DTE Energy reports second quarter 2013 results

                DTE Energy reports second quarter 2013 results

PR Newswire

DETROIT, July 26, 2013

DETROIT, July 26, 2013 /PRNewswire/ -- DTE Energy (NYSE: DTE) today reported
second quarter 2013 earnings of $105 million, or $0.60 per diluted share,
compared with $146 million, or $0.86 per diluted share in 2012. The variance
is primarily due to lower earnings at DTE Electric Company as a result of
abnormally hot weather in 2012.

Operating earnings for the second quarter 2013 were $109 million, or $0.62 per
diluted share, compared with 2012 operating earnings of $147 million, or $0.87
per diluted share. Operating earnings exclude non-recurring items and
discontinued operations. Reconciliations of reported earnings to operating
earnings are at the end of this news release.

Reported earnings for the first six months ended June 30, 2013 were $339
million or $1.94 per diluted share versus $302 million or $1.77 per diluted
share in 2012. Year-to-date operating earnings were $343 million or $1.96 per
diluted share, compared with $303 million or $1.78 per diluted share in 2012.

"I am pleased with our year-to-date financial performance and we are on track
to achieve our 2013 goals," said Gerard M. Anderson, DTE Energy chairman,
president and CEO. "I am also very proud of the ongoing dedication of our
employees to our continuous improvement effort and the positive impact it has
on customer service and rate affordability."

Anderson also noted that customers can expect to see a reduction in their
monthly bills resulting from an amended renewable energy plan DTE Energy
recently filed with the Michigan Public Service Commission.

"When this plan is approved, residential and business customers' rates will be
reduced by almost $90 million per year because we have found ways to improve
the economics of wind turbines installed in recent years."

Outlook for 2013

DTE Energy reiterated its 2013 operating earnings guidance of $3.90 to $4.20
per diluted share.

"While last year's second quarter operating earnings were boosted by
record-setting temperatures, we are on track to realize our financial and
operational goals for this year," said David E. Meador, DTE Energy executive
vice president and chief financial officer.

Meador also provided an update on the company's commitment to the State of
Michigan to increase spending on goods and services with Michigan-based
suppliers.

"We have spent $364 million with Michigan suppliers through the first half of
the year, a 25 percent increase over our year-to-date budget of $288 million,"
Meador said.

Last month, DTE Energy announced that it would significantly increase its
commitment to the Pure Michigan Business Connect initiative from its original
target of $750 million, to $1 billion of incremental spending with Michigan
suppliers. The original $750 million of incremental spend will be achieved by
the end of this year, two years ahead of the five-year commitment established
in 2011.

This earnings announcement, as well as a slide presentation and supplemental
information, is available at www.dteenergy.com.

DTE Energy plans to conduct a conference call with the investment community
hosted by Meador at 9 a.m. EDT today to discuss second quarter 2013 earnings
results. Investors, the news media and the public may listen to a live
internet broadcast of the call at www.dteenergy.com/investors. The telephone
dial-in numbers are U.S. and Canada toll free: (888) 503-8175 or International
toll: (719) 325-2376. The passcode is 8621853. The internet broadcast will be
archived on the company's website. An audio replay of the call will be
available from noon today until Aug. 9. To access the replay, dial (888)
203-1112 or (719) 457-0820 and enter passcode 8621853.

DTE Energy is a Detroit-based diversified energy company involved in the
development and management of energy-related businesses and services
nationwide. Its operating units include DTE Electric, an electric utility
serving 2.1 million customers in Southeastern Michigan, DTE Gas, a natural gas
utility serving 1.2 million customers in Michigan and other non-utility,
energy businesses focused on gas storage and pipelines, power and industrial
projects, and energy trading. Information about DTE Energy is available at
dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.

Use of Operating Earnings Information - DTE Energy management believes that
operating earnings provide a more meaningful representation of the company's
earnings from ongoing operations and uses operating earnings as the primary
performance measurement for external communications with analysts and
investors. Internally, DTE Energy uses operating earnings to measure
performance against budget and to report to the Board of Directors.

In this release, DTE Energy discusses 2013 operating earnings guidance. It is
likely that certain items that impact the company's 2013 reported results will
be excluded from operating results. Reconciliations to the comparable 2013
reported earnings guidance are not provided because it is not possible to
provide a reliable forecast of specific line items. These items may fluctuate
significantly from period to period and may have a significant impact on
reported earnings.

The information contained herein is as of the date of this release. DTE
Energy expressly disclaims any current intention to update any forward-looking
statements contained in this release as a result of new information or future
events or developments. Words such as "anticipate," "believe," "expect,"
"projected" and "goals" signify forward-looking statements. Forward-looking
statements are not guarantees of future results and conditions but rather are
subject to various assumptions, risks and uncertainties. This release
contains forward-looking statements about DTE Energy's financial results and
estimates of future prospects, and actual results may differ materially.

Many factors may impact forward-looking statements including, but not limited
to, the following: impact of regulation by the FERC, MPSC, NRC and other
applicable governmental proceedings and regulations, including any associated
impact on rate structures; the amount and timing of cost recovery allowed as a
result of regulatory proceedings, related appeals or new legislation; impact
of electric and natural gas utility restructuring in Michigan, including
legislative amendments and Customer Choice programs; economic conditions and
population changes in our geographic area resulting in changes in demand,
customer conservation, increased thefts of electricity and natural gas and
high levels of uncollectible accounts receivable; environmental issues, laws,
regulations, and the increasing costs of remediation and compliance, including
actual and potential new federal and state requirements; health, safety,
financial, environmental and regulatory risks associated with ownership and
operation of nuclear facilities; changes in the cost and availability of coal
and other raw materials, purchased power and natural gas; volatility in the
short-term natural gas storage markets impacting third-party storage revenues;
access to capital markets and the results of other financing efforts which can
be affected by credit agency ratings; instability in capital markets which
could impact availability of short and long-term financing; the timing and
extent of changes in interest rates; the level of borrowings; the potential
for losses on investments, including nuclear decommissioning and benefit plan
assets and the related increases in future expense and contributions; the
potential for increased costs or delays in completion of significant
construction projects; the uncertainties of successful exploration of
unconventional gas and oil resources and challenges in estimating gas and oil
reserves with certainty; changes in and application of federal, state and
local tax laws and their interpretations, including the Internal Revenue Code,
regulations, rulings, court proceedings and audits; the effects of weather and
other natural phenomena on operations and sales to customers, and purchases
from suppliers; unplanned outages; the cost of protecting assets against, or
damage due to, terrorism or cyber attacks; employee relations and the impact
of collective bargaining agreements; the availability, cost, coverage and
terms of insurance and stability of insurance providers; cost reduction
efforts and the maximization of plant and distribution system performance; the
effects of competition; changes in and application of accounting standards and
financial reporting regulations; changes in federal or state laws and their
interpretation with respect to regulation, energy policy and other business
issues; binding arbitration, litigation and related appeals; and the risks
discussed in our public filings with the Securities and Exchange Commission.
New factors emerge from time to time. We cannot predict what factors may arise
or how such factors may cause our results to differ materially from those
contained in any forward-looking statement. Any forward-looking statements
speak only as of the date on which such statements are made. We undertake no
obligation to update any forward-looking statement to reflect events or
circumstances after the date on which such statement is made or to reflect the
occurrence of unanticipated events. This release should also be read in
conjunction with the "Forward-Looking Statements" sections in each of DTE
Energy's and DTE Electric's 2012 Forms 10-K and 2013 Forms 10-Q (which
sections are incorporated herein by reference), and in conjunction with other
SEC reports filed by DTE Energy and DTE Electric.





DTE Energy Company
Consolidated Statements of Operations (Unaudited)
                                       Three Months Ended   Six Months Ended
                                       June 30,             June 30,
                                       2013       2012      2013      2012
                                       (In millions, except per share amounts)
Operating Revenues                     $  2,225   $ 2,013   $ 4,741   $ 4,252
Operating Expenses
Fuel, purchased power and gas          940        697       1,964     1,586
Operation and maintenance              705        703       1,440     1,424
Depreciation, depletion and            268        244       527       471
amortization
Taxes other than income                84         79        178       174
Other asset (gains) and losses,        5          (4)       (1)       (9)
reserves and impairments, net
                                       2,002      1,719     4,108     3,646
Operating Income                       223        294       633       606
Other (Income) and Deductions
Interest expense                       112        109       221       222
Interest income                        (3)        (3)       (5)       (5)
Other income                           (46)       (41)      (90)      (78)
Other expenses                         9          11        16        18
                                       72         76        142       157
Income Before Income Taxes             151        218       491       449
Income Tax Expense                     44         70        149       143
Income from Continuing Operations      107        148       342       306
Loss from Discontinued Operations, net —          (1)       —         (1)
of tax
Net Income                             107        147       342       305
Less: Net Income Attributable to       2          1         3         3
Noncontrolling Interest
Net Income Attributable to DTE Energy  $  105     $ 146     $ 339     $ 302
Company
Basic Earnings per Common Share
Income from continuing operations      $  0.60    $ 0.87    $ 1.94    $ 1.78
Loss from discontinued operations, net —          (0.01)    —         (0.01)
of tax
Total                                  $  0.60    $ 0.86    $ 1.94    $ 1.77
Diluted Earnings per Common Share
Income from continuing operations      $  0.60    $ 0.87    $ 1.94    $ 1.78
Loss from discontinued operations, net —          (0.01)    —         (0.01)
of tax
Total                                  $  0.60    $ 0.86    $ 1.94    $ 1.77
Weighted Average Common
SharesOutstanding
Basic                                  174        170       174       170
Diluted                                175        171       174       171
Dividends Declared per Common Share    $  0.66    $ 0.59    $ 1.28    $ 1.18





DTE Energy Company
Segment Net Income (Unaudited)
             Three Months Ended June 30,
             2013                              2012
(in          Reported  Adjustments  Operating  Reported  Adjustments  Operating
Millions)    Earnings               Earnings   Earnings               Earnings
DTE Electric $  89     $   —        $  89      $  127    $   —        $  127
DTE Gas      8         —            8          4         —            4
Non-utility
Operations
Gas Storage
and          16        —            16         17        —            17
Pipelines
Power and
Industrial   7         4        A   11         10        —            10
Projects
Energy       (2)       —            (2)        4         —            4
Trading
Total
Non-utility  21        4            25         31        —            31
operations
Corporate    (13)      —            (13)       (15)                   (15)
and Other
Income from
Continuing   105       4            109        147       —            147
Operations
Discontinued —         —            —          (1)       1        B   —
Operations
Net Income
Attributable
to DTE       $  105    $   4        $  109     $  146    $   1        $  147
Energy
Company
Adjustments key
A) Asset impairment
B) Discontinued operations of Unconventional Gas Production business





DTE Energy Company
Segment Diluted Earnings Per Share (Unaudited)
             Three Months Ended June 30,
             2013                              2012
             Reported  Adjustments  Operating  Reported  Adjustments  Operating
             Earnings               Earnings   Earnings               Earnings
DTE Electric $  0.51   $  —         $  0.51    $  0.74   $  —         $  0.74
DTE Gas      0.05      —            0.05       0.02      —            0.02
Non-utility
Operations
Gas Storage
and          0.09      —            0.09       0.10      —            0.10
Pipelines
Power and
Industrial   0.04      0.02      A  0.06       0.06      —            0.06
Projects
Energy       (0.01)    —            (0.01)     0.02      —            0.02
Trading
Total
Non-utility  0.12      0.02         0.14       0.18      —            0.18
operations
Corporate    (0.08)    —            (0.08)     (0.07)                 (0.07)
and Other
Income from
Continuing   0.60      0.02         0.62       0.87      —            0.87
Operations
Discontinued —         —            —          (0.01)    0.01      B  —
Operations
Net Income
Attributable
to DTE       $  0.60   $  0.02      $  0.62    $  0.86   $  0.01      $  0.87
Energy
Company
Adjustments key
A) Asset impairment
B) Discontinued operations of Unconventional Gas Production business





DTE Energy Company
Segment Net Income (Unaudited)
             Six Months Ended June 30,
             2013                              2012
(in          Reported  Adjustments  Operating  Reported  Adjustments  Operating
Millions)    Earnings               Earnings   Earnings               Earnings
DTE Electric $  204    $   —        $  204     $  223    $   —        $  223
DTE Gas      104       —            104        56        —            56
Non-utility
Operations
Gas Storage
and          33        —            33         34        —            34
Pipelines
Power and
Industrial   19        4        A   23         18        —            18
Projects
Energy       5         —            5          2         —            2
Trading
Total
Non-utility  57        4            61         54        —            54
operations
Corporate    (26)      —            (26)       (30)      —            (30)
and Other
Income from
Continuing   339       4            343        303       —            303
Operations
Discontinued —         —            —          (1)       1        B   —
Operations
Net Income
Attributable
to DTE       $  339    $   4        $  343     $  302    $   1        $  303
Energy
Company
Adjustments key
A) Asset impairment
B) Discontinued operations of Unconventional Gas Production business





DTE Energy Company
Segment Diluted Earnings Per Share (Unaudited)
             Six Months Ended June 30,
             2013                              2012
             Reported  Adjustments  Operating  Reported  Adjustments  Operating
             Earnings               Earnings   Earnings               Earnings
DTE Electric $  1.17   $  —         $  1.17    $  1.30   $  —         $  1.30
DTE Gas      0.60      —            0.60       0.33      —            0.33
Non-utility
Operations
Gas Storage
and          0.19      —            0.19       0.20      —            0.20
Pipelines
Power and
Industrial   0.11      0.02      A  0.13       0.11      —            0.11
Projects
Energy       0.03      —            0.03       0.01      —            0.01
Trading
Total
Non-utility  0.33      0.02         0.35       0.32      —            0.32
operations
Corporate    (0.16)    —            (0.16)     (0.17)    —            (0.17)
and Other
Income from
Continuing   1.94      0.02         1.96       1.78      —            1.78
Operations
Discontinued —         —            —          (0.01)    0.01      B  —
Operations
Net Income
Attributable
to DTE       $  1.94   $  0.02      $  1.96    $  1.77   $  0.01      $  1.78
Energy
Company
Adjustments key
A) Asset impairment
B) Discontinued operations of Unconventional Gas Production business



SOURCE DTE Energy

Website: http://www.dteenergy.com
Contact: Members of the media, Scott Simons, (313) 235-8808, Alejandro
Bodipo-Memba, (313) 235-3202, or Analysts, Anastasia Minor, (313) 235-8466,
Benny Riggi, (313) 235-3208