CenterPoint Energy Reports Fourth Quarter and Full Year 2009 Earnings
HOUSTON, Feb. 26 /PRNewswire-FirstCall/ -- CenterPoint Energy, Inc. (NYSE: CNP) today reported net income of $105 million, or $0.27 per diluted share, for the fourth quarter of 2009 compared to $87 million, or $0.25 per diluted share, for the same period of 2008. Operating income for the fourth quarter of 2009 was $299 million compared to $303 million for the same period of 2008.
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For the year ended December 31, 2009, net income was $372 million, or $1.01 per diluted share, compared to $446 million, or $1.30 per diluted share, for the same period of 2008. Operating income for the year ended December 31, 2009, was $1.1 billion compared to $1.3 billion for the same period of 2008.
"Our company performed well in 2009 in the face of a weak economy and challenging energy markets," said David M. McClanahan, president and chief executive officer of CenterPoint Energy. "Our regulated electric and natural gas utilities turned in solid operating and financial performances. The company's interstate pipelines and field services businesses expanded their systems and increased throughput, but lower natural gas and natural gas liquids prices adversely affected their financial performances. Additionally, results of the competitive natural gas sales unit were adversely affected by substantially reduced locational and seasonal price differentials. As the economy improves and stronger energy markets emerge, our regulated utilities and natural gas businesses are well positioned to benefit."
OPERATING INCOME BY SEGMENT
Electric Transmission & Distribution
The electric transmission & distribution segment reported operating income of $95 million for the fourth quarter of 2009, consisting of $61 million from the regulated electric transmission & distribution utility operations (TDU) and $34 million related to transition and system restoration bonds. Operating income for the fourth quarter of 2008 was $88 million, consisting of $55 million from the TDU and $33 million related to transition bonds. Operating income for the TDU benefited from growth of over 29,000 metered customers since December 2008, higher net transmission revenues and income associated with the company's investment in an advanced metering system (AMS). These benefits were partially offset by reduced energy demand as well as higher operation and maintenance expenses. In addition, the fourth quarter of 2008 reflected lower operating expenses as resources were devoted to recovery from Hurricane Ike.
Operating income for the year ended December 31, 2009, was $545 million, consisting of $414 million from the TDU and $131 million related to transition and system restoration bonds. Operating income for the same period of 2008 was $545 million, consisting of $407 million from the TDU, $133 million related to transition bonds and $5 million from the competition transition charge (CTC). The CTC was discontinued in February 2008 when the company securitized the remaining authorized true-up balance. Operating income for the TDU benefited from customer growth, higher net transmission revenues and income associated with the company's investment in AMS, partially offset by reduced energy demand and increased operation and maintenance expenses, primarily employee-related. In addition, 2008 included a gain from a land sale, lower net revenues related to Hurricane Ike and a refund of prior years' state franchise taxes.
Natural Gas Distribution
The natural gas distribution segment reported operating income of $99 million for the fourth quarter of 2009 compared to $96 million for the same period of 2008. Operating income increased from higher rates, other miscellaneous revenues and lower bad debt expense, partially offset by higher pension expense of $11 million.
Operating income for the year ended December 31, 2009, was $204 million compared to $215 million for the same period of 2008. The decline in operating income was primarily due to higher pension expense of $37 million and other operating expenses, partially offset by higher rates and lower bad debt expense.
Interstate Pipelines
The interstate pipelines segment reported operating income of $62 million for the fourth quarter of 2009 compared to $66 million for the same period of 2008. The decline in operating income was primarily due to higher pension and other operating expenses. Higher revenue from new firm contracts was offset by lower revenue from off-system sales.
In addition to operating income, this segment recorded equity income of $5 million for the fourth quarter of 2009 primarily from its 50 percent interest in the Southeast Supply Header (SESH), which went into service in September 2008, compared to equity income of $2 million for the same period of 2008.
Operating income for the year ended December 31, 2009, was $256 million compared to $293 million for the same period of 2008. The decline in operating income was primarily due to higher pension and other operating expenses. Higher revenue from new firm contracts was partially offset by lower revenue from ancillary services and off-system sales. Operating income for the year ended December 31, 2008, included a net gain of $11 million associated with the sale of two storage development projects and a write-down of pipeline assets removed from service.
In addition to operating income, this segment had equity income of $7 million for the year ended December 31, 2009, primarily from its interest in SESH, which included non-cash charges of $16 million to reflect SESH's discontinued use of regulatory accounting. For the year ended December 31, 2008, equity income was $36 million primarily from allowance for funds used during construction.
Field Services
The field services segment reported operating income of $22 million for the fourth quarter of 2009 compared to $26 million for the same period of 2008. The decline in operating income was primarily the result of commodity prices that were higher in 2008 than in 2009, partially offset by growth in core gathering throughput.
In addition to operating income, this segment recorded equity income of $2 million in the fourth quarter of 2009 compared to $3 million in the fourth quarter of 2008 from its 50 percent interest in a gas processing plant. The decline was primarily due to lower natural gas liquids prices.
Operating income for the year ended December 31, 2009, was $94 million compared to $147 million for the same period of 2008. The decline in operating income was primarily the result of commodity prices that were significantly lower in 2009 than in 2008, partially offset by growth in core gathering throughput. Operating income for the year ended December 31, 2008, included gains of $17 million associated with the sale of non-strategic assets and the settlement of a contractual dispute. Equity income from the jointly-owned gas processing plant was $8 million for the year ended December 31, 2009, compared to $15 million for the same period of 2008.
Competitive Natural Gas Sales and Services
The competitive natural gas sales and services segment reported operating income of $21 million for the fourth quarter of 2009 compared to $26 million for the same period of 2008. The decline in operating income was due to reduced locational and seasonal price differentials, partially offset by lower operation and maintenance expenses. In addition, operating income for the fourth quarter of 2009 included charges of $1 million resulting from mark-to-market accounting for derivatives associated with certain forward natural gas purchases and sales used to lock in economic margins. The fourth quarter of 2008 included a $6 million write-down of natural gas inventory to the lower of average cost or market.
Operating income for the year ended December 31, 2009, was $21 million compared to $62 million for the same period of 2008. The decline in operating income was due to substantially reduced locational and seasonal price differentials. In addition, operating income for the year ended December 31, 2009, included charges of $23 million resulting from mark-to-market accounting compared to gains of $13 million for the same period of 2008. The year ended December 31, 2009, also included $6 million in inventory write-downs compared to $30 million in inventory write-downs for the same period of 2008.
DIVIDEND DECLARATION
On January 21, 2010, CenterPoint Energy's board of directors declared a regular quarterly cash dividend of $0.195 per share of common stock payable on March 10, 2010, to shareholders of record as of the close of business on February 16, 2010. This represents more than a 2.6 percent increase over the $0.19 per share of common stock quarterly dividends paid by the company in 2009.
OUTLOOK FOR 2010
CenterPoint Energy expects earnings for 2010 to be in the range of $1.02 to $1.12 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 the timing and cost of certain 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 acquisitions or divestitures, the timing effects of mark-to-market or inventory accounting in the company's competitive natural gas sales and services business, or the outcome of the TDU's true-up appeal. The company has also excluded any impact to income from the change in value of Time Warner stocks and the related ZENS securities. For the impact of these factors on 2009 earnings, see the attached reconciliation.
FILING OF FORM 10-K FOR CENTERPOINT ENERGY, INC.
Today, CenterPoint Energy, Inc. filed with the Securities and Exchange Commission (SEC) its Annual Report on Form 10-K for the period ended December 31, 2009. A copy of that report is available on the company's Web site, www.CenterPointEnergy.com, 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 Friday, February 26, 2010, 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 at www.CenterPointEnergy.com. A replay of the call can be accessed approximately two hours after the completion of the call and will be archived on the Web site for at least one year. Supplemental materials are also available on the company's Web site.
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 nearly $20 billion. With about 8,800 employees, CenterPoint Energy and its predecessor companies have been in business for more than 135 years. For more information, visit the Web site at www.CenterPointEnergy.com.
This news release includes forward-looking statements. Actual events and results may differ materially from those projected. The statements in this news release regarding future financial performance and results of operations and other statements that are not historical facts are forward-looking statements. Factors that could affect actual results include the timing and outcome of appeals from the true-up proceedings, the timing and impact of future regulatory, legislative, and IRS decisions, effects of competition, weather variations, changes in CenterPoint Energy's or its subsidiaries' business plans, financial market conditions, the timing and extent of changes in natural gas and natural gas liquids prices, the impact of unplanned facility outages, and other factors discussed in CenterPoint Energy's Form 10-K for the fiscal year ended December 31, 2009, and other filings with the SEC.
For more information contact |
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Media: |
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Leticia Lowe |
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Phone 713.207.7702 |
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Investors: |
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Marianne Paulsen |
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Phone 713.207.6500 |
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CenterPoint Energy, Inc. and Subsidiaries
Reconciliation of reported Net Income and diluted EPS to the basis used
in providing earnings guidance
Full Year Ended
December 31, 2009
-----------------
Net Income EPS
---------- ---
(in millions)
As reported $372 $1.01
Timing effects impacting CES*:
Mark-to-market (gains) losses - natural gas
derivative contracts 15 0.04
Natural gas inventory write-downs 4 0.01
ZENS-related mark-to-market (gains) losses:
Marketable securities** (53) (0.15)
Indexed debt securities 44 0.12
Accounting change*** 10 0.03
-- ----
Per earnings guidance $392 $1.06
==== =====
* Competitive natural gas sales and services
** Time Warner Inc., Time Warner Cable Inc. and AOL Inc.
*** Non-cash charge to reflect SESH's discontinued use of regulatory
accounting
CenterPoint Energy, Inc. and Subsidiaries
Statements of Consolidated Income
(Millions of Dollars)
(Unaudited)
Quarter Ended Year Ended
December 31, December 31,
------------ ------------
2008 2009 2008 2009
---- ---- ---- ----
Revenues:
Electric Transmission & Distribution $445 $472 $1,916 $2,013
Natural Gas Distribution 1,250 1,043 4,226 3,384
Competitive Natural Gas Sales and
Services 896 634 4,528 2,230
Interstate Pipelines 182 137 650 598
Field Services 61 65 252 241
Other Operations 3 2 11 11
Eliminations (63) (54) (261) (196)
--- --- ---- ----
Total 2,774 2,299 11,322 8,281
----- ----- ------ -----
Expenses:
Natural gas 1,791 1,290 7,466 4,371
Operation and maintenance 424 438 1,502 1,664
Depreciation and amortization 168 181 708 743
Taxes other than income taxes 88 91 373 379
--- --- --- ---
Total 2,471 2,000 10,049 7,157
----- ----- ------ -----
Operating Income 303 299 1,273 1,124
--- --- ----- -----
Other Income (Expense) :
Gain (loss) on marketable securities (66) 14 (139) 82
Gain (loss) on indexed debt securities 62 (14) 128 (68)
Interest and other finance charges (122) (129) (468) (513)
Interest on transition and system
restoration bonds (34) (33) (136) (131)
Distribution from AOL Time Warner
litigation settlement - 3 - 3
Additional distribution to ZENS holders - (3) - (3)
Equity in earnings of unconsolidated
affiliates 5 7 51 15
Other - net 4 8 14 39
--- --- --- ---
Total (151) (147) (550) (576)
---- ---- ---- ----
Income Before Income Taxes 152 152 723 548
Income Tax Expense (65) (47) (277) (176)
--- --- ---- ----
Net Income $87 $105 $446 $372
=== ==== ==== ====
Reference is made to the Notes to the Consolidated Financial Statements
contained in the Annual Report on Form 10-K 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 Year Ended
December 31, December 31,
------------ ------------
2008 2009 2008 2009
---- ---- ---- ----
Basic Earnings Per Common Share $0.25 $0.27 $1.32 $1.02
===== ===== ===== =====
Diluted Earnings Per Common Share $0.25 $0.27 $1.30 $1.01
===== ===== ===== =====
Dividends Declared per Common
Share $0.1825 $0.19 $0.73 $0.76
Weighted Average Common Shares
Outstanding (000):
- Basic 344,536 390,922 336,387 365,229
- Diluted 346,839 393,472 343,555 367,681
Operating Income (Loss) by Segment
-----------------------------------
Electric Transmission & Distribution:
Electric Transmission and
Distribution Operations $55 $61 $407 $414
Competition Transition Charge - - 5 -
--- --- --- ---
Total Electric Transmission
and Distribution Utility 55 61 412 414
Transition and System
Restoration Bond Companies 33 34 133 131
--- --- --- ---
Total Electric Transmission
& Distribution 88 95 545 545
Natural Gas Distribution 96 99 215 204
Competitive Natural Gas Sales and
Services 26 21 62 21
Interstate Pipelines 66 62 293 256
Field Services 26 22 147 94
Other Operations 1 - 11 4
--- --- --- ---
Total $303 $299 $1,273 $1,124
==== ==== ====== ======
Reference is made to the Notes to the Consolidated Financial Statements
contained in the Annual Report on Form 10-K of CenterPoint Energy, Inc.
CenterPoint Energy, Inc. and Subsidiaries
Results of Operations by Segment
(Millions of Dollars)
(Unaudited)
Electric Transmission & Distribution
------------------------------------------------------
Quarter Ended Year Ended
December 31, December 31,
------------- % Diff ------------- % Diff
Fav/ Fav/
2008 2009 (Unfav) 2008 2009 (Unfav)
---- ---- ------- ---- ---- -------
Results of
Operations:
Revenues:
Electric
transmission
and
distribution
utility $373 $392 5% $1,593 $1,673 5%
Transition and
system
restoration
bond companies
72 80 11% 323 340 5%
--- --- --- ---
Total 445 472 6% 1,916 2,013 5%
--- --- ----- -----
Expenses:
Operation and
maintenance 201 211 (5%) 703 774 (10%)
Depreciation
and
amortization 69 70 (1%) 277 277 -
Taxes other
than income
taxes 48 50 (4%) 201 208 (3%)
Transition and
system
restoration
bond companies 39 46 (18%) 190 209 (10%)
--- --- --- ---
Total 357 377 (6%) 1,371 1,468 (7%)
--- --- ----- -----
Operating Income $88 $95 8% $545 $545 -
=== === ==== ====
Operating Income:
Electric
transmission
and
distribution
operations $55 $61 11% $407 $414 2%
Competition
transition
charge - - - 5 - (100%)
Transition and
system
restoration
bond companies 33 34 3% 133 131 (2%)
--- --- --- ---
Total
Segment
Operating
Income $88 $95 8% $545 $545 -
=== === ==== ====
Electric
Transmission
& Distribution
Operating Data:
Actual
MWH Delivered
Residential 4,635,129 4,774,799 3% 24,258,254 24,815,397 2%
Total 16,316,691 16,632,601 2% 74,839,972 74,579,298 -
Weather
(average for
service area):
Percentage of
10-year
average:
Cooling degree
days 88% 82% (6%) 102% 105% 3%
Heating degree
days 88% 122% 34% 92% 103% 11%
Number of metered
customers -
end of period:
Residential 1,821,267 1,849,019 2% 1,821,267 1,849,019 2%
Total 2,064,854 2,094,210 1% 2,064,854 2,094,210 1%
Natural Gas Distribution
------------------------------------------------------
Quarter Ended Year Ended
December 31, December 31,
------------- % Diff ------------- % Diff
Fav/ Fav/
2008 2009 (Unfav) 2008 2009 (Unfav)
---- ---- ------- ---- ---- -------
Results of
Operations:
Revenues $1,250 $1,043 (17%) $4,226 $3,384 (20%)
------ ------ ------ ------
Expenses:
Natural gas 928 713 23% 3,124 2,251 28%
Operation and
maintenance 153 161 (5%) 589 639 (8%)
Depreciation
and
amortization 39 40 (3%) 157 161 (3%)
Taxes other
than income
taxes 34 30 12% 141 129 9%
--- --- --- ---
Total 1,154 944 18% 4,011 3,180 21%
----- --- ----- -----
Operating
Income $96 $99 3% $215 $204 (5%)
=== === ==== ====
Natural Gas
Distribution
Operating Data:
Throughput
data in BCF
Residential 58 62 7% 175 173 (1%)
Commercial
and
Industrial 65 69 6% 236 233 (1%)
--- --- --- ---
Total
Throughput 123 131 7% 411 406 (1%)
=== === === ===
Weather (average
for service area)
Percentage of
10-year average:
Heating degree
days 102% 110% 8% 104% 105% 1%
Number of
customers
- end of
period:
Residential 2,987,222 3,002,114 - 2,987,222 3,002,114 -
Commercial
and
Industrial 248,476 244,101 (2%) 248,476 244,101 (2%)
------- ------- ------- -------
Total 3,235,698 3,246,215 - 3,235,698 3,246,215 -
========= ========= ========= =========
Reference is made to the Notes to the Consolidated Financial Statements
contained in the Annual Report on Form 10-K 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 Year Ended
December 31, December 31,
------------ % Diff ------------- % Diff
Fav/ Fav/
2008 2009 (Unfav) 2008 2009 (Unfav)
---- ---- ------- ---- ---- -------
Results of
Operations:
Revenues $896 $634 (29%) $4,528 $2,230 (51%)
---- ---- ------ ------
Expenses:
Natural gas 856 603 30% 4,423 2,165 51%
Operation and
maintenance 13 9 31% 39 39 -
Depreciation
and
amortization 1 1 - 3 4 (33%)
Taxes other
than income
taxes - - - 1 1 -
--- --- --- ---
Total 870 613 30% 4,466 2,209 51%
--- --- ----- -----
Operating Income $26 $21 (19%) $62 $21 (66%)
=== === === ===
Competitive Natural
Gas Sales and
Services Operating
Data:
Throughput data in
BCF 136 134 (1%) 528 504 (5%)
=== === === ===
Number of customers
- end of period 9,771 11,168 14% 9,771 11,168 14%
===== ====== ===== ======
Interstate Pipelines
-----------------------------------------------
Quarter Ended Year Ended
December 31, December 31,
------------ % Diff ------------ % Diff
Fav/ Fav/
2008 2009 (Unfav) 2008 2009 (Unfav)
---- ---- ------- ---- ---- -------
Results of Operations:
Revenues $182 $137 (25%) $650 $598 (8%)
---- ---- ---- ----
Expenses:
Natural gas 58 12 79% 155 97 37%
Operation and
maintenance 40 43 (8%) 133 166 (25%)
Depreciation
and
amortization 12 12 - 46 48 (4%)
Taxes other
than income
taxes 6 8 (33%) 23 31 (35%)
--- --- --- ---
Total 116 75 35% 357 342 4%
--- --- --- ---
Operating Income $66 $62 (6%) $293 $256 (13%)
=== === ==== ====
Pipelines Operating
Data:
Throughput data in BCF
Transportation 393 357 (9%) 1,538 1,592 4%
=== === ===== =====
Reference is made to the Notes to the Consolidated Financial Statements
contained in the Annual Report on Form 10-K of CenterPoint Energy, Inc.
CenterPoint Energy, Inc. and Subsidiaries
Results of Operations by Segment
(Millions of Dollars)
(Unaudited)
Field Services
---------------------------------------------
Quarter Ended Year Ended
December 31, December 31,
----------- % Diff ----------- % Diff
Fav/ Fav/
2008 2009 (Unfav) 2008 2009 (Unfav)
---- ---- ------- ---- ---- -------
Results of Operations:
Revenues $61 $65 7% $252 $241 (4%)
--- --- ---- ----
Expenses:
Natural gas 10 15 (50%) 21 51 (143%)
Operation and
maintenance 21 23 (10%) 69 77 (12%)
Depreciation and
amortization 3 4 (33%) 12 15 (25%)
Taxes other than
income taxes 1 1 - 3 4 (33%)
--- --- --- ---
Total 35 43 (23%) 105 147 (40%)
--- --- --- ---
Operating Income $26 $22 (15%) $147 $94 (36%)
=== === ==== ===
Field Services Operating
Data:
Throughput data in BCF
Gathering 110 114 4% 421 426 1%
=== === === ===
Other Operations
----------------
Quarter Ended Year Ended
December 31, December 31,
----------- % Diff ------------ % Diff
Fav/ Fav/
2008 2009 (Unfav) 2008 2009 (Unfav)
---- ---- ------- ---- ---- -------
Results of Operations:
Revenues $3 $2 (33%) $11 $11 -
Expenses 2 2 - - 7 -
--- --- --- ---
Operating Income $1 $- (100%) $11 $4 (64%)
=== === === ===
Capital Expenditures by Segment
(Millions of Dollars)
(Unaudited)
Quarter Ended Year Ended
December 31, December 31,
----------- ------------
2008 2009 2008 2009
---- ---- ---- ----
Capital Expenditures by
Segment
Electric Transmission
& Distribution $80 $114 $336 $402
Hurricane Ike 4 - 145 26
- - --- --
Total Electric
Transmission &
Distribution 84 114 481 428
Natural Gas
Distribution 63 44 214 165
Competitive Natural
Gas Sales and Services
5 - 8 2
Interstate Pipelines 59 58 189 176
Field Services 45 131 122 348
Other Operations 21 11 39 29
--- --- --- ---
Total $277 $358 $1,053 $1,148
==== ==== ====== ======
Interest Expense Detail
(Millions of Dollars)
(Unaudited)
Quarter Ended Year Ended
December 31, December 31,
----------- ------------
2008 2009 2008 2009
---- ---- ---- ----
Interest Expense Detail
Amortization of
Deferred Financing
Cost $7 $7 $25 $34
Capitalization of
Interest Cost (2) - (12) (4)
Transition and System
Restoration Bond
Interest Expense 34 33 136 131
Other Interest Expense 117 122 455 483
--- --- --- ---
Total Interest
Expense $156 $162 $604 $644
==== ==== ==== ====
Reference is made to the Notes to the Consolidated Financial Statements
contained in the Annual Report on Form 10-K of CenterPoint Energy, Inc.
CenterPoint Energy, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Millions of Dollars)
(Unaudited)
December 31, December 31,
2008 2009
---- ----
ASSETS
Current Assets:
Cash and cash equivalents $167 $740
Other current assets 2,868 2,164
----- -----
Total current assets 3,035 2,904
----- -----
Property, Plant and Equipment, net 10,296 10,788
------ ------
Other Assets:
Goodwill 1,696 1,696
Regulatory assets 3,684 3,677
Other non-current assets 965 708
--- ---
Total other assets 6,345 6,081
----- -----
Total Assets $19,676 $19,773
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Short-term borrowings $153 $55
Current portion of transition and system
restoration bonds long-term debt 208 241
Current portion of other long-term debt 125 662
Other current liabilities 2,362 2,080
----- -----
Total current liabilities 2,848 3,038
----- -----
Other Liabilities:
Accumulated deferred income taxes, net and
investment tax credit 2,632 2,792
Regulatory liabilities 821 921
Other non-current liabilities 1,172 1,264
----- -----
Total other liabilities 4,625 4,977
----- -----
Long-term Debt:
Transition and system restoration bonds 2,381 2,805
Other 7,800 6,314
----- -----
Total long-term debt 10,181 9,119
------ -----
Shareholders' Equity 2,022 2,639
----- -----
Total Liabilities and Shareholders'
Equity $19,676 $19,773
======= =======
Reference is made to the Notes to the Consolidated Financial Statements
contained in the Annual Report on Form 10-K of CenterPoint Energy, Inc.
CenterPoint Energy, Inc. and Subsidiaries
Condensed Statements of Consolidated Cash Flows
(Millions of Dollars)
(Unaudited)
Year Ended
December 31,
-------------
2008 2009
---- ----
Cash Flows from Operating Activities:
Net income $446 $372
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation and amortization 737 780
Deferred income taxes 487 269
Write-down of natural gas inventory 30 6
Changes in net regulatory assets (366) -
Changes in other assets and liabilities (450) 398
Other, net (33) 16
--- --
Net Cash Provided by Operating Activities 851 1,841
Net Cash Used in Investing Activities (1,368) (896)
Net Cash Provided by (Used in) Financing Activities 555 (372)
--- ----
Net Increase in Cash and Cash Equivalents 38 573
Cash and Cash Equivalents at Beginning of Period 129 167
---- ----
Cash and Cash Equivalents at End of Period $167 $740
==== ====
Reference is made to the Notes to the Consolidated Financial Statements
contained in the Annual Report on Form 10-K of CenterPoint Energy, Inc.
SOURCE CenterPoint Energy, Inc.
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