The company said operating cash flow for 2023 increased by $2.9 billion, and cash flow from continuing operations rose by $3.2 billion. The company cited higher deferred fuel and purchased gas cost recoveries ($2.7 billion) as the main factor.

1. 01

   The company said operating cash flow for 2023 increased by $2.9 billion, and cash flow from continuing operations rose by $3.2 billion. The company cited higher deferred fuel and purchased gas cost recoveries ($2.7 billion) as the main factor.

2. 02

   The company said net cash used in investing activities for 2023 increased by $461 million, as higher plant construction and other property additions ($2.6 billion) were largely offset by net proceeds from the sale of the remaining Cove Point noncontrolling interest ($3.3 billion). It said net cash from financing activities decreased by $2.4 billion.

3. 03

   The company said it entered into a 364-day term loan facility of $2.5 billion in January 2023 and borrowed $2.25 billion under it in October 2023. It said the facility was reflected as securities due within one year of $2.5 billion and $2.25 billion as of December 31, 2023. Both agreements contain mandatory early repayment provisions requiring after-tax proceeds from the East Ohio, PSNC and Questar Gas Transactions to be applied to outstanding borrowings.

4. 04

   The company said it expects to issue about $4 billion of long-term debt in 2024, excluding opportunistic financings and securitizations of deferred fuel. The company said it has no plans to repurchase common stock in 2024, other than shares withheld for employee tax withholding, and that as of December 31, 2023, the remaining authorization was $920 million.

Key figures

Fiscal year ended December 31, 2023

Revenue

$13.5B

Operating income

$3.4B

Net income

$2.0B

EPS

$2.29

Operating cash flow

$6.6B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.