EX-99 22 d854390dex99.htm EX-99

Exhibit 99

4th Quarter 2019

Earnings Release

Kit

As revised on

February 28, 2020¹

¹ | As a result of developments subsequent to the Fourth Quarter 2019 earnings call and release of the Earnings Release Kit on February 11, 2020, Dominion Energy increased certain litigation reserves acquired in the SCANA Merger by $120 million ($90 million after-tax). The change impacted GAAP reported earnings for the fourth quarter and the full-year of 2019 but had no impact on operating earnings during the same periods. The revision also did not impact the original operating earnings guidance. A list of revised schedules is available on page 34.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Table of Contents

IMPORTANT NOTES TO INVESTORS |  |  | 3 |
EARNINGS REPORT |  |  | 4 |
CONSOLIDATED STATEMENTS OF INCOME (GAAP) |  |  | 6 |
SCHEDULE 1 - SEGMENT REPORTED AND OPERATING EARNINGS |  |  | 7 |
SCHEDULE 2 - RECONCILIATION OF 2019 REPORTED EARNINGS TO OPERATING EARNINGS |  |  | 8 |
SCHEDULE 3 - RECONCILIATION OF 2018 REPORTED EARNINGS TO OPERATING EARNINGS |  |  | 9 |
SCHEDULE 4 - RECONCILIATION OF 2019 EARNINGS TO 2018 |  |  | 10 |
FINANCIALS |  |  | 11 |
CONSOLIDATED FINANCIAL STATEMENTS (GAAP) |  |  | 11 |
SEGMENT EARNINGS RESULTS |  |  | 13 |
RECONCILIATION OF OPERATING EARNINGS GUIDANCE |  |  | 20 |
2019 Operating Earnings Summary |  |  | 20 |
4Q19 Operating Earnings Summary |  |  | 21 |
2020 EARNINGS GUIDANCE AND ACCOMPANYING SCHEDULES |  |  | 22 |
EARNINGS GUIDANCE |  |  | 22 |
GAAP RECONCILIATION |  |  | 24 |
RECONCILIATION OF 2019 CONSOLIDATED REPORTED EARNINGS TO OPERATING EARNINGS |  |  | 24 |
RECONCILIATION OF 2018 CONSOLIDATED REPORTED EARNINGS TO OPERATING EARNINGS |  |  | 25 |
RECONCILIATION OF 2019 CORPORATE AND OTHER REPORTED EARNINGS TO OPERATING EARNINGS |  |  | 26 |
RECONCILIATION OF 2018 CORPORATE AND OTHER REPORTED EARNINGS TO OPERATING EARNINGS |  |  | 27 |
RECONCILIATION OF 2019 REPORTED EARNINGS TO 2019 OPERATING EARNINGS |  |  | 28 |
RECONCILIATION OF 2018 REPORTED EARNINGS TO 2018 OPERATING EARNINGS |  |  | 29 |
RECONCILIATION OF 4Q19 REPORTED EARNINGS TO 4Q19 OPERATING EARNINGS |  |  | 30 |
RECONCILIATION OF 4Q18 REPORTED EARNINGS TO 4Q18 OPERATING EARNINGS |  |  | 31 |
RECONCILIATION OF 1Q19 REPORTED EARNINGS TO 1Q19 OPERATING EARNINGS |  |  | 32 |
2020 EARNINGS EXPECTATIONS |  |  | 33 |
APPENDIX |  |  | 34 |
LIST OF REVISED SCHEDULES |  |  | 34 |

February 28, 2020 |  | 2

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Important Notes to Investors

This Revised 4Q19 Earnings Release Kit contains certain forward-looking statements, including our forecasted operating earnings for the first-quarter and full-year 2020 which are subject to various risks and uncertainties. Factors that could cause actual results to differ include, but are not limited to: unusual weather conditions and their effect on energy sales to customers and energy commodity prices; extreme weather events and other natural disasters; federal, state and local legislative and regulatory developments; changes to federal, state and local environmental laws and regulations, including proposed carbon regulations; cost of environmental compliance; changes in enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities; capital market conditions, including the availability of credit and the ability to obtain financing on reasonable terms; fluctuations in interest rates; changes in rating agency requirements or credit ratings and their effect on availability and cost of capital; impacts of acquisitions, divestitures, transfers of assets by Dominion Energy to joint ventures and retirements of assets based on asset portfolio reviews; receipt of approvals for, and timing of, closing dates for other acquisitions and divestitures; changes in demand for Dominion Energy’s services; additional competition in Dominion Energy’s industries; changes to regulated rates collected by Dominion Energy; changes in operating, maintenance and construction costs; timing and receipt of regulatory approvals necessary for planned construction or expansion projects and compliance with conditions associated with such regulatory approvals; adverse outcomes in litigation matters or regulatory proceedings; and the inability to complete planned construction projects within time frames initially anticipated. Other risk factors are detailed from time to time in Dominion Energy’s quarterly reports on Form 10-Q and most recent annual report on Form 10-K filed with the Securities and Exchange Commission.

Certain information provided in this Revised 4Q19 Earnings Release Kit includes financial measures that are not required by, or presented in accordance with generally accepted accounting principles (GAAP), including operating earnings before interest and taxes (Adjusted EBIT). These non-GAAP financial measures should not be considered as alternatives to GAAP measures, such as net income, operating income, or earnings per share, and may be calculated differently from, and therefore may not be comparable to, similarly titled measures used at other companies. Dominion Energy has included reconciliations to the most directly comparable financial measures it is able to calculate and report in accordance with GAAP.

The consolidated financial data and statistics in this Revised 4Q19 Earnings Release Kit and its individual components reflect the financial position and operating results of Dominion Energy and its primary operating segments through December 31, 2019. Independent auditors have not audited any of the financial and operating statements. Projections or forecasts shown in this document are subject to change at any time. Dominion Energy undertakes no obligation to update any forward-looking information statement to reflect developments after the statement is made.

This Revised 4Q19 Earnings Release Kit has been prepared primarily for securities analysts and investors in the hope that it will serve as a convenient and useful reference document. The format of this release kit may change in the future as we continue to try to meet the needs of securities analysts and investors. This Revised 4Q19 Earnings Release Kit is not intended for use in connection with any sale, offer to sell, or solicitation of any offer to buy securities.

Please continue to check our website regularly at http://investors.dominionenergy.com/.

February 28, 2020 |  | 3

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Earnings Release and Accompanying Schedules

Earnings Report

SUMMARY OF DOMINION’S 2019 EARNINGS AS REVISED ON FEBRUARY 28, 2020

| • |  | Fourth-quarter 2019 GAAP (reported) earnings of $1.21 per share; operating earnings of $1.18 per share

| • |  | Full-year 2019 reported earnings of $1.62 per share; operating earnings of $4.24 per share

| • |  | Company initiates 2020 operating earnings guidance of $4.25 to $4.60 per share

Dominion Energy’s reported earnings determined in accordance with Generally Accepted Accounting Principles (reported earnings) for the three months ended Dec. 31, 2019, of $1.0 billion ($1.21 per share) compared with net income of $641 million ($0.97 per share) for the same period in 2018. Reported earnings for the twelve months ended Dec. 31, 2019, were $1.4 billion ($1.62 per share) compared with earnings of $2.4 billion ($3.74 per share) for the same period in 2018.

Operating earnings for the three months ended Dec. 31, 2019, were $988 million ($1.18 per share), compared with operating earnings of $592 million ($0.89 per share) for the same period in 2018. Operating earnings for the twelve months ended Dec. 31, 2019, were $3.4 billion ($4.24 per share) compared with operating earnings of $2.7 billion ($4.05 per share) for the same period in 2018.

Operating earnings are defined as reported earnings adjusted for certain items. Details of operating earnings as compared to prior periods, business segment results and detailed descriptions of items included in reported earnings but excluded from operating earnings can be found on Schedules 1, 2, 3 and 4 of this release.

Operating earnings guidance

Dominion Energy expects 2020 operating earnings in the range of $4.25 to $4.60 per share, compared to full-year 2019 operating earnings of $4.24 per share. Positive drivers include regulated investment growth across electric and gas businesses, lower financing costs due to lower average debt balances, the full-year impact of the Millstone nuclear facility zero-carbon procurement contract, and lower depreciation expense associated with an anticipated extension of the useful life assumption for our regulated nuclear plants in Virginia. The company expects negative drivers for the year to include increased minority interest expense associated with the equity recapitalization of Cove Point, share dilution, two planned refueling outages at Millstone and lower New England capacity prices.

First-quarter 2020 operating earnings are expected to be in the range of $1.05 to $1.25 per share.

Important note to investors regarding operating, reported earnings

Dominion Energy uses operating earnings as the primary performance measurement of its earnings guidance and results for public communications with analysts and investors. Dominion Energy also uses operating earnings internally for budgeting, for reporting to the Board of Directors, for the company’s incentive compensation plans and for its targeted dividend payouts and other purposes. Dominion Energy management believes operating earnings provide a more meaningful representation of the company’s fundamental earnings power.

February 28, 2020 |  | 4

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

In providing its operating earnings guidance, the company notes that there could be differences between expected reported earnings and estimated operating earnings for matters such as, but not limited to, acquisitions, divestitures or changes in accounting principles. At this time, Dominion Energy management is not able to estimate the aggregate impact of these items on future period reported earnings.

About Dominion Energy

More than 7 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation’s largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company is committed to achieve net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.

This release contains certain forward-looking statements, including forecasted operating earnings first-quarter and full-year 2020 and beyond which are subject to various risks and uncertainties. Factors that could cause actual results to differ include, but are not limited to: unusual weather conditions and their effect on energy sales to customers and energy commodity prices; extreme weather events and other natural disasters; federal, state and local legislative and regulatory developments; changes to federal, state and local environmental laws and regulations, including proposed carbon regulations; cost of environmental compliance; changes in enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities; capital market conditions, including the availability of credit and the ability to obtain financing on reasonable terms; fluctuations in interest rates; changes in rating agency requirements or credit ratings and their effect on availability and cost of capital; impacts of acquisitions, divestitures, transfers of assets by Dominion Energy to joint ventures and retirements of assets based on asset portfolio reviews; receipt of approvals for, and timing of, closing dates for other acquisitions and divestitures; changes in demand for Dominion Energy’s services; additional competition in Dominion Energy’s industries; changes to regulated rates collected by Dominion Energy; changes in operating, maintenance and construction costs; timing and receipt of regulatory approvals necessary for planned construction or expansion projects and compliance with conditions associated with such regulatory approvals; adverse outcomes in litigation matters or regulatory proceedings; and the inability to complete planned construction projects within time frames initially anticipated. Other risk factors are detailed from time to time in Dominion Energy’s quarterly reports on Form 10-Q and most recent annual report on Form 10-K filed with the Securities and Exchange Commission.

#####

February 28, 2020 |  | 5

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Consolidated Statements of Income (GAAP)

Dominion Energy, Inc.

Consolidated Statements of Income*

Unaudited (GAAP Based)

(millions, except per share amounts)

|  | Three Months Ended |  |  | Year Ended |
|  | December 31, |  |  | December 31, |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Operating Revenue |  | $ | 4,475 |  |  | $ | 3,361 |  |  | $ | 16,572 |  |  | $ | 13,366 |
Operating Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electric fuel and other energy-related purchases |  |  | 655 |  |  |  | 686 |  |  |  | 2,938 |  |  |  | 2,814 |
Purchased electric capacity |  |  | 14 |  |  |  | 35 |  |  |  | 88 |  |  |  | 122 |
Purchased gas |  |  | 426 |  |  |  | 236 |  |  |  | 1,536 |  |  |  | 645 |
Other operations and maintenance1 |  |  | 1,274 |  |  |  | 896 |  |  |  | 5,801 |  |  |  | 3,481 |
Depreciation, depletion and amortization |  |  | 664 |  |  |  | 513 |  |  |  | 2,655 |  |  |  | 2,000 |
Other taxes |  |  | 221 |  |  |  | 161 |  |  |  | 1,040 |  |  |  | 703 |
Total operating expenses |  |  | 3,254 |  |  |  | 2,527 |  |  |  | 14,058 |  |  |  | 9,765 |
Income from operations |  |  | 1,221 |  |  |  | 834 |  |  |  | 2,514 |  |  |  | 3,601 |
Other income |  |  | 333 |  |  |  | 363 |  |  |  | 986 |  |  |  | 1,021 |
Interest and related charges |  |  | 401 |  |  |  | 440 |  |  |  | 1,773 |  |  |  | 1,493 |
Income from continuing operations including noncontrolling interests before income tax expense |  |  | 1,153 |  |  |  | 757 |  |  |  | 1,727 |  |  |  | 3,129 |
Income tax expense |  |  | 143 |  |  |  | 95 |  |  |  | 351 |  |  |  | 580 |
Net income including noncontrolling interests |  |  | 1,010 |  |  |  | 662 |  |  |  | 1,376 |  |  |  | 2,549 |
Noncontrolling interests |  |  | 1 |  |  |  | 21 |  |  |  | 18 |  |  |  | 102 |
Net Income attributable to Dominion Energy |  | $ | 1,009 |  |  | $ | 641 |  |  | $ | 1,358 |  |  | $ | 2,447 |
Reported earnings per common share - diluted |  | $ | 1.21 |  |  | $ | 0.97 |  |  | $ | 1.62 |  |  | $ | 3.74 |
Average shares outstanding, diluted |  |  | 826.3 |  |  |  | 660.9 |  |  |  | 808.9 |  |  |  | 654.9 |

1) | Includes impairment of assets and related charges and gains on sale of assets.

* | The notes contained in Dominion Energy’s most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements.

February 28, 2020 |  | 6

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Schedule 1 - Segment Reported and Operating Earnings

Unaudited |  |  |  |  |  |  |  |  |
(millions, except earnings per share) |  | Three months ended December 31, |
|  | 2019 |  |  | 2018 |  |  | Change |
REPORTED EARNINGS1 |  | $ | 1,009 |  |  | $ | 641 |  |  | $ | 368 |
Pre-tax loss (income)2 |  |  | 193 |  |  |  | (50 | ) |  |  | 243 |
Income tax2 |  |  | (214 | ) |  |  | 1 |  |  |  | (215 | )
Adjustments to reported earnings |  |  | (21 | ) |  |  | (49 | ) |  |  | 28 |
OPERATING EARNINGS |  | $ | 988 |  |  | $ | 592 |  |  | $ | 396 |
By segment: |  |  |  |  |  |  |  |  |  |  |  |
Dominion Energy Virginia |  |  | 403 |  |  |  | 333 |  |  |  | 70 |
Gas Transmission & Storage |  |  | 360 |  |  |  | 257 |  |  |  | 103 |
Gas Distribution |  |  | 173 |  |  |  | 118 |  |  |  | 55 |
Dominion Energy South Carolina |  |  | 98 |  |  |  | — |  |  |  | 98 |
Contracted Generation |  |  | 114 |  |  |  | 5 |  |  |  | 109 |
Corporate and Other |  |  | (160 | ) |  |  | (121 | ) |  |  | (39 | )
|  | $ | 988 |  |  | $ | 592 |  |  | $ | 396 |
Earnings Per Share (EPS):3 |  |  |  |  |  |  |  |  |  |  |  |
REPORTED EARNINGS 1 |  | $ | 1.21 |  |  | $ | 0.97 |  |  | $ | 0.24 |
Adjustments to reported earnings (after tax) |  |  | (0.03 | ) |  |  | (0.08 | ) |  |  | 0.05 |
OPERATING EARNINGS |  | $ | 1.18 |  |  | $ | 0.89 |  |  | $ | 0.29 |
By segment: |  |  |  |  |  |  |  |  |  |  |  |
Dominion Energy Virginia |  |  | 0.49 |  |  |  | 0.50 |  |  |  | (0.01 | )
Gas Transmission & Storage |  |  | 0.43 |  |  |  | 0.39 |  |  |  | 0.04 |
Gas Distribution |  |  | 0.21 |  |  |  | 0.18 |  |  |  | 0.03 |
Dominion Energy South Carolina |  |  | 0.12 |  |  |  | — |  |  |  | 0.12 |
Contracted Generation |  |  | 0.14 |  |  |  | 0.01 |  |  |  | 0.13 |
Corporate and Other |  |  | (0.21 | ) |  |  | (0.19 | ) |  |  | (0.02 | )
|  | $ | 1.18 |  |  | $ | 0.89 |  |  | $ | 0.29 |
Common Shares Outstanding (average, diluted) |  |  | 826.3 |  |  |  | 660.9 |  |  |  |  |

(millions, except earnings per share) |  | Twelve months ended December 31, |
|  | 2019 |  |  | 2018 |  |  | Change |
REPORTED EARNINGS1 |  | $ | 1,358 |  |  | $ | 2,447 |  |  | $ | (1,089 | )
Pre-tax loss (income)2 |  |  | 2,620 |  |  |  | 201 |  |  |  | 2,419 |
Income tax2 |  |  | (531 | ) |  |  | 3 |  |  |  | (534 | )
Adjustments to reported earnings |  |  | 2,089 |  |  |  | 204 |  |  |  | 1,885 |
OPERATING EARNINGS |  | $ | 3,447 |  |  | $ | 2,651 |  |  | $ | 796 |
By segment: |  |  |  |  |  |  |  |  |  |  |  |
Dominion Energy Virginia |  |  | 1,786 |  |  |  | 1,596 |  |  |  | 190 |
Gas Transmission & Storage |  |  | 934 |  |  |  | 844 |  |  |  | 90 |
Gas Distribution |  |  | 488 |  |  |  | 373 |  |  |  | 115 |
Dominion Energy South Carolina |  |  | 430 |  |  |  | — |  |  |  | 430 |
Contracted Generation |  |  | 276 |  |  |  | 245 |  |  |  | 31 |
Corporate and Other |  |  | (467 | ) |  |  | (407 | ) |  |  | (60 | )
|  | $ | 3,447 |  |  | $ | 2,651 |  |  | $ | 796 |
Earnings Per Share (EPS):3 |  |  |  |  |  |  |  |  |  |  |  |
REPORTED EARNINGS1 |  | $ | 1.62 |  |  | $ | 3.74 |  |  | $ | (2.12 | )
Adjustments to reported earnings (after tax) |  |  | 2.62 |  |  |  | 0.31 |  |  |  | 2.31 |
OPERATING EARNINGS |  | $ | 4.24 |  |  | $ | 4.05 |  |  | $ | 0.19 |
By segment: |  |  |  |  |  |  |  |  |  |  |  |
Dominion Energy Virginia |  |  | 2.21 |  |  |  | 2.44 |  |  |  | (0.23 | )
Gas Transmission & Storage |  |  | 1.16 |  |  |  | 1.29 |  |  |  | (0.13 | )
Gas Distribution |  |  | 0.60 |  |  |  | 0.57 |  |  |  | 0.03 |
Dominion Energy South Carolina |  |  | 0.53 |  |  |  | — |  |  |  | 0.53 |
Contracted Generation |  |  | 0.34 |  |  |  | 0.37 |  |  |  | (0.03 | )
Corporate and Other |  |  | (0.60 | ) |  |  | (0.62 | ) |  |  | 0.02 |
|  | $ | 4.24 |  |  | $ | 4.05 |  |  | $ | 0.19 |
Common Shares Outstanding (average, diluted) |  |  | 808.9 |  |  |  | 654.9 |  |  |  |  |

1) | Determined in accordance with Generally Accepted Accounting Principles (GAAP).

2) | Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. Refer to Schedules 2 and 3 for details, or find “GAAP Reconciliation” in the Earnings Release Kit on Dominion Energy’s website at www.dominionenergy.com/investors.

3) | The calculation of operating earnings per share excludes the impact, if any, of fair value adjustments related to the Company’s convertible preferred securities entered in June 2019. Such fair value adjustments, if any, are required for the calculation of diluted reported earnings per share. For the three and twelve months ended December 31, the fair value adjustment required for diluted reported earnings per share calculation was $1 million and $28 million, respectively. The calculation of reported and operating earnings per share includes the impact of preferred dividends of $7 million per quarter associated with the Series A preferred stock equity units entered in June of 2019 and $2 million associated with the Series B preferred stock equity units entered in December of 2019. See Form 10-K for additional information.

February 28, 2020 |  | 7

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Schedule 2 - Reconciliation of 2019 Reported Earnings to Operating Earnings

2019 Earnings (Twelve months ended December 31, 2019)

The $2.6 billion pre-tax net effect of the adjustments included in 2019 reported earnings, but excluded from operating earnings, is primarily related to the following items:

| • |  | $2.4 billion of merger and integration-related costs associated with the SCANA Combination, primarily reflecting $1 billion for refunds of amounts previously collected from retail electric customers of Dominion Energy South Carolina (DESC) for the NND Project, $427 million associated with a voluntary retirement program (which includes $112 million for employee benefit plan curtailment), and $641 million associated with litigation.

| • |  | $783 million of charges at our regulated entities, primarily consisting of the retirement of electric generation facilities in cold reserve and certain automated meters and a purchase power contract termination.

| • |  | $113 million benefit from the revision of certain asset retirement obligations for ash ponds and landfills at certain utility generation facilities, in connection with the enactment of Virginia legislation in March.

| • |  | $553 million net gain related to our investments in nuclear decommissioning trust funds.

Dominion Energy also recorded $194 million tax charge for certain income tax-related regulatory assets acquired in the SCANA Combination for which Dominion Energy committed to forgo recovery.

(millions, except per share amounts) |  | 1Q19 |  |  | 2Q19 |  |  | 3Q19 |  |  | 4Q19 |  |  | YTD 2019 3 |
Reported earnings (loss) |  | ($ | 680 | ) |  | $ | 54 |  |  | $ | 975 |  |  | $ | 1,009 |  |  | $ | 1,358 |
Adjustments to reported earnings 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-tax loss (income) |  |  | 1,640 |  |  |  | 656 |  |  |  | 131 |  |  |  | 193 |  |  |  | 2,620 |
Income tax |  |  | (87 | ) |  |  | (91 | ) |  |  | (139 | ) |  |  | (214 | ) |  |  | (531 | )
|  |  | 1,553 |  |  |  | 565 |  |  |  | (8 | ) |  |  | (21 | ) |  |  | 2,089 |
Operating earnings |  | $ | 873 |  |  | $ | 619 |  |  | $ | 967 |  |  | $ | 988 |  |  | $ | 3,447 |
Common shares outstanding (average, diluted) |  |  | 793.1 |  |  |  | 802.6 |  |  |  | 813.0 |  |  |  | 826.3 |  |  |  | 808.9 |
Reported earnings (loss) per share 2 |  | ($ | 0.86 | ) |  | $ | 0.05 |  |  | $ | 1.17 |  |  | $ | 1.21 |  |  | $ | 1.62 |
Adjustments to reported earnings per share 2 |  |  | 1.96 |  |  |  | 0.72 |  |  |  | 0.01 |  |  |  | (0.03 | ) |  |  | 2.62 |
Operating earnings per share 2 |  | $ | 1.10 |  |  | $ | 0.77 |  |  | $ | 1.18 |  |  | $ | 1.18 |  |  | $ | 4.24 |

1) | Adjustments to reported earnings are reflected in the following table:

|  | 1Q19 |  |  | 2Q19 |  |  | 3Q19 |  |  | 4Q19 |  |  | YTD 2019 |
Pre-tax loss (income): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Merger and integration-related costs |  |  | 1,429 |  |  |  | 542 |  |  |  | 60 |  |  |  | 378 |  |  |  | 2,409 |
Regulated asset and contract retirements/terminations |  |  | 547 |  |  |  | 211 |  |  |  | 47 |  |  |  | (22 | ) |  |  | 783 |
Revision to ash pond and landfill closure costs |  |  | (113 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (113 | )
Net gain on NDT funds |  |  | (253 | ) |  |  | (83 | ) |  |  | (28 | ) |  |  | (189 | ) |  |  | (553 | )
Other |  |  | 30 |  |  |  | (14 | ) |  |  | 52 |  |  |  | 26 |  |  |  | 94 |
|  | $ | 1,640 |  |  | $ | 656 |  |  | $ | 131 |  |  | $ | 193 |  |  | $ | 2,620 |
Income tax expense (benefit): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tax effect of above adjustments to reported earnings * |  |  | (255 | ) |  |  | (91 | ) |  |  | (139 | ) |  |  | (226 | ) |  |  | (711 | )
Write-off EDIT regulatory assets (SCANA) |  |  | 198 |  |  |  | 0 |  |  |  | 0 |  |  |  | (4 | ) |  |  | 194 |
Other |  |  | (30 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 16 |  |  |  | (14 | )
|  | ($ | 87 | ) |  | ($ | 91 | ) |  | ($ | 139 | ) |  | ($ | 214 | ) |  | ($ | 531 | )

* | Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective tax rate. For interim reporting purposes, such amounts may be adjusted in connection with the calculation of the Company’s year-to -date income tax provision based on its estimated annual effective tax rate.

2) | The calculation of operating earnings per share excludes the impact, if any, of fair value adjustments related to the Company’s convertible preferred securities entered in June 2019. Such fair value adjustments, if any, are required for the calculation of diluted reported earnings per share. No adjustments were necessary for the three months ended June 30. For the three months ended September 30, the fair value adjustment required for diluted reported earnings per share calculation was $ 13 million. For the three and twelve months ended December 31, the fair value adjustment required for diluted reported earnings per share calculation was $ 1million and $ 28 million, respectively. The calculation of reported and operating earnings per share includes the impact of preferred dividends of $ 7 million per quarter associated with the Series A preferred stock equity units entered in June of 2019 and $ 2 million associated with the Series B preferred stock equity units entered in December of 2019. See Forms 10-Q and 10-K for additional information.

3) | YTD EPS may not equal sum of quarters due to share count difference and fair value adjustment associated with the convertible preferred securities.

February 28, 2020 |  | 8

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Schedule 3 - Reconciliation of 2018 Reported Earnings to Operating Earnings

2018 Earnings (Twelve months ended December 31, 2018)

The $201 million pre-tax net effect of the adjustments included in 2018 reported earnings, but excluded from operating earnings, is primarily related to the following items:

| • |  | $759 million net benefit associated with the sales of our non-core assets, primarily reflecting the gains on sales of certain merchant generation assets and our investment in Blue Racer.

| • |  | $219 million impairment charge associated with gathering and processing assets.

| • |  | $215 million charge associated with Virginia legislation enacted in March that requires one-time rate credits of certain amounts to utility customers.

| • |  | $170 million net loss related to our investments in nuclear decommissioning trust funds.

| • |  | $124 million charge associated with disallowance of FERC-regulated plant.

| • |  | $81 million charge associated with the asset retirement obligations for ash ponds and landfills at certain utility generation facilities in connection with the enactment of Virginia legislation in April.

| • |  | $74 million of restoration costs associated with major storms, primarily affecting our Virginia service territory.

| • |  | $37 million of transaction and transition costs associated with the Dominion Energy Questar combination and the acquisition of SCANA Corporation.

(millions, except per share amounts) |  | 1Q18 |  |  | 2Q18 |  |  | 3Q18 |  |  | 4Q18 |  |  | YTD 2018 2 |
Reported earnings |  | $ | 503 |  |  | $ | 449 |  |  | $ | 854 |  |  | $ | 641 |  |  | $ | 2,447 |
Adjustments to reported earnings 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-tax loss (income) |  |  | 305 |  |  |  | 145 |  |  |  | (199 | ) |  |  | (50 | ) |  |  | 201 |
Income tax expense (benefit) |  |  | (67 | ) |  |  | (34 | ) |  |  | 103 |  |  |  | 1 |  |  |  | 3 |
|  |  | 238 |  |  |  | 111 |  |  |  | (96 | ) |  |  | (49 | ) |  |  | 204 |
Operating earnings |  | $ | 741 |  |  | $ | 560 |  |  | $ | 758 |  |  | $ | 592 |  |  | $ | 2,651 |
Common shares outstanding (average, diluted) |  |  | 650.5 |  |  |  | 653.1 |  |  |  | 654.9 |  |  |  | 660.9 |  |  |  | 654.9 |
Reported earnings per share |  | $ | 0.77 |  |  | $ | 0.69 |  |  | $ | 1.30 |  |  | $ | 0.97 |  |  | $ | 3.74 |
Adjustments to reported earnings (after-tax) |  |  | 0.37 |  |  |  | 0.17 |  |  |  | (0.15 | ) |  |  | (0.08 | ) |  |  | 0.31 |
Operating earnings per share |  | $ | 1.14 |  |  | $ | 0.86 |  |  | $ | 1.15 |  |  | $ | 0.89 |  |  | $ | 4.05 |

1) | Adjustments to reported earnings are reflected in the following table:

|  | 1Q18 |  |  | 2Q18 |  |  | 3Q18 |  |  | 4Q18 |  |  | YTD 2018 |
Pre-tax loss (income): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sale of non-core assets |  |  |  |  |  |  |  |  |  |  | (70 | ) |  |  | (689 | ) |  |  | (759 | )
Impairment of gathering & processing assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 219 |  |  |  | 219 |
Impact of Virginia rate legislation |  |  | 215 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 215 |
Net (gain) loss on NDT funds |  |  | 43 |  |  |  | (50 | ) |  |  | (149 | ) |  |  | 326 |  |  |  | 170 |
FERC-regulated plant disallowance |  |  |  |  |  |  | 122 |  |  |  | 2 |  |  |  |  |  |  |  | 124 |
Future ash pond and landfill closure costs |  |  |  |  |  |  | 81 |  |  |  |  |  |  |  |  |  |  |  | 81 |
Storm costs |  |  | 31 |  |  |  |  |  |  |  |  |  |  |  | 43 |  |  |  | 74 |
Merger-related transaction and transition costs |  |  | 16 |  |  |  | 9 |  |  |  | 3 |  |  |  | 9 |  |  |  | 37 |
Other |  |  |  |  |  |  | (17 | ) |  |  | 15 |  |  |  | 42 |  |  |  | 40 |
|  | $ | 305 |  |  | $ | 145 |  |  | ($ | 199 | ) |  | ($ | 50 | ) |  | $ | 201 |
Income tax expense (benefit): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tax effect of above adjustments to reported earnings * |  |  | (67 | ) |  |  | (34 | ) |  |  | 38 |  |  |  | 11 |  |  |  | (52 | )
Re-measurement of Deferred Tax balances ** |  |  |  |  |  |  |  |  |  |  | 47 |  |  |  | (1 | ) |  |  | 46 |
Valuation Allowance *** |  |  |  |  |  |  |  |  |  |  | 18 |  |  |  | (9 | ) |  |  | 9 |
|  | ($ | 67 | ) |  | ($ | 34 | ) |  | $ | 103 |  |  | $ | 1 |  |  | $ | 3 |

* | Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective tax rate. For interim reporting purposes, such amounts may be adjusted in connection with the calculation of the Company’s year-to -date income tax provision based on its estimated annual effective tax rate.

** | During 2018, the Companies recorded further adjustments to deferred taxes in accordance with recently released tax reform guidance and to revise estimates made at year-end 2017.

*** | In 3Q18, a valuation allowance was established against the portion of a deferred tax asset associated with the non-core assets that was no longer projected of being utilized to offset future taxable income. In 4Q18, the amount was adjusted based on management’s assessment that it is more-likely-than-not that a portion of the deferred tax asset would be realized in 2018, to reduce tax expense associated with the sale.

2) | YTD EPS may not equal sum of quarters due to share count difference.

February 28, 2020 |  | 9

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Schedule 4 - Reconciliation of 2019 Earnings to 2018

Preliminary, Unaudited |  | Twelve Months Ended |
(millions, except EPS) |  | December 31, |
|  | 2019 vs. 2018 |
|  | Increase/ (Decrease) |
Reconciling Items |  | Amount |  |  | EPS |
Change in reported earnings (GAAP) |  | ($ | 1,089 | ) |  | ($ | 2.12 | )
Change in Pre-tax loss (income) 1 |  |  | 2,419 |  |  |  |  |
Change in Income tax 1 |  |  | (534 | ) |  |  |  |
Adjustments to reported earnings |  | $ | 1,885 |  |  | $ | 2.31 |
Change in consolidated operating earnings |  | $ | 796 |  |  | $ | 0.19 |
Dominion Energy Virginia |  |  |  |  |  |  |  |
Regulated electric sales: |  |  |  |  |  |  |  |
Weather |  | ($ | 14 | ) |  | ($ | 0.02 | )
Other |  |  | 9 |  |  |  | 0.01 |
Rate adjustment clause equity return |  |  | 84 |  |  |  | 0.13 |
Electric capacity |  |  | 54 |  |  |  | 0.08 |
Renewable energy investment tax credits |  |  | (14 | ) |  |  | (0.02 | )
Other |  |  | 71 |  |  |  | 0.11 |
Share dilution |  |  | — |  |  |  | (0.52 | )
Change in contribution to operating earnings |  | $ | 190 |  |  | ($ | 0.23 | )
Gas Transmission & Storage |  |  |  |  |  |  |  |
Cove Point export contracts |  | $ | 172 |  |  | $ | 0.26 |
Assignment of shale development rights |  |  | (83 | ) |  |  | (0.12 | )
Atlantic Coast Pipeline equity earnings |  |  | 37 |  |  |  | 0.06 |
Interest expense |  |  | (60 | ) |  |  | (0.09 | )
Other |  |  | 24 |  |  |  | 0.03 |
Share dilution |  |  | — |  |  |  | (0.27 | )
Change in contribution to operating earnings |  | $ | 90 |  |  | ($ | 0.13 | )
Gas Distribution |  |  |  |  |  |  |  |
Regulated gas sales: |  |  |  |  |  |  |  |
Weather |  | ($ | 3 | ) |  | $ | 0.00 |
Other |  |  | (2 | ) |  |  | 0.00 |
Rate adjustment clause equity return |  |  | 16 |  |  |  | 0.02 |
SCANA combination |  |  | 87 |  |  |  | 0.13 |
Other |  |  | 17 |  |  |  | 0.02 |
Share dilution |  |  | — |  |  |  | (0.14 | )
Change in contribution to operating earnings |  | $ | 115 |  |  | $ | 0.03 |
Dominion Energy South Carolina |  |  |  |  |  |  |  |
SCANA combination |  | $ | 430 |  |  | $ | 0.53 |
Change in contribution to operating earnings |  | $ | 430 |  |  | $ | 0.53 |
Contracted Generation |  |  |  |  |  |  |  |
Margin |  | $ | 42 |  |  | $ | 0.06 |
Renewable energy investment tax credits |  |  | 50 |  |  |  | 0.08 |
Sale of certain merchant generation facilitites |  |  | (95 | ) |  |  | (0.14 | )
Other |  |  | 34 |  |  |  | 0.05 |
Share dilution |  |  | — |  |  |  | (0.08 | )
Change in contribution to operating earnings |  | $ | 31 |  |  | ($ | 0.03 | )
Corporate and Other |  |  |  |  |  |  |  |
Share dilution and other |  |  | (60 | ) |  |  | 0.02 |
Change in contribution to operating earnings |  | ($ | 60 | ) |  | $ | 0.02 |
Change in consolidated operating earnings |  | $ | 796 |  |  | $ | 0.19 |
Change in adjustments included in reported earnings 1 |  | ($ | 1,885 | ) |  | ($ | 2.31 | )
Change in consolidated reported earnings |  | ($ | 1,089 | ) |  | ($ | 2.12 | )

1) | Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings.

Refer to Schedules 2 and 3 for details, or find “GAAP Reconciliation” in the Earnings Release Kit on Dominion Energy’s

website at www.dominionenergy.com/investors.

Note: Figures may not sum due to rounding

February 28, 2020 |  | 10

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Financials

Consolidated Financial Statements (GAAP)

Dominion Energy, Inc.

Consolidated Balance Sheets *

Unaudited & Summarized (GAAP Based)

($ in Millions)

|  | At December 31, |
|  | 2019 |  |  | 2018 |
Assets |  |  |  |  |  |  |  |
Current assets |  | $ | 6,088 |  |  | $ | 5,161 |
Investments |  |  | 8,217 |  |  |  | 6,560 |
Property, plant and equipment, net |  |  | 69,082 |  |  |  | 54,560 |
Deferred charges and other assets |  |  | 20,436 |  |  |  | 11,633 |
Total Assets |  | $ | 103,823 |  |  | $ | 77,914 |
Liabilities and Equity |  |  |  |  |  |  |  |
Securities due within one year |  | $ | 3,162 |  |  | $ | 3,697 |
Short-term debt |  |  | 911 |  |  |  | 334 |
Other current liabilities |  |  | 5,866 |  |  |  | 3,616 |
Total current liabilities |  |  | 9,939 |  |  |  | 7,647 |
Long-term debt |  |  | 33,824 |  |  |  | 31,144 |
Deferred credits and other liabilities |  |  | 26,027 |  |  |  | 17,075 |
Total liabilities |  |  | 69,790 |  |  |  | 55,866 |
Shareholders’ equity |  |  | 31,994 |  |  |  | 20,107 |
Noncontrolling interest |  |  | 2,039 |  |  |  | 1,941 |
Total equity |  |  | 34,033 |  |  |  | 22,048 |
Total liabilities and equity |  | $ | 103,823 |  |  | $ | 77,914 |

* | The notes contained in Dominion Energy’s most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements.

February 28, 2020 |  | 11

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Dominion Energy , Inc.

Consolidated Statements of Cash Flows *

Unaudited & Summarized

($ in Millions)

|  | Year Ended December 31, |
|  | 2019 |  |  | 2018 |
Operating Activities |  |  |  |  |  |  |  |
Net Income including noncontrolling interests |  | $ | 1,376 |  |  | $ | 2,549 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |
Depreciation, depletion and amortization (including nuclear fuel) |  |  | 2,977 |  |  |  | 2,280 |
Deferred income taxes and investment tax credits |  |  | 216 |  |  |  | 517 |
Provision for refunds and rate credits to electric utility customers |  |  | 800 |  |  |  | 77 |
Impairment of assets and other charges |  |  | 1,333 |  |  |  | 395 |
Charge related to a voluntary retirement program |  |  | 320 |  |  |  | — |
Gains on the sales of assets and equity method investments |  |  | (167 | ) |  |  | (1,006 | )
Net (gains) losses on nuclear decommissionning trusts funds and other investments |  |  | (626 | ) |  |  | 102 |
Charge associated with future ash pond and landfill closure costs |  |  | — |  |  |  | 81 |
Revision to future ash pond and landfill closure costs |  |  | (113 | ) |  |  | — |
Other adjustments |  |  | (26 | ) |  |  | 19 |
Changes in: |  |  |  |  |  |  |  |
Accounts receivable |  |  | (71 | ) |  |  | (110 | )
Inventories |  |  | (90 | ) |  |  | (29 | )
Deferred fuel and purchased gas costs, net |  |  | 195 |  |  |  | (247 | )
Prepayments |  |  | (225 | ) |  |  | (51 | )
Accounts payable |  |  | (225 | ) |  |  | 67 |
Accrued interest, payroll and taxes |  |  | (78 | ) |  |  | (12 | )
Margin deposits assets and liabilities |  |  | 60 |  |  |  | — |
Net realized and unrealized changes related to derivative activities |  |  | 43 |  |  |  | 181 |
Asset retirement obligations |  |  | 41 |  |  |  | (35 | )
Pension and other postretirement benefits |  |  | (148 | ) |  |  | (114 | )
Other operating assets and liabilities |  |  | (388 | ) |  |  | 109 |
Net cash provided by operating activities |  |  | 5,204 |  |  |  | 4,773 |
Investing Activities |  |  |  |  |  |  |  |
Plant construction and other property additions (including nuclear fuel) |  |  | (4,980 | ) |  |  | (4,254 | )
Cash and restricted cash acquired in the SCANA Combination |  |  | 389 |  |  |  | — |
Acquisition of solar development projects |  |  | (341 | ) |  |  | (151 | )
Proceeds from sales of certain merchant generation facilities and equity method investments |  |  | 447 |  |  |  | 2,379 |
Contributions to equity method affiliates |  |  | (209 | ) |  |  | (428 | )
Distributions from equity method affiliates |  |  | 9 |  |  |  | 36 |
Other |  |  | 63 |  |  |  | 60 |
Net cash used in investing activities |  |  | (4,622 | ) |  |  | (2,358 | )
Financing Activities |  |  |  |  |  |  |  |
Issuance (repayment) of short-term debt, net |  |  | 404 |  |  |  | (2,964 | )
Issuance of short-term notes |  |  | 3,000 |  |  |  | 1,450 |
Repayment and repurchase of short-term notes |  |  | (3,000 | ) |  |  | (1,450 | )
Issuance and remarketing of long-term debt |  |  | 4,374 |  |  |  | 6,362 |
Repayment and repurchase of long-term debt (including redemption premiums) |  |  | (9,116 | ) |  |  | (5,682 | )
Proceeds from sale of interest in Cove Point |  |  | 2,078 |  |  |  | — |
Issuance of common stock |  |  | 2,515 |  |  |  | 2,461 |
Common dividend payments |  |  | (2,983 | ) |  |  | (2,185 | )
Issuance of 2019 Equity Units |  |  | 1,582 |  |  |  | — |
Issuance of Series B preferred stock |  |  | 791 |  |  |  | — |
Other |  |  | (349 | ) |  |  | (201 | )
Net cash used in financing activities |  |  | (704 | ) |  |  | (2,209 | )
Increase (Decrease) in cash, restricted cash and equivalents |  |  | (122 | ) |  |  | 206 |
Cash, restricted cash and equivalents at beginning of period |  |  | 391 |  |  |  | 185 |
Cash, restricted cash and equivalents at end of period |  | $ | 269 |  |  | $ | 391 |

* | The notes contained in Dominion Energy’s most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements.

February 28, 2020 |  | 12

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Segment Earnings Results

Dominion Energy Consolidated Reported and Operating Results1

|  | Three Months Ended |  |  | Year Ended |
Unaudited Summary |  | December 31, |  |  | December 31, |
(millions, except per share amounts) |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Operating Revenue |  | $ | 4,475 |  |  | $ | 3,361 |  |  | $ | 16,572 |  |  | $ | 13,366 |
Operating Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electric fuel and other energy-related purchases |  |  | 655 |  |  |  | 686 |  |  |  | 2,938 |  |  |  | 2,814 |
Purchased electric capacity |  |  | 14 |  |  |  | 35 |  |  |  | 88 |  |  |  | 122 |
Purchased gas |  |  | 426 |  |  |  | 236 |  |  |  | 1,536 |  |  |  | 645 |
Other operations and maintenance 3 |  |  | 1,274 |  |  |  | 896 |  |  |  | 5,801 |  |  |  | 3,481 |
Depreciation, depletion and amortization |  |  | 664 |  |  |  | 513 |  |  |  | 2,655 |  |  |  | 2,000 |
Other taxes |  |  | 221 |  |  |  | 161 |  |  |  | 1,040 |  |  |  | 703 |
Total operating expenses |  |  | 3,254 |  |  |  | 2,527 |  |  |  | 14,058 |  |  |  | 9,765 |
Income from operations |  |  | 1,221 |  |  |  | 834 |  |  |  | 2,514 |  |  |  | 3,601 |
Other income |  |  | 333 |  |  |  | 363 |  |  |  | 986 |  |  |  | 1,021 |
Income including noncontrolling interests before interest and income taxes |  |  | 1,554 |  |  |  | 1,197 |  |  |  | 3,500 |  |  |  | 4,622 |
Interest and related charges |  |  | 401 |  |  |  | 440 |  |  |  | 1,773 |  |  |  | 1,493 |
Income including noncontrolling interests before income taxes |  |  | 1,153 |  |  |  | 757 |  |  |  | 1,727 |  |  |  | 3,129 |
Income taxes |  |  | 143 |  |  |  | 95 |  |  |  | 351 |  |  |  | 580 |
Income including noncontrolling interests |  |  | 1,010 |  |  |  | 662 |  |  |  | 1,376 |  |  |  | 2,549 |
Noncontrolling interests |  |  | 1 |  |  |  | 21 |  |  |  | 18 |  |  |  | 102 |
Reported Earnings |  | $ | 1,009 |  |  | $ | 641 |  |  | $ | 1,358 |  |  | $ | 2,447 |
Reported Earnings Per Share4 |  | $ | 1.21 |  |  | $ | 0.97 |  |  | $ | 1.62 |  |  | $ | 3.74 |
Adjustments to reported earnings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-tax Loss (Income) 2 |  |  | 193 |  |  |  | (50 | ) |  |  | 2,620 |  |  |  | 201 |
Income Tax 2 |  |  | (214 | ) |  |  | 1 |  |  |  | (531 | ) |  |  | 3 |
|  |  | (21 | ) |  |  | (49 | ) |  |  | 2,089 |  |  |  | 204 |
Operating Earnings |  | $ | 988 |  |  | $ | 592 |  |  | $ | 3,447 |  |  | $ | 2,651 |
Operating Earnings Per Share4 |  | $ | 1.18 |  |  | $ | 0.89 |  |  | $ | 4.24 |  |  | $ | 4.05 |
Average shares outstanding, diluted |  |  | 826.3 |  |  |  | 660.9 |  |  |  | 808.9 |  |  |  | 654.9 |
Adjusted EBIT Reconciliation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reported Earnings |  | $ | 1,009 |  |  | $ | 641 |  |  | $ | 1,358 |  |  | $ | 2,447 |
Noncontrolling interest |  |  | 1 |  |  |  | 21 |  |  |  | 18 |  |  |  | 102 |
Income taxes |  |  | 143 |  |  |  | 95 |  |  |  | 351 |  |  |  | 580 |
Interest and related charges |  |  | 401 |  |  |  | 440 |  |  |  | 1,773 |  |  |  | 1,493 |
|  | $ | 1,554 |  |  | $ | 1,197 |  |  | $ | 3,500 |  |  | $ | 4,622 |
Adjustments2 |  |  | 192 |  |  |  | (119 | ) |  |  | 2,609 |  |  |  | 131 |
Adjusted EBIT |  | $ | 1,746 |  |  | $ | 1,078 |  |  | $ | 6,109 |  |  | $ | 4,753 |

1) | Dominion Energy Consolidated Income Statement reflects the impact of segment eliminations and adjustments.

2) | For additional details on adjustments to reporting earnings and to EBIT, see the GAAP Reconciliation schedules on pages 24-32.

3) | Includes impairment of assets and other charges.

4) | The calculation of operating earnings per share excludes the impact, if any, of fair value adjustments related to the Company’s convertible preferred securities entered in June 2019. Such fair value adjustments, if any, are required for the calculation of diluted reported earnings per share. For the three months and twelve months ended December 31, the fair value adjustment required for diluted reported earnings per share calculation was $1 million and $28 million, respectively. The calculation of reported and operating earnings per share includes the impact of preferred dividends of $7 million per quarter associated with the Series A preferred stock equity units entered in June of 2019 and $2 million associated with the Series B preferred stock equity units entered in December of 2019. See Form 10K for additional information.

February 28, 2020 |  | 13

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Dominion Energy Virginia Reported and Operating Results

|  | Three Months Ended |  |  | Year Ended |
Unaudited Summary |  | December 31, |  |  | December 31, |
(millions, except per share amounts) |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Operating Revenue |  | $ | 1,948 |  |  | $ | 1,814 |  |  | $ | 8,157 |  |  | $ | 7,849 |
Operating Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electric fuel and other energy-related purchases |  |  | 487 |  |  |  | 570 |  |  |  | 2,178 |  |  |  | 2,318 |
Purchased (excess) electric capacity |  |  | (5 | ) |  |  | 35 |  |  |  | 40 |  |  |  | 114 |
Purchased gas |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other operations and maintenance |  |  | 440 |  |  |  | 400 |  |  |  | 1,641 |  |  |  | 1,513 |
Depreciation, depletion and amortization |  |  | 305 |  |  |  | 292 |  |  |  | 1,216 |  |  |  | 1,158 |
Other taxes |  |  | 71 |  |  |  | 61 |  |  |  | 323 |  |  |  | 305 |
Total operating expenses |  |  | 1,298 |  |  |  | 1,358 |  |  |  | 5,398 |  |  |  | 5,408 |
Income from operations |  |  | 650 |  |  |  | 456 |  |  |  | 2,759 |  |  |  | 2,441 |
Other income |  |  | 11 |  |  |  | 14 |  |  |  | 39 |  |  |  | 51 |
Income including noncontrolling interests before interest and income taxes |  |  | 661 |  |  |  | 470 |  |  |  | 2,798 |  |  |  | 2,492 |
Interest and related charges |  |  | 118 |  |  |  | 124 |  |  |  | 530 |  |  |  | 516 |
Income including noncontrolling interests before income taxes |  |  | 543 |  |  |  | 346 |  |  |  | 2,268 |  |  |  | 1,976 |
Income taxes |  |  | 140 |  |  |  | 13 |  |  |  | 482 |  |  |  | 380 |
Income including noncontrolling interests |  |  | 403 |  |  |  | 333 |  |  |  | 1,786 |  |  |  | 1,596 |
Noncontrolling interests |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Reported and Operating Earnings Contribution |  | $ | 403 |  |  | $ | 333 |  |  | $ | 1,786 |  |  | $ | 1,596 |
Reported and Operating Earnings Per Share Contribution |  | $ | 0.49 |  |  | $ | 0.50 |  |  | $ | 2.21 |  |  | $ | 2.44 |
Average shares outstanding, diluted |  |  | 826.3 |  |  |  | 660.9 |  |  |  | 808.9 |  |  |  | 654.9 |
Adjusted EBIT Reconciliation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reported Earnings |  | $ | 403 |  |  | $ | 333 |  |  | $ | 1,786 |  |  | $ | 1,596 |
Noncontrolling interest |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Income taxes |  |  | 140 |  |  |  | 13 |  |  |  | 482 |  |  |  | 380 |
Interest and related charges |  |  | 118 |  |  |  | 124 |  |  |  | 530 |  |  |  | 516 |
Adjusted EBIT |  | $ | 661 |  |  | $ | 470 |  |  | $ | 2,798 |  |  | $ | 2,492 |

February 28, 2020 |  | 14

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Gas Transmission & Storage Reported and Operating Results

|  | Three Months Ended |  |  | Year Ended |
Unaudited Summary |  | December 31, |  |  | December 31, |
(millions, except per share amounts) |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Operating Revenue |  | $ | 833 |  |  | $ | 756 |  |  | $ | 3,321 |  |  | $ | 2,590 |
Operating Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electric fuel and other energy-related purchases |  |  | 29 |  |  |  | 48 |  |  |  | 93 |  |  |  | 139 |
Purchased electric capacity |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Purchased gas |  |  | 181 |  |  |  | 107 |  |  |  | 900 |  |  |  | 353 |
Other operations and maintenance |  |  | 43 |  |  |  | 128 |  |  |  | 597 |  |  |  | 580 |
Depreciation, depletion and amortization |  |  | 95 |  |  |  | 95 |  |  |  | 400 |  |  |  | 348 |
Other taxes |  |  | 37 |  |  |  | 33 |  |  |  | 158 |  |  |  | 125 |
Total operating expenses |  |  | 385 |  |  |  | 411 |  |  |  | 2,148 |  |  |  | 1,545 |
Income from operations |  |  | 448 |  |  |  | 345 |  |  |  | 1,173 |  |  |  | 1,045 |
Other income |  |  | 99 |  |  |  | 121 |  |  |  | 439 |  |  |  | 389 |
Income including noncontrolling interests before interest and income taxes |  |  | 547 |  |  |  | 466 |  |  |  | 1,612 |  |  |  | 1,434 |
Interest and related charges |  |  | 65 |  |  |  | 96 |  |  |  | 405 |  |  |  | 262 |
Income including noncontrolling interests before income taxes |  |  | 482 |  |  |  | 370 |  |  |  | 1,207 |  |  |  | 1,172 |
Income taxes |  |  | 117 |  |  |  | 88 |  |  |  | 262 |  |  |  | 236 |
Income including noncontrolling interests |  |  | 365 |  |  |  | 282 |  |  |  | 945 |  |  |  | 936 |
Noncontrolling interests |  |  | 5 |  |  |  | 25 |  |  |  | 11 |  |  |  | 92 |
Reported and Operating Earnings Contribution |  | $ | 360 |  |  | $ | 257 |  |  | $ | 934 |  |  | $ | 844 |
Reported and Operating Earnings Per Share Contribution |  | $ | 0.43 |  |  | $ | 0.39 |  |  | $ | 1.16 |  |  | $ | 1.29 |
Average shares outstanding, diluted |  |  | 826.3 |  |  |  | 660.9 |  |  |  | 808.9 |  |  |  | 654.9 |
Adjusted EBIT Reconciliation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reported Earnings |  | $ | 360 |  |  | $ | 257 |  |  | $ | 934 |  |  | $ | 844 |
Noncontrolling interest |  |  | 5 |  |  |  | 25 |  |  |  | 11 |  |  |  | 92 |
Income taxes |  |  | 117 |  |  |  | 88 |  |  |  | 262 |  |  |  | 236 |
Interest and related charges |  |  | 65 |  |  |  | 96 |  |  |  | 405 |  |  |  | 262 |
Adjusted EBIT |  | $ | 547 |  |  | $ | 466 |  |  | $ | 1,612 |  |  | $ | 1,434 |

February 28, 2020 |  | 15

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Gas Distribution Reported and Operating Results

|  | Three Months Ended |  |  | Year Ended |
Unaudited Summary |  | December 31, |  |  | December 31, |
(millions, except per share amounts) |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Operating Revenue |  | $ | 737 |  |  | $ | 533 |  |  | $ | 2,385 |  |  | $ | 1,785 |
Operating Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electric fuel and other energy-related purchases |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Purchased electric capacity |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Purchased gas |  |  | 233 |  |  |  | 157 |  |  |  | 619 |  |  |  | 401 |
Other operations and maintenance |  |  | 166 |  |  |  | 120 |  |  |  | 618 |  |  |  | 475 |
Depreciation, depletion and amortization |  |  | 82 |  |  |  | 67 |  |  |  | 335 |  |  |  | 263 |
Other taxes |  |  | 39 |  |  |  | 47 |  |  |  | 200 |  |  |  | 190 |
Total operating expenses |  |  | 520 |  |  |  | 391 |  |  |  | 1,772 |  |  |  | 1,329 |
Income from operations |  |  | 217 |  |  |  | 142 |  |  |  | 613 |  |  |  | 456 |
Other income |  |  | 27 |  |  |  | 23 |  |  |  | 105 |  |  |  | 91 |
Income including noncontrolling interests before interest and income taxes |  |  | 244 |  |  |  | 165 |  |  |  | 718 |  |  |  | 547 |
Interest and related charges |  |  | 29 |  |  |  | 20 |  |  |  | 116 |  |  |  | 79 |
Income including noncontrolling interests before income taxes |  |  | 215 |  |  |  | 145 |  |  |  | 602 |  |  |  | 468 |
Income taxes |  |  | 42 |  |  |  | 27 |  |  |  | 114 |  |  |  | 95 |
Income including noncontrolling interests |  |  | 173 |  |  |  | 118 |  |  |  | 488 |  |  |  | 373 |
Noncontrolling interests |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Reported and Operating Earnings Contribution |  | $ | 173 |  |  | $ | 118 |  |  | $ | 488 |  |  | $ | 373 |
Reported and Operating Earnings Per Share Contribution |  | $ | 0.21 |  |  | $ | 0.18 |  |  | $ | 0.60 |  |  | $ | 0.57 |
Average shares outstanding, diluted |  |  | 826.3 |  |  |  | 660.9 |  |  |  | 808.9 |  |  |  | 654.9 |
Adjusted EBIT Reconciliation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reported Earnings |  | $ | 173 |  |  | $ | 118 |  |  | $ | 488 |  |  | $ | 373 |
Noncontrolling interest |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Income taxes |  |  | 42 |  |  |  | 27 |  |  |  | 114 |  |  |  | 95 |
Interest and related charges |  |  | 29 |  |  |  | 20 |  |  |  | 116 |  |  |  | 79 |
Adjusted EBIT |  | $ | 244 |  |  | $ | 165 |  |  | $ | 718 |  |  | $ | 547 |

February 28, 2020 |  | 16

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Dominion Energy South Carolina Reported and Operating Results

|  | Three Months Ended |  |  | Year Ended |
Unaudited Summary |  | December 31, |  |  | December 31, |
(millions, except per share amounts) |  | 2019 |  |  | 2019 |
Operating Revenue |  | $ | 767 |  |  | $ | 2,952 |
Operating Expenses |  |  |  |  |  |  |  |
Electric fuel and other energy-related purchases |  |  | 114 |  |  |  | 619 |
Purchased electric capacity |  |  | 19 |  |  |  | 50 |
Purchased gas |  |  | 55 |  |  |  | 177 |
Other operations and maintenance |  |  | 170 |  |  |  | 595 |
Depreciation, depletion and amortization |  |  | 117 |  |  |  | 452 |
Other taxes |  |  | 53 |  |  |  | 241 |
Total operating expenses |  |  | 528 |  |  |  | 2,134 |
Income from operations |  |  | 239 |  |  |  | 818 |
Other income |  |  | 9 |  |  |  | 17 |
Income including noncontrolling interests before interest and income taxes |  |  | 248 |  |  |  | 835 |
Interest and related charges |  |  | 52 |  |  |  | 242 |
Income including noncontrolling interests before income taxes |  |  | 196 |  |  |  | 593 |
Income taxes |  |  | 98 |  |  |  | 163 |
Income including noncontrolling interests |  |  | 98 |  |  |  | 430 |
Noncontrolling interests |  |  | — |  |  |  | — |
Reported and Operating Earnings Contribution |  | $ | 98 |  |  | $ | 430 |
Reported and Operating Earnings Per Share Contribution |  | $ | 0.12 |  |  | $ | 0.53 |
Average shares outstanding, diluted |  |  | 826.3 |  |  |  | 808.9 |
Adjusted EBIT Reconciliation |  |  |  |  |  |  |  |
Reported Earnings |  | $ | 98 |  |  | $ | 430 |
Noncontrolling interest |  |  | — |  |  |  | — |
Income taxes |  |  | 98 |  |  |  | 163 |
Interest and related charges |  |  | 52 |  |  |  | 242 |
Adjusted EBIT |  | $ | 248 |  |  | $ | 835 |

February 28, 2020 |  | 17

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Contracted Generation Reported and Operating Results

|  | Three Months Ended |  |  | Year Ended |
Unaudited Summary |  | December 31, |  |  | December 31, |
(millions, except per share amounts) |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Operating Revenue |  | $ | 274 |  |  | $ | 303 |  |  | $ | 1,150 |  |  | $ | 1,495 |
Operating Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electric fuel and other energy-related purchases |  |  | 35 |  |  |  | 73 |  |  |  | 138 |  |  |  | 340 |
Purchased electric capacity |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Purchased gas |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other operations and maintenance |  |  | 103 |  |  |  | 157 |  |  |  | 459 |  |  |  | 512 |
Depreciation, depletion and amortization |  |  | 45 |  |  |  | 45 |  |  |  | 179 |  |  |  | 213 |
Other taxes |  |  | 13 |  |  |  | 15 |  |  |  | 53 |  |  |  | 57 |
Total operating expenses |  |  | 196 |  |  |  | 290 |  |  |  | 829 |  |  |  | 1,122 |
Income from operations |  |  | 78 |  |  |  | 13 |  |  |  | 321 |  |  |  | 373 |
Other income |  |  | 19 |  |  |  | 22 |  |  |  | 80 |  |  |  | 81 |
Income including noncontrolling interests before interest and income taxes |  |  | 97 |  |  |  | 35 |  |  |  | 401 |  |  |  | 454 |
Interest and related charges |  |  | 24 |  |  |  | 30 |  |  |  | 98 |  |  |  | 124 |
Income including noncontrolling interests before income taxes |  |  | 73 |  |  |  | 5 |  |  |  | 303 |  |  |  | 330 |
Income taxes |  |  | (37 | ) |  |  | 4 |  |  |  | 20 |  |  |  | 75 |
Income including noncontrolling interests |  |  | 110 |  |  |  | 1 |  |  |  | 283 |  |  |  | 255 |
Noncontrolling interests |  |  | (4 | ) |  |  | (4 | ) |  |  | 7 |  |  |  | 10 |
Reported and Operating Earnings Contribution |  | $ | 114 |  |  | $ | 5 |  |  | $ | 276 |  |  | $ | 245 |
Reported and Operating Earnings Per Share Contribution |  | $ | 0.14 |  |  | $ | 0.01 |  |  | $ | 0.34 |  |  | $ | 0.37 |
Average shares outstanding, diluted |  |  | 826.3 |  |  |  | 660.9 |  |  |  | 808.9 |  |  |  | 654.9 |
Adjusted EBIT Reconciliation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reported Earnings |  | $ | 114 |  |  | $ | 5 |  |  | $ | 276 |  |  | $ | 245 |
Noncontrolling interest |  |  | (4 | ) |  |  | (4 | ) |  |  | 7 |  |  |  | 10 |
Income taxes |  |  | (37 | ) |  |  | 4 |  |  |  | 20 |  |  |  | 75 |
Interest and related charges |  |  | 24 |  |  |  | 30 |  |  |  | 98 |  |  |  | 124 |
Adjusted EBIT |  | $ | 97 |  |  | $ | 35 |  |  | $ | 401 |  |  | $ | 454 |

February 28, 2020 |  | 18

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Corporate & Other Reported and Operating Results

|  | Three Months Ended |  |  | Year Ended |
Unaudited Summary |  | December 31, |  |  | December 31, |
(millions, except per share amounts) |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Operating Revenue |  | $ | 253 |  |  | $ | 173 |  |  | $ | 77 |  |  | $ | 474 |
Operating Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electric fuel and other energy-related purchases |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Purchased electric capacity |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8 |
Purchased gas |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other operations and maintenance 2 |  |  | 634 |  |  |  | 276 |  |  |  | 3,105 |  |  |  | 1,133 |
Depreciation, depletion and amortization |  |  | 20 |  |  |  | 14 |  |  |  | 73 |  |  |  | 18 |
Other taxes |  |  | 9 |  |  |  | 5 |  |  |  | 68 |  |  |  | 29 |
Total operating expenses |  |  | 663 |  |  |  | 295 |  |  |  | 3,246 |  |  |  | 1,188 |
Income (Loss) from operations |  |  | (410 | ) |  |  | (122 | ) |  |  | (3,169 | ) |  |  | (714 | )
Other income |  |  | 233 |  |  |  | 266 |  |  |  | 691 |  |  |  | 681 |
Income (Loss) including noncontrolling interests before interest and income taxes |  |  | (177 | ) |  |  | 144 |  |  |  | (2,478 | ) |  |  | (33 | )
Interest and related charges |  |  | 179 |  |  |  | 253 |  |  |  | 768 |  |  |  | 784 |
Income (Loss) including noncontrolling interests before income taxes |  |  | (356 | ) |  |  | (109 | ) |  |  | (3,246 | ) |  |  | (817 | )
Income taxes |  |  | (217 | ) |  |  | (37 | ) |  |  | (690 | ) |  |  | (206 | )
Income (Loss) including noncontrolling interests |  |  | (139 | ) |  |  | (72 | ) |  |  | (2,556 | ) |  |  | (611 | )
Noncontrolling interests |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Reported Earnings (Loss) Contribution |  | $ | (139 | ) |  | $ | (72 | ) |  | $ | (2,556 | ) |  | $ | (611 | )
Reported Earnings (Loss) Per Share Contribution3 |  | $ | (0.18 | ) |  | $ | (0.11 | ) |  | $ | (3.22 | ) |  | $ | (0.93 | )
Adjustments to reported earnings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-tax Loss (Income) 1 |  |  | 193 |  |  |  | (50 | ) |  |  | 2,620 |  |  |  | 201 |
Income Tax 1 |  |  | (214 | ) |  |  | 1 |  |  |  | (531 | ) |  |  | 3 |
|  |  | (21 | ) |  |  | (49 | ) |  |  | 2,089 |  |  |  | 204 |
Operating Earnings (Loss) Contribution |  | $ | (160 | ) |  | $ | (121 | ) |  | $ | (467 | ) |  | $ | (407 | )
Operating Earnings (Loss) Per Share Contribution3 |  | $ | (0.21 | ) |  | $ | (0.19 | ) |  | $ | (0.60 | ) |  | $ | (0.62 | )
Average shares outstanding, diluted |  |  | 826.3 |  |  |  | 660.9 |  |  |  | 808.9 |  |  |  | 654.9 |
Adjusted EBIT Reconciliation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reported Earnings (Loss) |  | $ | (139 | ) |  | $ | (72 | ) |  | $ | (2,556 | ) |  | $ | (611 | )
Noncontrolling interest |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Income taxes |  |  | (217 | ) |  |  | (37 | ) |  |  | (690 | ) |  |  | (206 | )
Interest and related charges |  |  | 179 |  |  |  | 253 |  |  |  | 768 |  |  |  | 784 |
|  | $ | (177 | ) |  | $ | 144 |  |  | $ | (2,478 | ) |  | $ | (33 | )
Adjustments1 |  |  | 192 |  |  |  | (119 | ) |  |  | 2,609 |  |  |  | 131 |
Adjusted EBIT |  | $ | 15 |  |  | $ | 25 |  |  | $ | 131 |  |  | $ | 98 |

1) | For additional details on adjustments to reporting earnings and to EBIT see the GAAP Reconciliation schedules on pages 24-32.

2) | Includes impairment of assets and other charges.

3) | The calculation of operating earnings per share excludes the impact, if any, of fair value adjustments related to the Company’s convertible preferred securities entered in June 2019. Such fair value adjustments, if any, are required for the calculation of diluted reported earnings per share For the three months and twelve months ended December 31, the fair value adjustment required for diluted reported earnings per share calculation was $1 million and $28 million, respectively. The calculation of reported and operating earnings per share includes the impact of preferred dividends of $7 million per quarter associated with the Series A preferred stock equity units entered in June of 2019 and $2 million associated with the Series B preferred stock equity units entered in December of 2019. See Form 10K for additional information.

February 28, 2020 |  | 19

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Reconciliation of Operating Earnings Guidance

2019 Operating Earnings Summary

(millions, except per share amounts)

|  | 2018 Actual |  |  | Range of FY19 |  |  | 2019 Actual |
Description |  | Low |  |  | High |
Dominion Energy Virginia |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Adjusted EBIT |  | $ | 2,492 |  |  |  | — |  |  |  | — |  |  | $ | 2,798 |
Operating earnings |  | $ | 1,596 |  |  |  | — |  |  |  | — |  |  | $ | 1,786 |
Operating EPS |  | $ | 2.44 |  |  |  | — |  |  |  | — |  |  | $ | 2.21 |
Gas Transmission & Storage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Adjusted EBIT |  | $ | 1,434 |  |  |  | — |  |  |  | — |  |  | $ | 1,612 |
Operating earnings |  | $ | 844 |  |  |  | — |  |  |  | — |  |  | $ | 934 |
Operating EPS |  | $ | 1.29 |  |  |  | — |  |  |  | — |  |  | $ | 1.16 |
Gas Distribution |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Adjusted EBIT |  | $ | 547 |  |  |  | — |  |  |  | — |  |  | $ | 718 |
Operating earnings |  | $ | 373 |  |  |  | — |  |  |  | — |  |  | $ | 488 |
Operating EPS |  | $ | 0.57 |  |  |  | — |  |  |  | — |  |  | $ | 0.60 |
Dominion Energy South Carolina |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Adjusted EBIT |  | $ | 0 |  |  |  | — |  |  |  | — |  |  | $ | 835 |
Operating earnings |  | $ | 0 |  |  |  | — |  |  |  | — |  |  | $ | 430 |
Operating EPS |  | $ | 0.00 |  |  |  | — |  |  |  | — |  |  | $ | 0.53 |
Contracted Generation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Adjusted EBIT |  | $ | 454 |  |  |  | — |  |  |  | — |  |  | $ | 401 |
Operating earnings |  | $ | 245 |  |  |  | — |  |  |  | — |  |  | $ | 276 |
Operating EPS |  | $ | 0.37 |  |  |  | — |  |  |  | — |  |  | $ | 0.34 |
Corporate and Other & Eliminations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Adjusted EBIT |  | ($ | 174 | ) |  |  | — |  |  |  | — |  |  | ($ | 255 | )
Operating earnings |  | ($ | 407 | ) |  |  | — |  |  |  | — |  |  | ($ | 467 | )
Operating EPS |  | ($ | 0.62 | ) |  |  | — |  |  |  | — |  |  | ($ | 0.60 | )
Dominion Energy Consolidated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total adjusted EBIT |  | $ | 4,753 |  |  | $ | 5,780 |  |  | $ | 6,105 |  |  | $ | 6,109 |
Consolidated interest |  |  | 1,423 |  |  |  | 1,835 |  |  |  | 1,815 |  |  |  | 1,762 |
Consolidated income taxes |  |  | 577 |  |  |  | 690 |  |  |  | 725 |  |  |  | 882 |
Noncontrolling interests |  |  | 102 |  |  |  | 15 |  |  |  | 20 |  |  |  | 18 |
Operating earnings |  | $ | 2,651 |  |  | $ | 3,240 |  |  | $ | 3,545 |  |  | $ | 3,447 |
Operating EPS |  | $ | 4.05 |  |  | $ | 4.01 |  |  | $ | 4.39 |  |  | $ | 4.24 |
Average Diluted Shares |  |  | 654.9 |  |  |  | 809.0 |  |  |  | 807.0 |  |  |  | 808.9 |
2019 Operating EPS Guidance Range |  |  |  |  |  | $ | 4.05 |  |  | $ | 4.40 |  |  |  |  |
2019 Operating EPS Actual >>> |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4.24 |

Notes:

Figures may not sum due to rounding

For additional detail on items excluded from operating earnings see the GAAP Reconciliation schedules on pages 28 and 29

For additional detail on Adjusted EBIT see Segment Results on pages 13 - 19

Adjusted EBIT is defined as Reported Earnings excluding any adjustments to Reported Earnings (Operating Earnings)

before interest and related charges, income taxes and noncontrolling interests

February 28, 2020 |  | 20

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

4Q19 Operating Earnings Summary |  |  |  |  |  |  |  |  |  |  |  |
(millions, except per share amounts) |  |  |  |  |  |  |  |  |  |  |  |
|  | 4Q18 |  |  | Range of 4Q19 |  |  | 4Q19 |
Description |  | Actual |  |  | Low |  |  | High |  |  | Actual |
Dominion Energy Consolidated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total adjusted EBIT |  | $ | 1,078 |  |  | $ | 1,500 |  |  | $ | 1,650 |  |  | $ | 1,746 |
Consolidated interest |  |  | 371 |  |  |  | 430 |  |  |  | 420 |  |  |  | 400 |
Consolidated income taxes |  |  | 94 |  |  |  | 145 |  |  |  | 175 |  |  |  | 357 |
Noncontrolling interests |  |  | 21 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1 |
Operating earnings |  | $ | 592 |  |  | $ | 925 |  |  | $ | 1,055 |  |  | $ | 988 |
Operating EPS |  | $ | 0.89 |  |  | $ | 1.10 |  |  | $ | 1.26 |  |  | $ | 1.18 |
Average Diluted Shares |  |  | 660.9 |  |  |  | 832 |  |  |  | 830 |  |  |  | 826.3 |
4Q19 Operating EPS Guidance Range |  |  |  |  |  | $ | 1.10 |  |  | $ | 1.25 |  |  |  |  |
4Q19 Operating EPS Actual >>> |  |  |  |  |  | $ | 1.18 |

Notes:

Figures may not sum due to rounding

For additional detail on items excluded from operating earnings see the GAAP Reconciliation schedules on pages 30 and 31

Adjusted EBIT is defined as Reported Earnings excluding any adjustments to Reported Earnings (Operating Earnings)

before interest and related charges, income taxes and noncontrolling interests

February 28, 2020 |  | 21

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

2020 Earnings Guidance and Accompanying Schedules

Earnings Guidance

2020 Operating Earnings Forecast |  |  |  |  |  |  |  |  |
(millions, except per share amounts) |  |  |  |  |  |  |  |  |
|  | 2019 |  |  | Range of FY2020 |
Description |  | Actual |  |  | Low |  |  | High |
Dominion Energy Virginia |  |  |  |  |  |  |  |  |  |  |  |
Adjusted EBIT |  | $ | 2,798 |  |  | $ | 2,830 |  |  | $ | 3,010 |
Operating earnings |  | $ | 1,786 |  |  | $ | 1,870 |  |  | $ | 2,010 |
Operating EPS |  | $ | 2.21 |  |  | $ | 2.22 |  |  | $ | 2.40 |
Gas Transmission & Storage |  |  |  |  |  |  |  |  |  |  |  |
Adjusted EBIT |  | $ | 1,612 |  |  | $ | 1,535 |  |  | $ | 1,615 |
Operating earnings |  | $ | 934 |  |  | $ | 940 |  |  | $ | 1,015 |
Operating EPS |  | $ | 1.16 |  |  | $ | 1.12 |  |  | $ | 1.21 |
Gas Distribution |  |  |  |  |  |  |  |  |  |  |  |
Adjusted EBIT |  | $ | 718 |  |  | $ | 755 |  |  | $ | 795 |
Operating earnings |  | $ | 488 |  |  | $ | 535 |  |  | $ | 565 |
Operating EPS |  | $ | 0.60 |  |  | $ | 0.64 |  |  | $ | 0.67 |
Dominion Energy South Carolina |  |  |  |  |  |  |  |  |  |  |  |
Adjusted EBIT |  | $ | 835 |  |  | $ | 785 |  |  | $ | 825 |
Operating earnings |  | $ | 430 |  |  | $ | 460 |  |  | $ | 490 |
Operating EPS |  | $ | 0.53 |  |  | $ | 0.55 |  |  | $ | 0.58 |
Contracted Generation |  |  |  |  |  |  |  |  |  |  |  |
Adjusted EBIT |  | $ | 401 |  |  | $ | 290 |  |  | $ | 315 |
Operating earnings |  | $ | 276 |  |  | $ | 205 |  |  | $ | 235 |
Operating EPS |  | $ | 0.34 |  |  | $ | 0.24 |  |  | $ | 0.28 |
Corporate and Other & Eliminations |  |  |  |  |  |  |  |  |  |  |  |
Adjusted EBIT |  | ($ | 255 | ) |  | ($ | 80 | ) |  | ($ | 112 | )
Operating earnings |  | ($ | 467 | ) |  | ($ | 370 | ) |  | ($ | 387 | )
Operating EPS |  | ($ | 0.60 | ) |  | ($ | 0.52 | ) |  | ($ | 0.54 | )
Dominion Energy Consolidated |  |  |  |  |  |  |  |  |  |  |  |
Total adjusted EBIT |  | $ | 6,109 |  |  | $ | 6,115 |  |  | $ | 6,448 |
Consolidated interest |  |  | 1,762 |  |  |  | 1,630 |  |  |  | 1,550 |
Consolidated income taxes |  |  | 882 |  |  |  | 705 |  |  |  | 830 |
Noncontrolling interests |  |  | 18 |  |  |  | 140 |  |  |  | 140 |
Operating earnings |  | $ | 3,447 |  |  | $ | 3,640 |  |  | $ | 3,928 |
Operating EPS |  | $ | 4.24 |  |  | $ | 4.25 |  |  | $ | 4.60 |
Average Diluted Shares |  |  | 808.9 |  |  |  | 841.0 |  |  |  | 839.0 |
2020 Operating EPS Guidance Range |  |  |  |  |  | $ | 4.25 |  |  | $ | 4.60 |

Notes:

Figures may not sum due to rounding

For additional detail on items excluded from operating earnings see the GAAP Reconciliation schedule on page 28 and 33

Corporate and Other & Eliminations Operating EPS guidance includes the impact of preferred dividends

Guidance assumes consolidated federal and state effective income tax rate of 15.5%—17.5%

February 28, 2020 |  | 22

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

1Q20 Operating Earnings Forecast |  |  |  |  |  |  |  |  |
(millions, except per share amounts) |  |  |  |  |  |  |  |  |
|  | 1Q19 |  |  | Range of 1Q20 |
Description |  | Actual |  |  | Low |  |  | High |
Dominion Energy Consolidated |  |  |  |  |  |  |  |  |  |  |  |
Total adjusted EBIT |  | $ | 1,536 |  |  | $ | 1,535 |  |  | $ | 1,715 |
Consolidated interest |  |  | 459 |  |  |  | 410 |  |  |  | 390 |
Consolidated income taxes |  |  | 201 |  |  |  | 210 |  |  |  | 250 |
Noncontrolling interests |  |  | 3 |  |  |  | 30 |  |  |  | 30 |
Operating earnings |  | $ | 873 |  |  | $ | 885 |  |  | $ | 1,045 |
Operating EPS |  | $ | 1.10 |  |  | $ | 1.03 |  |  | $ | 1.23 |
Average Diluted Shares |  |  | 793.1 |  |  |  | 840.0 |  |  |  | 838.0 |
1Q20 Operating EPS Guidance Range |  |  |  |  |  | $ | 1.05 |  |  | $ | 1.25 |

Notes:

Figures may not sum due to rounding

For additional detail on items excluded from operating earnings see the GAAP Reconciliation schedule on page 32 and 33

Operating EPS guidance includes the impact of preferred dividends

February 28, 2020 |  | 23

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

GAAP Reconciliation

Reconciliation of 2019 Consolidated Reported Earnings to Operating Earnings

|  | Unaudited Income Statements |  |  |  |  |  |  |  |  |  |
|  | (millions, except per share amounts) |  |  |  |  |  |  |  |  |  |
|  | Three Months Ended |  |  | Year Ended |
|  | December 31, 2019 |  |  | December 31, 2019 |
|  | GAAP |  |  | Adjustments |  |  | Operating |  |  | GAAP |  |  | Adjustments |  |  | Operating |
Operating Revenue |  | $ | 4,475 |  |  | $ | 14 | (e) |  | $ | 4,489 |  |  | $ | 16,572 |  |  | $ | 1,088 | (a),(e) |  | $ | 17,660 |
Operating Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electric fuel and other energy-related purchases |  |  | 655 |  |  |  | — |  |  |  | 655 |  |  |  | 2,938 |  |  |  | — |  |  |  | 2,938 |
Purchased electric capacity |  |  | 14 |  |  |  | — |  |  |  | 14 |  |  |  | 88 |  |  |  | — |  |  |  | 88 |
Purchased gas |  |  | 426 |  |  |  | — |  |  |  | 426 |  |  |  | 1,536 |  |  |  | — |  |  |  | 1,536 |
Other operations and maintenance |  |  | 1,274 |  |  |  | (366 | )(a),(b),(e) |  |  | 908 |  |  |  | 5,801 |  |  |  | (1,948 | )(a),(b),(c),(e) |  |  | 3,853 |
Depreciation, depletion and amortization |  |  | 664 |  |  |  | (1 | )(b) |  |  | 663 |  |  |  | 2,655 |  |  |  | — | (b),(e) |  |  | 2,655 |
Other taxes |  |  | 221 |  |  |  | — |  |  |  | 221 |  |  |  | 1,040 |  |  |  | (15 | )(a) |  |  | 1,025 |
Total operating expenses |  |  | 3,254 |  |  |  | (367 | ) |  |  | 2,887 |  |  |  | 14,058 |  |  |  | (1,963 | ) |  |  | 12,095 |
Income from operations |  |  | 1,221 |  |  |  | 381 |  |  |  | 1,602 |  |  |  | 2,514 |  |  |  | 3,051 |  |  |  | 5,565 |
Other income (loss) |  |  | 333 |  |  |  | (189 | )(d) |  |  | 144 |  |  |  | 986 |  |  |  | (442 | )(a),(b),(d) |  |  | 544 |
Income including noncontrolling interests before interest and income taxes |  |  | 1,554 |  |  |  | 192 |  |  |  | 1,746 |  |  |  | 3,500 |  |  |  | 2,609 |  |  |  | 6,109 |
Interest and related charges |  |  | 401 |  |  |  | (1 | )(a) |  |  | 400 |  |  |  | 1,773 |  |  |  | (11 | )(a),(b) |  |  | 1,762 |
Income including noncontrolling interests before income taxes |  |  | 1,153 |  |  |  | 193 |  |  |  | 1,346 |  |  |  | 1,727 |  |  |  | 2,620 |  |  |  | 4,347 |
Income taxes |  |  | 143 |  |  |  | 214 | (f) |  |  | 357 |  |  |  | 351 |  |  |  | 531 | (f),(g) |  |  | 882 |
Income including noncontrolling interests |  |  | 1,010 |  |  |  | (21 | ) |  |  | 989 |  |  |  | 1,376 |  |  |  | 2,089 |  |  |  | 3,465 |
Noncontrolling interests |  |  | 1 |  |  |  | — |  |  |  | 1 |  |  |  | 18 |  |  |  | — |  |  |  | 18 |
Earnings |  | $ | 1,009 |  |  | $ | (21 | ) |  | $ | 988 |  |  | $ | 1,358 |  |  | $ | 2,089 |  |  | $ | 3,447 |
Earnings Per Share - Diluted |  | $ | 1.21 |  |  | $ | (0.03 | ) |  | $ | 1.18 |  |  | $ | 1.62 |  |  | $ | 2.62 |  |  | $ | 4.24 |
Average shares outstanding, diluted |  |  | 826.3 |  |  |  |  |  |  |  | 826.3 |  |  |  | 808.9 |  |  |  |  |  |  |  | 808.9 |

Adjustments to Reported Earnings

(a) | Merger and integration-related costs.

(b) | Charges associated with regulated asset and contract retirements/terminations.

(c) | Revision to ash pond and landfill closure costs at certain Virginia utility power stations.

(d) | Net gain/loss on our investment in nuclear decommissioning trust funds.

(e) | Other miscellaneous items.

(f) | Income tax provisions associated with adjustments to reported earnings.

(g) | Deferred tax adjustments associated with the SCANA Combination.

February 28, 2020 |  | 24

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Reconciliation of 2018 Consolidated Reported Earnings to Operating Earnings

|  | Unaudited Income Statements |  |  |  |  |  |  |  |  |  |
|  | (millions, except per share amounts) |  |  |  |  |  |  |  |  |  |
|  | Three Months Ended |  |  | Year Ended |
|  | December 31, 2018 |  |  | December 31, 2018 |
|  | GAAP |  |  | Adjustments |  |  | Operating |  |  | GAAP |  |  | Adjustments |  |  | Operating |
Operating Revenue |  | $ | 3,361 |  |  | $ | — |  |  | $ | 3,361 |  |  | $ | 13,366 |  |  | $ | 218 | (a),(j) |  | $ | 13,584 |
Operating Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electric fuel and other energy-related purchases |  |  | 686 |  |  |  | — |  |  |  | 686 |  |  |  | 2,814 |  |  |  | — |  |  |  | 2,814 |
Purchased electric capacity |  |  | 35 |  |  |  | — |  |  |  | 35 |  |  |  | 122 |  |  |  | (8 | ) (h) |  |  | 114 |
Purchased gas |  |  | 236 |  |  |  | — |  |  |  | 236 |  |  |  | 645 |  |  |  | — |  |  |  | 645 |
Other operations and maintenance |  |  | 896 |  |  |  | (93 | ) (b),(c),(j),(m) |  |  | 803 |  |  |  | 3,481 |  |  |  | (403 | ) (b),(c),(e),(f),(h),(j),(m) |  |  | 3,078 |
Depreciation, depletion and amortization |  |  | 513 |  |  |  | (2 | ) (c) |  |  | 511 |  |  |  | 2,000 |  |  |  | 35 | (c),(f),(g) |  |  | 2,035 |
Other taxes |  |  | 161 |  |  |  | — |  |  |  | 161 |  |  |  | 703 |  |  |  | — |  |  |  | 703 |
Total operating expenses |  |  | 2,527 |  |  |  | (95 | ) |  |  | 2,432 |  |  |  | 9,765 |  |  |  | (376 | ) |  |  | 9,389 |
Income from operations |  |  | 834 |  |  |  | 95 |  |  |  | 929 |  |  |  | 3,601 |  |  |  | 594 |  |  |  | 4,195 |
Other income (loss) |  |  | 363 |  |  |  | (214 | ) (d),(h),(j) |  |  | 149 |  |  |  | 1,021 |  |  |  | (463 | ) (d),(f),(h),(j) |  |  | 558 |
Income including noncontrolling interests before interest and income taxes |  |  | 1,197 |  |  |  | (119 | ) |  |  | 1,078 |  |  |  | 4,622 |  |  |  | 131 |  |  |  | 4,753 |
Interest and related charges |  |  | 440 |  |  |  | (69 | ) (j) |  |  | 371 |  |  |  | 1,493 |  |  |  | (70 | ) (f),(j) |  |  | 1,423 |
Income including noncontrolling interests before income taxes |  |  | 757 |  |  |  | (50 | ) |  |  | 707 |  |  |  | 3,129 |  |  |  | 201 |  |  |  | 3,330 |
Income taxes |  |  | 95 |  |  |  | (1 | ) (i),(k),(l) |  |  | 94 |  |  |  | 580 |  |  |  | (3 | ) (i),(k),(l) |  |  | 577 |
Income including noncontrolling interests |  |  | 662 |  |  |  | (49 | ) |  |  | 613 |  |  |  | 2,549 |  |  |  | 204 |  |  |  | 2,753 |
Noncontrolling interests |  |  | 21 |  |  |  | — |  |  |  | 21 |  |  |  | 102 |  |  |  | — |  |  |  | 102 |
Earnings |  | $ | 641 |  |  | $ | (49 | ) |  | $ | 592 |  |  | $ | 2,447 |  |  | $ | 204 |  |  | $ | 2,651 |
Earnings Per Share - Diluted |  | $ | 0.97 |  |  | $ | (0.08 | ) |  | $ | 0.89 |  |  | $ | 3.74 |  |  | $ | 0.31 |  |  | $ | 4.05 |
Average shares outstanding, diluted |  |  | 660.9 |  |  |  |  |  |  |  | 660.9 |  |  |  | 654.9 |  |  |  |  |  |  |  | 654.9 |

Adjustments to Reported Earnings

(a) | Reserve for utility customers’ one-time rate credits associated with Virginia legislation.

(b) | Restoration costs associated with major storms.

(c) | Merger-related transaction and transition costs.

(d) | Net gain/loss on our investment in nuclear decommissioning trust funds.

(e) | Ash pond and landfill closure costs at certain utility power stations.

(f) | Charge associated with FERC-regulated plant disallowance.

(g) | Virginia depreciation revision.

(h) | Other miscellaneous items.

(i) | Income tax provisions associated with adjustments to reported earnings.

(j) | Transactions related to sale of non-core assets.

(k) | Remeasurement of deferred tax balances.

(l) | Tax valuation allowance.

(m) | Impairment charge associated with gathering and processing assets.

February 28, 2020 |  | 25

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Reconciliation of 2019 Corporate and Other Reported Earnings to Operating Earnings

|  | Unaudited Income Statements |  |  |  |  |  |  |  |  |  |
|  | (millions, except per share amounts) |  |  |  |  |  |  |  |  |  |
|  | Three Months Ended |  |  | Year Ended |
|  | December 31, 2019 |  |  | December 31, 2019 |
|  | GAAP |  |  | Adjustments |  |  | Operating |  |  | GAAP |  |  | Adjustments |  |  | Operating |
Operating Revenue |  | $ | 253 |  |  | $ | 14 | (e) |  | $ | 267 |  |  | $ | 77 |  |  | $ | 1,088 | (a),(e) |  | $ | 1,165 |
Operating Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electric fuel and other energy-related purchases |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Purchased electric capacity |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Purchased gas |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other operations and maintenance |  |  | 634 |  |  |  | (366 | ) (a),(b),(e) |  |  | 268 |  |  |  | 3,105 |  |  |  | (1,948 | ) (a),(b),(c),(e) |  |  | 1,157 |
Depreciation, depletion and amortization |  |  | 20 |  |  |  | (1 | ) (b) |  |  | 19 |  |  |  | 73 |  |  |  | — | (b),(e) |  |  | 73 |
Other taxes |  |  | 9 |  |  |  | — |  |  |  | 9 |  |  |  | 68 |  |  |  | (15 | ) (a) |  |  | 53 |
Total operating expenses |  |  | 663 |  |  |  | (367 | ) |  |  | 296 |  |  |  | 3,246 |  |  |  | (1,963 | ) |  |  | 1,283 |
Income from operations |  |  | (410 | ) |  |  | 381 |  |  |  | (29 | ) |  |  | (3,169 | ) |  |  | 3,051 |  |  |  | (118 | )
Other income (loss) |  |  | 233 |  |  |  | (189 | ) (d) |  |  | 44 |  |  |  | 691 |  |  |  | (442 | ) (a),(b),(d) |  |  | 249 |
Income including noncontrolling interests before interest and income taxes |  |  | (177 | ) |  |  | 192 |  |  |  | 15 |  |  |  | (2,478 | ) |  |  | 2,609 |  |  |  | 131 |
Interest and related charges |  |  | 179 |  |  |  | (1 | ) (a) |  |  | 178 |  |  |  | 768 |  |  |  | (11 | ) (a),(b) |  |  | 757 |
Income including noncontrolling interests before income taxes |  |  | (356 | ) |  |  | 193 |  |  |  | (163 | ) |  |  | (3,246 | ) |  |  | 2,620 |  |  |  | (626 | )
Income taxes |  |  | (217 | ) |  |  | 214 | (f) |  |  | (3 | ) |  |  | (690 | ) |  |  | 531 | (f),(g) |  |  | (159 | )
Income including noncontrolling interests |  |  | (139 | ) |  |  | (21 | ) |  |  | (160 | ) |  |  | (2,556 | ) |  |  | 2,089 |  |  |  | (467 | )
Noncontrolling interests |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Earnings |  | $ | (139 | ) |  | $ | (21 | ) |  | $ | (160 | ) |  | $ | (2,556 | ) |  | $ | 2,089 |  |  | $ | (467 | )
Earnings Per Share - Diluted |  | $ | (0.18 | ) |  | $ | (0.03 | ) |  | $ | (0.21 | ) |  | $ | (3.22 | ) |  | $ | 2.62 |  |  | $ | (0.60 | )
Average shares outstanding, diluted |  |  | 826.3 |  |  |  |  |  |  |  | 826.3 |  |  |  | 808.9 |  |  |  |  |  |  |  | 808.9 |

Adjustments to Reported Earnings

(a) | Merger and integration-related costs.

(b) | Charges associated with regulated asset and contract retirements/terminations.

(c) | Revision to ash pond and landfill closure costs at certain Virginia utility power stations.

(d) | Net gain/loss on our investment in nuclear decommissioning trust funds.

(e) | Other miscellaneous items.

(f) | Income tax provisions associated with adjustments to reported earnings.

(g) | Deferred tax adjustments associated with the SCANA Combination.

February 28, 2020 |  | 26

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Reconciliation of 2018 Corporate and Other Reported Earnings to Operating Earnings

|  | Unaudited Income Statements |  |  |  |  |  |  |  |  |  |
|  | (millions, except per share amounts) |  |  |  |  |  |  |  |  |  |
|  | Three Months Ended |  |  | Year Ended |
|  | December 31, 2018 |  |  | December 31, 2018 |
|  | GAAP |  |  | Adjustments |  |  | Operating |  |  | GAAP |  |  | Adjustments |  |  | Operating |
Operating Revenue |  | $ | 173 |  |  | $ | — |  |  | $ | 173 |  |  | $ | 474 |  |  | $ | 218 | (a),(j) |  | $ | 692 |
Operating Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electric fuel and other energy-related purchases |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Purchased electric capacity |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8 |  |  |  | (8 | ) (h) |  |  | — |
Purchased gas |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other operations and maintenance |  |  | 276 |  |  |  | (93 | ) (b),(c),(j),(m) |  |  | 183 |  |  |  | 1,133 |  |  |  | (403 | ) (b),(c),(e),(f),(h),(j),(m) |  |  | 730 |
Depreciation, depletion and amortization |  |  | 14 |  |  |  | (2 | ) (c) |  |  | 12 |  |  |  | 18 |  |  |  | 35 | (c),(f),(g) |  |  | 53 |
Other taxes |  |  | 5 |  |  |  | — |  |  |  | 5 |  |  |  | 29 |  |  |  | — |  |  |  | 29 |
Total operating expenses |  |  | 295 |  |  |  | (95 | ) |  |  | 200 |  |  |  | 1,188 |  |  |  | (376 | ) |  |  | 812 |
Income from operations |  |  | (122 | ) |  |  | 95 |  |  |  | (27 | ) |  |  | (714 | ) |  |  | 594 |  |  |  | (120 | )
Other income (loss) |  |  | 266 |  |  |  | (214 | ) (d),(h),(j) |  |  | 52 |  |  |  | 681 |  |  |  | (463 | ) (d),(f),(h),(j) |  |  | 218 |
Income including noncontrolling interests before interest and income taxes |  |  | 144 |  |  |  | (119 | ) |  |  | 25 |  |  |  | (33 | ) |  |  | 131 |  |  |  | 98 |
Interest and related charges |  |  | 253 |  |  |  | (69 | ) (j) |  |  | 184 |  |  |  | 784 |  |  |  | (70 | ) (f),(j) |  |  | 714 |
Income including noncontrolling interests before income taxes |  |  | (109) |  |  |  | (50 | ) |  |  | (159 | ) |  |  | (817 | ) |  |  | 201 |  |  |  | (616 | )
Income taxes |  |  | (37) |  |  |  | (1 | ) (i),(k),(l) |  |  | (38 | ) |  |  | (206 | ) |  |  | (3 | ) (i),(k),(l) |  |  | (209 | )
Income including noncontrolling interests |  |  | (72 | ) |  |  | (49 | ) |  |  | (121) |  |  |  | (611 | ) |  |  | 204 |  |  |  | (407 | )
Noncontrolling interests |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Earnings |  | $ | (72 | ) |  | $ | (49 | ) |  | $ | (121 | ) |  | $ | (611 | ) |  | $ | 204 |  |  | $ | (407 | )
Earnings Per Share - Diluted |  | $ | (0.11 | ) |  | $ | (0.08 | ) |  | $ | (0.19 | ) |  | $ | (0.93 | ) |  | $ | 0.31 |  |  | $ | (0.62 | )
Average shares outstanding, diluted |  |  | 660.9 |  |  |  |  |  |  |  | 660.9 |  |  |  | 654.9 |  |  |  |  |  |  |  | 654.9 |

Adjustments to Reported Earnings

(a) | Reserve for utility customers’ one-time rate credits associated with Virginia legislation.

(b) | Restoration costs associated with major storms.

(c) | Merger-related transaction and transition costs.

(d) | Net gain/loss on our investment in nuclear decommissioning trust funds.

(e) | Ash pond and landfill closure costs at certain utility power stations.

(f) | Charge associated with FERC-regulated plant disallowance.

(g) | Virginia depreciation revision.

(h) | Other miscellaneous items.

(i) | Income tax provisions associated with adjustments to reported earnings.

(j) | Transactions related to sale of non-core assets.

(k) | Remeasurement of deferred tax balances.

(l) | Tax valuation allowance.

(m) | Impairment charge associated with gathering and processing assets.

February 28, 2020 |  | 27

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Reconciliation of 2019 Reported Earnings to 2019 Operating Earnings

Unaudited, Operating Segments

(millions, except per share amounts)

Description |  | 2019 Reported |  |  | Adjustments |  |  | 2019 Operating |
Dominion Energy Virginia Adjusted EBIT |  | $ | 2,798 |  |  |  |  |  |  | $ | 2,798 |
Gas Transmission & Storage Adjusted EBIT |  |  | 1,612 |  |  |  |  |  |  |  | 1,612 |
Gas Distribution Adjusted EBIT |  |  | 718 |  |  |  |  |  |  |  | 718 |
Dominion Energy South Carolina Adjusted EBIT |  |  | 835 |  |  |  |  |  |  |  | 835 |
Contracted Generation Adjusted EBIT |  |  | 401 |  |  |  |  |  |  |  | 401 |
Corporate and Other & Eliminations Adjusted EBIT |  |  | (2,864 | ) |  |  | 2,609 | (a), (b), (c), (d), (e) |  |  | (255 | )
Total Adjusted EBIT |  | $ | 3,500 |  |  | $ | 2,609 |  |  | $ | 6,109 |
Consolidated Interest |  |  | 1,773 |  |  |  | (11 | ) (a), (b) |  |  | 1,762 |
Consolidated Income Taxes |  |  | 351 |  |  |  | 531 | (f), (g) |  |  | 882 |
Noncontrolling Interests |  |  | 18 |  |  |  | 0 |  |  |  | 18 |
Earnings |  | $ | 1,358 |  |  | $ | 2,089 |  |  | $ | 3,447 |
Average Diluted Shares Outstanding |  |  | 808.9 |  |  |  | 808.9 |  |  |  | 808.9 |
Reported EPS |  | $ | 1.62 |  |  |  | — |  |  |  | — |
Adjustments to reported earnings |  |  | — |  |  | $ | 2.62 |  |  |  | — |
Operating EPS |  |  | — |  |  |  | — |  |  | $ | 4.24 |

Adjustments to Reported Earnings

(a) | Merger and integration-related costs.

(b) | Charges associated with regulated asset and contract retirements/terminations.

(c) | Revision to ash pond and landfill closure costs at certain Virginia utility power stations.

(d) | Net gain/loss on our investment in nuclear decommissioning trust funds.

(e) | Other miscellaneous items.

(f) | Income tax provisions associated with adjustments to reported earnings.

(g) | Deferred tax adjustments associated with the SCANA Combination.

February 28, 2020 |  | 28

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Reconciliation of 2018 Reported Earnings to 2018 Operating Earnings

Unaudited, Operating Segments

(millions, except per share amounts)

Description |  | 2018 Reported |  |  | Adjustments |  |  | 2018 Operating |
Dominion Energy Virginia Adjusted EBIT |  |  | 2,492 |  |  |  |  |  |  |  | 2,492 |
Gas Transmission & Storage Adjusted EBIT |  |  | 1,434 |  |  |  |  |  |  |  | 1,434 |
Gas Distribution Adjusted EBIT |  |  | 547 |  |  |  |  |  |  |  | 547 |
Contracted Generation Adjusted EBIT |  |  | 454 |  |  |  |  |  |  |  | 454 |
Corporate and Other & Eliminations Adjusted EBIT |  |  | (305 | ) |  |  | 131 | (a), (b), (c), (d), (e), (f), (g), (h), (i), (j) |  |  | (174 | )
Total Adjusted EBIT |  | $ | 4,622 |  |  | $ | 131 |  |  | $ | 4,753 |
Consolidated Interest |  |  | 1,493 |  |  |  | (70 | ) (a), (e) |  |  | 1,423 |
Consolidated Income Taxes |  |  | 580 |  |  |  | (3 | ) (k), (l), (m) |  |  | 577 |
Noncontrolling Interests |  |  | 102 |  |  |  | 0 |  |  |  | 102 |
Earnings |  | $ | 2,447 |  |  | $ | 204 |  |  | $ | 2,651 |
Average Diluted Shares Outstanding |  |  | 654.9 |  |  |  | 654.9 |  |  |  | 654.9 |
Reported EPS |  | $ | 3.74 |  |  |  | — |  |  |  | — |
Adjustments to reported earnings |  |  | — |  |  | $ | 0.31 |  |  |  | — |
Operating EPS |  |  | — |  |  |  | — |  |  | $ | 4.05 |

Adjustments to Reported Earnings

(a) | Transactions related to sale of non-core assets.

(b) | Impairment charge associated with gathering and processing assets.

(c) | Reserve for utility customers’ one-time rate credits associated with Virginia legislation.

(d) | Net gain/loss on our investment in nuclear decommissioning trust funds.

(e) | Charge associated with FERC-regulated plant disallowance.

(f) | Ash pond and landfill closure costs at certain utility power stations.

(g) | Restoration costs associated with major storms.

(h) | Merger-related transaction and transition costs.

(i) | Virginia depreciation revision.

(j) | Other miscellaneous items.

(k) | Income tax provisions associated with adjustments to reported earnings.

(l) | Remeasurement of deferred tax balances.

(m) | Tax valuation allowance.

February 28, 2020 |  | 29

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Reconciliation of 4Q19 Reported Earnings to 4Q19 Operating Earnings

Unaudited, Operating Segments

(millions, except per share amounts)

Description |  | 4Q19 Reported |  |  | Adjustments |  |  | 4Q19 Operating |
Dominion Energy Consolidated |  |  |  |  |  |  |  |  |  |  |  |
Total Adjusted EBIT |  | $ | 1,554 |  |  | $ | 192 | (a),(b),(c),(d) |  | $ | 1,746 |
Consolidated Interest |  |  | 401 |  |  |  | (1 | ) (a) |  |  | 400 |
Consolidated Income Taxes |  |  | 143 |  |  |  | 214 | (e) |  |  | 357 |
Noncontrolling Interests |  |  | 1 |  |  |  | 0 |  |  |  | 1 |
Earnings |  | $ | 1,009 |  |  |  | ($21 | ) |  | $ | 988 |
Average Diluted Shares Outstanding |  |  | 826.3 |  |  |  | 826.3 |  |  |  | 826.3 |
Reported EPS |  | $ | 1.21 |  |  |  | — |  |  |  | — |
Adjustments to reported earnings |  |  | — |  |  | ($ | 0.03) |  |  |  | — |
Operating EPS |  |  | — |  |  |  | — |  |  | $ | 1.18 |

Adjustments to Reported Earnings

(a) | Merger and integration-related costs.

(b) | Charges associated with regulated asset and contract retirements/terminations.

(c) | Other miscellaneous items.

(d) | Net gain/loss on our investment in nuclear decommissioning trust funds.

(e) | Income tax provisions associated with adjustments to reported earnings.

February 28, 2020 |  | 30

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Reconciliation of 4Q18 Reported Earnings to 4Q18 Operating Earnings

Unaudited, Operating Segments (millions, except per share amounts) |  |  |  |  |  |  |  |  |  |  |  |
Description |  | 4Q18 Reported |  |  | Adjustments |  |  | 4Q18 Operating |
Dominion Energy Consolidated |  |  |  |  |  |  |  |  |  |  |  |
Total Adjusted EBIT |  | $ | 1,197 |  |  |  | ($119 | ) (a), (b), (c), (d), (e), (f) |  | $ | 1,078 |
Consolidated Interest |  |  | 440 |  |  |  | (69 | ) (a) |  |  | 371 |
Consolidated Income Taxes |  |  | 95 |  |  |  | (1 | ) (g), (h), (i) |  |  | 94 |
Noncontrolling Interests |  |  | 21 |  |  |  | 0 |  |  |  | 21 |
Earnings |  | $ | 641 |  |  |  | ($49 | ) |  | $ | 592 |
Average Diluted Shares Outstanding |  |  | 660.9 |  |  |  | 660.9 |  |  |  | 660.9 |
Reported EPS |  | $ | 0.97 |  |  |  | — |  |  |  | — |
Adjustments to reported earnings |  |  | — |  |  |  | ($0.08 | ) |  |  | — |
Operating EPS |  |  | — |  |  |  | — |  |  | $ | 0.89 |

Adjustments to Reported Earnings

(a) | Transactions related to sale of non-core assets.

(b) | Impairment charge associated with gathering and processing assets.

(c) | Net gain/loss on our investment in nuclear decommissioning trust funds.

(d) | Restoration costs associated with major storms.

(e) | Merger-related transaction and transition costs.

(f) | Other miscellaneous items.

(g) | Income tax provisions associated with adjustments to reported earnings.

(h) | Remeasurement of deferred tax balances.

(i) | Tax valuation allowance.

February 28, 2020 |  | 31

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

Reconciliation of 1Q19 Reported Earnings to 1Q19 Operating Earnings

Unaudited, Operating Segments (millions, except per share amounts) |  |  |  |  |  |  |  |  |  |  |  |
Description |  | 1Q19 Reported |  |  | Adjustments |  |  | 1Q19 Operating |
Dominion Energy Consolidated |  |  |  |  |  |  |  |  |  |  |  |
Total Adjusted EBIT |  |  | (94 | ) |  | $ | 1,630 | (a),(b),(c),(d),(e) |  | $ | 1,536 |
Consolidated Interest |  |  | 469 |  |  |  | (10 | ) (a), (b) |  |  | 459 |
Consolidated Income Taxes |  |  | 114 |  |  |  | 87 | (f), (g) |  |  | 201 |
Noncontrolling Interests |  |  | 3 |  |  |  | 0 |  |  |  | 3 |
Earnings (Loss) |  | ($ | 680 | ) |  | $ | 1,553 |  |  | $ | 873 |
Average Diluted Shares Outstanding |  |  | 793.1 |  |  |  | 793.1 |  |  |  | 793.1 |
Reported EPS |  | ($ | 0.86 | ) |  |  | — |  |  |  | — |
Adjustments to reported earnings |  |  | — |  |  | $ | 1.96 |  |  |  | — |
Operating EPS |  |  | — |  |  |  | — |  |  | $ | 1.10 |

Adjustments to Reported Earnings

(a) | Merger and integration-related costs.

(b) | Charges associated with Virginia utility asset retirements.

(c) | Revision to ash pond and landfill closure costs at certain Virginia utility power stations.

(d) | Net gain/loss on our investment in nuclear decommissioning trust funds.

(e) | Other miscellaneous items.

(f) | Income tax provisions associated with adjustments to reported earnings.

(g) | Deferred tax adjustments associated with the SCANA Combination.

February 28, 2020 |  | 32

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

2020 Earnings Expectations

Earnings Per Share (diluted)

Reconciliation of measures prepared in accordance with Generally Accepted Accounting Principles (GAAP) versus non-GAAP measures

1Q 2020 Operating Earnings (estimate): |  | $ | 1.05 - $1.25 |
1Q 2020 Reported Earnings (estimate): |  |  | See Note 1 below |
FY 2020 Operating Earnings (estimate): |  | $ | 4.25 - $4.60 |
FY 2020 Reported Earnings (estimate): |  |  | See Note 1 below |

1. | In providing its first-quarter and full-year 2020 operating earnings guidance, the company notes that there could be differences between expected reported earnings and estimated operating earnings for matters such as, but not limited to, acquisitions, divestitures or changes in accounting principles. At this time, Dominion Energy management is not able to estimate the aggregate impact, if any, of these items on future period reported earnings. Accordingly, Dominion Energy is not able to provide a corresponding GAAP equivalent for its operating earnings guidance.

Dominion Energy uses operating earnings as the primary performance measurement of its earnings guidance and results for public communications with analysts and investors. Dominion Energy also uses operating earnings internally for budgeting, for reporting to the board of directors, for the company’s incentive compensation plans and for its targeted dividend payouts and other purposes. Dominion Energy management believes operating earnings provide a more meaningful representation of the company’s fundamental earnings power.

Dominion Energy’s estimates of first-quarter and full-year 2020 earnings are subject to various risks and uncertainties. Factors that could cause actual results to differ include, but are not limited to: unusual weather conditions and their effect on energy sales to customers and energy commodity prices; extreme weather events and other natural disasters; federal, state and local legislative and regulatory developments; changes to federal, state and local environmental laws and regulations, including proposed carbon regulations; cost of environmental compliance; changes in enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities; capital market conditions, including the availability of credit and the ability to obtain financing on reasonable terms; fluctuations in interest rates; changes in rating agency requirements or credit ratings and their effect on availability and cost of capital; impacts of acquisitions, divestitures, transfers of assets by Dominion Energy to joint ventures and retirements of assets based on asset portfolio reviews; receipt of approvals for, and timing of, closing dates for other acquisitions and divestitures; changes in demand for Dominion Energy’s services; additional competition in Dominion Energy’s industries; changes to regulated rates collected by Dominion Energy; changes in operating, maintenance and construction costs; timing and receipt of regulatory approvals necessary for planned construction or expansion projects and compliance with conditions associated with such regulatory approvals; adverse outcomes in litigation matters or regulatory proceedings; and the inability to complete planned construction projects within time frames initially anticipated. Other risk factors are detailed from time to time in Dominion Energy’s quarterly reports on Form 10-Q and most recent annual report on Form 10-K filed with the Securities and Exchange Commission.

February 28, 2020 |  | 33

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.

DOMINION ENERGY – 4Q19 EARNINGS RELEASE KIT

APPENDIX

List of Revised Schedules

Schedule |  | Page Number |
Consolidated Statements of Income (GAAP) |  |  | 6 |
Schedule 1 - Segment Operating Earnings |  |  | 7 |
Schedule 2 - Reconciliation of 2019 Repoted Earnings to Operating Earnings |  |  | 8 |
Schedule 4 - Reconciliation of 2019 Earnings to 2018 |  |  | 10 |
Consolidated Financial Statements (GAAP) - Dominion Energy Consolidated |  |  |  |
Unaudited Balance Sheets (Summarized) |  |  | 11 |
Unaudited Statements of Cash Flows (Summarized |  |  | 12 |
Segment Earnings Results |  |  |  |
Dominion Energy Consolidated Reported and Operating Results (Unaudited Summary) |  |  | 13 |
Corporate & Other Reported and Operating Results (Unaudited Summary) |  |  | 19 |
GAAP Reconciliation |  |  |  |
Reconciliation of 2019 Consolidated Reported Earnings to Operating Earnings |  |  | 24 |
Reconciliation of 2019 Corporate and Other Reported Earnings to Operating Earnings |  |  | 26 |
Reconciliation of 2019 Reported Earnings to 2019 Operating Earnings |  |  | 28 |
Reconciliation of 4Q19 Reported Earnings to 4Q19 Operating Earnings |  |  | 30 |

February 28, 2020 |  | 34

Please refer to page 3 for risks and uncertainties related to projections and forward-looking statements.