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Vistra Corp. (VST) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

Vistra Energy Corp.

CIK: 1692819 Ticker: VST

Exhibit 99.1

 

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NEWS RELEASE

Vistra Updates Financial Impact of Winter Storm Uri

and Reissues 2021 Guidance

IRVING, Texas April 26, 2021 — Vistra (NYSE: VST) announced today that it is:

 

   

Estimating the financial impact of Winter Storm Uri (“Uri”) on 2021 Ongoing Operations Adjusted EBITDA1 and Ongoing Operations Adjusted Free Cash Flow before Growth (FCFbG)1 at ~$(1,600) million, including self-help initiatives.

 

   

Reissuing 2021 Ongoing Operations Adjusted EBITDA1 and Ongoing Operations Adjusted FCFbG1 guidance ranges at $1,475 to $1,875 million and $200 to $600 million, respectively.

 

   

Providing an update on its 2021 capital allocation plan.

 

   

Hosting an investor update call today at 8 a.m. EDT (7 a.m. CDT) in lieu of its regularly scheduled quarterly earnings conference call; filing its Quarterly Report on Form 10-Q for the first quarter of 2021 and posting the related investor materials to its website on May 5, 2021.

Winter Storm Uri

Since its initial announcement regarding the estimated financial impact of Uri on Feb. 26, 2021, Vistra has received additional customer load information, which drove a negative variance to its previous estimate of $(900) million to $(1,300) million. Vistra also had a line of sight to relatively high probability self-help initiatives that, until mid-April, kept the net estimate of the 2021 Adjusted EBITDA impact at the high end of this previous range, with knowledge that ERCOT’s 55-day resettlement statements would be forthcoming. These self-help initiatives include the monetization of certain commercial positions, generation savings from lower O&M project work, retail savings and forecasted performance, and IT and SG&A savings, which are expected to total ~$500 million in the balance of the year.

In mid-April, Vistra received the 55-day resettlement statements from ERCOT, which drove an estimated negative variance of more than $200 million. Vistra now estimates the net financial impact of Uri on its 2021 Ongoing Operations Adjusted EBITDA1 and Ongoing Operations Adjusted FCFbG1 is ~$(1,600) million. This estimate includes the expected benefit of the self-help initiatives, but assumes no recovery from potential successful outcomes of various legal and regulatory challenges related to Uri.

Vistra estimates the entire 2021 Adjusted EBITDA impact from the storm was less than the negative impact from gas deliverability issues and the incredibly high costs to procure gas. Vistra’s firm gas contracts that were not honored by third parties led to the company procuring replacement gas at incredibly high costs, while the lack of physical gas and insufficient pressures on the pipelines impacted the company’s ability to generate power at full capacity. As a result of these challenges, Vistra had to procure power in the ERCOT market at prices at or near the price cap to meet its supply obligations. Absent these issues with gas deliverability and increased gas costs, Vistra estimates that the 2021 Adjusted EBITDA impact of Uri would have been a slight positive.


The following information was filed by Vistra Energy Corp. (VST) on Monday, April 26, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Vistra Energy Corp.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income (Loss)
Condensed Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical)
Condensed Consolidated Statements Of Operations
Accounts Receivable Financing
Accounts Receivable Financing (Details)
Business And Significant Accounting Policies
Business And Significant Accounting Policies (Narrative) (Details)
Business And Significant Accounting Policies (Policies)
Commitment And Contingencies (Guarantees, Letters Of Credit And Surety Bonds) (Details)
Commitments And Contingencies
Commitments And Contingencies (Litigation, Regulatory And Environmental Proceedings) (Details)
Commodity And Other Derivative Contractual Assets And Liabilities
Commodity And Other Derivative Contractual Assets And Liabilities (Concentrations Of Credit Risk Related To Derivatives) (Details)
Commodity And Other Derivative Contractual Assets And Liabilities (Credit Risk-Related Contingent Features Of Derivatives) (Details)
Commodity And Other Derivative Contractual Assets And Liabilities (Derivative (Income Statement Presentation)) (Details)
Commodity And Other Derivative Contractual Assets And Liabilities (Derivative Assets And Liabilities From Balance Sheet To Net Amounts After Consideration Netting Arrangements With Counterparties And Financial Collateral) (Details)
Commodity And Other Derivative Contractual Assets And Liabilities (Derivative Volumes) (Details)
Commodity And Other Derivative Contractual Assets And Liabilities (Financial Statement Effects Of Derivatives) (Details)
Commodity And Other Derivative Contractual Assets And Liabilities (Narrative) (Details)
Commodity And Other Derivative Contractual Assets And Liabilities (Tables)
Development Of Generation Facilities
Development Of Generation Facilities (Texas Segment Solar Generation And Energy Storage Projects) (Details)
Development Of Generation Facilities (West Segment Energy Storage Projects) (Details)
Earnings Per Share
Earnings Per Share (Earnings Per Share) (Details)
Earnings Per Share (Tables)
Equity
Equity (Changes To Equity) (Details)
Equity (Narrative) (Details)
Equity (Tables)
Fair Value Measurements
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details)
Fair Value Measurements (Changes In Fair Value Of The Level 3 Assets And Liabilities (All Related To Commodity Contracts)) (Details)
Fair Value Measurements (Fair Value Of The Level 3 Assets And Liabilities By Major Contract Type (All Related To Commodity Contracts) And The Significant Unobservable Inputs Used In The Valuations) (Details)
Fair Value Measurements (Tables)
Goodwill And Identifiable Intangible Assets And Liabilities
Goodwill And Identifiable Intangible Assets And Liabilities (Amortization Expense Related To Identifiable Intangible Assets And Liabilities) (Details)
Goodwill And Identifiable Intangible Assets And Liabilities (Estimated Amortization Of Identifiable Intangible Assets And Liabilities) (Details)
Goodwill And Identifiable Intangible Assets And Liabilities (Goodwill) (Details)
Goodwill And Identifiable Intangible Assets And Liabilities (Identifiable Intangible Assets And Liabilities Reported In The Balance Sheet) (Details)
Goodwill And Identifiable Intangible Assets And Liabilities (Tables)
Income Taxes
Income Taxes (Calculation Of Effective Tax Rate) (Details)
Income Taxes (Cares Act) (Details)
Income Taxes (Tables)
Income Taxes (Uncertain Tax Positions) (Details)
Long-Term Debt
Long-Term Debt (Interest Rate Swaps) (Details)
Long-Term Debt (Long-Term Debt) (Details)
Long-Term Debt (Maturities) (Details)
Long-Term Debt (Other Long-Term Debt) (Details)
Long-Term Debt (Tables)
Long-Term Debt (Vistra Operations Credit Facilities) (Details)
Long-Term Debt (Vistra Operations Senior Secured Notes) (Details)
Long-Term Debt (Vistra Operations Senior Unsecured Notes) (Details)
Long-Term Debt (Vistra Senior Unsecured Notes) (Details)
Related Party Transactions
Related Party Transactions (Narrrative) (Details)
Retirement Of Generation Facilities
Retirement Of Generation Facilities (Narrative) (Details)
Retirement Of Generation Facilities (Tables)
Revenue
Revenue (Accounts Receivable) (Details)
Revenue (Performance Obligations) (Details)
Revenue (Revenue Disaggregated By Major Source) (Details)
Revenue (Tables)
Segment Information
Segment Information (Segment Information) (Details)
Segment Information (Tables)
Supplementary Financial Information
Supplementary Financial Information (Asset Retirement And Mining Reclamation Obligations) (Details)
Supplementary Financial Information (Fair Value Of Debt) (Details)
Supplementary Financial Information (Impairment Of Long-Lived Assets) (Details)
Supplementary Financial Information (Interest Expense And Related Charges) (Details)
Supplementary Financial Information (Inventories By Major Category And Investments) (Details)
Supplementary Financial Information (Investments In Unconsolidated Subsiaries) (Details)
Supplementary Financial Information (Nuclear Decommissioning Trust) (Details)
Supplementary Financial Information (Other Income And Deductions) (Details)
Supplementary Financial Information (Other Noncurrent Liabilities And Deferred Credits) (Details)
Supplementary Financial Information (Property, Plant And Equipment) (Details)
Supplementary Financial Information (Restricted Cash) (Details)
Supplementary Financial Information (Supplemental Cash Flow Information) (Details)
Supplementary Financial Information (Tables)
Supplementary Financial Information (Trade Accounts Receivable And Allowance For Doubtful Accounts) (Details)
Tax Receivable Agreement Obligation
Tax Receivable Agreement Obligation (Narrative) (Details)
Tax Receivable Agreement Obligation (Summary Of Tax Receivable Agreement Obligation) (Details)
Tax Receivable Agreement Obligation (Tables)
Ticker: VST
CIK: 1692819
Form Type: 10-Q Quarterly Report
Accession Number: 0001692819-21-000007
Submitted to the SEC: Tue May 04 2021 8:00:54 AM EST
Accepted by the SEC: Tue May 04 2021
Period: Wednesday, March 31, 2021
Industry: Electric Services

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