Xcel Energy Files Q2 2024 10-Q Report

TL;DR

Xcel Energy's Q2 2024 10-Q is in. Check financials.

AI Summary

Xcel Energy Inc. filed its quarterly report on Form 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and operational updates. Key financial data and disclosures relevant to investors are presented within this report.

Why It Matters

This report provides investors with crucial financial and operational information for Xcel Energy, enabling informed investment decisions regarding the company's performance and outlook.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Players & Entities

• Xcel Energy Inc. (company) — Filer of the 10-Q report
• 0000072903-24-000172 (filing_id) — Accession number for the 10-Q filing
• 20240630 (date) — Conformed period of report for the 10-Q
• 414 NICOLLET MALL (address) — Business and mailing address of Xcel Energy Inc.
• MINNEAPOLIS (city) — City for Xcel Energy Inc.'s address
• MN (state) — State for Xcel Energy Inc.'s address
• 55401 (zip_code) — Zip code for Xcel Energy Inc.'s address
• 6123305500 (phone_number) — Business phone number for Xcel Energy Inc.

FAQ

Key Financial Figures

• $2.50 — ange on which registered Common Stock, $2.50 par value XEL Nasdaq Stock Market LLC

Filing Documents

• xel-20240630.htm (10-Q) — 2198KB
• xcelex3101q22024.htm (EX-31.01) — 10KB
• xcelex3102q22024.htm (EX-31.02) — 10KB
• xcelex3201q22024.htm (EX-32.01) — 8KB
• xel-20240630_g1.jpg (GRAPHIC) — 8KB
• 0000072903-24-000172.txt ( ) — 11202KB
• xel-20240630.xsd (EX-101.SCH) — 57KB
• xel-20240630_cal.xml (EX-101.CAL) — 73KB
• xel-20240630_def.xml (EX-101.DEF) — 330KB
• xel-20240630_lab.xml (EX-101.LAB) — 750KB
• xel-20240630_pre.xml (EX-101.PRE) — 559KB
• xel-20240630_htm.xml (XML) — 2328KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

— Financial Statements (unaudited)

Item 1 — Financial Statements (unaudited) 5 Consolidated Statements of Income 5 Consolidated Statements of Comprehensive Income 6 Consolidated Statements of Cash Flows 7 Consolidated Balance Sheets 8 Consolidated Statements of Common Stockholders' Equity 9

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 10

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

Item 2 — Management's Discussion and Analysis of Financial Condition and Results of Operations 24

— Quantitative and Qualitative Disclosures A bout Market Risk

Item 3 — Quantitative and Qualitative Disclosures A bout Market Risk 35

— Controls and Procedures

Item 4 — Controls and Procedures 35

OTHER INFORMATION

PART II OTHER INFORMATION

— Legal Proceedings

Item 1 — Legal Proceedings 35

— Risk Factors

Item 1A — Risk Factors 35

— Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 — Unregistered Sales of Equity Securities and Use of Proceeds 36

— Other Information

Item 5 — Other Information 36

— Exhibits

Item 6 — Exhibits 36

SIGNATURES

SIGNATURES 37 This Form 10-Q is filed by Xcel Energy Inc. Additional information is available in various filings with the SEC. This report should be read in its entirety. 2 Definitions of Abbreviations Xcel Energy Inc.'s Subsidiaries and Affiliates (current and former) e prime e prime inc. NSP-Minnesota Northern States Power Company, a Minnesota corporation NSP System The electric production and transmission system of NSP-Minnesota and NSP-Wisconsin operated on an integrated basis and managed by NSP-Minnesota NSP-Wisconsin Northern States Power Company, a Wisconsin corporation PSCo Public Service Company of Colorado SPS Southwestern Public Service Company Utility subsidiaries NSP-Minnesota, NSP-Wisconsin, PSCo and SPS WYCO WYCO Development, LLC Xcel Energy Xcel Energy Inc. and its subsidiaries Federal and State Regulatory Agencies CPUC Colorado Public Utilities Commission D.C. Circuit United States Court of Appeals for the District of Columbia Circuit DOC Minnesota Department of Commerce DOE United States Department of Energy EPA United States Environmental Protection Agency FERC Federal Energy Regulatory Commission MPUC Minnesota Public Utilities Commission MPSC Michigan Public Service Commission NDPSC North Dakota Public Service Commission NMPRC New Mexico Public Regulation Commission NRC Nuclear Regulatory Commission OAG Minnesota Office of Attorney General PSCW Public Service Commission of Wisconsin PUCT Public Utility Commission of Texas SEC Securities and Exchange Commission SDPUC South Dakota Public Utilities Commission Other AFUDC Allowance for funds used during construction ALJ Administrative Law Judge ATM At-the-market C&I Commercial and Industrial CCR Coal combustion residuals CCR Rule Final rule (40 CFR 257.50 - 257.107) published by EPA regulating the management, storage and disposal of CCRs as a nonhazardous waste CDD Cooling degree-days CEO Chief executive officer CERCLA Comprehensive Environmental Res

Forward-Looking Statements

Forward-Looking Statements Except for the historical statements contained in this report, the matters discussed herein are forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements, including those relating to 2024 EPS guidance, long-term EPS and dividend growth rate objectives, future sales, future expenses, future tax rates, future operating performance, estimated base capital expenditures and financing plans, projected capital additions and forecasted annual revenue requirements with respect to rider filings, expected rate increases to customers, expectations and intentions regarding regulatory proceedings, expected pension contributions, and expected impact on our results of operations, financial condition and cash flows of interest rate changes, increased credit exposure, and legal proceeding outcomes, as well as assumptions and other statements are intended to be identified in this document by the words "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "objective," "outlook," "plan," "project," "possible," "potential," "should," "will," "would" and similar expressions. Actual results may vary materially. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any obligation to update any forward-looking information. The following factors, in addition to those discussed in Xcel Energy's Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2023 and subsequent filings with the Securities and Exchange Commission, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: operational safety, including our nuclear generation facilities and other utility operations; successful long-term operational planning; commodity risks associated with energy markets and production; rising energy prices and fuel costs; qualified employee workforce and third-party contractor fa

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

— FINANCIAL STATEMENTS

ITEM 1 — FINANCIAL STATEMENTS XCEL ENERGY INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) ( amounts in millions, except per share data) Three Months Ended June 30 Six Months Ended June 30 2024 2023 2024 2023 Operating revenues Electric $ 2,659 $ 2,601 $ 5,344 $ 5,364 Natural gas 355 393 1,296 1,681 Other 14 28 37 57 Total operating revenues 3,028 3,022 6,677 7,102 Operating expenses Electric fuel and purchased power 855 1,030 1,803 2,147 Cost of natural gas sold and transported 118 170 601 1,014 Cost of sales — other 1 11 9 23 Operating and maintenance expenses 662 628 1,267 1,278 Conservation and demand side management expenses 86 63 183 139 Depreciation and amortization 703 565 1,361 1,189 Taxes (other than income taxes) 154 137 325 321 Total operating expenses 2,579 2,604 5,549 6,111 Operating income 449 418 1,128 991 Other income, net 22 11 36 16 Earnings from equity method investments 8 9 16 20 Allowance for funds used during construction — equity 38 18 75 37 Interest charges and financing costs Interest charges — includes other financing costs 319 268 610 521 Allowance for funds used during construction — debt ( 16 ) ( 12 ) ( 30 ) ( 22 ) Total interest charges and financing costs 303 256 580 499 Income before income taxes 214 200 675 565 Income tax benefit ( 88 ) ( 88 ) ( 115 ) ( 141 ) Net income $ 302 $ 288 $ 790 $ 706 Weighted average common shares outstanding: Basic 557 551 556 551 Diluted 557 552 556 551 Earnings per average common share: Basic $ 0.54 $ 0.52 $ 1.42 $ 1.28 Diluted 0.54 0.52 1.42 1.28 See Notes to Consolidated Financial Statements 5 Table of Contents XCEL ENERGY INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (amounts in millions) Three Months Ended June 30 Six Months Ended June 30 2024 2023 2024 2023 Net income $ 302 $ 288 $ 790 $ 706 Other comprehensive income Pension and retiree medical benefits: Reclassifications of losse

Notes to Consolidated Financial Statements (UNAUDITED)

Notes to Consolidated Financial Statements (UNAUDITED) In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly, in accordance with GAAP, the financial position of Xcel Energy as of June 30, 2024 and Dec. 31, 2023; the results of Xcel Energy's operations, including the components of net income, comprehensive income and changes in stockholders' equity for the three and six months ended June 30, 2024 and 2023; and Xcel Energy's cash flows for the six months ended June 30, 2024 and 2023. All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after June 30, 2024, up to the date of issuance of these consolidated financial statements. These statements contain all necessary adjustments and disclosures resulting from that evaluation. The Dec. 31, 2023 balance sheet information has been derived from the audited 2023 consolidated financial statements included in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2023. Notes to the consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP on an annual basis have been condensed or omitted pursuant to such rules and regulations. For further information, refer to the consolidated financial statements and notes thereto included in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2023, filed with the SEC on Feb. 21, 2024. Due to the seasonality of Xcel Energy's electric and natural gas sales, interim results are not necessarily an appropriate base from which to project annual results. 1. Summary of Significant Accounting Policies The significant accounting policies set forth in Note 1 to the consolidated finan

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