RICHMOND, Va. - Dominion Energy (NYSE: D) announced unaudited net income determined in accordance with Generally Accepted Accounting Principles (reported earnings) for the three months ended Sept. 30, 2022, of $778 million ($0.91 per share) compared with net income of $654 million ($0.79 per share) for the same period in 2021.

Operating earnings for the three months ended Sept. 30, 2022, were $944 million ($1.11 per share), compared to operating earnings of $918 million ($1.11 per share) for the same period in 2021.

Differences between GAAP and operating earnings for the period include the mark-to-market impact of economic hedging activities, gains and losses on nuclear decommissioning trust funds, regulated asset retirements and other adjustments.

Operating earnings are defined as reported earnings adjusted for certain items. Details of operating earnings as compared to prior periods, business segment results and detailed descriptions of items included in reported earnings but excluded from operating earnings can be found on Schedules 1, 2, 3 and 4 of this release.

Chair, President, and Chief Executive Officer Bob Blue, said:

'Strong performance across our business units resulted in operating earnings per share that were again above the midpoint of our quarterly guidance range. We are well-positioned to meet our expectations for the year.

'This business review further reflects Dominion Energy's focus on shareholder value enhancement and transparency. We have been delivering industry-leading safety and reliability performance, executing on our sizeable investment programs, achieving regulatory outcomes that are constructive, and delivering results that have met our financial guidance, yet our relative share performance has not met our expectations, including over the past several years as we've been successfully executing our plan. Therefore, I have initiated a 'top-to-bottom' business review with the goal of ensuring that Dominion Energy is best positioned to create significant long-term value for our shareholders.

'We plan to review value-maximizing strategic business actions, alternatives to our current business mix and capital allocation, and regulatory options which may assist customers to manage costs and provide greater predictability to our long-term, state-regulated utility value proposition.

'We're monitoring what's going on in the broader economy. Like everyone, we are seeing inflation, supply chain limitations and higher fuel prices - all having an impact on customer rates and our balance sheet strength. We are keenly aware of the economic pressures that are affecting our customers and are taking seriously our core mission to safely deliver reliable, affordable and clean energy to our customers, while creating value for our shareholders.

'Our company has an incredible opportunity to invest capital in the coming years - in fact, well into the next decade - all to the benefit of our customers, the environment, our communities' economies, and our shareholders. These customer-beneficial programs are part of a diverse energy generation strategy to deliver clean energy while simultaneously meeting the need for affordable and reliable energy grids.

'However, we need to ensure that near-term economic and customer bill issues don't preclude the full realization of that comprehensive energy transition and related long-term capital investment.

'We expect to share updates on our fourth-quarter earnings call in early 2023 and plan to hold an investor day later in 2023 to update stakeholders more fully on our plan and the key value drivers of each of our business segments.'

Guidance

Dominion Energy expects fourth-quarter operating earnings in the range of $0.98 to $1.13 per share.

The company has narrowed its full-year 2022 operating earnings guidance range to $4.03 to $4.18 per share, keeping the same midpoint of its original guidance.

Dominion Energy continues to target 'single A' ratings for OpCos and 'high BBB' ratings for the parent company (DEI).

Webcast today

The company will host its third-quarter 2022 earnings call at 10 a.m. ET on Friday, Nov. 4, 2022. Management will discuss matters of interest to financial and other stakeholders including recent financial results.

A live webcast of the conference call, including accompanying slides and other financial information, will be available on the investor information pages at investors.dominionenergy.com.

For individuals who prefer to join via telephone, domestic callers should dial 1-800-343-1703 and international callers should dial 1-785-424-1601. The passcode for the telephonic earnings call is 37551. Participants should dial in 10 to 15 minutes prior to the scheduled start time.

A replay of the webcast will be available on the investor information pages by the end of the day Nov. 4. A telephonic replay of the earnings call will be available beginning at about 1 p.m. ET on Nov. 4. Domestic callers may access the recording by dialing 1-800-934-8221. International callers should dial 1-402-220-6990. The PIN for the replay is 37551.

Important note to investors regarding operating, reported earnings

Dominion Energy uses operating earnings as the primary performance measurement of its earnings guidance and results for public communications with analysts and investors. Dominion Energy also uses operating earnings internally for budgeting, for reporting to the Board of Directors, for the company's incentive compensation plans and for its targeted dividend payouts and other purposes. Dominion Energy management believes operating earnings provide a more meaningful representation of the company's fundamental earnings power.

In providing its operating earnings guidance, the company notes that there could be differences between expected reported earnings and estimated operating earnings for matters such as, but not limited to, acquisitions, divestitures or extreme weather events and other natural disasters. Dominion Energy management is not able to estimate the aggregate impact of these items on future period reported earnings.

About Dominion Energy

About 7 million customers in 15 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to safely providing reliable, affordable and sustainable energy and to achieving Net Zero emissions by 2050. Please visit DominionEnergy.com to learn more.

This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including forecasted operating earnings fourth-quarter and full-year 2022 and beyond that are subject to various risks and uncertainties. Factors that could cause actual results to differ include, but are not limited to: the direct and indirect impacts of implementing recommendations resulting from the business review announced in November 2022; unusual weather conditions and their effect on energy sales to customers and energy commodity prices; extreme weather events and other natural disasters; extraordinary external events, such as the current pandemic health event resulting from COVID-19; federal, state and local legislative and regulatory developments; changes to regulated rates collected by Dominion Energy; timing and receipt of regulatory approvals necessary for planned construction or expansion projects and compliance with conditions associated with such regulatory approvals; the inability to complete planned construction projects within time frames initially anticipated; risks and uncertainties that may impact the ability to develop and construct the Coastal Virginia Offshore Wind (CVOW) Commercial Project within the currently proposed timeline, or at all, and consistent with current cost estimates along with the ability to recover such costs from customers; changes to federal, state and local environmental laws and regulations, including those related to climate change; cost of environmental strategy and compliance, including cost related to climate change; changes in implementation and enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities; changes in operating, maintenance and construction costs; additional competition in Dominion Energy's industries; changes in demand for Dominion Energy's services; receipt of approvals for, and timing of, closing dates for acquisitions and divestitures; impacts of acquisitions, divestitures, transfers of assets by Dominion Energy to joint ventures, and retirements of assets based on asset portfolio reviews; adverse outcomes in litigation matters or regulatory proceedings; fluctuations in interest rates; fluctuations in currency exchange rates of the Euro or Danish Krone associated with the CVOW Commercial Project; changes in rating agency requirements or credit ratings and their effect on availability and cost of capital; and capital market conditions, including the availability of credit and the ability to obtain financing on reasonable terms. Other risk factors are detailed from time to time in Dominion Energy's quarterly reports on Form 10-Q and most recent annual report on Form 10-K filed with the U.S. Securities and Exchange Commission.

Contact:

Media

Ryan Frazier

T: (804) 836-2083

E: C.Ryan.Frazier@dominionenergy.com

Investor

David McFarland

T: (804) 819-2438

E: David.M.McFarland@dominionenergy.com

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