SaskEnergy First Quarter Report - March 31, 2015

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (unaudited)

For the Three Months Ended March 31, 2015

For the Three Months Ended March 31, 2014

Income before Unrealized Market Value Adjustments

Unrealized Market Value Adjustments (Note 9)

Income before Unrealized Market Value Adjustments

Unrealized Market Value Adjustments (Note 9)

Total

Total

(millions)

Notes

Revenue Natural gas sales

$

164

$

(4)

$

160

10

$

266

$

(21)

$

245

80 30

- - - -

80 30

Delivery

85 23

- - - -

85 23

Transportation and storage Customer capital contributions

3 2

3 2

5 4

5 4

Other

279

(4)

275

383

(21)

362

Expenses Natural gas purchases (net of change in inventory)

141

(9)

132

10

260

(43)

217

25 28 21

- - - -

25 28 21

Employee benefits

24 27 20

- - - -

24 27 20

Operating and maintenance Depreciation and amortization

3

3

Saskatchewan taxes

2

2

218

(9)

209

333

(43)

290

Income before the following

61

5

66

50

22

72

3

1

4

Finance income Finance expenses

1

2

3

(12)

-

(12)

(12) (11)

-

(12)

Net finance expenses

(9)

1

(8)

2

(9)

(3)

-

(3)

Other losses

-

-

-

Total net income and comprehensive income

$

49

$

6

$

55

$

39

$

24

$

63

(See accompanying notes)

13

2015 FIRST QUARTER REPORT

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