Vistra Energy Reports First Quarter 2017 Results

Announced Date :  May 18, 2017


Vistra Energy, the parent company for TXU Energy and Luminant, reported first quarter 2017 net income of $78 million and cash provided by operating activities of $141 million.  Adjusted EBITDA for the first quarter 2017 was $276 million and adjusted free cash flow was $(48) million.
Curt Morgan, Vistra Energy's chief executive officer, remarked, "Vistra Energy is off to a great start in 2017, delivering solid earnings despite some headwinds created by mild winter weather in Texas, once again demonstrating the resilience of our integrated model.  Our retail team continues to excel at customer acquisition and retention—growing residential customer counts in the quarter.  The team's performance resulted in lower levels of customer churn than anticipated, which partially offset lower than expected earnings driven by reduced consumption from the mild winter."

Morgan added, "Complementing our premier retail business, our wholesale generation operations were highly reliable during the quarter, achieving commercial availability of 95%, and our wholesale commercial operations team achieved realized prices nearly 55% higher than settled prices during the quarter."

"Further, our corporate team concluded the process for our shares to be uplisted to the New York Stock Exchange as planned, with our first day of trading on the NYSE last Wednesday," Morgan said.  "We are executing on our commitments and we will continue to work tirelessly to deliver value to our shareholders."

2017 Guidance

Vistra Energy is reaffirming its 2017 guidance ranges, reflecting an adjusted EBITDA range of $1,350 million to $1,500 million and an adjusted free cash flow range of $745 million to $925 million.

Liquidity

As of March 31, 2017, Vistra Energy had total available liquidity of approximately $1.99 billion, including cash and cash equivalents of $916 million, $210 million in available letter of credit capacity under its term loan C facility, and $860 million of availability under its revolving credit facility, which remained undrawn at March 31, 2017.  Liquidity increased by approximately $150 million in the first quarter of 2017 due to increased available cash and reduced letter of credit postings.

Additional Updates

Vistra Energy continues to see increased demand from its retail customers for products utilizing renewable resources.  As a result, in May Vistra Energy executed on a couple of initiatives that will allow it to continue to provide solutions to meet customers' changing needs and preferences:

TXU Energy launched its "Free Nights and Solar Days" retail product offering, combining its most popular Right Time Pricing PlanSM with green, solar energy.

Vistra Energy acquired a 180 MW solar development project located in West Texas, which will support enhanced renewable offerings by its retail organization and will further augment Vistra Energy's integrated portfolio.  The facility is expected to be operational in the summer of 2018. 

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