MERGENT PUBLIC UTILITY

Transcription

1 MERGENT PUBLIC UTILITY NEWS REPORTS Tuesday, May 15, 2018 Volume 89 No. 5 NOTICE Items in this issue will be listed online weekly and printed monthly. ALASKA POWER & TELEPHONE CO. Annual Report Consolidated Income Statement, Years Ended Dec. 31 ($): (revised) (revised) Revenues - electric... 19,906,152 18,678,273 19,529,028 Revenues - telecommunications.. 18,180,833 15,430,075 15,055,096 Revenues - other nonregulated ,202,171 13,896,444 9,619,219 Total revenues ,289,156 48,004,792 44,203,343 Electric expenses ,440,696 11,052,473 11,403,005 Telecommunications expenses ,536,771 11,189,260 10,591,339 Other nonregulated expenses ,806,156 8,564,906 5,037,900 Depreciation & amortization expense ,050,572 7,642,628 6,870,453 Total expenses ,834,195 38,449,267 33,902,697 Income (loss) from operations ,454,961 9,555,525 10,300,646 Dividend income , , ,356 Amortization of goodwill ,792,732 1,792,732 1,792,732 Loss (gain) on abandoned project ,999 2,683, Asset impairment (3,346,000)... Miscellaneous other income (expense).... 7,397 (36,169) (495,876) Interest income , ,368 3,691 Interest expense ,688,181 3,482,647 3,739,496 Income (loss) before taxes ,630,500 (1,109,615) 4,819,589 Current income taxes (benefit) ,670,987 (1,472,795) 1,597,236 Deferred income taxes (benefit) ,735, ,865 (73,038) Deferred - change in federal rate (5,980,562) Provision for income taxes (benefit) ,487 (755,930) 1,524,198 Net income (loss) ,205,013 (353,685) 3,295,391 Weighted average shares outstanding-basic.... 1,294,569 1,299,128 1,304,030 Weighted average shares outstanding-diluted... 1,294,569 1,299,128 1,304,030 Year end shares outstanding ,291,276 1,297,861 1,300,395 per share-basic $7.88 $(0.27) $2.53 per share-diluted..... $7.88 $(0.27) $ Reclassified to conform with 2017 presentation Consolidated Balance Sheet, Years Ended Dec. 31 ($): (revised) Electric property, plant & equipment ,323, ,556,177 Telecommunications property, plant & equipment ,174,636 96,896,366 Non-utility property, plant & equipment ,593,907 6,341,085 Less: accumulated depreciation & amortization ,077, ,516,888 Utility plant under construction ,853,637 1,587,820 Total property, plant & equipment, net ,868,374 93,864,560 Investments ,645,078 7,619,127 Goodwill, net of amortization ,095,726 3,888,458 Rate stabilization asset ,006,651 4,828,720 Other assets ,106,929 1,078,144 Cash & cash equivalents ,521,614 2,029,462 Receivables, gross ,484,773 6,050,675 Less allowance for doubtful accounts ,768 35,103 Receivables, net ,450,005 6,015,572 Securities available for sale ,798 2,798 Inventory & other current assets ,492,987 3,323,941 Income tax refunds receivable ,038 3,149,595 Total current assets ,270,442 14,521,368 Total assets ,993, ,800,377 Common stock ,291,276 1,297,861 Additional paid-in capital ,636,503 3,954,589 Retained earnings (accumulated deficit) ,909,946 36,367,181 Accumulated other comprehensive income (loss) (1,813,004) (2,229,455) Total stockholders equity (deficit) ,024,721 39,390,176 Goat Lake Hydro, Inc. note payable ,583,333 8,450,000 Other long-term debt ,027,572 45,582,838 CoBank notes payable ,666,995 57,345,983 Notes payable to state of Alaska ,329,544 2,483,989 Other term debt ,653 3,653 Total debt ,000,192 59,833,625 Less: Current portion ,389,287 5,800,787 Finance leases , ,487 Interest rate swap ,507,959 3,691,150 Deferred income taxes ,888,357 16,683,532 Other deferred credits , ,449 Accounts payable & other accrued liabilities ,821,643 5,125,105 Current portion of finance leases , ,853 Current portion of long-term debt ,389,287 5,800,787 Total current liabilities ,251,601 11,169,745 Recent Dividends: 1. Alaska Power & Telephone Co. common. Annual Dividends: 1. Alaska Power & Telephone Co. common. ALLIANT ENERGY CORP Total revenues , ,900 Cost & expenses , ,700 Deprec., depl. & amort , ,000 Operating income , ,200 Other income (expense), net ,800 24,300 Net before taxes , ,200 Income taxes ,800 17,600 Income contin. oper , ,600 Net income , ,000 Balance for common , ,400 Primary $0.52 $0.44 Fully Diluted $0.52 $0.44 Full Diluted , ,600 Year-end , ,823 Cash & equivalents ,100 Inventories ,800 Current assets ,900 Net property & equip ,439,600 Total assets ,241,800 Current liabilities ,073,500 Long-term debt ,056,800 Stockholders equity ,231,500 Net current assets (1,347,600) AMERICAN WATER WORKS CO, INC. Total revenues , ,000 Cost & expenses , ,000 Operating income , ,000 Other income (expense), net , Net before taxes , ,000 Income taxes ,000 52,000 Net income ,000 93,000 Balance for common ,000 93,000 Primary $0.60 $0.52 Fully Diluted $0.59 $0.52 Full Diluted , ,000 Year-end , Cash & equivalents ,000 Inventories ,000 Current assets ,000 Net property & equip ,477,000 Total assets ,728,000 Current liabilities ,539,000 Long-term debt ,396,000 Stockholders equity ,451,000 Net current assets (1,810,000) APPALACHIAN POWER CO. Total revenues , ,800 Cost & expenses , ,300 Operating income , ,900 Interest income Interest expense ,400 48,100 Other income (expense), net ,600 3,100 Net before taxes , ,200 Income taxes ,000 63,600 Net income , ,600 Year-end ,500 13,500

2 150 MERGENT PUBLIC UTILITY NEWS May 15, 2018 Cash & equivalents ,300 Inventories ,500 Current assets ,200 Net property & equip ,337,400 Total assets ,077,000 Current liabilities ,181,900 Long-term debt ,719,800 Stockholders equity ,889,400 Net current assets (468,700) AT&T INC Earnings, 3 mos. to Mar 31(Consol. $Millions): Total revenues ,038 39,365 Cost & expenses ,843 26,882 Deprec., depl. & amort ,994 6,127 Operating income ,201 6,356 Interest expense ,771 1,293 Other income (expense), net , Net before taxes ,141 5,378 Income taxes ,382 1,804 Net income ,759 3,574 Primary $0.75 $0.56 Fully Diluted $0.75 $0.56 Full Diluted ,180 6,186 Year-end , Consolidated Balance Sheet Items, as of ($Millions): Cash & equivalents ,872 Current assets ,505 Net property & equip ,124 Total assets ,343 Current liabilities ,580 Long-term debt ,724 Stockholders equity ,076 Net current assets ,925 ATMOS ENERGY CORP. Earnings, 6 mos. to Mar 31(Consol. $000): Total revenues ,108,601 1,768,354 Cost & expenses ,420,297 1,118,639 Deprec., depl. & amort , ,625 Operating income , ,090 Other income (expense), net (2,288) (161) Net before taxes , ,955 Income taxes (43,676) 160,905 Income contin. oper , ,050 Net income , ,760 Balance for common , ,412 Primary $4.47 $2.74 Fully Diluted $4.47 $2.74 Full Diluted , ,610 Year-end , ,276 BLACK HILLS CORPORATION Total revenues , ,528 Cost & expenses , ,640 Operating income , ,186 Other income (expense), net (104) 373 Net before taxes , ,103 Income taxes (25,802) 34,388 Income contin. oper ,977 81,715 Income discont. oper (2,343) (1,569) Net income ,634 80,146 Primary $2.49 $1.44 Fully Diluted $2.46 $1.39 Full Diluted ,122 54,932 Year-end ,595 53,461 Cash & equivalents ,947 Inventories ,045 Current assets ,105 Net property & equip ,559,606 Total assets ,626,989 Current liabilities ,564 Long-term debt ,858,787 Stockholders equity ,818,770 Net current assets (296,459) CALIFORNIA WATER SERVICE GROUP (DE) Total revenues , ,036 Cost & expenses ,479 92,282 Deprec., depl. & amort ,715 19,201 Operating income ,053 10,553 Interest expense ,703 8,216 Other income (expense), net (1,895) (1,205) Net income (2,545) 1,132 Primary $(0.05) $0.02 Fully Diluted $(0.05) $0.02 Full Diluted ,030 47,984 Year-end ,074 48,022 Cash & equivalents ,702 Inventories ,478 Current assets ,785 Net property & equip ,083,038 Total assets ,716,507 Current liabilities ,317 Long-term debt ,670 Stockholders equity ,311 Net current assets (298,532) CENTERPOINT ENERGY, INC Total revenues ,155,000 2,735,000 Cost & expenses ,590,000 2,218,000 Operating income , ,000 Other income (expense), net ,000 72,000 Gains or losses (17,000) 34,000 Net before taxes , ,000 Income taxes , ,000 Net income , ,000 Primary $0.38 $0.45 Fully Diluted $0.38 $0.44 Full Diluted , ,348 Year-end , Cash & equivalents ,000 Inventories ,000 Current assets ,049,000 Net property & equip ,205,000 Total assets ,410,000 Current liabilities ,616,000 Long-term debt ,176,000 Stockholders equity ,857,000 Net current assets ,000 CONSOLIDATED EDISON INC Total revenues ,364,000 3,228,000 Cost & expenses ,261,000 2,087,000 Deprec., depl. & amort , ,000 Operating income , ,000 Interest expense , ,000 Other income (expense), net (35,000) (35,000) Gains or losses ,000 19,000 Net before taxes , ,000 Income taxes , ,000 Net income , ,000 Primary $1.38 $1.27 Fully Diluted $1.37 $1.27 Full Diluted , ,300 Year-end , Cash & equivalents ,000 Inventories ,000 Current assets ,773,000 Net property & equip ,075,000 Total assets ,900,000 Current liabilities ,651,000 Long-term debt ,730,000 Stockholders equity ,654,000 Net current assets (1,878,000) CONSUMERS ENERGY CO. Total revenues ,855,000 1,737,000 Cost & expenses ,244,000 1,118,000 Operating income , ,000 Interest expense ,000 68,000 Other income (expense), net ,000 17,000 Net before taxes , ,000 Income taxes , ,000 Net income , ,000 Balance for common , ,000 Year-end ,100 84,100 Cash & equivalents ,000 Inventories ,000 Current assets ,766,000 Net property & equip ,768,000 Total assets ,949,000 Current liabilities ,056,000 Long-term debt ,297,000 Stockholders equity ,713,000 Net current assets (290,000) DTE ELECTRIC COMPANY Cost & expenses , ,000 Operating income , ,000 Other income (expense), net ,000 12,000 Net before taxes , ,000 Income taxes ,000 57,000 Net income , ,000 Year-end , ,632 Cash & equivalents ,000 Inventories ,000 Current assets ,957,000 Net property & equip ,870,000 Total assets ,841,000 Current liabilities ,541,000 Long-term debt ,185,000 Stockholders equity ,888,000 Net current assets ,000 EQT CORP Merger Development On April 25, 2018, Rice Midstream Partners LP ("RMP") and a subsidiary of Co., entered into an Agreement and Plan of Merger (the Merger Agreement) with Rice Midstream Management LLC, the general partner of RMP (the "RMP General Partner"), EQT Midstream Partners, LP ("EQM"), a subsidiary of Co., EQT Midstream Services, LLC, the general partner of EQM (the "EQM General Partner"), EQM Acquisition Sub, LLC, a wholly-owned subsidiary of EQM ("Merger Sub"), EQM GP Acquisition Sub, LLC, a wholly-owned subsidiary of EQM ("GP Merger Sub"), and, solely for purposes of certain provisions therein, Co. Upon the terms and subject to the conditions

3 May 15, 2018 MERGENT PUBLIC UTILITY NEWS 151 set forth in the Merger Agreement, Merger Sub will merge with and into RMP (the "Merger"), with RMP continuing as the surviving entity and a wholly owned subsidiary of EQM. The Merger Agreement also provides that GP Merger Sub will merge with and into the RMP General Partner, with the RMP General Partner continuing as the surviving entity and a wholly owned subsidiary of EQM. Following the recommendation of the conflicts committee (the "RMP Conflicts Committee") of the board of directors of the RMP General Partner (the "RMP Board"), the RMP Board approved the Merger Agreement, agreed to submit the Merger Agreement to a vote of RMP unit-holders and agreed to recommend that RMP s unit-holders adopt the Merger Agreement. Following the recommendation of the conflicts committee (the "EQM Conflicts Committee") of the board of directors of the EQM General Partner (the "EQM Board"), the EQM Board approved the Merger Agreement. At the effective time of the Merger (the "Effective Time"), (i) each common unit representing a limited partner interest in RMP (each, an "RMP Common Unit") issued and outstanding immediately prior to the Effective Time will be converted into the right to receive (the "Exchange Ratio") common units representing limited partner interests in EQM (the "EQM Common Units") (the "Merger Consideration"), (ii) the issued and outstanding incentive distributions rights of RMP (the "RMP IDRs") will be cancelled and (iii) each outstanding award of phantom units in respect of RMP Common Units will be fully vested and converted into the right to receive the Merger Consideration, less applicable tax withholding, in respect of each RMP Common Unit subject thereto. EVERSOURCE ENERGY Cost & expenses ,595,970 1,393,336 Operating income , ,977 Interest expense , ,429 Other income (expense), net ,300 20,000 Net before taxes , ,167 Income taxes , ,829 Net income , ,338 Primary $0.85 $0.82 Fully Diluted $0.85 $0.82 Full Diluted , ,125 Year-end , ,886 Cash & equivalents ,810 Inventories ,171 Current assets ,771,436 Net property & equip ,958,700 Total assets ,039,995 Current liabilities ,096,018 Long-term debt ,015,992 Stockholders equity ,183,744 Net current assets (1,324,582) EXELON CORP Total revenues ,693,000 8,757,000 Cost & expenses ,501,000 6,565,000 Deprec., depl. & amort ,091, ,000 Operating income ,101,000 1,296,000 Other income (expense), net (28,000) 283,000 Equity earnings ,000 10,000 Net before taxes ,000 1,206,000 Net income , ,000 Primary $0.61 $1.07 Fully Diluted $0.60 $1.07 Full Diluted , ,000 Year-end , ,000 Cash & equivalents ,000 Inventories ,471,000 Current assets ,533,000 Net property & equip ,711,000 Total assets ,018,000 Current liabilities ,153,000 Long-term debt ,294,000 Stockholders equity ,231,000 Net current assets ,380,000 FLORIDA POWER & LIGHT CO. Total revenues ,620,000 2,527,000 Cost & expenses ,367,000 1,443,000 Operating income , ,000 Other income (expense), net ,000 16,000 Net before taxes , ,000 Income taxes , ,000 Net income , ,000 Year-end Cash & equivalents ,000 Inventories ,000 Current assets ,632,000 Net property & equip ,767,000 Total assets ,895,000 Current liabilities ,330,000 Long-term debt ,803,000 Stockholders equity ,367,000 Net current assets (1,698,000) FRONTIER COMMUNICATIONS CORP Cost & expenses ,328,000 1,460,000 Deprec., depl. & amort , ,000 Operating income , ,000 Other income (expense), net , Gains or losses ,000 (46,000) Net before taxes ,000 (114,000) Income taxes ,000 (39,000) Net income ,000 (75,000) Balance for common (33,000) (129,000) Primary $(0.44) $(1.67) Fully Diluted $(0.44) $(1.67) Full Diluted ,416 77,591 Year-end ,251 78,547 Cash & equivalents ,000 Current assets ,202,000 Net property & equip ,321,000 Total assets ,678,000 Current liabilities ,659,000 Long-term debt ,470,000 Stockholders equity ,396,000 Net current assets (1,457,000) GREAT PLAINS ENERGY INC Cost & expenses , ,300 Operating income ,300 59,100 Other income (expense), net ,300 (8,800) Equity earnings (1,000) (900) Net before taxes ,500 (16,300) Income taxes ,500 (5,800) Net income ,000 (9,600) Balance for common ,000 (24,700) Primary $0.16 $(0.11) Fully Diluted $0.16 $(0.11) Full Diluted , ,300 Year-end , ,599 Cash & equivalents ,142,100 Inventories ,300 Current assets ,849,600 Net property & equip ,130,100 Total assets ,448,400 Current liabilities ,150,000 Long-term debt ,608,500 Stockholders equity ,941,800 Net current assets ,600 IDACORP INC Total revenues , ,544 Cost & expenses , ,917 Operating income ,589 53,627 Interest expense ,173 20,700 Other income (expense), net ,589 6,262 Net before taxes ,005 39,189 Income taxes ,894 6,183 Net income ,111 33,006 Primary $0.72 $0.66 Fully Diluted $0.72 $0.66 Full Diluted ,463 50,397 Year-end ,392 50,391 Cash & equivalents ,277 Inventories ,667 Current assets ,904 Net property & equip ,300,671 Total assets ,261,678 Current liabilities ,837 Long-term debt ,833,576 Stockholders equity ,257,168 Net current assets ,067 INDIANA MICHIGAN POWER CO Total revenues , ,500 Cost & expenses , ,300 Operating income , ,200 Interest income ,100 Interest expense ,700 27,700 Other income (expense), net ,700 7,000 Net before taxes ,600 97,600 Income taxes ,400 29,200 Net income ,200 68,400 Year-end ,400 1,400 Cash & equivalents Inventories ,800 Current assets ,100 Net property & equip ,126,600 Total assets ,844,900 Current liabilities ,756,500 Long-term debt ,775,700 Stockholders equity ,246,300 Net current assets (1,308,400) NATIONAL FUEL GAS CO. (NJ) Earnings, 6 mos. to Mar 31(Consol. $000): Total revenues , ,576 Cost & expenses , ,285 Deprec., depl. & amort , ,194 Operating income , ,097 Other income (expense), net ,492 3,356 Net before taxes , ,594 Income taxes (43,007) 109,403 Net income , ,191 Balance for common , ,191 Primary $3.39 $2.09 Fully Diluted $3.37 $2.07 Full Diluted ,319 85,897 Year-end ,882 85,375 NEW JERSEY RESOURCES CORP Earnings, 6 mos. to Mar 31(Consol. $000):

4 152 MERGENT PUBLIC UTILITY NEWS May 15, 2018 Total revenues ,724,348 1,274,574 Cost & expenses ,426,997 1,053,858 Deprec., depl. & amort ,314 39,588 Operating income , ,128 Interest expense ,703 22,051 Other income (expense), net ,907 9,114 Equity earnings (6,457) (7,390) Net before taxes , ,191 Income taxes (19,267) 25,950 Net income , ,631 Primary $3.02 $1.74 Fully Diluted $3.01 $1.72 Full Diluted ,690 86,993 Year-end ,656 86,364 OGE ENERGY CORP. Total revenues , ,000 Cost & expenses , ,300 Operating income ,500 45,700 Interest expense ,600 35,000 Other income (expense), net ,200 45,300 Net before taxes ,100 56,000 Income taxes ,100 20,000 Net income ,000 36,000 Primary $0.28 $0.18 Fully Diluted $0.27 $0.18 Full Diluted , ,000 Year-end , ,704 Cash & equivalents ,300 Inventories ,800 Current assets ,500 Net property & equip ,393,100 Total assets ,436,400 Current liabilities ,215,200 Long-term debt ,500,100 Stockholders equity ,842,100 Net current assets (721,700) OHIO POWER COMPANY Total revenues , ,100 Cost & expenses , ,200 Deprec., depl. & amort ,800 57,300 Operating income , ,600 Interest income ,500 Interest expense ,200 25,000 Other income (expense), net ,100 5,400 Net before taxes , ,500 Income taxes ,500 46,300 Net income ,600 86,200 Year-end ,952 27,952 Cash & equivalents ,400 Inventories ,200 Current assets ,700 Net property & equip ,855,000 Total assets ,356,700 Current liabilities ,363,100 Long-term debt ,692,200 Stockholders equity ,277,500 Net current assets (832,400) ONEOK INC Total revenues ,102,077 2,749,611 Cost & expenses ,682,378 2,432,474 Operating income , ,137 Interest expense , ,462 Other income (expense), net ,846 40,451 Net before taxes , ,126 Income taxes ,771 54,941 Net income , ,185 Balance for common ,233 87,361 Primary $0.65 $0.41 Fully Diluted $0.64 $0.41 Full Diluted , ,602 Year-end , ,906 Cash & equivalents ,474 Inventories ,993 Current assets ,290,745 Net property & equip ,878,189 Total assets ,432,347 Current liabilities ,050,838 Long-term debt ,091,751 Stockholders equity ,701,446 Net current assets (760,093) PG&E CORP (HOLDING CO) Total revenues ,056,000 4,268,000 Cost & expenses ,705,000 2,689,000 Operating income , ,000 Interest expense , ,000 Other income (expense), net ,000 34,000 Net before taxes , ,000 Income taxes , ,000 Net income , ,000 Balance for common , ,000 Primary $0.86 $1.13 Fully Diluted $0.86 $1.13 Full Diluted , ,000 Year-end , ,610 Cash & equivalents ,000 Inventories ,000 Current assets ,855,000 Net property & equip ,341,000 Total assets ,154,000 Current liabilities ,920,000 Long-term debt ,407,000 Stockholders equity ,731,000 Net current assets (1,065,000) PORTLAND GENERAL ELECTRIC CO. Total revenues , ,000 Cost & expenses , ,000 Deprec., depl. & amort ,000 84,000 Operating income , ,000 Interest expense ,000 30,000 Other income (expense), net ,000 2,000 Net before taxes ,000 96,000 Income taxes ,000 23,000 Net income ,000 73,000 Primary $0.72 $0.82 Fully Diluted $0.72 $0.82 Full Diluted ,160 89,003 Year-end ,214 89,068 Cash & equivalents ,000 Inventories ,000 Current assets ,000 Net property & equip ,781,000 Total assets ,892,000 Current liabilities ,000 Long-term debt ,426,000 Stockholders equity ,449,000 Net current assets ,000 PPL CORP Total revenues ,126,000 1,951,000 Cost & expenses ,006, ,000 Operating income , ,000 Other income (expense), net (43,000) (9,000) Net before taxes , ,000 Income taxes , ,000 Net income , ,000 Balance for common , ,000 Primary $0.65 $0.59 Fully Diluted $0.65 $0.59 Full Diluted , ,084 Year-end , ,427 Cash & equivalents ,000 Inventories ,000 Current assets ,490,000 Net property & equip ,736,000 Total assets ,388,000 Current liabilities ,238,000 Long-term debt ,214,000 Stockholders equity ,176,000 Net current assets (1,748,000) PUBLIC SERVICE COMPANY OF NEW MEXICO Annual Report Consolidated Income Statement, Years Ended Dec. 31 ($000): (revised) (revised) Electric operating revenues ,104,230 1,035,913 1,131,195 Cost of energy , , ,131 Administrative & general , , ,953 Energy production costs , , ,752 Regulatory disallowances & restructuring costs ,036 15, ,471 Depreciation & amortization , , ,717 Transmission & distribution costs ,370 39,657 43,642 Taxes, other than income taxes ,709 44,598 41,149 Total operating expenses , ,823 1,097,815 Operating income (loss) , ,090 33,380 Interest income ,454 10,173 6,574 Gains on available-for-sale securities ,161 19,517 16,060 Other income ,527 12,088 19,347 Other deductions ,002 9,539 8,493 Interest charges ,697 87,469 79,950 Earnings (loss) before income taxes.. 168, ,860 (13,082) Current federal (benefit) (10,290) (7,934) Current state (benefit) (1,112) (1,907) (1,988) Deferred federal (benefit) ,308 49,123 (6,827) Deferred state (benefit) ,527 4,969 5,333 Amortization of accumulated investment tax credits (286) (973) (1,342)

5 May 15, 2018 MERGENT PUBLIC UTILITY NEWS 153 Income taxes expense (benefit) ,555 40,922 (12,758).. 87,413 91,938 (324) Earnings attributable to Valencia non-controlling interest (15,017) (14,519) (14,910) attributable to Public Service Company of New Mexico ,396 77,419 (15,234) Preferred stock dividends requirements available for Public Service Company of New Mexico common stock 71,868 76,891 (15,762) Year end shares outstanding ,118 39,118 39,118 Total number of employees , ,074 Number of common stockholders As is Consolidated Balance Sheet, Years Ended Dec. 31 ($000): (revised) Cash & cash equivalents , Accounts receivable, gross ,308 66,212 Allowance for uncollectible accounts ,081 1,209 Accounts receivable, net ,227 65,003 Unbilled revenues ,869 48,289 Other receivables ,541 25,514 Affiliate receivables ,486 8,886 Coal ,714 19,940 Materials & supplies ,145 44,461 Materials, supplies & fuel stock ,859 64,401 Regulatory assets ,139 3,442 Commodity derivative instruments ,088 5,224 Income taxes receivable ,410 25,807 Other current assets ,904 67,355 Total current assets , ,245 Available-for-sale securities , ,977 Other investments Non-utility property Plant in service, held for future use, & to be abandoned ,501,070 5,359,211 Less accumulated depreciation & amortization ,029,534 1,809,528 Construction work in progress , ,122 Nuclear fuel, net , ,913 Net utility plant ,764,316 3,794,718 Regulatory assets , ,413 Goodwill ,632 51,632 Commodity derivative instruments , Other deferred charges ,286 68,149 Total assets ,921,563 4,867,546 Short-term debt ,800 61,000 Current installments of long-term debt ,880 Accounts payable ,094 55,566 Affiliates payables ,875 23,183 Customer deposits ,028 11,374 Accrued interest & taxes ,945 34,819 Regulatory liabilities ,517 Commodiry derivative instruments ,182 2,339 Dividends declared Other current liabilities ,633 33,551 Total current liabilities , ,361 Long-term debt, net of unamortized premiums, discounts, & debt issuance costs ,657,887 1,399,489 Accumulated deferred income taxes , ,666 Regulatory liabilities , ,701 Asset retirement obligations , ,601 Accrued pension liability & postretirement benefit cost , ,427 Commodity derivative instruments , Other deferred credits , ,980 Total liabilities ,421,665 3,389,225 Cumulative preferred stock ,529 11,529 Common stock ,264,918 1,264,918 Unrealized gain (loss) on available-for-sale securities ,169 4,320 Pension liability adjustment (110,262) (96,748) Accumulated other comprehensive income (loss), net of tax (97,093) (92,428) Retained earnings (accumulated deficit) , ,382 Total Public Service Company of New Mexico common stockholder s equity ,422,174 1,397,872 Non-controlling interest in Valencia ,195 68,920 Total equity ,488,369 1,466,792 1 Accumulated amortization - Nuclear fuel: $43,524,000; 2 Accumulated amortization - Nuclear fuel: $43,905,000 Recent Dividends: 1. Public Service Company of New Mexico 4.58% cumulative preferred (stated value: $100). 2. Public Service Company of New Mexico common. Annual Dividends: 1. Public Service Company of New Mexico 4.58% cumulative preferred (stated value: $100). 2. Public Service Company of New Mexico common. PUBLIC SERVICE COMPANY OF OKLAHOMA Total revenues , ,100 Cost & expenses , ,700 Deprec., depl. & amort ,800 33,500 Operating income ,900 19,900 Interest expense ,700 13,600 Other income (expense), net ,200 1,400 Net before taxes (8,600) 7,700 Income taxes (1,400) 2,900 Net income (7,200) 4,800 Year-end ,013 9,013 Cash & equivalents Inventories ,200 Current assets ,600 Net property & equip ,901,700 Total assets ,525,700 Current liabilities ,500 Long-term debt ,286,200 Stockholders equity ,195,900 Net current assets (287,900) SEMPRA ENERGY Earnings, 3 mos. to Mar 31(Consol. $Millions): Total revenues ,962 3,031 Cost & expenses ,879 1,930 Operating income Other income (expense), net Gains or losses Equity earnings Foreign currency Net before taxes Income taxes Net income Balance for common Primary $1.34 $1.76 Fully Diluted $1.33 $1.75 Full Diluted Year-end Consolidated Balance Sheet Items, as of ($Millions): Cash & equivalents Inventories Current assets ,394 Net property & equip ,025 Total assets ,485 Current liabilities ,109 Long-term debt ,898 Stockholders equity ,844 Net current assets (5,715) SOUTHWEST GAS HOLDINGS INC Total revenues , ,737 Cost & expenses , ,912 Deprec., depl. & amort ,478 72,478 Operating income , ,347 Interest income , Other income (expense), net (5,900) (1,553) Foreign currency (1) Net before taxes , ,643 Income taxes ,301 35,638 Net income ,294 69,005 Primary $1.63 $1.46 Fully Diluted $1.63 $1.45 Full Diluted ,459 47,864 Year-end ,337 47,549 Cash & equivalents ,115 Current assets ,933 Net property & equip ,604,391 Total assets ,327,633 Current liabilities ,851 Long-term debt ,998,127 Stockholders equity ,879,538 Net current assets ,082 SOUTHWESTERN ELECTRIC POWER CO. Total revenues , ,300 Net Sales ,100 4,600 Cost & expenses , ,700 Deprec., depl. & amort ,400 50,800 Operating income ,600 52,800 Interest expense ,200 29,900 Other income (expense), net ,600 1,700 Equity earnings (500) (1,300) Net before taxes ,800 25,500 Income taxes ,900 9,500 Net income ,400 17,300 Balance for common ,800 16,300 Year-end ,537 7,537 Cash & equivalents

6 154 MERGENT PUBLIC UTILITY NEWS May 15, 2018 Inventories ,300 Current assets ,100 Net property & equip ,692,300 Total assets ,423,800 Current liabilities ,059,300 Long-term debt ,103,400 Stockholders equity ,225,500 Net current assets (711,200) SOUTHWESTERN ENERGY COMPANY Total revenues , ,000 Cost & expenses , ,000 Deprec., depl. & amort , ,000 Operating income , ,000 Interest expense ,000 32,000 Other income (expense), net (8,000) 117,000 Net before taxes , ,000 Net income , ,000 Balance for common , ,000 Primary $0.36 $0.57 Fully Diluted $0.36 $0.57 Full Diluted , ,495 Year-end , ,466 Cash & equivalents ,000 Current assets ,488,000 Net property & equip ,968,000 Total assets ,713,000 Current liabilities ,000 Long-term debt ,393,000 Stockholders equity ,193,000 Net current assets ,000 TELEPHONE & DATA SYSTEMS INC Total revenues ,225,000 1,238,000 Cost & expenses , ,000 Operating income ,000 81,000 Interest expense ,000 42,000 Other income (expense), net ,000 34,000 Net before taxes ,000 77,000 Income taxes ,000 34,000 Net income ,000 43,000 Balance for common ,000 37,000 Primary $0.35 $0.34 Fully Diluted $0.34 $0.33 Full Diluted , ,000 Year-end , Cash & equivalents ,000 Inventories ,000 Current assets ,043,000 Net property & equip ,335,000 Total assets ,481,000 Current liabilities ,000 Long-term debt ,431,000 Stockholders equity ,472,000 Net current assets ,293,000 Full Diluted ,800,000 14,000,000 Year-end ,860,123 14,107,741 Consolidated Balance Sheet Items, as of ($): Cash & equivalents ,500,000 Inventories ,200,000 Current assets ,500,000 Net property & equip ,400,000 Total assets ,244,300,000 Current liabilities ,300,000 Long-term debt ,900,000 Stockholders equity ,600,000 Net current assets (1,800,000) VECTREN CORP Total revenues , ,500 Cost & expenses , ,300 Deprec., depl. & amort ,400 67,800 Operating income , ,400 Interest expense ,500 21,300 Other income (expense), net ,900 7,500 Net before taxes ,700 87,600 Income taxes ,200 32,200 Net income ,500 55,400 Primary $0.76 $0.67 Fully Diluted $0.76 $0.67 Full Diluted ,100 82,900 Year-end ,100 83,000 Cash & equivalents ,100 Inventories ,300 Current assets ,000 Net property & equip ,812,400 Total assets ,184,200 Current liabilities ,300 Long-term debt ,678,500 Stockholders equity ,876,800 Net current assets (350,300) UNITIL CORP Earnings, 3 mos. to Mar 31(Consol. $): Total revenues ,800, ,000,000 Cost & expenses ,400,000 85,800,000 Operating income ,100,000 27,700,000 Other income (expense), net (1,700,000) (1,600,000) Net before taxes ,400,000 20,100,000 Income taxes ,800,000 7,700,000 Net income ,600,000 12,400,000 Primary $1.06 $0.88 Fully Diluted $1.06 $0.88