Dominion Midstream Partners, LP (NYSE:DM) Q4 2017 Earnings Conference Call - Preliminary Transcript

Jan 29, 2018 • 10:00 am ET

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Dominion Midstream Partners, LP (NYSE:DM) Q4 2017 Earnings Conference Call - Preliminary Transcript

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Presentation
Operator
Operator

Good morning and welcome to the Dominion Energy and Dominion Energy Midstream Partners Fourth Quarter Earnings Conference Call. At this time, each of your lines is in a listen-only mode. At the conclusion of today's presentation, we will open the floor for questions. Instructions will be given as to the procedure to follow, if you would like to ask a question.

I would now like to turn the call over to Tom Hamlin, Vice President of Investor Relations and Financial Planning for the Safe Harbor Statement.

Executive
Tom Hamlin

Good morning and welcome to the fourth quarter 2017 earnings conference call for Dominion Energy and Dominion Energy Midstream Partners. During this call, we will refer to certain schedules included in this morning's earnings releases and pages from our earnings release kit. Schedules in the earnings release kit are intended to answer the more detailed questions pertaining to operating statistics and accounting. Investor Relations will be available after the call for any clarification of these schedules. If you have not done so, I encourage you to visit the Investor Relations page on our websites, register for email alerts, and view our fourth quarter and full-year earnings documents. Our website addresses are dominionenergy.com and dominionenergymidstream.com. In addition to the earnings release kit, we have included a slide presentation on our website that will follow this morning's discussions.

And now for the usual cautionary language; the earnings releases and other matters that will be discussed on the call today may contain forward-looking statements and estimates that are subject to various risks and uncertainties. Please refer to our SEC filings including our most recent Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q for a discussion of factors that may cause results to differ from management's projections, forecasts, estimates, and expectations.

Also on this call, we will discuss some measures of our company's performance that differ from those recognized by GAAP. Reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measures, we are able to calculate and report are contained in the earnings release kit and Dominion Energy Midstream Partners' press release.

Joining us on the call this morning are our CEO, Tom Farrell; our CFO, Mark McGettrick; and other members of our management team. Mark will discuss our earnings results and Dominion Energy's earnings guidance. Tom will review our operating and regulatory activities and review the progress we've made on our growth plans.

I will now turn the call over to Mark McGettrick.

Executive
Mark McGettrick

Good morning. Dominion Energy reported operating earnings of $3.60 per share for 2017 which was in the middle of our guidance range. Mild weather conditions in our electric service territory in both the winter and summer had a $0.10 per share negative impact on our results.

Adjusting for weather, our earnings results were in the upper half of our range. Other negative factors impacting earnings were a lower allowed rate of returns on our Virginia rider projects and lower margins from our merchant generation business. The positive factors