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Previous: CONSUMERS ENERGY CO, 8-K, EX-99.A, 2000-11-01 |
Next: LIBERTY FUNDS TRUST IV, 497, 2000-11-01 |
<PAGE> 1
EXHIBIT 99(b)
CMS ENERGY
CONSOLIDATED SUMMARY EARNINGS ANALYSIS
IN MILLIONS, EXCEPT EPS
(UNAUDITED - PRELIMINARY AND FOR DISCUSSION ONLY)
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
VARIANCE
------------------------------
QUARTERS ENDED - SEPTEMBER 30, 2000 1999 DOLLARS PERCENT
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
PRETAX OPERATING INCOME (LOSS)
Consumers Electric $118.5 $168.4 ($49.9) (30)
Consumers Gas 8.9 (6.2) 15.1 244
Natural Gas Transmission 47.7 46.0 1.7 4
Independent Power Production 50.0 52.5 (2.5) (5)
Oil & Gas Exploration & Production 13.0 4.3 8.7 202
Marketing, Services & Trading (2.5) 0.1 (2.6) (2600)
International Energy Distribution 7.3 (1.1) 8.4 764
Other 4.5 9.7 (5.2) (54)
--------- ----------- -------------
Total 247.4 273.7 (26.3) (10)
Other Income (Deductions) 4.4 (3.3) 7.7 233
Fixed Charges 175.2 162.8 12.4 8
Income Taxes 19.9 24.8 (4.9) (20)
Minority Interest 1.2 (0.1) 1.3 1300
--------- ----------- -------------
CONSOLIDATED NET INCOME $55.5 $82.9 ($27.4) (33)
========= =========== =============
CLASS G NET INCOME (LOSS) $0.0 ($3.3) $3.3 (100)
========= =========== =============
CMS NET INCOME $55.5 $86.2 ($30.7) (36)
========= =========== =============
CMS AVERAGE SHARES OUTSTANDING - DILUTED 114.4 113.8 0.6 1
========= =========== =============
CMS EPS - DILUTED $0.51 $0.78 ($0.27) (35)
========= =========== =============
</TABLE>
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QUARTERS MAJOR VARIANCE ANALYSIS
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
CONSUMERS ELECTRIC*: MARKETING, SERVICES & TRADING:
- Deliveries down 295 Gwh to 10,650 Gwh and - Higher operating expenses and trading losses
higher power supply costs - ($51.0 MM); partially offset by higher gas margins, higher gas and
- Residential rate reduction - ($13.7 MM); electric volumes and higher NGL margins - ($2.6 MM).
- Lower operating expenses and other - $14.8 MM.
INTERNATIONAL ENERGY DISTRIBUTION:
CONSUMERS GAS: - Reliability improvements and lower operating
- Deliveries up 1.5 Bcf to 45.1 Bcf; expenses - $8.4 MM.
- Firm sales up 1.7 Bcf - $2.7 MM;
- Transport deliveries down 0.2 Bcf - ($0.3 MM); OTHER INCOME/(DEDUCTIONS):
- Gas Customer Choice Program - ($1.1 MM); - Gains on asset sales and other - $7.7 MM.
- Lower operating expenses and other - $13.8 MM.
FIXED CHARGES:
NATURAL GAS TRANSMISSION: - Higher average borrowings and interest rates for
- Increased LNG cargoes and throughput at processing capital investments and other - $12.4 MM.
facilities, partially offset by higher operating
expenses - $1.7 MM.
INDEPENDENT POWER PRODUCTION:
- Plant operations and other - $2.0 MM;
- Lower O&M fees and higher operating expenses - ($4.5 MM).
*WEATHER IMPACTS: 3Q00 3Q99
---- ----
OIL & GAS EXPLORATION & PRODUCTION: ELECTRIC:
- Oil volumes down 166 MBbls to 1,672 MBbls - ($1.9 MM); - Percent warmer (colder) than normal (12.5) 10.2
- Oil prices up $4.70 to $16.28/Bbl - $7.9 MM; using cooling degree days
- Gas volumes down 3.0 Bcf to 3.6 Bcf - ($6.3 MM); - Increase (decrease) from average in:
- Gas prices up 82(cent)to $2.91/Mcf - $3.0 MM; Electric sales (Gwh) (220) (48)
- Lower geological, DD&A, and production-related Pretax operating income (millions) ($10.6) ($2.5)
expenses and other - $6.0 MM.
</TABLE>
--------------------------------------------------------------------------------
<PAGE> 2
CMS ENERGY
CONSOLIDATED SUMMARY EARNINGS ANALYSIS
IN MILLIONS, EXCEPT EPS
(UNAUDITED - PRELIMINARY AND FOR DISCUSSION ONLY)
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
VARIANCE
----------------------------
Y-T-D ENDED - SEPTEMBER 30, 2000 1999 DOLLARS PERCENT
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Pretax Operating Income (Loss)
Consumers Electric $342.1 $424.8 ($82.7) (19)
Consumers Gas 44.0 87.4 (43.4) (50)
Natural Gas Transmission 171.8 92.1 79.7 87
Independent Power Production 135.4 118.9 16.5 14
Oil & Gas Exploration & Production 23.2 10.9 12.3 113
Marketing, Services & Trading 1.4 0.5 0.9 180
International Energy Distribution 17.1 (5.5) 22.6 411
Other 10.2 20.1 (9.9) (49)
---------- ----------- ----------
Total 745.2 749.2 (4.0) (1)
Other Income (Deductions) 67.2 14.2 53.0 373
Fixed Charges 505.0 415.9 89.1 21
Income Taxes 87.9 91.4 (3.5) (4)
Minority Interest 3.1 (0.1) 3.2 3200
========== =========== ==========
CONSOLIDATED NET INCOME $216.4 $256.2 ($39.8) (16)
========== =========== ==========
CLASS G NET INCOME $0.0 $7.6 ($7.6) (100)
========== =========== ==========
CMS NET INCOME $216.4 $248.6 ($32.2) (13)
========== =========== ==========
CMS AVERAGE SHARES OUTSTANDING - DILUTED 115.6 113.3 2.3 2
========== =========== ==========
CMS EPS - DILUTED $1.93 $2.25 ($0.32) (14)
========== =========== ==========
</TABLE>
--------------------------------------------------------------------------------
Y-T-D MAJOR VARIANCE ANALYSIS
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
CONSUMERS ELECTRIC*: MARKETING, SERVICES & TRADING:
- Deliveries down 869 Gwh to 30,410 Gwh and higher - Higher gas margins, higher gas and electricity volumes
power supply costs - ($63.8 MM); and higher NGL margins, partially offset by higher
- Residential rate reduction - ($18.6 MM); operating expenses, lower electricity margins and
- Other - ($0.3 MM). trading losses - $0.9 MM.
CONSUMERS GAS*: INTERNATIONAL ENERGY DISTRIBUTION:
- Deliveries up 0.3 Bcf to 272.6 Bcf - $1.4 MM; - Reliability improvements and lower operating
- Gas Customer Choice Program - ($61.8 MM); expense - $22.6 MM.
- Higher retail services and other miscellaneous
revenue - $4.2 MM; OTHER INCOME/DEDUCTIONS:
- Lower operating expenses and other - $12.8 MM. - Gains on asset sales - $68.0 MM;
- Increased accretion expense, absence of 1999 litigation
NATURAL GAS TRANSMISSION: reserve reversal and other - ($15.0 MM).
- PEPL operations - $67.9 MM;
- Pipeline and processing operations and lower FIXED CHARGES:
operating expenses - $11.8 MM. - Higher average borrowings and interest rates for capital
investments and other - $89.1 MM.
INDEPENDENT POWER PRODUCTION:
- Plant operations, PPA restructuring and other - $30.8 MM; *WEATHER IMPACTS: YTD00 YTD99
----- -----
- Lower O&M fees and higher operating expenses - ($14.3 MM). ELECTRIC:
- Percent warmer (colder) than
OIL & GAS EXPLORATION & PRODUCTION: normal using cooling degree days (5.1) 23.3
- Oil volumes up 65 MBbls to 5,510 MBbls - $0.7 MM; - Increase (decrease) from average in:
- Oil prices up $3.04 to $13.85/Bbl - $16.7 MM; Electric sales (Gwh) (388) (81)
- Gas volumes down 5.6 Bcf to 13.8 Bcf - ($11.4 MM); Pretax operating income (millions) ($18.4) ($3.4)
- Gas prices up 54(cent)to $2.58/Mcf - $7.5 MM; GAS:
- Higher production and G&A expenses, partially - Percent (warmer) colder than
offset by lower DD&A and other - ($1.2 MM). normal using heating degree days (7.5) (5.5)
- Increase (decrease) from normal in
Gas sales (Bcf) (16.8) (8.6)
Pretax operating income (millions) ($16.0) ($7.9)
</TABLE>
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