22017 EEI Financial Forum
Many factors impact forward-looking statements including, but not limited to, the following: impact of regulation by the EPA, the FERC, the
MPSC, the NRC, and for DTE Energy, the CFTC, as well as other applicable governmental proceedings and regulations, including any
associated impact on rate structures; the amount and timing of cost recovery allowed as a result of regulatory proceedings, related appeals, or
new legislation, including legislative amendments and retail access programs; economic conditions and population changes in our geographic
area resulting in changes in demand, customer conservation, and thefts of electricity and, for DTE Energy, natural gas; environmental issues,
laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements;
health, safety, financial, environmental, and regulatory risks associated with ownership and operation of nuclear facilities; changes in the cost
and availability of coal and other raw materials, purchased power, and natural gas; volatility in the short-term natural gas storage markets
impacting third-party storage revenues related to DTE Energy; impact of volatility of prices in the oil and gas markets on DTE Energy's gas
storage and pipelines operations; impact of volatility in prices in the international steel markets on DTE Energy's power and industrial projects
operations; volatility in commodity markets, deviations in weather, and related risks impacting the results of DTE Energy's energy trading
operations; changes in the financial condition of DTE Energy's significant customers and strategic partners; the potential for losses on
investments, including nuclear decommissioning and benefit plan assets and the related increases in future expense and contributions; access
to capital markets and the results of other financing efforts which can be affected by credit agency ratings; instability in capital markets which
could impact availability of short and long-term financing; the timing and extent of changes in interest rates; the level of borrowings; the potential
for increased costs or delays in completion of significant capital projects; changes in, and application of, federal, state, and local tax laws and
their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings, and audits; the effects of weather and other
natural phenomena on operations and sales to customers, and purchases from suppliers; unplanned outages; the cost of protecting assets
against, or damage due to, cyber crime and terrorism; employee relations and the impact of collective bargaining agreements; the risk of a major
safety incident at an electric distribution or generation facility and, for DTE Energy, a gas storage, transmission, or distribution facility; the
availability, cost, coverage, and terms of insurance and stability of insurance providers; cost reduction efforts and the maximization of plant and
distribution system performance; the effects of competition; changes in and application of accounting standards and financial reporting
regulations; changes in federal or state laws and their interpretation with respect to regulation, energy policy, and other business issues; contract
disputes, binding arbitration, litigation, and related appeals; implementation of new information systems; and the risks discussed in our public
filings with the Securities and Exchange Commission. New factors emerge from time to time. We cannot predict what factors may arise or how
such factors may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements speak
only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statement to reflect events or
circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. This presentation should also
be read in conjunction with the Forward-Looking Statements section of the joint DTE Energy and DTE Electric 2016 Form 10-K and 2017 Forms
10-Q (which section is incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy and DTE Electric.
Safe Harbor Statement
42017 EEI Financial Forum
Growth plan continues to deliver significant
shareholder value
Increasing customer
focused infrastructure
improvements
Executing on 7%
dividend increase for
2018
Driving strong non-
utility growth over
5-year horizon
Accelerating $3
billion of capital
through 2022
Delivering 7%
operating EPS*
growth in 2018
Continuing 5% - 7%
operating EPS growth
through 2022
Extending 7%
dividend growth
through 2020**
Earnings CAGR of
12% at GSP
through 2022
* Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix
** Subject to Board approval
52017 EEI Financial Forum
~$20B
market cap
Top quartile
in residential
customer
satisfaction
for both
DTE Electric &
DTE Gas
DTE operations
DTE headquarters
Michigan’s largest investor
in and producer of
renewable energy
Winner
of 5 consecutive
Gallup Great Workplace Awards
100+ years
of continuous dividend payments
Fortune 300
company
10,000
employees
DTE Energy overview
$986M - $1,058M
2018 operating earnings*
early outlook
* Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix
62017 EEI Financial Forum
Natural gas
transmission,
storage and
distribution
75% - 80% Utility
Growth driven by investments aimed at
improving reliability
Electric generation
and distribution
DTE Electric
DTE Gas
Power & Industrial
Projects (P&I)
Gas Storage & Pipelines (GSP)
Transport, store and
gather natural gas
Own and operate
energy related
assets
Energy Trading
Gas and power
marketing
20% - 25% Non-utility
Growth driven by strategic opportunities
Growth driven by strong, stable utilities and
complementary non-utility businesses
72017 EEI Financial Forum
To be the best-operated energy company in North America
and a force for growth and prosperity in the communities where we live and serve
Expanded priorities tie to our aspiration that drives
our focus and leads to superior results
82017 EEI Financial Forum
Safety
Customer
Satisfaction
Employee
Engagement
AGA’s Safety Achievement
Award
...2nd consecutive year
Employee and customer focus provides a solid
framework for success
National Safety Council’s
top 2%
of companies surveyed in
safety culture
On track for top decile safety
performance in 2017
Gallup’s Great Workplace
Award
…5th consecutive year
…ranked in top 3%
of the world
Ranked 7th
on Indeed’s list of
Best Places to Work
in Fortune 500
Both utilities ranked 2nd in
residential customer
satisfaction*
…4th consecutive year in
top quartile
Increased investment in
reliability infrastructure and
enhanced customer channels
* J.D. Power 2017 Electric and Gas Utility Residential Midwest Customer Satisfaction Study. Visit jdpower.com
92017 EEI Financial Forum
Average annual percentage change
in O&M costs 2008 – 2016
Strong track record of cost management is a direct
result of our focus on continuous improvement
Electric utility*
Gas utility**
DTE Peers
DTE Peers
1%
3%
-1%
2%
* Source: SNL Financial, FERC Form 1; major US electric utilities with O&M greater than $800 million excluding fuel and purchased power
** Source: SNL Financial, FERC Form 2; gas distribution companies with greater than 300,000 customers; excluding production expense
Controlling costs while improving
the customer experience
Continuous improvements
Productivity enhancements
Technology innovations
Automation
Infrastructure replacements
Transition to cleaner energy
102017 EEI Financial Forum
2012A 2017E 2012A 2017E
9%$1,223
$910
DTE Electric
Average annual
residential electric bill
DTE Gas
Average annual
residential gas bill
Maintaining customer affordability while investing
in our utilities
$1,165
$826
$7.6 billion capital investment while
reducing customer bills
$1.5 billion capital investment while
reducing customer bills
5%
112017 EEI Financial Forum
Tier 5
Tier 4
Tier 3
Tier 2
Tier 1
2017 ranking of state utility
regulatory environments*
(Michigan in Tier 1)
6 States
9 States
19 States
8 States
6 States
Michigan’s regulatory environment continues
to be constructive
Solid regulatory climate
driven by
• Strong legislation
• Excellent customer service
• Focus on customer affordability
• Commitment to being a force for
growth in our communities
• Effective and open
communication with the MPSC
* Source: Barclays, February 2017
122017 EEI Financial Forum
Strong track record supports commitment to deliver
long-term value to shareholders
~3%
Dividend yield
7% dividend
growth rate
through 2020***
5% - 7%
Operating EPS**
growth rate
through 2022
Supported by a strong balance sheet
10-YR5-YR
S&P 500 Utilities
DTE Energy
1-YR 3-YR
18%
56%
114%
240%
15%
43%
83%
142%
Total Shareholder Return*
DTE outperforms
S&P 500 utilities
* Source: Bloomberg as of 9/30/2017
** Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix
*** Subject to Board approval
142017 EEI Financial Forum
2012A 2017 2018 2012 2017 2018
Growth
segments***
Energy
Trading
$3.94
$5.31
$5.68
$2.48
$3.30
Original
guidance
Early
outlook
Operating EPS* Annualized Dividend
Per Share
Targeting 5% - 7% operating EPS growth through 2022
and annualized dividend growth of 7% through 2020
$5.25
$5.62
$3.87
$3.53
* Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix
** Subject to Board approval
*** Growth segments exclude Energy Trading
152017 EEI Financial Forum
$17 billion of investment extends 5% - 7% growth
through 2022
* Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix
DTE Energy
5-year capital plan
Increasing $3 billion over prior plan
Current plan
(2018 – 2022)
Prior plan
(2017 – 2021)
~$17
~$14
2018
Early
outlook
2022E
DTE Energy
Operating earnings*
GSP
P&I
Utilities
20%-25%
20%-25%
(billions)
162017 EEI Financial Forum
Core business grows at 10% clip through 2022
Total DTE Energy
operating earnings* • Near-term, REF earnings higher
with optimization
• Mid-term, REF cash flows higher
• Long-term, REF earnings replaced
by investments across portfolio of
businesses
• Earnings shift to utilities and GSP
‒ Accelerating electric
distribution investment
‒ Accelerating cast iron gas
main replacement
‒ Optimizing Link and NEXUS
platforms
‒ Investing in very attractive
cogeneration and renewable
gas projects
* Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix
2017
Original
guidance
2022E
REF
REF optimization
~$1
(billions)
172017 EEI Financial Forum
* Debt excludes a portion of DTE Gas’ short-term debt and considers 50% of the junior subordinated notes and 100% of the
convertible equity units as equity
21%
2017E 2018-2020E
51%
2017E 2018-2020E
Leverage*
Funds from Operations** / Debt*
Target
50% - 54%
Target
~20%
Maintaining strong cash flow and balance sheet
** Funds from Operations (FFO) is calculated using operating earnings
• $8 billion of operating cash flow
2018-2020
• $3 billion increase in capital
investment through 2022
• Additional equity of up to $500
million through 2020 to fund
additional growth capital
• Targeting strong BBB credit rating
182017 EEI Financial Forum
Transitioning to
cleaner energy
Founded
1886
$10.4B
5-year capital plan
(2018-2022)
Upgrading
distribution lines
DTE Electric
service
territory
DTE Electric overview
$648M - $662M
2018 operating earnings*
early outlook
$16.6B
2017 rate
base2.2M
customers
* Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix
192017 EEI Financial Forum
DTE Electric Investment
Transitioning generation portfolio to
more sustainable energy
New generation
Progress to best in class in reliability
Distribution infrastructure
Reduce costs through productivity
and efficiency investments
Base infrastructure
Generation and distribution infrastructure
replacement will continue to improve service
2013 - 2017 2017 - 2021
(Prior Plan)
2018 - 2022
(Current Plan)
(billions)
$7.6
$8.4
$10.4
+37%
Current investment plan is significantly higher than
previous five year plans
202017 EEI Financial Forum
Transitioning portfolio to cleaner more sustainable
generation by reducing CO2 emissions
River
Rouge
Trenton
Channel
Belle
River
MonroePlanned
Retiremen
ts
2020 2030 2040 2050
Planned
ad
d
iti
o
ns*
*
St.
Clair
CO2
reduction
plan*
30% by ~2022 45% by 2030 75% by 2040 > 80% by 2050
* CO2 percentage reductions from 2005 levels
** ~4,000 MW of renewable and ~3,500 MW of natural gas capacity
A steady march toward zero-emitting and low-emitting resources
212017 EEI Financial Forum
Improves circuit reliability up to 70%
Addresses substation load growth
and aging infrastructure
Targets 100% remote monitoring
Improves distribution reliability
Increasing reliability and customer satisfaction
with distribution investments
Infrastructure
resilience
Infrastructure
redesign
Technology
enhancement
Tree
trimming
222017 EEI Financial Forum
1.3M
customers
19,000 miles
distribution main
Founded
1849
DTE Gas
service
territory
139 Bcf
Storage
capacity
$2.1B
5-year capital plan
(2018-2022)
$4.0B
2017 rate base
DTE Gas overview
$152M - $160M
2018 operating earnings*
early outlook
* Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix
Renewing
4,000 miles
of cast iron and unprotected
distribution main
232017 EEI Financial Forum
DTE Gas Investment
Improving service to customers through infrastructure
renewal and replacement
2013 - 2017 2017 - 2021
(Prior Plan)
2018 - 2022
(Current Plan)
(billions)
$1.5
$1.8
$2.1
Proposing accelerated 15 year
main renewal cycle
Infrastructure renewal
Compression
NEXUS related
Transmission, compression,
distribution, storage
Base infrastructure
+40%
Current investment plan is significantly higher than
previous five year plans
242017 EEI Financial Forum
Minimizes leaks - reducing
costs and improving customer
satisfaction
Reduces manual meter
reading – improving
operational efficiencies and
customer satisfaction
Strengthens the system -
decreasing the potential for
system issues
Replacing aging infrastructure achieves a fundamental
shift in performance, cost and productivity
Main
renewal
Meter
move out
Pipeline
integrity
252017 EEI Financial Forum
Serves markets
in Midwest, Northeast,
Mid-Atlantic, and
Southeast
???
Transport, store
and gather
natural gas
$2.8B – $3.4B
5-year capital plan
(2018-2022)
91 Bcf
of storage
5 pipelines,
1,600 miles
of pipe and
gathering lines
GSP overview
$155M - $165M
2018 operating earnings*
early outlook
* Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix
262017 EEI Financial Forum
Expanding strategic footprint in the most prolific
dry gas geology in the country
Link Lateral
& Gathering
Bluestone
Mid-Atlantic &
LNG
Southeast
Northeast
Midwest
Michigan
Gathering
Birdsboro
Ontario
Market
Gulf
272017 EEI Financial Forum
Focusing on expanding NEXUS and Link over the
next five years
NEXUS
• FERC certificate August 25th
• Construction underway
• Targeting in-service 3Q 2018
• Market interest increased significantly since
receiving FERC certificate
• Active discussions with 1 bcf/d of demand
against 0.6 bcf/d of available capacity
• Significant interest from power generators
and LDCs
Link
• Active expansion discussions with
producers
• Building out additional gathering to serve
~50 incremental wells in 2018 and 2019
• Recently reached agreement on 2nd
expansion with an existing customer
• Positioned to benefit from additional well
productivity
282017 EEI Financial Forum
GSP Operating Earnings*
2017
Original
guidance
2022E
$140 - $150
$245 - $255
$61
2012A
(millions)
Multiple platforms underpin strong long-term growth
• Looking to essentially replicate
earnings growth of prior 5 years…
‒ 2013-2017 earnings growth
~$90 million
‒ 2018-2022 earnings growth
~$100 million
• …but from a much broader set of
growth platforms and expansion
opportunities
‒ Millennium
‒ Bluestone
‒ NEXUS
‒ Link
$2.8 - $3.4 billion investment (2018-2022)
* Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix
292017 EEI Financial Forum
$0.8B – $1.2B
5-year capital plan
(2018-2022)
Geographic diversity
191 MW
renewable plant capacity
Industrial energy
services,
renewable energy,
and reduced
emissions fuel
P&I overview
$100M - $120M
2018 operating earnings*
early outlook
* Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix
302017 EEI Financial Forum
Industrial energy
services
Renewable
energy
Reduced emissions
fuel
Finalized new large industrial
project and continuing to
develop strong queue of
opportunities
Integrating two Renewable
Natural Gas (RNG) acquisitions
and in advanced discussions on
several others
Maximizing performance and
value through 2021
Capitalizing on growth opportunities in our key
business areas
312017 EEI Financial Forum
Executing strategy to continue growing our industrial
energy and renewables businesses
Renewable natural gas plant
Two RNG acquisitions completed
• Contracted output with fixed prices
secures value
‒ Fort Bend in operation
‒ Seabreeze in construction
• Developing additional projects in an
active market
Large contract with Ford inked
• Investment transforms and modernizes
Ford’s research and engineering facility
• DTE will build, own and operate the state-
of-the-art infrastructure
‒ CHP plant
‒ Chilled and hot water systems
‒ Thermal energy storage
‒ Distribution systems
• Expected in-service 4Q 2019
Originated $300 million of investments in 2017 with industrial and renewable energy projects
Rendering of Ford
Research and Engineering Campus
322017 EEI Financial Forum
Opportunities in industrial energy and renewables
businesses drive future growth
Industrial energy services
• In advanced discussions on 5
cogeneration sites
• Strong queue of prospects, building on
expertise and track record
• Services provided under long-term
contracts
Onsite Energy Project
Renewable natural gas
• ~20 projects under development,
with 4 in advanced discussions
• Emerging opportunities are attractive fit
for P&I’s capabilities and experience
• Can be sold into vehicle renewable fuels
markets at premiums to natural gas
Landfill gas facility
332017 EEI Financial Forum
Executed
in 2017
2022 project
origination
target
(millions)
P&I is well on the way to achieving its 2022
development target
Project Origination Target
(Operating Earnings)
• 5% - 7% operating EPS growth
plan calls for $45 million of non-
REF earnings growth at P&I by
2022
‒ 1/3 of this goal – $15 million –
achieved this year
‒ We have 5 years to originate
the remaining $30 million
‒ Achievable given market
dynamics
‒ P&I contributes to ~$65 million
of earnings in 2022
$30
2018-2022
Projects
$15
2017
Projects
$15
2017
Projects
342017 EEI Financial Forum
(millions)
P&I’s new project growth will offset a portion of
REF sunset
P&I Operating Earnings*
* Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix
• Our 5-year plan calls for P&I to:
‒ Replace a portion of expiring
REF earnings with new
projects
‒ Contribute ~$65 million of
long-term, contracted
earnings in 2022
‒ Position itself for continued
growth beyond 2022
$0.8 - $1.2 billion investment (2018-2022)
2018
Early outlook
2022E
Short-term
contracts
Long-term
contracts
Corporate
allocations,
interest,
overheads
$100 - $120
$60 - $70
($60) ($50)
REF
Long-term
contracts
362017 EEI Financial Forum
• Targeting 5% - 7% operating EPS* growth through 2022 and annualized
dividend growth of 7% through 2020**
• Accelerating capital investment at utilities driven by investments focused on
improving reliability and the customer experience
• Accelerating capital investment at GSP driven by demand
• Continuing strong balance sheet metrics
• Providing premium shareholder returns
Summary
* Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix
** Subject to Board approval
382017 EEI Financial Forum
2018
Early
Outlook
2017
Original
Guidance
DTE Electric
DTE Gas
Gas Storage & Pipelines
Power & Industrial Projects
Corporate & Other
Growth segments**
Growth segments operating EPS
Energy Trading
DTE Energy
Operating EPS
Avg. Shares Outstanding
$648 - $662
152 - 160
155 - 165
100 - 120
(74) - (64)
$981 - $1,043
$5.45 - $5.79
$5 - $15
$986 - $1,058
$5.48 - $5.88
$610 - $624
143 - 151
140 - 150
90 - 100
(64) - (60)
$919 - $965
$5.12 - $5.38
$5 - $15
$924 - $980
$5.15 - $5.46
2018 early outlook operating EPS* midpoint of $5.68
grows 7% from original 2017 guidance midpoint
* Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix
** Growth segments exclude Energy Trading
(millions, except EPS)
180 180
$610 - $624
143 - 151
150 - 160
115 - 125
(64) - (60)
$954 - $1,000
$5.32 - $5.58
$10 - $20
$964 - $1,020
$5.38 - $5.69
2017
Current
Guidance
180
392017 EEI Financial Forum
We recently revised our 2017 cash flow and capital
expenditures guidance
Capital Expenditures Summary
Prior
Guidance
Revised
Guidance
DTE Electric
Distribution Infrastructure $690 $690
New Generation 45 45
Base Infrastructure 725 725
$1,460 $1,460
DTE Gas
Base Infrastructure $200 $200
NEXUS Related 90 90
Main Renewal 145 145
$435 $435
Non-Utility $900 - $1,100 $550 - $650
Total $2,795 - $2,995 $2,445 - $2,545
(millions)
Cash Flow Summary
Prior
Guidance
Revised
Guidance
Cash From Operations $1.9 $1.9
Capital Expenditures (3.0) (2.5)
Free Cash Flow ($1.1) ($0.6)
Asset Sales & Other - -
Dividends (0.6) (0.6)
Net Cash ($1.7) ($1.2)
Debt Financing:
Issuances $2.0 $1.6
Redemptions (0.3) (0.4)
Change in Debt $1.7 $1.2
(billions)
402017 EEI Financial Forum
Growth fueled by investment in utility infrastructure
and generation along with midstream opportunities
Distribution infrastructure,
maintenance, new generation
Electric $10.4 billion
Base infrastructure, main
renewal, NEXUS related
Gas $2.1 billion
Expansions, NEXUS
GSP $2.8 - $3.4 billion
Industrial energy services,
projects and renewables
P&I $0.8 - $1.2 billion
DTE Energy Investment
2013 - 2017 2017 - 2021
(Prior Plan)
2018 - 2022
(Current Plan)
(billions)
$12
$14
$17
+42%
+21%
Current investment plan is significantly higher than
previous five year plans
412017 EEI Financial Forum
DTE Electric increases customer reliability with plans
to invest $10.4 billion over the next 5 years
~$16.6B ~$22.9BYE Rate Base**
~$749M ~$1,076MDepreciation
2017E 2018E 2019E 2020E 2021E 2022E 2018E - 2022E
Total
$1,460
$1,900
$2,100 $2,100
$2,400
$1,900
(millions)
$10,400
$2,000
$4,300
$4,100
* Includes power reliability, existing generation maintenance, AMI, Ludington expansion and other investments
** Includes working capital and rate base associated with surcharges
Targeting 6% - 7% growth
Distribution
infrastructure
New
generation
Base
infrastructure*
422017 EEI Financial Forum
2017E 2018E 2019E 2020E 2021E 2022E 2018E - 2022E
Total
Base
infrastructure
Main
renewal
NEXUS related
$2,100
$10
$1,140
$950
~$4.0B ~$5.7BYE Rate Base*
~$121M ~$172MDepreciation
$435
$400 $400 $400
$450 $450
(millions)
Targeting 7% - 8% growth
* Includes working capital
DTE Gas improves customer reliability with plans to
invest $2.1 billion over the next 5 years
432017 EEI Financial Forum
Reconciliation of 2012 reported to operating earnings
Use of Operating Earnings Information – DTE Energy management believes that operating earnings provide a more meaningful representation of the company’s earnings from ongoing
operations and uses operating earnings as the primary performance measurement for external communications with analysts and investors. Internally, DTE Energy uses operating
earnings to measure performance against budget and to report to the Board of Directors. Operating earnings are presented both with and without Energy Trading. The term “Growth
Segments” refers to DTE Energy without Energy Trading and represents the business segments that management expects to generate earnings growth going forward.
Net Income (millions)*
DTE
Energy
DTE
Electric
DTE
Gas
Gas
Storage &
Pipelines
Power &
Industrial
Projects
Energy
Trading
Corporate
& Other
Unc. Gas
Prod.
$610 $483 $115 $61 $42 $12 ($47) ($56)
7 7
3 3
56 56
$676 $483 $115 $61 $52 $12 ($47) $0
After tax items:
Coke oven gas settlement
2012
Loss on sale of coal transloading
& petroleum coke mill impairment
Reported Earnings
* Total tax impact of adjustments to reported earnings: $35 million
** Total tax impact of adjustments to reported EPS: $0.21
Discontinued operations of
Unconventional Gas
EPS**
DTE
Energy
DTE
Electric
DTE
Gas
Gas
Storage &
Pipelines
Power &
Industrial
Projects
Energy
Trading
Corporate
& Other
Unc. Gas
Prod.
$3.55 $2.81 $0.67 $0.36 $0.24 $0.07 ($0.27) ($0.33)
0.04 0.04
0.02 0.02
0.33 0.33
$3.94 $2.81 $0.67 $0.36 $0.30 $0.07 ($0.27) $0
After tax items:
Coke oven gas settlement
2012
Loss on sale of coal transloading
& petroleum coke mill impairment
Reported Earnings
Discontinued operations of
Unconventional Gas
442017 EEI Financial Forum
Use of Operating Earnings Information – Operating earnings exclude non-recurring items, certain mark-to-
market adjustments and discontinued operations. DTE Energy management believes that operating
earnings provide a more meaningful representation of the company’s earnings from ongoing operations
and uses operating earnings as the primary performance measurement for external communications with
analysts and investors. Internally, DTE Energy uses operating earnings to measure performance against
budget and to report to the Board of Directors.
In this presentation, DTE Energy provides guidance for future period operating earnings. It is likely that
certain items that impact the company’s future period reported results will be excluded from operating
results. A reconciliation to the comparable future period reported earnings is not provided because it is not
possible to provide a reliable forecast of specific line items (i.e. future non-recurring items, certain mark-to-
market adjustments and discontinued operations). These items may fluctuate significantly from period to
period and may have a significant impact on reported earnings.
For comparative purposes, 2012 operating earnings excluded the Unconventional Gas Production
segment that was classified as a discontinued operation on 12/31/2012.
Reconciliation of reported to operating earnings
(non-GAAP)