DTE Energy (DTE) Increases 2016 Operating Earnings Guidance
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DTE Energy (NYSE: DTE) disclosed in an SEC filing:
On September 26, 2016, DTE Energy Company (DTE Energy) announced the acquisition of midstream natural gas assets in the southwest portion of the Marcellus/Utica region (the Acquisition). A copy of the slide presentation associated with the Acquisition is furnished as Exhibit 99.1 to this report and will be available on DTE Energy's website, www.dteenergy.com on September 26, 2016. In the slide presentation, DTE Energy increased its 2016 operating earnings guidance range from $4.91 - $5.19 to $5.09 - $5.35 per share.
(Street sees FY16 EPS of $5.07)
In its slide presentation and this filing, DTE Energy discusses 2016 operating earnings guidance. It is likely that certain items that impact the company's 2016 reported results will be excluded from operating results. Reconciliations to the comparable 2016 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.
In accordance with General Instruction B.2 of Form 8-K, the information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth in such a filing.
Item 8.01. Other Events.
On September 26, 2016, DTE Energy executed an agreement with M3 Midstream LLC to acquire 100 percent of Appalachia Gathering Systems in Pennsylvania and agreements with M3 Appalachia Holdings, LLC and Vega Energy to acquire 55 percent of Stonewall Gas Gathering in West Virginia for a total aggregate amount of $1.3 billion. A copy of the press release is attached as Exhibit 99.2 to this report and is incorporated by reference.
The Acquisition is expected to be completed in October 2016, subject to various customary conditions, including, among others, the expiration or termination of the applicable Hart-Scott-Rodino Act waiting period.
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