UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report |
|
(Date of earliest event reported): | November 1, 2007 |
SAN DIEGO GAS & ELECTRIC COMPANY |
(Exact name of registrant as specified in its charter) |
CALIFORNIA |
| 1-3779 |
| 95-1184800 |
(State of incorporation |
| (Commission |
| (IRS Employer |
8326 CENTURY PARK COURT, SAN DIEGO, CA |
| 92123 |
(Address of principal executive offices) |
| (Zip Code) |
Registrant's telephone number, including area code | (619) 696-2000 |
|
(Former name or former address, if changed since last report.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | |
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[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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2
FORM 8-K
Item 2.02 Results of Operations and Financial Condition
The information furnished in this Item 2.02 and in Exhibits 99.1 and 99.2 shall not be deemed to be "filed" for purposes of the Securities Exchange Act of 1934, nor shall it be deemed to be incorporated by reference in any filing of San Diego Gas & Electric Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
On November 1, 2007, Sempra Energy, of which San Diego Gas & Electric Company is a consolidated subsidiary, issued a press release announcing consolidated net income of $305 million, or $1.15 per diluted share of common stock, for the third quarter of 2007. The press release has been posted on Sempra Energy's website (www.sempra.com) and a copy is attached as Exhibit 99.1.
Concurrently with the website posting of such press release and as noted therein, Sempra Energy also posted its Income Statement Data by Business Unit for the three months and nine months ended September 30, 2007 and 2006. A copy of such information is attached as Exhibit 99.2.
The Sempra Energy financial information contained in the press release includes, on a consolidated basis, information regarding San Diego Gas & Electric Company's results of operations and financial condition.
Item 9.01 Financial Statements and Exhibits.
Exhibits
99.1
November 1, 2007 Sempra Energy News Release (including tables)
99.2
Sempra Energy's Income Statement Data by Business Unit for the three months and nine months ended September 30, 2007 and 2006.
3
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
SAN DIEGO GAS & ELECTRIC COMPANY
(Registrant)
Date: November 1, 2007 | By: /S/ Dennis V. Arriola |
| Dennis V. Arriola |
|
4
Exhibit 99.1
NEWS RELEASE
Media Contact: | Doug Kline |
| Sempra Energy |
| (877) 866-2066 |
| www.sempra.com |
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|
Financial Contact: | Glen Donovan |
| Sempra Energy |
| (877) 736-7727 |
| investor@sempra.com |
SEMPRA ENERGY REPORTS
THIRD-QUARTER RESULTS,
EXPECTS TO EXCEED PRIOR 2007 GUIDANCE
Company Raises Full-Year Outlook to Above $4 per Share
SAN DIEGO, Nov. 1, 2007 Sempra Energy (NYSE: SRE) today reported third-quarter 2007 income from continuing operations of $330 million, or $1.24 per diluted share. Third-quarter 2006 income from continuing operations excluding $211 million, or $0.80 per diluted share, from the favorable impact of asset sales was $332 million, or $1.27 per diluted share.
Sempra Energys net income in the third quarter 2007 was $305 million, or $1.15 per diluted share, compared with net income of $653 million, or $2.49 per diluted share, in the third quarter 2006, which included $318 million, or $1.21 per diluted share, in gains from asset sales.
Our third-quarter performance reflects solid contributions from all of our businesses, said Donald E. Felsinger, chairman and chief executive officer of Sempra Energy. Our 2007 earnings guidance was $3.75 to $3.95 per share. We now expect to exceed $4 per share for the full year.
-more-
For the nine-month period in 2007, Sempra Energys income from continuing operations was $837 million, or $3.16 per diluted share. Income from continuing operations in 2006, excluding $204 million from the favorable impact of asset sales, was $758 million, or $2.91 per diluted share. Net income for the first nine months of 2007 was $810 million, or $3.06 per diluted share, compared with $1.3 billion, or $4.92 per diluted share, in the first nine months of 2006, which included $546 million, or $2.10 per diluted share, from the favorable impact of asset sales.
Revenues for Sempra Energy in the third quarter 2007 were $2.7 billion, unchanged from the prior-years quarter.
OPERATING HIGHLIGHTS
Sempra Utilities
Sempra Utilities San Diego Gas & Electric (SDG&E) and Southern California Gas Co. (SoCalGas) reported third-quarter net income of $186 million in 2007, compared with $131 million in 2006.
SDG&Es third-quarter net income increased to $123 million in 2007 from $70 million in 2006. Third-quarter 2007 and 2006 results included a net benefit of $46 million and $9 million, respectively, from the resolution of prior-years income-tax issues and regulatory matters.
SoCalGas net income in the third quarter 2007 increased to $63 million from $61 million in the same quarter last year.
As a result of the wildfires that spread across Southern California during the week of Oct. 21, a state of emergency was declared for seven counties, all within SDG&Es and SoCalGas service territories.
These fires have been among the most devastating in the history of California, said Felsinger. I am proud of the way our employees have responded, working around the clock to repair facilities, restore service, aid our customers and extend a helping hand to the affected communities. Theyve done an incredible job under the most trying circumstances.
-more-
Sempra Commodities
In the third quarter 2007, Sempra Commodities earned net income of $87 million, compared with $105 million in the third quarter 2006, primarily due to strong performance in every major product line, offset partially by a litigation charge and lower income from synthetic-fuel tax credit operations.
Sempra Energys joint venture with The Royal Bank of Scotland to create RBS Sempra Commodities LLP, announced in July 2007, has received approval from the Federal Energy Regulatory Commission. Regulatory approvals by the Federal Reserve Board and the U.K. Financial Services Authority are still pending. The joint-venture transaction now is expected to be completed in January 2008.
Sempra Generation
Sempra Generations third-quarter net income was $58 million in 2007, compared with $265 million last year, which included $211 million in gains on the sale of the companys Texas power plants.
Sempra Pipelines & Storage
Third-quarter 2007 net income for Sempra Pipelines & Storage was $17 million, compared with $19 million in the third quarter 2006.
During the quarter, the International Centre for Settlement of Investment Disputes in Washington, D.C., awarded Sempra Energy approximately $172 million, including interest, over a 2002 dispute involving the companys minority ownership in two Argentine natural gas utility holding companies. The dispute related to measures taken by the Argentine government in early 2002 that resulted in a reduction in the value of Sempra Energys Argentine utility investments. The company is seeking to enforce the arbitration award and has not recorded it in income.
-more-
Sempra LNG
Sempra LNG reported a net loss of $4 million in the third quarter 2007, down from a net loss of $13 million in the prior-years quarter. These improved results were due primarily to the favorable tax effects of foreign-currency adjustments.
Internet Broadcast
Sempra Energy will broadcast a live discussion of its earnings results over the Internet today at 1 p.m. EDT with senior management of the company. Access is available by logging onto the Web site at www.sempra.com. For those unable to log onto the live webcast, the teleconference will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering the passcode 3858841.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2006 revenues of nearly $12 billion. The Sempra Energy companies 14,000 employees serve more than 29 million consumers worldwide.
Complete financial tables, including income-statement information by business unit, are available on Sempra Energys Web site at http://www.sempra.com/downloads/3Q2007.pdf.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When the company uses words like believes, expects, anticipates, intends, plans, estimates, may, would, could, should or similar expressions, or when the company discusses its strategy or plans, the company is making forward-looking statements. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements. Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative and regulatory conditions and developments; actions by the California Public Utilities Commission, California State Legislature, California Department of Water Resources, Federal Energy Regulatory Commission, Federal Reserve Board, U.K. Financial Services Authority, and other environmental and regulatory bodies in the United States and other countries; capital market conditions, inflation rates, interest rates and exchange rates; energy and trading markets, including the timing and extent of changes in commodity prices; the availability of natural gas, electric power and liquefied natural gas; weather conditions and conservation efforts; war and terrorist attacks; business, regulatory, environmental, and legal decisions and requirements; the status of deregulation of retail natural gas and electricity delivery; the timing and success of business development efforts; the resolution of litigation; and other uncertainties, all of which are difficult to predict and many of which are beyond the control of the company. These risks and uncertainties are further discussed in the companys reports filed with the Securities and Exchange Commission that are available through the EDGAR system without charge at its Web site, www.sec.gov and on the companys Web site, www.sempra.com.
Sempra LNG and Sempra Pipelines & Storage are not the same companies as the utilities, SDG&E or SoCalGas, and are not regulated by the California Public Utilities Commission. Sempra Energy Trading, doing business as Sempra Commodities, and Sempra Generation are not the same companies as the utilities, SDG&E or SoCalGas, and the California Public Utilities Commission does not regulate the terms of their products and services.
###
SEMPRA ENERGY |
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Table A |
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STATEMENTS OF CONSOLIDATED INCOME |
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| Three months ended |
| Nine months ended |
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| September 30, |
| September 30, |
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(Dollars in millions, except per share amounts) | 2007 |
| 2006 |
| 2007 |
| 2006 |
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| (unaudited) |
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Operating revenues |
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Sempra Utilities | $ 1,515 |
| $ 1,494 |
| $ 5,194 |
| $ 5,190 |
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Sempra Global and parent | 1,148 |
| 1,200 |
| 3,134 |
| 3,326 |
| |
| Total operating revenues | 2,663 |
| 2,694 |
| 8,328 |
| 8,516 |
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Operating expenses |
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Sempra Utilities: |
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| Cost of natural gas | 389 |
| 412 |
| 2,042 |
| 2,077 |
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| Cost of electric fuel and purchased power | 184 |
| 203 |
| 496 |
| 566 |
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Sempra Global and parent: |
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| Cost of natural gas, electric fuel and purchased power | 331 |
| 332 |
| 945 |
| 863 |
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| Other cost of sales | 256 |
| 384 |
| 796 |
| 1,073 |
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Other operating expenses | 699 |
| 655 |
| 2,065 |
| 1,980 |
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Litigation expense | 59 |
| 12 |
| 69 |
| 43 |
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Depreciation and amortization | 174 |
| 163 |
| 514 |
| 491 |
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Franchise fees and other taxes | 72 |
| 67 |
| 221 |
| 208 |
| |
| Total operating expenses | 2,164 |
| 2,228 |
| 7,148 |
| 7,301 |
|
Operating income | 499 |
| 466 |
| 1,180 |
| 1,215 |
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Other income, net | 5 |
| 376 |
| 61 |
| 375 |
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Interest income | 12 |
| 34 |
| 62 |
| 73 |
| |
Interest expense | (68) |
| (90) |
| (204) |
| (273) |
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Preferred dividends of subsidiaries | (2) |
| (2) |
| (7) |
| (7) |
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Income from continuing operations before income taxes and |
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| equity in earnings of certain unconsolidated subsidiaries | 446 |
| 784 |
| 1,092 |
| 1,383 |
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Income tax expense | 135 |
| 257 |
| 341 |
| 461 |
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Equity in earnings of certain unconsolidated subsidiaries | 19 |
| 16 |
| 86 |
| 40 |
| |
Income from continuing operations | 330 |
| 543 |
| 837 |
| 962 |
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Discontinued operations, net of income tax | (25) |
| 110 |
| (27) |
| 319 |
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Net income | $ 305 |
| $ 653 |
| $ 810 |
| $ 1,281 |
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Basic earnings per share: |
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| Income from continuing operations | $ 1.27 |
| $ 2.11 |
| $ 3.23 |
| $ 3.76 |
|
| Discontinued operations, net of income tax | (0.10) |
| 0.43 |
| (0.11) |
| 1.25 |
|
| Net income | $ 1.17 |
| $ 2.54 |
| $ 3.12 |
| $ 5.01 |
|
Weighted-average number of shares outstanding (thousands) | 259,563 |
| 257,487 |
| 259,742 |
| 255,834 |
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Diluted earnings per share: |
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| Income from continuing operations | $ 1.24 |
| $ 2.07 |
| $ 3.16 |
| $ 3.69 |
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| Discontinued operations, net of income tax | (0.09) |
| 0.42 |
| (0.10) |
| 1.23 |
|
| Net income | $ 1.15 |
| $ 2.49 |
| $ 3.06 |
| $ 4.92 |
|
Weighted-average number of shares outstanding (thousands) | 264,279 |
| 262,102 |
| 264,416 |
| 260,587 |
| |
Dividends declared per share of common stock | $ 0.31 |
| $ 0.30 |
| $ 0.93 |
| $ 0.90 |
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As a result of the decisions in 2006 to dispose of the Twin Oaks power plant, Sempra Energy Production Company, and the Energy Services and Facilities Management businesses, all within Sempra Generation, and Bangor Gas and Frontier Energy, both within Sempra Pipelines & Storage, these operations have been reflected above as discontinued operations in all periods presented. |
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SEMPRA ENERGY |
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Table B |
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CONSOLIDATED BALANCE SHEETS |
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| September 30, |
| December 31, |
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(Dollars in millions) |
| 2007 |
| 2006 |
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| (unaudited) |
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Assets |
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Current assets: |
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| Cash and cash equivalents |
| $ 1,072 |
| $ 920 |
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| Restricted cash |
| 1 |
| 4 |
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| Trade accounts receivable, net |
| 764 |
| 1,035 |
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| Income taxes receivable |
| 40 |
| - |
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| Deferred income taxes |
| 331 |
| 270 |
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| Interest receivable |
| 6 |
| 40 |
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| Trading-related receivables and deposits, net |
| 2,629 |
| 3,047 |
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| Derivative trading instruments |
| 3,241 |
| 4,068 |
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| Commodities owned |
| 2,182 |
| 1,845 |
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| Inventories |
| 325 |
| 215 |
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| Regulatory assets |
| 109 |
| 193 |
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| Other |
| 412 |
| 317 |
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| Current assets of continuing operations |
| 11,112 |
| 11,954 |
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| Current assets of discontinued operations |
| 18 |
| 62 |
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| Total current assets |
| 11,130 |
| 12,016 |
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Investments and other assets: |
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| Regulatory assets arising from fixed-price contracts and other derivatives |
| 323 |
| 353 |
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| Regulatory assets arising from pension and other postretirement |
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| benefit obligations |
| 340 |
| 356 |
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| Other regulatory assets |
| 462 |
| 472 |
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| Nuclear decommissioning trusts |
| 745 |
| 702 |
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| Investments |
| 1,121 |
| 1,086 |
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| Sundry |
| 852 |
| 789 |
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| Total investments and other assets |
| 3,843 |
| 3,758 |
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Property, plant and equipment, net |
| 14,329 |
| 13,175 |
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Total assets |
| $ 29,302 |
| $ 28,949 |
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Liabilities and Shareholders' Equity |
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Current liabilities: |
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| Short-term debt |
| $ 1,206 |
| $ 252 |
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| Accounts payable |
| 1,196 |
| 1,587 |
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| Due to unconsolidated affiliate |
| 60 |
| - |
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| Income taxes payable |
| - |
| 9 |
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| Trading-related payables |
| 2,751 |
| 3,211 |
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| Derivative trading instruments |
| 2,074 |
| 2,304 |
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| Commodities sold with agreement to repurchase |
| 678 |
| 537 |
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| Dividends and interest payable |
| 153 |
| 145 |
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| Regulatory balancing accounts, net |
| 482 |
| 332 |
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| Fixed-price contracts and other derivatives |
| 62 |
| 87 |
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| Current portion of long-term debt |
| 7 |
| 681 |
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| Other |
| 1,157 |
| 1,197 |
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| Current liabilities of continuing operations |
| 9,826 |
| 10,342 |
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| Current liabilities of discontinued operations |
| 5 |
| 7 |
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| Total current liabilities |
| 9,831 |
| 10,349 |
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Long-term debt |
| 4,502 |
| 4,525 |
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Deferred credits and other liabilities: |
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| Due to unconsolidated affiliate |
| 102 |
| 162 |
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| Customer advances for construction |
| 131 |
| 126 |
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| Pension and other postretirement benefit obligations, net of plan assets |
| 603 |
| 609 |
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| Deferred income taxes |
| 519 |
| 412 |
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| Deferred investment tax credits |
| 63 |
| 67 |
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| Regulatory liabilities arising from removal obligations |
| 2,386 |
| 2,330 |
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| Asset retirement obligations |
| 1,219 |
| 1,128 |
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| Other regulatory liabilities |
| 233 |
| 221 |
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| Fixed-price contracts and other derivatives |
| 326 |
| 358 |
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| Deferred credits and other |
| 963 |
| 961 |
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| Total deferred credits and other liabilities |
| 6,545 |
| 6,374 |
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Preferred stock of subsidiaries |
| 179 |
| 179 |
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Minority interests |
| 165 |
| 11 |
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Shareholders' equity |
| 8,080 |
| 7,511 |
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Total liabilities and shareholders' equity |
| $ 29,302 |
| $ 28,949 |
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As a result of the decisions in 2006 to dispose of the Twin Oaks power plant, Sempra Energy Production Company, and the Energy Services and Facilities Management businesses, all within Sempra Generation, and Bangor Gas and Frontier Energy, both within Sempra Pipelines & Storage, these operations have been reflected above as discontinued operations in all periods presented. |
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SEMPRA ENERGY |
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Table C |
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CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS |
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| Nine months ended |
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| September 30, |
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(Dollars in millions) |
| 2007 |
| 2006 |
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| (Unaudited) |
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Cash Flows from Operating Activities: |
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Net income |
| $ 810 |
| $ 1,281 |
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Adjustments to reconcile net income to net cash |
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provided by operating activities: |
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| Discontinued operations |
| 27 |
| (319) |
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| Depreciation and amortization |
| 514 |
| 491 |
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| Deferred income taxes and investment tax credits |
| 42 |
| (56) |
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| Equity in income of unconsolidated subsidiaries |
| (75) |
| (380) |
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| Tax benefits from share-based awards |
| (12) |
| (18) |
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| Other |
| 39 |
| 77 |
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Quasi-reorganization resolution |
| - |
| 12 |
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Net changes in other working capital components |
| 131 |
| 263 |
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Changes in other assets |
| 35 |
| 41 |
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Changes in other liabilities |
| 63 |
| 12 |
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| Net cash provided by continuing operations |
| 1,574 |
| 1,404 |
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| Net cash used in discontinued operations |
| (3) |
| (13) |
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| Net cash provided by operating activities |
| 1,571 |
| 1,391 |
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Cash Flows from Investing Activities: |
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Expenditures for property, plant and equipment |
| (1,357) |
| (1,341) |
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Proceeds from sale of assets from continuing operations |
| 77 |
| 36 |
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Expenditures for investments |
| (17) |
| (126) |
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Distributions from investments |
| 13 |
| 104 |
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Purchases of nuclear decommissioning and other trust assets |
| (498) |
| (500) |
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Proceeds from sales by nuclear decommissioning and other trusts |
| 458 |
| 476 |
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Decrease (increase) in restricted cash balance |
| 3 |
| (153) |
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Dividends received from unconsolidated affiliates |
| - |
| 410 |
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Other |
| (22) |
| (27) |
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| Net cash used in continuing operations |
| (1,343) |
| (1,121) |
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| Net cash provided by discontinued operations |
| - |
| 778 |
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| Net cash used in investing activities |
| (1,343) |
| (343) |
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Cash Flows from Financing Activities: |
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Common dividends paid |
| (234) |
| (203) |
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Issuances of common stock |
| 36 |
| 89 |
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Repurchases of common stock |
| (161) |
| (12) |
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Increase (decrease) in short-term debt, net |
| 954 |
| (632) |
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Payments on long-term debt |
| (1,069) |
| (81) |
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Issuance of long-term debt |
| 359 |
| 422 |
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Financing transaction related to Sempra Financial |
| - |
| 83 |
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Tax benefits from share-based awards |
| 12 |
| 18 |
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Other |
| (2) |
| (2) |
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| Net cash used in continuing operations |
| (105) |
| (318) |
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| Net cash provided by discontinued operations |
| - |
| 2 |
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| Net cash used in financing activities |
| (105) |
| (316) |
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Increase in cash and cash equivalents |
| 123 |
| 732 |
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Cash and cash equivalents, January 1 |
| 920 |
| 769 |
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Cash assumed in connection with FIN 46(R) initial consolidation |
| 29 |
| - |
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Cash and cash equivalents, September 30 |
| $ 1,072 |
| $ 1,501 |
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|
|
|
|
|
|
As a result of the decisions in 2006 to dispose of the Twin Oaks power plant, Sempra Energy Production Company, and the Energy Services and Facilities Management businesses, all within Sempra Generation, and Bangor Gas and Frontier Energy, both within Sempra Pipelines & Storage, these operations have been reflected above as discontinued operations in all periods presented. |
| |||||
|
|
|
|
|
|
|
SEMPRA ENERGY |
| |||||||||
Table D |
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BUSINESS UNIT EARNINGS AND CAPITAL EXPENDITURES & INVESTMENTS (Unaudited) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Three months ended |
| Nine months ended |
| ||||
|
|
| September 30, |
| September 30, |
| ||||
(Dollars in millions) | 2007 |
| 2006 |
| 2007 |
| 2006 |
| ||
Net Income |
|
|
|
|
|
|
|
| ||
Sempra Utilities: |
|
|
|
|
|
|
|
| ||
| San Diego Gas & Electric | $ 123 |
| $ 70 |
| $ 236 |
| $ 182 |
| |
| Southern California Gas | 63 |
| 61 |
| 172 |
| 168 |
| |
|
| Total Sempra Utilities | 186 |
| 131 |
| 408 |
| 350 |
|
|
|
|
|
|
|
|
|
|
|
|
Sempra Global: |
|
|
|
|
|
|
|
| ||
| Sempra Commodities | 87 |
| 105 |
| 313 |
| 290 |
| |
| Sempra Generation* | 58 |
| 265 |
| 122 |
| 322 |
| |
| Sempra Pipelines & Storage* | 17 |
| 19 |
| 50 |
| 58 |
| |
| Sempra LNG | (4) |
| (13) |
| (27) |
| (35) |
| |
|
| Total Sempra Global | 158 |
| 376 |
| 458 |
| 635 |
|
|
|
|
|
|
|
|
|
|
|
|
Parent & Other | (14) |
| 36 |
| (29) |
| (23) |
| ||
|
|
|
|
|
|
|
|
|
|
|
Continuing Operations | 330 |
| 543 |
| 837 |
| 962 |
| ||
|
|
|
|
|
|
|
|
|
|
|
Discontinued Operations, Net of Income Tax | (25) |
| 110 |
| (27) |
| 319 |
| ||
|
|
|
|
|
|
|
|
|
|
|
Consolidated Net Income | $ 305 |
| $ 653 |
| $ 810 |
| $ 1,281 |
| ||
|
|
|
|
|
|
|
|
|
|
|
* Excludes amounts now classified as discontinued operations. |
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Three months ended |
| Nine months ended |
| ||||
|
|
| September 30, |
| September 30, |
| ||||
(Dollars in millions) | 2007 |
| 2006 |
| 2007 |
| 2006 |
| ||
Capital Expenditures and Investments |
|
|
|
|
|
|
|
| ||
Sempra Utilities: |
|
|
|
|
|
|
|
| ||
| San Diego Gas & Electric | $ 174 |
| $ 157 |
| $ 479 |
| $ 880 |
| |
| Southern California Gas | 109 |
| 91 |
| 300 |
| 284 |
| |
| Total Sempra Utilities | 283 |
| 248 |
| 779 |
| 1,164 |
| |
|
|
|
|
|
|
|
|
|
|
|
Sempra Global: |
|
|
|
|
|
|
|
| ||
| Sempra Commodities | 24 |
| 13 |
| 49 |
| 43 |
| |
| Sempra Generation | 4 |
| 2 |
| 8 |
| 37 |
| |
| Sempra Pipelines & Storage | 43 |
| 66 |
| 180 |
| 212 |
| |
| Sempra LNG | 122 |
| 121 |
| 346 |
| 466 |
| |
| Total Sempra Global | 193 |
| 202 |
| 583 |
| 758 |
| |
|
|
|
|
|
|
|
|
|
|
|
Parent & Other | 4 |
| 4 |
| 12 |
| (455) | (1) | ||
|
|
|
|
|
|
|
|
|
|
|
Consolidated Capital Expenditures and Investments | $ 480 |
| $ 454 |
| $ 1,374 |
| $ 1,467 |
| ||
|
|
|
|
|
|
|
|
|
|
|
(1) Reflects the transfer of the Palomar plant to SDG&E from Sempra Generation. |
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
As a result of the decisions in 2006 to dispose of the Twin Oaks power plant, Sempra Energy Production Company, and the Energy Services and Facilities Management businesses, all within Sempra Generation, and Bangor Gas and Frontier Energy, both within Sempra Pipelines & Storage, these operations have been reflected above as discontinued operations in all periods presented. |
| |||||||||
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
SEMPRA ENERGY |
|
|
|
| |||||||||
Table E |
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
| |||
OTHER OPERATING STATISTICS (Unaudited) |
|
|
|
|
|
| |||||||
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
| |||||||
|
|
| Three months ended |
| Nine months ended |
| |||||||
|
|
| September 30, |
| September 30, |
| |||||||
SEMPRA UTILITIES | 2007 |
| 2006 |
| 2007 |
| 2006 |
| |||||
|
|
|
|
|
|
|
|
|
|
| |||
Revenues (Dollars in millions) |
|
|
|
|
|
|
|
| |||||
| SDG&E (excludes intercompany sales) | $ 714 |
| $ 700 |
| $ 2,074 |
| $ 2,078 |
| ||||
| SoCalGas (excludes intercompany sales) | $ 801 |
| $ 794 |
| $ 3,120 |
| $ 3,112 |
| ||||
|
|
|
|
|
|
|
|
|
|
| |||
Gas Sales (Bcf) |
| 65 |
| 62 |
| 290 |
| 292 |
| ||||
Transportation and Exchange (Bcf) | 178 |
| 165 |
| 421 |
| 419 |
| |||||
Total Deliveries (Bcf) | 243 |
| 227 |
| 711 |
| 711 |
| |||||
|
|
|
|
|
|
|
|
|
|
| |||
Total Gas Customers (Thousands) |
|
|
|
| 6,517 |
| 6,446 |
| |||||
|
|
|
|
|
|
|
|
|
|
| |||
Electric Sales (Millions of kWhs) | 4,788 |
| 5,022 |
| 12,847 |
| 12,897 |
| |||||
Direct Access (Millions of kWhs) | 907 |
| 915 |
| 2,401 |
| 2,569 |
| |||||
Total Deliveries (Millions of kWhs) | 5,695 |
| 5,937 |
| 15,248 |
| 15,466 |
| |||||
|
|
|
|
|
|
|
|
|
|
| |||
Total Electric Customers (Thousands) |
|
|
|
| 1,363 |
| 1,350 |
| |||||
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
| |||
SEMPRA GENERATION |
|
|
|
|
|
|
|
| |||||
Power Sold (Millions of kWhs) | 5,718 |
| 5,470 | (1) | 15,243 |
| 14,026 | (1) | |||||
|
|
|
|
|
|
|
|
|
|
| |||
(1) | Revised to exclude the Twin Oaks, Coleto Creek and Topaz power plants. |
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
| |||
SEMPRA PIPELINES & STORAGE |
|
|
|
|
|
|
|
| |||||
(Represents 100% of these subsidiaries, although only the Mexican subsidiaries are 100% owned by Sempra Energy.) |
| ||||||||||||
Natural Gas Sales (Bcf) |
|
|
|
|
|
|
|
| |||||
| Argentina |
| 100 |
| 89 |
| 241 |
| 208 |
| |||
| Mexico |
| 13 |
| 13 |
| 35 |
| 34 |
| |||
| Chile |
| 1 |
| 1 |
| 1 |
| 2 |
| |||
Natural Gas Customers (Thousands) |
|
|
|
|
|
|
|
| |||||
| Argentina |
|
|
|
|
| 1,589 |
| 1,527 |
| |||
| Mexico |
|
|
|
|
| 95 |
| 100 |
| |||
| Chile |
|
|
|
|
| 39 |
| 39 |
| |||
Electric Sales (Millions of kWhs) |
|
|
|
|
|
|
|
| |||||
| Peru |
| 1,273 |
| 1,166 |
| 3,800 |
| 3,488 |
| |||
| Chile |
| 582 |
| 385 |
| 1,868 |
| 1,562 |
| |||
Electric Customers (Thousands) |
|
|
|
|
|
|
|
| |||||
| Peru |
|
|
|
|
| 803 |
| 780 |
| |||
| Chile |
|
|
|
|
| 545 |
| 532 |
| |||
|
|
|
|
|
|
|
|
|
|
|
SEMPRA ENERGY |
| ||||||||
Table E (Continued) |
| ||||||||
|
|
|
|
|
|
|
| ||
SEMPRA COMMODITIES |
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| ||
|
| Three months ended September 30, |
| Nine months ended September 30, |
| ||||
Margin* (Dollars in millions) | 2007 | 2006 |
| 2007 | 2006 |
| |||
Geographical: |
|
|
|
|
|
| |||
| North America | $ 288 | $ 233 |
| $ 780 | $ 839 |
| ||
| Europe/Asia | 97 | 128 |
| 239 | 152 |
| ||
| Total | $ 385 | $ 361 |
| $ 1,019 | $ 991 |
| ||
|
|
|
|
|
|
|
| ||
Product Line: |
|
|
|
|
|
| |||
| Gas | $ 180 | $ 146 |
| $ 336 | $ 430 |
| ||
| Power | 91 | 116 |
| 290 | 327 |
| ||
| Oil - Crude & Products | 35 | 27 |
| 149 | 113 |
| ||
| Metals | 80 | 53 |
| 204 | 78 |
| ||
| Other | (1) | 19 |
| 40 | 43 |
| ||
| Total | $ 385 | $ 361 |
| $ 1,019 | $ 991 |
| ||
|
|
|
|
|
|
|
| ||
* Margin is a non-GAAP financial measure, consisting of operating revenues less cost of sales (primarily transportation and storage costs), both GAAP financial measures, reduced by certain transaction-related execution costs (primarily brokerage and other fees) and net interest income/expense, as follows: |
| ||||||||
|
|
|
|
|
|
|
| ||
|
| Three months ended September 30, |
| Nine months ended September 30, |
| ||||
(Dollars in millions) | 2007 | 2006 |
| 2007 | 2006 |
| |||
| Revenues | $ 679 | $ 784 |
| $ 1,901 | $ 2,178 |
| ||
| Cost of sales | (256) | (384) |
| (796) | (1,073) |
| ||
|
| 423 | 400 |
| 1,105 | 1,105 |
| ||
| Other related costs | (38) | (39) |
| (86) | (114) |
| ||
| Margin | $ 385 | $ 361 |
| $ 1,019 | $ 991 |
| ||
|
|
|
|
|
|
|
| ||
|
| Three months ended September 30, |
| Nine months ended September 30, |
| ||||
Effect of EITF 02-3 (Dollars in millions) | 2007 | 2006 |
| 2007 | 2006 |
| |||
| Mark-to-Market Earnings * | $ 76 | $ 86 |
| $ 355 | $ 329 |
| ||
| Effect of EITF 02-3 ** | 11 | 19 |
| (42) | (39) |
| ||
| GAAP Net Income | $ 87 | $ 105 |
| $ 313 | $ 290 |
| ||
|
|
|
|
|
|
|
| ||
* Represents earnings from the fair market value of all commodities transactions. This metric is a useful measurement of profitability because it simultaneously recognizes changes in the various components of transactions and reflects how the business is managed. |
| ||||||||
** Consists of the income statement effect of not recognizing changes in the fair market value of certain physical inventories, capacity contracts for transportation and storage, and derivative hedging activities related to synthetic fuels tax credits. |
| ||||||||
|
|
|
|
|
|
|
| ||
|
| Fair |
|
|
|
|
| ||
|
| Market Value | Scheduled Maturity (in months) |
| |||||
Net Unrealized Revenue (Dollars in millions) | September 30, 2007 | 0 - 12 | 13 - 24 | 25 - 36 | > 36 |
| |||
|
|
|
|
|
|
|
| ||
OTC Fair Value of forwards, swaps and options (1) | $ 1,169 | $ 740 | $ 170 | $ 89 | $ 170 |
| |||
|
|
|
|
|
|
|
| ||
| Maturity of OTC Fair Value - Cumulative Percentages |
| 63.3% | 77.8% | 85.5% | 100.0% |
| ||
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| ||
Exchange Contracts (2) | 176 | 143 | 62 | 37 | (66) |
| |||
| Total Net Unrealized Revenue at September 30, 2007 | $ 1,345 | $ 883 | $ 232 | $ 126 | $ 104 |
| ||
|
|
|
|
|
|
|
| ||
| Net Unrealized Revenue - Cumulative Percentages |
| 65.7% | 82.9% | 92.3% | 100.0% |
| ||
|
|
|
|
|
|
|
| ||
(1) The present value of unrealized revenue to be received or (paid) from outstanding OTC contracts |
| ||||||||
(2) Cash received or (paid) associated with open Exchange Contracts |
| ||||||||
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| ||
|
| September 30, | December 31, |
|
|
|
| ||
Credit Quality of Unrealized Trading Assets (net of margin) | 2007 | 2006 |
|
|
|
| |||
Commodity Exchanges | 11% | 13% |
|
|
|
| |||
Investment Grade | 55% | 57% |
|
|
|
| |||
Below Investment Grade | 34% | 30% |
|
|
|
| |||
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| ||
Risk Adjusted Performance Indicators | Three months ended September 30, |
| Nine months ended September 30, |
| |||||
(Mark-to-Market Basis) | 2007 | 2006 |
| 2007 | 2006 |
| |||
VaR at 95% (Dollars in millions) (1) | $ 18.2 | $ 11.1 |
| $ 13.1 | $ 15.8 |
| |||
VaR at 99% (Dollars in millions) (2) | $ 25.7 | $ 15.6 |
| $ 18.4 | $ 22.3 |
| |||
|
|
|
|
|
|
|
| ||
(1) Average Daily Value-at-Risk for the period using a 95% confidence level |
|
|
|
|
| ||||
(2) Average Daily Value-at-Risk for the period using a 99% confidence level |
|
|
|
|
| ||||
|
|
|
|
|
|
|
| ||
|
| Three months ended September 30, |
| Nine months ended September 30, |
| ||||
Physical Statistics | 2007 | 2006 |
| 2007 | 2006 |
| |||
Natural Gas (Bcf/Day) | 14.2 | 11.8 |
| 12.8 | 12.0 |
| |||
Electric (Billions of kWhs) | 132.2 | 126.1 |
| 377.7 | 350.0 |
| |||
Oil & Liquid Products (Millions Bbls/Day) | 0.7 | 0.6 |
| 0.6 | 0.7 |
| |||
|
|
|
|
|
|
|
|
Exhibit 99.2
SEMPRA ENERGY |
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table F (Unaudited) |
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement Data by Business Unit |
|
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2007 |
|
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions) |
| SDG&E |
| SoCalGas |
| Commodities |
| Generation |
| Pipelines & Storage |
| LNG |
| Consolidating Adjustments, Parent & Other |
|
| Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues |
| $ 716 |
| $ 819 |
| $ 679 |
| $ 390 |
| $ 81 |
| $ - |
| $ (22) |
|
| $ 2,663 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Sales and Other Operating Expenses |
| 472 |
| 629 |
| 454 |
| 293 |
| 77 |
| 9 |
| (3) |
|
| 1,931 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Litigation Expense |
| 2 |
| 2 |
| 52 |
| 1 |
| - |
| - |
| 2 |
|
| 59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation & Amortization |
| 75 |
| 71 |
| 6 |
| 16 |
| 3 |
| - |
| 3 |
|
| 174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss) |
| 167 |
| 117 |
| 167 |
| 80 |
| 1 |
| (9) |
| (24) |
|
| 499 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense), Net |
| 8 |
| - |
| - |
| 8 |
| (1) |
| - |
| (10) |
|
| 5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) before Interest & Taxes (1) |
| 175 |
| 117 |
| 167 |
| 88 |
| - |
| (9) |
| (34) |
|
| 504 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Expense (Income) (2) |
| 24 |
| 10 |
| 14 |
| (2) |
| 1 |
| 1 |
| 10 |
|
| 58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Expense (Benefit) |
| 28 |
| 44 |
| 66 |
| 32 |
| 1 |
| (6) |
| (30) |
|
| 135 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in Earnings of Certain Unconsolidated Subsidiaries |
| - |
| - |
| - |
| - |
| 19 |
| - |
| - |
|
| 19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued Operations |
| - |
| - |
| - |
| - |
| - |
| - |
| (25) |
|
| (25) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) |
| $ 123 |
| $ 63 |
| $ 87 |
| $ 58 |
| $ 17 |
| $ (4) |
| $ (39) |
|
| $ 305 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions) |
| SDG&E |
| SoCalGas |
| Commodities |
| Generation |
| Pipelines & Storage |
| LNG |
| Consolidating Adjustments, Parent & Other |
|
| Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues |
| $ 703 |
| $ 812 |
| $ 784 |
| $ 379 |
| $ 79 |
| $ (1) |
| $ (62) |
|
| $ 2,694 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Sales and Other Operating Expenses |
| 481 |
| 611 |
| 594 |
| 288 |
| 73 |
| 10 |
| (4) |
|
| 2,053 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Litigation Expense |
| 2 |
| 2 |
| 1 |
| 2 |
| 1 |
| - |
| 4 |
|
| 12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation & Amortization |
| 72 |
| 67 |
| 6 |
| 12 |
| 3 |
| - |
| 3 |
|
| 163 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss) |
| 148 |
| 132 |
| 183 |
| 77 |
| 2 |
| (11) |
| (65) |
|
| 466 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income, Net |
| 2 |
| - |
| - |
| 364 |
| - |
| 2 |
| 8 |
|
| 376 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) before Interest & Taxes (1) |
| 150 |
| 132 |
| 183 |
| 441 |
| 2 |
| (9) |
| (57) |
|
| 842 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Expense (Income) (2) |
| 27 |
| 12 |
| 17 |
| (6) |
| (2) |
| 1 |
| 9 |
|
| 58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Expense (Benefit) |
| 53 |
| 59 |
| 61 |
| 182 |
| 1 |
| 3 |
| (102) |
|
| 257 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in Earnings of Certain Unconsolidated Subsidiaries |
| - |
| - |
| - |
| - |
| 16 |
| - |
| - |
|
| 16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued Operations |
| - |
| - |
| - |
| - |
| - |
| - |
| 110 |
|
| 110 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) |
| $ 70 |
| $ 61 |
| $ 105 |
| $ 265 |
| $ 19 |
| $ (13) |
| $ 146 |
|
| $ 653 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Management believes "Income (Loss) before Interest & Taxes" (Operating Income plus Other Income, Net) is a useful measurement of our business units' performance because it can be used to evaluate the effectiveness of our operations exclusive of interest and income taxes, neither of which is directly relevant to the efficiency of those operations. |
|
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Net Interest Expense (Income) includes Interest Income, Interest Expense and Preferred Dividends of Subsidiaries. |
|
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMPRA ENERGY |
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table F (Unaudited) |
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement Data by Business Unit |
|
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2007 |
|
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions) |
| SDG&E |
| SoCalGas |
| Commodities |
| Generation |
| Pipelines & Storage |
| LNG |
| Consolidating Adjustments, Parent & Other |
|
| Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues |
| $ 2,084 |
| $ 3,168 |
| $ 1,901 |
| $ 1,064 |
| $ 242 |
| $ (11) |
| $ (120) |
|
| $ 8,328 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Sales and Other Operating Expenses |
| 1,453 |
| 2,626 |
| 1,383 |
| 840 |
| 227 |
| 29 |
| 7 |
|
| 6,565 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Litigation Expense |
| 8 |
| 2 |
| 54 |
| 2 |
| - |
| 1 |
| 2 |
|
| 69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation & Amortization |
| 225 |
| 210 |
| 19 |
| 41 |
| 9 |
| - |
| 10 |
|
| 514 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss) |
| 398 |
| 330 |
| 445 |
| 181 |
| 6 |
| (41) |
| (139) |
|
| 1,180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense), Net |
| 10 |
| (4) |
| - |
| 6 |
| (3) |
| - |
| 52 |
|
| 61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) before Interest & Taxes (1) |
| 408 |
| 326 |
| 445 |
| 187 |
| 3 |
| (41) |
| (87) |
|
| 1,241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Expense (Income) (2) |
| 71 |
| 32 |
| 16 |
| (11) |
| 1 |
| 2 |
| 38 |
|
| 149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Expense (Benefit) |
| 101 |
| 122 |
| 156 |
| 76 |
| (2) |
| (16) |
| (96) |
|
| 341 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in Earnings of Certain Unconsolidated Subsidiaries |
| - |
| - |
| 40 |
| - |
| 46 |
| - |
| - |
|
| 86 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued Operations |
| - |
| - |
| - |
| - |
| - |
| - |
| (27) |
|
| (27) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) |
| $ 236 |
| $ 172 |
| $ 313 |
| $ 122 |
| $ 50 |
| $ (27) |
| $ (56) |
|
| $ 810 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions) |
| SDG&E |
| SoCalGas |
| Commodities |
| Generation |
| Pipelines & Storage |
| LNG |
| Consolidating Adjustments, Parent & Other |
|
| Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues |
| $ 2,089 |
| $ 3,145 |
| $ 2,178 |
| $ 1,032 |
| $ 227 |
| $ (21) |
| $ (134) |
|
| $ 8,516 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Sales and Other Operating Expenses |
| 1,495 |
| 2,609 |
| 1,644 |
| 786 |
| 210 |
| 29 |
| (6) |
|
| 6,767 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Litigation Expense (Adjustment) |
| 3 |
| (3) |
| 8 |
| 30 |
| 3 |
| - |
| 2 |
|
| 43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation & Amortization |
| 219 |
| 200 |
| 19 |
| 34 |
| 9 |
| - |
| 10 |
|
| 491 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss) |
| 372 |
| 339 |
| 507 |
| 182 |
| 5 |
| (50) |
| (140) |
|
| 1,215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense), Net |
| 15 |
| (1) |
| - |
| 354 |
| 3 |
| - |
| 4 |
|
| 375 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) before Interest & Taxes (1) |
| 387 |
| 338 |
| 507 |
| 536 |
| 8 |
| (50) |
| (136) |
|
| 1,590 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Expense (Income) (2) |
| 79 |
| 31 |
| 48 |
| (2) |
| (2) |
| 3 |
| 50 |
|
| 207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Expense (Benefit) |
| 126 |
| 139 |
| 169 |
| 216 |
| (8) |
| (18) |
| (163) |
|
| 461 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in Earnings of Certain Unconsolidated Subsidiaries |
| - |
| - |
| - |
| - |
| 40 |
| - |
| - |
|
| 40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued Operations |
| - |
| - |
| - |
| - |
| - |
| - |
| 319 |
|
| 319 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) |
| $ 182 |
| $ 168 |
| $ 290 |
| $ 322 |
| $ 58 |
| $ (35) |
| $ 296 |
|
| $ 1,281 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Management believes "Income (Loss) before Interest & Taxes" (Operating Income plus Other Income, Net) is a useful measurement of our business units' performance because it can be used to evaluate the effectiveness of our operations exclusive of interest and income taxes, neither of which is directly relevant to the efficiency of those operations. |
|
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Net Interest Expense (Income) includes Interest Income, Interest Expense and Preferred Dividends of Subsidiaries. |
|
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|