SEC Filing | Sempra

View:

Download DOC

Download PDF

Download XLS

Converted by EDGARwiz

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 9, 2009

SAN DIEGO GAS & ELECTRIC COMPANY

(Exact name of registrant as specified in its charter)


CALIFORNIA	1-3779	95-1184800
(State of incorporation or organization)	(Commission File Number)	(IRS Employer Identification No.)


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:

[ ]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 9, 2009, Sempra Energy, of which San Diego Gas & Electric Company is a consolidated subsidiary, issued a press release announcing consolidated earnings of $317 million, or $1.27 per diluted share of common stock, for the third quarter of 2009. 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 Statement of Operations Data by Business Unit for the three months and nine months ended September 30, 2009 and 2008. 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 9, 2009 Sempra Energy News Release (including tables)

99.2

Sempra Energy's Statement of Operations Data by Business Unit for the three months and nine months ended September 30, 2009 and 2008.

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 9, 2009	By: /s/ Robert Schlax
	Robert Schlax Vice President, Controller and Chief Financial Officer

Exhibit 99.1

Exhibit 99.1

NEWS RELEASE


Media Contact:	Doug Kline
	Sempra Energy
	(877) 866-2066
	www.sempra.com


Financial Contact:	Glen Donovan
	Sempra Energy
	(877) 736-7727
	investor@sempra.com

SEMPRA ENERGY THIRD-QUARTER

EARNINGS RISE

SAN DIEGO, Nov. 9, 2009 – Sempra Energy (NYSE: SRE) today reported that earnings increased in the third quarter 2009 to $317 million, or $1.27 per diluted share, from $308 million, or $1.24 per diluted share, in the third quarter 2008.

Earnings for the first nine months of 2009 were $831 million, or $3.37 per diluted share, up nearly 5 percent from $794 million, or $3.13 per diluted share, in the first nine months of last year.

“Our results through the first nine months of the year benefited from the solid performance of our California utilities and our commodities business, as well as continued progress in the build-out of our natural gas infrastructure projects,” said Donald E. Felsinger, chairman and chief executive officer of Sempra Energy. “We remain on track to meet our 2009 financial targets.”

OPERATING HIGHLIGHTS

San Diego Gas & Electric

Third-quarter earnings for San Diego Gas & Electric (SDG&E) were $108 million in 2009, compared with $123 million last year. Third-quarter 2008 results included $33 million in earnings from the retroactive application of SDG&E’s rate case, approved in July 2008.

For the first nine months, SDG&E earnings rose to $277 million in 2009 from $258 million last year.

Southern California Gas Co.

Earnings for Southern California Gas Co. (SoCalGas) in the third quarter 2009 were $74 million, compared with $77 million in the third quarter 2008. Third-quarter 2008 results included $7 million in earnings from the retroactive application of SoCalGas’ rate case, approved in July 2008.

For the nine-month period, SoCalGas’ earnings increased to $198 million in 2009 from $190 million in 2008.

RBS Sempra Commodities

Earnings for Sempra Energy’s commodity operations – concentrated in the RBS Sempra Commodities joint venture – were $75 million in the third quarter 2009, compared with a loss of $8 million in last year’s third quarter, due primarily to improved performance in natural gas marketing. Results in last year’s third quarter were negatively impacted by losses in power marketing caused by the steep decline in commodity prices during the quarter.

For the nine-month period, earnings from Sempra Energy’s commodity operations increased to $274 million in 2009 from $181 million last year.

Last week, as part of its ongoing restructuring plan responding to increased government investment, The Royal Bank of Scotland (RBS) announced its intention to divest several of its assets, including its 51-percent stake in the RBS Sempra Commodities joint venture. RBS has told Sempra Energy that the bank will comply with the joint-venture agreement and execute the sale in an orderly manner to maximize the value of the business. RBS also said it is committed to maintaining the usual liquidity, credit and funding operations for the joint venture.

Sempra Generation

In the third quarter 2009, Sempra Generation’s earnings were $43 million, compared with $94 million in the third quarter 2008. Sempra Generation benefited in last year’s third quarter from $28 million of mark-to-market earnings on long-term contracts with RBS Sempra Commodities and other counterparties, as well as $8 million from a solar investment tax credit and more favorable market pricing.

For the first nine months of 2009, Sempra Generation earned $119 million, compared with $162 million in the same period a year ago.

In September, Sempra Generation announced it has become an equal partner with BP Wind Energy in the Fowler Ridge II Wind Farm project in Indiana, scheduled to commence operations in the fourth quarter 2009. The entire output of the 200-megawatt facility already has been sold under four, 20-year contracts.

Sempra Pipelines & Storage

Third-quarter 2009 earnings for Sempra Pipelines & Storage increased to $54 million from $34 million, due primarily to lower income taxes and increased contributions from the Rockies Express pipeline.

For the nine-month period, earnings for Sempra Pipelines & Storage were $64 million in 2009, compared with $84 million last year. In the second quarter 2009, Sempra Pipelines & Storage recorded an after-tax charge of $64 million for the write-off of some of its Louisiana natural gas storage assets.

Sempra LNG

Sempra LNG had a break-even third quarter 2009, compared with earnings of $4 million in the prior-year’s quarter.

For the nine-month period, Sempra LNG had a net loss of $19 million in 2009, compared with a net loss of $33 million last year.

Internet Broadcast

Sempra Energy will broadcast a live discussion of its earnings results over the Internet today at 1 p.m. EST with senior management of the company. Access is available by logging onto the 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 9848386.

Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2008 revenues of nearly $11 billion. The Sempra Energy companies’ 13,600 employees serve more than 29 million consumers worldwide.

Complete financial tables, including income-statement information by business unit, are available on Sempra Energy’s Web site at http://www.sempra.com/downloads/3Q2009.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. These statements can be identified by words like “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates,” “may,” “would,” ”could,” “should,” or similar expressions, or discussions of strategies, plans or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements. Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, nationa l 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, and other regulatory and governmental bodies in the United States, the United Kingdom and other countries; capital market conditions and inflation, interest and exchange rates; energy and trading markets, including the timing and extent of changes and volatility in commodity prices; the availability of electric power, natural gas 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 t o predict and many of which are beyond the control of the company. These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system without charge at the SEC’s Web site, www.sec.gov and on the company’s Web site, at www.sempra.com.

Sempra Pipelines & Storage, Sempra Generation, Sempra LNG and RBS Commodities dba Sempra Energy Solutions and Sempra Energy Trading are not the same companies as the utility, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra Pipelines & Storage, Sempra Generation, Sempra LNG and RBS Commodities dba Sempra Energy Solutions and Sempra Energy Trading are not regulated by the California Public Utilities Commission.

###


SEMPRA ENERGY
Table A


*CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS*

		Three months ended September 30,		Nine months ended September 30,
(Dollars in millions, except per share amounts)		2009	2008*	2009	2008*
	(unaudited)
REVENUES
Sempra Utilities		$ 1,424	$ 2,013	$ 4,382	$ 6,190
Sempra Global and parent		429	679	1,268	2,275
Total revenues		1,853	2,692	5,650	8,465

EXPENSES AND OTHER INCOME
Sempra Utilities:
Cost of natural gas		(208)	(689)	(997)	(2,708)
Cost of electric fuel and purchased power		(208)	(311)	(508)	(694)
Sempra Global and parent:
Cost of natural gas, electric fuel and purchased power		(220)	(431)	(675)	(1,353)
Other cost of sales		(19)	(15)	(52)	(168)
Operation and maintenance		(571)	(564)	(1,676)	(1,816)
Depreciation and amortization		(196)	(162)	(568)	(508)
Franchise fees and other taxes		(77)	(76)	(228)	(230)
Gains on sale of assets		-	-	3	114
Write-off of long-lived assets		-	-	(132)	-
Equity earnings (losses):
RBS Sempra Commodities LLP		105	(4)	384	142
Other		18	14	27	29
Other income (expense), net		24	(21)	97	30
Interest income		5	12	16	36
Interest expense		(96)	(67)	(257)	(165)
Income before income taxes and equity earnings of certain unconsolidated subsidiaries		410	378	1,084	1,174
Income tax expense		(128)	(94)	(327)	(423)
Equity earnings, net of income tax		20	18	59	57
Net income		302	302	816	808
(Earnings) losses attributable to noncontrolling interests		17	8	22	(7)
Preferred dividends of subsidiaries		(2)	(2)	(7)	(7)
Earnings		$ 317	$ 308	$ 831	$ 794

Basic earnings per common share		$ 1.30	$ 1.26	$ 3.42	$ 3.18
Weighted-average number of shares outstanding, basic (thousands)		243,925	243,793	242,806	249,311

Diluted earnings per common share		$ 1.27	$ 1.24	$ 3.37	$ 3.13
Weighted-average number of shares outstanding, diluted (thousands)		248,461	247,904	246,875	253,407
Dividends declared per share of common stock		$ 0.39	$ 0.35	$ 1.17	$ 1.02

* As adjusted for the retrospective adoption of ASC 810 (SFAS 160).


SEMPRA ENERGY
Table B

*CONDENSED CONSOLIDATED BALANCE SHEETS*

			September 30,	December 31,
(Dollars in millions)			2009	2008*
			(unaudited)
Assets
Current assets:
	Cash and cash equivalents		$ 756	$ 331
	Short-term investments		-	176
	Restricted cash		27	27
	Accounts receivable, net		744	981
	Due from unconsolidated affiliates		19	4
	Income taxes receivable		139	195
	Deferred income taxes		117	31
	Inventories		296	320
	Regulatory assets		48	121
	Fixed-price contracts and other derivatives		111	160
	Insurance receivable related to wildfire litigation		266	-
	Other		173	130
		Total current assets	2,696	2,476

Investments and other assets:
	Regulatory assets arising from fixed-price contracts and other derivatives		232	264
	Regulatory assets arising from pension and other postretirement benefit obligations		1,218	1,188
	Other regulatory assets		568	534
	Nuclear decommissioning trusts		664	577
	Investment in RBS Sempra Commodities LLP		2,094	2,082
	Other investments		2,019	1,166
	Goodwill and other intangible assets		527	539
	Sundry		605	709
		Total investments and other assets	7,927	7,059
Property, plant and equipment, net			17,772	16,865
Total assets			$ 28,395	$ 26,400

Liabilities and Equity
Current liabilities:
	Short-term debt		$ 851	$ 503
	Accounts payable		581	856
	Due to unconsolidated affiliates		16	38
	Dividends and interest payable		209	156
	Accrued compensation and benefits		221	280
	Regulatory balancing accounts, net		605	335
	Current portion of long-term debt		622	410
	Fixed-price contracts and other derivatives		99	180
	Customer deposits		145	170
	Reserve for wildfire litigation		289	-
	Other		672	684
		Total current liabilities	4,310	3,612
Long-term debt			6,845	6,544

Deferred credits and other liabilities:
	Due to unconsolidated affiliate		102	102
	Customer advances for construction		144	155
	Pension and other postretirement benefit obligations, net of plan assets		1,518	1,487
	Deferred income taxes		1,278	946
	Deferred investment tax credits		54	57
	Regulatory liabilities arising from removal obligations		2,546	2,430
	Asset retirement obligations		1,212	1,159
	Other regulatory liabilities		202	219
	Fixed-price contracts and other derivatives		348	392
	Deferred credits and other		774	909
		Total deferred credits and other liabilities	8,178	7,856
Preferred stock of subsidiary			79	79
Equity:
	Total Sempra Energy shareholders' equity		8,745	7,969
	Preferred stock of subsidiaries		100	100
	Other noncontrolling interests		138	240
		Total equity	8,983	8,309
Total liabilities and equity			$ 28,395	$ 26,400

* As adjusted for the retrospective adoption of ASC 810 (SFAS 160).


SEMPRA ENERGY
Table C

*CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS*
		Nine months ended
		September 30,
(Dollars in millions)		2009	2008*
		(unaudited)
Cash Flows from Operating Activities:
Net income		$ 816	$ 808
Adjustments to reconcile net income to net cash provided by operating activities:
	Depreciation and amortization	568	508
	Deferred income taxes and investment tax credits	181	165
	Equity earnings	(470)	(228)
	Gains on sale of assets	(3)	(114)
	Write-off of long-lived assets	132	-
	Fixed-price contacts and other derivatives	(27)	-
	Other	45	76
Net change in other working capital components		220	(408)
Distributions from RBS Sempra Commodities LLP		407	56
Changes in other assets		81	(3)
Changes in other liabilities		(66)	(55)
	Net cash provided by operating activities	1,884	805

Cash Flows from Investing Activities:
Expenditures for property, plant and equipment		(1,371)	(1,541)
Proceeds from sale of assets, net of cash sold		179	2,071
Expenditures for investments		(762)	(2,180)
Distributions from investments		16	23
Purchases of nuclear decommissioning and other trust assets		(167)	(361)
Proceeds from sales by nuclear decommissioning and other trusts		155	350
Decrease in notes receivable from unconsolidated affiliate		-	60
Other		(20)	(18)
	Net cash used in investing activities	(1,970)	(1,596)

Cash Flows from Financing Activities:
Common dividends paid		(255)	(252)
Preferred dividends paid by subsidiaries		(7)	(7)
Issuances of common stock		52	17
Repurchases of common stock		-	(1,002)
(Decrease) increase in short-term debt, net		(52)	985
Issuances of long-term debt		1,181	650
Payments on long-term debt		(325)	(75)
Purchase of noncontrolling interest		(94)	-
Other		11	5
	Net cash provided by financing activities	511	321

Increase (decrease) in cash and cash equivalents		425	(470)
Cash and cash equivalents, January 1		331	668
Cash and cash equivalents, September 30		$ 756	$ 198

* As adjusted for the retrospective adoption of ASC 810 (SFAS 160).


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)		2009	2008		2009		2008
Earnings (Losses)
	San Diego Gas & Electric	$ 108	$ 123		$ 277		$ 258
	Southern California Gas	74	77		198		190
	Sempra Commodities⁽¹⁾	75	(8)		274		181
	Sempra Generation	43	94		119		162
	Sempra Pipelines & Storage	54	34		64		84
	Sempra LNG	-	4		(19)		(33)
	Parent & Other	(37)	(16)		(82)		(48)
	Earnings	$ 317	$ 308		$ 831		$ 794

⁽¹⁾	Results for 2009 and the second and third quarters of 2008 include the company's portion of RBS Sempra Commodities' joint venture earnings and interest, income taxes, cost allocations and other items associated with the joint venture. Results for the first quarter of 2008 include 100% of the commodities-marketing businesses. Both 2009 and 2008 include the results of Sempra Rockies Marketing.

		Three months ended			Nine months ended
		September 30,			September 30,
(Dollars in millions)		2009	2008		2009		2008
Capital Expenditures and Investments⁽¹⁾
	San Diego Gas & Electric	$ 190	$ 277	⁽²⁾	$ 785	⁽²⁾	$ 942	⁽²⁾
	Southern California Gas	109	108		336		350
	Sempra Commodities	-	-		-		37
	Sempra Generation	194	2		207		15
	Sempra Pipelines & Storage	395	43		723		345
	Sempra LNG	88	61		230		310
	Parent & Other	2	165	⁽²⁾	4		426	⁽²⁾
	Eliminations⁽²⁾	-	(229)		(152)		(304)
	Consolidated Capital Expenditures and Investments	$ 978	$ 427		$ 2,133		$ 2,121

⁽¹⁾	Investments do not include the $1.6 billion contribution to RBS Sempra Commodities in the second quarter of 2008.

⁽²⁾	During the nine months ended September 30, 2008, SDG&E and Parent & Other purchased $304 and $413, respectively, of SDG&E's industrial development bonds, including purchases and sales between the entities. As their cash flow needs changed, SDG&E purchased $68 of the bonds from Parent & Other during the three months ended September 30, 2008 and Parent & Other purchased $161 of the bonds from SDG&E in the same period. In the second quarter of 2009, SDG&E purchased $152 of the bonds from Parent & Other to facilitate their remarketing.



SEMPRA ENERGY
Table E


*OTHER OPERATING STATISTICS (Unaudited)*



		Three months ended			Nine months ended
		September 30,			September 30,
*SEMPRA UTILITIES*		2009	2008		2009	2008

Revenues (Dollars in millions)
	SDG&E (excludes intercompany sales)	$ 771	$ 945		$ 2,130	$ 2,439
	SoCalGas (excludes intercompany sales)	$ 653	$ 1,068		$ 2,252	$ 3,751

Gas Sales (Bcf)		61	63		272	288
Transportation and Exchange (Bcf)		170	171		421	445
Total Deliveries (Bcf)		231	234		693	733

Total Gas Customers (Thousands)					6,599	6,565

Electric Sales (Millions of kWhs)		4,636	4,716		12,768	13,012
Direct Access (Millions of kWhs)		800	781		2,290	2,296
Total Deliveries (Millions of kWhs)		5,436	5,497		15,058	15,308

Total Electric Customers (Thousands)					1,377	1,370


*SEMPRA GENERATION*
Power Sold (Millions of kWhs)		5,317	5,707		16,526	16,825


*SEMPRA PIPELINES & STORAGE*
(Represents 100% of the distribution operations of these subsidiaries, although subsidiaries in Argentina, Chile and Peru are not 100% owned by Sempra Energy. These subsidiaries are not consolidated within Sempra Energy and the related investments are accounted for under the equity method).
Natural Gas Sales (Bcf)
	Argentina	101	102		249	254
	Mexico	5	4		14	14
	Mobile Gas	8	-	*	24	-	*
Natural Gas Customers (Thousands)
	Argentina				1,702	1,658
	Mexico				91	95
	Mobile Gas				92	-	*
Electric Sales (Millions of kWhs)
	Peru	1,378	1,347		4,151	4,063
	Chile	567	565		1,837	1,797
Electric Customers (Thousands)
	Peru				856	829
	Chile				574	559

* Mobile Gas was acquired in October 2008.


SEMPRA ENERGY
Table E (Continued)

*SEMPRA COMMODITIES*
The following information for the Sempra Commodities segment includes information related to RBS Sempra Commodities LLP. RBS Sempra Commodities LLP acquired the commodity-marketing businesses of Sempra Energy on April 1, 2008. For the three and nine months ended September 30, 2009, the Sempra Commodities segment is composed primarily of the company's equity interest in RBS Sempra Commodities LLP, but also includes the results of Sempra Rockies Marketing. The margin and financial data below represent the total results of RBS Sempra Commodities LLP as calculated under International Financial Reporting Standards (IFRS).

*RBS Sempra Commodities LLP*

*Operating Statistics*
(in millions of US dollars)
		Three		Three		Nine
		months ended		months ended		months ended
RBS Sempra Commodities LLP - Joint Venture level margin*		September 30, 2009		September 30, 2008		September 30, 2009

Geographical:
	North America	$ 100		$ (79)		$ 572
	Europe/Asia	112		139		317
	Total	$ 212		$ 60		$ 889

Product Line:
	Oil - Crude & Products	$ 24		$ 22		$ 217
	Power	8		(81)		195
	Natural Gas	103		57		248
	Metals	86		62		221
	Other	(9)		-		8
	Total	$ 212		$ 60		$ 889

*Financial Information*
(in millions of US dollars)

RBS Sempra Commodities LLP		Three months ended September 30, 2009		Three months ended September 30, 2008		Nine months ended September 30, 2009
		Joint Venture	Sempra	Joint Venture	Sempra	Joint Venture	Sempra
		Total	Share**	Total	Share**	Total	Share**
	Fee income and trading revenue, net of selling costs	$ 212		$ 60		$ 889
	Operating and other expenses	(129)		(93)		(510)
	Joint Venture distributable income	$ 83		$ (33)		$ 379


	Preferred return on capital	$ 85	$ 61	$ 131	$ 60	$ 246	$ 180
	1st allocation - 70% Sempra / 30% RBS***	(2)	(1)	(103)	(71)	133	96
	2nd allocation - 30% Sempra / 70% RBS	-	-	(61)	(18)	-	-
	Distributable income	$ 83	$ 60	$ (33)	$ (29)	$ 379	$ 276

*Sempra Commodities Earnings*
			Three		Three		Nine
			months ended		months ended		months ended
(in millions of US dollars)			September 30, 2009		September 30, 2008		September 30, 2009
	Sempra share of distributable income - IFRS basis		$ 60		$ (29)		$ 276
	U.S. GAAP conversion impact		45		25		108
	Sempra equity earnings before income taxes - U.S. GAAP basis		105		(4)		384
	Income tax expense		(30)		1		(106)
	Sempra equity earnings from RBS Sempra Commodities LLP		75		(3)		278
	Other segment activity		-		(5)		(4)
	Sempra Commodities earnings		$ 75		$ (8)		$ 274

*	Margin consists of operating revenues less cost of sales (primarily transportation and storage costs) reduced by certain transaction-related execution costs (primarily brokerage and other fees) and net interest income/expense.

**	After a 15% preferred return to Sempra and then a 15% return to RBS, Sempra receives 70% of the next $500 million and 30% of any remaining income on an annual basis.

***	Includes certain transition costs specifically allocated to Sempra and RBS.

Exhibit 99.2

Exhibit 99.2


SEMPRA ENERGY
Table F (Unaudited)

*Statement of Operations Data by Business Unit*

Three Months Ended September 30, 2009

(Dollars in millions)	SDG&E	SoCalGas	Commodities	Generation	Pipelines & Storage	LNG	Consolidating Adjustments, Parent & Other	Total

Revenues	$ 773	$ 662	$ 24	$ 250	$ 98	$ 68	$ (22)	$ 1,853

Cost of Sales and Other Expenses	(520)	(457)	(23)	(167)	(74)	(60)	(2)	(1,303)

Depreciation & Amortization	(81)	(73)	-	(14)	(13)	(10)	(5)	(196)

Equity Earnings (Losses) Recorded Before Income Tax	-	-	105	4	18	-	(4)	123

Other Income (Expense), Net	1	(1)	-	(1)	-	-	25	24

Income (Loss) Before Interest & Tax ⁽¹⁾	173	131	106	72	29	(2)	(8)	501

Net Interest (Expense) Income ⁽²⁾	(30)	(15)	(1)	1	(4)	(8)	(36)	(93)

Income Tax (Expense) Benefit	(53)	(42)	(30)	(30)	9	10	8	(128)

Equity Earnings Recorded Net of Income Tax	-	-	-	-	20	-	-	20

(Earnings) Losses Attributable to Noncontrolling Interests	18	-	-	-	-	-	(1)	17

Earnings (Losses)	$ 108	$ 74	$ 75	$ 43	$ 54	$ -	$ (37)	$ 317

Three Months Ended September 30, 2008

(Dollars in millions)	SDG&E	SoCalGas	Commodities	Generation	Pipelines & Storage	LNG	Consolidating Adjustments, Parent & Other	Total

Revenues	$ 949	$ 1,077	$ 13	$ 498	$ 127	$ 49	$ (21)	$ 2,692

Cost of Sales and Other Expenses	(689)	(879)	(15)	(349)	(112)	(31)	(11)	(2,086)

Depreciation & Amortization	(68)	(67)	-	(14)	(5)	(6)	(2)	(162)

Equity Earnings (Losses) Recorded Before Income Tax	-	-	(4)	8	10	-	(4)	10

Other Income (Expense), Net	3	(1)	-	(1)	(2)	(2)	(18)	(21)

Income (Loss) Before Interest & Tax ⁽¹⁾	195	130	(6)	142	18	10	(56)	433

Net Interest (Expense) Income ⁽²⁾	(25)	(12)	(3)	(2)	2	(3)	(14)	(57)

Income Tax (Expense) Benefit	(54)	(41)	1	(46)	(5)	(3)	54	(94)

Equity Earnings Recorded Net of Income Tax	-	-	-	-	18	-	-	18

Losses Attributable to Noncontrolling Interests	7	-	-	-	1	-	-	8

Earnings (Losses)	$ 123	$ 77	$ (8)	$ 94	$ 34	$ 4	$ (16)	$ 308

⁽¹⁾ Management believes "Income (Loss) before Interest & Tax" 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 tax, 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)

*Statement of Operations Data by Business Unit*

Nine Months Ended September 30, 2009

(Dollars in millions)	SDG&E	SoCalGas	Commodities	Generation	Pipelines & Storage		LNG	Consolidating Adjustments, Parent & Other	Total

Revenues	$ 2,136	$ 2,276	$ 50	$ 792	$ 328		$ 125	$ (57)	$ 5,650

Cost of Sales and Other Expenses	(1,437)	(1,698)	(49)	(551)	(378)	⁽¹⁾	(142)	(10)	(4,265)

Depreciation & Amortization	(239)	(220)	-	(43)	(32)		(23)	(11)	(568)

Equity Earnings (Losses) Recorded Before Income Tax	-	-	384	(2)	39		-	(10)	411

Other Income, Net	45	4	-	-	-		1	47	97

Income (Loss) Before Interest & Tax ⁽²⁾	505	362	385	196	(43)		(39)	(41)	1,325

Net Interest Expense ⁽³⁾	(78)	(49)	(7)	(1)	(10)		(12)	(91)	(248)

Income Tax (Expense) Benefit	(141)	(115)	(104)	(76)	26		32	51	(327)

Equity Earnings Recorded Net of Income Tax	-	-	-	-	59		-	-	59

(Earnings) Losses Attributable to Noncontrolling Interests	(9)	-	-	-	32		-	(1)	22

Earnings (Losses)	$ 277	$ 198	$ 274	$ 119	$ 64		$ (19)	$ (82)	$ 831

Nine Months Ended September 30, 2008

(Dollars in millions)	SDG&E	SoCalGas	Commodities	Generation	Pipelines & Storage		LNG	Consolidating Adjustments, Parent & Other	Total

Revenues	$ 2,449	$ 3,776	$ 486	$ 1,426	$ 338		$ 44	$ (54)	$ 8,465

Cost of Sales and Other Expenses	(1,796)	(3,225)	(410)	(1,131)	(314)		(75)	(18)	(6,969)

Depreciation & Amortization	(223)	(209)	(6)	(42)	(10)		(8)	(10)	(508)

Gains (Losses) on Sale of Assets	3	-	110	2	-		-	(1)	114

Equity Earnings (Losses) Recorded Before Income Tax	-	-	142	10	30		-	(11)	171

Other Income (Expense), Net	26	1	-	1	1		13	(12)	30

Income (Loss) Before Interest & Tax ⁽²⁾	459	343	322	266	45		(26)	(106)	1,303

Net Interest (Expense) Income ⁽³⁾	(72)	(36)	(12)	(6)	4		(5)	(9)	(136)

Income Tax (Expense) Benefit	(121)	(117)	(132)	(98)	(20)		(2)	67	(423)

Equity Earnings Recorded Net of Income Tax	-	-	3	-	54		-	-	57

Earnings (Losses) Attributable to Noncontrolling Interests	(8)	-	-	-	1		-	-	(7)

Earnings (Losses)	$ 258	$ 190	$ 181	$ 162	$ 84		$ (33)	$ (48)	$ 794

⁽¹⁾ Includes $132 million write-off of long-lived assets.

⁽²⁾ Management believes "Income (Loss) before Interest & Tax" 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 tax, neither of which is directly relevant to the efficiency of those operations.

⁽³⁾Net Interest (Expense) Income includes Interest Income, Interest Expense and Preferred Dividends of Subsidiaries.