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Oncor Reports Improved Second Quarter 2018 Results

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Oncor Reports Improved Second Quarter 2018 Results

PR Newswire

DALLAS, Aug. 6, 2018 /PRNewswire/ -- Oncor Electric Delivery Company LLC ("Oncor") today reported second quarter 2018 net income of $143 million compared to second quarter 2017 net income of $112 million.

Oncor. (PRNewsFoto/Oncor)

"We are pleased with our strong performance in the second quarter," said Allen Nye, chief executive of Oncor. "We have a solid plan in place, robust capital growth, and a vibrant service territory. For the remainder of 2018, we look forward to providing safe, reliable, and affordable electric service to our customers and meeting our financial objectives."

Oncor's net income of $232 million for the six months ended June 30, 2018 compared favorably to net income of $185 million for the six months ended June 30, 2017. Financial and operational results are provided in Tables A, B, C and D below.

Sempra Energy Internet Broadcast Today
Sempra Energy (NYSE:SRE) will broadcast a live discussion of its earnings results over the Internet today at 12 p.m. EDT with senior management of Sempra Energy. Access is available at sempra.com.  For those unable to obtain access to the live webcast, it will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 7703894.

Oncor's Quarterly Report on Form 10-Q for the quarter ended June 30, 2018 will be filed with the U.S. Securities and Exchange Commission after Sempra Energy's conference call. 

Oncor Electric Delivery Company LLC

Table A - Condensed Statements of Consolidated Net Income

Three and Six Months Ended June 30, 2018 and June 30, 2017; $ millions


Q2 18

Q2 17

YTD 18

YTD 17

Operating revenues

$1,021

$964

$2,011

$1,899

Operating expenses:





Wholesale transmission service

238

229

483

460

Operation and maintenance

203

166

422

354

Depreciation and amortization

168

193

334

387

Provision in lieu of income taxes

47

67

80

112

Taxes other than amounts related to income taxes

121

107

246

220

Total operating expenses

777

762

1,565

1,533

Operating income

244

202

446

366

Other income and (deductions) ‒ net

(18)

(11)

(50)

(22)

Nonoperating benefit in lieu of income taxes

(4)

(6)

(11)

(11)

Interest expense and related charges

87

85

175

170

Net income

$   143

$112

$   232

$   185






 

Oncor Electric Delivery Company LLC

Table B - Condensed Consolidated Balance Sheets

At June 30, 2018 and December 31, 2017; $ millions


At 6/30/18

At 12/31/17

ASSETS



Current assets:



  Cash and cash equivalents

$         1

$       21

  Trade accounts receivable ‒ net

686

635

  Amounts receivable from members related to income taxes

4

26

  Materials and supplies inventories ‒ at average cost

107

91

  Prepayments and other current assets

94

88

Total current assets

892

861

Investments and other property

118

113

Property, plant and equipment – net

15,500

14,879

Goodwill

4,064

4,064

Regulatory assets

2,093

2,180

Other noncurrent assets

11

23

Total assets

$22,678

$22,120




liabilities and membership interests



Current liabilities:



  Short-term borrowings

$  1,296

$     950

  Long-term debt due currently

931

550

  Trade accounts payable

252

242

  Amounts payable to members related to income taxes

13

21

  Accrued taxes other than amounts related to income

116

190

  Accrued interest

82

83

  Other current liabilities

179

188

Total current liabilities

2,869

2,224

Long-term debt, less amounts due currently

5,044

5,567

Liability in lieu of deferred income taxes

1,545

1,517

Regulatory liabilities

2,878

2,807

Employee benefit obligations and other

2,061

2,102

  Total liabilities

14,397

14,217

Membership interests :



Capital account ― number of interests outstanding 2018 and 2017 – 635,000,000

8,380

8,004

Accumulated other comprehensive loss

(99)

(101)

  Total membership interests

8,281

7,903

Total liabilities and membership interests

$22,678

$22,120




 

Oncor Electric Delivery Company LLC

Table C - Condensed Statements of Consolidated Cash Flows

Six Months Ended June 30, 2018 and June 30, 2017; $millions


YTD 18

YTD 17

Cash flows – operating activities:



Net income

$  232

$   185

Adjustments to reconcile net income to cash provided by operating activities:



Depreciation and amortization

393

412

Provision in lieu of deferred income taxes – net

26

158

Other – net 

(1)

(1)

Changes in operating assets and liabilities:



Regulatory accounts related to reconcilable tariffs

45

(27)

Other operating assets and liabilities

(145)

(89)

Cash provided by operating activities

550

638

Cash flows — financing activities:



Repayment of long-term debt

(144)

-

Change in short-term borrowings

346

367

Capital contributions from members

144

-

Distributions to members

-

(172)

Cash provided by financing activities

346

195

Cash flows — investing activities:



Capital expenditures

(926)

(856)

Other – net 

10

8

Cash used in investing activities

(916)

(848)

Net change in cash and cash equivalents

(20)

(15)

Cash and cash equivalents — beginning balance

21

16

Cash and cash equivalents — ending balance

$       1

$       1




 

Oncor Electric Delivery Company LLC

Table D – Operating Statistics

Three and Six Months Ended June 30, 2018 and June 30, 2017; mixed measures


Q2 18

Q2 17

YTD 18

YTD 17

Electric energy volumes (gigawatt-hours):





Residential

11,379

9,998

21,824

18,487

Other (a)

21,279

19,091

40,269

35,980

Total electric energy volumes

32,658

29,089

62,093

54,467






Electricity distribution points of delivery (end of period and in thousands) (b)



3,590

3,468






(a) Includes small business, large commercial and industrial and all other non-residential distribution points of delivery

(b) Based on number of active meters

***

Headquartered in Dallas, Oncor Electric Delivery Company LLC is a regulated electricity distribution and transmission business that uses superior asset management skills to provide reliable electricity delivery to consumers. Oncor operates the largest distribution and transmission system in Texas, delivering power to more than 3.5 million homes and businesses and operating more than 134,000 miles of transmission and distribution lines in Texas. While Oncor is owned by a limited number of investors (including majority owner, Sempra Energy), Oncor is managed by its Board of Directors, which is comprised of a majority of disinterested directors.

 

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SOURCE Oncor Electric Delivery Company LLC

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