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Investor Presentaiton

15 Investor Fact Book October 2023 | Xcel Energy Xcel Energy Inc. | Selected Financial Data Years Ended December 31 (Millions of Dollars, Except Per Share Data) 2022 2021 2020 2019 2018 Operating revenues $15,310 $13,431 $11,526 $11,529 $11,537 Operating expenses $12,882 $11,228 $9,410 $9,425 $9,572 Net income $1,736 $1,597 $1,473 $1,372 $1,261 Earnings available to common shareholders $1,736 $1,597 $1,473 $1,372 $1,261 Diluted earnings per common share $3.17 $2.96 $2.79 $2.64 $2.47 Financial information Dividends declared per common share Total assets Long-term debt (a) $1.95 $1.83 $1.72 $1.62 $1.52 $61,188 $22,813 $57,851 $21,779 $53,957 $19,645 $50,448 $17,407 $45,987 $15,803 (a) As a result of adopting Leases, Topic 842, finance lease obligations of $77 million are included in other noncurrent liabilities on the consolidated balance sheet at Dec. 31, 2019. These obligations were included in long-term debt prior to 2019. Xcel Energy Inc. | 2023 and 2024 Ongoing Earnings Guidance Assumptions As of October 27, 2023 Xcel Energy 2023 Earnings Guidance Xcel Energy's 2023 ongoing earnings guidance is a range of $3.32 to $3.37 per share (a) Key assumptions as compared with 2022 levels unless noted: • Constructive outcomes in all pending rate case and regulatory proceedings. • Normal weather patterns for the remainder of the year. • Weather-normalized retail electric sales are projected to increase ~1% to 2%. •Weather-normalized retail firm natural gas sales are projected to increase 1%. • Capital rider revenue is projected to increase $40 million to $50 million (net of PTCs). •O&M expenses are projected to decline ~1% to 2%. • Depreciation expense is projected to increase approximately $25 million to $35 million. •Property taxes are projected to decrease $30 million to $35 million. • Interest expense (net of AFUDC - debt) is projected to increase $90 million to $100 million. ⚫AFUDC - equity is projected to increase $10 million to $15 million. ⚫ETR is projected to be ~(9%) to (11%). The negative ETR is largely offset by PTCs flowing back to customers in the capital riders and fuel mechanisms and is largely earnings neutral. Xcel Energy 2024 Earnings Guidance Xcel Energy's 2024 ongoing earnings guidance is a range of $3.50 to $3.60 per share. (a) Key assumptions as compared with 2023 projected levels unless noted: Constructive outcomes in all pending rate case and regulatory proceedings. Normal weather patterns for the year. •Weather-normalized retail electric sales are projected to increase 2% to 3%. •Weather-normalized retail firm natural gas sales are projected to increase 1%. • Capital rider revenue is projected to increase $35 million to $45 million (net of PTCs). • O&M expenses are projected to increase 1% to 2%. • Depreciation expense is projected to increase approximately $250 million to $260 million. • Property taxes are projected to increase $40 million to $50 million. • Interest expense (net of AFUDC - debt) is projected to increase $115 million to $125 million. ⚫AFUDC - equity is projected to increase $40 million to $50 million. ⚫ETR is projected to be ~(4%) to (6%). The negative ETR is largely offset by PTCs flowing back to customers in the capital riders and fuel mechanisms and is largely earnings neutral. (a) Ongoing earnings is calculated using net income and adjusting for certain nonrecurring or infrequent items that are, in management's view, not reflective of ongoing operations. Ongoing earnings could differ from those prepared in accordance with GAAP for unplanned and/or unknown adjustments. As Xcel Energy is unable to quantify the financial impacts of any additional adjustments that may occur for the year, we are unable to provide a quantitative reconciliation of the guidance for ongoing EPS to corresponding GAAP EPS.
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