CENTERPOINT ENERGY, INC. HOUSTON, Nov. 5, 2014 /PRNewswire/ -- CenterPoint Energy, Inc. (NYSE: CNP) today reported net income of $143 million, or $0.33 per diluted share, for the third quarter of 2014, compared to net income of $151 million, or $0.35 per diluted share the previous year.
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Operating income for the third quarter and for the nine months ended Sept. 30, 2014, was $233 million and $714 million, respectively. Following the May 1, 2013, formation of Enable, CenterPoint Energy reports its investment in midstream operations as equity income rather than operating income. As a result, operating income for the nine months ended Sept. 30, 2014, is not comparable to prior results.
"I am pleased with our company's financial and operational performance this quarter, which was in-line with our expectations," said Scott M. Prochazka, president and chief executive officer of CenterPoint Energy. "We continue to execute our robust capital plan supported by strong customer growth across our service territories. We are on-track to achieve our expected earnings for the year and remain well positioned to deliver long-term growth."
For the nine months ended Sept. 30, 2014, net income was $435 million, or $1.01 per diluted share. This compares to net income for the nine months ended Sept. 30, 2013, of $198 million, or $0.46 per diluted share. These 2013 results included two unusual items recorded in the second quarter related to the formation of the midstream partnership: (i) a $225 million, non-cash deferred tax charge and (ii) $10 million of partnership formation expenses. Excluding the effects of the unusual items, net income for the nine months ended Sept. 30, 2013, would have been $431 million, or $1.00 per diluted share.
Electric Transmission & Distribution
The electric transmission & distribution segment reported operating income of $232 million for the third quarter of 2014, consisting of $202 million from the regulated utility operations (TDU) and $30 million related to securitization bonds. Operating income for the third quarter of 2013 was $239 million, consisting of $207 million from the TDU and $32 million related to securitization bonds.
Third quarter 2014 operating income for the TDU benefited from higher revenues associated with continued strong customer growth, higher equity returns primarily related to true-up proceeds and increased right of way revenues. This increase was more than offset by higher operating and maintenance expenses and decreased usage, primarily due to milder weather.
Operating income for the nine months ended Sept. 30, 2014, was $482 million, consisting of $392 million from the TDU and $90 million related to securitization bonds. Operating income for the same period of 2013 was $488 million, consisting of $387 million from the TDU and $101 million related to securitization bonds.
Natural Gas Distribution
The natural gas distribution segment reported an operating loss of $8 million for the third quarter of 2014, compared to operating income of $5 million for the same period of 2013. Third quarter 2014 operating income benefited from higher revenues associated with increased economic activity across its footprint, including customer growth. These revenue improvements were more than offset by higher operating and maintenance expenses, depreciation and taxes.
Operating income for the nine months ended Sept. 30, 2014, was $184 million, compared to $169 million for the same period of 2013.
Energy Services
The energy services segment reported operating income of $6 million for the third quarter of 2014, compared to $2 million for the same period of 2013. Third quarter 2014 operating income included a mark-to-market gain of $13 million, compared to $6 million for the same period of 2013.
Operating income for the nine months ended Sept. 30, 2014, was $43 million, compared to $12 million for the same period of 2013.
Midstream Investments
Equity income for the third quarter of 2014 and for the nine months ended Sept. 30, 2014, was $79 million and $241 million, respectively. See Enable Midstream's earnings press release issued on Nov. 4, 2014, for detailed results of operations.
Dividend Declaration
On Oct. 21, 2014, CenterPoint Energy's board of directors declared a regular quarterly cash dividend of $0.2375 per share of common stock payable on Dec. 10, 2014, to shareholders of record as of the close of business on Nov. 14, 2014.
Guidance for 2014
CenterPoint Energy affirms its earnings estimate for 2014 Utility Operations to be in the range of $0.72 to $0.76 per diluted share. The Utility Operations guidance range considers performance to date and significant variables that may impact earnings, such as weather, regulatory and judicial proceedings, throughput, commodity prices, effective tax rates, and financing activities. In providing this guidance, the company does not include other potential impacts, such as the impact of any changes in accounting standards, any impact to earnings from the change in the value of the ZENS securities and the related stocks, or the timing effects of mark-to-market accounting in the company's energy services business.
The company affirms its 2014 earnings estimate from Midstream Investments to be in the range of $0.42 to $0.45 per diluted share. In providing guidance, the company takes into account Enable's most recent public forecast, effective tax rates, the amortization of our basis difference in Enable and other factors.
On a consolidated basis, CenterPoint Energy affirms its earnings estimate for 2014 on a guidance basis to be in the range of $1.14 to $1.21 per diluted share.
CenterPoint Energy, Inc. and Subsidiaries
Reconciliation of Net Income and diluted EPS to the basis used in providing 2014 annual earnings guidance
Quarter Ended Nine Months Ended
September 30, 2014 September 30, 2014
------------------ ------------------
Net Income EPS Net Income EPS
(in millions) (in millions)
------------ ------------
Consolidated as reported $143 $0.33 $435 $1.01
Midstream Investments (49) (0.11) (150) (0.35)
Utility Operations (1) 94 $0.22 285 $0.66
--- ----- --- -----
Timing effects impacting
CES(2):
Mark-to-market (gain)
losses (8) $(0.02) (15) $(0.03)
ZENS-related mark-to-
market (gains) losses:
Marketable securities(3) (21) $(0.04) (48) $(0.11)
Indexed debt securities 14 $0.03 19 $0.04
Utility operations earnings
on an adjusted guidance
basis $79 $0.19 $241 $0.56
=== ===== ==== =====
Per the basis used in
providing 2014 earnings
guidance:
Utility Operations on a
guidance basis $79 $0.19 $241 $0.56
Midstream Investments 49 0.11 150 0.35
2014 Consolidated on
guidance basis $128 $0.30 $391 $0.91
==== ===== ==== =====
(1) CenterPoint Energy earnings
excluding Midstream Investments
(2) Energy Services segment
(3) Time Warner Inc., Time
Warner Cable Inc., Time Inc.
and AOL Inc.
Filing of Form 10-Q for CenterPoint Energy, Inc.
Today, CenterPoint Energy, Inc. filed with the Securities and Exchange Commission (SEC) its Quarterly Report on Form 10-Q for the period ended Sept. 30, 2014. A copy of that report is available on the company's website, under the Investors section. Other filings the company makes with the SEC and other documents relating to its corporate governance can also be found on that site.
Webcast of Earnings Conference Call
CenterPoint Energy's management will host an earnings conference call on Wed., Nov. 5, 2014, at 10:30 a.m. Central time or 11:30 a.m. Eastern time. Interested parties may listen to a live audio broadcast of the conference call on the company's website under the Investors section. A replay of the call can be accessed approximately two hours after the completion of the call and will be archived on the website for at least one year.
About CenterPoint Energy, Inc.
CenterPoint Energy, Inc., headquartered in Houston, Texas, is a domestic energy delivery company that includes electric transmission & distribution, natural gas distribution and energy services operations. The company serves more than five million metered customers primarily in Arkansas, Louisiana, Minnesota, Mississippi, Oklahoma, and Texas. The company also owns a 55.4 percent limited partner interest in Enable Midstream Partners, a publicly traded master limited partnership it jointly controls with OGE Energy Corp., which owns, operates and develops natural gas and crude oil infrastructure assets. With more than 8,500 employees, CenterPoint Energy and its predecessor companies have been in business for more than 140 years. For more information, visit the website at www.CenterPointEnergy.com.
Investors and others should note that we may announce material information using SEC filings, press releases, public conference calls, webcasts and the Investors page of our website. In the future, we will continue to use these channels to distribute material information about the company and to communicate important information about the company, key personnel, corporate initiatives, regulatory updates and other matters. Information that we post on our website could be deemed material; therefore, we encourage investors, the media, our customers, business partners and others interested in our company to review the information we post on our website.
Forward-Looking Statements
This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based upon assumptions of management which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. Actual events and results may differ materially from those expressed or implied by these forward-looking statements. Any statements in this news release regarding future earnings, and future financial performance and results of operations, including, but not limited to earnings guidance, and any other statements that are not historical facts are forward-looking statements. Each forward-looking statement contained in this news release speaks only as of the date of this release. Factors that could affect actual results include (1) state and federal legislative and regulatory actions or developments affecting various aspects of CenterPoint Energy's businesses (including the businesses of Enable Midstream Partners (Enable)), including, among others, energy deregulation or re-regulation, pipeline integrity and safety, health care reform, financial reform, tax legislation, and actions regarding the rates charged by CenterPoint Energy's regulated businesses; (2) state and federal legislative and regulatory actions or developments relating to the environment, including those related to global climate change; (3) timely and appropriate rate actions that allow recovery of costs and a reasonable return on investment; (4) the timing and outcome of any audits, disputes or other proceedings related to taxes; (5) problems with construction, implementation of necessary technology or other issues with respect to major capital projects that result in delays or in cost overruns that cannot be recouped in rates; (6) industrial, commercial and residential growth in CenterPoint Energy's service territories and changes in market demand, including the effects of energy efficiency measures and demographic patterns; (7) the timing and extent of changes in commodity prices, particularly natural gas and natural gas liquids, and the effects of geographic and seasonal commodity price differentials; (8) weather variations and other natural phenomena, including the impact on operations and capital from severe weather events; (9) any direct or indirect effects on CenterPoint Energy's facilities, operations and financial condition resulting from terrorism, cyber-attacks, data security breaches or other attempts to disrupt its businesses or the businesses of third parties, or other catastrophic events; (10) the impact of unplanned facility outages; (11) timely and appropriate regulatory actions allowing securitization or other recovery of costs associated with any future hurricanes or natural disasters; (12) changes in interest rates or rates of inflation; (13) commercial bank and financial market conditions, CenterPoint Energy's access to capital, the cost of such capital, and the results of its financing and refinancing efforts, including availability of funds in the debt capital markets; (14) actions by credit rating agencies; (15) effectiveness of CenterPoint Energy's risk management activities; (16) inability of various counterparties to meet their obligations; (17) non-payment for services due to financial distress of CenterPoint Energy's customers; (18) the ability of GenOn Energy, Inc. (formerly known as RRI Energy, Inc.), a wholly owned subsidiary of NRG Energy, Inc., and its subsidiaries to satisfy their obligations to CenterPoint Energy and its subsidiaries; (19) the ability of retail electric providers, and particularly the largest customers of the TDU, to satisfy their obligations to CenterPoint Energy and its subsidiaries; (20) the outcome of litigation brought by or against CenterPoint Energy or its subsidiaries; ; (21) CenterPoint Energy's ability to control costs; (22) CenterPoint Energy's ability to invest planned capital; (23) changes in technology, particularly with respect to efficient battery storage or emergence or growth of new, developing or alternative sources of generation; (24) the investment performance of pension and postretirement benefit plans; (25) potential business strategies, including restructurings, joint ventures, and acquisitions or dispositions of assets or businesses, for which no assurance can be given that they will be completed or will provide the anticipated benefits to CenterPoint Energy; (26) acquisition and merger activities involving CenterPoint Energy or its competitors; (27) future economic conditions in regional and national markets and their effects on sales, prices and costs; (28) the performance of Enable, the amount of cash distributions CenterPoint Energy receives from Enable, and the value of its interests in Enable, and factors that may have a material impact on such performance, cash distributions and value, including certain of the factors specified above and: (A) the integration of the operations of the businesses contributed to Enable; (B) the achievement of anticipated operational and commercial synergies and expected growth opportunities, and the successful implementation of Enable's business plan; (C) competitive conditions in the midstream industry, and actions taken by Enable's customers and competitors, including the extent and timing of the entry of additional competition in the markets served by Enable; (D) the timing and extent of changes in the supply of natural gas and associated commodity prices, particularly prices of natural gas and natural gas liquids, the competitive effects of the available pipeline capacity in the regions served by Enable, and the effects of geographic and seasonal commodity price differentials, including the effects of these circumstances on re-contracting available capacity on Enable's interstate pipelines; (E) the demand for natural gas, NGLs and transportation and storage services; (F) changes in tax status; (G) access to growth capital; and (H) the availability and prices of raw materials for current and future construction projects; and (29) other factors discussed in CenterPoint Energy's Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2013, as well as in CenterPoint Energy's Quarterly Report on Form 10-Q for the quarter ended March 31, 2014, June 30, 2014, and Sept. 30, 2014, and other reports CenterPoint Energy or its subsidiaries may file from time to time with the Securities and Exchange Commission, which can be found at www.CenterPointEnergy.com on the Investor Relations page and on the Securities and Exchange Commission's website at www.sec.gov.
The Use of Non-GAAP Measures
To supplement CenterPoint Energy's financial results presented on a GAAP basis, CenterPoint Energy provides guidance based on adjusted diluted earnings per share, which is a non-GAAP measure as defined in Regulation G of the Securities Exchange Act of 1934, as amended. A reconciliation of adjusted diluted net earnings per share for guidance purposes to net income is provided in this news release.
CenterPoint Energy reports its financial results in compliance with GAAP, but believes that also discussing non-GAAP measures provides investors with additional, meaningful comparisons of current and anticipated future results to prior periods' results by excluding items that CenterPoint Energy does not believe reflect its fundamental business performance. This non-GAAP financial measure should be considered as a supplement to, and not as a substitute for, or superior to, the financial measures prepared in accordance with GAAP.
Other Financial Measure Presentation Notes
This release contains time sensitive information that is accurate only as of the time hereof. Information contained in this release is unaudited and subject to change. CenterPoint Energy undertakes no obligation to update the information herein except to the extent required by law.
For more information contact
Media:
Leticia Lowe
Phone 713.207.7702
Investors:
Carla Kneipp
Phone 713.207.6500
CenterPoint Energy, Inc. and Subsidiaries
Statements of Consolidated Income
(Millions of Dollars)
(Unaudited)
Quarter Ended Nine Months Ended
September 30, September 30,
------------- -------------
2014 2013 2014 2013
---- ---- ---- ----
Revenues:
Electric Transmission & Distribution $839 $745 $2,166 $1,933
Natural Gas Distribution 382 381 2,401 1,961
Energy Services 604 520 2,364 1,745
Interstate Pipelines - - - 186
Field Services - - - 196
Other Operations 4 4 11 10
Eliminations (22) (10) (88) (109)
Total 1,807 1,640 6,854 5,922
----- ----- ----- -----
Expenses:
Natural gas 702 637 3,625 2,741
Operation and maintenance 493 422 1,441 1,352
Depreciation and amortization 293 248 784 741
Taxes other than income taxes 86 89 290 289
Total 1,574 1,396 6,140 5,123
----- ----- ----- -----
Operating Income 233 244 714 799
--- --- --- ---
Other Income (Expense) :
Gain on marketable securities 31 54 73 158
Loss on indexed debt securities (22) (42) (29) (120)
Interest and other finance charges (88) (86) (261) (269)
Interest on transition and system
restoration bonds (30) (32) (90) (101)
Equity in earnings of unconsolidated
affiliates 79 80 241 122
Other - net 10 11 28 17
--- ---
Total (20) (15) (38) (193)
--- --- --- ----
Income Before Income Taxes 213 229 676 606
Income Tax Expense 70 78 241 408
--- --- --- ---
Net Income $143 $151 $435 $198
==== ==== ==== ====
Reference is made to the Notes to
the Consolidated Financial
Statements
contained in the Quarterly Report
on Form 10-Q of CenterPoint
Energy, Inc.
CenterPoint Energy, Inc. and Subsidiaries
Selected Data From Statements of Consolidated Income
(Millions of Dollars, Except Share and Per Share Amounts)
(Unaudited)
Quarter Ended Nine Months Ended
September 30, September 30,
------------- -------------
2014 2013 2014 2013
---- ---- ---- ----
Basic Earnings (Loss) Per Common Share $0.33 $0.35 $1.01 $0.46
===== ===== ===== =====
Diluted Earnings (Loss) Per Common Share $0.33 $0.35 $1.01 $0.46
===== ===== ===== =====
Dividends Declared per Common Share $0.2375 $0.2075 $0.7125 $0.6225
Weighted Average Common Shares Outstanding
(000):
- Basic 429,796 428,628 429,580 428,389
- Diluted 431,573 430,867 431,357 430,624
Operating Income (Loss) by Segment
----------------------------------
Electric Transmission & Distribution:
Electric Transmission and Distribution
Operations $202 $207 $392 $387
Transition and System Restoration Bond
Companies 30 32 90 101
Total Electric Transmission & Distribution 232 239 482 488
Natural Gas Distribution (8) 5 184 169
Energy Services 6 2 43 12
Interstate Pipelines - - - 72
Field Services - - - 73
Other Operations 3 (2) 5 (15)
Total $233 $244 $714 $799
==== ==== ==== ====
Reference is made to the Notes to
the Consolidated Financial
Statements
contained in the Quarterly Report
on Form 10-Q of CenterPoint
Energy, Inc.
CenterPoint Energy, Inc. and Subsidiaries
Results of Operations by Segment
(Millions of Dollars)
(Unaudited)
Electric Transmission & Distribution
------------------------------------
Quarter Ended Nine Months Ended
September 30, % Diff September 30, % Diff
------------- -------------
2014 2013 Fav/(Unfav) 2014 2013 Fav/(Unfav)
---- ---- ----------- ---- ---- -----------
Results of Operations:
Revenues:
Electric transmission and distribution
utility $660 $600 10% $1,716 $1,534 12%
Transition and system restoration bond
companies 179 145 23% 450 399 13%
--- --- --- ---
Total 839 745 13% 2,166 1,933 12%
--- --- ----- -----
Expenses:
Operation and maintenance 319 256 (25%) 907 740 (23%)
Depreciation and amortization 83 80 (4%) 247 238 (4%)
Taxes other than income taxes 56 57 2% 170 169 (1%)
Transition and system restoration bond
companies 149 113 (32%) 360 298 (21%)
--- --- --- ---
Total 607 506 (20%) 1,684 1,445 (17%)
--- --- ----- -----
Operating Income $232 $239 (3%) $482 $488 (1%)
==== ==== ==== ====
Operating Income:
Electric transmission and distribution
operations $202 $207 (2%) $392 $387 1%
Transition and system restoration bond
companies 30 32 (6%) 90 101 (11%)
--- --- --- ---
Total Segment Operating Income $232 $239 (3%) $482 $488 (1%)
==== ==== ==== ====
Electric Transmission & Distribution
Operating Data:
Actual MWH Delivered
Residential 9,736,785 9,945,256 (2%) 22,000,244 21,736,219 1%
Total 24,801,549 24,409,786 2% 63,128,739 61,543,907 3%
Weather (average for service area):
Percentage of 10-year average:
Cooling degree days 99% 104% (5%) 92% 99% (7%)
Heating degree days 0% 0% 0% 138% 92% 46%
Number of metered customers -end of
period:
Residential 2,018,858 1,973,270 2% 2,018,858 1,973,270 2%
Total 2,284,202 2,234,041 2% 2,284,202 2,234,041 2%
Natural Gas Distribution
------------------------
Quarter Ended Nine Months Ended
September 30, % Diff September 30, % Diff
------------- -------------
2014 2013 Fav/(Unfav) 2014 2013 Fav/(Unfav)
---- ---- ----------- ---- ---- -----------
Results of Operations:
Revenues $382 $381 - $2,401 $1,961 22%
Natural gas 142 142 - 1,432 1,066 (34%)
--- --- ----- -----
Gross Margin 240 239 - 969 895 8%
--- --- --- ---
Expenses:
Operation and maintenance 169 158 (7%) 524 488 (7%)
Depreciation and amortization 52 47 (11%) 149 138 (8%)
Taxes other than income taxes 27 29 7% 112 100 (12%)
Total 248 234 (6%) 785 726 (8%)
Operating Income (Loss) $(8) $5 (260%) $184 $169 9%
=== === ==== ====
Natural Gas Distribution Operating Data:
Throughput data in BCF
Residential 12 12 - 140 117 20%
Commercial and Industrial 46 49 (6%) 197 191 3%
Total Throughput 58 61 (5%) 337 308 9%
=== === === ===
Weather (average for service area)
Percentage of 10-year average:
Heating degree days 106% 52% 54% 128% 105% 23%
Number of customers - end of period:
Residential 3,077,633 3,045,701 1% 3,077,633 3,045,701 1%
Commercial and Industrial 246,789 242,587 2% 246,789 242,587 2%
Total 3,324,422 3,288,288 1% 3,324,422 3,288,288 1%
========= ========= ========= =========
Reference is made to the Notes to
the Consolidated Financial
Statements
contained in the Quarterly Report
on Form 10-Q of CenterPoint
Energy, Inc.
CenterPoint Energy, Inc. and Subsidiaries
Results of Operations by Segment
(Millions of Dollars)
(Unaudited)
Energy Services
---------------
Quarter Ended Nine Months Ended
September 30, % Diff September 30, % Diff
------------- -------------
2014 2013 Fav/(Unfav) 2014 2013 Fav/(Unfav)
---- ---- ----------- ---- ---- -----------
Results of Operations:
Revenues $604 $520 16% $2,364 $1,745 35%
Natural gas 582 503 (16%) 2,280 1,693 (35%)
--- --- ----- -----
Gross Margin 22 17 29% 84 52 62%
--- --- --- ---
Expenses:
Operation and maintenance 14 13 (8%) 36 35 (3%)
Depreciation and amortization 2 2 - 4 4 -
Taxes other than income taxes - - - 1 1 -
Total 16 15 (7%) 41 40 (3%)
Operating Income $6 $2 200% $43 $12 258%
=== === === ===
Energy Services Operating Data:
Throughput data in BCF 140 134 4% 463 433 7%
=== === === ===
Number of customers - end of period 17,900 17,537 2% 17,900 17,537 2%
====== ====== ====== ======
Other Operations
----------------
Quarter Ended Nine Months Ended
September 30, % Diff September 30, % Diff
------------- -------------
2014 2013 Fav/(Unfav) 2014 2013 Fav/(Unfav)
---- ---- ----------- ---- ---- -----------
Results of Operations:
Revenues $4 $4 - $11 $10 10%
Expenses 1 6 83% 6 25 76%
Operating Income (Loss) $3 $(2) 250% $5 $(15) 133%
=== === === ====
Capital Expenditures by Segment
(Millions of Dollars)
(Unaudited)
Quarter Ended Nine Months Ended
September 30, September 30,
------------- -------------
2014 2013 2014 2013
---- ---- ---- ----
Capital Expenditures by Segment
Electric Transmission & Distribution $203 $190 $573 $515
Natural Gas Distribution 148 127 378 313
Energy Services - - 2 3
Interstate Pipelines - - - 29
Field Services - - - 16
Other Operations 7 12 34 31
Total $358 $329 $987 $907
==== ==== ==== ====
Interest Expense Detail
(Millions of Dollars)
(Unaudited)
Quarter Ended Nine Months Ended
September 30, September 30,
------------- -------------
2014 2013 2014 2013
---- ---- ---- ----
Interest Expense Detail
Amortization of Deferred Financing
Cost $6 $6 $19 $20
Capitalization of Interest Cost (2) (4) (8) (8)
Transition and System Restoration
Bond Interest Expense 30 32 90 101
Other Interest Expense 84 84 250 257
Total Interest Expense $118 $118 $351 $370
==== ==== ==== ====
Reference is made to the Notes to
the Consolidated Financial
Statements
contained in the Quarterly Report
on Form 10-Q of CenterPoint
Energy, Inc.
CenterPoint Energy, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Millions of Dollars)
(Unaudited)
September 30, December 31,
2014 2013
---- ----
ASSETS
Current Assets:
Cash and cash equivalents $230 $208
Other current assets 2,346 2,450
Total current assets 2,576 2,658
----- -----
Property, Plant and Equipment, net 10,205 9,593
------ -----
Other Assets:
Goodwill 840 840
Regulatory assets 3,372 3,726
Investment in unconsolidated affiliates 4,525 4,518
Other non-current assets 530 535
Total other assets 9,267 9,619
Total Assets $22,048 $21,870
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Short-term borrowings $80 $43
Current portion of transition and system
restoration bonds long-term debt 370 354
Indexed debt 149 143
Current portion of other long-term debt 203 -
Other current liabilities 2,206 2,479
Total current liabilities 3,008 3,019
----- -----
Other Liabilities:
Accumulated deferred income taxes, net 4,606 4,542
Regulatory liabilities 1,237 1,152
Other non-current liabilities 927 1,011
Total other liabilities 6,770 6,705
----- -----
Long-term Debt:
Transition and system restoration bonds 2,736 3,046
Other 5,061 4,771
Total long-term debt 7,797 7,817
----- -----
Shareholders' Equity 4,473 4,329
Total Liabilities and Shareholders' Equity $22,048 $21,870
======= =======
Reference is made to the Notes to
the Consolidated Financial
Statements
contained in the Quarterly Report
on Form 10-Q of CenterPoint
Energy, Inc.
CenterPoint Energy, Inc. and Subsidiaries
Condensed Statements of Consolidated Cash Flows
(Millions of Dollars)
(Unaudited)
Nine Months Ended
September 30,
------------------
2014 2013
---- ----
Cash Flows from Operating Activities:
Net income $435 $198
Adjustments to reconcile net income to
net cash provided by operating
activities:
Depreciation and
amortization 805 764
Deferred income
taxes 94 356
Write-down of
natural gas
inventory 2 4
Changes in net
regulatory assets 53 78
Changes in other
assets and
liabilities (277) (281)
Other, net 12 13
Net Cash Provided
by Operating
Activities 1,124 1,132
Net Cash Used in
Investing
Activities (1,026) (926)
Net Cash Used in
Financing
Activities (76) (633)
--- ----
Net Increase
(Decrease) in Cash
and Cash
Equivalents 22 (427)
Cash and Cash
Equivalents at
Beginning of
Period 208 646
Cash and Cash
Equivalents at End
of Period $230 $219
==== ====
Reference is made to the Notes to
the Consolidated Financial
Statements
contained in the Quarterly Report
on Form 10-Q of CenterPoint
Energy, Inc.
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SOURCE CenterPoint Energy, Inc.
