|
Financial Statements |
 |
Consolidated Statements of Income
| Duke Energy Corporation |
Years Ended December 31, |
|
| (In millions, except per share amounts) |
|
1998 |
|
|
1997 |
|
|
1996 |
|
|
| Operating Revenues |
|
|
|
|
|
|
|
|
|
| Sales, trading and marketing of natural gas |
|
|
|
|
|
|
|
|
|
| and petroleum products (Notes 1 and 4) |
$ |
7,854 |
|
$ |
8,151 |
|
$ |
5,848 |
|
| Transportation and storage of natural gas (Notes 1 and 4) |
|
1,450 |
|
|
1,504 |
|
|
1,523 |
|
Generation, transportation and distribution of electricity
(Notes 1 and 4) |
|
4,586 |
|
|
4,334 |
|
|
4,436 |
|
| Trading and marketing of electricity (Notes 1 and 4) |
|
2,788 |
|
|
1,665 |
|
|
78 |
|
| Other (Note 8) |
|
932 |
|
|
655 |
|
|
417 |
|
|
|
| Total operating revenues |
|
17,610 |
|
|
16,309 |
|
|
12,302 |
|
|
|
| Operating Expenses |
|
|
|
|
|
|
|
|
|
| Natural gas and petroleum products purchases (Note 1) |
|
7,497 |
|
|
7,705 |
|
|
5,414 |
|
| Fuel used in electric generation (Notes 1 and 11) |
|
767 |
|
|
743 |
|
|
758 |
|
| Net interchange and purchased power (Notes 1, 4, and 5) |
|
2,916 |
|
|
1,960 |
|
|
457 |
|
| Other operation and maintenance (Notes 4, 11 and 14) |
|
2,738 |
|
|
2,721 |
|
|
2,383 |
|
| Depreciation and amortization (Notes 1 and 5) |
|
909 |
|
|
841 |
|
|
789 |
|
| Property and other taxes |
|
350 |
|
|
369 |
|
|
342 |
|
|
|
| Total operating expenses |
|
15,177 |
|
|
14,339 |
|
|
10,143 |
|
|
|
| Operating Income |
|
2,433 |
|
|
1,970 |
|
|
2,159 |
|
|
|
| Other Income and Expenses |
|
|
|
|
|
|
|
|
|
| Deferred returns and allowance for funds used |
|
|
|
|
|
|
|
|
|
| during construction (Note 1) |
|
88 |
|
|
109 |
|
|
105 |
|
| Other, net |
|
126 |
|
|
29 |
|
|
30 |
|
|
|
| Total other income and expenses |
|
214 |
|
|
138 |
|
|
135 |
|
|
|
| Earnings Before Interest and Taxes |
|
2,647 |
|
|
2,108 |
|
|
2,294 |
|
| Interest Expense (Notes 7 and 10) |
|
514 |
|
|
472 |
|
|
499 |
|
| Minority Interest (Notes 2 and 12) |
|
96 |
|
|
23 |
|
|
6 |
|
|
|
| Earnings Before Income Taxes |
|
2,037 |
|
|
1,613 |
|
|
1,789 |
|
| Income Taxes (Notes 1 and 6) |
|
777 |
|
|
639 |
|
|
698 |
|
|
|
| Income Before Extraordinary Item |
|
1,260 |
|
|
974 |
|
|
1,091 |
|
| Extraordinary Loss, net of tax |
|
(8 |
) |
|
-- |
|
|
(17 |
) |
|
|
| Net Income |
|
1,252 |
|
|
974 |
|
|
1,074 |
|
|
|
| Dividends and Premiums on Redemptions of |
|
|
|
|
|
|
|
|
|
| Preferred and Preference Stock (Note 13) |
|
21 |
|
|
72 |
|
|
44 |
|
|
|
| Earnings Available for Common Stockholders |
$ |
1,231 |
|
$ |
902 |
|
$ |
1,030 |
|
 |
| Common Stock Data (Note 1) |
|
|
|
|
|
|
|
|
|
| Weighted average share outstanding |
|
361 |
|
|
360 |
|
|
361 |
|
| Earnings per share (before extraordinary item) |
|
|
|
|
|
|
|
|
|
| Basic |
$ |
3.43 |
|
$ |
2.51 |
|
$ |
2.90 |
|
| Dilutive |
$ |
3.42 |
|
$ |
2.50 |
|
$ |
2.88 |
|
| Earnings per share |
|
|
|
|
|
|
|
|
|
| Basic |
$ |
3.41 |
|
$ |
2.51 |
|
$ |
2.85 |
|
| Dilutive |
$ |
3.40 |
|
$ |
2.50 |
|
$ |
2.83 |
|
| Dividends per share |
$ |
2.20 |
|
$ |
1.90 |
|
$ |
1.57 |
|
|
| See Notes to Consolidated Financial Statements |
|
|
