SAN DIEGO, Nov. 3, 2015 /PRNewswire/ -- Sempra Energy
(NYSE: SRE) today reported third-quarter 2015 earnings of
$248 million, or $0.99 per diluted share, compared with
$348 million, or $1.39 per diluted share, in last year's third
quarter.
For the first nine months of 2015, Sempra Energy's earnings were
$980 million, or $3.91 per diluted share, up from $864 million, or $3.45 per diluted share, in the first nine months
of 2014.
"Through three quarters, we are on track to exceed our 2015
financial and operational objectives, so we have raised our
adjusted earnings guidance for the year," said Debra L. Reed, chairman and CEO of Sempra
Energy. "During the third quarter, our California utilities made good progress in
their General Rate Cases and our other businesses continued with
their construction activities on major projects, including the
Cameron LNG liquefaction-export facility."
Sempra Energy's nine-month results in 2015 included a
$36 million after-tax gain on the
sale of the second block of Sempra U.S. Gas & Power's Mesquite
Power facility, $7 million after tax
in liquefied natural gas (LNG) liquefaction development expenses
and a benefit of $13 million after
tax for San Diego Gas & Electric (SDG&E), due to the
reduction in the loss related to the San Onofre Nuclear Generating
Station (SONGS). In the first nine months of 2014, SDG&E
recorded a $9 million charge related
to the closure of SONGS. Excluding items in both years,
Sempra Energy's adjusted earnings in the first nine months of 2015
were $938 million, or $3.75 per diluted share, up from $873 million, or $3.49 per diluted share, in the first nine months
of last year.
Beginning in the first quarter 2015, Southern California Gas Co.
(SoCalGas) adopted an order by the California Public Utilities
Commission (CPUC) to recognize revenues from the utility's core
activities on a seasonally adjusted basis (seasonality). The
application of seasonality in revenues will result in substantially
all of SoCalGas' annual earnings being reported in the first and
fourth quarters of the year, but will not affect full-year
operating earnings or cash flow.
Sempra Energy's third-quarter 2015 earnings reflected
$113 million lower earnings at
SoCalGas due to seasonality, compared with the third quarter
2014. For the first nine months of 2015, Sempra Energy's
earnings were $48 million lower at
SoCalGas due to seasonality, compared with the same period last
year. Sempra Energy will see a $48
million after-tax benefit at SoCalGas in the fourth quarter
related to seasonality.
CALIFORNIA UTILITIES
San Diego Gas & Electric
Earnings for SDG&E in the third quarter 2015 were
$170 million, up from $157 million in the third quarter 2014, primarily
due to higher CPUC base margin and higher earnings from electric
transmission operations.
For the first nine months of 2015, SDG&E's earnings were
$443 million, up from $379 million in the first nine months last
year. Excluding the SONGS-related items in the first quarters
of 2015 and 2014, SDG&E's adjusted earnings for the first nine
months of 2015 were $430 million,
compared with $388 million in the
first nine months of 2014.
Southern California Gas Co.
SoCalGas recorded a loss of $8
million in the third quarter 2015, compared with earnings of
$98 million in last year's third
quarter. The reduction in earnings was due primarily to seasonality
of revenues, which had a $113 million
negative impact for the most recent quarter.
For the first nine months of 2015, SoCalGas' earnings were
$276 million in 2015, up from
$256 million in the same period last
year.
On Sept. 11, SoCalGas and
SDG&E filed multi-party settlement agreements in their General
Rate Cases for 2016-18 at the CPUC. Sempra Energy expects the
CPUC to issue a draft decision in the proceeding in the first
quarter 2016.
SEMPRA INTERNATIONAL
Sempra South American Utilities
In the third quarter 2015, earnings for Sempra South American
Utilities increased to $43 million
from $32 million in the third quarter
2014, due primarily to higher operating earnings and lower
income-tax expense.
For the first nine months of 2015, earnings for Sempra South
American Utilities were $129 million,
up from $109 million in the same
period last year.
Sempra Mexico
Third-quarter earnings for Sempra Mexico were $63 million in 2015, unchanged from last
year. In last year's third quarter, Sempra Mexico recorded a
$14 million benefit related to the
sale of a 50-percent equity interest in the first phase of the
Energía Sierra Juárez wind project.
For the nine-month period, Sempra Mexico had earnings of
$160 million in 2015, up from
$139 million in 2014.
As disclosed previously, Sempra Energy's Mexican subsidiary,
IEnova, is planning to raise approximately $1.3 billion in a public offering to finance its
acquisition of PEMEX's 50-percent equity interest in IEnova's and
PEMEX's shared joint venture. After taking into account
IEnova's equity offering, including Sempra Energy's expected
participation in the offering, the acquisition is anticipated to be
about $0.05-per-share accretive to
Sempra Energy's earnings per share in 2016, growing to about
$0.10 per share by 2019.
SEMPRA U.S. GAS & POWER
Sempra Renewables
Earnings for Sempra Renewables in the third quarter 2015 were
$15 million, compared with
$17 million in the third quarter
2014.
During the first nine months of 2015, earnings for Sempra
Renewables were $47 million, compared
with $63 million in the first nine
months of 2014. Nine-month earnings for Sempra Renewables in
2014 included a $16 million
first-quarter benefit from the sale of a 50-percent equity interest
in the Copper Mountain Solar 3 facility.
Sempra Natural Gas
Sempra Natural Gas had third-quarter earnings of $1 million in 2015, compared with earnings of
$26 million in 2014, due primarily to
a Louisiana state income-tax
benefit in 2014.
For the first nine months of 2015, Sempra Natural Gas had
earnings of $43 million, up from
$39 million in the same period last
year.
EARNINGS GUIDANCE
Sempra Energy today raised its 2015 adjusted earnings-per-share
guidance range to $4.95 to $5.15 from
$4.60 to $5. Both the new and
prior adjusted guidance for 2015 exclude the increase in earnings
from the reduction in the SONGS-closure-related loss and the
earnings impact from expenses related to potential LNG
development. Additionally, the new and prior adjusted
guidance for 2015 exclude the $36
million benefit from the sale of the second block of the
Mesquite Power natural gas-fired generating facility and any gain
from IEnova's acquisition of PEMEX's interest in their joint
venture.
NON-GAAP FINANCIAL MEASURES
Non-GAAP financial measures include adjusted earnings for the
nine-month periods in 2015 and 2014 for Sempra Energy and
SDG&E, as well as Sempra Energy's 2015 adjusted earnings
guidance. Additional information regarding these non-GAAP
financial measures is in the appendix on Table A of the
third-quarter financial tables.
INTERNET BROADCAST
Sempra Energy will broadcast a live discussion of its earnings
results over the Internet today at 1 p.m.
EST with senior management of the company. Access is
available by logging onto the website at www.sempra.com. For
those unable to log onto the live webcast, the teleconference will
be available on replay a few hours after its conclusion by dialing
(888) 203-1112 and entering passcode 6244822.
Sempra Energy, based in San
Diego, is a Fortune 500 energy services holding company with
2014 revenues of $11 billion.
The Sempra Energy companies' 17,000 employees serve more than 32
million consumers worldwide.
This press release contains statements that are not
historical fact and constitute forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements can be identified by words like
"believes," "expects," "anticipates," "plans," "estimates,"
"projects," "forecasts," "contemplates," "intends," "depends,"
"should," "could," "would," "will," "confident," "may,"
"potential," "possible," "proposed," "target,"
"pursue," "goals," "outlook," "maintain" or similar expressions, or
discussions of guidance, strategies, plans, goals, opportunities,
projections, initiatives, objectives or intentions.
Forward-looking statements are not guarantees of performance.
They involve risks, uncertainties and assumptions. Future
results may differ materially from those expressed in the
forward-looking statements. Forward-looking statements are
necessarily based upon various assumptions involving judgments with
respect to the future and other risks, including, among others:
local, regional, national and international economic, competitive,
political, legislative and regulatory conditions and developments;
actions and the timing of actions, including issuances of permits
to construct and licenses for operation, by the California Public
Utilities Commission, California State Legislature, U.S. Department
of Energy, Federal Energy Regulatory Commission, Nuclear Regulatory
Commission, Atomic Safety and Licensing Board, California Energy
Commission, U.S. Environmental Protection Agency, California Air
Resources Board, and other regulatory, governmental and
environmental bodies in the United States and other
countries in which we operate; the timing and success of business
development efforts and construction, maintenance and capital
projects, including risks in obtaining, maintaining or extending
permits, licenses, certificates and other authorizations on a
timely basis and risks in obtaining adequate and competitive
financing for such projects; energy markets, including the timing
and extent of changes and volatility in commodity prices, and the
impact of any protracted reduction in oil and natural gas prices
from historical averages; the impact on the value of our natural
gas storage assets from low natural gas prices, low volatility of
natural gas prices and the inability to procure favorable long-term
contracts for natural gas storage services; delays in the timing of
costs incurred and the timing of the regulatory agency
authorization to recover such costs in rates from customers;
deviations from regulatory precedent or practice that result in a
reallocation of benefits or burdens among shareholders and
ratepayers; capital markets conditions, including the availability
of credit and the liquidity of our investments; inflation, interest
and currency exchange rates; the impact of benchmark interest
rates, generally Moody's A-rated utility bond yields, on our
California Utilities' cost of capital; the availability of electric
power, natural gas and liquefied natural gas, and natural gas
pipeline and storage capacity, including disruptions caused by
failures in the North American transmission grid, pipeline
explosions and equipment failures and the decommissioning of San
Onofre Nuclear Generating Station (SONGS); cybersecurity threats to
the energy grid, natural gas storage and pipeline infrastructure,
the information and systems used to operate our businesses and the
confidentiality of our proprietary information and the personal
information of our customers, terrorist attacks that threaten
system operations and critical infrastructure, and wars; the
ability to win competitively bid infrastructure projects against a
number of strong competitors willing to aggressively bid for these
projects; weather conditions, conservation efforts, natural
disasters, catastrophic accidents, and other events that may
disrupt our operations, damage our facilities and systems, and
subject us to third-party liability for property damage or personal
injuries; risks that our partners or counterparties will be unable
or unwilling to fulfill their contractual commitments; risks posed
by decisions and actions of third parties who control the
operations of investments in which we do not have a controlling
interest; risks inherent with nuclear power facilities and
radioactive materials storage, including the catastrophic release
of such materials, the disallowance of the recovery of the
investment in, or operating costs of, the nuclear facility due to
an extended outage and facility closure, and increased regulatory
oversight, including motions to modify settlements; business,
regulatory, environmental and legal decisions and requirements;
expropriation of assets by foreign governments and title and other
property disputes; the impact on reliability of San Diego Gas &
Electric Company's (SDG&E) electric transmission and
distribution system due to increased amount and variability of
power supply from renewable energy sources and increased reliance
on natural gas and natural gas transmission systems; the impact on
competitive customer rates of the growth in distributed and local
power generation and the corresponding decrease in demand for power
delivered through SDG&E's electric transmission and
distribution system; the inability or determination not to enter
into long-term supply and sales agreements or long-term firm
capacity agreements due to insufficient market interest,
unattractive pricing or other factors; the resolution of
litigation; and other uncertainties, all of which are difficult to
predict and many of which are beyond our control. These
risks and uncertainties are further discussed in the reports that
Sempra Energy has filed with the Securities and Exchange
Commission. These reports are available through the EDGAR system
free-of-charge on the SEC's website, www.sec.gov,
and on the company's website
at www.sempra.com.
Investors should not rely unduly on any forward-looking
statements. These forward-looking statements speak only
as of the date hereof, and the company undertakes no obligation to
update or revise these forecasts or projections or other
forward-looking statements, whether as a result of new information,
future events or otherwise.
Sempra International, LLC, Sempra U.S. Gas & Power, LLC,
and Sempra Partners, LP, are not the same companies as
the California utilities, San Diego Gas & Electric
(SDG&E) or Southern California Gas Company (SoCalGas), and
Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and
Sempra Partners, LP, are not regulated by the California Public
Utilities Commission. Sempra International's underlying entities
include Sempra Mexico and Sempra South American Utilities. Sempra
U.S. Gas & Power's underlying entities include Sempra
Renewables and Sempra Natural Gas.
SEMPRA
ENERGY
|
Table
A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
September
30,
|
|
September
30,
|
(Dollars in millions,
except per share amounts)
|
2015
(1)
|
|
2014
|
|
2015
(1)
|
|
2014
|
|
(unaudited)
|
REVENUES
|
|
|
|
|
|
|
|
Utilities
|
$ 2,213
|
|
$ 2,463
|
|
$ 6,768
|
|
$ 7,318
|
Energy-related
businesses
|
268
|
|
352
|
|
762
|
|
970
|
Total revenues
|
2,481
|
|
2,815
|
|
7,530
|
|
8,288
|
EXPENSES AND OTHER
INCOME
|
|
|
|
|
|
|
|
Utilities:
|
|
|
|
|
|
|
|
Cost of natural gas
|
(201)
|
|
(293)
|
|
(786)
|
|
(1,308)
|
Cost of electric fuel and purchased power
|
(666)
|
|
(680)
|
|
(1,645)
|
|
(1,761)
|
Energy-related
businesses:
|
|
|
|
|
|
|
|
Cost of natural gas, electric fuel and purchased power
|
(91)
|
|
(163)
|
|
(262)
|
|
(427)
|
Other cost of sales
|
(34)
|
|
(42)
|
|
(111)
|
|
(122)
|
Operation and
maintenance
|
(701)
|
|
(726)
|
|
(2,072)
|
|
(2,131)
|
Depreciation and
amortization
|
(315)
|
|
(292)
|
|
(925)
|
|
(866)
|
Franchise fees and
other taxes
|
(111)
|
|
(104)
|
|
(314)
|
|
(301)
|
Plant closure
adjustment
|
―
|
|
―
|
|
21
|
|
13
|
Gain on sale of
equity interests and assets
|
―
|
|
19
|
|
62
|
|
48
|
Equity earnings,
before income tax
|
33
|
|
22
|
|
79
|
|
62
|
Other income,
net
|
12
|
|
29
|
|
88
|
|
118
|
Interest
income
|
6
|
|
6
|
|
23
|
|
15
|
Interest
expense
|
(143)
|
|
(144)
|
|
(416)
|
|
(418)
|
Income before income
taxes and equity earnings
|
|
|
|
|
|
|
|
of
certain unconsolidated subsidiaries
|
270
|
|
447
|
|
1,272
|
|
1,210
|
Income tax
expense
|
(15)
|
|
(71)
|
|
(276)
|
|
(291)
|
Equity earnings, net
of income tax
|
27
|
|
7
|
|
64
|
|
22
|
Net income
|
282
|
|
383
|
|
1,060
|
|
941
|
Earnings attributable
to noncontrolling interests
|
(34)
|
|
(35)
|
|
(79)
|
|
(76)
|
Preferred dividends
of subsidiary
|
―
|
|
―
|
|
(1)
|
|
(1)
|
Earnings
|
$ 248
|
|
$ 348
|
|
$ 980
|
|
$ 864
|
|
|
|
|
|
|
|
|
Basic earnings per
common share
|
$ 1.00
|
|
$ 1.41
|
|
$ 3.95
|
|
$ 3.52
|
Weighted-average
number of shares outstanding, basic (thousands)
|
248,432
|
|
246,137
|
|
248,090
|
|
245,703
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
$ 0.99
|
|
$ 1.39
|
|
$ 3.91
|
|
$ 3.45
|
Weighted-average
number of shares outstanding, diluted (thousands)
|
251,024
|
|
250,771
|
|
250,665
|
|
250,278
|
|
|
|
|
|
|
|
|
Dividends declared
per share of common stock
|
$ 0.70
|
|
$ 0.66
|
|
$ 2.10
|
|
$ 1.98
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Reflects the impact
of seasonalization at Southern California Gas as discussed on Table
D.
|
SEMPRA
ENERGY
|
Table A
(Continued)
|
|
|
|
|
|
|
|
|
|
Sempra Energy
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
SEMPRA ENERGY GAAP EARNINGS TO SEMPRA ENERGY ADJUSTED EARNINGS
EXCLUDING GAIN ON SALE IN 2015, PLANT CLOSURE ADJUSTMENTS IN 2015 AND 2014 AND LNG
LIQUEFACTION DEVELOPMENT EXPENSES IN 2015
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Sempra Energy
Adjusted Earnings and Adjusted Earnings Per Share exclude 1) in the
nine months ended September 30, 2015, a $36 million gain on the
sale of the remaining block of the Mesquite Power plant, and a $13
million reduction in the plant closure loss related to the San
Onofre Nuclear Generating Station (SONGS) due to California Public
Utilities Commission (CPUC) approval of a compliance filing related
to San Diego Gas & Electric Company's (SDG&E) authorized
recovery of its investment in SONGS, 2) in the nine months ended
September 30, 2014, a $9 million increase in the SONGS plant
closure loss as a result of reaching a preliminary settlement
agreement on the closure, and 3) in the three months and nine
months ended September 30, 2015, $2 million and $7 million,
respectively, of liquefied natural gas (LNG) liquefaction
development expenses. Sempra Energy Adjusted Earnings and Adjusted
Earnings Per Share are non-GAAP financial measures (GAAP represents
accounting principles generally accepted in the United States of
America). Because of the significance and nature of these items,
management believes that these non-GAAP financial measures provide
a more meaningful comparison of the performance of Sempra Energy's
business operations from 2015 to 2014 and to future periods, and
also as a base for projection of future compounded annual growth
rate. Management believes that these financial measures also
provide a more meaningful measure of Sempra Energy's financial
performance in 2015 in comparison to our previously issued adjusted
earnings-per-share guidance. Non-GAAP financial measures are
supplementary information that should be considered in addition to,
but not as a substitute for, the information prepared in accordance
with GAAP. The table below reconciles for historical periods these
non-GAAP financial measures to Sempra Energy Earnings and Diluted
Earnings Per Common Share, which we consider to be the most
directly comparable financial measures calculated in accordance
with GAAP.
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
|
September
30,
|
|
September
30,
|
(Dollars in millions,
except per share amounts)
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Sempra Energy GAAP
Earnings
|
|
$ 248
|
|
$ 348
|
|
$ 980
|
|
$ 864
|
Exclude:
|
|
|
|
|
|
|
|
|
Gain on
sale of Mesquite Power block 2
|
|
―
|
|
―
|
|
(36)
|
|
―
|
Plant
closure (adjustment) loss
|
|
―
|
|
―
|
|
(13)
|
|
9
|
LNG
liquefaction development expenses
|
|
2
|
|
―
|
|
7
|
|
―
|
Sempra Energy
Adjusted Earnings
|
|
$ 250
|
|
$ 348
|
|
$ 938
|
|
$ 873
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share:
|
|
|
|
|
|
|
|
|
Sempra Energy GAAP
Earnings
|
|
$ 0.99
|
|
$ 1.39
|
|
$ 3.91
|
|
$ 3.45
|
Sempra Energy
Adjusted Earnings
|
|
$ 1.00
|
|
$ 1.39
|
|
$ 3.75
|
|
$ 3.49
|
Weighted-average
number of shares outstanding, diluted (thousands)
|
251,024
|
|
250,771
|
|
250,665
|
|
250,278
|
SEMPRA ENERGY 2015
ADJUSTED EARNINGS-PER-SHARE GUIDANCE RANGE
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Sempra Energy 2015
Adjusted Earnings-Per-Share Guidance Range of $4.95 to $5.15
excludes 1) a $0.14 per diluted share after-tax gain from the April
2015 sale of the remaining block of the Mesquite Power plant, 2)
$0.05 per diluted share from reduction in the first quarter of 2015
in the plant closure loss related to SONGS due to CPUC approval of
a compliance filing related to SDG&E's authorized recovery of
its investment in SONGS, 3) $0.05 per diluted share for estimated
after-tax development expenses associated with the potential
expansion of our LNG business, and 4) an anticipated noncash gain
from the remeasurement of our equity method investment in
Gasoductos de Chihuahua (GdC), a 50-50 joint venture between our
Mexican subsidiary, IEnova, and Petróleos Mexicanos (PEMEX), in
connection with the pending acquisition by IEnova of PEMEX's
50-percent interest in GdC. Sempra Energy 2015 Adjusted
Earnings-Per-Share Guidance is a non-GAAP financial measure.
Because of the significance and nature of these excluded items,
management believes this non-GAAP measure provides better clarity
into the ongoing results of the business and the comparability of
such results to prior and future periods. Sempra Energy 2015
Adjusted Earnings-Per-Share Guidance should not be considered an
alternative to diluted earnings per share determined in accordance
with GAAP. As the pending GdC transaction is not expected to close
until the fourth quarter of 2015, the gain cannot be reasonably
estimated at this time, and accordingly, we are not able to provide
a corresponding GAAP equivalent to our 2015 Adjusted
Earnings-Per-Share Guidance.
|
San Diego Gas
& Electric Company (SDG&E)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
SDG&E GAAP EARNINGS TO SDG&E ADJUSTED EARNINGS EXCLUDING
PLANT CLOSURE ADJUSTMENTS IN 2015 AND 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
|
SDG&E Adjusted
Earnings exclude 1) in the nine months ended September 30, 2015, a
$13 million reduction in the plant closure loss related to SONGS
due to CPUC approval of a compliance filing related to SDG&E's
authorized recovery of its investment in SONGS, and 2) in the nine
months ended September 30, 2014, a $9 million increase in the SONGS
plant closure loss as a result of reaching a preliminary settlement
agreement on the closure. SDG&E Adjusted Earnings is a non-GAAP
financial measure. Because of the significance and nature of these
items, management believes that this non-GAAP financial measure
provides a more meaningful comparison of the performance of
SDG&E's business operations from 2015 to 2014 and to future
periods. Non-GAAP financial measures are supplementary information
that should be considered in addition to, but not as a substitute
for, the information prepared in accordance with GAAP. The table
below reconciles for historical periods this non-GAAP financial
measure to SDG&E Earnings, which we consider to be the most
directly comparable financial measure calculated in accordance with
GAAP.
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
|
September
30,
|
|
September
30,
|
(Dollars in
millions)
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
SDG&E GAAP
Earnings
|
|
$ 170
|
|
$ 157
|
|
$ 443
|
|
$ 379
|
Exclude:
|
|
|
|
|
|
|
|
|
Plant
closure (adjustment) loss
|
|
―
|
|
―
|
|
(13)
|
|
9
|
SDG&E Adjusted
Earnings
|
|
$ 170
|
|
$ 157
|
|
$ 430
|
|
$ 388
|
SEMPRA
ENERGY
|
Table
B
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
(Dollars in
millions)
|
2015
|
|
2014(1)
|
|
|
|
|
(unaudited)
|
|
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
697
|
|
$
570
|
|
Restricted
cash
|
13
|
|
11
|
|
Accounts receivable,
net
|
1,200
|
|
1,394
|
|
Due from
unconsolidated affiliates
|
3
|
|
38
|
|
Income taxes
receivable
|
22
|
|
45
|
|
Deferred income
taxes
|
198
|
|
305
|
|
Inventories
|
416
|
|
396
|
|
Regulatory balancing
accounts – undercollected
|
585
|
|
746
|
|
Fixed-price contracts
and other derivatives
|
66
|
|
93
|
|
Asset held for sale,
power plant
|
―
|
|
293
|
|
Other
|
406
|
|
293
|
|
|
|
Total current
assets
|
3,606
|
|
4,184
|
|
|
|
|
|
|
|
Investments and other
assets:
|
|
|
|
|
Restricted
cash
|
40
|
|
29
|
|
Due from
unconsolidated affiliates
|
175
|
|
188
|
|
Regulatory
assets
|
3,112
|
|
3,031
|
|
Nuclear
decommissioning trusts
|
1,060
|
|
1,131
|
|
Investments
|
2,845
|
|
2,848
|
|
Goodwill
|
847
|
|
931
|
|
Other intangible
assets
|
407
|
|
415
|
|
Dedicated assets in
support of certain benefit plans
|
459
|
|
512
|
|
Sundry
|
701
|
|
561
|
|
|
|
Total investments and
other assets
|
9,646
|
|
9,646
|
Property, plant and
equipment, net
|
27,314
|
|
25,902
|
Total
assets
|
$ 40,566
|
|
$ 39,732
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
Current
liabilities:
|
|
|
|
|
Short-term
debt
|
$
1,097
|
|
$ 1,733
|
|
Accounts
payable
|
1,234
|
|
1,353
|
|
Due to unconsolidated
affiliate
|
―
|
|
2
|
|
Dividends and
interest payable
|
343
|
|
282
|
|
Accrued compensation
and benefits
|
356
|
|
373
|
|
Current portion of
long-term debt
|
1,168
|
|
469
|
|
Fixed-price contracts
and other derivatives
|
73
|
|
55
|
|
Customer
deposits
|
152
|
|
153
|
|
Other
|
695
|
|
649
|
|
|
|
Total current
liabilities
|
5,118
|
|
5,069
|
Long-term
debt
|
12,527
|
|
12,167
|
|
|
|
|
|
|
|
Deferred credits and
other liabilities:
|
|
|
|
|
Customer advances for
construction
|
145
|
|
144
|
|
Pension and other
postretirement benefit plan obligations, net of plan
assets
|
1,114
|
|
1,064
|
|
Deferred income
taxes
|
3,057
|
|
3,003
|
|
Deferred investment
tax credits
|
34
|
|
37
|
|
Regulatory
liabilities arising from removal obligations
|
2,715
|
|
2,741
|
|
Asset retirement
obligations
|
2,068
|
|
2,048
|
|
Fixed-price contracts
and other derivatives
|
300
|
|
255
|
|
Deferred credits and
other
|
1,092
|
|
1,104
|
|
|
|
Total deferred
credits and other liabilities
|
10,525
|
|
10,396
|
Equity:
|
|
|
|
|
Total Sempra Energy
shareholders' equity
|
11,625
|
|
11,326
|
|
Preferred stock of
subsidiary
|
20
|
|
20
|
|
Other noncontrolling
interests
|
751
|
|
754
|
|
|
|
Total
equity
|
12,396
|
|
12,100
|
Total liabilities and
equity
|
$ 40,566
|
|
$ 39,732
|
|
|
|
|
|
|
|
|
|
(1)
|
Derived from audited
financial statements.
|
SEMPRA
ENERGY
|
Table
C
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
|
Nine months ended
September 30,
|
(Dollars in
millions)
|
|
2015
|
|
2014
|
|
|
|
(unaudited)
|
Cash Flows from
Operating Activities
|
|
|
|
|
Net income
|
|
$ 1,060
|
|
$ 941
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
Depreciation and
amortization
|
|
925
|
|
866
|
|
Deferred income taxes
and investment tax credits
|
|
179
|
|
131
|
|
Gain on sale of
equity interests and assets
|
|
(62)
|
|
(48)
|
|
Plant closure
adjustment
|
|
(21)
|
|
(13)
|
|
Equity
earnings
|
|
(143)
|
|
(84)
|
|
Fixed-price contracts
and other derivatives
|
|
(20)
|
|
(19)
|
|
Other
|
|
28
|
|
32
|
Net change in other
working capital components
|
|
260
|
|
(215)
|
Changes in other
assets
|
|
(112)
|
|
28
|
Changes in other
liabilities
|
|
(5)
|
|
42
|
|
Net cash provided by
operating activities
|
|
2,089
|
|
1,661
|
|
|
|
|
|
|
Cash Flows from
Investing Activities
|
|
|
|
|
Expenditures for
property, plant and equipment
|
|
(2,227)
|
|
(2,320)
|
Expenditures for
investments and acquisition of business
|
|
(183)
|
|
(192)
|
Proceeds from sale of
equity interest and assets, net of cash sold
|
|
347
|
|
92
|
Distributions from
investments
|
|
14
|
|
15
|
Purchases of nuclear
decommissioning and other trust assets
|
|
(407)
|
|
(505)
|
Proceeds from sales
by nuclear decommissioning and other trusts
|
|
431
|
|
498
|
Decrease in
restricted cash
|
|
68
|
|
156
|
Increase in
restricted cash
|
|
(81)
|
|
(139)
|
Advances to
unconsolidated affiliates
|
|
(24)
|
|
(100)
|
Repayments of
advances to unconsolidated affiliates
|
|
74
|
|
19
|
Other
|
|
9
|
|
10
|
|
Net cash used in
investing activities
|
|
(1,979)
|
|
(2,466)
|
|
|
|
|
|
|
Cash Flows from
Financing Activities
|
|
|
|
|
Common dividends
paid
|
|
(468)
|
|
(450)
|
Preferred dividends
paid by subsidiary
|
|
(1)
|
|
(1)
|
Issuances of common
stock
|
|
41
|
|
43
|
Repurchases of common
stock
|
|
(74)
|
|
(38)
|
Issuances of debt
(maturities greater than 90 days)
|
|
2,058
|
|
3,063
|
Payments on debt
(maturities greater than 90 days)
|
|
(1,316)
|
|
(1,845)
|
Decrease in
short-term debt, net
|
|
(201)
|
|
(111)
|
Net distributions to
noncontrolling interests
|
|
(57)
|
|
(84)
|
Other
|
|
47
|
|
(5)
|
|
Net cash provided by
financing activities
|
|
29
|
|
572
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
(12)
|
|
(4)
|
|
|
|
|
|
|
Increase (decrease)
in cash and cash equivalents
|
|
127
|
|
(237)
|
Cash and cash
equivalents, January 1
|
|
570
|
|
904
|
Cash and cash
equivalents, September 30
|
|
$ 697
|
|
$ 667
|
SEMPRA
ENERGY
|
Table
D
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENT
EARNINGS AND CAPITAL EXPENDITURES &
INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
|
|
September
30,
|
|
September
30,
|
(Dollars in
millions)
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
(unaudited)
|
Earnings
(Losses)
|
|
|
|
|
|
|
|
California
Utilities:
|
|
|
|
|
|
|
|
San Diego Gas &
Electric
|
$ 170
|
|
$ 157
|
|
$ 443
|
|
$ 379
|
Southern California
Gas
|
(8)
|
(1)
|
98
|
|
276
|
(1)
|
256
|
Sempra
International:
|
|
|
|
|
|
|
|
Sempra South American
Utilities
|
43
|
|
32
|
|
129
|
|
109
|
Sempra
Mexico
|
63
|
|
63
|
|
160
|
|
139
|
Sempra U.S. Gas &
Power:
|
|
|
|
|
|
|
|
Sempra
Renewables
|
15
|
|
17
|
|
47
|
|
63
|
Sempra Natural
Gas
|
1
|
|
26
|
|
43
|
|
39
|
Parent and
other
|
(36)
|
|
(45)
|
|
(118)
|
|
(121)
|
Earnings
|
$ 248
|
|
$ 348
|
|
$ 980
|
|
$ 864
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
|
|
September
30,
|
|
September
30,
|
(Dollars in
millions)
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
(unaudited)
|
Capital
Expenditures and Investments
|
|
|
|
|
|
|
|
California
Utilities:
|
|
|
|
|
|
|
|
San Diego Gas &
Electric
|
$ 235
|
|
$ 247
|
|
$ 835
|
|
$ 790
|
Southern California
Gas
|
343
|
|
264
|
|
946
|
|
764
|
Sempra
International:
|
|
|
|
|
|
|
|
Sempra South American
Utilities
|
39
|
|
36
|
|
105
|
|
126
|
Sempra
Mexico
|
65
|
|
73
|
|
185
|
|
262
|
Sempra U.S. Gas &
Power:
|
|
|
|
|
|
|
|
Sempra
Renewables
|
26
|
|
83
|
|
67
|
|
359
|
Sempra Natural
Gas
|
53
|
|
125
|
|
222
|
|
192
|
Parent and
other
|
22
|
|
11
|
|
50
|
|
19
|
Consolidated Capital
Expenditures and Investments
|
$ 783
|
|
$ 839
|
|
$ 2,410
|
|
$ 2,512
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Results for the three
months and nine months ended September 30, 2015 for Southern
California Gas (SoCalGas) reflect the adoption of a California
Public Utilities Commission decision requiring SoCalGas to
recognize annual revenue for core natural gas customers using
seasonal factors, instead of recognizing such revenue ratably over
the year as was previously required. For the three months and nine
months ended September 30, 2015 compared to the same periods in
2014, this "seasonalization" resulted in $113 million lower
earnings and $48 million lower earnings, respectively. While this
seasonalization will cause variability in results from quarter to
quarter within the year, it will not impact full-year 2015
results.
|
SEMPRA
ENERGY
|
Table
E
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER OPERATING
STATISTICS (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
September 30,
|
|
Nine months ended
September 30,
|
UTILITIES
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
California
Utilities - SDG&E and SoCalGas
|
|
|
|
|
|
|
|
|
|
Gas Sales
(Bcf)(1)
|
|
55
|
|
59
|
|
|
227
|
|
239
|
Transportation
(Bcf)(1)
|
|
200
|
|
192
|
|
|
500
|
|
512
|
Total Deliveries
(Bcf)(1)
|
|
255
|
|
251
|
|
|
727
|
|
751
|
Total Gas Customers
(Thousands)
|
|
|
|
|
|
|
6,762
|
|
6,727
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric Sales
(Millions of kWhs)(1)
|
|
4,474
|
|
4,644
|
|
|
11,950
|
|
12,368
|
Direct Access
(Millions of kWhs)
|
|
987
|
|
1,057
|
|
|
2,683
|
|
2,761
|
Total Deliveries
(Millions of kWhs)(1)
|
|
5,461
|
|
5,701
|
|
|
14,633
|
|
15,129
|
Total Electric
Customers (Thousands)
|
|
|
|
|
|
|
1,424
|
|
1,415
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Utilities
|
|
|
|
|
|
|
|
|
|
Natural Gas Sales
(Bcf)
|
|
|
|
|
|
|
|
|
|
Sempra Mexico
|
|
6
|
|
7
|
|
|
19
|
|
18
|
Mobile
Gas(2)
|
|
11
|
|
9
|
|
|
35
|
|
29
|
Willmut Gas
|
|
―
|
|
―
|
|
|
2
|
|
2
|
Natural Gas Customers
(Thousands)
|
|
|
|
|
|
|
|
|
|
Sempra Mexico
|
|
|
|
|
|
|
110
|
|
104
|
Mobile
Gas(2)
|
|
|
|
|
|
|
85
|
|
86
|
Willmut Gas
|
|
|
|
|
|
|
19
|
|
19
|
Electric Sales
(Millions of kWhs)
|
|
|
|
|
|
|
|
|
|
Peru
|
|
1,854
|
|
1,790
|
|
|
5,695
|
|
5,458
|
Chile
|
|
676
|
|
696
|
|
|
2,172
|
|
2,192
|
Electric Customers
(Thousands)
|
|
|
|
|
|
|
|
|
|
Peru
|
|
|
|
|
|
|
1,048
|
|
1,021
|
Chile
|
|
|
|
|
|
|
668
|
|
654
|
|
|
|
|
|
|
|
|
|
|
|
|
ENERGY-RELATED
BUSINESSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sempra
International
|
|
|
|
|
|
|
|
|
|
Power Sold (Millions of
kWhs)
|
|
|
|
|
|
|
|
|
|
Sempra Mexico
|
|
1,139
|
|
1,149
|
|
|
2,782
|
|
3,081
|
|
|
|
|
|
|
|
|
|
|
|
|
Sempra U.S. Gas
& Power
|
|
|
|
|
|
|
|
|
|
Power Sold (Millions
of kWhs)
|
|
|
|
|
|
|
|
|
|
Sempra
Renewables(3)
|
|
622
|
|
540
|
|
|
2,111
|
|
1,819
|
Sempra Natural
Gas(4)
|
|
510
|
|
1,435
|
|
|
2,323
|
|
3,870
|
|
|
(1)
|
Includes intercompany
sales.
|
(2)
|
Includes
transportation.
|
(3)
|
Includes 50% of total
power sold related to solar and wind projects in which Sempra
Energy has a 50% ownership. These subsidiaries are not consolidated
within Sempra Energy, and the related investments are accounted for
under the equity method.
|
(4)
|
Sempra Natural Gas
sold the remaining 625-megawatt block of its Mesquite Power natural
gas-fired power plant in April 2015.
|
|
SEMPRA ENERGY
|
|
Table F (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of
Operations Data by Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
SDG&E
|
|
SoCalGas
|
|
Sempra South American
Utilities
|
|
Sempra
Mexico
|
|
Sempra
Renewables
|
|
Sempra Natural
Gas
|
|
Consolidating
Adjustments, Parent & Other
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$ 1,230
|
|
$ 620
|
(1)
|
$ 373
|
|
$ 193
|
|
$ 12
|
|
$ 160
|
|
$ (107)
|
|
|
$ 2,481
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales and
other expenses
|
|
(778)
|
|
(517)
|
|
(298)
|
|
(122)
|
|
(13)
|
|
(176)
|
|
100
|
|
|
(1,804)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
(152)
|
|
(116)
|
|
(12)
|
|
(18)
|
|
(2)
|
|
(12)
|
|
(3)
|
|
|
(315)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity earnings,
before income tax
|
|
-
|
|
-
|
|
-
|
|
-
|
|
8
|
|
25
|
|
-
|
|
|
33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense), net
|
|
8
|
|
8
|
|
9
|
|
(4)
|
|
-
|
|
-
|
|
(9)
|
|
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
interest and tax (2)
|
|
308
|
|
(5)
|
|
72
|
|
49
|
|
5
|
|
(3)
|
|
(19)
|
|
|
407
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
(expense) income (3)
|
|
(51)
|
|
(23)
|
|
(4)
|
|
(6)
|
|
1
|
|
3
|
|
(57)
|
|
|
(137)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax (expense)
benefit
|
|
(75)
|
|
20
|
(1)
|
(16)
|
|
6
|
|
9
|
|
-
|
|
41
|
|
|
(15)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity (losses)
earnings, net of income tax
|
|
-
|
|
-
|
|
(3)
|
|
30
|
|
-
|
|
-
|
|
-
|
|
|
27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Earnings) losses
attributable to noncontrolling interests
|
|
(12)
|
|
-
|
|
(6)
|
|
(16)
|
|
-
|
|
1
|
|
(1)
|
|
|
(34)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
(losses)
|
|
$ 170
|
|
$ (8)
|
(1)
|
$ 43
|
|
$ 63
|
|
$ 15
|
|
$ 1
|
|
$ (36)
|
|
|
$ 248
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
SDG&E
|
|
SoCalGas
|
|
Sempra South American
Utilities
|
|
Sempra
Mexico
|
|
Sempra
Renewables
|
|
Sempra Natural
Gas
|
|
Consolidating
Adjustments, Parent & Other
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$ 1,233
|
|
$ 855
|
|
$ 379
|
|
$ 234
|
|
$ 10
|
|
$ 252
|
|
$ (148)
|
|
|
$ 2,815
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales and
other expenses
|
|
(823)
|
|
(593)
|
|
(305)
|
|
(156)
|
|
(13)
|
|
(255)
|
|
137
|
|
|
(2,008)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
(134)
|
|
(109)
|
|
(14)
|
|
(16)
|
|
(1)
|
|
(17)
|
|
(1)
|
|
|
(292)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of
equity interest
|
|
-
|
|
-
|
|
-
|
|
19
|
|
-
|
|
-
|
|
-
|
|
|
19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity earnings,
before income tax
|
|
-
|
|
-
|
|
-
|
|
-
|
|
7
|
|
15
|
|
-
|
|
|
22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense), net
|
|
9
|
|
6
|
|
10
|
|
5
|
|
-
|
|
1
|
|
(2)
|
|
|
29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
interest and tax (2)
|
|
285
|
|
159
|
|
70
|
|
86
|
|
3
|
|
(4)
|
|
(14)
|
|
|
585
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest expense
(3)
|
|
(51)
|
|
(17)
|
|
(3)
|
|
(4)
|
|
(2)
|
|
(1)
|
|
(60)
|
|
|
(138)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax (expense)
benefit
|
|
(65)
|
|
(44)
|
|
(26)
|
|
(13)
|
|
16
|
|
31
|
|
30
|
|
|
(71)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity (losses)
earnings, net of income tax
|
|
-
|
|
-
|
|
(2)
|
|
9
|
|
-
|
|
-
|
|
-
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings attributable
to noncontrolling interests
|
|
(12)
|
|
-
|
|
(7)
|
|
(15)
|
|
-
|
|
-
|
|
(1)
|
|
|
(35)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
(losses)
|
|
$ 157
|
|
$ 98
|
|
$ 32
|
|
$ 63
|
|
$ 17
|
|
$ 26
|
|
$ (45)
|
|
|
$ 348
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Reflects the impact
of seasonalization at Southern California Gas as discussed on Table
D.
|
(2)
|
Management believes
Income (Loss) Before Interest and Tax is a useful measurement of
our segments' performance because it can be used to evaluate the
effectiveness of our operations
exclusive of interest and income tax, neither of which is directly
relevant to the efficiency of those operations.
|
(3)
|
Includes interest
income, interest expense and preferred dividends of
subsidiary.
|
|
SEMPRA ENERGY
|
|
Table F (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of
Operations Data by Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
SDG&E
|
|
SoCalGas
|
|
Sempra South American
Utilities
|
|
Sempra
Mexico
|
|
Sempra
Renewables
|
|
Sempra Natural
Gas
|
|
Consolidating
Adjustments, Parent & Other
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$ 3,168
|
|
$ 2,448
|
(1)
|
$ 1,151
|
|
$ 508
|
|
$ 30
|
|
$ 512
|
|
$ (287)
|
|
|
$ 7,530
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales and
other expenses
|
|
(1,934)
|
|
(1,705)
|
|
(923)
|
|
(314)
|
|
(36)
|
|
(528)
|
|
250
|
|
|
(5,190)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
(446)
|
|
(342)
|
|
(37)
|
|
(52)
|
|
(5)
|
|
(36)
|
|
(7)
|
|
|
(925)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plant closure
adjustment
|
|
21
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of
assets
|
|
-
|
|
-
|
|
1
|
|
-
|
|
-
|
|
61
|
|
-
|
|
|
62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity earnings,
before income tax
|
|
-
|
|
-
|
|
-
|
|
-
|
|
20
|
|
59
|
|
-
|
|
|
79
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income,
net
|
|
26
|
|
25
|
|
18
|
|
11
|
|
1
|
|
-
|
|
7
|
|
|
88
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
interest and tax (2)
|
|
835
|
|
426
|
|
210
|
|
153
|
|
10
|
|
68
|
|
(37)
|
|
|
1,665
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
(expense) income (3)
|
|
(155)
|
|
(59)
|
|
(8)
|
|
(13)
|
|
-
|
|
3
|
|
(162)
|
|
|
(394)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax (expense)
benefit
|
|
(217)
|
|
(91)
|
(1)
|
(50)
|
|
(7)
|
|
37
|
|
(29)
|
|
81
|
|
|
(276)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity (losses)
earnings, net of income tax
|
|
-
|
|
-
|
|
(4)
|
|
68
|
|
-
|
|
-
|
|
-
|
|
|
64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Earnings) losses
attributable to noncontrolling interests
|
|
(20)
|
|
-
|
|
(19)
|
|
(41)
|
|
-
|
|
1
|
|
-
|
|
|
(79)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
(losses)
|
|
$ 443
|
|
$ 276
|
(1)
|
$ 129
|
|
$ 160
|
|
$ 47
|
|
$ 43
|
|
$ (118)
|
|
|
$ 980
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
SDG&E
|
|
SoCalGas
|
|
Sempra South American
Utilities
|
|
Sempra
Mexico
|
|
Sempra
Renewables
|
|
Sempra Natural
Gas
|
|
Consolidating
Adjustments, Parent & Other
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$ 3,283
|
|
$ 2,857
|
|
$ 1,147
|
|
$ 621
|
|
$ 25
|
|
$ 748
|
|
$ (393)
|
|
|
$ 8,288
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales and
other expenses
|
|
(2,162)
|
|
(2,132)
|
|
(916)
|
|
(425)
|
|
(36)
|
|
(723)
|
|
344
|
|
|
(6,050)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
(395)
|
|
(321)
|
|
(41)
|
|
(47)
|
|
(4)
|
|
(50)
|
|
(8)
|
|
|
(866)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plant closure
adjustment
|
|
13
|
(4)
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of
equity interests and assets
|
|
-
|
|
-
|
|
2
|
|
19
|
|
27
|
|
-
|
|
-
|
|
|
48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity earnings,
before income tax
|
|
-
|
|
-
|
|
-
|
|
-
|
|
18
|
|
44
|
|
-
|
|
|
62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income,
net
|
|
29
|
|
13
|
|
15
|
|
27
|
|
1
|
|
2
|
|
31
|
|
|
118
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
interest and tax (2)
|
|
768
|
|
417
|
|
207
|
|
195
|
|
31
|
|
21
|
|
(26)
|
|
|
1,613
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest expense
(3)
|
|
(152)
|
|
(51)
|
|
(14)
|
|
(11)
|
|
(3)
|
|
(3)
|
|
(170)
|
|
|
(404)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax (expense)
benefit
|
|
(217)
|
|
(110)
|
|
(59)
|
|
(37)
|
|
35
|
|
22
|
|
75
|
|
|
(291)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity (losses)
earnings, net of income tax
|
|
-
|
|
-
|
|
(4)
|
|
26
|
|
-
|
|
-
|
|
-
|
|
|
22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings attributable
to noncontrolling interests
|
|
(20)
|
|
-
|
|
(21)
|
|
(34)
|
|
-
|
|
(1)
|
|
-
|
|
|
(76)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
(losses)
|
|
$ 379
|
|
$ 256
|
|
$ 109
|
|
$ 139
|
|
$ 63
|
|
$ 39
|
|
$ (121)
|
|
|
$ 864
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Reflects the impact
of seasonalization at Southern California Gas as discussed on Table
D.
|
(2)
|
Management believes
Income (Loss) Before Interest and Tax is a useful measurement of
our segments' performance because it can be used to evaluate the
effectiveness of our operations
exclusive of interest and income tax, neither of which is directly
relevant to the efficiency of those operations.
|
(3)
|
Includes interest
income, interest expense and preferred dividends of
subsidiary.
|
(4)
|
After taxes,
including a $17 million charge to reduce certain tax regulatory
assets attributed to SONGS, the adjustment to loss from plant
closure was a $9 million charge to earnings.
|
SRE-F
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SOURCE Sempra Energy