Investor update July 5, 2020
Dominion Energy Important note for investors This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding Dominion Energy. The statements relate to, among other things, expectations, estimates and projections concerning the business and operations of Dominion Energy. We have used the words "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", “outlook”, "predict", "project", “should”, “strategy”, “target”, "will“, “potential” and similar terms and phr ases to identify forward-looking statements in this presentation. Such forward- looking statements, including 2020 operating earnings guidance and projected dividends for the remainder of 2020 and beyond, are subject to various risks and uncertainties. As outlined in our SEC filings, factors that could cause actual results to differ include, but are not limited to: the expected timing and likelihood of completion of the proposed transaction with Berkshire Hathaway Energy; the risk that Dominion Energy or Berkshire Hathaway Energy may be unable to obtain necessary regulatory approvals for the transaction or required regulatory approvals may delay the transaction; the risk that conditions to the closing of the transaction may not be satisfied; the repurchase of less than $3 billion of Dominion Energy common stock through a share repurchase program; unusual weather conditions and their effect on energy sales to customers and energy commodity prices; extreme weather events and other natural disasters; extraordinary external events, such as the current pandemic health event resulting from COVID-19; federal, state and local legislative and regulatory developments; changes to federal, state and local environmental laws and regulations, including proposed carbon regulations; cost of environmental compliance; changes in enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities; capital market conditions, including the availability of credit and the ability to obtain financing on reasonable terms; fluctuations in interest rates; changes in rating agency requirements or credit ratings and their effect on availability and cost of capital; impacts of acquisitions, divestitures, transfers of assets by Dominion Energy to joint ventures, and retirements of assets based on asset portfolio reviews; receipt of approvals for, and timing of, closing dates for acquisitions and divestitures; changes in demand for Dominion Energy’s servic es; additional competition in Dominion Energy’s industries; changes to regulated rates collected by Dominion Energy; changes in operating, maintenance and construction costs; timing and receipt of regulatory approvals necessary for planned construction or expansion projects and compliance with conditions associated with such regulatory approvals; adverse outcomes in litigation matters or regulatory proceedings; and the inability to complete planned construction projects within time frames initially anticipated. Other risk factors are detailed from time to time in Dominion Energy’s qua rterly reports on Form 10-Q and most recent annual report on Form 10-K filed with the Securities and Exchange Commission. The information in this presentation was prepared as of July 5, 2020. Dominion Energy undertakes no obligation to update any forward-looking information statement to reflect developments after the statement is made. Projections or forecasts shown in this document are based on the assumptions listed in this document and are subject to change at any time. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy securities. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the requirements of the Securities Act of 1933, as amended. This presentation has been prepared primarily for security analysts and investors in the hope that it will serve as a convenient and useful reference document. The format of this document may change in the future as we continue to try to meet the needs of security analysts and investors. This document is not intended for use in connection with any sale, offer to sell, or solicitation of any offer to buy securities. This presentation includes certain financial measures that have not been prepared in accordance with U.S. generally accepted accounting principles (GAAP). In providing its full-year operating earnings per share guidance (non-GAAP), the company notes that there could be differences between such non-GAAP financial measure and the GAAP equivalent of reported net income per share. Reconciliation of such non-GAAP measure to net income per share is not provided, because the company cannot, without unreasonable effort, estimate or predict with certainty various components of net income. These components, net of tax, include but are not limited to, acquisitions, divestitures, impairment charges, changes in accounting principles, extreme weather events and other natural disasters. Please continue to regularly check Dominion Energy’s website at www.dominionenergy.com/investors. 2 Please refer to page 2 for risks and uncertainties related to projections and forward looking statements
Dominion Energy Transaction overview ▪ Agreement to divest substantially all Gas Transmission & Storage segment assets ▪ Buyer: Berkshire Hathaway Energy ▪ ~$9.7 billion transaction value ▪ Includes the conveyance of ~$5.7 billion of debt¹ ▪ Cash consideration of ~$4 billion ▪ Expect to repurchase ~$3 billion of common stock (late 2020)² ▪ Anticipated closing Q4 2020 ▪ Subject to Department of Energy approval and clearance under Hart-Scott-Rodino ¹ Inclusive of DEGH, Questar Pipeline, and unconsolidated Iroquois Gas Transmission debt ² Approximately $1 billion of cash proceeds will be used for transaction taxes and adjustments as well as an approximately $250M voluntary contribution to Dominion Energy pension plans 3 Please refer to page 2 for risks and uncertainties related to projections and forward looking statements
Dominion Energy Transaction overview ▪ Assets being divested (wholly-owned unless noted): ▪ Dominion Energy Transmission (DETI) — Serves Mid-Atlantic region ▪ Questar Pipelines — Serves Rocky Mountain region ▪ Carolina Gas Transmission — Serves South Carolina and Georgia ▪ Iroquois Gas Transmission (50% interest) — Serves New York region ▪ Cove Point (25% interest) — Serves global export and import customers ▪ Legacy gathering and processing assets and farmout acreage ▪ Dominion Energy retained assets include: ▪ 50% non-operating and unlevered interest in Cove Point¹ ▪ Investments in Renewable Natural Gas (RNG)² ¹ To be accounted as equity earnings in the Contracted Assets (previously Contracted Generation) segment ² To be accounted in the Gas Distribution segment 4 Please refer to page 2 for risks and uncertainties related to projections and forward looking statements
Dominion Energy Opportunity for significant long-term value creation for shareholders ▪ Strategic review led to agreement with respected operator ✓ Valuation, employee commitments, and operating credentials ▪ Dominion Energy strategic and financial repositioning considerations ✓ Value of our industry-leading ESG-focused strategy ✓ Provides pure-play profile to investors by narrowing focus to state-regulated utility operations ✓ Significantly increases long-term earnings growth rate ✓ Rebases dividend to reflect revised model – peer aligned payout, increased growth rate ✓ Improves credit profile and balance sheet to support robust “green” capital investment program 5 Please refer to page 2 for risks and uncertainties related to projections and forward looking statements
Dominion Energy Strategic repositioning towards ‘pure - play’ state -regulated utility; highlighted clean-energy profile Premier state-regulated utility operations Industry-leading clean energy profile Increased long-term earnings and dividend growth Improved credit profile and balance sheet Narrowed focus enhances consistency and transparency 6 Please refer to page 2 for risks and uncertainties related to projections and forward looking statements
Dominion Energy Increasing contribution from premier state-regulated utility franchises Divestiture of State- regulated gas transmission & utility storage assets contribution (2020) State-regulated utility operations: (2019) ~85% — 90% Divestiture of Blue Racer & of pro forma State-regulated merchant utility operations: operating earnings generation ~70% (2018) State-regulated utility operations: (2016) ~65% 7 Please refer to page 2 for risks and uncertainties related to projections and forward looking statements
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