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Dominion announces Q1 2014 earnings

LNG Industry,

Dominion, the operator of the Cove Point LNG project in Maryland, US, has announced unaudited reported earnings for the three months ended 31 March 2014.

Total earnings

The company reported total earnings of US$ 379 million for the first quarter of the year, compared with US$ 495 million for the same period in 2013. Operating earnings amounted to US$ 607 million for Q1, compared to US$ 476 million in the first quarter of 2013.

Dominion CEO, Thomas F. Farrell II, commented: “Our first quarter results came in above our guidance range of US$ 0.85 to US$ 1.00 per share. While favourable weather in our electric service territory was a benefit of about 5 cents per share, we are pleased that other factors, including improved merchant generation margins, higher ancillary service revenues and lower operating expenses, produced results that were above expectations.

Dominion Cove Point LNG

“During the quarter we also continued to move forward with our infrastructure growth plan. We received a Notice of Schedule from FERC [Federal Energy Regulatory Commission] for our Cove Point Liquefaction project and, pending receipt of regulatory approvals and permits, expect to commence construction later this year.

“We also commenced a non-binding open season for the Dominion Southeast Reliability Project, a new pipeline extending from the Marcellus and Utica Shale production regions to markets in Virginia and North Carolina.”

Adapted from press release by Katie Woodward

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