average:

Cooling degree days

114%

92%

(22%)

125%

92%

(33%)

Heating degree days

0%

343%

343%

54%

92%

38%

Number of metered customers - end of period:

Residential

1,926,459

1,964,338

2%

1,926,459

1,964,338

2%

Total

2,180,731

2,224,036

2%

2,180,731

2,224,036

2%

Natural Gas Distribution

Quarter Ended

Six Months Ended

June 30,

% Diff

June 30,

% Diff

2012

2013

Fav/(Unfav)

2012

2013

Fav/(Unfav)

Results of Operations:

Revenues

$ 366

$ 529

45%

$ 1,220

$ 1,580

30%

Expenses:

Natural gas

136

268

(97%)

629

924

(47%)

Operation and maintenance

156

160

(3%)

319

330

(3%)

Depreciation and amortization

43

46

(7%)

86

91

(6%)

Taxes other than income taxes

22

30

(36%)

56

71

(27%)

     Total

357

504

(41%)

1,090

1,416

(30%)

Operating Income

$ 9

$ 25

178%

$ 130

$ 164

26%

Natural Gas Distribution Operating Data:

Throughput data in BCF

Residential

16

25

56%

78

105

35%

Commercial and Industrial

52

56

8%

126

142

13%

     Total Throughput

68

81

19%

204

247

21%

Weather (average for service area)

Percentage of 10-year average:

Heating degree days

69%

164%

95%

69%

108%

39%

Number of customers - end of period:

Residential

3,020,913

3,051,621

1%

3,020,913

3,051,621

1%

Commercial and Industrial

243,262

244,215

-

243,262

244,215

-

     Total

3,264,175

3,295,836

1%

3,264,175

3,295,836

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)

Competitive Natural Gas Sales and Services

Quarter Ended

Six Months Ended

June 30,

% Diff

June 30,

% Diff

2012

2013

Fav/(Unfav)

2012

2013

Fav/(Unfav)

Results of Operations:

Revenues

$ 308

$ 628

104%

$ 833

$ 1,225

47%

Expenses:

Natural gas

300

612

(104%)

811

1,190

(47%)

Operation and maintenance

10

11

(10%)

22

22

-

Depreciation and amortization

1

1

-

2

2

-

Taxes other than income taxes

1

1

-

1

1

-

     Total

312

625

(100%)

836

1,215

(45%)

Operating Income (Loss)

$ (4)

$ 3

175%

$ (3)

$ 10

433%

Competitive Natural Gas Sales and Services Operating Data:

Throughput data in BCF

127

137

8%

288

299

4%

Number of customers - end of period

15,567

17,190

10%

15,567

17,190

10%

Interstate Pipelines

Quarter Ended

Six Months Ended

June 30,

% Diff

June 30,

% Diff

2012

2013 (1)

Fav/(Unfav)

2012

2013 (2)

Fav/(Unfav)

Results of Operations:

Revenues

$ 125

$ 54

(57%)

$ 252

$ 186

(26%)

Expenses:

Natural gas

14

15

(7%)

21

35

(67%)

Operation and maintenance

36

13

64%

74

51

31%

Depreciation and amortization

14

5

64%

28

20

29%

Taxes other than income taxes

9

1

89%

17

8

53%

     Total

73

34

53%

140

114

19%

Operating Income

$ 52

$ 20

(62%)

$ 112

$ 72

(36%)

Equity in Earnings of Unconsolidated Affiliates

$ 6

$ 2

(67%)

$ 12

$ 7

(42%)

Pipelines Operating Data:

Throughput data in BCF

Transportation

346

117

(66%)

724

482

(33%)

(1) Represents April 2013 results only.

(2) Represents January-April 2013 results only.

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)

Field Services

Quarter Ended

Six Months Ended

June 30,

% Diff

June 30,

% Diff

2012

2013 (1)

Fav/(Unfav)

2012

2013 (2)

Fav/(Unfav)

Results of Operations:

Revenues

$ 104

$ 55

(47%)

$ 209

$ 196

(6%)

Expenses:

Natural gas

15

16

(7%)

33

54

(64%)

Operation and maintenance

26

13

50%

53

45

15%

Depreciation and amortization

11

5

55%

22

20

9%

Taxes other than income taxes

1

1

-

3

4

(33%)

     Total

53

35

34%

111

123

(11%)

Operating Income

$ 51

$ 20

(61%)

$ 98

$ 73

(26%)

Equity in Earnings of Unconsolidated Affiliates

$ 2

$ -

(100%)

$ 5

$ -

(100%)

Field Services Operating Data:

Throughput data in BCF

Gathering

233

62

(73%)

470

252

(46%)

(1) Represents April 2013 results only.

(2) Represents January-April 2013 results only.

Other Operations

Quarter Ended

Six Months Ended

June 30,

% Diff

June 30,

% Diff

2012

2013

Fav/(Unfav)

2012

2013

Fav/(Unfav)

Results of Operations:

Revenues

$ 3

$ 3

-

$ 6

$ 6

-

Expenses

-

13

-

1

19

(1,800%)

Operating Income (Loss)

$ 3

$ (10)

(433%)

$ 5

$ (13)

(360%)

Capital Expenditures by Segment

(Millions of Dollars)

(Unaudited)

Quarter Ended

Six Months Ended

June 30,

June 30,

2012

2013

2012

2013

Capital Expenditures by Segment

Electric Transmission & Distribution

$ 134

$ 182

$ 270

$ 325

Natural Gas Distribution

90

120

156

186

Competitive Natural Gas Sales and Services

2

2

3

3

Interstate Pipelines

25

9

45

29

Field Services

12

7

25

16

Other Operations

7

8

13

19

     Total

$ 270

$ 328

$ 512

$ 578

Interest Expense Detail

(Millions of Dollars)

(Unaudited)

Quarter Ended

Six Months Ended

June 30,

June 30,

2012

2013

2012

2013

Interest Expense Detail

Amortization of Deferred Financing Cost

$ 6

$ 7

$ 13

$ 14

Capitalization of Interest Cost

(3)

(2)

(4)

(4)

Transition and System Restoration Bond Interest Expense

38

34

75

69

Other Interest Expense

101

80

205

173

     Total Interest Expense

$ 142

$ 119

$ 289

$ 252

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)

December 31,

June 30,

2012

2013

ASSETS

Current Assets:

     Cash and cash equivalents

$ 646

$ 497

     Other current assets

2,228

1,983

          Total current assets

2,874

2,480

Property, Plant and Equipment, net

13,597

9,184

Other Assets:

     Goodwill

1,468

840

     Regulatory assets

4,324

4,112

     Investment in unconsolidated affiliates

405

4,485

     Other non-current assets

203

557

          Total other assets

6,400

9,994

               Total Assets

$ 22,871

$21,658

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities:

     Short-term borrowings

$ 38

$ 37

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

447

417

     Current portion of indexed debt

138

139

     Current portion of other long-term debt

815

92

     Other current liabilities

2,137

1,990

          Total current liabilities

3,575

2,675

Other Liabilities:

     Accumulated deferred income taxes, net

4,153

4,408

     Regulatory liabilities

1,093

1,130

     Other non-current liabilities

1,392

1,335

          Total other liabilities

6,638

6,873

Long-term Debt:

     Transition and system restoration bonds

3,400

3,210

     Other

4,957

4,709

          Total long-term debt

8,357

7,919

Shareholders' Equity

4,301

4,191

          Total Liabilities and Shareholders' Equity

$ 22,871

$21,658

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)

Six Months Ended June 30,

2012

2013

Cash Flows from Operating Activities:

     Net income

$ 273

$ 47

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

          Depreciation and amortization

514

509

          Deferred income taxes

128

257

          Changes in net regulatory assets

55

56

          Changes in other assets and liabilities

(53)

(84)

          Other, net

10

5

Net Cash Provided by Operating Activities

927

790

Net Cash Used in Investing Activities

(657)

(625)

Net Cash Provided by (Used in) Financing Activities

633

(314)

Net Increase (Decrease) in Cash and Cash Equivalents

903

(149)

Cash and Cash Equivalents at Beginning of Period

220

646

Cash and Cash Equivalents at End of Period

$1,123

$497

Reference is made to the Notes to the Consolidated Financial Statements

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

SOURCE CenterPoint Energy, Inc.



RELATED LINKS

http://www.centerpointenergy.com