| | Publié le 04 novembre 2015 | Dynegy Announces 2015 Third Quarter Results, Narrows 2015 Guidance, Initiates 2016 Guidance |
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♥
Suivre la société
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| Dynegy Announces 2015 Third Quarter Results, Narrows 2015 Guidance, Initiates 2016 Guidance | |
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Financial Highlights:
-
$350 million in consolidated Adjusted EBITDA for the third quarter, an
increase of $260 million compared to the 2014 third quarter.
-
$628 million in consolidated Adjusted EBITDA for the first nine
months, an increase of $348 million compared to the first nine months
of 2014.
-
$1,934 million in consolidated liquidity, including $150 million at
IPH as of September 30, 2015.
-
2015 Adjusted EBITDA guidance range narrowed at $825 million to $925
million and Free Cash Flow guidance range at $140 million to $240
million.
-
2016 Adjusted EBITDA guidance range initiated at $1,100 million to
$1,300 million and Free Cash Flow guidance at $300 million to $500
million.
Recent Developments:
-
Secured Resource Adequacy capacity with Southern California Edison for
Moss Landing units 1 and 2 for 575 MW, 400 MW, and 850 MW, for
calendar years 2017, 2018, 2019, respectively.
-
Selected, along with three other suppliers, to provide a total of
1,033 MW of Zone 4 MISO capacity to the Illinois Power Authority for
planning year 2016/2017 at a weighted average price of $138.12 per
MW-Day.
-
Launched “PRIDE Energized” – the next iteration of the Company’s PRIDE
initiative – targeting $250 million in EBITDA and $400 million in
balance sheet improvements from 2016 to 2018, with $135 million of the
Adjusted EBITDA targeted to be achieved in 2016.
-
Announced intent to retire 465 MW Wood River Power Station in Alton,
Illinois in mid-2016.
Capital Allocation:
-
On September 25, 2015, Moody’s affirmed Dynegy Inc.’s existing ratings
and upgraded their outlook on the company from stable to positive.
-
Through October 2015, the Company repurchased 7,625,355 shares at an
aggregate cost of $187 million under the current authorized stock
repurchase program.
HOUSTON--(BUSINESS WIRE)--Nov. 4, 2015--
Dynegy Inc. (NYSE: DYN) reported 2015 third quarter consolidated
Adjusted EBITDA of $350 million, compared to $90 million for the 2014
third quarter. The $260 million increase was primarily due to the
Company’s recent acquisitions, higher spark spreads in the Gas segment,
higher wholesale capacity revenues at the IPH and Coal segments, and
improved results for the retail business. These improvements in Adjusted
EBITDA were partially offset by the expiration of a capacity contract at
the Independence plant in the Gas segment. Operating income was $107
million for the 2015 third quarter compared to $22 million for the same
period in 2014. The net loss attributable to Dynegy Inc. for the 2015
third quarter was $24 million, compared to a net loss attributable to
Dynegy Inc. of $5 million for the 2014 third quarter.
For the first nine months of 2015, Dynegy Inc. reported consolidated
Adjusted EBITDA of $628 million, compared to $280 million for the first
nine months of 2014. The $348 million increase in Adjusted EBITDA
resulted from the Company’s recent acquisitions, higher spark spreads
and tolling and market capacity revenues in the Gas segment, and
stronger capacity and retail results in the Coal and IPH segments.
Partially offsetting these improvements were lower realized power prices
on the unhedged power sales in the Coal segment and the expiration of
the capacity contract at Independence. The operating income for the
first nine months of 2015 was $77 million compared to an operating loss
of $31 million in the first nine months of 2014. The net income
attributable to Dynegy Inc. for the first nine months of 2015 was $184
million, compared to a net loss attributable to Dynegy Inc. of $169
million for the first nine months of 2014.
“Dynegy remains on track to meet the 2015 guidance range for Adjusted
EBITDA and Free Cash Flow in spite of the mild third quarter summer
temperatures, which adversely impacted the demand for power and power
prices across our operating regions,” said Dynegy President and Chief
Executive Officer Robert C. Flexon. “Our recent acquisitions
significantly contributed to our financial performance during the
quarter, and that, along with recent PRIDE contributions to our balance
sheet and liquidity management, has allowed us to accelerate our stock
repurchase program with approximately 75% of our $250 million program
already completed.”
Third Quarter Comparative Results
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|
|
|
|
Quarter Ended September 30, 2015
|
|
|
|
|
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(in millions)
|
|
|
|
|
|
Coal
|
|
IPH
|
|
Gas
|
|
Other
|
|
Total
|
Operating income (loss)
|
|
|
|
|
$
|
(36
|
)
|
|
$
|
31
|
|
|
$
|
152
|
|
|
$
|
(40
|
)
|
|
107
|
|
Plus / (Less):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation expense
|
|
|
|
|
39
|
|
|
8
|
|
|
126
|
|
|
1
|
|
|
174
|
|
Amortization expense
|
|
|
|
|
(13
|
)
|
|
(5
|
)
|
|
13
|
|
|
-
|
|
|
(5
|
)
|
Losses from unconsolidated investments
|
|
|
|
|
-
|
|
|
-
|
|
|
(4
|
)
|
|
-
|
|
|
(4
|
)
|
Other items, net
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
46
|
|
|
46
|
|
EBITDA (1)
|
|
|
|
|
(10
|
)
|
|
34
|
|
|
287
|
|
|
7
|
|
|
318
|
|
Plus / (Less):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and integration costs
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
8
|
|
|
8
|
|
Mark-to-market adjustments
|
|
|
|
|
(14
|
)
|
|
(3
|
)
|
|
(6
|
)
|
|
-
|
|
|
(23
|
)
|
Change in fair value of common stock warrants
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(45
|
)
|
|
(45
|
)
|
Impairments and other charges
|
|
|
|
|
74
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
74
|
|
Cash distributions from unconsolidated investments
|
|
|
|
|
-
|
|
|
-
|
|
|
8
|
|
|
-
|
|
|
8
|
|
Other
|
|
|
|
|
4
|
|
|
3
|
|
|
2
|
|
|
1
|
|
|
10
|
|
Adjusted EBITDA (1)
|
|
|
|
|
$
|
54
|
|
|
$
|
34
|
|
|
$
|
291
|
|
|
$
|
(29
|
)
|
|
$
|
350
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended September 30, 2014
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|
|
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(in millions)
|
|
|
|
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Coal
|
|
IPH
|
|
Gas
|
|
Other
|
|
Total
|
Operating income (loss)
|
|
|
|
|
$
|
(2
|
)
|
|
$
|
19
|
|
|
$
|
40
|
|
|
$
|
(35
|
)
|
|
$
|
22
|
|
Plus / (Less):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation expense
|
|
|
|
|
14
|
|
|
10
|
|
|
36
|
|
|
1
|
|
|
61
|
|
Amortization expense
|
|
|
|
|
(1
|
)
|
|
(13
|
)
|
|
21
|
|
|
-
|
|
|
7
|
|
Other items, net
|
|
|
|
|
-
|
|
|
1
|
|
|
-
|
|
|
4
|
|
|
5
|
|
EBITDA (1)
|
|
|
|
|
11
|
|
|
17
|
|
|
97
|
|
|
(30
|
)
|
|
95
|
|
Plus / (Less):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and integration costs
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
9
|
|
|
9
|
|
Mark-to-market adjustments
|
|
|
|
|
(12
|
)
|
|
(4
|
)
|
|
5
|
|
|
-
|
|
|
(11
|
)
|
Change in fair value of common stock warrants
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(6
|
)
|
|
(6
|
)
|
Gain on sale of assets, net
|
|
|
|
|
-
|
|
|
-
|
|
|
(3
|
)
|
|
-
|
|
|
(3
|
)
|
Other
|
|
|
|
|
2
|
|
|
2
|
|
|
(1
|
)
|
|
3
|
|
|
6
|
|
Adjusted EBITDA (1)
|
|
|
|
|
$
|
1
|
|
|
$
|
15
|
|
|
$
|
98
|
|
|
$
|
(24
|
)
|
|
$
|
90
|
|
_________________________________________
(1)
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|
|
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EBITDA and Adjusted EBITDA are non-GAAP financial measures and are
used by management to evaluate Dynegy’s business on an ongoing
basis. Please refer to Item 2.02 of Dynegy’s Form 8-K which is
available on the Company’s website: www.dynegy.com
and filed on November 4, 2015, for definitions, purposes and uses
of such non-GAAP financial measures. A reconciliation of EBITDA to
Operating income (loss) is presented above. General and
administrative expenses are not allocated to each segment and are
included in the Other segment. Management does not allocate
interest expense and income taxes on a segment level and therefore
uses Operating income (loss) as the most directly comparable GAAP
measure.
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Segment Review of Results Quarter-over-Quarter
Coal - The 2015 third quarter operating loss was $36 million,
compared to an operating loss of $2 million for the same period in 2014.
Adjusted EBITDA totaled $54 million during the 2015 third quarter
compared to $1 million during the same period in 2014. The
quarter-over-quarter increase in Adjusted EBITDA primarily resulted from
the positive impact of the Company’s recent acquisitions, higher
realized power prices, and improved wholesale capacity revenues.
IPH - The 2015 third quarter operating income was $31 million,
compared to an operating income of $19 million for the same period in
2014. Adjusted EBITDA totaled $34 million during the 2015 third quarter
compared to $15 million during the same period in 2014. The
quarter-over-quarter increase in Adjusted EBITDA resulted from higher
wholesale capacity revenues and retail gross margin.
Gas - The 2015 third quarter operating income was $152 million,
compared to an operating income of $40 million for the same period in
2014. Adjusted EBITDA totaled $291 million during the 2015 third quarter
compared to $98 million during the same period in 2014. The
quarter-over-quarter increase in Adjusted EBITDA is primarily due to the
Company’s recent acquisitions, higher hedged energy margin, and tolling
and market capacity revenues, partially offset by the expiration of the
capacity contract at Independence.
Liquidity
As of September 30, 2015, Dynegy’s total available liquidity was $1.9
billion as reflected in the table below.
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|
|
|
|
|
|
|
|
|
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September 30, 2015
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(amounts in millions)
|
|
|
|
|
Dynegy Inc.
|
|
IPH (1)(2)
|
|
Total
|
Revolving Facilities and LC capacity (3)
|
|
|
|
|
$
|
1,480
|
|
|
$
|
25
|
|
|
$
|
1,505
|
|
Less: Outstanding letters of credit
|
|
|
|
|
(485
|
)
|
|
(20
|
)
|
|
(505
|
)
|
Revolving Facility and LC availability
|
|
|
|
|
995
|
|
|
5
|
|
|
1,000
|
|
Cash and cash equivalents
|
|
|
|
|
789
|
|
|
145
|
|
|
934
|
|
Total available liquidity (4)
|
|
|
|
|
$
|
1,784
|
|
|
$
|
150
|
|
|
$
|
1,934
|
|
__________________________________________
(1)
|
|
|
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Includes cash of $128 million related to Genco.
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(2)
|
|
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|
Due to the ring-fenced nature of IPH, cash at the IPH and Genco
entities may not be moved out of these entities without meeting
certain criteria. However, cash at these entities is available to
support current operations of these entities.
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(3)
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|
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Includes: (i) $950 million of aggregate available capacity related
to our incremental revolving credit facilities, $475 million of
available capacity related to the five-year senior secured revolving
credit facility and $55 million related to a letter of credit
facility at Dynegy Inc. and (ii) $25 million related to the two-year
secured letter of credit facility at IPH.
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(4)
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|
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On December 2, 2013, Dynegy and Illinois Power Resources, LLC
entered into an intercompany revolving promissory note of $25
million. At September 30, 2015, there was approximately $16 million
outstanding on the note, which is not reflected in the table above.
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Consolidated Cash Flow
Cash provided by operations for the first nine months of 2015 was $302
million. During the period, our power generation business provided cash
of $655 million. Corporate and other activities used cash of $357
million primarily due to interest payments on our various debt
agreements of $263 million and payments for acquisition-related costs of
$111 million. Partially offsetting these costs was a $17 million cash
inflow related to a receipt of escrow funds from Ponderosa Pine Energy,
LLC. In addition, changes in working capital provided cash of
approximately $4 million.
Cash used in investing activities during the first nine months of 2015
was $1.099 billion. The Company paid $6.078 billion in cash, net of cash
acquired, in connection with the Company’s recent acquisitions. In
addition, there was a $5.148 billion cash inflow related to the release
of restricted cash from existing escrow accounts for closing the
acquisitions. The Company had $142 million in maintenance capital
expenditures, $20 million in environmental capital expenditures, and $9
million in capitalized interest.
Cash used in financing activities during the first nine months of 2015
was $139 million.
PRIDE (Producing Results through Innovation by
Dynegy Employees)
In 2013, Dynegy launched the PRIDE Reloaded program with a three-year
target (2014-2016) of $135 million in operating improvements and $165
million in balance sheet efficiencies. Dynegy is projected to achieve
its three-year targets by the end of 2015 – a full year ahead of
schedule. Dynegy has identified, secured, or realized $132 million of
the $135 million EBITDA target, and has achieved $230 million in balance
sheet efficiencies, which is 39% above the balance sheet efficiency goal.
Through the end of this year, Dynegy’s PRIDE program will have produced
more than $280 million in EBITDA improvements and approximately $950
million in balance sheet benefits with minimal investments since its
inception in 2011.
On September 29, 2015, Dynegy announced “PRIDE Energized” - the next
iteration of the Company’s PRIDE program - targeted to deliver an
incremental $250 million in EBITDA and $400 million in balance sheet
improvements for Dynegy over the next three years (2016-2018). The
benefits of “PRIDE Energized” come in addition to Dynegy’s previously
announced $130 million in acquisition synergies. The overall goal of the
PRIDE program continues to be improving operating performance, cost
structure and balance sheet efficiency to drive incremental cash flow
benefits.
2015 and 2016 Guidance
Dynegy’s full-year 2015 Adjusted EBITDA and Free Cash Flow guidance
ranges are narrowed at $825 million to $925 million and $140 million to
$240 million, respectively.
Full-year 2016 Adjusted EBITDA guidance range is set at $1,100 million
to $1,300 million and Free Cash Flow guidance of $300 million to $500
million.
Beginning in 2016, the company’s Free Cash Flow guidance will exclude
the upfront initial capital cost for newly required environmental
compliance capital expenditures and will instead include only the
recurring spend necessary to operate that equipment over time. As such,
$50 million in capital spend, including $30 million for the Newton Power
Station scrubber, has been excluded from Dynegy’s 2016 Free Cash Flow
guidance range, and will instead be reported as part of its capital
allocation program similar to the company’s other capital investments.
Share Repurchase Program
On August 3, 2015, the company announced that its Board of Directors had
authorized a new $250 million share buyback program to be completed
during 2016. As of September 30, 2015, the Company had repurchased
4,996,299 shares at an aggregate cost of $127 million. From October 1 -
October 13, 2015, Dynegy repurchased an additional 2,629,056 shares at
an aggregate cost of $60 million.
Wood River Power Station Retirement
Dynegy Inc. announced today plans to retire its 465 megawatt Wood River
Power Station in Alton, Illinois in mid-2016. The Wood River Power
Station includes two coal-fueled units that entered commercial operation
in 1954 and 1964, respectively.
The decision to retire the Wood River facility is attributable to its
uneconomic operation stemming from the poorly designed wholesale
capacity market that mixes out-of-state regulated generators, that
receive rate based compensation from their home states to recover costs,
with Central and Southern Illinois competitive generators that rely on
the capacity market for fair compensation to recover costs.
Investor Conference Call/Webcast
Dynegy’s earnings presentation and management comments on the earnings
presentation will be available on the “Investor Relations” section of www.dynegy.com
later today. Dynegy will answer questions about its 2015 third quarter
financial results during an investor conference call and webcast
tomorrow, November 5, 2015 at 9 a.m. ET/8 a.m. CT. Participants may
access the webcast from the Company’s website.
About Dynegy
We are committed to leadership in the electricity sector. With nearly
26,000 megawatts of power generation capacity and two retail electricity
companies, Dynegy is capable of supplying 21 million homes with safe,
reliable and economic energy. Homefield Energy and Dynegy Energy
Services are retail electricity providers serving businesses and
residents in Illinois, Ohio, and Pennsylvania.
Forward Looking Statements
This press release contains statements reflecting assumptions,
expectations, projections, intentions or beliefs about future events
that are intended as “forward-looking statements,” particularly those
statements concerning expectations regarding the share repurchase
program; anticipated acquisition synergies and execution of its PRIDE
Energized targets over the next three years; anticipated earnings and
cash flows and Dynegy’s full-year 2015 and 2016 Adjusted EBITDA and Free
Cash Flow guidance. Historically, Dynegy’s performance has deviated, in
some cases materially, from its cash flow and earnings guidance.
Discussion of risks and uncertainties that could cause actual results to
differ materially from current projections, forecasts, estimates and
expectations of Dynegy is contained in its filings with the Securities
and Exchange Commission (the “SEC”). Specifically, Dynegy makes
reference to, and incorporates herein by reference, the section entitled
“Risk Factors” in its 2014 Form 10-K and subsequent Form 10-Qs. In
addition to the risks and uncertainties set forth in Dynegy’s SEC
filings, the forward-looking statements described in this press release
could be affected by, among other things, (i) beliefs and assumptions
about weather and general economic conditions;(ii) beliefs, assumptions
and projections regarding the demand for power, generation volumes and
commodity pricing, including natural gas prices and the timing of a
recovery in power market prices, if any; (iii) beliefs and assumptions
about market competition, generation capacity and regional supply and
demand characteristics of the wholesale and retail power markets,
including the anticipation of plant retirements and higher market
pricing over the longer term; (iv) sufficiency of, access to and costs
associated with coal, fuel oil and natural gas inventories and
transportation thereof; (v) the effects of, or changes to, MISO, PJM,
CAISO, NYISO or ISO-NE power and capacity procurement processes;
(vi) expectations regarding, or impacts of, environmental matters,
including costs of compliance, availability and adequacy of emission
credits and the impact of ongoing proceedings and potential regulations
or changes to current regulations, including those relating to climate
change, air emissions, cooling water intake structures, coal combustion
byproducts and other laws and regulations that Dynegy is, or could
become, subject to, which could increase its costs, result in an
impairment of its assets, cause it to limit or terminate the operation
of certain of its facilities, or otherwise have a negative financial
effect; (vii) beliefs about the outcome of legal, administrative,
legislative and regulatory matters; (viii) projected operating or
financial results, including anticipated cash flows from operations,
revenues and profitability; (ix) Dynegy’s focus on safety and its
ability to efficiently operate its assets so as to capture revenue
generating opportunities and operating margins; (x) Dynegy’s ability to
mitigate forced outage risk, including managing risk associated with CP
in PJM and new performance incentives in ISO-NE; (xi) Dynegy’s ability
to optimize its assets through targeted investment in cost effective
technology enhancements; (xii) the effectiveness of Dynegy’s strategies
to capture opportunities presented by changes in commodity prices and to
manage its exposure to energy price volatility; (xiii) efforts to secure
retail sales and the ability to grow the retail business; (xiv) efforts
to identify opportunities to reduce congestion and improve busbar power
prices; (xv) ability to mitigate impacts associated with expiring RMR
and/or capacity contracts; (xvi) expectations regarding Dynegy’s
compliance with the Credit Agreement, including collateral demands,
interest expense, any applicable financial ratios and other payments;
(xvii) expectations regarding performance standards and capital and
maintenance expenditures; (xviii) the timing and anticipated benefits to
be achieved through Dynegy’s company-wide improvement programs,
including its PRIDE initiative; (xix) expectations regarding the
synergies and anticipated benefits of the Acquisitions; (xx) beliefs
concerning Dynegy’s capital allocation program, including the amount of
shares, manner, timing and funding of the share repurchase program;
(xxi) anticipated timing, outcomes and impacts of the expected
retirements of Brayton Point, Edwards Unit 1 and Wood River;
(xxii) beliefs about the costs and scope of the ongoing demolition and
site remediation efforts at the Vermilion facility and any potential
future remediation obligations at the South Bay facility; and
(xxiii) beliefs regarding redevelopment efforts for the Morro Bay
facility.
|
DYNEGY INC.
REPORTED UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN MILLIONS, EXCEPT PER SHARE DATA)
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Revenues
|
|
$
|
1,232
|
|
|
$
|
615
|
|
|
$
|
2,854
|
|
|
$
|
1,898
|
|
Cost of sales, excluding depreciation expense
|
|
(621
|
)
|
|
(387
|
)
|
|
(1,494
|
)
|
|
(1,304
|
)
|
Gross margin
|
|
611
|
|
|
228
|
|
|
1,360
|
|
|
594
|
|
Operating and maintenance expense
|
|
(219
|
)
|
|
(114
|
)
|
|
(580
|
)
|
|
(360
|
)
|
Depreciation expense
|
|
(174
|
)
|
|
(61
|
)
|
|
(413
|
)
|
|
(185
|
)
|
Impairments and other charges
|
|
(74
|
)
|
|
-
|
|
|
(74
|
)
|
|
-
|
|
Gain (loss) on sale of assets, net
|
|
-
|
|
|
3
|
|
|
(1
|
)
|
|
17
|
|
General and administrative expense
|
|
(29
|
)
|
|
(25
|
)
|
|
(94
|
)
|
|
(80
|
)
|
Acquisition and integration costs
|
|
(8
|
)
|
|
(9
|
)
|
|
(121
|
)
|
|
(17
|
)
|
Operating income (loss)
|
|
107
|
|
|
22
|
|
|
77
|
|
|
(31
|
)
|
Earnings (losses) from unconsolidated investments
|
|
(4
|
)
|
|
-
|
|
|
(1
|
)
|
|
10
|
|
Interest expense
|
|
(145
|
)
|
|
(32
|
)
|
|
(413
|
)
|
|
(104
|
)
|
Other income and expense, net
|
|
46
|
|
|
5
|
|
|
45
|
|
|
(40
|
)
|
Income (loss) before income taxes
|
|
4
|
|
|
(5
|
)
|
|
(292
|
)
|
|
(165
|
)
|
Income tax benefit (expense)
|
|
(28
|
)
|
|
-
|
|
|
473
|
|
|
1
|
|
Net income (loss)
|
|
(24
|
)
|
|
(5
|
)
|
|
181
|
|
|
(164
|
)
|
Less: Net income (loss) attributable to noncontrolling interest
|
|
-
|
|
|
-
|
|
|
(3
|
)
|
|
5
|
|
Net income (loss) attributable to Dynegy Inc.
|
|
(24
|
)
|
|
(5
|
)
|
|
184
|
|
|
(169
|
)
|
Less: Dividends on preferred stock
|
|
5
|
|
|
-
|
|
|
16
|
|
|
-
|
|
Net income (loss) attributable to Dynegy Inc. common stockholders
|
|
$
|
(29
|
)
|
|
$
|
(5
|
)
|
|
$
|
168
|
|
|
$
|
(169
|
)
|
|
|
|
|
|
|
|
|
|
Earnings (Loss) Per Share:
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share attributable to Dynegy Inc. common stockholders
|
|
$
|
(0.23
|
)
|
|
$
|
(0.05
|
)
|
|
$
|
1.33
|
|
|
$
|
(1.69
|
)
|
Diluted earnings (loss) per share attributable to Dynegy Inc.
common stockholders
|
|
$
|
(0.23
|
)
|
|
$
|
(0.05
|
)
|
|
$
|
1.31
|
|
|
$
|
(1.69
|
)
|
|
|
|
|
|
|
|
|
|
Basic shares outstanding
|
|
126
|
|
|
100
|
|
|
126
|
|
|
100
|
|
Diluted shares outstanding
|
|
126
|
|
|
100
|
|
|
140
|
|
|
100
|
|
__________________________________________
(1) The basic and diluted loss per share from continuing
operations attributable to Dynegy Inc. is presented below:
|
|
Income (loss) from continuing operations
|
|
$
|
(24
|
)
|
|
$
|
(5
|
)
|
|
$
|
181
|
|
|
$
|
(164
|
)
|
Less: Net income (loss) attributable to noncontrolling interest
|
|
-
|
|
|
-
|
|
|
(3
|
)
|
|
5
|
|
Income (loss) from continuing operations attributable to Dynegy Inc.
|
|
(24
|
)
|
|
(5
|
)
|
|
184
|
|
|
(169
|
)
|
Less: Dividends on preferred stock
|
|
5
|
|
|
-
|
|
|
16
|
|
|
-
|
|
Income (loss) from continuing operations attributable to Dynegy Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
common stockholders for basic earnings (loss) per share
|
|
(29
|
)
|
|
(5
|
)
|
|
168
|
|
|
(169
|
)
|
Add: Dividends on preferred stock
|
|
5
|
|
|
-
|
|
|
16
|
|
|
-
|
|
Adjusted income (loss) from continuing operations attributable to
Dynegy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inc. common stockholders for diluted earnings (loss) per share
|
|
$
|
(24
|
)
|
|
$
|
(5
|
)
|
|
$
|
184
|
|
|
$
|
(169
|
)
|
|
|
|
|
|
|
|
|
|
Basic weighted-average shares
|
|
126
|
|
|
100
|
|
|
126
|
|
|
100
|
|
Effect of dilutive securities (2)
|
|
-
|
|
|
-
|
|
|
14
|
|
|
-
|
|
Diluted weighted-average shares
|
|
126
|
|
|
100
|
|
|
140
|
|
|
100
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share from continuing operations attributable to
Dynegy
|
|
|
|
|
|
|
|
|
Inc. common stockholders:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.23
|
)
|
|
$
|
(0.05
|
)
|
|
$
|
1.33
|
|
|
$
|
(1.69
|
)
|
Diluted (2)
|
|
$
|
(0.23
|
)
|
|
$
|
(0.05
|
)
|
|
$
|
1.31
|
|
|
$
|
(1.69
|
)
|
_________________________________________
(2)
|
|
|
|
Entities with a net loss from continuing operations are prohibited
from including potential common shares in the computation of diluted
per share amounts. Accordingly, we have utilized the basic shares
outstanding amount to calculate both basic and diluted loss per
share for the three months ended September 30, 2015 and the three
and nine months ended September 30, 2014.
|
|
DYNEGY INC.
REPORTED SEGMENTED RESULTS OF OPERATIONS
THREE
MONTHS ENDED SEPTEMBER 30, 2015
(UNAUDITED) (IN
MILLIONS)
|
|
The following table provides summary financial data regarding our
Adjusted EBITDA by segment for the three months ended
September 30, 2015:
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2015
|
|
|
|
|
|
Coal
|
|
IPH
|
|
Gas
|
|
Other
|
|
Total
|
Net loss attributable to Dynegy Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(24
|
)
|
Plus / (Less):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
|
|
|
|
|
|
|
|
|
|
|
28
|
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
145
|
|
Depreciation expense
|
|
|
|
|
|
|
|
|
|
|
|
|
174
|
|
Amortization expense
|
|
|
|
|
|
|
|
|
|
|
|
|
(5
|
)
|
EBITDA (1)
|
|
|
|
|
$
|
(10
|
)
|
|
$
|
34
|
|
|
$
|
287
|
|
|
$
|
7
|
|
|
$
|
318
|
|
Acquisition and integration costs
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
8
|
|
|
8
|
|
Mark-to-market adjustments
|
|
|
|
|
(14
|
)
|
|
(3
|
)
|
|
(6
|
)
|
|
-
|
|
|
(23
|
)
|
Change in fair value of common stock warrants
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(45
|
)
|
|
(45
|
)
|
Impairments and other charges
|
|
|
|
|
74
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
74
|
|
Cash distributions from unconsolidated investments
|
|
|
|
|
-
|
|
|
-
|
|
|
8
|
|
|
-
|
|
|
8
|
|
Other
|
|
|
|
|
4
|
|
|
3
|
|
|
2
|
|
|
1
|
|
|
10
|
|
Adjusted EBITDA (1)
|
|
|
|
|
$
|
54
|
|
|
$
|
34
|
|
|
$
|
291
|
|
|
$
|
(29
|
)
|
|
$
|
350
|
|
__________________________________________
(1)
|
|
|
|
EBITDA and Adjusted EBITDA are non-GAAP financial measures. Please
refer to Item 2.02 of our Form 8-K filed on November 4, 2015, for
definitions, utility and uses of such non-GAAP financial measures. A
reconciliation of EBITDA to Operating income (loss) is presented
below. Management does not allocate interest expense and income
taxes on a segment level and therefore uses Operating income (loss)
as the most directly comparable GAAP measure.
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2015
|
|
|
|
|
|
Coal
|
|
IPH
|
|
Gas
|
|
Other
|
|
Total
|
Operating income (loss)
|
|
|
|
|
$
|
(36
|
)
|
|
$
|
31
|
|
|
$
|
152
|
|
|
$
|
(40
|
)
|
|
$
|
107
|
|
Depreciation expense
|
|
|
|
|
39
|
|
|
8
|
|
|
126
|
|
|
1
|
|
|
174
|
|
Amortization expense
|
|
|
|
|
(13
|
)
|
|
(5
|
)
|
|
13
|
|
|
-
|
|
|
(5
|
)
|
Losses from unconsolidated investments
|
|
|
|
|
-
|
|
|
-
|
|
|
(4
|
)
|
|
-
|
|
|
(4
|
)
|
Other items, net
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
46
|
|
|
46
|
|
EBITDA
|
|
|
|
|
$
|
(10
|
)
|
|
$
|
34
|
|
|
$
|
287
|
|
|
$
|
7
|
|
|
$
|
318
|
|
|
DYNEGY INC.
REPORTED SEGMENTED RESULTS OF OPERATIONS
THREE MONTHS ENDED SEPTEMBER 30, 2014
(UNAUDITED) (IN MILLIONS)
|
|
The following table provides summary financial data regarding our
Adjusted EBITDA by segment for the three months ended
September 30, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2014
|
|
|
|
|
|
Coal
|
|
IPH
|
|
Gas
|
|
Other
|
|
Total
|
Net loss attributable to Dynegy Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(5
|
)
|
Plus / (Less):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
32
|
|
Depreciation expense
|
|
|
|
|
|
|
|
|
|
|
|
|
61
|
|
Amortization expense
|
|
|
|
|
|
|
|
|
|
|
|
|
7
|
|
EBITDA (1)
|
|
|
|
|
$
|
11
|
|
|
$
|
17
|
|
|
$
|
97
|
|
|
$
|
(30
|
)
|
|
$
|
95
|
|
Plus / (Less):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and integration costs
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
9
|
|
|
9
|
|
Mark-to-market adjustments
|
|
|
|
|
(12
|
)
|
|
(4
|
)
|
|
5
|
|
|
-
|
|
|
(11
|
)
|
Change in fair value of common stock warrants
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(6
|
)
|
|
(6
|
)
|
Gain on sale of assets, net
|
|
|
|
|
-
|
|
|
-
|
|
|
(3
|
)
|
|
-
|
|
|
(3
|
)
|
Other
|
|
|
|
|
2
|
|
|
2
|
|
|
(1
|
)
|
|
3
|
|
|
6
|
|
Adjusted EBITDA (1)
|
|
|
|
|
$
|
1
|
|
|
$
|
15
|
|
|
$
|
98
|
|
|
$
|
(24
|
)
|
|
$
|
90
|
|
__________________________________________
(1)
|
|
|
|
EBITDA and Adjusted EBITDA are non-GAAP financial measures. Please
refer to Item 2.02 of our Form 8-K filed on November 4, 2015, for
definitions, utility and uses of such non-GAAP financial measures. A
reconciliation of EBITDA to Operating income (loss) is presented
below. Management does not allocate interest expense and income
taxes on a segment level and therefore uses Operating income (loss)
as the most directly comparable GAAP measure.
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2014
|
|
|
|
|
|
Coal
|
|
IPH
|
|
Gas
|
|
Other
|
|
Total
|
Operating income (loss)
|
|
|
|
|
$
|
(2
|
)
|
|
$
|
19
|
|
|
$
|
40
|
|
|
$
|
(35
|
)
|
|
$
|
22
|
Depreciation expense
|
|
|
|
|
14
|
|
|
10
|
|
|
36
|
|
|
1
|
|
|
61
|
Amortization expense
|
|
|
|
|
(1
|
)
|
|
(13
|
)
|
|
21
|
|
|
-
|
|
|
7
|
Other items, net
|
|
|
|
|
-
|
|
|
1
|
|
|
-
|
|
|
4
|
|
|
5
|
EBITDA
|
|
|
|
|
$
|
11
|
|
|
$
|
17
|
|
|
$
|
97
|
|
|
$
|
(30
|
)
|
|
$
|
95
|
|
DYNEGY INC.
REPORTED SEGMENTED RESULTS OF OPERATIONS
NINE MONTHS ENDED SEPTEMBER 30, 2015
(UNAUDITED) (IN MILLIONS)
|
|
The following table provides summary financial data regarding our
Adjusted EBITDA by segment for the nine months ended
September 30, 2015:
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2015
|
|
|
|
|
|
Coal
|
|
IPH
|
|
Gas
|
|
Other
|
|
Total
|
Net income attributable to Dynegy Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
184
|
|
Plus / (Less):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss attributable to noncontrolling interest
|
|
|
|
|
|
|
|
|
|
|
|
|
(3
|
)
|
Income tax benefit
|
|
|
|
|
|
|
|
|
|
|
|
|
(473
|
)
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
413
|
|
Depreciation expense
|
|
|
|
|
|
|
|
|
|
|
|
|
413
|
|
Amortization expense
|
|
|
|
|
|
|
|
|
|
|
|
|
(14
|
)
|
EBITDA (1)
|
|
|
|
|
$
|
38
|
|
|
$
|
57
|
|
|
$
|
595
|
|
|
$
|
(170
|
)
|
|
$
|
520
|
|
Acquisition and integration costs
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
121
|
|
|
121
|
|
Loss attributable to noncontrolling interest
|
|
|
|
|
-
|
|
|
3
|
|
|
-
|
|
|
-
|
|
|
3
|
|
Mark-to-market adjustments
|
|
|
|
|
(35
|
)
|
|
(8
|
)
|
|
(29
|
)
|
|
-
|
|
|
(72
|
)
|
Change in fair value of common stock warrants
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(43
|
)
|
|
(43
|
)
|
Impairments and other charges
|
|
|
|
|
74
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
74
|
|
Loss on sale of assets, net
|
|
|
|
|
-
|
|
|
-
|
|
|
1
|
|
|
-
|
|
|
1
|
|
Cash distributions from unconsolidated investments
|
|
|
|
|
-
|
|
|
-
|
|
|
8
|
|
|
-
|
|
|
8
|
|
Other
|
|
|
|
|
6
|
|
|
9
|
|
|
-
|
|
|
1
|
|
|
16
|
|
Adjusted EBITDA (1)
|
|
|
|
|
$
|
83
|
|
|
$
|
61
|
|
|
$
|
575
|
|
|
$
|
(91
|
)
|
|
$
|
628
|
|
__________________________________________
(1)
|
|
|
|
EBITDA and Adjusted EBITDA are non-GAAP financial measures. Please
refer to Item 2.02 of our Form 8-K filed on November 4, 2015, for
definitions, utility and uses of such non-GAAP financial measures. A
reconciliation of EBITDA to Operating income (loss) is presented
below. Management does not allocate interest expense and income
taxes on a segment level and therefore uses Operating income (loss)
as the most directly comparable GAAP measure.
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2015
|
|
|
|
|
|
Coal
|
|
IPH
|
|
Gas
|
|
Other
|
|
Total
|
Operating income (loss)
|
|
|
|
|
$
|
(34
|
)
|
|
$
|
39
|
|
|
$
|
290
|
|
|
$
|
(218
|
)
|
|
$
|
77
|
|
Depreciation expense
|
|
|
|
|
96
|
|
|
24
|
|
|
290
|
|
|
3
|
|
|
413
|
|
Amortization expense
|
|
|
|
|
(24
|
)
|
|
(6
|
)
|
|
16
|
|
|
-
|
|
|
(14
|
)
|
Loss from unconsolidated investments
|
|
|
|
|
-
|
|
|
-
|
|
|
(1
|
)
|
|
-
|
|
|
(1
|
)
|
Other items, net
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
45
|
|
|
45
|
|
EBITDA
|
|
|
|
|
$
|
38
|
|
|
$
|
57
|
|
|
$
|
595
|
|
|
$
|
(170
|
)
|
|
$
|
520
|
|
|
DYNEGY INC.
REPORTED SEGMENTED RESULTS OF OPERATIONS
NINE MONTHS ENDED SEPTEMBER 30, 2014
(UNAUDITED) (IN MILLIONS)
|
|
The following table provides summary financial data regarding our
Adjusted EBITDA by segment for the nine months ended
September 30, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2014
|
|
|
|
|
|
Coal
|
|
IPH
|
|
Gas
|
|
Other
|
|
Total
|
Net loss attributable to Dynegy Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(169
|
)
|
Plus / (Less):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income attributable to noncontrolling interest
|
|
|
|
|
|
|
|
|
|
|
|
|
5
|
|
Income tax benefit
|
|
|
|
|
|
|
|
|
|
|
|
|
(1
|
)
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
104
|
|
Depreciation expense
|
|
|
|
|
|
|
|
|
|
|
|
|
185
|
|
Amortization expense
|
|
|
|
|
|
|
|
|
|
|
|
|
42
|
|
EBITDA (1)
|
|
|
|
|
$
|
37
|
|
|
$
|
4
|
|
|
$
|
254
|
|
|
$
|
(129
|
)
|
|
$
|
166
|
|
Plus / (Less):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and integration costs
|
|
|
|
|
-
|
|
|
8
|
|
|
-
|
|
|
9
|
|
|
17
|
|
Income attributable to noncontrolling interest
|
|
|
|
|
-
|
|
|
(5
|
)
|
|
-
|
|
|
-
|
|
|
(5
|
)
|
Mark-to-market adjustments
|
|
|
|
|
7
|
|
|
34
|
|
|
23
|
|
|
-
|
|
|
64
|
|
Change in fair value of common stock warrants
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
43
|
|
|
43
|
|
Gain on sale of assets, net
|
|
|
|
|
-
|
|
|
-
|
|
|
(17
|
)
|
|
-
|
|
|
(17
|
)
|
Other
|
|
|
|
|
7
|
|
|
4
|
|
|
-
|
|
|
1
|
|
|
12
|
|
Adjusted EBITDA (1)
|
|
|
|
|
$
|
51
|
|
|
$
|
45
|
|
|
$
|
260
|
|
|
$
|
(76
|
)
|
|
$
|
280
|
|
__________________________________________
(1)
|
|
|
|
EBITDA and Adjusted EBITDA are non-GAAP financial measures. Please
refer to Item 2.02 of our Form 8-K filed on November 4, 2015, for
definitions, utility and uses of such non-GAAP financial measures. A
reconciliation of EBITDA to Operating income (loss) is presented
below. Management does not allocate interest expense and income
taxes on a segment level and therefore uses Operating income (loss)
as the most directly comparable GAAP measure.
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2014
|
|
|
|
|
|
Coal
|
|
IPH
|
|
Gas
|
|
Other
|
|
Total
|
Operating income (loss)
|
|
|
|
|
$
|
2
|
|
|
$
|
(14
|
)
|
|
$
|
72
|
|
|
$
|
(91
|
)
|
|
$
|
(31
|
)
|
Depreciation expense
|
|
|
|
|
39
|
|
|
28
|
|
|
115
|
|
|
3
|
|
|
185
|
|
Amortization expense
|
|
|
|
|
(4
|
)
|
|
(11
|
)
|
|
57
|
|
|
-
|
|
|
42
|
|
Earnings from unconsolidated investments
|
|
|
|
|
-
|
|
|
-
|
|
|
10
|
|
|
-
|
|
|
10
|
|
Other items, net
|
|
|
|
|
-
|
|
|
1
|
|
|
-
|
|
|
(41
|
)
|
|
(40
|
)
|
EBITDA
|
|
|
|
|
$
|
37
|
|
|
$
|
4
|
|
|
$
|
254
|
|
|
$
|
(129
|
)
|
|
$
|
166
|
|
|
|
|
|
|
|
|
|
DYNEGY INC.
OPERATING DATA
|
|
|
|
|
|
|
|
|
The following table provides summary financial data regarding our
Coal, IPH and Gas segment results of operations for the three
and nine months ended September 30, 2015 and 2014, respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
|
Nine Months Ended
September 30,
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
Coal
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Million Megawatt Hours Generated (9)
|
|
|
|
9.4
|
|
|
|
4.5
|
|
|
|
21.7
|
|
|
|
14.4
|
|
IMA for Coal-Fired Facilities (1) (9)
|
|
|
|
82
|
%
|
|
|
81
|
%
|
|
|
80
|
%
|
|
|
88
|
%
|
Average Capacity Factor for Coal-Fired Facilities (2) (9)
|
|
|
|
62
|
%
|
|
|
69
|
%
|
|
|
59
|
%
|
|
|
74
|
%
|
Average Quoted Market On-Peak Power Prices ($/MWh) (3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indiana (Indy Hub)
|
|
|
|
$
|
33.09
|
|
|
|
$
|
37.90
|
|
|
|
$
|
35.17
|
|
|
|
$
|
51.53
|
|
Commonwealth Edison (NI Hub)
|
|
|
|
$
|
34.03
|
|
|
|
$
|
37.58
|
|
|
|
$
|
35.44
|
|
|
|
$
|
54.95
|
|
Mass Hub
|
|
|
|
$
|
35.52
|
|
|
|
$
|
42.01
|
|
|
|
$
|
53.62
|
|
|
|
$
|
86.50
|
|
AD Hub
|
|
|
|
$
|
35.87
|
|
|
|
$
|
39.02
|
|
|
|
$
|
39.86
|
|
|
|
$
|
59.29
|
|
Average Quoted Market Off-Peak Power Prices ($/MWh) (3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indiana (Indy Hub)
|
|
|
|
$
|
23.37
|
|
|
|
$
|
27.57
|
|
|
|
$
|
25.41
|
|
|
|
$
|
33.68
|
|
Commonwealth Edison (NI Hub)
|
|
|
|
$
|
22.93
|
|
|
|
$
|
25.40
|
|
|
|
$
|
23.49
|
|
|
|
$
|
32.23
|
|
Mass Hub
|
|
|
|
$
|
21.02
|
|
|
|
$
|
27.01
|
|
|
|
$
|
38.90
|
|
|
|
$
|
61.25
|
|
AD Hub
|
|
|
|
$
|
24.21
|
|
|
|
$
|
27.91
|
|
|
|
$
|
27.20
|
|
|
|
$
|
36.38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IPH
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Million Megawatt Hours Generated
|
|
|
|
4.8
|
|
|
|
6.4
|
|
|
|
14.7
|
|
|
|
17.8
|
|
IMA for IPH Facilities (4)
|
|
|
|
84
|
%
|
|
|
93
|
%
|
|
|
89
|
%
|
|
|
89
|
%
|
Average Capacity Factor for IPH Facilities (5)
|
|
|
|
54
|
%
|
|
|
74
|
%
|
|
|
55
|
%
|
|
|
69
|
%
|
Average Quoted Market Power Prices ($/MWh) (3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
On-Peak: Indiana (Indy Hub)
|
|
|
|
$
|
33.09
|
|
|
|
$
|
37.90
|
|
|
|
$
|
35.17
|
|
|
|
$
|
51.53
|
|
Off-Peak: Indiana (Indy Hub)
|
|
|
|
$
|
23.37
|
|
|
|
$
|
27.57
|
|
|
|
$
|
25.41
|
|
|
|
$
|
33.68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Million Megawatt Hours Generated (6) (9)
|
|
|
|
15.4
|
|
|
|
4.8
|
|
|
|
33.2
|
|
|
|
13.0
|
|
IMA for Combined Cycle Facilities (4) (9)
|
|
|
|
99
|
%
|
|
|
99
|
%
|
|
|
98
|
%
|
|
|
99
|
%
|
Average Capacity Factor for Combined Cycle Facilities (5) (9)
|
|
|
|
72
|
%
|
|
|
51
|
%
|
|
|
63
|
%
|
|
|
46
|
%
|
Average Market On-Peak Spark Spreads ($/MWh) (7):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commonwealth Edison (NI Hub)
|
|
|
|
$
|
14.49
|
|
|
|
$
|
9.65
|
|
|
|
$
|
14.91
|
|
|
|
$
|
12.05
|
|
PJM West
|
|
|
|
$
|
29.82
|
|
|
|
$
|
26.30
|
|
|
|
$
|
25.58
|
|
|
|
$
|
27.99
|
|
North of Path 15 (NP 15)
|
|
|
|
$
|
16.25
|
|
|
|
$
|
19.40
|
|
|
|
$
|
14.63
|
|
|
|
$
|
17.23
|
|
New York--Zone A
|
|
|
|
$
|
26.32
|
|
|
|
$
|
24.58
|
|
|
|
$
|
29.49
|
|
|
|
$
|
39.18
|
|
Mass Hub
|
|
|
|
$
|
18.90
|
|
|
|
$
|
21.22
|
|
|
|
$
|
15.77
|
|
|
|
$
|
22.30
|
|
AD Hub
|
|
|
|
$
|
27.28
|
|
|
|
$
|
23.17
|
|
|
|
$
|
28.88
|
|
|
|
$
|
34.41
|
|
Average Market Off-Peak Spark Spreads ($/MWh) (7):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commonwealth Edison (NI Hub)
|
|
|
|
$
|
3.39
|
|
|
|
$
|
(2.53
|
)
|
|
|
$
|
2.97
|
|
|
|
$
|
(10.67
|
)
|
PJM West
|
|
|
|
$
|
15.50
|
|
|
|
$
|
12.48
|
|
|
|
$
|
10.71
|
|
|
|
$
|
2.68
|
|
North of Path 15 (NP 15)
|
|
|
|
$
|
8.22
|
|
|
|
$
|
8.55
|
|
|
|
$
|
7.75
|
|
|
|
$
|
7.07
|
|
New York--Zone A
|
|
|
|
$
|
10.49
|
|
|
|
$
|
9.26
|
|
|
|
$
|
14.12
|
|
|
|
$
|
15.86
|
|
Mass Hub
|
|
|
|
$
|
4.39
|
|
|
|
$
|
6.22
|
|
|
|
$
|
1.05
|
|
|
|
$
|
(2.95
|
)
|
AD Hub
|
|
|
|
$
|
15.62
|
|
|
|
$
|
12.07
|
|
|
|
$
|
16.22
|
|
|
|
$
|
11.50
|
|
Average natural gas price--Henry Hub ($/MMBtu) (8)
|
|
|
|
$
|
2.74
|
|
|
|
$
|
3.94
|
|
|
|
$
|
2.78
|
|
|
|
$
|
4.52
|
|
|
|
|
|
|
(1)
|
|
IMA is an internal measurement calculation that reflects the
percentage of generation available during periods when market prices
are such that these units could be profitably dispatched. This
calculation excludes certain events outside of management control
such as weather related issues. The calculations for the three and
nine months ended September 30, 2015 exclude our Brayton Point
facility and CTs. For the three months ended September 30, 2015, the
IMA for our facilities within MISO and PJM (excluding CTs) were 91
percent and 77 percent, respectively. For the nine months ended
September 30, 2015, the IMA for our facilities within MISO and PJM
(excluding CTs) were 87 percent and 73 percent, respectively.
|
|
|
(2)
|
|
Reflects actual production as a percentage of available capacity.
The calculations for the three and nine months ended September 30,
2015 exclude our Brayton Point facility and CTs. For the three
months ended September 30, 2015, the average capacity factors for
our facilities within MISO and PJM (excluding CTs) were 68 percent
and 57 percent, respectively. For the nine months ended September
30, 2015, the average capacity factors for our facilities within
MISO and PJM (excluding CTs) were 66 percent and 51 percent,
respectively.
|
|
|
(3)
|
|
Reflects the average of day-ahead quoted prices for the periods
presented and does not necessarily reflect prices we realized.
|
|
|
(4)
|
|
IMA is an internal measurement calculation that reflects the
percentage of generation available during periods when market prices
are such that these units could be profitably dispatched. This
calculation excludes certain events outside of management control
such as weather related issues.
|
|
|
(5)
|
|
Reflects actual production as a percentage of available capacity.
|
|
|
(6)
|
|
The three and nine months ended September 30, 2014 includes our
ownership percentage in the MWh generated by our investment in the
Black Mountain power generation facility which was sold on June 27,
2014.
|
|
|
(7)
|
|
Reflects the simple average of the on- and off-peak spark spreads
available to a 7.0 MMBtu/MWh heat rate generator selling power at
day-ahead prices and buying delivered natural gas at a daily cash
market price and does not reflect spark spreads available to us.
|
|
|
(8)
|
|
Reflects the average of daily quoted prices for the periods
presented and does not reflect costs incurred by us.
|
|
|
(9)
|
|
Reflects the activity for the period in which the Acquisitions were
included in our consolidated results.
|
|
|
|
|
|
DYNEGY INC.
REVISED 2015 ADJUSTED EBITDA AND FREE CASH FLOW GUIDANCE
(UNAUDITED) (IN MILLIONS)
|
|
|
|
|
|
The following table provides summary financial data regarding our
revised 2015 Adjusted EBITDA guidance, updated based on October
19, 2015 forward curves, as presented on November 4, 2015:
|
|
|
|
|
|
|
|
Dynegy Consolidated
|
|
|
Low
|
|
High
|
Net income attributable to Dynegy Inc. (3)
|
|
$
|
41
|
|
|
$
|
111
|
|
Plus / (Less):
|
|
|
|
|
Income tax benefit (2)
|
|
|
(473
|
)
|
|
|
(473
|
)
|
Other items, net (4)
|
|
|
(4
|
)
|
|
|
(4
|
)
|
Interest expense
|
|
|
537
|
|
|
|
537
|
|
Operating Income
|
|
|
101
|
|
|
|
171
|
|
Depreciation expense
|
|
|
580
|
|
|
|
600
|
|
Amortization expense
|
|
|
(5
|
)
|
|
|
(5
|
)
|
Other items, net
|
|
|
1
|
|
|
|
1
|
|
EBITDA (1)
|
|
|
677
|
|
|
|
767
|
|
Plus / (Less):
|
|
|
|
|
Transaction fees and expenses
|
|
|
85
|
|
|
|
90
|
|
Integration costs
|
|
|
35
|
|
|
|
40
|
|
Other (5)
|
|
|
28
|
|
|
|
28
|
|
Adjusted EBITDA (1)
|
|
$
|
825
|
|
|
$
|
925
|
|
|
|
|
|
|
|
|
(1)
|
|
EBITDA, Adjusted EBITDA and Free Cash Flow are non-GAAP measures.
|
|
|
(2)
|
|
Represents actual amounts for the nine months ended September 30,
2015.
|
|
|
(3)
|
|
For purposes of Net income attributable to Dynegy Inc. guidance
reconciliation, mark-to-market adjustments and changes in the fair
value of common stock warrants are assumed to be zero.
|
|
|
(4)
|
|
Represents actual amounts for the nine months ended September 30,
2015. Other items, net primarily consists of the loss attributable
to noncontrolling interest and losses from unconsolidated
investments.
|
|
|
(5)
|
|
Represents actual amounts for the nine months ended September 30,
2015. Other consists primarily of adjustments for losses
attributable to noncontrolling interest, cash distributions from
unconsolidated investments and asset retirement obligation accretion.
|
|
The following table provides summary financial data regarding our
revised 2015 Free Cash Flow guidance:
|
|
|
|
|
|
|
|
Dynegy Consolidated
|
|
|
|
Low
|
|
|
High
|
Adjusted EBITDA (1)
|
|
|
$
|
825
|
|
|
|
$
|
925
|
|
Cash interest payments
|
|
|
|
(517
|
)
|
|
|
|
(517
|
)
|
Transaction fees and expenses (2)
|
|
|
|
(110
|
)
|
|
|
|
(115
|
)
|
Integration costs
|
|
|
|
(35
|
)
|
|
|
|
(40
|
)
|
Other non-cash and working capital items
|
|
|
|
(5
|
)
|
|
|
|
(5
|
)
|
Cash Flow from Operations
|
|
|
|
158
|
|
|
|
|
248
|
|
Maintenance capital expenditures
|
|
|
|
(225
|
)
|
|
|
|
(225
|
)
|
Environmental capital expenditures
|
|
|
|
(30
|
)
|
|
|
|
(30
|
)
|
Transaction fees and expenses (2)
|
|
|
|
110
|
|
|
|
|
115
|
|
Integration costs
|
|
|
|
35
|
|
|
|
|
40
|
|
Acquisition interest (3)
|
|
|
|
92
|
|
|
|
|
92
|
|
Free Cash Flow
|
|
|
$
|
140
|
|
|
|
$
|
240
|
|
|
|
|
|
|
|
|
(1)
|
|
EBITDA, Adjusted EBITDA and Free Cash Flow are non-GAAP measures.
|
|
|
(2)
|
|
Consists of nonrecurring transaction costs including a commitment
fee on the Bridge Loan Facilities, legal and advisory fees related
to the acquisitions, a fee for executing the $950M million Revolver
and syndication fees associated with the issuance of the $5.1
billion Notes and Common Stock and Mandatory Convertible Preferred
Stock Offerings.
|
|
|
(3)
|
|
Reflects $92 million of interest on $5.1 billion Notes for the
period prior to the close of the acquisitions (January-March).
|
|
|
|
|
|
|
|
DYNEGY INC.
2016 ADJUSTED EBITDA AND FREE CASH FLOW GUIDANCE
(UNAUDITED) (IN MILLIONS)
|
|
|
|
|
|
|
|
The following table provides summary financial data regarding our
2016 Adjusted EBITDA guidance, based on October 19, 2015 forward
curves, as presented on November 4, 2015:
|
|
|
|
|
|
|
|
|
|
|
Dynegy Consolidated
|
|
|
|
Low
|
|
|
High
|
Net income (loss) attributable to Dynegy Inc. (3)
|
|
|
$
|
(152
|
)
|
|
|
$
|
23
|
|
Plus / (Less):
|
|
|
|
|
|
|
Interest expense
|
|
|
|
542
|
|
|
|
|
542
|
|
Operating Income
|
|
|
|
390
|
|
|
|
|
565
|
|
Depreciation expense
|
|
|
|
680
|
|
|
|
|
700
|
|
Amortization expense
|
|
|
|
30
|
|
|
|
|
30
|
|
EBITDA (1)
|
|
|
|
1,100
|
|
|
|
|
1,295
|
|
Plus / (Less):
|
|
|
|
|
|
|
Integration costs
|
|
|
|
-
|
|
|
|
|
5
|
|
Adjusted EBITDA (1)
|
|
|
$
|
1,100
|
|
|
|
$
|
1,300
|
|
|
|
|
|
|
|
|
(1) EBITDA, Adjusted EBITDA and Free Cash Flow are non-GAAP
measures.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table provides summary financial data regarding our
2016 Free Cash Flow guidance:
|
|
|
|
|
|
|
|
Dynegy Consolidated
|
|
|
|
Low
|
|
|
High
|
Adjusted EBITDA (1)
|
|
|
$
|
1,100
|
|
|
|
$
|
1,300
|
|
Cash interest payments
|
|
|
|
(515
|
)
|
|
|
|
(515
|
)
|
Integration costs
|
|
|
|
-
|
|
|
|
|
(5
|
)
|
Other non-cash and working capital items
|
|
|
|
35
|
|
|
|
|
35
|
|
Cash Flow from Operations
|
|
|
|
620
|
|
|
|
|
815
|
|
Maintenance capital expenditures
|
|
|
|
(300
|
)
|
|
|
|
(300
|
)
|
Environmental capital expenditures
|
|
|
|
(20
|
)
|
|
|
|
(20
|
)
|
Integration costs
|
|
|
|
-
|
|
|
|
|
5
|
|
Free Cash Flow
|
|
|
$
|
300
|
|
|
|
$
|
500
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) EBITDA, Adjusted EBITDA and Free Cash Flow are non-GAAP
measures.
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20151104006849/en/
Source: Dynegy Inc.
Dynegy Inc. Media: Micah Hirschfield, 713-767-5800 or Analysts:
713-507-6466
|
|
|
Dynegy Inc.
|
|
|
CODE : DYN |
|
|
| |
ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Dynegy est une société de production minière basée aux Etats-Unis D'Amerique. Dynegy est cotée aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 4,3 milliards US$ (4,0 milliards €). La valeur de son action a atteint son plus haut niveau récent le 29 décembre 2000 à 90,12 US$, et son plus bas niveau récent le 27 avril 2012 à 0,30 US$. Dynegy possède 131 350 008 actions en circulation. |
Communiqués de Presse de Dynegy Inc. |
29/07/2016 | U.S. Stocks Close Out Hot July With a Cold Friday |
13/07/2016 | Dynegy Schedules 2016 Second Quarter Financial Results Relea... |
01/07/2016 | Dynegy Approves Dividend on Mandatory Convertible Preferred ... |
23/06/2016 | Dynegy Prices Seven-Year Term Loan |
29/01/2016 | Technical Commentary on Electric Utilities Stocks -- FirstEn... |
13/01/2016 | Billionaire Clint Carlson Makes Big Moves In These 4 Stocks |
14/12/2015 | Dynegy Responds to Agreement between Public Utilities Commis... |
14/12/2015 | Hedge Funds Were Right to Ditch These Sinking Stocks, Part 1 |
27/11/2015 | Hedge Funds Are Selling LATAM Airlines Group SA (ADR) (LFL) |
23/11/2015 | Smart Money Remains Underweight Lancaster Colony Corp. (LANC... |
04/11/2015 | Dynegy reports 3Q loss |
04/11/2015 | Dynegy to Retire Wood River Power Generation Station |
04/11/2015 | Dynegy Announces 2015 Third Quarter Results, Narrows 2015 Gu... |
04/11/2015 | 4:41 pm Dynegy plans to retire its 465 megawatt Wood River P... |
16/10/2015 | Top Analyst Upgrades and Downgrades: Blackstone, Infloblox, ... |
14/10/2015 | Dynegy Schedules Third Quarter 2015 Financial Results Releas... |
14/10/2015 | U.S. justices question Obama administration electricity mark... |
02/10/2015 | Dynegy Approves Dividend on Mandatory Convertible Preferred ... |
25/09/2015 | Dynegy (DYN) Enters Oversold Territory |
24/09/2015 | DYNEGY President and CEO to Present at Wolfe Power & Gas Lea... |
24/09/2015 | New Strong Buy Stocks for September 24th |
18/09/2015 | Dynegy Reports Results from Illinois Power Agency Capacity P... |
10/09/2015 | Dynegy Reports Results from the 2017/2018 PJM Transition Auc... |
10/09/2015 | 4:06 pm Dynegy reports results from the 2017/2018 PJM transi... |
08/09/2015 | Dynegy Reports PJM Auction Results |
19/08/2015 | Utilities Gain despite Rise in Treasury Yields |
18/08/2015 | Dynegy Completes Registered Exchange Offers for $5.1 Billion... |
14/08/2015 | The Energy Stocks Powering Bocage Capital’s Portfolio |
11/08/2015 | 10-Q for Dynegy, Inc. |
07/08/2015 | Edited Transcript of DYN earnings conference call or present... |
06/08/2015 | Dynegy Announces 2015 Second Quarter Results, Launches $250 ... |
06/08/2015 | Dynegy posts 2Q profit |
06/08/2015 | 4:55 pm Dynegy announces Board authorization for a $250 mln ... |
28/07/2015 | Falling Earnings Estimates Signal Weakness Ahead for Dynegy ... |
17/07/2015 | Dynegy Launches Registered Exchange Offers for $5.1 Billion ... |
16/07/2015 | Dynegy Schedules Second Quarter 2015 Financial Results Relea... |
08/07/2015 | Duke Energy (DUK) Hikes Quarterly Dividend Payout by 4% - An... |
26/06/2015 | Edited Transcript of DYN corporate analyst meeting |
23/06/2015 | Marc Lasry’s Top Small-Cap Picks Include Meritor Inc (MTOR),... |
22/06/2015 | Dynegy to Host “Investor Day” Analyst Meeting |
22/04/2015 | Majority of Power Utility Stocks Fall on April 21 |
21/04/2015 | Dynegy Emerges as the Biggest Gainer among Power Utilities |
21/04/2015 | U.S. top court allows antitrust claims over natural gas pric... |
21/04/2015 | U.S. top court says antitrust claims over natural gas prices... |
20/04/2015 | Dynegy Investors: Here's Why Morgan Stanley Thinks Shares Wi... |
15/04/2015 | Dynegy Schedules First Quarter 2015 Financial Results Releas... |
15/04/2015 | Dynegy Reports MISO Capacity Auction Results |
10/04/2015 | Dynegy Starts April with Rise on Multibillion Dollar Acquisi... |
02/04/2015 | Dynegy Approves Dividend on Mandatory Convertible Preferred ... |
02/04/2015 | Dynegy Completes Duke Midwest Acquisition; Transformational ... |
01/04/2015 | Dynegy Completes EquiPower and Brayton Point Acquisitions fr... |
31/03/2015 | Dynegy Up as FERC Okays Duke & Energy Capital Asset Buy - An... |
30/03/2015 | Duke Energy Gets Final Approval for Midwest Business Sale - ... |
28/03/2015 | Dynegy Inc. Receives Final Approval to Acquire Duke Energy’s... |
17/03/2015 | Gramercy Property Trust Inc (GPT), CONN’S, Inc. (CONN), Proc... |
28/02/2015 | 10-K for Dynegy, Inc. |
25/02/2015 | T-Mobile US Inc, Cheniere Energy, Inc. (LNG), Kinder Morgan ... |
25/02/2015 | Dynegy reports 4Q loss |
24/02/2015 | Dynegy Announces Full Year 2014 Results, Updates 2015 Guidan... |
17/02/2015 | Dynegy is unfazed by the power sector’s selling pressure |
17/02/2015 | Billionaire Marc Lasry’s Top Picks Heading Into 2015: YRC Wo... |
13/02/2015 | Will FirstEnergy's (FE) Expansions Drive Q4 Earnings Beat? -... |
Publication de commentaires terminée |
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