PIEDMONT NATURAL GAS CO INC

CIK:0000078460|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating Revenues
Regulated electric	$ 7,103	$ 6,968	$ 14,906	$ 14,032
Regulated natural gas	418	462	1,715	1,567
Nonregulated electric and other	71	78	149	158
Total operating revenues	7,592	7,508	16,770	15,757
Operating Expenses
Operation, maintenance and other	1,385	1,655	3,137	3,154
Depreciation and amortization	1,700	1,583	3,389	3,095
Property and other taxes	374	415	826	843
Impairment of assets and other charges	49	3	49	3
Total operating expenses	5,553	5,692	12,390	11,604
Gains (Losses) on Sales of Other Assets and Other, net	10	14	394	20
Operating Income	2,049	1,830	4,774	4,173
Other Income and Expenses
Equity in earnings (losses) of unconsolidated affiliates	10	11	17	22
Other income and expenses, net	203	183	336	315
Total other income and expenses	213	194	353	337
Interest Expense	957	897	1,925	1,786
Income From Continuing Operations Before Income Taxes	1,305	1,127	3,202	2,724
Income Tax Expense From Continuing Operations	160	119	493	312
Income From Continuing Operations	1,145	1,008	2,709	2,412
Income (Loss) From Discontinued Operations, net of tax	0	(1)	13	(1)
Net Income	1,145	1,007	2,722	2,411
Less: Net Income Attributable to NCI	53	23	80	48
Net Income	1,092	984	2,642	2,363
Less: Preferred Dividends	15	13	29	27
Net Income Available to Duke Energy Corporation Common Stockholders	$ 1,077	$ 971	$ 2,613	$ 2,336
Income from continuing operations available to Duke Energy Corporation common stockholders
Basic (in usd per share)	$ 1.38	$ 1.25	$ 3.33	$ 3.00
Diluted (in usd per share)	1.38	1.25	3.33	3.00
Income (loss) from discontinued operations attributable to Duke Energy Corporation common stockholders
Basic (in usd per share)	0	0	0.02	0
Diluted (in usd per share)	0	0	0.02	0
Net income available to Duke Energy Corporation common stockholders
Basic (in usd per share)	1.38	1.25	3.35	3.00
Diluted (in usd per share)	$ 1.38	$ 1.25	$ 3.35	$ 3.00
Weighted Average Shares Outstanding
Basic (in shares)	779	777	779	777
Diluted (in shares)	779	777	779	777
Fuel used in electric generation and purchased power
Operating Expenses
Cost of sales	$ 1,915	$ 1,878	$ 4,334	$ 3,977
Cost of natural gas
Operating Expenses
Cost of sales	$ 130	$ 158	$ 655	$ 532

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 2,722	$ 2,411
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)	3,702	3,659
Equity component of AFUDC	(182)	(147)
Gain on sale of Piedmont's Tennessee business	(368)	0
(Gains) losses on sales of other assets	(26)	(20)
Impairment of assets and other charges	49	3
Deferred income taxes	949	611
Equity in (earnings) losses of unconsolidated affiliates	(17)	(22)
Payments for asset retirement obligations	(249)	(241)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions	0	266
Receivables	(208)	53
Inventory	(92)	85
Other current assets	(233)	(243)
Increase (decrease) in
Accounts payable	(383)	(987)
Taxes accrued	53	(7)
Other current liabilities	(457)	(374)
Other assets	(1,046)	(78)
Other liabilities	58	71
Net cash provided by operating activities	4,272	5,040
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(8,240)	(6,428)
Purchases of debt and equity securities	(10,187)	(3,446)
Proceeds from sales and maturities of debt and equity securities	10,206	3,535
Proceeds from the sale of Piedmont's Tennessee business	2,501	0
Proceeds from the sale of Commercial Renewables Disposal Groups, net of cash divested	0	559
Other	(489)	(484)
Net cash used in investing activities	(6,209)	(6,264)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	6,464	4,848
Issuance of common stock	0	14
Payments for the redemption of long-term debt	(4,831)	(1,815)
Proceeds from the issuance of short-term debt with original maturities greater than 90 days	262	0
Payments for the redemption of short-term debt with original maturities greater than 90 days	(390)	(5)
Notes payable and commercial paper	(237)	(185)
Contributions from NCI	2,827	0
Dividends paid	(1,693)	(1,610)
Other	22	(2)
Net cash provided by financing activities	2,424	1,245
Net increase (decrease) in cash, cash equivalents and restricted cash	487	21
Cash, cash equivalents and restricted cash at beginning of period	363	421
Cash, cash equivalents and restricted cash at end of period	850	442
Significant non-cash transactions:
Accrued capital expenditures	$ 2,574	$ 1,929

Condensed Consolidated Balance Sheets - USD ($) shares in Millions, $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current Assets
Cash and cash equivalents	$ 673	$ 245
Receivables (net of allowance for doubtful accounts)	4,482	4,230
Inventory	4,665	4,569
Regulatory assets	2,645	1,934
Assets held for sale	0	109
Other (includes amounts related to VIEs)	684	526
Total current assets	13,149	11,613
Property, Plant and Equipment
Cost (includes $3,610 at 2026 and $2,913 at 2025 related to VIEs)	197,562	190,409
Accumulated depreciation and amortization (includes ($138) at 2026 and ($89) at 2025 related to VIEs)	(62,326)	(60,450)
Net property, plant and equipment	135,236	129,959
Other Noncurrent Assets
Goodwill	19,010	19,010
Regulatory assets	14,411	14,379
Nuclear decommissioning trust funds	13,590	12,889
Operating lease right-of-use assets, net	1,166	1,241
Investments in equity method unconsolidated affiliates	332	330
Assets held for sale	0	2,148
Other	4,197	4,167
Total other noncurrent assets	52,706	54,164
Total Assets	201,091	195,736
Current Liabilities
Accounts payable	4,940	5,223
Notes payable and commercial paper	2,330	2,624
Taxes accrued	1,035	975
Interest accrued	899	922
Current maturities of long-term debt	6,666	7,104
Asset retirement obligations	570	579
Regulatory liabilities	1,422	1,271
Liabilities associated with assets held for sale	0	84
Other	2,026	2,265
Total current liabilities	19,888	21,047
Long-Term Debt (includes amounts related to VIEs)	82,242	80,108
Other Noncurrent Liabilities
Deferred income taxes	13,344	12,377
Asset retirement obligations	9,202	9,046
Regulatory liabilities	15,359	15,682
Operating lease liabilities	968	1,033
Accrued pension and other post-retirement benefit costs	348	396
Investment tax credits	976	969
Liabilities associated with assets held for sale	0	170
Other	1,901	1,889
Total other noncurrent liabilities	42,098	41,562
Commitments and Contingencies
Equity
Common stock	1	1
Additional paid-in capital	47,563	45,614
Retained earnings	6,005	5,056
Accumulated other comprehensive income (loss)	209	198
Total stockholders' equity	54,751	51,842
Noncontrolling Interests	2,112	1,177
Total equity	56,863	53,019
Total Liabilities and Equity	$ 201,091	$ 195,736
Common stock, shares outstanding (in shares)	780	778
Preferred stock, Series A
Equity
Preferred stock	$ 973	$ 973