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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2000
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Commission file number 1-40
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PACIFIC ENTERPRISES
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(Exact name of registrant as specified in its charter)
California 94-0743670
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
555 West Fifth Street, Los Angeles, California 90013-1011
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(Address of principal executive offices)
(Zip Code)
(213) 244-1200
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(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such
shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90
days.
Yes X No
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Common stock outstanding: Wholly owned by Sempra Energy
PART I FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
PACIFIC ENTERPRISES AND SUBSIDIARIES
STATEMENTS OF CONSOLIDATED INCOME
Dollars in millions
Three Months Ended
September 30,
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2000 1999
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Operating revenues $722 $561
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Expenses
Cost of natural gas distributed 349 188
Operating and maintenance 175 177
Depreciation 65 65
Income taxes 44 34
Other taxes and franchise payments 19 20
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Total 652 484
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Operating Income 70 77
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Other Income and (Deductions)
Interest income 19 10
Regulatory interest (4) (4)
Allowance for equity funds used
during construction 1 1
Taxes on non-operating income (3) (1)
Other - net (8) (13)
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Total 5 (7)
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Income Before Interest Charges 75 70
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Interest Charges
Long-term debt 17 20
Other 7 5
Allowance for borrowed funds used
during construction (1) --
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Total 23 25
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Net Income 52 45
Preferred Dividend Requirements 1 1
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Earnings Applicable to
Common Shares $ 51 $ 44
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See notes to Consolidated Financial Statements.
PACIFIC ENTERPRISES AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
Dollars in millions
[CAPTION]
Balance at
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September 30, December 31,
2000 1999
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[S] [C] [C]
CAPITALIZATION AND LIABILITIES
Capitalization
Common stock $ 1,259 $ 1,282
Retained earnings 208 58
Accumulated other comprehensive income 16 6
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Total common equity 1,483 1,346
Preferred stock 80 80
Long-term debt 940 939
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Total capitalization 2,503 2,365
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Current Liabilities
Accounts payable 352 220
Regulatory balancing accounts - net 154 154
Deferred income taxes 7 8
Dividends and interest payable 31 29
Current portion of long-term debt -- 30
Due to affiliates 366 318
Other 266 206
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Total current liabilities 1,176 965
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Customer advances for construction 19 27
Post-retirement benefits other than pensions 159 158
Deferred income taxes 272 223
Deferred investment tax credits 53 56
Deferred credits and other liabilities 348 353
Preferred stock of subsidiary 20 20
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Total deferred credits and
other liabilities 871 837
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Contingencies and commitments (Note 2)
Total $4,550 $4,167
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See notes to Consolidated Financial Statements.
UT