SAN DIEGO, Nov. 5, 2020 /PRNewswire/ -- Sempra Energy
(NYSE: SRE) today reported third-quarter 2020 earnings of
$351 million, or $1.21 per diluted share, compared to
third-quarter 2019 earnings of $813
million, or $2.84 per diluted
share. On an adjusted basis, the company's third-quarter 2020
earnings were $380 million, or
$1.31 per diluted share, compared to
$425 million, or $1.50 per diluted share, in the third quarter of
2019. Sempra Energy's earnings for the first nine months of 2020
were $3.35 billion, or $11.43 per diluted share, compared with earnings
of $1.61 billion, or $5.74 per diluted share, in the first nine months
of 2019. Adjusted earnings for the first nine months of 2020 were
$1.8 billion, or $6.10 per diluted share, compared to $1.46 billion, or $5.23 per diluted share, in the first nine months
of 2019.
"We are excited to advance our leadership position in the most
attractive markets in North
America – California,
Texas, Mexico and the LNG export market – with an
unrelenting commitment to safety and operational excellence. Our
investments in critical new energy infrastructure support economic
prosperity, community wellbeing and the energy transition," said
Jeffrey W. Martin, chairman and CEO
of Sempra Energy. "Our strategy of investing in a high-growth
infrastructure platform supports long-term, stable cash flows,
attractive economic returns and improved earnings visibility."
The reported financial results reflect certain significant items
as described on an after-tax basis in the following table of GAAP
earnings, reconciled to adjusted earnings, for the third quarter
and first nine months of 2020 and 2019.
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Three months
ended
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Nine months
ended
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September
30,
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September
30,
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(Dollars, except
EPS, and shares, in millions)
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2020
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2019
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2020
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2019
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(Unaudited)
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GAAP
Earnings
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$
351
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$
813
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$
3,350
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$
1,608
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Loss (Gain) on Sale
of South American Businesses
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7
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-
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(1,747)
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-
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Losses from
Investment in RBS Sempra Commodities LLP
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-
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-
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100
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-
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Impacts Associated
with Aliso Canyon Litigation and Regulatory Matters
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22
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-
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94
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-
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Tax Impacts from
Holding the South American Businesses for Sale
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-
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(192)
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-
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(99)
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Gain on Sale of U.S.
Wind Assets
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-
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-
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-
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(45)
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SDG&E Retroactive
Impact of 2019 GRC FD for first half of 2019
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-
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(66)
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-
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-
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SoCalGas Retroactive
Impact of 2019 GRC FD for first half of 2019
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-
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(130)
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-
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-
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Adjusted
Earnings(1)
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$
380
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$
425
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$
1,797
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$
1,464
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GAAP Diluted
Weighted-Average Common Shares Outstanding
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291
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296
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293
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280
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GAAP Earnings Per
Diluted Common Share(2)
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$
1.21
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$
2.84
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$
11.43
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$
5.74
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Adjusted Diluted
Weighted-Average Common Shares Outstanding(1)
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291
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283
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307
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280
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Adjusted Earnings Per
Diluted Common Share(1),(3)
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$
1.31
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$
1.50
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$
6.10
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$
5.23
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1)
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Represents a non-GAAP
financial measure. See Table A for information regarding non-GAAP
financial measures.
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2)
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To calculate Q3-2019
GAAP EPS, preferred dividends of $26 million are added back to GAAP
Earnings because of the dilutive effect of Series A mandatory
convertible preferred
stock.
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3)
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To calculate YTD-2020
Adjusted EPS, preferred dividends of $78 million are added back to
Adjusted Earnings because of the dilutive effect of Series A
mandatory convertible preferred stock.
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Advancing Critical Energy Infrastructure in North America
In August, Phase 1 of the Cameron LNG export facility in
Hackberry, Louisiana, reached full
commercial operations under Cameron LNG's tolling agreements. This
marked the start of full run-rate earnings and cash flows. Sempra
Energy's share of full run-rate earnings from the Phase 1 project
is expected to be between $400
million and $450 million
annually, with no commodity or volumetric exposure. Due to the
structure of the tolling agreements at Cameron LNG, Sempra Energy
does not expect any earnings impact as a result of the recent
outages due to Hurricanes Laura and Delta on the U.S. Gulf
Coast.
Sempra Energy continues to work closely with local authorities
as well as the highest levels of the Mexican government to advance
the export permit process for Energía Costa Azul (ECA) LNG Phase 1. The company
expects to reach a final investment decision in the fourth quarter
of 2020.
Phase 1 of ECA LNG's project is planned to be built and operated
by Sempra LNG and Infraestructura Energética Nova, S.A.B. de C.V.
(IEnova), Sempra Energy's subsidiary in Mexico, as a single-train liquefaction
facility. Last year, ECA LNG received authorization from the U.S.
Department of Energy to export U.S.-produced natural gas to
Mexico and to re-export liquefied
natural gas (LNG) to countries that do not have a free-trade
agreement with the U.S.
ECA LNG has successfully secured definitive 20-year
sale-and-purchase agreements with Mitsui & Co., Ltd. and an
affiliate of Total SE for the purchase of approximately 2.5 Mtpa of
LNG from Phase 1 of the project.
In another development, the U.S. Department of Energy extended
the terms of the export authorizations for Phase 1 of the proposed
Port Arthur LNG export project through Dec.
31, 2050.
Additionally, IEnova is advancing construction of its
Gulf of Mexico network of fuel
terminals. All three terminals are backed by take-or-pay contracts
with Valero Energy Corp. and, once completed, should contribute
nearly 3.4 million barrels of combined refined products storage
capacity, while improving Mexico's
energy security. Notably, the Veracruz terminal is situated in the largest
Mexican port on the Gulf Coast and is expected to be one of the
largest terminals in Mexico.
Executing Capital Plans and Driving Sustainability at U.S.
Utilities
Oncor Electric Delivery Company LLC (Oncor) today announced its
2021-2025 capital plan of $12.2
billion. This is a $300
million increase over Oncor's previous 2020-2024 capital
plan and is a result of new growth capital required across the
system, increased maintenance on the transmission system, including
investments to enhance the safety and reliability of service, and
continued investment in technology and innovation. Additionally,
Oncor recently issued its inaugural sustainable bond with proceeds
expected to finance or refinance expenditures with minority- and
women-owned business suppliers.
San Diego Gas & Electric Co. (SDG&E) and Southern
California Gas Co. (SoCalGas) continue to execute on their record
five-year capital investment plans. These plans are centered on
enhancing safety, improving system reliability, and reducing
energy-related emissions. Further, SDG&E has announced a new
sustainability strategy that includes a commitment to place two
green hydrogen projects into service by 2022, aiming to offer
long-duration energy storage, increased system resiliency and
reduced carbon intensity. In addition, SoCalGas has announced its
participation in three research and development projects that are
designed to advance fuel cell technology for trucking and transit
and near-zero emissions natural gas technology for rail
locomotives.
Investing in a High-Performing Culture
Sempra Energy is committed to creating long-term value by
managing environmental, social and governance risks and
opportunities. The company has a long-standing history of
prioritizing diversity and inclusion to advance its
high-performance culture and is continuing to build upon those
efforts.
Last month, Sempra Energy received three awards recognizing its
leadership position in diversity, inclusion and sustainability.
Forbes and JUST Capital named Sempra Energy to the Forbes JUST 100
list, which is intended to recognize companies that are doing right
by all their stakeholders, including employees, customers,
communities, the environment and shareholders.
Additionally, Sempra Energy received the National Association of
Corporate Directors' NXT Award, recognizing boards for their
excellence in utilizing diversity and inclusion as a strategy for
building long-term value for their companies. The National
Organization on Disability also recently recognized Sempra Energy
as a 2020 Leading Disability Employer for adopting exemplary
employment practices for people with disabilities.
Earnings Guidance
As a result of the company's strong execution and financial
results, Sempra Energy is reaffirming and guiding to the high end
of both its full-year 2020 GAAP earnings-per-common-share (EPS)
guidance range of $12.50 to
$13.10 and adjusted EPS guidance
range of $7.20 to $7.80. Additionally, Sempra Energy is reaffirming
its full-year 2021 EPS guidance range of $7.50 to $8.10.
Non-GAAP Financial Measures
Non-GAAP financial measures include Sempra Energy's adjusted
earnings and adjusted EPS for the third quarters and first nine
months of 2020 and 2019, adjusted diluted weighted-average common
shares outstanding for the first nine months of 2020 and third
quarter of 2019, and full-year 2020 adjusted EPS guidance range.
See Table A for additional information regarding these non-GAAP
financial measures.
Internet Broadcast
Sempra Energy will broadcast a live discussion of its earnings
results over the Internet today at 12 p.m.
ET with senior management of the company. Access is
available by logging onto the website at www.sempra.com. For those
unable to log on to the live webcast, the teleconference will be
available on replay a few hours after its conclusion by dialing
(888) 203-1112 and entering passcode 8857186.
About Sempra Energy
Sempra Energy's mission is to be North
America's premier energy infrastructure company. With more
than $60 billion in total assets at
the end of 2019, the San
Diego-based company is the utility holding company with the
largest U.S. customer base. The Sempra Energy companies' more than
18,000 employees deliver energy with purpose to over 35 million
consumers. The company is focused on the most attractive markets in
North America, including
California, Texas, Mexico
and the LNG export market. Sempra Energy has been consistently
recognized for its leadership in sustainability, and diversity and
inclusion, and is a member of the S&P 500 Utilities Index and
the Dow Jones Utility Index. The company was also named one of the
"World's Most Admired Companies" for 2020 by Fortune Magazine.
This press release contains statements that constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are based on assumptions with respect to the future,
involve risks and uncertainties, and are not guarantees. Future
results may differ materially from those expressed in the
forward-looking statements. These forward-looking statements
represent our estimates and assumptions only as of the date of this
press release. We assume no obligation to update or revise any
forward-looking statement as a result of new information, future
events or other factors.
In this press release, forward-looking statements can be
identified by words such as "believes," "expects," "anticipates,"
"plans," "estimates," "projects," "forecasts," "should," "could,"
"would," "will," "confident," "may," "can," "potential,"
"possible," "proposed," "target," "pursue," "outlook," "maintain,"
or similar expressions, or when we discuss our guidance, strategy,
goals, vision, mission, opportunities, projections or
intentions.
Factors, among others, that could cause our actual results
and future actions to differ materially from those described in any
forward-looking statements include risks and uncertainties relating
to: California wildfires,
including the risk that we may be found liable for damages
regardless of fault and the risk that we may not be able to recover
any such costs from insurance, the wildfire fund established by
California Assembly Bill 1054 or in rates from customers;
decisions, investigations, regulations, issuances of permits and
other authorizations, renewals of franchises, and other actions by
(i) the Comisión Federal de Electricidad, California Public
Utilities Commission (CPUC), U.S. Department of Energy, Public
Utility Commission of Texas, and
other regulatory and governmental bodies and (ii) states, counties,
cities and other jurisdictions in the U.S., Mexico and other countries in which we operate
or do business; the success of business development efforts,
construction projects and major acquisitions and divestitures,
including risks in (i) the ability to make a final investment
decision, (ii) completing construction projects on schedule and
budget, (iii) the ability to realize anticipated benefits from any
of these efforts once completed, and (iv) obtaining the consent of
partners; the impact of the COVID-19 pandemic on our (i) ability to
commence and complete capital and other projects and obtain
regulatory approvals, (ii) supply chain and current and prospective
counterparties, contractors, customers, employees and partners,
(iii) liquidity, resulting from bill payment challenges experienced
by our customers, including in connection with a CPUC-ordered
suspension of service disconnections, decreased stability and
accessibility of the capital markets and other factors, and (iv)
ability to sustain operations and satisfy compliance requirements
due to social distancing measures or if employee absenteeism were
to increase significantly; the resolution of civil and criminal
litigation, regulatory inquiries, investigations and proceedings,
and arbitrations; actions by credit rating agencies to downgrade
our credit ratings or to place those ratings on negative outlook
and our ability to borrow at favorable interest rates; moves to
reduce or eliminate reliance on natural gas and the impact of the
extreme volatility of oil prices on our businesses and development
projects; weather, natural disasters, accidents, equipment
failures, computer system outages and other events that disrupt our
operations, damage our facilities and systems, cause the release of
harmful materials, cause fires and subject us to liability for
property damage or personal injuries, fines and penalties, some of
which may not be covered by insurance (including costs in excess of
applicable policy limits), may be disputed by insurers or may
otherwise not be recoverable through regulatory mechanisms or may
impact our ability to obtain satisfactory levels of affordable
insurance; the availability of electric power and natural gas and
natural gas storage capacity, including disruptions caused by
failures in the transmission grid, limitations on the withdrawal of
natural gas from storage facilities, and equipment failures;
cybersecurity threats to the energy grid, 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 and employees;
expropriation of assets, the failure of foreign governments and
state-owned entities to honor the terms of contracts, and property
disputes; the impact at San Diego Gas & Electric Company
(SDG&E) on competitive customer rates and reliability due to
the growth in distributed and local power generation, including
from departing retail load resulting from customers transferring to
Direct Access, Community Choice Aggregation or other forms of
distributed or local power generation, and the risk of nonrecovery
for stranded assets and contractual obligations; Oncor Electric
Delivery Company LLC's (Oncor) ability to eliminate or reduce its
quarterly dividends due to regulatory and governance requirements
and commitments, including by actions of Oncor's independent
directors or a minority member director; volatility in foreign
currency exchange, interest and inflation rates and commodity
prices and our ability to effectively hedge the risk of such
volatility; changes in tax and trade policies, laws and
regulations, including tariffs and revisions to or replacement of
international trade agreements, such as the United States-Mexico-Canada Agreement,
that may increase our costs or impair our ability to resolve trade
disputes; and other uncertainties, some of which may be difficult
to predict and are beyond our control.
These risks and uncertainties are further discussed in the
reports that Sempra Energy has filed with the U.S. Securities and
Exchange Commission (SEC). 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, www.sempra.com. Investors should not rely
unduly on any forward-looking statements.
Sempra North American Infrastructure, Sempra LNG, Sempra
Mexico, Sempra Texas Utilities, Oncor and Infraestructura
Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies
as the California utilities,
SDG&E or Southern California Gas Company, and Sempra North
American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas
Utilities, Oncor and IEnova are not regulated by the CPUC.
|
SEMPRA
ENERGY
|
Table
A
|
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|
|
|
|
|
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CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
Three months
ended
September 30,
|
|
Nine months ended
September 30,
|
(Dollars in millions,
except per share amounts; shares in thousands)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
(unaudited)
|
REVENUES
|
|
|
|
|
|
|
|
Utilities
|
$
|
2,301
|
|
|
$
|
2,398
|
|
|
$
|
7,199
|
|
|
$
|
6,808
|
|
Energy-related
businesses
|
343
|
|
|
360
|
|
|
1,000
|
|
|
1,078
|
|
Total
revenues
|
2,644
|
|
|
2,758
|
|
|
8,199
|
|
|
7,886
|
|
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|
|
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EXPENSES AND OTHER
INCOME
|
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Utilities:
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Cost of natural
gas
|
(114)
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|
(122)
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|
|
(582)
|
|
|
(789)
|
|
Cost of electric fuel
and purchased power
|
(429)
|
|
|
(410)
|
|
|
(918)
|
|
|
(929)
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|
Energy-related
businesses cost of sales
|
(90)
|
|
|
(94)
|
|
|
(200)
|
|
|
(265)
|
|
Operation and
maintenance
|
(1,044)
|
|
|
(845)
|
|
|
(2,893)
|
|
|
(2,515)
|
|
Depreciation and
amortization
|
(418)
|
|
|
(402)
|
|
|
(1,242)
|
|
|
(1,174)
|
|
Franchise fees and
other taxes
|
(139)
|
|
|
(127)
|
|
|
(397)
|
|
|
(369)
|
|
Impairment
losses
|
(1)
|
|
|
(43)
|
|
|
(1)
|
|
|
(43)
|
|
(Loss) gain on sale
of assets
|
—
|
|
|
(3)
|
|
|
—
|
|
|
63
|
|
Other income
(expense), net
|
29
|
|
|
(7)
|
|
|
(163)
|
|
|
103
|
|
Interest
income
|
27
|
|
|
22
|
|
|
76
|
|
|
64
|
|
Interest
expense
|
(264)
|
|
|
(279)
|
|
|
(818)
|
|
|
(797)
|
|
Income from
continuing operations before income taxes and equity
earnings
|
201
|
|
|
448
|
|
|
1,061
|
|
|
1,235
|
|
Income tax
expense
|
(99)
|
|
|
(61)
|
|
|
(60)
|
|
|
(150)
|
|
Equity
earnings
|
326
|
|
|
266
|
|
|
822
|
|
|
485
|
|
Income from
continuing operations, net of income tax
|
428
|
|
|
653
|
|
|
1,823
|
|
|
1,570
|
|
(Loss) income from
discontinued operations, net of income tax
|
(7)
|
|
|
256
|
|
|
1,850
|
|
|
292
|
|
Net income
|
421
|
|
|
909
|
|
|
3,673
|
|
|
1,862
|
|
Earnings attributable
to noncontrolling interests
|
(22)
|
|
|
(60)
|
|
|
(201)
|
|
|
(146)
|
|
Preferred
dividends
|
(48)
|
|
|
(36)
|
|
|
(121)
|
|
|
(107)
|
|
Preferred dividends
of subsidiary
|
—
|
|
|
—
|
|
|
(1)
|
|
|
(1)
|
|
Earnings attributable
to common shares
|
$
|
351
|
|
|
$
|
813
|
|
|
$
|
3,350
|
|
|
$
|
1,608
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share (EPS):
|
|
|
|
|
|
|
|
Earnings
|
$
|
1.21
|
|
|
$
|
2.93
|
|
|
$
|
11.48
|
|
|
$
|
5.83
|
|
Weighted-average
common shares outstanding
|
289,490
|
|
|
277,360
|
|
|
291,771
|
|
|
275,684
|
|
|
|
|
|
|
|
|
|
Diluted
EPS:
|
|
|
|
|
|
|
|
Earnings
|
$
|
1.21
|
|
|
$
|
2.84
|
|
|
$
|
11.43
|
|
|
$
|
5.74
|
|
Weighted-average
common shares outstanding
|
290,582
|
|
|
295,789
|
|
|
292,935
|
|
|
279,809
|
|
|
|
|
|
|
|
|
|
SEMPRA ENERGY
Table A
(Continued)
RECONCILIATION OF SEMPRA ENERGY ADJUSTED EARNINGS TO SEMPRA
ENERGY GAAP EARNINGS (Unaudited)
Sempra Energy Adjusted Earnings and Adjusted EPS exclude items
(after the effects of income taxes and, if applicable,
noncontrolling interests) in 2020 and 2019 as follows:
Three months ended September 30,
2020:
- $(22) million from impacts
associated with Aliso Canyon natural gas storage facility
litigation and regulatory matters at Southern California Gas
Company (SoCalGas)
- $(7) million reduction to the
gain on sale of our Chilean businesses as a result of post-closing
adjustments
Three months ended September 30,
2019:
- $196 million incremental revenue
increases for the first six months of 2019 from the retroactive
application of the final decision in the 2019 General Rate Case
(GRC FD) at the California Utilities
Associated with holding the South American businesses for
sale:
- $192 million income tax benefit
associated with outside basis differences in our South American
businesses primarily related to a change in the anticipated
structure of the sale of those businesses
Nine months ended September 30,
2020:
- $(94) million from impacts
associated with Aliso Canyon natural gas storage facility
litigation and regulatory matters at SoCalGas
- $(100) million equity losses at
RBS Sempra Commodities LLP, which represent an estimate of our
obligations to settle pending tax matters and related legal costs
at our equity method investment at Parent and Other
- $1,747 million gain on the sale
of our South American businesses
Nine months ended September 30,
2019:
- $45 million gain on the sale of
certain Sempra Renewables assets
Associated with holding the South American businesses for
sale:
- $89 million income tax benefit
from outside basis differences in our South American businesses
primarily related to the change in our indefinite reinvestment
assertion from our decision in January
2019 to hold those businesses for sale and a change in the
anticipated structure of the sale
- $10 million income tax benefit to
reduce a valuation allowance against certain net operating loss
(NOL) carryforwards as a result of our decision to sell our South
American businesses
Sempra Energy Adjusted Earnings, Weighted-Average Common Shares
Outstanding – Adjusted and Adjusted EPS are non-GAAP financial
measures (GAAP represents accounting principles generally accepted
in the United States of America).
Because of the significance and/or nature of the excluded items,
management believes that these non-GAAP financial measures provide
a meaningful comparison of the performance of Sempra Energy's
business operations to prior and 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 these non-GAAP financial measures to Sempra Energy GAAP
Earnings, Weighted-Average Common Shares Outstanding – GAAP and
GAAP EPS, which we consider to be the most directly comparable
financial measures calculated in accordance with GAAP.
SEMPRA
ENERGY
Table A
(Continued)
|
|
|
|
|
Pretax
amount
|
Income tax (benefit)
expense(1)
|
|
Earnings
|
|
Pretax
amount
|
Income tax
expense
(benefit)(1)
|
|
Earnings
|
(Dollars in millions,
except per share amounts; shares in thousands)
|
Three months ended
September 30, 2020
|
|
Three months ended
September 30, 2019
|
Sempra Energy GAAP
Earnings
|
|
|
|
$
|
351
|
|
|
|
|
|
$
|
813
|
|
Excluded
items:
|
|
|
|
|
|
|
|
|
|
|
Impacts associated
with Aliso Canyon litigation and regulatory matters
|
$
|
27
|
|
$
|
(5)
|
|
|
22
|
|
|
$
|
—
|
|
$
|
—
|
|
|
—
|
|
|
Reduction to gain on
sale of Chilean businesses
|
16
|
|
(9)
|
|
|
7
|
|
|
—
|
|
—
|
|
|
—
|
|
|
SDG&E retroactive
impact of 2019 GRC FD for first half of 2019
|
—
|
|
—
|
|
|
—
|
|
|
(92)
|
|
26
|
|
|
(66)
|
|
|
SoCalGas retroactive
impact of 2019 GRC FD for first half of 2019
|
—
|
|
—
|
|
|
—
|
|
|
(181)
|
|
51
|
|
|
(130)
|
|
|
Associated with
holding the South American businesses for sale:
|
|
|
|
|
|
|
|
|
|
|
Change
in indefinite reinvestment assertion of basis differences
and structure of sale of discontinued
operations
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
(192)
|
|
|
(192)
|
|
|
Sempra Energy
Adjusted Earnings
|
|
|
|
$
|
380
|
|
|
|
|
|
$
|
425
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
EPS:
|
|
|
|
|
|
|
|
|
|
|
Sempra Energy GAAP
Earnings
|
|
|
|
$
|
351
|
|
|
|
|
|
$
|
813
|
|
|
Add back dividends
for dilutive series A preferred stock
|
|
|
|
—
|
|
|
|
|
|
26
|
|
|
Sempra Energy GAAP
Earnings for GAAP EPS
|
|
|
|
$
|
351
|
|
|
|
|
|
$
|
839
|
|
|
Weighted-average
common shares outstanding, diluted – GAAP
|
|
|
|
290,582
|
|
|
|
|
|
295,789
|
|
|
Sempra Energy GAAP
EPS
|
|
|
|
$
|
1.21
|
|
|
|
|
|
$
|
2.84
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sempra Energy
Adjusted Earnings for Adjusted EPS
|
|
|
|
$
|
380
|
|
|
|
|
|
$
|
425
|
|
|
Weighted-average
common shares outstanding, diluted –
Adjusted(2)
|
|
|
|
290,582
|
|
|
|
|
|
282,551
|
|
|
Sempra Energy
Adjusted EPS
|
|
|
|
$
|
1.31
|
|
|
|
|
|
$
|
1.50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended
September 30, 2020
|
|
|
Nine months ended
September 30, 2019
|
Sempra Energy GAAP
Earnings
|
|
|
|
$
|
3,350
|
|
|
|
|
|
$
|
1,608
|
|
Excluded
items:
|
|
|
|
|
|
|
|
|
|
|
Impacts associated
with Aliso Canyon litigation and regulatory matters
|
$
|
127
|
|
$
|
(33)
|
|
|
94
|
|
|
$
|
—
|
|
$
|
—
|
|
|
—
|
|
|
Losses from
investment in RBS Sempra Commodities LLP
|
100
|
|
—
|
|
|
100
|
|
|
—
|
|
—
|
|
|
—
|
|
|
Gain on sale of South
American businesses
|
(2,899)
|
|
1,152
|
|
|
(1,747)
|
|
|
—
|
|
—
|
|
|
—
|
|
|
Gain on sale of
certain Sempra Renewables assets
|
—
|
|
—
|
|
|
—
|
|
|
(61)
|
|
16
|
|
|
(45)
|
|
|
Associated with
holding the South American businesses for sale:
|
|
|
|
|
|
|
|
|
|
|
Change
in indefinite reinvestment assertion of basis differences
and structure of sale of discontinued
operations
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
(89)
|
|
|
(89)
|
|
|
Reduction in tax valuation
allowance against certain NOL
carryforwards
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
(10)
|
|
|
(10)
|
|
Sempra Energy
Adjusted Earnings
|
|
|
|
$
|
1,797
|
|
|
|
|
|
$
|
1,464
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
EPS:
|
|
|
|
|
|
|
|
|
|
|
Sempra Energy GAAP
Earnings
|
|
|
|
$
|
3,350
|
|
|
|
|
|
$
|
1,608
|
|
|
Weighted-average
common shares outstanding, diluted – GAAP
|
|
|
|
292,935
|
|
|
|
|
|
279,809
|
|
|
Sempra Energy GAAP
EPS
|
|
|
|
$
|
11.43
|
|
|
|
|
|
$
|
5.74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sempra Energy
Adjusted Earnings
|
|
|
|
$
|
1,797
|
|
|
|
|
|
$
|
1,464
|
|
|
Add back dividends
for dilutive series A preferred stock
|
|
|
|
78
|
|
|
|
|
|
—
|
|
|
Sempra Energy
Adjusted Earnings for Adjusted EPS
|
|
|
|
$
|
1,875
|
|
|
|
|
|
$
|
1,464
|
|
|
Weighted-average
common shares outstanding, diluted –
Adjusted(3)
|
|
|
|
307,405
|
|
|
|
|
|
279,809
|
|
|
Sempra Energy
Adjusted EPS
|
|
|
|
$
|
6.10
|
|
|
|
|
|
$
|
5.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Except for
adjustments that are solely income tax and tax related to outside
basis differences, income taxes were primarily calculated based on
applicable statutory tax rates. We did not record an income tax
benefit for the equity losses from our investment in RBS Sempra
Commodities LLP because, even though a portion of the liabilities
may be deductible under United Kingdom tax law, it is not probable
that the deduction will reduce United Kingdom taxes.
|
(2)
|
In the three
months ended September 30, 2019, because the assumed conversion of
the series A preferred stock is antidilutive for Adjusted Earnings,
13,238 series A preferred stock shares are excluded from the
denominator used to calculate Adjusted EPS.
|
(3)
|
In the nine months
ended September 30, 2020, because the assumed conversion of the
series A preferred stock is dilutive for Adjusted Earnings, 14,470
series A preferred stock shares are added back to the denominator
used to calculate Adjusted EPS.
|
SEMPRA ENERGY
Table A
(Continued)
RECONCILIATION OF SEMPRA ENERGY 2020 ADJUSTED EPS GUIDANCE
RANGE TO SEMPRA ENERGY 2020 GAAP EPS GUIDANCE RANGE
(Unaudited)
Sempra Energy 2020 Adjusted EPS Guidance Range of $7.20 to $7.80
excludes items (after the effects of income taxes and, if
applicable, noncontrolling interests) as follows:
- $(94) million from impacts
associated with Aliso Canyon natural gas storage facility
litigation and regulatory matters at SoCalGas
- $(100) million equity losses at
RBS Sempra Commodities LLP, which represent an estimate of our
obligations to settle pending tax matters and related legal costs
at our equity method investment at Parent and Other
- $1,747 million gain on the sale
of our South American businesses
Sempra Energy 2020 Adjusted EPS Guidance is a non-GAAP financial
measure. Because of the significance and/or nature of the excluded
items, management believes that this non-GAAP financial measure
provides a meaningful comparison of the performance of Sempra
Energy's business operations to prior and future periods. Sempra
Energy 2020 Adjusted EPS Guidance should not be considered an
alternative to Sempra Energy 2020 GAAP EPS 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 Sempra Energy 2020 Adjusted EPS Guidance Range to Sempra
Energy 2020 GAAP EPS Guidance Range, which we consider to be the
most directly comparable financial measure calculated in accordance
with GAAP.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full-Year
2020
|
Sempra Energy GAAP
EPS Guidance Range(1)
|
|
|
|
|
|
|
|
$
|
12.50
|
|
to
|
$
|
13.10
|
|
Excluded
items:
|
|
|
|
|
|
|
|
|
|
|
|
Impacts associated with Aliso Canyon litigation and regulatory
matters
|
|
|
|
|
|
0.32
|
|
|
0.32
|
|
Losses from investment in RBS Sempra Commodities LLP
|
|
|
|
|
|
0.34
|
|
|
0.34
|
|
Gain on sale of South American businesses
|
|
|
|
|
|
(5.96)
|
|
|
(5.96)
|
|
Sempra Energy
Adjusted EPS Guidance Range
|
|
|
|
|
|
|
|
$
|
7.20
|
|
to
|
$
|
7.80
|
|
Weighted-average
common shares outstanding, diluted
(millions)(2)
|
|
|
|
|
|
|
|
|
|
293
|
|
|
|
(1)
|
Sempra Energy's
prior GAAP EPS guidance range for full-year 2020 has been updated
to reflect additional impacts associated with the Aliso Canyon
natural gas storage facility litigation and regulatory matters, and
post-closing adjustments with respect to the sale of our Chilean
businesses.
|
(2)
|
Weighted-average
common shares outstanding does not include the dilutive effect of
mandatory convertible preferred stock, as they are assumed to be
antidilutive for full-year 2020. If such mandatory convertible
preferred stock were dilutive for the full year, the 2020 GAAP EPS
Guidance Range would differ from the range presented
above.
|
|
|
|
|
SEMPRA
ENERGY
|
|
|
|
Table
B
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
September 30,
2020
|
|
December
31,
2019(1)
|
|
|
|
|
(unaudited)
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
$
|
3,515
|
|
|
$
|
108
|
|
Restricted
cash
|
|
|
|
28
|
|
|
31
|
|
Accounts receivable –
trade, net
|
|
|
|
1,067
|
|
|
1,261
|
|
Accounts receivable –
other, net
|
|
|
|
418
|
|
|
455
|
|
Due from
unconsolidated affiliates
|
|
|
|
46
|
|
|
32
|
|
Income taxes
receivable
|
|
|
|
152
|
|
|
112
|
|
Inventories
|
|
|
|
309
|
|
|
277
|
|
Regulatory
assets
|
|
|
|
386
|
|
|
222
|
|
Greenhouse gas
allowances
|
|
|
|
66
|
|
|
72
|
|
Assets held for sale
in discontinued operations
|
|
|
|
—
|
|
|
445
|
|
Other current
assets
|
|
|
|
407
|
|
|
324
|
|
Total current
assets
|
|
|
|
6,394
|
|
|
3,339
|
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
Restricted
cash
|
|
|
|
3
|
|
|
3
|
|
Due from
unconsolidated affiliates
|
|
|
|
617
|
|
|
742
|
|
Regulatory
assets
|
|
|
|
1,740
|
|
|
1,930
|
|
Nuclear
decommissioning trusts
|
|
|
|
1,057
|
|
|
1,082
|
|
Investment in Oncor
Holdings
|
|
|
|
11,962
|
|
|
11,519
|
|
Other
investments
|
|
|
|
1,455
|
|
|
2,103
|
|
Goodwill
|
|
|
|
1,602
|
|
|
1,602
|
|
Other intangible
assets
|
|
|
|
205
|
|
|
213
|
|
Dedicated assets in
support of certain benefit plans
|
|
|
|
469
|
|
|
488
|
|
Insurance receivable
for Aliso Canyon costs
|
|
|
|
504
|
|
|
339
|
|
Deferred income
taxes
|
|
|
|
199
|
|
|
155
|
|
Greenhouse gas
allowances
|
|
|
|
598
|
|
|
470
|
|
Right-of-use assets –
operating leases
|
|
|
|
563
|
|
|
591
|
|
Wildfire
fund
|
|
|
|
371
|
|
|
392
|
|
Assets held for sale
in discontinued operations
|
|
|
|
—
|
|
|
3,513
|
|
Other long-term
assets
|
|
|
|
699
|
|
|
732
|
|
Total other
assets
|
|
|
|
22,044
|
|
|
25,874
|
|
Property, plant and
equipment, net
|
|
|
|
38,784
|
|
|
36,452
|
|
Total
assets
|
|
|
|
$
|
67,222
|
|
|
$
|
65,665
|
|
|
|
(1)
|
Derived from
audited financial statements.
|
|
SEMPRA
ENERGY
|
Table B
(Continued)
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
(Dollars in
millions)
|
September 30,
2020
|
|
December
31,
2019(1)
|
|
(unaudited)
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Short-term
debt
|
$
|
772
|
|
|
$
|
3,505
|
|
Accounts payable –
trade
|
1,129
|
|
|
1,234
|
|
Accounts payable –
other
|
163
|
|
|
179
|
|
Due to unconsolidated
affiliates
|
6
|
|
|
5
|
|
Dividends and
interest payable
|
563
|
|
|
515
|
|
Accrued compensation
and benefits
|
412
|
|
|
476
|
|
Regulatory
liabilities
|
373
|
|
|
319
|
|
Current portion of
long-term debt and finance leases
|
2,890
|
|
|
1,526
|
|
Reserve for Aliso
Canyon costs
|
268
|
|
|
9
|
|
Greenhouse gas
obligations
|
66
|
|
|
72
|
|
Liabilities held for
sale in discontinued operations
|
—
|
|
|
444
|
|
Other current
liabilities
|
993
|
|
|
866
|
|
Total current
liabilities
|
7,635
|
|
|
9,150
|
|
|
|
|
|
Long-term debt and
finance leases
|
21,770
|
|
|
20,785
|
|
|
|
|
|
Deferred credits and
other liabilities:
|
|
|
|
Due to unconsolidated
affiliates
|
271
|
|
|
195
|
|
Pension and other
postretirement benefit plan obligations, net of plan
assets
|
999
|
|
|
1,067
|
|
Deferred income
taxes
|
2,696
|
|
|
2,577
|
|
Deferred investment
tax credits
|
22
|
|
|
21
|
|
Regulatory
liabilities
|
3,410
|
|
|
3,741
|
|
Asset retirement
obligations
|
2,961
|
|
|
2,923
|
|
Greenhouse gas
obligations
|
456
|
|
|
301
|
|
Liabilities held for
sale in discontinued operations
|
—
|
|
|
1,052
|
|
Deferred credits and
other
|
2,146
|
|
|
2,048
|
|
Total deferred
credits and other liabilities
|
12,961
|
|
|
13,925
|
|
Equity:
|
|
|
|
Sempra Energy
shareholders' equity
|
23,228
|
|
|
19,929
|
|
Preferred stock of
subsidiary
|
20
|
|
|
20
|
|
Other noncontrolling
interests
|
1,608
|
|
|
1,856
|
|
Total
equity
|
24,856
|
|
|
21,805
|
|
Total liabilities and
equity
|
$
|
67,222
|
|
|
$
|
65,665
|
|
|
|
(1)
|
Derived from
audited financial statements.
|
|
SEMPRA
ENERGY
|
Table
C
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
Nine months ended
September 30,
|
(Dollars in
millions)
|
2020
|
|
2019
|
|
(unaudited)
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
Net income
|
$
|
3,673
|
|
|
$
|
1,862
|
|
Less: Income from
discontinued operations, net of income tax
|
(1,850)
|
|
|
(292)
|
|
Income from
continuing operations, net of income tax
|
1,823
|
|
|
1,570
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities
|
692
|
|
|
741
|
|
Intercompany
activities with discontinued operations, net
|
—
|
|
|
184
|
|
Net change in other
working capital components
|
(137)
|
|
|
(200)
|
|
Distributions from
investments
|
429
|
|
|
163
|
|
Insurance receivable
for Aliso Canyon costs
|
(165)
|
|
|
107
|
|
Wildfire fund,
current and noncurrent
|
—
|
|
|
(323)
|
|
Changes in other
noncurrent assets and liabilities, net
|
38
|
|
|
(413)
|
|
Net cash provided by
continuing operations
|
2,680
|
|
|
1,829
|
|
Net cash (used in)
provided by discontinued operations
|
(1,051)
|
|
|
289
|
|
Net cash provided
by operating activities
|
1,629
|
|
|
2,118
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
Expenditures for
property, plant and equipment
|
(3,313)
|
|
|
(2,590)
|
|
Expenditures for
investments and acquisitions
|
(229)
|
|
|
(1,449)
|
|
Proceeds from sale of
assets
|
22
|
|
|
899
|
|
Distributions from
investments
|
761
|
|
|
9
|
|
Purchases of nuclear
decommissioning trust assets
|
(1,091)
|
|
|
(728)
|
|
Proceeds from sales
of nuclear decommissioning trust assets
|
1,091
|
|
|
728
|
|
Advances to
unconsolidated affiliates
|
(32)
|
|
|
(16)
|
|
Repayments of
advances to unconsolidated affiliates
|
7
|
|
|
12
|
|
Intercompany
activities with discontinued operations, net
|
—
|
|
|
(257)
|
|
Other
|
13
|
|
|
16
|
|
Net cash used in
continuing operations
|
(2,771)
|
|
|
(3,376)
|
|
Net cash provided by
(used in) discontinued operations
|
5,186
|
|
|
(63)
|
|
Net cash provided
by (used in) investing activities
|
2,415
|
|
|
(3,439)
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
Common dividends
paid
|
(872)
|
|
|
(734)
|
|
Preferred dividends
paid
|
(107)
|
|
|
(107)
|
|
Issuances of
preferred stock
|
890
|
|
|
—
|
|
Issuances of common
stock
|
10
|
|
|
757
|
|
Repurchases of common
stock
|
(565)
|
|
|
(23)
|
|
Issuances of debt
(maturities greater than 90 days)
|
5,934
|
|
|
3,269
|
|
Payments on debt
(maturities greater than 90 days) and finance leases
|
(4,387)
|
|
|
(2,500)
|
|
(Decrease) increase
in short-term debt, net
|
(1,871)
|
|
|
888
|
|
Advances from
unconsolidated affiliates
|
64
|
|
|
—
|
|
Purchases of
noncontrolling interests
|
(178)
|
|
|
(30)
|
|
Contributions from
noncontrolling interests, net of distributions
|
—
|
|
|
171
|
|
Intercompany
activities with discontinued operations, net
|
—
|
|
|
(128)
|
|
Other
|
(29)
|
|
|
(37)
|
|
Net cash (used in)
provided by continuing operations
|
(1,111)
|
|
|
1,526
|
|
Net cash provided by
discontinued operations
|
401
|
|
|
49
|
|
Net cash (used in)
provided by financing activities
|
(710)
|
|
|
1,575
|
|
|
|
|
|
Effect of exchange
rate changes in continuing operations
|
(2)
|
|
|
—
|
|
Effect of exchange
rate changes in discontinued operations
|
(3)
|
|
|
(3)
|
|
Effect of exchange
rate changes on cash, cash equivalents and restricted
cash
|
(5)
|
|
|
(3)
|
|
|
|
|
|
Increase in cash,
cash equivalents and restricted cash, including discontinued
operations
|
3,329
|
|
|
251
|
|
Cash, cash
equivalents and restricted cash, including discontinued operations,
January 1
|
217
|
|
|
246
|
|
Cash, cash
equivalents and restricted cash, including discontinued operations,
September 30
|
$
|
3,546
|
|
|
$
|
497
|
|
|
SEMPRA
ENERGY
|
Table
D
|
|
|
|
|
|
|
SEGMENT
EARNINGS (LOSSES) AND CAPITAL EXPENDITURES, INVESTMENTS AND
ACQUISITIONS
|
|
|
|
|
|
|
|
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
(Dollars in
millions)
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
(unaudited)
|
Earnings (Losses)
Attributable to Common Shares
|
|
|
|
|
|
SDG&E
|
|
$
|
178
|
|
|
$
|
263
|
|
|
$
|
633
|
|
|
$
|
582
|
|
SoCalGas
|
|
(24)
|
|
|
143
|
|
|
425
|
|
|
437
|
|
Sempra Texas
Utilities
|
|
209
|
|
|
212
|
|
|
458
|
|
|
419
|
|
Sempra
Mexico
|
|
50
|
|
|
84
|
|
|
302
|
|
|
214
|
|
Sempra
Renewables
|
|
—
|
|
|
—
|
|
|
—
|
|
|
59
|
|
Sempra LNG
|
|
71
|
|
|
2
|
|
|
207
|
|
|
13
|
|
Parent and
other
|
|
(126)
|
|
|
(139)
|
|
|
(515)
|
|
|
(383)
|
|
Discontinued
operations
|
|
(7)
|
|
|
248
|
|
|
1,840
|
|
|
267
|
|
Total
|
|
$
|
351
|
|
|
$
|
813
|
|
|
$
|
3,350
|
|
|
$
|
1,608
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
(Dollars in
millions)
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
(unaudited)
|
Capital
Expenditures, Investments and Acquisitions
|
|
|
|
|
|
SDG&E
|
|
$
|
473
|
|
|
$
|
363
|
|
|
$
|
1,323
|
|
|
$
|
1,071
|
|
SoCalGas
|
|
460
|
|
|
360
|
|
|
1,345
|
|
|
1,019
|
|
Sempra Texas
Utilities
|
|
86
|
|
|
56
|
|
|
225
|
|
|
1,338
|
|
Sempra
Mexico
|
|
122
|
|
|
178
|
|
|
443
|
|
|
420
|
|
Sempra
Renewables
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
Sempra LNG
|
|
63
|
|
|
37
|
|
|
200
|
|
|
183
|
|
Parent and
other
|
|
—
|
|
|
3
|
|
|
6
|
|
|
6
|
|
Total
|
|
$
|
1,204
|
|
|
$
|
997
|
|
|
$
|
3,542
|
|
|
$
|
4,039
|
|
|
SEMPRA
ENERGY
|
Table
E
|
|
|
|
|
|
OTHER OPERATING
STATISTICS (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
UTILITIES
|
|
|
|
|
|
|
|
SDG&E and
SoCalGas
|
|
|
|
|
|
|
|
Gas sales
(Bcf)(1)
|
57
|
|
57
|
|
257
|
|
271
|
Transportation
(Bcf)(1)
|
174
|
|
156
|
|
451
|
|
424
|
Total deliveries
(Bcf)(1)
|
231
|
|
213
|
|
708
|
|
695
|
|
|
|
|
|
|
|
|
Total gas customer
meters (thousands)
|
|
|
|
|
6,953
|
|
6,912
|
|
|
|
|
|
|
|
|
|
SDG&E
|
|
|
|
|
|
|
|
Electric sales
(millions of kWhs)(1)
|
4,063
|
|
3,970
|
|
10,647
|
|
10,796
|
Direct Access and
Community Choice Aggregation (millions of kWhs)
|
914
|
|
952
|
|
2,530
|
|
2,640
|
Total deliveries
(millions of kWhs)(1)
|
4,977
|
|
4,922
|
|
13,177
|
|
13,436
|
|
|
|
|
|
|
|
|
Total electric
customer meters (thousands)
|
|
|
|
|
1,480
|
|
1,468
|
|
|
|
|
|
|
|
|
Oncor(2)
|
|
|
|
|
|
|
|
Total deliveries
(millions of kWhs)
|
39,084
|
|
40,834
|
|
100,542
|
|
102,462
|
Total electric
customer meters (thousands)
|
|
|
|
|
3,744
|
|
3,673
|
|
|
|
|
|
|
|
|
Ecogas
|
|
|
|
|
|
|
|
Natural gas sales
(Bcf)
|
—
|
|
—
|
|
2
|
|
2
|
Natural gas customer
meters (thousands)
|
|
|
|
|
137
|
|
129
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENERGY-RELATED
BUSINESSES
|
|
|
|
|
|
|
|
Power generated and
sold
|
|
|
|
|
|
|
|
Sempra
Mexico
|
|
|
|
|
|
|
|
Termoeléctrica de
Mexicali (TdM) (millions of kWhs)
|
893
|
|
1,032
|
|
2,176
|
|
2,862
|
Wind and solar
(millions of kWhs)(3)
|
432
|
|
419
|
|
1,304
|
|
1,109
|
|
|
(1)
|
Include
intercompany sales.
|
(2)
|
Includes 100% of
the electric deliveries and customer meters of Oncor Electric
Delivery Company LLC (Oncor), in which we hold an indirect 80.25%
interest through our investment in Oncor Electric Delivery Holdings
Company LLC.
|
(3)
|
Includes 50% of
the total power generated and sold at the Energía Sierra Juárez
wind power generation facility, in which Sempra Energy has a 50%
ownership interest.
|
|
SEMPRA
ENERGY
|
Table F
(Unaudited)
|
STATEMENTS OF
OPERATIONS DATA BY SEGMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30, 2020
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
SDG&E
|
|
SoCalGas
|
|
Sempra Texas
Utilities
|
|
Sempra
Mexico
|
|
Sempra LNG
|
|
Consolidating
Adjustments, Parent & Other
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
|
1,472
|
|
|
$
|
842
|
|
|
$
|
—
|
|
|
$
|
351
|
|
|
$
|
63
|
|
|
$
|
(84)
|
|
|
|
$
|
2,644
|
|
Cost of sales and
other expenses
|
(957)
|
|
|
(661)
|
|
|
—
|
|
|
(160)
|
|
|
(105)
|
|
|
66
|
|
|
|
(1,817)
|
|
Depreciation and
amortization
|
(200)
|
|
|
(165)
|
|
|
—
|
|
|
(47)
|
|
|
(2)
|
|
|
(4)
|
|
|
|
(418)
|
|
Other (expense)
income, net
|
(2)
|
|
|
(7)
|
|
|
—
|
|
|
36
|
|
|
—
|
|
|
2
|
|
|
|
29
|
|
Income (loss) before
interest and tax(1)
|
313
|
|
|
9
|
|
|
—
|
|
|
180
|
|
|
(44)
|
|
|
(20)
|
|
|
|
438
|
|
Net interest
(expense) income
|
(102)
|
|
|
(39)
|
|
|
—
|
|
|
(17)
|
|
|
17
|
|
|
(96)
|
|
|
|
(237)
|
|
Income tax (expense)
benefit
|
(33)
|
|
|
6
|
|
|
—
|
|
|
(92)
|
|
|
(18)
|
|
|
38
|
|
|
|
(99)
|
|
Equity earnings,
net
|
—
|
|
|
—
|
|
|
209
|
|
|
1
|
|
|
116
|
|
|
—
|
|
|
|
326
|
|
Earnings attributable
to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
(22)
|
|
|
—
|
|
|
—
|
|
|
|
(22)
|
|
Preferred
dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(48)
|
|
|
|
(48)
|
|
Earnings (losses)
from continuing operations
|
$
|
178
|
|
|
$
|
(24)
|
|
|
$
|
209
|
|
|
$
|
50
|
|
|
$
|
71
|
|
|
$
|
(126)
|
|
|
|
358
|
|
Losses from
discontinued operations(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7)
|
|
Earnings attributable
to common shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
351
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30, 2019
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
SDG&E
|
|
SoCalGas
|
|
Sempra Texas
Utilities
|
|
Sempra
Mexico
|
|
Sempra LNG
|
|
Consolidating
Adjustments, Parent & Other
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
|
1,427
|
|
|
$
|
975
|
|
|
$
|
—
|
|
|
$
|
357
|
|
|
$
|
100
|
|
|
$
|
(101)
|
|
|
|
$
|
2,758
|
|
Cost of sales and
other expenses
|
(802)
|
|
|
(571)
|
|
|
—
|
|
|
(174)
|
|
|
(120)
|
|
|
69
|
|
|
|
(1,598)
|
|
Depreciation and
amortization
|
(196)
|
|
|
(154)
|
|
|
—
|
|
|
(46)
|
|
|
(2)
|
|
|
(4)
|
|
|
|
(402)
|
|
Impairment
losses
|
(6)
|
|
|
(37)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
(43)
|
|
Loss on sale of
assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3)
|
|
|
|
(3)
|
|
Other income
(expense), net
|
19
|
|
|
1
|
|
|
—
|
|
|
(30)
|
|
|
—
|
|
|
3
|
|
|
|
(7)
|
|
Income (loss) before
interest and tax(1)
|
442
|
|
|
214
|
|
|
—
|
|
|
107
|
|
|
(22)
|
|
|
(36)
|
|
|
|
705
|
|
Net interest
(expense) income
|
(105)
|
|
|
(36)
|
|
|
—
|
|
|
(10)
|
|
|
4
|
|
|
(110)
|
|
|
|
(257)
|
|
Income tax (expense)
benefit
|
(71)
|
|
|
(35)
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
43
|
|
|
|
(61)
|
|
Equity earnings,
net
|
—
|
|
|
—
|
|
|
212
|
|
|
37
|
|
|
17
|
|
|
—
|
|
|
|
266
|
|
(Earnings) losses
attributable to noncontrolling interests
|
(3)
|
|
|
—
|
|
|
—
|
|
|
(50)
|
|
|
1
|
|
|
—
|
|
|
|
(52)
|
|
Preferred
dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(36)
|
|
|
|
(36)
|
|
Earnings (losses)
from continuing operations
|
$
|
263
|
|
|
$
|
143
|
|
|
$
|
212
|
|
|
$
|
84
|
|
|
$
|
2
|
|
|
$
|
(139)
|
|
|
|
565
|
|
Earnings from
discontinued operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
248
|
|
Earnings attributable
to common shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
813
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
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.
|
(2)
|
Represents
post-closing adjustments related to the sale of our equity
interests in our Chilean businesses.
|
|
SEMPRA
ENERGY
|
Table F
(Unaudited)
|
STATEMENTS OF
OPERATIONS DATA BY SEGMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended
September 30, 2020
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
SDG&E
|
|
SoCalGas
|
|
Sempra Texas
Utilities
|
|
Sempra
Mexico
|
|
Sempra
Renewables
|
|
Sempra LNG
|
|
Consolidating
Adjustments, Parent & Other
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
|
3,976
|
|
|
$
|
3,247
|
|
|
$
|
—
|
|
|
$
|
935
|
|
|
$
|
—
|
|
|
$
|
255
|
|
|
$
|
(214)
|
|
|
|
$
|
8,199
|
|
Cost of sales and
other expenses
|
(2,326)
|
|
|
(2,144)
|
|
|
—
|
|
|
(408)
|
|
|
—
|
|
|
(266)
|
|
|
153
|
|
|
|
(4,991)
|
|
Depreciation and
amortization
|
(598)
|
|
|
(486)
|
|
|
—
|
|
|
(141)
|
|
|
—
|
|
|
(7)
|
|
|
(10)
|
|
|
|
(1,242)
|
|
Other income
(expense), net
|
47
|
|
|
21
|
|
|
—
|
|
|
(211)
|
|
|
—
|
|
|
—
|
|
|
(20)
|
|
|
|
(163)
|
|
Income (loss) before
interest and tax(1)
|
1,099
|
|
|
638
|
|
|
—
|
|
|
175
|
|
|
—
|
|
|
(18)
|
|
|
(91)
|
|
|
|
1,803
|
|
Net interest
(expense) income
|
(305)
|
|
|
(117)
|
|
|
—
|
|
|
(48)
|
|
|
—
|
|
|
26
|
|
|
(298)
|
|
|
|
(742)
|
|
Income tax (expense)
benefit
|
(161)
|
|
|
(95)
|
|
|
—
|
|
|
161
|
|
|
—
|
|
|
(59)
|
|
|
94
|
|
|
|
(60)
|
|
Equity earnings
(losses), net
|
—
|
|
|
—
|
|
|
458
|
|
|
207
|
|
|
—
|
|
|
257
|
|
|
(100)
|
|
|
|
822
|
|
(Earnings) losses
attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
(193)
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
|
(191)
|
|
Preferred
dividends
|
—
|
|
|
(1)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(121)
|
|
|
|
(122)
|
|
Earnings (losses)
from continuing operations
|
$
|
633
|
|
|
$
|
425
|
|
|
$
|
458
|
|
|
$
|
302
|
|
|
$
|
—
|
|
|
$
|
207
|
|
|
$
|
(515)
|
|
|
|
1,510
|
|
Earnings from
discontinued operations(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,840
|
|
Earnings attributable
to common shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,350
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended
September 30, 2019
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
SDG&E
|
|
SoCalGas
|
|
Sempra Texas
Utilities
|
|
Sempra
Mexico
|
|
Sempra
Renewables
|
|
Sempra LNG
|
|
Consolidating
Adjustments, Parent & Other
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
|
3,666
|
|
|
$
|
3,142
|
|
|
$
|
—
|
|
|
$
|
1,058
|
|
|
$
|
10
|
|
|
$
|
327
|
|
|
$
|
(317)
|
|
|
|
$
|
7,886
|
|
Cost of sales and
other expenses
|
(2,141)
|
|
|
(2,083)
|
|
|
—
|
|
|
(496)
|
|
|
(20)
|
|
|
(350)
|
|
|
223
|
|
|
|
(4,867)
|
|
Depreciation and
amortization
|
(571)
|
|
|
(449)
|
|
|
—
|
|
|
(136)
|
|
|
—
|
|
|
(7)
|
|
|
(11)
|
|
|
|
(1,174)
|
|
Impairment
losses
|
(6)
|
|
|
(37)
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
(43)
|
|
Gain on sale of
assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
61
|
|
|
—
|
|
|
2
|
|
|
|
63
|
|
Other income,
net
|
60
|
|
|
18
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
19
|
|
|
|
103
|
|
Income (loss) before
interest and tax(1)
|
1,008
|
|
|
591
|
|
|
—
|
|
|
432
|
|
|
51
|
|
|
(30)
|
|
|
(84)
|
|
|
|
1,968
|
|
Net interest
(expense) income
|
(308)
|
|
|
(103)
|
|
|
—
|
|
|
(31)
|
|
|
8
|
|
|
27
|
|
|
(326)
|
|
|
|
(733)
|
|
Income tax (expense)
benefit
|
(111)
|
|
|
(50)
|
|
|
—
|
|
|
(116)
|
|
|
(4)
|
|
|
(4)
|
|
|
135
|
|
|
|
(150)
|
|
Equity earnings
(losses), net
|
—
|
|
|
—
|
|
|
419
|
|
|
43
|
|
|
5
|
|
|
19
|
|
|
(1)
|
|
|
|
485
|
|
(Earnings) losses
attributable to noncontrolling interests
|
(7)
|
|
|
—
|
|
|
—
|
|
|
(114)
|
|
|
(1)
|
|
|
1
|
|
|
—
|
|
|
|
(121)
|
|
Preferred
dividends
|
—
|
|
|
(1)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(107)
|
|
|
|
(108)
|
|
Earnings (losses)
from continuing operations
|
$
|
582
|
|
|
$
|
437
|
|
|
$
|
419
|
|
|
$
|
214
|
|
|
$
|
59
|
|
|
$
|
13
|
|
|
$
|
(383)
|
|
|
|
1,341
|
|
Earnings from
discontinued operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
267
|
|
Earnings attributable
to common shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,608
|
|
|
|
(1)
|
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.
|
(2)
|
Includes $1,747
million gain on the sale of our South American businesses in the
second quarter of 2020.
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/sempra-energy-reports-third-quarter-2020-earnings-results-301166833.html
SOURCE Sempra Energy