SCHEDULE I

PNM RESOURCES, INC.

CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY

STATEMENTS OF EARNINGS



	Year ended December 31,
	2018			2017			2016
	(In thousands)
Operating Revenues	$	—		$	—		$	—
Operating Expenses	7,475			2,902			2,871
Operating income (loss)	(7,475		)	(2,902		)	(2,871		)
Other Income and Deductions:
Equity in earnings of subsidiaries	109,995			111,877			122,252
Other income	2,048			1,181			1,711
Net other income and deductions	112,043			113,058			123,963
Interest Charges	19,453			12,490			8,102
Earnings Before Income Taxes	85,115			97,666			112,990
Income Tax Expense (Benefit)	(527		)	17,792			(3,859		)
Net Earnings	$	85,642		$	79,874		$	116,849

SCHEDULE I

PNM RESOURCES, INC.

CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY

STATEMENTS OF CASH FLOWS



	Year Ended December 31,
	2018			2017			2016
	(In thousands)
Cash Flows From Operating Activities:
Net Cash Flows From Operating Activities	$	(2,566	)	$	(7,814	)	$	5,702
Cash Flows From Investing Activities:
Utility plant additions	826			(180		)	341
Investments in subsidiaries	(30,000		)	(50,000		)	(98,343		)
Cash dividends from subsidiaries	129,379			105,084			35,959
Net cash flows from investing activities	100,205			54,904			(62,043		)
Cash Flows From Financing Activities:
Short-term loan	50,000			—			100,000
Repayment of short-term loan	—			—			(150,000		)
Revolving credit facility borrowings (repayments), net	(148,700		)	42,600			84,500
Long-term borrowings	349,652			—			100,000
Repayment of long-term debt	(250,000		)	—			—
Proceeds from stock option exercise	963			1,739			7,028
Purchases to satisfy awards of common stock	(12,635		)	(13,929		)	(15,451		)
Dividends paid	(84,433		)	(77,264		)	(70,095		)
Other, net	(2,414		)	(269		)	(28		)
Net cash flows from financing activities	(97,567		)	(47,123		)	55,954
Change in Cash and Cash Equivalents	72			(33		)	(387		)
Cash and Cash Equivalents at Beginning of Period	21			54			441
Cash and Cash Equivalents at End of Period	$	93		$	21		$	54
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	$	15,450		$	10,899		$	5,906
Income taxes paid (refunded), net	$	—		$	—		$	—

SCHEDULE I

PNM RESOURCES, INC.

CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY

BALANCE SHEETS



	December 31,
	2018			2017
	(In thousands)
Assets
Cash and cash equivalents	$	93		$	21
Intercompany receivables	82,539			96,227
Income taxes receivable	7,856			1,818
Other, net	5,635			1,937
Total current assets	96,123			100,003
Property, plant and equipment, net of accumulated depreciation of $13,518 and $13,229	25,413			26,546
Investment in subsidiaries	2,064,693			2,056,198
Other long-term assets	60,265			66,090
Total long-term assets	2,150,371			2,148,834
	$	2,246,494		$	2,248,837
Liabilities and Stockholders’ Equity
Short-term debt	$	170,000		$	265,600
Short-term debt-affiliate	8,819			11,919
Current maturities of long-term debt	—			249,979
Accrued interest and taxes	4,885			1,661
Other current liabilities	23,297			21,274
Total current liabilities	207,001			550,433
Long-term debt	348,310			—
Other long-term liabilities	2,803			3,151
Total liabilities	558,114			553,584
Common stock (no par value; 120,000,000 shares authorized; issued and outstanding 79,653,624 shares)	1,153,112			1,157,665
Accumulated other comprehensive income (loss), net of tax	(108,685		)	(95,940		)
Retained earnings	643,953			633,528
Total common stockholders’ equity	1,688,380			1,695,253
	$	2,246,494		$	2,248,837

See Notes 7, 8, 14, and 16 for information regarding commitments, contingencies, and maturities of long-term debt.