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): | May 2, 2014 |
SAN DIEGO GAS & ELECTRIC COMPANY |
(Exact name of registrant as specified in its charter) |
CALIFORNIA |
| 1-03779 |
| 95-1184800 |
(State or other jurisdiction of incorporation) |
| (Commission |
| (IRS Employer |
8326 CENTURY PARK COURT, SAN DIEGO, CALIFORNIA |
| 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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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 May 2, 2014, Sempra Energy, of which San Diego Gas & Electric Company is a consolidated subsidiary, issued a press release announcing consolidated earnings of $247 million, or $0.99 per diluted share of common stock, for the first quarter of 2014. The press release has been posted on Sempra Energys 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 Segment for the three months ended March 31, 2014 and 2013. 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 Companys results of operations and financial condition.
Item 9.01 Financial Statements and Exhibits.
Exhibits
99.1
May 2, 2014 Sempra Energy News Release (including tables).
99.2
Sempra Energys Statement of Operations Data by Segment for the three months ended March 31, 2014 and 2013.
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 hereunto duly authorized.
SAN DIEGO GAS & ELECTRIC COMPANY
(Registrant)
Date: May 2, 2014 | By: /s/ Robert Schlax |
| Robert Schlax |
|
Exhibit 99.1
NEWS RELEASE
Media Contact: Doug Kline |
Sempra Energy |
(877) 340-8875 |
dkline@sempra.com |
www.sempra.com |
|
Financial Contact: Kendall Helm |
Sempra Energy |
(877) 736-7727 |
investor@sempra.com |
SEMPRA ENERGY REPORTS HIGHER
FIRST-QUARTER 2014 EARNINGS
· Company Reaffirms 2014 Earnings-per-Share Guidance of $4.25 to $4.55
· Cameron LNG Export Project Completes Federal Environmental Review
SAN DIEGO, May 2, 2014 Sempra Energy (NYSE: SRE) today reported first-quarter 2014 earnings of $247 million, or $0.99 per diluted share, compared with first-quarter 2013 earnings of $178 million, or $0.72 per diluted share.
Excluding a $9 million after-tax charge related to the closure of the San Onofre Nuclear Generating Station (SONGS), Sempra Energys adjusted earnings were $256 million, or $1.03 per diluted share, in the first quarter 2014.
We are seeing year-over-year earnings growth consistent with our expectations, said Debra L. Reed, chairman and CEO of Sempra Energy. We are on track to meet our 2014 earnings guidance. Our Cameron LNG liquefaction-export project continues to make strong progress toward the start of construction later this year and we have several large projects in Mexico and Peru coming online in the second half of 2014.
Earlier this week, Cameron LNG received notice that it had completed the environmental review process with the Federal Energy Regulatory Commission. Also, in March, Cameron LNG awarded a construction contract to a joint venture between CB&I and Chiyoda International Corp. Construction on the project is expected to begin later this year, with commercial operations slated to start in 2018.
CALIFORNIA UTILITIES
Southern California Gas Co.
Earnings for Southern California Gas Co. (SoCalGas) increased to $78 million in the first quarter 2014 from $46 million in last years first quarter, due primarily to higher California Public Utilities Commission (CPUC) base operating margin.
The CPUC General Rate Case decision was delayed until the second quarter last year, so neither SoCalGas nor San Diego Gas & Electric (SDG&E) recorded revenue from that decision in the first quarter 2013.
San Diego Gas & Electric
First-quarter earnings for SDG&E were $99 million in 2014, compared with $91 million in 2013, due to improved CPUC base operating margin and the delay in the General Rate Case decision, offset by the $9 million SONGS charge.
On March 27, SDG&E and Southern California Edison announced that they reached a settlement agreement with key parties on the closure of SONGS. If approved by the CPUC, the agreement resolves all outstanding cost issues related to the plant closure and allows for recovery of replacement power costs, operating and maintenance expenses, and the companies non-steam generator replacement investment.
SEMPRA INTERNATIONAL
Sempra South American Utilities
Sempra South American Utilities had earnings of $35 million in the first quarter 2014, compared with $37 million in the first quarter 2013.
Sempra Mexico
Sempra Mexicos earnings increased to $42 million in the first quarter 2014 from $31 million in last years first quarter, due primarily to regulatory earnings for pipeline projects under construction and lower income-tax expense.
On April 21, Sempra Energys Mexican subsidiary IEnova announced that it has finalized an agreement to sell InterGen 50 percent of the 155-megawatt Energía Sierra Juárez wind-generation project. The project, which has a 20-year power-purchase agreement with SDG&E, is expected to begin commercial operations in 2015.
SEMPRA U.S. GAS & POWER
Sempra Renewables
Sempra Renewables had first-quarter 2014 earnings of $28 million, compared with $4 million in the first quarter 2013, due primarily to the sale of a 50-percent equity interest in the Copper Mountain Solar 3 project.
Sempra Natural Gas
Earnings for Sempra Natural Gas were $9 million in the first quarter 2014, compared with $53 million in the first quarter 2013. In last years first quarter, Sempra Natural Gas recorded a $44 million gain related to the sale of half of the Mesquite Power natural gas-fired power plant.
NON-GAAP FINANCIAL MEASURES
Adjusted first-quarter 2014 earnings and earnings per share are non-GAAP financial measures. Additional information regarding these non-GAAP financial measures is in the appendix on Table A of the first-quarter financial tables.
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 website 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 passcode 2722529.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2013 revenues of more than $10.5 billion. The Sempra Energy companies 17,000 employees serve more than 31 million consumers worldwide.
###
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, plans, estimates, projects, forecasts, contemplates, intends, depends, should, could, would, will, may, potential, target, pursue, goals, outlook, maintain or similar expressions, or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives 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, national and international economic, competitive, political, legislative and regulatory conditions and developments; actions and the timing of actions, including issuances of permits to construct and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, Federal Energy Regulatory Commission, Nuclear Regulatory Commission, Atomic Safety and Licensing Board, California Energy Commission, California Air Resources Board, and other regulatory, governmental and environmental bodies in the United States and other countries in which we operate; capital markets conditions, including the availability of credit and the liquidity of our investments; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; inflation, interest and exchange rates; the impact of benchmark interest rates, generally Moodys A-rated utility bond yields, on our California utilities cost of capital; energy markets, including the timing and extent of changes and volatility in commodity prices; the availability of electric power, natural gas and liquefied natural gas, including disruptions caused by failures in the North American transmission grid, pipeline explosions and equipment failures and the decommissioning of San Onofre Nuclear Generating Station (SONGS); weather conditions, natural disasters, catastrophic accidents, and conservation efforts; risks inherent with nuclear power facilities and radioactive materials storage, including the catastrophic release of such materials, the disallowance of the recovery of the investment in, or operating costs of, the nuclear facility due to an extended outage and facility closure, and increased regulatory oversight; risks that partners or counterparties will be unable or unwilling to fulfill their contractual commitments; risks posed by decisions and actions of third parties who control the operations of investments in which we do not have a controlling interest; wars, terrorist attacks that threaten system operations and critical infrastructure, and cybersecurity threats to the energy grid and the confidentiality of proprietary information and the personal information of customers; business, regulatory, environmental and legal decisions and requirements; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Companys electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates of the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through San Diego Gas & Electric Companys electric transmission and distribution system; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements; 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 reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SECs website, www.sec.gov, and on the companys website at www.sempra.com.
Investors should not rely unduly on any forward-looking statement. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra International, LLC, and Sempra U.S. Gas & Power, LLC, are not the same companies as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra International, LLC, and Sempra U.S. Gas & Power, LLC, are not regulated by the California Public Utilities Commission. Sempra Internationals underlying entities include Sempra Mexico and Sempra South American Utilities. Sempra U.S. Gas & Powers underlying entities include Sempra Renewables and Sempra Natural Gas.
SEMPRA ENERGY |
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Table A |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
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| Three months ended March 31, |
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(Dollars in millions, except per share amounts) | 2014 |
| 2013 |
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REVENUES |
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Utilities | $ 2,485 |
| $ 2,334 |
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Energy-related businesses | 310 |
| 316 |
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Total revenues | 2,795 |
| 2,650 |
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EXPENSES AND OTHER INCOME |
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Utilities: |
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Cost of natural gas | (620) |
| (556) |
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Cost of electric fuel and purchased power | (510) |
| (447) |
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Energy-related businesses: |
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Cost of natural gas, electric fuel and purchased power | (138) |
| (111) |
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Other cost of sales | (38) |
| (48) |
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Operation and maintenance | (676) |
| (724) |
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Depreciation and amortization | (286) |
| (295) |
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Franchise fees and other taxes | (105) |
| (106) |
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Gain on sale of equity interest and assets | 27 |
| 74 |
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Adjustment to loss from plant closure | 13 |
| - |
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Equity earnings, before income tax | 17 |
| 10 |
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Other income, net | 40 |
| 37 |
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Interest income | 4 |
| 6 |
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Interest expense | (136) |
| (138) |
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Income before income taxes and equity earnings of certain unconsolidated subsidiaries | 387 |
| 352 |
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Income tax expense | (127) |
| (178) |
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Equity earnings, net of income tax | 6 |
| 4 |
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Net income | 266 |
| 178 |
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(Earnings) losses attributable to noncontrolling interests | (19) |
| 2 |
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Preferred dividends of subsidiaries | - |
| (2) |
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Earnings | $ 247 |
| $ 178 |
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Basic earnings per common share | $ 1.01 |
| $ 0.73 |
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Weighted-average number of shares outstanding, basic (thousands) | 245,277 |
| 243,294 |
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Diluted earnings per common share | $ 0.99 |
| $ 0.72 |
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Weighted-average number of shares outstanding, diluted (thousands) | 249,669 |
| 247,534 |
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Dividends declared per share of common stock | $ 0.66 |
| $ 0.63 |
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SEMPRA ENERGY | ||||||
Table A (Continued) | ||||||
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Sempra Energy Consolidated |
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RECONCILIATION OF SEMPRA ENERGY GAAP EARNINGS TO SEMPRA ENERGY ADJUSTED EARNINGS |
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EXCLUDING 2014 ADJUSTMENT TO LOSS FROM 2013 PLANT CLOSURE (Unaudited) |
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In the first quarter of 2014, Sempra Energy Adjusted Earnings and Adjusted Diluted Earnings Per Common Share exclude a $9 million charge ($0.04 per diluted share) to adjust the loss from plant closure (in addition to the amount recorded in the second quarter of 2013) associated with the investment in the San Onofre Nuclear Generating Station (SONGS) based upon a proposed settlement agreement filed with the California Public Utilities Commission (CPUC) in April 2014. These are non-GAAP financial measures (GAAP represents accounting principles generally accepted in the United States of America). Because of the significance and nature of the excluded charge, management believes that these non-GAAP financial measures provide a more meaningful comparison of the performance of Sempra Energy's business operations from 2014 to 2013 and to future periods, and also as a base for projection of future compounded annual growth rate. 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 Earnings and Diluted Earnings Per Common Share, which we consider to be the most directly comparable financial measures calculated in accordance with GAAP. | ||||||
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| Three months ended March 31, |
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(Dollars in millions, except per share amounts) | 2014 |
| 2013 |
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Sempra Energy GAAP Earnings | $ 247 |
| $ 178 |
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Add: 2014 adjustment to loss from 2013 plant closure | 9 |
| - |
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Sempra Energy Adjusted Earnings | $ 256 |
| $ 178 |
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Diluted earnings per common share: |
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Sempra Energy GAAP Earnings | $ 0.99 |
| $ 0.72 |
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Sempra Energy Adjusted Earnings | $ 1.03 |
| $ 0.72 |
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Weighted-average number of shares outstanding, diluted (thousands) | 249,669 |
| 247,534 |
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San Diego Gas & Electric Company (SDG&E) |
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RECONCILIATION OF SDG&E GAAP EARNINGS TO ADJUSTED EARNINGS |
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EXCLUDING 2014 ADJUSTMENT TO LOSS FROM 2013 PLANT CLOSURE (Unaudited) |
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SDG&E Adjusted Earnings excluding a $9 million charge in the first quarter of 2014 to adjust the loss from plant closure (in addition to the amount recorded in the second quarter of 2013) associated with SDG&Es investment in SONGS based upon a proposed settlement agreement filed with the CPUC in April 2014 is a non-GAAP financial measure. Because of the significance and nature of this item, management believes that this non-GAAP financial measure provides a more meaningful comparison of the performance of SDG&E's business operations from 2014 to 2013 and to 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 this non-GAAP financial measure to SDG&E Earnings, which we consider to be the most directly comparable financial measure calculated in accordance with GAAP. | ||||||
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| Three months ended March 31, |
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(Dollars in millions) | 2014 |
| 2013 |
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SDG&E GAAP Earnings | $ 99 |
| $ 91 |
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Add: 2014 adjustment to loss from 2013 plant closure | 9 |
| - |
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SDG&E Adjusted Earnings | $ 108 |
| $ 91 |
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SEMPRA ENERGY |
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Table B |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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| March 31, |
| December 31, |
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(Dollars in millions) | 2014 |
| 2013(1) |
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| (unaudited) |
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Assets |
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Current assets: |
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| Cash and cash equivalents | $ 844 |
| $ 904 |
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| Restricted cash | 26 |
| 24 |
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| Accounts receivable, net | 1,405 |
| 1,522 |
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| Due from unconsolidated affiliates | 2 |
| 4 |
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| Income taxes receivable | 88 |
| 85 |
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| Deferred income taxes | 375 |
| 301 |
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| Inventories | 197 |
| 287 |
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| Regulatory balancing accounts undercollected | 665 |
| 556 |
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| Other regulatory assets | 35 |
| 38 |
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| Fixed-price contracts and other derivatives | 114 |
| 106 |
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| Asset held for sale, power plant | 293 |
| - |
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| Other | 180 |
| 170 |
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| Total current assets | 4,224 |
| 3,997 |
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Investments and other assets: |
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| Restricted cash | 27 |
| 25 |
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| Due from unconsolidated affiliate | 31 |
| 14 |
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| Regulatory assets arising from pension and other postretirement benefit obligations | 454 |
| 435 |
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| Other regulatory assets | 2,039 |
| 2,113 |
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| Nuclear decommissioning trusts | 1,055 |
| 1,034 |
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| Investments | 1,634 |
| 1,575 |
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| Goodwill | 999 |
| 1,024 |
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| Other intangible assets | 423 |
| 426 |
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| Sundry | 1,146 |
| 1,141 |
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| Total investments and other assets | 7,808 |
| 7,787 |
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Property, plant and equipment, net | 25,452 |
| 25,460 |
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Total assets | $ 37,484 |
| $ 37,244 |
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Liabilities and Equity |
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Current liabilities: |
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| Short-term debt | $ 1,084 |
| $ 545 |
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| Accounts payable | 1,200 |
| 1,215 |
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| Dividends and interest payable | 322 |
| 271 |
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| Accrued compensation and benefits | 260 |
| 376 |
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| Regulatory balancing accounts overcollected | 88 |
| 91 |
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| Current portion of long-term debt | 97 |
| 1,147 |
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| Fixed-price contracts and other derivatives | 54 |
| 55 |
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| Customer deposits | 155 |
| 154 |
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| Other | 615 |
| 515 |
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| Total current liabilities | 3,875 |
| 4,369 |
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Long-term debt | 11,700 |
| 11,253 |
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Deferred credits and other liabilities: |
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| Customer advances for construction | 158 |
| 155 |
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| Pension and other postretirement benefit obligations, net of plan assets | 679 |
| 667 |
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| Deferred income taxes | 2,958 |
| 2,804 |
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| Deferred investment tax credits | 41 |
| 42 |
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| Regulatory liabilities arising from removal obligations | 2,624 |
| 2,623 |
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| Asset retirement obligations | 2,127 |
| 2,084 |
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| Fixed-price contracts and other derivatives | 238 |
| 228 |
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| Deferred credits and other | 1,195 |
| 1,169 |
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| Total deferred credits and other liabilities | 10,020 |
| 9,772 |
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Equity: |
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| Total Sempra Energy shareholders equity | 11,040 |
| 11,008 |
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| Preferred stock of subsidiary | 20 |
| 20 |
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| Other noncontrolling interests | 829 |
| 822 |
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| Total equity | 11,889 |
| 11,850 |
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Total liabilities and equity | $ 37,484 |
| $ 37,244 |
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(1) | Derived from audited financial statements. |
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SEMPRA ENERGY |
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Table C |
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
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| Three months ended March 31, |
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(Dollars in millions) |
| 2014 |
| 2013 |
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| (unaudited) |
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Cash Flows from Operating Activities |
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Net income | $ | 266 | $ | 178 |
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Adjustments to reconcile net income to net cash provided |
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by operating activities: |
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| Depreciation and amortization |
| 286 |
| 295 |
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| Deferred income taxes and investment tax credits |
| 95 |
| 252 |
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| Gain on sale of equity interest and assets |
| (27) |
| (74) |
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| Adjustment to loss from plant closure |
| (13) |
| ― |
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| Equity earnings |
| (23) |
| (14) |
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| Fixed-price contracts and other derivatives |
| (3) |
| 17 |
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| Other |
| (24) |
| 6 |
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Net change in other working capital components |
| 234 |
| 149 |
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Changes in other assets |
| 94 |
| 17 |
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Changes in other liabilities |
| 19 |
| 9 |
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| Net cash provided by operating activities |
| 904 |
| 835 |
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Cash Flows from Investing Activities |
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Expenditures for property, plant and equipment |
| (801) |
| (531) |
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Expenditures for investments |
| (12) |
| (5) |
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Proceeds from sale of equity interest and assets, net of cash sold |
| 66 |
| 371 |
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Distributions from investments |
| 3 |
| 15 |
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Purchases of nuclear decommissioning and other trust assets |
| (198) |
| (136) |
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Proceeds from sales by nuclear decommissioning and other trusts |
| 195 |
| 134 |
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Decrease in restricted cash |
| 23 |
| 52 |
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Increase in restricted cash |
| (27) |
| (60) |
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Advances to unconsolidated affiliates |
| (17) |
| ― |
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Other |
| (2) |
| (2) |
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| Net cash used in investing activities |
| (770) |
| (162) |
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Cash Flows from Financing Activities |
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Common dividends paid |
| (154) |
| (145) |
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Preferred dividends paid by subsidiaries |
| ― |
| (2) |
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Issuances of common stock |
| 11 |
| 15 |
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Repurchases of common stock |
| (37) |
| (45) |
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Issuances of debt (maturities greater than 90 days) |
| 1,188 |
| 608 |
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Payments on debt (maturities greater than 90 days) |
| (1,138) |
| (645) |
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Proceeds from sale of noncontrolling interests, net of $25 in offering costs |
| ― |
| 574 |
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Decrease in short-term debt, net |
| (69) |
| (43) |
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Other |
| 6 |
| 3 |
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| Net cash (used in) provided by financing activities |
| (193) |
| 320 |
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Effect of exchange rate changes on cash and cash equivalents |
| (1) |
| 3 |
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|
|
|
|
|
|
(Decrease) increase in cash and cash equivalents |
| (60) |
| 996 |
| |
Cash and cash equivalents, January 1 |
| 904 |
| 475 |
| |
Cash and cash equivalents, March 31 | $ | 844 | $ | 1,471 |
| |
|
|
|
|
|
|
|
SEMPRA ENERGY | ||||||||
Table D | ||||||||
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
SEGMENT EARNINGS AND CAPITAL EXPENDITURES & INVESTMENTS | ||||||||
|
|
|
|
|
|
|
| |
|
|
|
|
|
| |||
|
|
| Three months ended March 31, |
|
| |||
(Dollars in millions) | 2014 |
| 2013 |
|
| |||
|
|
| (unaudited) |
|
| |||
Earnings (Losses) |
|
|
|
|
| |||
California Utilities: |
|
|
|
|
| |||
San Diego Gas & Electric | $ 99 |
| $ 91 |
|
| |||
Southern California Gas | 78 |
| 46 |
|
| |||
Sempra International: |
|
|
|
|
| |||
Sempra South American Utilities | 35 |
| 37 |
|
| |||
Sempra Mexico | 42 |
| 31 |
|
| |||
Sempra U.S. Gas & Power: |
|
|
|
|
| |||
Sempra Renewables | 28 |
| 4 |
|
| |||
Sempra Natural Gas | 9 |
| 53 |
|
| |||
Parent and other | (44) |
| (84) |
|
| |||
Earnings | $ 247 |
| $ 178 |
|
| |||
|
|
|
|
|
|
|
| |
|
|
|
|
|
| |||
|
|
| Three months ended March 31, |
|
| |||
(Dollars in millions) | 2014 |
| 2013 |
|
| |||
|
|
| (unaudited) |
|
| |||
Capital Expenditures and Investments |
|
|
|
|
| |||
California Utilities: |
|
|
|
|
| |||
San Diego Gas & Electric | $ 294 |
| $ 237 |
|
| |||
Southern California Gas | 260 |
| 179 |
|
| |||
Sempra International: |
|
|
|
|
| |||
Sempra South American Utilities | 32 |
| 22 |
|
| |||
Sempra Mexico | 75 |
| 61 |
|
| |||
Sempra U.S. Gas & Power: |
|
|
|
|
| |||
Sempra Renewables | 111 |
| 11 |
|
| |||
Sempra Natural Gas | 40 |
| 26 |
|
| |||
Parent and other | 1 |
| - |
|
| |||
Consolidated Capital Expenditures and Investments | $ 813 |
| $ 536 |
|
| |||
|
|
|
|
|
|
|
|
SEMPRA ENERGY |
| |||||||
Table E |
| |||||||
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
OTHER OPERATING STATISTICS (Unaudited) |
| |||||||
|
|
|
|
|
| |||
|
|
| Three months ended March 31, |
| ||||
UTILITIES |
| 2014 |
| 2013 |
| |||
|
|
|
|
|
| |||
California Utilities - SDG&E and SoCalGas |
|
|
|
|
| |||
Gas Sales (bcf)(1) |
| 112 |
| 140 |
| |||
Transportation (bcf)(1) |
| 162 |
| 168 |
| |||
Total Deliveries (bcf)(1) |
| 274 |
| 308 |
| |||
Total Gas Customers (Thousands) |
| 6,714 |
| 6,685 |
| |||
|
|
|
|
|
|
|
| |
Electric Sales (Millions of kWhs)(1) |
| 3,897 |
| 4,024 |
| |||
Direct Access (Millions of kWhs) |
| 888 |
| 835 |
| |||
Total Deliveries (Millions of kWhs)(1) |
| 4,785 |
| 4,859 |
| |||
Total Electric Customers (Thousands) |
| 1,410 |
| 1,403 |
| |||
|
|
|
|
|
|
|
| |
Other Utilities |
|
|
|
|
| |||
Natural Gas Sales (bcf) |
|
|
|
|
| |||
| Mexico |
| 6 |
| 6 |
| ||
| Mobile Gas(2) |
| 11 |
| 11 |
| ||
| Willmut Gas |
| 1 |
| 1 |
| ||
Natural Gas Customers (Thousands) |
|
|
|
|
| |||
| Mexico |
| 101 |
| 94 |
| ||
| Mobile Gas |
| 88 |
| 89 |
| ||
| Willmut Gas |
| 20 |
| 20 |
| ||
Electric Sales (Millions of kWhs) |
|
|
|
|
| |||
| Peru |
| 1,851 |
| 1,746 |
| ||
| Chile |
| 788 |
| 761 |
| ||
Electric Customers (Thousands) |
|
|
|
|
| |||
| Peru |
| 1,005 |
| 968 |
| ||
| Chile |
| 644 |
| 628 |
| ||
|
|
|
|
|
|
|
| |
ENERGY-RELATED BUSINESSES |
|
|
|
|
| |||
|
|
|
|
|
|
|
| |
Sempra International |
|
|
|
|
| |||
Power Sold (Millions of kWhs) |
|
|
|
|
| |||
| Sempra Mexico |
| 1,102 |
| 1,099 |
| ||
|
|
|
|
|
|
|
| |
Sempra U.S. Gas & Power |
|
|
|
|
| |||
Power Sold (Millions of kWhs) |
|
|
|
|
| |||
| Sempra Renewables(3) |
| 638 |
| 698 |
| ||
| Sempra Natural Gas(4) |
| 1,252 |
| 1,132 |
| ||
|
|
|
|
|
|
|
| |
(1) | Includes intercompany sales. |
|
|
|
|
| ||
(2) | Includes transportation. |
| ||||||
(3) | Includes 50% of total power sold related to wind projects in which Sempra Energy has a 50% ownership. These subsidiaries are not consolidated within Sempra Energy and the related investments are accounted for under the equity method. |
| ||||||
(4) | Sempra Natural Gas sold one 625-megawatt (MW) block of its 1,250-MW Mesquite Power natural gas-fired power plant in February 2013. |
| ||||||
|
|
|
|
|
|
|
|
Exhibit 99.2
| SEMPRA ENERGY |
| ||||||||||||||||||
| Table F (Unaudited) |
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Statement of Operations Data by Segment |
| |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended March 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(Dollars in millions) |
| SDG&E |
| SoCalGas |
| Sempra South American Utilities |
| Sempra Mexico |
| Sempra Renewables |
| Sempra Natural Gas |
| Consolidating Adjustments, Parent & Other |
|
| Total |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Revenues |
| $ 987 |
| $ 1,085 |
| $ 378 |
| $ 201 |
| $ 6 |
| $ 260 |
| $ (122) |
|
| $ 2,795 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Cost of sales and other expenses |
| (649) |
| (851) |
| (301) |
| (135) |
| (12) |
| (243) |
| 104 |
|
| (2,087) |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Depreciation and amortization |
| (130) |
| (105) |
| (14) |
| (16) |
| (1) |
| (17) |
| (3) |
|
| (286) |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Gain on sale of equity interest |
| - |
| - |
| - |
| - |
| 27 |
| - |
| - |
|
| 27 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Adjustment to loss from plant closure |
| 13 | (1) | - |
| - |
| - |
| - |
| - |
| - |
|
| 13 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Equity earnings, before income tax |
| - |
| - |
| - |
| - |
| 2 |
| 15 |
| - |
|
| 17 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Other income, net |
| 13 |
| 4 |
| 1 |
| 10 |
| - |
| 1 |
| 11 |
|
| 40 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income (loss) before interest and tax (2) |
| 234 |
| 133 |
| 64 |
| 60 |
| 22 |
| 16 |
| (10) |
|
| 519 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net interest expense (3) |
| (50) |
| (17) |
| (5) |
| (4) |
| - |
| (1) |
| (55) |
|
| (132) |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income tax (expense) benefit |
| (83) |
| (38) |
| (15) |
| (12) |
| 6 |
| (6) |
| 21 |
|
| (127) |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Equity (losses) earnings, net of income tax |
| - |
| - |
| (2) |
| 8 |
| - |
| - |
| - |
|
| 6 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Earnings attributable to noncontrolling interests |
| (2) |
| - |
| (7) |
| (10) |
| - |
| - |
| - |
|
| (19) |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Earnings (losses) |
| $ 99 |
| $ 78 |
| $ 35 |
| $ 42 |
| $ 28 |
| $ 9 |
| $ (44) |
|
| $ 247 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(Dollars in millions) |
| SDG&E |
| SoCalGas |
| Sempra South American Utilities |
| Sempra Mexico |
| Sempra Renewables |
| Sempra Natural Gas |
| Consolidating Adjustments, Parent & Other |
|
| Total |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Revenues |
| $ 939 |
| $ 983 |
| $ 384 |
| $ 168 |
| $ 21 |
| $ 253 |
| $ (98) |
|
| $ 2,650 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Cost of sales and other expenses |
| (637) |
| (800) |
| (301) |
| (113) |
| (13) |
| (220) |
| 92 |
|
| (1,992) |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Depreciation and amortization |
| (134) |
| (100) |
| (15) |
| (16) |
| (8) |
| (20) |
| (2) |
|
| (295) |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Gain on sale of assets |
| - |
| - |
| - |
| - |
| - |
| 74 |
| - |
|
| 74 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Equity earnings, before income tax |
| - |
| - |
| - |
| - |
| 1 |
| 9 |
| - |
|
| 10 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Other income, net |
| 11 |
| 4 |
| 3 |
| 9 |
| - |
| 2 |
| 8 |
|
| 37 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income before interest and tax (2) |
| 179 |
| 87 |
| 71 |
| 48 |
| 1 |
| 98 |
| - |
|
| 484 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net interest expense (3) |
| (48) |
| (17) |
| (2) |
| (1) |
| (5) |
| (12) |
| (49) |
|
| (134) |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income tax (expense) benefit |
| (51) |
| (24) |
| (17) |
| (26) |
| 8 |
| (33) |
| (35) | (4) |
| (178) |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Equity (losses) earnings, net of income tax |
| - |
| - |
| (7) |
| 11 |
| - |
| - |
| - |
|
| 4 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Losses (earnings) attributable to noncontrolling interests |
| 11 |
| - |
| (8) |
| (1) |
| - |
| - |
| - |
|
| 2 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Earnings (losses) |
| $ 91 |
| $ 46 |
| $ 37 |
| $ 31 |
| $ 4 |
| $ 53 |
| $ (84) |
|
| $ 178 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(1) | After taxes, including a $17 million charge to reduce certain tax regulatory assets attributed to SONGS, the adjustment to loss from plant closure is a $9 million charge to earnings. |
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(2) | 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. |
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(3) | Net Interest Expense includes interest income, interest expense and preferred dividends of subsidiaries. |
|
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(4) | Includes $63 million income tax expense resulting from a corporate reorganization in connection with the IEnova stock offerings. |
|
|
|
|