SAN DIEGO, Feb. 25, 2021 /PRNewswire/ -- Sempra Energy
(NYSE: SRE) today announced full-year 2020 earnings of $3.76 billion, or $12.88 per diluted share, compared to full-year
2019 earnings of $2.06 billion, or
$7.29 per diluted share. On an
adjusted basis, the company's full-year 2020 earnings were
$2.35 billion, or $8.03 per diluted share, compared to $1.91 billion, or $6.78 per diluted share, in 2019. In the fourth
quarter of 2020, Sempra Energy reported earnings of $414 million, or $1.43 per diluted share, compared to $447 million, or $1.55 per diluted share, in the fourth quarter of
2019. On an adjusted basis, fourth quarter 2020 earnings were
$553 million, or $1.90 per diluted share. There were no
adjustments made to fourth quarter 2019 earnings.
"Our strong financial results in 2020 reflect the continued
growth in our business and are a credit to our talented workforce
and investments in a high-performing culture," said Jeffrey W. Martin, chairman and CEO of Sempra
Energy. "As the owner of one of the largest energy networks in
North America, we have set a goal
of being a leader in transitioning to a lower-carbon future by
enabling the delivery of cleaner energy solutions in every market
we serve. We envision critical new investments in energy
infrastructure playing a vital role in reaching a net-zero energy
future, promoting growth across all sectors of the economy and
supporting a thriving energy industry."
The reported financial results reflect certain significant items
as described on an after-tax basis in the following table of GAAP
earnings, reconciled to adjusted earnings, for the fourth quarter
and full-year 2020 and 2019.
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Three months
ended
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Years
ended
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December
31,
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December
31,
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(Dollars, except
EPS, and shares, in millions)
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2020
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2019
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2020
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2019
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(Unaudited)
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GAAP
Earnings
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$
414
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$
447
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$
3,764
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$
2,055
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Gain on Sale of South
American Businesses
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-
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-
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(1,747)
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-
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Impacts Associated
with Aliso Canyon Litigation and Regulatory Matters
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139
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-
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233
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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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Tax Impacts from
Holding the South American Businesses for Sale
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-
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-
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-
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(99)
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Gain on Sale of
Certain Renewables Assets
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-
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-
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-
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(45)
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Adjusted
Earnings(1)
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$
553
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$
447
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$
2,350
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$
1,911
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GAAP Diluted
Weighted-Average Common Shares Outstanding
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290
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289
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292
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282
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GAAP Earnings Per
Diluted Common Share
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$
1.43
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$
1.55
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$
12.88
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$
7.29
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Adjusted Diluted
Weighted-Average Common Shares Outstanding(1)
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290
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289
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306
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282
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Adjusted Earnings Per
Diluted Common Share(1),(2)
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$
1.90
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$
1.55
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$
8.03
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$
6.78
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1)
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Represents a non-GAAP
financial measure (GAAP represents accounting principles generally
accepted in the United States of America). See Table A for
information regarding non-GAAP financial measures.
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2)
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To calculate
Full-Year 2020 Adjusted Earnings-Per-Common-Share (EPS), preferred
dividends of $104 million are added back to Adjusted Earnings
because of the dilutive effect of Series A mandatory convertible
preferred stock.
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Declaring Dividends and Raising Annualized Common Stock
Dividend
This week, Sempra Energy's board of directors declared a
$1.10 per share quarterly dividend on
the company's common stock, which is payable April 15, 2021 to common stock shareholders of
record as of March 25, 2021. The
declared quarterly dividend represents an increase of the company's
common stock dividend to $4.40 per
share, on an annualized basis, from $4.18 per share in 2020. Over the past decade, we
have increased our dividend at a compound annual growth rate of
approximately 9% and today's announcement demonstrates the
company's continued commitment to generating value for
shareholders, while also reinvesting in the future growth of the
business.
Sempra Energy's board of directors also declared a quarterly
dividend of $1.6875 per share on the
company's 6.75% Mandatory Convertible Preferred Stock, Series B.
Additionally, the board of directors declared a semi-annual
dividend of $24.375 per share on
Sempra Energy's 4.875% Fixed-Rate Reset Cumulative Redeemable
Perpetual Preferred Stock, Series C. The preferred stock dividends
will be payable April 15, 2021 to
preferred stock shareholders of record as of April 1, 2021.
Continuing Strong Growth at U.S. Utilities
In combination, San Diego Gas & Electric Co. (SDG&E),
Southern California Gas Co. (SoCalGas) and Oncor Electric Delivery
Company LLC (Oncor) own and operate some of the largest energy
networks in the United States and
are expected to play a critical role in delivering lower-carbon
energy to the communities they serve, while continuing to invest in
safety advancements and clean technologies to help maintain
resiliency and reliability. Our U.S. Utilities platform has
continued to deliver stable cash flows, improved earnings
visibility, and strong organic growth. In 2020, Sempra Energy
deployed record capital of approximately $7
billion which was primarily centered on safety and
reliability investments at SDG&E, SoCalGas and Oncor. In 2021
to 2025, Sempra Energy's $32 billion
capital plan is anchored by continued investments in the company's
U.S. Utilities platform with a focus on safety, reliability and
decarbonizing the energy system. Compared to Sempra Energy's prior
capital plan, the company has increased U.S. Utilities capital in
2021-2022 by approximately $1.1
billion.
In Texas, Oncor has restored
power and repaired damages following the unprecedented winter storm
that impacted many residents in the state last week. While the
severe weather has highlighted the importance of critical energy
infrastructure, it also demonstrates the vital role Oncor continues
to play in meeting the growing needs of Texas' economy through the execution of its
2021-2025 capital plan. In 2020, Oncor connected approximately
77,000 new premises, exceeding its connections in 2019 by about
20%, which is the highest organic growth in Oncor's history. Oncor
also set a company record for new generation interconnection
requests it received in 2020, driven by strong development activity
in utility-scale generation, with a focus on the renewable and
battery storage markets. Additionally, Oncor completed six major
transmission projects in West
Texas totaling approximately 260 circuit miles and
approximately $300 million of
investment.
Advancing Sempra Infrastructure Partners Transactions
Sempra Energy continues to make progress on a series of
integrated transactions announced in December 2020, intended to simplify its energy
infrastructure investments under a common platform – Sempra
Infrastructure Partners. The company plans to complete the
stock-for-stock exchange offer for the publicly traded shares of
Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) and close
the sale of a non-controlling interest in Sempra Infrastructure
Partners in the second quarter of 2021. The exchange offer and sale
of a non-controlling interest are advancing independently and are
not contingent upon the timing of the other transaction.
"With increased scale and a strong growth pipeline, Sempra
Infrastructure Partners will be well-positioned to help lead the
global energy transition," said Martin. "Moreover, we expect the
transaction to support an investment grade balance sheet to support
the company's future growth."
By simplifying the ownership structure of Sempra LNG and IEnova
under Sempra Infrastructure Partners, the company is expected to
create additional value for Sempra Energy investors.
Progressing LNG Infrastructure Investments
In November 2020, ECA Liquefaction
(ECA LNG), a joint venture between Sempra LNG and IEnova, reached a
final investment decision (FID) for the development, construction
and operation of the ECA LNG Phase 1 natural gas
liquefaction-export project in Baja
California, Mexico. ECA LNG Phase 1 is the only liquefied
natural gas (LNG) export project in the world to reach FID in 2020.
Estimated capital expenditures for ECA LNG Phase 1 are
approximately $2 billion. Sempra
expects to fund the project with a combination of equity
contributions and debt. First LNG production from ECA LNG Phase 1
is expected in late 2024.
Additionally, an affiliate of Total SE has secured a 16.6%
equity stake in ECA LNG Phase 1, while Sempra LNG and IEnova have
each retained 41.7% ownership.
Building Sustainable Value
Sempra Energy's strong results are underpinned by a commitment
to environmental, social and governance matters. The company's
recent recognition includes:
- Fortune Magazine's "World's Most Admired Companies" for
2021;
- Dow Jones Sustainability World Index, as the only North
American utility sector company on the list;
- Dow Jones Sustainability North American Index;
- Bloomberg Gender-Equality Index for 2021;
- Human Rights Campaign's "Best Place to Work for LGBTQ
Equality;"
- Center for Political Accountability-Zicklin Index – Trendsetter
in political disclosure practices and accountability for 2020;
- Chief Executive of the Year at S&P Global Platts' Global
Energy Awards;
- Deal of the Year at S&P Global Platts' Global Energy Awards
for the divestiture of the company's South American assets;
and
- National Association of Corporate Directors' NXT Award for
excellence in diversity and inclusion.
Earnings Guidance
As a result of Sempra Energy's continued financial execution,
the company 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, adjusted EPS and adjusted diluted weighted-average common
shares outstanding. 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 2095631.
About Sempra Energy
Sempra Energy's mission is to be North
America's premier energy infrastructure company. The Sempra
Energy family of companies have more than 19,000 talented employees
who deliver energy with purpose to over 36 million consumers. With
more than $66 billion in total assets
at the end of 2020, the San
Diego-based company is the owner of one of the biggest
energy networks in North America
serving some of the largest economies in the world. The company is
helping to advance the global energy transition by enabling the
delivery of lower-carbon energy solutions in each market it serves,
including California, Texas, Mexico
and the LNG export market. Sempra Energy is consistently recognized
as a leader in sustainable business practices and for its
long-standing commitment to building a high-performing culture and
advancing diversity and inclusion. Sempra is the only North
American utility sector company included on the Dow Jones
Sustainability World Index and was also named one of the "World's
Most Admired Companies" for 2021 by Fortune Magazine for the fourth
consecutive year.
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 any
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," "in process," "under construction," "in
development," "target," "outlook," "maintain," "continue," or
similar expressions, or when we discuss our guidance, priorities,
strategy, goals, vision, mission, opportunities, projections,
intentions or expectations.
Factors, among others, that could cause actual results and
events to differ materially from those described in any
forward-looking statements include risks and uncertainties relating
to: California wildfires,
including the risks that we may be found liable for damages
regardless of fault and that we may not be able to recover costs
from insurance, the wildfire fund established by California
Assembly Bill 1054 or in rates from customers; decisions,
investigations, regulations, issuances or revocations 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 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 or other transactions on schedule
and budget, (iii) the ability to realize anticipated benefits from
any of these efforts if completed, and (iv) obtaining the consent
of partners or other third parties; the resolution of civil and
criminal litigation, regulatory inquiries, investigations and
proceedings, and arbitrations, including, among others, those
related to the natural gas leak at Southern California Gas
Company's (SoCalGas) Aliso Canyon natural gas storage facility; the
impact of the COVID-19 pandemic on our capital projects, regulatory
approval processes, supply chain, liquidity and execution of
operations; actions by credit rating agencies to downgrade our
credit ratings or to place those ratings on negative outlook and
our ability to borrow on favorable terms and meet our substantial
debt service obligations; moves to reduce or eliminate reliance on
natural gas and the impact of volatility of oil prices on our
businesses and development projects; weather, natural disasters,
pandemics, accidents, equipment failures, explosions, acts of
terrorism, 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, failure of foreign governments
and state-owned entities to honor their 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 and Community Choice Aggregation, 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 and interest rates and commodity prices
and our ability to effectively hedge these risks; changes in tax
and trade policies, laws and regulations, including tariffs and
revisions to international trade agreements that may increase our
costs, reduce our competitiveness, 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 SoCalGas, and Sempra North American Infrastructure,
Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova
are not regulated by the CPUC.
SEMPRA
ENERGY
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Table
A
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CONSOLIDATED
STATEMENTS OF OPERATIONS
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(Dollars in
millions, except per share amounts; shares in
thousands)
|
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Three months
ended
December
31,
|
|
Years
ended
December
31,
|
|
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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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REVENUES
|
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Utilities
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$
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2,826
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$
|
2,640
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$
|
10,025
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$
|
9,448
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Energy-related
businesses
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345
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303
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1,345
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|
1,381
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Total
revenues
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3,171
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|
2,943
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11,370
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10,829
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EXPENSES AND OTHER
INCOME
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Utilities:
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Cost of natural
gas
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(343)
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(350)
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(925)
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(1,139)
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Cost of electric fuel
and purchased power
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(269)
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|
(259)
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(1,187)
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(1,188)
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Energy-related
businesses cost of sales
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(76)
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(79)
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|
|
(276)
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|
|
(344)
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Operation and
maintenance
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|
(1,174)
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|
(951)
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|
|
(3,940)
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|
|
(3,466)
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|
Aliso Canyon
litigation and regulatory matters
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|
(180)
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|
|
—
|
|
|
(307)
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|
|
—
|
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Depreciation and
amortization
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|
(424)
|
|
|
(395)
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|
(1,666)
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(1,569)
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Franchise fees and
other taxes
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|
(146)
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|
|
(127)
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|
|
(543)
|
|
|
(496)
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|
Impairment
losses
|
|
—
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|
|
—
|
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(1)
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|
(43)
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(Loss) gain on sale
of assets
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(3)
|
|
|
—
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(3)
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|
63
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Other income
(expense), net
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115
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(26)
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|
(48)
|
|
|
77
|
|
Interest
income
|
|
20
|
|
|
23
|
|
|
96
|
|
|
87
|
|
Interest
expense
|
|
(263)
|
|
|
(280)
|
|
|
(1,081)
|
|
|
(1,077)
|
|
Income from continuing
operations before income taxes and equity earnings
|
|
428
|
|
|
499
|
|
|
1,489
|
|
|
1,734
|
|
Income tax
expense
|
|
(189)
|
|
|
(165)
|
|
|
(249)
|
|
|
(315)
|
|
Equity
earnings
|
|
193
|
|
|
95
|
|
|
1,015
|
|
|
580
|
|
Income from
continuing operations, net of income tax
|
|
432
|
|
|
429
|
|
|
2,255
|
|
|
1,999
|
|
Income from
discontinued operations, net of income tax
|
|
—
|
|
|
71
|
|
|
1,850
|
|
|
363
|
|
Net income
|
|
432
|
|
|
500
|
|
|
4,105
|
|
|
2,362
|
|
Losses (earnings)
attributable to noncontrolling interests
|
|
29
|
|
|
(18)
|
|
|
(172)
|
|
|
(164)
|
|
Preferred
dividends
|
|
(47)
|
|
|
(35)
|
|
|
(168)
|
|
|
(142)
|
|
Preferred dividends
of subsidiary
|
|
—
|
|
|
—
|
|
|
(1)
|
|
|
(1)
|
|
Earnings attributable
to common shares
|
|
$
|
414
|
|
|
$
|
447
|
|
|
$
|
3,764
|
|
|
$
|
2,055
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share (EPS):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
|
|
$
|
1.43
|
|
|
$
|
1.57
|
|
|
$
|
12.93
|
|
|
$
|
7.40
|
|
Weighted-average
common shares outstanding
|
|
289,009
|
|
|
284,649
|
|
|
291,077
|
|
|
277,904
|
|
|
|
|
|
|
|
|
|
|
Diluted
EPS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
|
|
$
|
1.43
|
|
|
$
|
1.55
|
|
|
$
|
12.88
|
|
|
$
|
7.29
|
|
Weighted-average
common shares outstanding
|
|
290,216
|
|
|
288,767
|
|
|
292,252
|
|
|
282,033
|
|
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 December 31,
2020:
- $(139) million from impacts
associated with Aliso Canyon natural gas storage facility
litigation and regulatory matters at Southern California Gas
Company (SoCalGas)
Year ended December 31, 2020:
- $(233) 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
Year ended December 31, 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
ADJUSTED EARNINGS TO GAAP EARNINGS
|
(Dollars in
millions, except per share amounts; shares in
thousands)
|
|
|
Pretax
amount
|
Income tax
(benefit)
expense(1)
|
|
Earnings
|
|
Pretax
amount
|
Income tax
expense
(benefit)(1)
|
|
Earnings
|
|
Three months ended
December 31, 2020
|
|
Three months ended
December 31, 2019
|
|
|
(unaudited)
|
|
|
|
|
Sempra Energy GAAP
Earnings
|
|
|
|
$
|
414
|
|
|
|
|
|
$
|
447
|
|
Excluded
item:
|
|
|
|
|
|
|
|
|
|
Impacts associated
with Aliso Canyon litigation and regulatory matters
|
$
|
180
|
|
$
|
(41)
|
|
|
139
|
|
|
$
|
—
|
|
$
|
—
|
|
|
—
|
|
Sempra Energy
Adjusted Earnings
|
|
|
|
$
|
553
|
|
|
|
|
|
$
|
447
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
EPS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding, diluted – GAAP
|
|
|
|
290,216
|
|
|
|
|
|
288,787
|
|
Sempra Energy GAAP
EPS
|
|
|
|
$
|
1.43
|
|
|
|
|
|
$
|
1.55
|
|
Sempra Energy
Adjusted EPS
|
|
|
|
$
|
1.90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December
31, 2020
|
Year ended December
31, 2019
|
Sempra Energy GAAP
Earnings
|
|
|
|
$
|
3,764
|
|
|
|
|
|
$
|
2,055
|
|
Excluded
items:
|
|
|
|
|
|
|
|
|
|
Impacts associated
with Aliso Canyon litigation and regulatory matters
|
$
|
307
|
|
$
|
(74)
|
|
|
233
|
|
|
$
|
—
|
|
$
|
—
|
|
|
—
|
|
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
|
|
|
|
$
|
2,350
|
|
|
|
|
|
$
|
1,911
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
EPS:
|
|
|
|
|
|
|
|
|
|
Sempra Energy GAAP
Earnings
|
|
|
|
$
|
3,764
|
|
|
|
|
|
$
|
2,055
|
|
Weighted-average
common shares outstanding, diluted – GAAP
|
|
|
|
292,252
|
|
|
|
|
|
282,033
|
|
Sempra Energy GAAP
EPS
|
|
|
|
$
|
12.88
|
|
|
|
|
|
$
|
7.29
|
|
|
|
|
|
|
|
|
|
|
|
Sempra Energy
Adjusted Earnings
|
|
|
|
$
|
2,350
|
|
|
|
|
|
$
|
1,911
|
|
Add back dividends
for dilutive series A preferred stock
|
|
|
|
104
|
|
|
|
|
|
—
|
|
Sempra Energy
Adjusted Earnings for Adjusted EPS
|
|
|
|
$
|
2,454
|
|
|
|
|
|
$
|
1,911
|
|
Weighted-average common shares outstanding, diluted –
Adjusted(2)
|
|
|
|
305,669
|
|
|
|
|
|
282,033
|
|
Sempra Energy
Adjusted EPS
|
|
|
|
$
|
8.03
|
|
|
|
|
|
$
|
6.78
|
|
|
(1)
|
Except for
adjustments that are solely income tax and tax related to outside
basis differences, income taxes on pretax amounts 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 year ended
December 31, 2020, because the assumed conversion of the series A
preferred stock is dilutive for Adjusted Earnings, 13,417 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:
- $(233) 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 Range 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 Range should not be
considered an alternative to Sempra Energy 2020 GAAP EPS Guidance
Range. 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.
RECONCILIATION OF
ADJUSTED EPS GUIDANCE RANGE TO GAAP EPS GUIDANCE
RANGE
|
|
|
|
|
Full-Year
2020
|
Sempra Energy GAAP
EPS Guidance Range(1)
|
$
|
12.02
|
|
to
|
$
|
12.62
|
|
Excluded
items:
|
|
|
|
|
Impacts associated
with Aliso Canyon litigation and regulatory matters
|
0.80
|
|
|
0.80
|
|
|
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.
|
(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
|
|
|
|
|
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
December
31,
|
|
|
2020
|
|
2019
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
960
|
|
|
$
|
108
|
|
Restricted
cash
|
|
22
|
|
|
31
|
|
Accounts receivable –
trade, net
|
|
1,578
|
|
|
1,261
|
|
Accounts receivable –
other, net
|
|
403
|
|
|
455
|
|
Due from
unconsolidated affiliates
|
|
20
|
|
|
32
|
|
Income taxes
receivable
|
|
113
|
|
|
112
|
|
Inventories
|
|
308
|
|
|
277
|
|
Regulatory
assets
|
|
190
|
|
|
222
|
|
Greenhouse gas
allowances
|
|
553
|
|
|
72
|
|
Assets held for sale
in discontinued operations
|
|
—
|
|
|
445
|
|
Other current
assets
|
|
364
|
|
|
324
|
|
Total current
assets
|
|
4,511
|
|
|
3,339
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
Restricted
cash
|
|
3
|
|
|
3
|
|
Due from
unconsolidated affiliates
|
|
780
|
|
|
742
|
|
Regulatory
assets
|
|
1,822
|
|
|
1,930
|
|
Nuclear
decommissioning trusts
|
|
1,019
|
|
|
1,082
|
|
Investment in Oncor
Holdings
|
|
12,440
|
|
|
11,519
|
|
Other
investments
|
|
1,388
|
|
|
2,103
|
|
Goodwill
|
|
1,602
|
|
|
1,602
|
|
Other intangible
assets
|
|
202
|
|
|
213
|
|
Dedicated assets in
support of certain benefit plans
|
|
512
|
|
|
488
|
|
Insurance receivable
for Aliso Canyon costs
|
|
445
|
|
|
339
|
|
Deferred income
taxes
|
|
136
|
|
|
155
|
|
Greenhouse gas
allowances
|
|
101
|
|
|
470
|
|
Right-of-use assets –
operating leases
|
|
543
|
|
|
591
|
|
Wildfire
fund
|
|
363
|
|
|
392
|
|
Assets held for sale
in discontinued operations
|
|
—
|
|
|
3,513
|
|
Other long-term
assets
|
|
753
|
|
|
732
|
|
Total other
assets
|
|
22,109
|
|
|
25,874
|
|
Property, plant and
equipment, net
|
|
40,003
|
|
|
36,452
|
|
Total
assets
|
|
$
|
66,623
|
|
|
$
|
65,665
|
|
SEMPRA
ENERGY
|
|
Table B
(Continued)
|
|
|
|
|
|
|
CONSOLIDATED
BALANCE SHEETS (CONTINUED)
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
December
31,
|
|
|
2020
|
|
2019
|
LIABILITIES AND
EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Short-term
debt
|
|
$
|
885
|
|
|
$
|
3,505
|
|
Accounts payable –
trade
|
|
1,359
|
|
|
1,234
|
|
Accounts payable –
other
|
|
154
|
|
|
179
|
|
Due to unconsolidated
affiliates
|
|
45
|
|
|
5
|
|
Dividends and
interest payable
|
|
551
|
|
|
515
|
|
Accrued compensation
and benefits
|
|
446
|
|
|
476
|
|
Regulatory
liabilities
|
|
140
|
|
|
319
|
|
Current portion of
long-term debt and finance leases
|
|
1,540
|
|
|
1,526
|
|
Reserve for Aliso
Canyon costs
|
|
150
|
|
|
9
|
|
Greenhouse gas
obligations
|
|
553
|
|
|
72
|
|
Liabilities held for
sale in discontinued operations
|
|
—
|
|
|
444
|
|
Other current
liabilities
|
|
1,016
|
|
|
866
|
|
Total current
liabilities
|
|
6,839
|
|
|
9,150
|
|
|
|
|
|
|
Long-term debt and
finance leases
|
|
21,781
|
|
|
20,785
|
|
|
|
|
|
|
Deferred credits and
other liabilities:
|
|
|
|
|
Due to unconsolidated
affiliates
|
|
234
|
|
|
195
|
|
Pension and other
postretirement benefit plan
obligations, net of plan assets
|
|
1,059
|
|
|
1,067
|
|
Deferred income
taxes
|
|
2,871
|
|
|
2,577
|
|
|
|
|
|
|
Regulatory
liabilities
|
|
3,372
|
|
|
3,741
|
|
Reserve for Aliso
Canyon costs
|
|
301
|
|
|
7
|
|
Asset retirement
obligations
|
|
3,113
|
|
|
2,923
|
|
Greenhouse gas
obligations
|
|
—
|
|
|
301
|
|
Liabilities held for
sale in discontinued operations
|
|
—
|
|
|
1,052
|
|
Deferred credits and
other
|
|
2,119
|
|
|
2,062
|
|
Total deferred
credits and other liabilities
|
|
13,069
|
|
|
13,925
|
|
Equity:
|
|
|
|
|
Sempra Energy
shareholders' equity
|
|
23,373
|
|
|
19,929
|
|
Preferred stock of
subsidiary
|
|
20
|
|
|
20
|
|
Other noncontrolling
interests
|
|
1,541
|
|
|
1,856
|
|
Total
equity
|
|
24,934
|
|
|
21,805
|
|
Total liabilities and
equity
|
|
$
|
66,623
|
|
|
$
|
65,665
|
|
SEMPRA
ENERGY
|
Table
C
|
|
|
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
Years ended December
31,
|
|
2020
|
|
2019
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
Net income
|
$
|
4,105
|
|
|
$
|
2,362
|
|
Less: Income from
discontinued operations, net of income tax
|
(1,850)
|
|
|
(363)
|
|
Income from
continuing operations, net of income tax
|
2,255
|
|
|
1,999
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities
|
1,042
|
|
|
1,259
|
|
Net change in other
working capital components
|
(550)
|
|
|
(207)
|
|
Distributions from
investments
|
651
|
|
|
247
|
|
Insurance receivable
for Aliso Canyon costs
|
(106)
|
|
|
122
|
|
Wildfire fund,
current and noncurrent
|
—
|
|
|
(323)
|
|
Reserve for Aliso
Canyon costs, noncurrent
|
294
|
|
|
—
|
|
Changes in other
noncurrent assets and liabilities, net
|
56
|
|
|
(399)
|
|
Net cash provided by
continuing operations
|
3,642
|
|
|
2,698
|
|
Net cash (used in)
provided by discontinued operations
|
(1,051)
|
|
|
390
|
|
Net cash provided
by operating activities
|
2,591
|
|
|
3,088
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
Expenditures for
property, plant and equipment
|
(4,676)
|
|
|
(3,708)
|
|
Expenditures for
investments and acquisitions
|
(652)
|
|
|
(1,797)
|
|
Proceeds from sale of
assets
|
19
|
|
|
899
|
|
Distributions from
investments
|
761
|
|
|
9
|
|
Purchases of nuclear
decommissioning trust assets
|
(1,439)
|
|
|
(914)
|
|
Proceeds from sales
of nuclear decommissioning trust assets
|
1,439
|
|
|
914
|
|
Advances to
unconsolidated affiliates
|
(92)
|
|
|
(16)
|
|
Repayments of
advances to unconsolidated affiliates
|
7
|
|
|
3
|
|
Intercompany
activities with discontinued operations, net
|
—
|
|
|
8
|
|
Other
|
15
|
|
|
21
|
|
Net cash used in
continuing operations
|
(4,618)
|
|
|
(4,581)
|
|
Net cash provided by
(used in) discontinued operations
|
5,171
|
|
|
(12)
|
|
Net cash provided
by (used in) investing activities
|
553
|
|
|
(4,593)
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
Common dividends
paid
|
(1,174)
|
|
|
(993)
|
|
Preferred dividends
paid
|
(157)
|
|
|
(142)
|
|
Issuances of
preferred stock, net
|
891
|
|
|
—
|
|
Issuances of common
stock, net
|
11
|
|
|
1,830
|
|
Repurchases of common
stock
|
(566)
|
|
|
(26)
|
|
Issuances of debt
(maturities greater than 90 days)
|
6,051
|
|
|
4,296
|
|
Payments on debt
(maturities greater than 90 days) and finance leases
|
(5,864)
|
|
|
(3,667)
|
|
(Decrease) increase
in short-term debt, net
|
(1,759)
|
|
|
656
|
|
Advances from
unconsolidated affiliates
|
64
|
|
|
155
|
|
Proceeds from sale of
noncontrolling interests, net
|
26
|
|
|
5
|
|
Purchases of
noncontrolling interests
|
(248)
|
|
|
(30)
|
|
Contributions from
noncontrolling interests, net
|
1
|
|
|
98
|
|
Intercompany
activities with discontinued operations, net
|
—
|
|
|
(266)
|
|
Other
|
(50)
|
|
|
(49)
|
|
Net cash (used in)
provided by continuing operations
|
(2,774)
|
|
|
1,867
|
|
Net cash provided by
(used in) discontinued operations
|
401
|
|
|
(392)
|
|
Net cash (used in)
provided by financing activities
|
(2,373)
|
|
|
1,475
|
|
|
|
|
|
Effect of exchange
rate changes in continuing operations
|
—
|
|
|
—
|
|
Effect of exchange
rate changes in discontinued operations
|
(3)
|
|
|
1
|
|
Effect of exchange
rate changes on cash, cash equivalents and restricted
cash
|
(3)
|
|
|
1
|
|
|
|
|
|
Increase (decrease)
in cash, cash equivalents and restricted cash, including
discontinued operations
|
768
|
|
|
(29)
|
|
Cash, cash
equivalents and restricted cash, including discontinued operations,
January 1
|
217
|
|
|
246
|
|
Cash, cash
equivalents and restricted cash, including discontinued operations,
December 31
|
$
|
985
|
|
|
$
|
217
|
|
SEMPRA
ENERGY
|
Table
D
|
|
|
|
|
|
|
|
|
SEGMENT EARNINGS
(LOSSES) AND CAPITAL EXPENDITURES, INVESTMENTS AND
ACQUISITIONS
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
Three months
ended
December
31,
|
|
Years
ended
December
31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
(unaudited)
|
|
|
|
|
Earnings (Losses)
Attributable to Common Shares
|
|
|
|
|
|
|
|
SDG&E
|
$
|
191
|
|
|
$
|
185
|
|
|
$
|
824
|
|
|
$
|
767
|
|
SoCalGas
|
79
|
|
|
204
|
|
|
504
|
|
|
641
|
|
Sempra Texas
Utilities
|
121
|
|
|
109
|
|
|
579
|
|
|
528
|
|
Sempra
Mexico
|
(43)
|
|
|
39
|
|
|
259
|
|
|
253
|
|
Sempra LNG
|
113
|
|
|
(19)
|
|
|
320
|
|
|
(6)
|
|
Sempra
Renewables
|
—
|
|
|
—
|
|
|
—
|
|
|
59
|
|
Parent and
other
|
(47)
|
|
|
(132)
|
|
|
(562)
|
|
|
(515)
|
|
Discontinued
operations
|
—
|
|
|
61
|
|
|
1,840
|
|
|
328
|
|
Total
|
$
|
414
|
|
|
$
|
447
|
|
|
$
|
3,764
|
|
|
$
|
2,055
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
December
31,
|
|
Years
ended
December
31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
(unaudited)
|
|
|
|
|
Capital
Expenditures, Investments and Acquisitions
|
|
|
|
|
|
|
|
SDG&E
|
$
|
619
|
|
|
$
|
451
|
|
|
$
|
1,942
|
|
|
$
|
1,522
|
|
SoCalGas
|
498
|
|
|
420
|
|
|
1,843
|
|
|
1,439
|
|
Sempra Texas
Utilities
|
423
|
|
|
347
|
|
|
648
|
|
|
1,685
|
|
Sempra
Mexico
|
168
|
|
|
204
|
|
|
611
|
|
|
624
|
|
Sempra LNG
|
72
|
|
|
39
|
|
|
272
|
|
|
222
|
|
Sempra
Renewables
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
Parent and
other
|
6
|
|
|
5
|
|
|
12
|
|
|
11
|
|
Total
|
$
|
1,786
|
|
|
$
|
1,466
|
|
|
$
|
5,328
|
|
|
$
|
5,505
|
|
SEMPRA
ENERGY
|
Table D
(Continued)
|
|
|
|
|
|
|
RECONCILIATION OF
CAPITAL DEPLOYED
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
Years ended December
31,
|
|
|
|
2020
|
|
2019
|
|
|
|
(unaudited)
|
Sempra
Energy
|
|
|
|
|
Expenditures for
property, plant and equipment
|
|
$
|
4,676
|
|
|
$
|
3,708
|
|
Expenditures for
investments and acquisitions
|
|
652
|
|
|
1,797
|
|
Total Capital
Expenditures, Investments and Acquisitions (On Balance
Sheet)
|
|
5,328
|
|
|
5,505
|
|
Exclude:
|
|
|
|
|
Capital contribution to
Oncor for Oncor's acquisition of 100% of InfraREIT and Sempra's
acquisition of a 50%
indirect
interest in Sharyland
|
|
—
|
|
|
(1,162)
|
|
Acquisition of 1% interest in Texas
Transmission Holdings Corporation (TTHC) from Hunt
|
|
(16)
|
|
|
—
|
|
Total Capital
Expenditures and Investments (On Balance Sheet)
|
A
|
5,312
|
|
|
4,343
|
|
|
|
|
|
|
|
Oncor Electric
Delivery Company LLC
|
|
Capital expenditures
(100%)
|
|
2,540
|
|
|
2,097
|
|
Total Capital
Expenditures (Off Balance Sheet)
|
|
2,540
|
|
|
2,097
|
|
|
|
|
|
|
|
Sharyland
Utilities
|
|
Capital expenditures
(100%)
|
|
5
|
|
|
2
|
|
Total Capital
Expenditures (Off Balance Sheet)
|
|
5
|
|
|
2
|
|
|
|
|
|
|
Sempra Texas
Utilities - Proportionate Ownership Share of Unconsolidated
Entities
|
|
80.25% of Oncor
Electric Delivery Company LLC capital expenditures
|
|
2,038
|
|
|
1,683
|
|
50% of Sharyland
Utilities capital expenditures
|
|
3
|
|
|
1
|
|
Less:
|
|
|
|
|
Sempra Texas
Utilities investments and acquisitions (On Balance
Sheet)
|
|
(648)
|
|
|
(1,685)
|
|
Add Back:
|
|
|
|
|
Sempra Texas Utilities
acquisitions (On Balance Sheet)(1)
|
|
16
|
|
|
1,162
|
|
Capital Expenditures,
Investments and Acquisitions - Sempra Texas Utilities (Off Balance
Sheet)
|
|
1,409
|
|
|
1,161
|
|
|
|
|
|
|
|
Capital Expenditures
- Unconsolidated Joint Ventures at Sempra LNG and Sempra Mexico
(Off Balance Sheet)(2)
|
|
228
|
|
|
446
|
|
|
|
|
|
|
|
Total Capital
Expenditures, Investments and Acquisitions of Unconsolidated
Entities (Off Balance Sheet)
|
B
|
1,637
|
|
|
1,607
|
|
|
|
|
|
|
|
Total Capital
Deployed
|
A+B
|
$
|
6,949
|
|
|
$
|
5,950
|
|
|
(1)
|
Includes Sempra
Energy's acquisition of 1% interest in TTHC from Hunt in 2020 and
Sempra Energy's capital contribution to Oncor for Oncor's
acquisition of 100% of InfraREIT and Sempra Energy's acquisition of
a 50% indirect interest in Sharyland in 2019.
|
(2)
|
Amounts are net of
capital contributions from Sempra Energy. 2020 and 2019 includes
$146 and $337, respectively, of capex funded by Sempra LNG's
unconsolidated JV (Cameron LNG JV) and $82 and $109, respectively,
funded by Sempra Mexico's unconsolidated JVs.
|
SEMPRA
ENERGY
|
Table
E
|
|
|
|
|
|
OTHER OPERATING
STATISTICS
|
|
|
|
Three months
ended
December
31,
|
|
Years ended or
at
December
31,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
(unaudited)
|
UTILITIES
|
|
|
|
|
|
|
|
SDG&E and
SoCalGas
|
|
|
|
|
|
|
|
Gas
sales (Bcf)(1)
|
98
|
|
103
|
|
355
|
|
374
|
Transportation (Bcf)(1)
|
161
|
|
149
|
|
612
|
|
573
|
Total
deliveries (Bcf)(1)
|
259
|
|
252
|
|
967
|
|
947
|
|
|
|
|
|
|
|
|
Total
gas customer meters (thousands)
|
|
|
|
|
6,967
|
|
6,924
|
|
|
|
|
|
|
|
|
SDG&E
|
|
|
|
|
|
|
|
Electric
sales (millions of kWhs)(1)
|
3,751
|
|
3,601
|
|
14,398
|
|
14,397
|
Direct Access
and Community Choice Aggregation (millions of kWhs)
|
952
|
|
909
|
|
3,482
|
|
3,549
|
Total
deliveries (millions of kWhs)(1)
|
4,703
|
|
4,510
|
|
17,880
|
|
17,946
|
|
|
|
|
|
|
|
|
Total
electric customer meters (thousands)
|
|
|
|
|
1,483
|
|
1,471
|
|
|
|
|
|
|
|
|
Oncor(2)
|
|
|
|
|
|
|
|
Total
deliveries (millions of kWhs)
|
30,615
|
|
30,916
|
|
131,157
|
|
133,378
|
Total
electric customer meters (thousands)
|
|
|
|
|
3,762
|
|
3,685
|
|
|
|
|
|
|
|
|
Ecogas
|
|
|
|
|
|
|
|
Natural
gas sales (Bcf)
|
1
|
|
1
|
|
3
|
|
3
|
Natural
gas customer meters (thousands)
|
|
|
|
|
136
|
|
132
|
|
|
|
|
|
|
|
|
|
ENERGY-RELATED
BUSINESSES
|
|
|
|
|
|
|
|
Power generated and
sold
|
|
|
|
|
|
|
|
Sempra Mexico
|
|
|
|
|
|
|
|
Termoeléctrica
de Mexicali (TdM) (millions of kWhs)
|
729
|
|
1,011
|
|
2,905
|
|
3,873
|
Wind and solar (millions of
kWhs)(3)
|
420
|
|
333
|
|
1,724
|
|
1,442
|
|
(1)
|
Includes
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 EnergÃa Sierra Juárez
wind power generation facility, in which Sempra Energy has a 50%
ownership interest.
|
SEMPRA
ENERGY
|
|
|
|
|
|
|
Table F
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENT OF
OPERATIONS DATA BY SEGMENT
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31, 2020
|
SDG&E
|
|
SoCalGas
|
|
Sempra
Texas
Utilities
|
|
Sempra
Mexico
|
|
|
|
Sempra LNG
|
|
Consolidating
Adjustments,
Parent
&
Other
|
|
|
Total
|
Revenues
|
$
|
1,337
|
|
|
$
|
1,501
|
|
|
$
|
—
|
|
|
$
|
321
|
|
|
|
|
$
|
119
|
|
|
$
|
(107)
|
|
|
|
$
|
3,171
|
|
Cost of sales and
other expenses
|
(813)
|
|
|
(1,165)
|
|
|
—
|
|
|
(173)
|
|
|
|
|
(118)
|
|
|
81
|
|
|
|
(2,188)
|
|
Depreciation and
amortization
|
(203)
|
|
|
(168)
|
|
|
—
|
|
|
(48)
|
|
|
|
|
(2)
|
|
|
(3)
|
|
|
|
(424)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on sale of
assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
(3)
|
|
|
|
(3)
|
|
Other income
(expense), net
|
5
|
|
|
(49)
|
|
|
—
|
|
|
134
|
|
|
|
|
—
|
|
|
25
|
|
|
|
115
|
|
Income (loss) before
interest and tax(1)
|
326
|
|
|
119
|
|
|
—
|
|
|
234
|
|
|
|
|
(1)
|
|
|
(7)
|
|
|
|
671
|
|
Net interest
(expense) income
|
(106)
|
|
|
(39)
|
|
|
—
|
|
|
(24)
|
|
|
|
|
12
|
|
|
(86)
|
|
|
|
(243)
|
|
Income tax (expense)
benefit
|
(29)
|
|
|
(1)
|
|
|
(1)
|
|
|
(218)
|
|
|
|
|
(33)
|
|
|
93
|
|
|
|
(189)
|
|
Equity earnings
(losses), net
|
—
|
|
|
—
|
|
|
122
|
|
|
(63)
|
|
|
|
|
134
|
|
|
—
|
|
|
|
193
|
|
Losses attributable
to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
28
|
|
|
|
|
1
|
|
|
—
|
|
|
|
29
|
|
Preferred
dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
(47)
|
|
|
|
(47)
|
|
Earnings (losses)
attributable to common shares
|
$
|
191
|
|
|
$
|
79
|
|
|
$
|
121
|
|
|
$
|
(43)
|
|
|
|
|
$
|
113
|
|
|
$
|
(47)
|
|
|
|
$
|
414
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31, 2019
|
SDG&E
|
|
SoCalGas
|
|
Sempra
Texas
Utilities
|
|
Sempra
Mexico
|
|
|
|
Sempra LNG
|
|
Consolidating
Adjustments,
Parent
&
Other
|
|
|
Total
|
Revenues
|
$
|
1,259
|
|
|
$
|
1,383
|
|
|
$
|
—
|
|
|
$
|
317
|
|
|
|
|
$
|
83
|
|
|
$
|
(99)
|
|
|
|
$
|
2,943
|
|
Cost of sales and
other expenses
|
(705)
|
|
|
(847)
|
|
|
—
|
|
|
(153)
|
|
|
|
|
(112)
|
|
|
51
|
|
|
|
(1,766)
|
|
Depreciation and
amortization
|
(189)
|
|
|
(153)
|
|
|
—
|
|
|
(47)
|
|
|
|
|
(3)
|
|
|
(3)
|
|
|
|
(395)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (expense)
income, net
|
(21)
|
|
|
(73)
|
|
|
—
|
|
|
70
|
|
|
|
|
—
|
|
|
(2)
|
|
|
|
(26)
|
|
Income (loss) before
interest and tax(1)
|
344
|
|
|
310
|
|
|
—
|
|
|
187
|
|
|
|
|
(32)
|
|
|
(53)
|
|
|
|
756
|
|
Net interest
expense
|
(99)
|
|
|
(36)
|
|
|
—
|
|
|
(10)
|
|
|
|
|
(1)
|
|
|
(111)
|
|
|
|
(257)
|
|
Income tax (expense)
benefit
|
(60)
|
|
|
(70)
|
|
|
—
|
|
|
(111)
|
|
|
|
|
9
|
|
|
67
|
|
|
|
(165)
|
|
Equity earnings
(losses), net
|
—
|
|
|
—
|
|
|
109
|
|
|
(19)
|
|
|
|
|
5
|
|
|
—
|
|
|
|
95
|
|
Earnings attributable
to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
(8)
|
|
|
|
|
—
|
|
|
—
|
|
|
|
(8)
|
|
Preferred
dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
(35)
|
|
|
|
(35)
|
|
Earnings (losses)
from continuing operations
|
$
|
185
|
|
|
$
|
204
|
|
|
$
|
109
|
|
|
$
|
39
|
|
|
|
|
$
|
(19)
|
|
|
$
|
(132)
|
|
|
|
386
|
|
Earnings from
discontinued operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
61
|
|
Earnings attributable
to common shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
447
|
|
|
(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.
|
SEMPRA
ENERGY
|
Table
F
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENT OF
OPERATIONS DATA BY SEGMENT
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended
December 31, 2020
|
SDG&E
|
|
SoCalGas
|
|
Sempra
Texas
Utilities
|
|
Sempra
Mexico
|
|
Sempra LNG
|
|
Sempra
Renewables
|
|
Consolidating
Adjustments,
Parent
&
Other
|
|
|
Total
|
Revenues
|
$
|
5,313
|
|
|
$
|
4,748
|
|
|
$
|
—
|
|
|
$
|
1,256
|
|
|
$
|
374
|
|
|
$
|
—
|
|
|
$
|
(321)
|
|
|
|
$
|
11,370
|
|
Cost of sales and
other expenses
|
(3,139)
|
|
|
(3,309)
|
|
|
—
|
|
|
(581)
|
|
|
(384)
|
|
|
—
|
|
|
234
|
|
|
|
(7,179)
|
|
Depreciation and
amortization
|
(801)
|
|
|
(654)
|
|
|
—
|
|
|
(189)
|
|
|
(9)
|
|
|
—
|
|
|
(13)
|
|
|
|
(1,666)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on sale of
assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3)
|
|
|
|
(3)
|
|
Other income
(expense), net
|
52
|
|
|
(28)
|
|
|
—
|
|
|
(77)
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
|
(48)
|
|
Income (loss) before
interest and tax(1)
|
1,425
|
|
|
757
|
|
|
—
|
|
|
409
|
|
|
(19)
|
|
|
—
|
|
|
(98)
|
|
|
|
2,474
|
|
Net interest
(expense) income
|
(411)
|
|
|
(156)
|
|
|
—
|
|
|
(72)
|
|
|
38
|
|
|
—
|
|
|
(384)
|
|
|
|
(985)
|
|
Income tax (expense)
benefit
|
(190)
|
|
|
(96)
|
|
|
(1)
|
|
|
(57)
|
|
|
(92)
|
|
|
—
|
|
|
187
|
|
|
|
(249)
|
|
Equity earnings
(losses), net
|
—
|
|
|
—
|
|
|
580
|
|
|
144
|
|
|
391
|
|
|
—
|
|
|
(100)
|
|
|
|
1,015
|
|
(Earnings) losses
attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
(165)
|
|
|
2
|
|
|
—
|
|
|
1
|
|
|
|
(162)
|
|
Preferred
dividends
|
—
|
|
|
(1)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(168)
|
|
|
|
(169)
|
|
Earnings (losses)
from continuing operations
|
$
|
824
|
|
|
$
|
504
|
|
|
$
|
579
|
|
|
$
|
259
|
|
|
$
|
320
|
|
|
$
|
—
|
|
|
$
|
(562)
|
|
|
|
1,924
|
|
Earnings from
discontinued operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,840
|
|
Earnings attributable
to common shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,764
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended
December 31, 2019
|
SDG&E
|
|
SoCalGas
|
|
Sempra
Texas
Utilities
|
|
Sempra
Mexico
|
|
Sempra LNG
|
|
Sempra
Renewables
|
|
Consolidating
Adjustments,
Parent
&
Other
|
|
|
Total
|
Revenues
|
$
|
4,925
|
|
|
$
|
4,525
|
|
|
$
|
—
|
|
|
$
|
1,375
|
|
|
$
|
410
|
|
|
$
|
10
|
|
|
$
|
(416)
|
|
|
|
$
|
10,829
|
|
Cost of sales and
other expenses
|
(2,846)
|
|
|
(2,930)
|
|
|
—
|
|
|
(649)
|
|
|
(462)
|
|
|
(20)
|
|
|
274
|
|
|
|
(6,633)
|
|
Depreciation and
amortization
|
(760)
|
|
|
(602)
|
|
|
—
|
|
|
(183)
|
|
|
(10)
|
|
|
—
|
|
|
(14)
|
|
|
|
(1,569)
|
|
Impairment
losses
|
(6)
|
|
|
(37)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
(43)
|
|
Gain on sale of
assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
61
|
|
|
2
|
|
|
|
63
|
|
Other income
(expense), net
|
39
|
|
|
(55)
|
|
|
—
|
|
|
76
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
|
77
|
|
Income (loss) before
interest and tax(1)
|
1,352
|
|
|
901
|
|
|
—
|
|
|
619
|
|
|
(62)
|
|
|
51
|
|
|
(137)
|
|
|
|
2,724
|
|
Net interest
(expense) income
|
(407)
|
|
|
(139)
|
|
|
—
|
|
|
(41)
|
|
|
26
|
|
|
8
|
|
|
(437)
|
|
|
|
(990)
|
|
Income tax (expense)
benefit
|
(171)
|
|
|
(120)
|
|
|
—
|
|
|
(227)
|
|
|
5
|
|
|
(4)
|
|
|
202
|
|
|
|
(315)
|
|
Equity earnings
(losses), net
|
—
|
|
|
—
|
|
|
528
|
|
|
24
|
|
|
24
|
|
|
5
|
|
|
(1)
|
|
|
|
580
|
|
(Earnings) losses
attributable to noncontrolling interests
|
(7)
|
|
|
—
|
|
|
—
|
|
|
(122)
|
|
|
1
|
|
|
(1)
|
|
|
—
|
|
|
|
(129)
|
|
Preferred
dividends
|
—
|
|
|
(1)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(142)
|
|
|
|
(143)
|
|
Earnings (losses)
from continuing operations
|
$
|
767
|
|
|
$
|
641
|
|
|
$
|
528
|
|
|
$
|
253
|
|
|
$
|
(6)
|
|
|
$
|
59
|
|
|
$
|
(515)
|
|
|
|
1,727
|
|
Earnings from
discontinued operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
328
|
|
Earnings attributable
to common shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,055
|
|
|
(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.
|
View original content to download
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SOURCE Sempra Energy