Company Quick10K Filing
Quick10K
PNM Resources
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$50.67 80 $4,036
10-Q 2019-09-30 Quarter: 2019-09-30
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-11-01 Earnings, Exhibits
8-K 2019-08-02 Earnings, Exhibits
8-K 2019-07-12 Earnings, Exhibits
8-K 2019-07-01 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-07-01 Regulation FD, Other Events, Exhibits
8-K 2019-05-21 Shareholder Vote
8-K 2019-05-16 Other Events
8-K 2019-05-07 Earnings, Exhibits
8-K 2019-05-01 Enter Agreement
8-K 2019-03-29 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-02-27 Earnings, Exhibits
8-K 2019-02-26 Officers, Other Events
8-K 2019-01-30 Regulation FD
8-K 2019-01-18 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-01-02 Other Events
8-K 2018-12-21 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-12-17 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-12-11 Officers
8-K 2018-11-28 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-11-06 Earnings, Exhibits
8-K 2018-10-10 Enter Agreement, Off-BS Arrangement
8-K 2018-08-03 Other Events, Exhibits
8-K 2018-07-31 Earnings, Exhibits
8-K 2018-07-02 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-05-24 Shareholder Vote
8-K 2018-05-22 Leave Agreement
8-K 2018-05-15 Off-BS Arrangement
8-K 2018-04-27 Earnings, Exhibits
8-K 2018-03-09 Enter Agreement, Leave Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2018-03-06 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-02-27 Earnings, Exhibits
8-K 2018-02-26 Officers
8-K 2018-01-19 Other Events
DTE DTE Energy 23,732
TERP Terraform Power 3,578
EE El Paso Electric 2,705
MGEE MGE Energy 2,631
PEGI Pattern Energy Group 2,599
SKYS SKY Solar Holdings 222
ESNC Ensync 24
BEP Brookfield Renewable Partners 0
EZT Entergy Texas 0
HNP Huaneng Power 0
PNM 2019-09-30
Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Note 11
Note 12
Item 1A. Risk Factors
Item 6. Exhibits
EX-10.1 pnm9302019ex101.htm
EX-31.1 pnm9302019ex311.htm
EX-31.2 pnm9302019ex312.htm
EX-31.3 pnm9302019ex313.htm
EX-31.4 pnm9302019ex314.htm
EX-31.5 pnm9302019ex315.htm
EX-31.6 pnm9302019ex316.htm
EX-32.1 pnm9302019ex321.htm
EX-32.2 pnm9302019ex322.htm
EX-32.3 pnm9302019ex323.htm

PNM Resources Earnings 2019-09-30

PNM 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2019

Commission File
 
Name of Registrants, State of Incorporation,
 
I.R.S. Employer
 Number
 
 Address Of Principal Executive Offices and Telephone Numbers
 
 Identification No.
001-32462    PNM Resources, Inc.                                                                                        85-0468296
(A New Mexico Corporation)
414 Silver Ave. SW
Albuquerque, New Mexico 87102-3289
(505) 241-2700

001-06986    Public Service Company of New Mexico                                                            85-0019030
(A New Mexico Corporation)
414 Silver Ave. SW
Albuquerque, New Mexico 87102-3289
(505) 241-2700

002-97230    Texas-New Mexico Power Company                                                                75-0204070
(A Texas Corporation)
577 N. Garden Ridge Blvd.
Lewisville, Texas 75067
(972) 420-4189



Securities registered pursuant to Section 12(b) of the Act:
Registrant
Title of each class
Trading Symbol(s)
Name of exchange on which registered
PNM Resources, Inc.
Common Stock, no par value
PNM
New York Stock Exchange

Indicate by check mark whether each registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
 
PNM Resources, Inc. (“PNMR”)
Yes
No
 
Public Service Company of New Mexico (“PNM”)
Yes
No
 
Texas-New Mexico Power Company (“TNMP”)
Yes
No

(NOTE: As a voluntary filer, not subject to the filing requirements, TNMP filed all reports under Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months.)





Table of Contents



Indicate by check mark whether each registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
 
PNMR
Yes
No
 
PNM
Yes

No
 
TNMP
Yes
No

Indicate by check mark whether registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 
Large accelerated filer
 
Accelerated
filer
 
Non-accelerated
filer
 
Smaller reporting company
 
Emerging growth company
PNMR
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Large accelerated
filer


 
Accelerated
filer
 
Non-accelerated filer
 
Smaller reporting company
 
Emerging growth company
PNM
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Large accelerated
filer
 
Accelerated
filer
 
Non-accelerated filer
 
Smaller reporting company
 
Emerging growth company
TNMP
 
 
 
 
 
 
 
 
 
 
 
 
 
 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether any of the registrants is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No

As of October 25, 2019, 79,653,624 shares of common stock, no par value per share, of PNMR were outstanding.

The total number of shares of common stock of PNM, no par value per share, outstanding as of October 25, 2019 was 39,117,799 all held by PNMR (and none held by non-affiliates).

The total number of shares of common stock of TNMP, $10 par value per share, outstanding as of October 25, 2019 was 6,358 all held indirectly by PNMR (and none held by non-affiliates).

PNM AND TNMP MEET THE CONDITIONS SET FORTH IN GENERAL INSTRUCTIONS (H) (1) (a) AND (b) OF FORM 10-Q AND ARE THEREFORE FILING THIS FORM WITH THE REDUCED DISCLOSURE FORMAT PURSUANT TO GENERAL INSTRUCTION (H) (2).

This combined Form 10-Q is separately filed by PNMR, PNM, and TNMP.  Information contained herein relating to any individual registrant is filed by such registrant on its own behalf.  Each registrant makes no representation as to information relating to the other registrants.  When this Form 10-Q is incorporated by reference into any filing with the SEC made by PNMR, PNM, or TNMP, as a registrant, the portions of this Form 10-Q that relate to each other registrant are not incorporated by reference therein.



2

Table of Contents

PNM RESOURCES, INC. AND SUBSIDIARIES
PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES
TEXAS-NEW MEXICO POWER COMPANY AND SUBSIDIARIES

INDEX

 
Page No.
 
 
 
 
 
 


3

Table of Contents

GLOSSARY
Definitions:
  
 
2014 IRP
 
PNM’s 2014 IRP
2017 IRP
 
PNM’s 2017 IRP
ABCWUA
 
Albuquerque Bernalillo County Water Utility Authority
AEP OnSite Partners
 
AEP OnSite Partners, LLC, a subsidiary of American Electric Power, Inc.
Afton
  
Afton Generating Station
AFUDC
 
Allowance for Funds Used During Construction
AMS
 
Advanced Meter System
AOCI
  
Accumulated Other Comprehensive Income
APS
  
Arizona Public Service Company, the operator and a co-owner of PVNGS and Four Corners
ASU
 
Accounting Standards Update
BART
  
Best Available Retrofit Technology
BDT
 
Balanced Draft Technology
Board
  
Board of Directors of PNMR
BSER
 
Best System of Emissions Reduction Technology
BTMU
 
MUFG Bank Ltd., formerly the Bank of Tokyo-Mitsubishi UFJ, Ltd.
BTMU Term Loan
 
NM Capital’s $125.0 Million Unsecured Term Loan
CAA
 
Clean Air Act
Casa Mesa Wind
 
Casa Mesa Wind Energy Center
CCN
 
Certificate of Convenience and Necessity
CCR
 
Coal Combustion Residuals
CIAC
 
Contributions in Aid of Construction
CO2
  
Carbon Dioxide
CSA
 
Coal Supply Agreement
DC Circuit
 
United States Court of Appeals for the District of Columbia Circuit
December 2018 Compliance Filing
 
PNM’s December 31, 2018 filing with the NMPRC regarding SJGS
DOE
  
United States Department of Energy
DOI
  
United States Department of Interior
EGU
 
Electric Generating Unit
EIM
  
California Independent System Operator Western Energy Imbalance Market
EIS
 
Environmental Impact Study
EPA
  
United States Environmental Protection Agency
ESA
 
Endangered Species Act
ETA
 
The New Mexico Energy Transition Act
Exchange Act
 
Securities Exchange Act of 1934
Farmington
 
The City of Farmington, New Mexico
FASB
  
Financial Accounting Standards Board
FERC
  
Federal Energy Regulatory Commission
Four Corners
  
Four Corners Power Plant
FPPAC
  
Fuel and Purchased Power Adjustment Clause
FTY
 
Future Test Year
GAAP
  
Generally Accepted Accounting Principles in the United States of America
GHG
  
Greenhouse Gas Emissions
GWh
  
Gigawatt hours
IRP
 
Integrated Resource Plan
IRS
  
Internal Revenue Service
kV
 
Kilovolt
KW
  
Kilowatt
KWh
  
Kilowatt Hour
La Luz
  
La Luz Generating Station
LIBOR
  
London Interbank Offered Rate
Lightning Dock Geothermal
 
Lightning Dock geothermal power facility, also known as the Dale Burgett Geothermal Plant

4

Table of Contents

Lordsburg
  
Lordsburg Generating Station
Los Alamos
 
The Incorporated County of Los Alamos, New Mexico
Luna
  
Luna Energy Facility
MD&A
  
Management’s Discussion and Analysis of Financial Condition and Results of Operations
MMBTU
  
Million British Thermal Units
Moody’s
  
Moody’s Investor Services, Inc.
MW
  
Megawatts
MWh
  
Megawatt Hour
NAAQS
 
National Ambient Air Quality Standards
Navajo Acts
  
Navajo Nation Air Pollution Prevention and Control Act, Navajo Nation Safe Drinking Water Act, and Navajo Nation Pesticide Act
NDT
  
Nuclear Decommissioning Trusts for PVNGS
NEE
 
New Energy Economy
NEPA
 
National Environmental Policy Act
NERC
  
North American Electric Reliability Corporation
New Mexico Wind
 
New Mexico Wind Energy Center
NM 2015 Rate Case
 
Request for a General Increase in Electric Rates Filed by PNM on August 27, 2015
NM 2016 Rate Case
 
Request for a General Increase in Electric Rates Filed by PNM on December 7, 2016
NM AREA
 
New Mexico Affordable Reliable Energy Alliance, formerly New Mexico Industrial Energy Consumers Inc.
NM Capital
 
NM Capital Utility Corporation, an unregulated wholly-owned subsidiary of PNMR, now known as New Mexico PPA Corporation
NM District Court
 
United States District Court for the District of New Mexico
NM Supreme Court
 
New Mexico Supreme Court
NMED
  
New Mexico Environment Department
NMMMD
 
The Mining and Minerals Division of the New Mexico Energy, Minerals and Natural Resources Department
NMPRC
  
New Mexico Public Regulation Commission
NMRD
 
NM Renewable Development, LLC, owned 50% each by PNMR Development and AEP OnSite Partners, LLC
NOx
  
Nitrogen Oxides
NOPR
 
Notice of Proposed Rulemaking
NPDES
 
National Pollutant Discharge Elimination System
NRC
  
United States Nuclear Regulatory Commission
NSR
  
New Source Review
NTEC
  
Navajo Transitional Energy Company, LLC, an entity owned by the Navajo Nation
OCI
  
Other Comprehensive Income
OPEB
  
Other Post-Employment Benefits
OSM
 
United States Office of Surface Mining Reclamation and Enforcement
PNM
  
Public Service Company of New Mexico and Subsidiaries
PNM 2017 New Mexico Credit Facility
 
PNM’s $40.0 Million Unsecured Revolving Credit Facility
PNM 2017 Term Loan
 
PNM’s $200.0 Million Unsecured Term Loan
PNM 2019 Term Loan
 
PNM’s $250.0 Million Unsecured Term Loan
PNM Revolving Credit Facility
 
PNM’s $400.0 Million Unsecured Revolving Credit Facility
PNMR
  
PNM Resources, Inc. and Subsidiaries
PNMR 2018 One-Year Term Loan
 
PNMR’s $150.0 Million One-Year Unsecured Term Loan
PNMR 2018 SUNS
 
PNMR’s $300.0 Million Senior Unsecured Notes issued on March 9, 2018
PNMR 2018 Two-Year Term Loan
 
PNMR’s $50.0 Million Two-Year Unsecured Term Loan
PNMR Development
 
PNMR Development and Management Company, an unregulated wholly-owned subsidiary of PNMR
PNMR Development Revolving Credit Facility
 
PNMR Development’s $40.0 Million Unsecured Revolving Credit Facility

5

Table of Contents

PNMR Development Term Loan
 
PNMR Development’s $90.0 Million Unsecured Term Loan
PNMR Revolving Credit Facility
 
PNMR’s $300.0 Million Unsecured Revolving Credit Facility
PPA
  
Power Purchase Agreement
PUCT
  
Public Utility Commission of Texas
PV
  
Photovoltaic
PVNGS
  
Palo Verde Nuclear Generating Station
RCRA
  
Resource Conservation and Recovery Act
RCT
  
Reasonable Cost Threshold
REA
 
New Mexico’s Renewable Energy Act, as amended by the ETA
REC
  
Renewable Energy Certificates
Red Mesa Wind
 
Red Mesa Wind Energy Center
REP
  
Retail Electricity Provider
Rio Bravo
 
Rio Bravo Generating Station
ROE
 
Return on Equity
RPS
  
Renewable Energy Portfolio Standard
S&P
  
Standard and Poor’s Ratings Services
SEC
  
United States Securities and Exchange Commission
SIP
  
State Implementation Plan
SJCC
  
San Juan Coal Company
SJGS
  
San Juan Generating Station
SJGS Abandonment Application
 
PNM’s July 1, 2019 consolidated application seeking NMPRC approval to retire PNM’s share of SJGS in 2022, for related replacement generating resources, and for the issuance of securitized bonds under the ETA
SJGS CSA
 
San Juan Generating Station Coal Supply Agreement
SJGS RA
 
San Juan Project Restructuring Agreement
SNCR
 
Selective Non-Catalytic Reduction
SO2
  
Sulfur Dioxide
Tax Act
 
Federal tax reform legislation enacted on December 22, 2017, commonly referred to as the Tax Cuts and Jobs Act
TECA
  
Texas Electric Choice Act
Tenth Circuit
 
United States Court of Appeals for the Tenth Circuit
TNMP
  
Texas-New Mexico Power Company and Subsidiaries
TNMP 2018 Rate Case
 
TNMP’s General Rate Case Application Filed May 30, 2018
TNMP 2018 Term Loan
 
TNMP’s $35.0 Million Unsecured Term Loan
TNMP 2019 Bonds
 
TNMP’s First Mortgage Bonds issued under the TNMP 2019 Bond Purchase Agreement
TNMP 2019 Bond Purchase Agreement
 
An agreement under which TNMP issued an aggregate of $305.0 Million of First Mortgage Bonds in 2019
TNMP Revolving Credit Facility
  
TNMP’s $75.0 Million Secured Revolving Credit Facility
Tri-State
  
Tri-State Generation and Transmission Association, Inc.
Tucson
  
Tucson Electric Power Company
UAMPS
  
Utah Associated Municipal Power Systems
US Supreme Court
 
United States Supreme Court
Valencia
  
Valencia Energy Facility
VIE
 
Variable Interest Entity
WEG
 
WildEarth Guardians
Western Spirit Line
 
A 165-mile 345-kV transmission line that PNM has agreed to purchase, subject to certain conditions being met prior to closing
Westmoreland
 
Westmoreland Coal Company
Westmoreland Loan
 
$125.0 Million of funding provided by NM Capital to WSJ
WSJ
 
Westmoreland San Juan, LLC, formerly an indirect wholly-owned subsidiary of Westmoreland, and former owner of SJCC
WSJ LLC

 
Westmoreland San Juan Mining, LLC, a subsidiary of Westmoreland Mining Holdings, LLC, and current owner of SJCC

6

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS


PNM RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
 
(In thousands, except per share amounts)
Electric Operating Revenues: 
 
 
 
 
 
 
 
Contracts with customers
$
418,673

 
$
400,023

 
$
1,049,287

 
$
1,042,033

Alternative revenue programs
(6,779
)
 
(8,050
)
 
(300
)
 
(1,466
)
Other electric operating revenue
21,692

 
30,693

 
64,471

 
52,290

Total electric operating revenues
433,586

 
422,666

 
1,113,458

 
1,092,857

Operating Expenses:

 
 
 

 

Cost of energy
108,736

 
113,536

 
314,145

 
293,803

Administrative and general
47,613

 
49,969

 
142,782

 
141,607

Energy production costs
30,877

 
31,350

 
108,853

 
108,588

Regulatory disallowances and restructuring costs

 
(1,645
)
 
150,599

 
149

Depreciation and amortization
68,350

 
61,580

 
199,771

 
180,365

Transmission and distribution costs
16,461

 
19,394

 
52,333

 
54,800

Taxes other than income taxes
21,009

 
20,492

 
61,327

 
60,094

Total operating expenses
293,046

 
294,676

 
1,029,810

 
839,406

Operating income
140,540

 
127,990

 
83,648

 
253,451

Other Income and Deductions:
 
 
 
 
 
 
 
Interest income
3,440

 
3,400

 
10,489

 
11,862

Gains on investment securities
1,686

 
2,463

 
20,299

 
1,081

Other income
4,256

 
3,735

 
11,050

 
12,000

Other (deductions)
(3,612
)
 
(2,624
)
 
(9,980
)
 
(9,867
)
Net other income and deductions
5,770

 
6,974

 
31,858

 
15,076

Interest Charges
30,359

 
30,492

 
91,785

 
96,868

Earnings before Income Taxes
115,951

 
104,472

 
23,721

 
171,659

Income Taxes (Benefits)
9,188

 
12,899

 
(32,420
)
 
18,838

Net Earnings
106,763

 
91,573

 
56,141

 
152,821

(Earnings) Attributable to Valencia Non-controlling Interest
(3,860
)
 
(3,920
)
 
(10,188
)
 
(11,706
)
Preferred Stock Dividend Requirements of Subsidiary
(132
)
 
(132
)
 
(396
)
 
(396
)
Net Earnings Attributable to PNMR
$
102,771

 
$
87,521

 
$
45,557

 
$
140,719

Net Earnings Attributable to PNMR per Common Share:
 
 
 
 
 
 
 
Basic
$
1.29

 
$
1.10

 
$
0.57

 
$
1.76

Diluted
$
1.28

 
$
1.09

 
$
0.57

 
$
1.76

Dividends Declared per Common Share
$
0.290

 
$
0.265

 
$
0.870

 
$
0.795


The accompanying notes, as they relate to PNMR, are an integral part of these condensed consolidated financial statements.



7

Table of Contents

PNM RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
 
(In thousands)
Net Earnings
$
106,763

 
$
91,573