DTE Energy Co. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>DTE Energy Co. has filed its Q1 2024 10-Q report, detailing financial performance and equity structure.</b>

AI Summary

DTE ENERGY CO (DTB) filed a Quarterly Report (10-Q) with the SEC on April 25, 2024. DTE Energy Co. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the first quarter of the fiscal year 2024. Key financial data points and equity details are presented for DTE Energy Co. and its subsidiary DTE Electric Co. The report includes information on common stock, retained earnings, and accumulated other comprehensive income. Comparative data from previous periods (e.g., March 31, 2023, December 31, 2023) is also included.

Why It Matters

For investors and stakeholders tracking DTE ENERGY CO, this filing contains several important signals. This 10-Q filing provides stakeholders with the latest financial snapshot of DTE Energy Co. and its subsidiary, DTE Electric Co., enabling informed investment decisions. The inclusion of comparative data allows for an analysis of financial trends and performance over time, crucial for understanding the company's trajectory.

Risk Assessment

Risk Level: medium — DTE ENERGY CO shows moderate risk based on this filing. The filing is a standard 10-Q, which typically contains a significant amount of financial and operational data, but lacks specific forward-looking statements or major disclosures that would indicate immediate high risk. However, the nature of utility operations and regulatory environments inherently carries medium-level risks.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to assess DTE Energy's current financial health and operational performance.

Key Numbers

• 2024-03-31 — Period End Date (Current reporting period)
• 2024-01-01 — Period Start Date (Current reporting period)
• 2023-03-31 — Prior Period End Date (Comparative period)
• 2023-01-01 — Prior Period Start Date (Comparative period)

Key Players & Entities

• DTE ENERGY CO (company) — Filer name
• DTE Electric Co (company) — Subsidiary mentioned
• 2024-03-31 (date) — Period of report
• 2024-04-25 (date) — Filing date
• DETROIT (location) — Business address city
• MI (location) — Business address state

FAQ

Industry Context

DTE Energy Co. operates in the electric services industry, providing electricity to customers in Michigan.

Regulatory Implications

As a public utility, DTE Energy Co. is subject to regulatory oversight by state and federal agencies, impacting its operations and financial reporting.

What Investors Should Do

1. Analyze the balance sheet and income statement for the quarter ended March 31, 2024.
2. Compare key financial metrics to the same period in the prior year (March 31, 2023).
3. Review any disclosures related to debt, equity, and other financial instruments.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-25: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report for DTE Energy Co. in fiscal year 2024, providing updated financial information compared to the previous year's filings.

Key Financial Figures

• $10 — 06,937,244 DTE Electric Common Stock, $10 par value, indirectly-owned by DTE Ener

Filing Documents

• dte-20240331.htm (10-Q) — 2852KB
• a20240331ex41.htm (EX-4.1) — 89KB
• a20240331ex42.htm (EX-4.2) — 558KB
• a20240331ex311.htm (EX-31.1) — 10KB
• a20240331ex312.htm (EX-31.2) — 10KB
• a20240331ex313.htm (EX-31.3) — 10KB
• a20240331ex314.htm (EX-31.4) — 10KB
• a20240331ex321.htm (EX-32.1) — 5KB
• a20240331ex322.htm (EX-32.2) — 6KB
• a20240331ex323.htm (EX-32.3) — 6KB
• a20240331ex324.htm (EX-32.4) — 6KB
• dte-20240331_g1.jpg (GRAPHIC) — 6KB
• 0000936340-24-000116.txt (&nbsp;) — 16597KB
• dte-20240331.xsd (EX-101.SCH) — 83KB
• dte-20240331_cal.xml (EX-101.CAL) — 153KB
• dte-20240331_def.xml (EX-101.DEF) — 589KB
• dte-20240331_lab.xml (EX-101.LAB) — 944KB
• dte-20240331_pre.xml (EX-101.PRE) — 830KB
• dte-20240331_htm.xml (XML) — 3366KB

Forward-Looking Statements

Forward-Looking Statements 3

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements DTE Energy Consolidated Financial Statements (Unaudited) 5 DTE Electric Consolidated Financial Statements (Unaudited) 11 Combined Notes to Consolidated Financial Statements (Unaudited) 17 Note 1 — Organization and Basis of Presentation 17 Note 2 — Significant Accounting Policies 20 Note 3 — Revenue 24 Note 4 — Regulatory Matters 26 Note 5 — Earnings Per Share 26 Note 6 — Fair Value 27 Note 7 — Financial and Other Derivative Instruments 34 Note 8 — Long-Term Debt 39 Note 9 — Short-Term Credit Arrangements and Borrowings 39 Note 1 0 — Leases 40 Note 1 1 — Commitments and Contingencies 41 Note 1 2 — Retirement Benefits and Trusteed Assets 46 Note 1 3 — Segment and Related Information 47 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 49 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 62 Item 4.

Controls and Procedures

Controls and Procedures 65

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 66 Item 1A.

Risk Factors

Risk Factors 66 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 66 Item 5. Insider Trading Arrangements and Policies 66 Item 6. Exhibits 67

Signatures

Signatures 68 Table of Contents DEFINITIONS AFUDC Allowance for Funds Used During Construction ASU Accounting Standards Update issued by the FASB CAD Canadian Dollar (C$) CARB California Air Resources Board that administers California's Low Carbon Fuel Standard Carbon emissions Emissions of carbon containing compounds, including carbon dioxide and methane, that are identified as greenhouse gases CCR Coal Combustion Residuals CFTC U.S. Commodity Futures Trading Commission DTE Electric DTE Electric Company (an indirect wholly-owned subsidiary of DTE Energy) and subsidiary companies DTE Energy DTE Energy Company, directly or indirectly the parent of DTE Electric, DTE Gas, and numerous non-utility subsidiaries DTE Gas DTE Gas Company (an indirect wholly-owned subsidiary of DTE Energy) and subsidiary companies DTE Securitization I DTE Electric Securitization Funding I, LLC, a special purpose entity wholly-owned by DTE Electric. The entity was created to issue securitization bonds for qualified costs related to the River Rouge generation plant and tree trimming surge program and to recover debt service costs from DTE Electric customers DTE Securitization II DTE Electric Securitization Funding II, LLC, a special purpose entity wholly-owned by DTE Electric. The entity was created to issue securitization bonds for qualified costs related to the St. Clair and Trenton Channel generation plants and to recover debt service costs from DTE Electric customers DTE Sustainable Generation DTE Sustainable Generation Holdings, LLC (an indirect wholly-owned subsidiary of DTE Energy) and subsidiary companies EGLE Michigan Department of Environment, Great Lakes, and Energy, formerly known as Michigan Department of Environmental Quality ELG Effluent Limitations Guidelines EPA U.S. Environmental Protection Agency EWR Energy Waste Reduction program, which includes a mechanism authorized by the MPSC allowing DTE Electric and DTE Gas to recover through r

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Certain information presented herein includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, and businesses of the Registrants. Words such as "anticipate," "believe," "expect," "may," "could," "projected," "aspiration," "plans," and "goals" signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Many factors may impact forward-looking statements of the Registrants including, but not limited to, the following: impact of regulation by the EPA, EGLE, the FERC, the MPSC, the NRC, and for DTE Energy, the CFTC and CARB, as well as 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, including legislative amendments and retail access programs; economic conditions and population changes in the Registrants' geographic area resulting in changes in demand, customer conservation, and thefts of electricity and, for DTE Energy, natural gas; the operational failure of electric or gas distribution systems or infrastructure; impact of volatility in prices in international steel markets and in prices of environmental attributes generated from renewable natural gas investments on the operations of DTE Vantage; the risk of a major safety incident; environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements; the cost of protecting assets and customer data against, or damage due to, cyber incidents and

— Financial Information

Part I — Financial Information

Financial Statements

Item 1. Financial Statements 4 Table of Contents DTE Energy Company Consolidated Statements of Operations (Unaudited) Three Months Ended March 31, 2024 2023 (In millions, except per share amounts) Operating Revenues Utility operations $ 2,156 $ 2,060 Non-utility operations 1,084 1,719 3,240 3,779 Operating Expenses Fuel, purchased power, and gas — utility 600 584 Fuel, purchased power, gas, and other — non-utility 989 1,437 Operation and maintenance 590 600 Depreciation and amortization 423 385 Taxes other than income 122 122 Asset (gains) losses and impairments, net ( 1 ) ( 1 ) 2,723 3,127 Operating Income 517 652 Other (Income) and Deductions Interest expense 218 191 Interest income ( 18 ) ( 17 ) Non-operating retirement benefits, net — 3 Other income ( 27 ) ( 26 ) Other expenses 10 6 183 157 Income Before Income Taxes 334 495 Income Tax Expense 21 50 Net Income Attributable to DTE Energy Company $ 313 $ 445 Basic Earnings per Common Share Net Income Attributable to DTE Energy Company $ 1.51 $ 2.16 Diluted Earnings per Common Share Net Income Attributable to DTE Energy Company $ 1.51 $ 2.16 Weighted Average Common Shares Outstanding Basic 206 206 Diluted 207 206 See Combined Notes to Consolidated Financial Statements (Unaudited) 5 Table of Contents DTE Energy Company Consolidated Statements of Comprehensive Income (Unaudited) Three Months Ended March 31, 2024 2023 (In millions) Net Income $ 313 $ 445 Other comprehensive income (loss), net of tax: Benefit obligations, net of taxes of $ — for both periods 1 1 Net unrealized gains (losses) on derivatives, net of taxes of $ 8 , and $( 1 ), respectively 26 ( 4 ) Foreign currency translation ( 2 ) — Other comprehensive income (loss) 25 ( 3 ) Comprehensive Income Attributable to DTE Energy Company $ 338 $ 442 See Combined Notes to Consolidated Financial Statements (Unaudited) 6 Table of Contents DTE Energy Company Consolidated Statements of Fin

View Full Filing

View this 10-Q filing on SEC EDGAR