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Vistra Corp. (VST) SEC Filing 10-Q Quarterly Report for the period ending Thursday, June 30, 2022

SEC Filings

VST Quarterly Reports

Vistra Energy Corp.

CIK: 1692819 Ticker: VST

Exhibit 99.1

 

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Vistra Reports Second Quarter 2022 Results;

Authorizes Additional $1.25 Billion for Share

Repurchases

IRVING, Texas — Aug. 5, 2022

— Vistra (NYSE: VST) today reported its second quarter 2022 results:

Financial and Operating Highlights

 

   

Results

 

   

Continued to experience favorable pricing environment allowing Vistra the opportunity to lock in future value through the continued execution of its comprehensive hedging strategy. Driven by the material increase in forward power prices, which requires Vistra to record the current non-cash, unrealized impact of mark-to-market hedging losses for GAAP purposes, recorded second quarter 2022 Net Loss of $(1,357) million and Net Loss from Ongoing Operations1 of $(1,312) million. The second quarter 2022 Net Loss includes $(1,987) million of such unrealized losses from mark-to-market valuations of commodity positions, the net impacts of which are not expected to be realized in future quarters assuming the company fulfills its obligations through normal course operations.

 

   

Delivered second quarter 2022 Ongoing Operations Adjusted EBITDA1 of $761 million. Full year results tracking above midpoint for 2022 Ongoing Operations Adjusted EBITDA1 and Ongoing Operations Adjusted FCFbG1 guidance ranges of $2,810 million to $3,310 million and $2,070 million to $2,570 million, respectively.

 

   

Continued executing on comprehensive hedging program, locking in significant value opportunities in future years. As of June 30, 2022, Vistra has hedged over 60% of its expected generation volumes on average for the three -year period 2023 to 2025, with 2023 hedged at approximately 80%.

 

   

Vistra’s hedging program supports Ongoing Operations Adjusted EBITDA mid-point opportunities in the range of $3,500 million to $3,700 million in years 2023 to 2025.2

 

   

Achieved best residential customer growth in a quarter for TXU Energy in nearly 15 years, also achieved 95% commercial availability3 in an unseasonably warm second quarter.

 

   

Return of Capital

 

   

Executed approximately $1.6 billion of the originally authorized $2 billion share repurchase program as of Aug. 2, 2022, with such repurchases representing approximately 14.6% of the shares outstanding as of Nov. 2, 2021. We expect to execute the remaining portion of the $2 billion authorization before year-end 2022. Accordingly, the board of directors has authorized an incremental $1.25 billion for share repurchases effective immediately. We now have approximately $1.65 billion of authorization remaining for share repurchases, which we expect to utilize between now and year-end 2023. Taken together, the board has authorized a cumulative $3.25 billion in share repurchases since Vistra announced its capital allocation plan in Nov. 2021.


The following information was filed by Vistra Energy Corp. (VST) on Friday, August 5, 2022 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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Vistra Energy Corp.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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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 Balance Sheets (Parenthetical)
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 (East Segment Solar Generation And Energy Storage Projects) (Details)
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 (Preferred Stock) (Details)
Equity (Share Repurchase Program) (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)
Related Party Transactions
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 (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: 0001692819-22-000017
Submitted to the SEC: Fri Aug 05 2022 9:01:37 AM EST
Accepted by the SEC: Fri Aug 05 2022
Period: Thursday, June 30, 2022
Industry: Electric Services

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