Oncor Reports Improved Second Quarter 2018 Results
DALLAS, Aug. 6, 2018 /PRNewswire/ -- Oncor Electric Delivery Company LLC ("Oncor") today reported second quarter 2018 net income of $143 million compared to second quarter 2017 net income of $112 million.
"We are pleased with our strong performance in the second quarter," said Allen Nye, chief executive of Oncor. "We have a solid plan in place, robust capital growth, and a vibrant service territory. For the remainder of 2018, we look forward to providing safe, reliable, and affordable electric service to our customers and meeting our financial objectives."
Oncor's net income of $232 million for the six months ended June 30, 2018 compared favorably to net income of $185 million for the six months ended June 30, 2017. Financial and operational results are provided in Tables A, B, C and D below.
Sempra Energy Internet Broadcast Today
Sempra Energy (NYSE: SRE) will broadcast a live discussion of its earnings results over the Internet today at 12 p.m. EDT with senior management of Sempra Energy. Access is available at sempra.com. For those unable to obtain access to the live webcast, it will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 7703894.
Oncor's Quarterly Report on Form 10-Q for the quarter ended June 30, 2018 will be filed with the U.S. Securities and Exchange Commission after Sempra Energy's conference call.
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Oncor Electric Delivery Company LLC | ||||
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Table A - Condensed Statements of Consolidated Net Income | ||||
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Three and Six Months Ended June 30, 2018 and June 30, 2017; $ millions | ||||
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Q2 18 |
Q2 17 |
YTD 18 |
YTD 17 | |
|
Operating revenues |
$1,021 |
$964 |
$2,011 |
$1,899 |
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Operating expenses: |
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Wholesale transmission service |
238 |
229 |
483 |
460 |
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Operation and maintenance |
203 |
166 |
422 |
354 |
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Depreciation and amortization |
168 |
193 |
334 |
387 |
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Provision in lieu of income taxes |
47 |
67 |
80 |
112 |
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Taxes other than amounts related to income taxes |
121 |
107 |
246 |
220 |
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Total operating expenses |
777 |
762 |
1,565 |
1,533 |
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Operating income |
244 |
202 |
446 |
366 |
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Other income and (deductions) ‒ net |
(18) |
(11) |
(50) |
(22) |
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Nonoperating benefit in lieu of income taxes |
(4) |
(6) |
(11) |
(11) |
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Interest expense and related charges |
87 |
85 |
175 |
170 |
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Net income |
$ 143 |
$112 |
$ 232 |
$ 185 |
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Oncor Electric Delivery Company LLC | ||
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Table B - Condensed Consolidated Balance Sheets | ||
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At June 30, 2018 and December 31, 2017; $ millions | ||
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At 6/30/18 |
At 12/31/17 | |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
$ 1 |
$ 21 |
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Trade accounts receivable ‒ net |
686 |
635 |
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Amounts receivable from members related to income taxes |
4 |
26 |
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Materials and supplies inventories ‒ at average cost |
107 |
91 |
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Prepayments and other current assets |
94 |
88 |
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Total current assets |
892 |
861 |
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Investments and other property |
118 |
113 |
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Property, plant and equipment – net |
15,500 |
14,879 |
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Goodwill |
4,064 |
4,064 |
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Regulatory assets |
2,093 |
2,180 |
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Other noncurrent assets |
11 |
23 |
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Total assets |
$22,678 |
$22,120 |
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liabilities and membership interests |
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Current liabilities: |
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Short-term borrowings |
$ 1,296 |
$ 950 |
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Long-term debt due currently |
931 |
550 |
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Trade accounts payable |
252 |
242 |
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Amounts payable to members related to income taxes |
13 |
21 |
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Accrued taxes other than amounts related to income |
116 |
190 |
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Accrued interest |
82 |
83 |
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Other current liabilities |
179 |
188 |
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Total current liabilities |
2,869 |
2,224 |
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Long-term debt, less amounts due currently |
5,044 |
5,567 |
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Liability in lieu of deferred income taxes |
1,545 |
1,517 |
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Regulatory liabilities |
2,878 |
2,807 |
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Employee benefit obligations and other |
2,061 |
2,102 |
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Total liabilities |
14,397 |
14,217 |
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Membership interests : |
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Capital account ― number of interests outstanding 2018 and 2017 – 635,000,000 |
8,380 |
8,004 |
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Accumulated other comprehensive loss |
(99) |
(101) |
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Total membership interests |
8,281 |
7,903 |
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Total liabilities and membership interests |
$22,678 |
$22,120 |
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Oncor Electric Delivery Company LLC | ||
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Table C - Condensed Statements of Consolidated Cash Flows | ||
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Six Months Ended June 30, 2018 and June 30, 2017; $millions | ||
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YTD 18 |
YTD 17 | |
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Cash flows – operating activities: |
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Net income |
$ 232 |
$ 185 |
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Adjustments to reconcile net income to cash provided by operating activities: |
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Depreciation and amortization |
393 |
412 |
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Provision in lieu of deferred income taxes – net |
26 |
158 |
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Other – net |
(1) |
(1) |
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Changes in operating assets and liabilities: |
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Regulatory accounts related to reconcilable tariffs |
45 |
(27) |
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Other operating assets and liabilities |
(145) |
(89) |
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Cash provided by operating activities |
550 |
638 |
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Cash flows — financing activities: |
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Repayment of long-term debt |
(144) |
- |
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Change in short-term borrowings |
346 |
367 |
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Capital contributions from members |
144 |
- |
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Distributions to members |
- |
(172) |
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Cash provided by financing activities |
346 |
195 |
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Cash flows — investing activities: |
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Capital expenditures |
(926) |
(856) |
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Other – net |
10 |
8 |
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Cash used in investing activities |
(916) |
(848) |
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Net change in cash and cash equivalents |
(20) |
(15) |
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Cash and cash equivalents — beginning balance |
21 |
16 |
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Cash and cash equivalents — ending balance |
$ 1 |
$ 1 |
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Oncor Electric Delivery Company LLC | ||||
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Table D – Operating Statistics | ||||
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Three and Six Months Ended June 30, 2018 and June 30, 2017; mixed measures | ||||
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Q2 18 |
Q2 17 |
YTD 18 |
YTD 17 | |
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Electric energy volumes (gigawatt-hours): |
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Residential |
11,379 |
9,998 |
21,824 |
18,487 |
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Other (a) |
21,279 |
19,091 |
40,269 |
35,980 |
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Total electric energy volumes |
32,658 |
29,089 |
62,093 |
54,467 |
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Electricity distribution points of delivery (end of period and in thousands) (b) |
3,590 |
3,468 | ||
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(a) Includes small business, large commercial and industrial and all other non-residential distribution points of delivery |
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(b) Based on number of active meters |
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Headquartered in Dallas, Oncor Electric Delivery Company LLC is a regulated electricity distribution and transmission business that uses superior asset management skills to provide reliable electricity delivery to consumers. Oncor operates the largest distribution and transmission system in Texas, delivering power to more than 3.5 million homes and businesses and operating more than 134,000 miles of transmission and distribution lines in Texas. While Oncor is owned by a limited number of investors (including majority owner, Sempra Energy), Oncor is managed by its Board of Directors, which is comprised of a majority of disinterested directors.
SOURCE Oncor Electric Delivery Company LLC
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