Sempra Energy Earnings Rise In Third Quarter
- Company Expects 2014 Results Near High End of Earnings-Per-Share Guidance Range of $4.25 to $4.55
- Cameron LNG Joint Venture Breaks Ground on Louisiana Liquefaction-Export Project
SAN DIEGO, Nov. 4, 2014 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today reported increased third-quarter 2014 earnings of $348 million, or $1.39 per diluted share, up from $296 million, or $1.19 per diluted share, in the third quarter 2013.
For the first nine months of 2014, Sempra Energy's earnings were $864 million, or $3.45 per diluted share, up from $719 million, or $2.89 per diluted share, in the first nine months of 2013. Nine-month 2013 results included retroactive impacts of $77 million for the 2012 operations of San Diego Gas & Electric (SDG&E) and Southern California Gas Co. (SoCalGas), based on the final California Public Utilities Commission (CPUC) General Rate Case decision issued in May 2013. Offsetting the retroactive earnings from the General Rate Case was a $119 million charge in the second quarter 2013 related to Southern California Edison's decision to permanently retire the San Onofre Nuclear Generating Station (SONGS).
"Based on solid financial results across all of our businesses in the third quarter and through the first nine months of the year, we are confident we will be near the high end of our 2014 earnings-per-share guidance range," said Debra L. Reed, chairman and CEO of Sempra Energy. "We continue to accomplish new milestones in our growth plan. Last month, the Cameron LNG joint venture broke ground on its liquefaction-export project, which should be operational in 2018. Our Mexican unit, IEnova, completed the first phase of the Sonora pipeline and is nearing completion of the first phase of the Los Ramones pipeline. In addition, we will be bidding later this year on several additional pipeline projects under Mexico's energy privatization plan."
CALIFORNIA UTILITIES
San Diego Gas & Electric
Earnings for SDG&E in the third quarter 2014 were $157 million, compared with $129 million in the third quarter of last year, due primarily to higher CPUC base operating margin and favorable resolution of prior-years' income tax items.
For the first nine months of 2014, SDG&E's earnings were $379 million, compared with $285 million in the first nine months of 2013. Excluding charges related to SONGS in both years and 2013 retroactive earnings from the General Rate Case related to 2012 operations, SDG&E's adjusted earnings for the first nine months of 2014 were $388 million, compared with adjusted earnings of $352 million in the first nine months of 2013.
Southern California Gas Co.
Third-quarter earnings for SoCalGas were $98 million in 2014, compared with $102 million in 2013.
For the nine-month period, SoCalGas' earnings were $256 million in 2014, compared with $266 million in 2013. Excluding retroactive earnings from the General Rate Case related to 2012 operations, SoCalGas' adjusted earnings in the first nine months of 2013 were $241 million.
SEMPRA INTERNATIONAL
Sempra South American Utilities
In the third quarter 2014, Sempra South American Utilities had earnings of $32 million, compared with $39 million in last year's third quarter, due primarily to higher taxes.
For the first nine months of 2014, earnings for Sempra South American Utilities were $109 million, compared with $110 million for the first nine months of 2013.
Sempra Mexico
Third-quarter earnings for Sempra Mexico were $63 million in 2014, compared with $39 million in 2013. The increase in quarterly earnings was due primarily to the gain on the sale of 50 percent of the first phase of the Energia Sierra Juarez wind-power project, as well as regulatory earnings from projects in construction.
For the first nine months of 2014, Sempra Mexico had earnings of $139 million compared with $96 million during the same period last year.
SEMPRA U.S. GAS & POWER
Sempra Renewables
Earnings for Sempra Renewables in the third quarter 2014 were $17 million compared with $37 million in the third quarter 2013, due primarily to $24 million in gains recorded in last year's third quarter associated with the contribution of assets to 50-50 solar joint ventures with Consolidated Edison Development.
During the first nine months of 2014, earnings for Sempra Renewables were $63 million, up from $56 million in the same period last year.
Last month, Sempra U.S. Gas & Power put into service Broken Bow II, a 75-megawatt wind farm in Nebraska. The power from the facility is being sold to the Nebraska Public Power District under a 25-year contract.
Sempra Natural Gas
Sempra Natural Gas had third-quarter earnings of $26 million in 2014, compared with losses of $7 million in 2013, due primarily to a Louisiana income-tax benefit.
For the first nine months of 2014, Sempra Natural Gas had earnings of $39 million, compared with $55 million in the first nine months of 2013. Earnings in the first nine months of 2013 included a $44 million gain on the sale of half the Mesquite Power plant.
EARNINGS GUIDANCE
Sempra Energy today said that, based on results to date and the outlook for the fourth quarter, the company expects to achieve earnings near the high end of its 2014 earnings-per-share guidance range of $4.25 to $4.55.
NON-GAAP FINANCIAL MEASURES
Non-GAAP financial measures include adjusted earnings for the nine-month periods in 2014 and 2013 for SDG&E and 2013 for SoCalGas. Additional information regarding these non-GAAP financial measures is in the appendix on Table A of the third-quarter financial tables.
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 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 9612952.
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," "confident," "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, U.S. Environmental Protection Agency, 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; delays in the timing of costs incurred and the timing of regulatory agency authorization to recover such costs in rates from customers; inflation, interest and exchange rates; the impact of benchmark interest rates, generally Moody's 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; cybersecurity threats to the energy grid and the confidentiality of our proprietary information and the personal information of our customers, terrorist attacks that threaten system operations and critical infrastructure, and wars; 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; 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 Company's 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 Company's 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, due to insufficient market interest, unattractive pricing or other factors; 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 SEC's website, www.sec.gov, and on the company's 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 International's underlying entities include Sempra Mexico and Sempra South American Utilities. Sempra U.S. Gas & Power's underlying entities include Sempra Renewables and Sempra Natural Gas.
| SEMPRA ENERGY |
|||||||
| Table A |
|||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||
| Three months ended |
Nine months ended |
||||||
| September 30, |
September 30, |
||||||
| (Dollars in millions, except per share amounts) |
2014 |
2013 |
2014 |
2013 |
|||
| (unaudited) |
|||||||
| REVENUES |
|||||||
| Utilities |
$ 2,463 |
$ 2,223 |
$ 7,318 |
$ 6,889 |
|||
| Energy-related businesses |
352 |
328 |
970 |
963 |
|||
| Total revenues |
2,815 |
2,551 |
8,288 |
7,852 |
|||
| EXPENSES AND OTHER INCOME |
|||||||
| Utilities: |
|||||||
| Cost of natural gas |
(293) |
(261) |
(1,308) |
(1,182) |
|||
| Cost of electric fuel and purchased power |
(680) |
(537) |
(1,761) |
(1,461) |
|||
| Energy-related businesses: |
|||||||
| Cost of natural gas, electric fuel and purchased power |
(163) |
(120) |
(427) |
(325) |
|||
| Other cost of sales |
(42) |
(47) |
(122) |
(144) |
|||
| Operation and maintenance |
(726) |
(698) |
(2,131) |
(2,162) |
|||
| Depreciation and amortization |
(292) |
(286) |
(866) |
(828) |
|||
| Franchise fees and other taxes |
(104) |
(96) |
(301) |
(283) |
|||
| Plant closure adjustment (loss) |
― |
― |
13 |
(200) |
|||
| Gain on sale of equity interests and assets |
19 |
39 |
48 |
113 |
|||
| Equity earnings, before income tax |
22 |
3 |
62 |
21 |
|||
| Other income, net |
29 |
16 |
118 |
79 |
|||
| Interest income |
6 |
5 |
15 |
15 |
|||
| Interest expense |
(144) |
(137) |
(418) |
(413) |
|||
| Income before income taxes and equity earnings |
|||||||
| of certain unconsolidated subsidiaries |
447 |
432 |
1,210 |
1,082 |
|||
| Income tax expense |
(71) |
(117) |
(291) |
(327) |
|||
| Equity earnings, net of income tax |
7 |
8 |
22 |
13 |
|||
| Net income |
383 |
323 |
941 |
768 |
|||
| Earnings attributable to noncontrolling interests |
(35) |
(22) |
(76) |
(41) |
|||
| Call premium on preferred stock of subsidiary |
― |
(3) |
― |
(3) |
|||
| Preferred dividends of subsidiaries |
― |
(2) |
(1) |
(5) |
|||
| Earnings |
$ 348 |
$ 296 |
$ 864 |
$ 719 |
|||
| Basic earnings per common share |
$ 1.41 |
$ 1.21 |
$ 3.52 |
$ 2.95 |
|||
| Weighted-average number of shares outstanding, basic (thousands) |
246,137 |
244,140 |
245,703 |
243,682 |
|||
| Diluted earnings per common share |
$ 1.39 |
$ 1.19 |
$ 3.45 |
$ 2.89 |
|||
| Weighted-average number of shares outstanding, diluted (thousands) |
250,771 |
249,259 |
250,278 |
248,723 |
|||
| Dividends declared per share of common stock |
$ 0.66 |
$ 0.63 |
$ 1.98 |
$ 1.89 |
|||
| SEMPRA ENERGY |
||||||||
| Table A (Continued) |
||||||||
| Sempra Energy Consolidated |
||||||||
| RECONCILIATION OF SEMPRA ENERGY GAAP EARNINGS TO SEMPRA ENERGY ADJUSTED EARNINGS EXCLUDING |
||||||||
| PLANT CLOSURE LOSS IN 2013 AND 2014 AND RETROACTIVE IMPACTS OF 2012 GENERAL RATE CASE (GRC) IN 2013 (Unaudited) |
||||||||
| Sempra Energy Adjusted Earnings and Adjusted Earnings Per Share exclude 1) in the nine months ended September 30, 2014, a $9 million charge to adjust the total loss from plant closure resulting from the early retirement of San Onofre Nuclear Generating Station (SONGS) (in addition to the amount recorded in the second quarter of 2013) based upon a proposed settlement agreement filed with the California Public Utilities Commission (CPUC) in April 2014; and 2) in the nine months ended September 30, 2013, a $119 million loss from plant closure and $77 million retroactive impact of the 2012 GRC for the full-year 2012. 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 these items, 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. |
||||||||
| Three months ended |
Nine months ended |
|||||||
| September 30, |
September 30, |
|||||||
| (Dollars in millions, except per share amounts) |
2014 |
2013 |
2014 |
2013 |
||||
| Sempra Energy GAAP Earnings |
$ 348 |
$ 296 |
$ 864 |
$ 719 |
||||
| Add: Plant closure loss |
― |
― |
9 |
119 |
||||
| Less: Retroactive impact of 2012 GRC for full-year 2012 |
― |
― |
― |
(77) |
||||
| Sempra Energy Adjusted Earnings |
$ 348 |
$ 296 |
$ 873 |
$ 761 |
||||
| Diluted earnings per common share: |
||||||||
| Sempra Energy GAAP Earnings |
$ 1.39 |
$ 1.19 |
$ 3.45 |
$ 2.89 |
||||
| Sempra Energy Adjusted Earnings |
$ 1.39 |
$ 1.19 |
$ 3.49 |
$ 3.06 |
||||
| Weighted-average number of shares outstanding, diluted (thousands) |
250,771 |
249,259 |
250,278 |
248,723 |
||||
| San Diego Gas & Electric Company (SDG&E) and Southern California Gas Company (SoCalGas) |
||||||||
| RECONCILIATION OF SDG&E AND SOCALGAS GAAP EARNINGS TO ADJUSTED EARNINGS EXCLUDING PLANT CLOSURE LOSS |
||||||||
| AT SDG&E IN 2013 AND 2014 AND RETROACTIVE IMPACTS OF 2012 GRC AT BOTH SDG&E AND SOCALGAS IN 2013 (Unaudited) |
||||||||
| SDG&E Adjusted Earnings exclude 1) in the nine months ended September 30, 2014, a $9 million charge to adjust the total loss from plant closure resulting from the early retirement of SONGS (in addition to the amount recorded in the second quarter of 2013) based upon a proposed settlement agreement filed with the CPUC in April 2014; and 2) in the nine months ended September 30, 2013, the $119 million loss from plant closure and $52 million retroactive impact of the 2012 GRC for the full-year 2012. These are non-GAAP financial measures. SoCalGas Adjusted Earnings for the nine months ended September 30, 2013 exclude a $25 million retroactive impact of the 2012 GRC for the full-year 2012, which is a non-GAAP financial measure. Because of the significance and nature of these items, management believes that these non-GAAP financial measures provide a more meaningful comparison of the performance of SDG&E's and SoCalGas' 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 these non-GAAP financial measures to SDG&E Earnings and SoCalGas Earnings, which we consider to be the most directly comparable financial measures calculated in accordance with GAAP. |
||||||||
| Three months ended |
Nine months ended |
|||||||
| September 30, |
September 30, |
|||||||
| (Dollars in millions) |
2014 |
2013 |
2014 |
2013 |
||||
| SDG&E GAAP Earnings |
$ 157 |
$ 129 |
$ 379 |
$ 285 |
||||
| Add: Plant closure loss |
― |
― |
9 |
119 |
||||
| Less: Retroactive impact of 2012 GRC for full-year 2012 |
― |
― |
― |
(52) |
||||
| SDG&E Adjusted Earnings |
$ 157 |
$ 129 |
$ 388 |
$ 352 |
||||
| SoCalGas GAAP Earnings |
$ 98 |
$ 102 |
$ 256 |
$ 266 |
||||
| Less: Retroactive impact of 2012 GRC for full-year 2012 |
― |
― |
― |
(25) |
||||
| SoCalGas Adjusted Earnings |
$ 98 |
$ 102 |
$ 256 |
$ 241 |
||||
| SEMPRA ENERGY |
||||||
| Table B |
||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||
| September 30, |
December 31, |
|||||
| (Dollars in millions) |
2014 |
2013(1) |
||||
| (unaudited) |
||||||
| Assets |
||||||
| Current assets: |
||||||
| Cash and cash equivalents |
$ 667 |
$ 904 |
||||
| Restricted cash |
22 |
24 |
||||
| Accounts receivable, net |
1,264 |
1,522 |
||||
| Due from unconsolidated affiliates |
3 |
4 |
||||
| Income taxes receivable |
91 |
85 |
||||
| Deferred income taxes |
452 |
301 |
||||
| Inventories |
472 |
287 |
||||
| Regulatory balancing accounts – undercollected |
821 |
556 |
||||
| Other regulatory assets |
59 |
38 |
||||
| Fixed-price contracts and other derivatives |
83 |
106 |
||||
| Asset held for sale, power plant |
293 |
― |
||||
| Other |
187 |
170 |
||||
| Total current assets |
4,414 |
3,997 |
||||
| Investments and other assets: |
||||||
| Restricted cash |
10 |
25 |
||||
| Due from unconsolidated affiliate |
133 |
14 |
||||
| Regulatory assets arising from pension and other postretirement benefit obligations |
435 |
435 |
||||
| Other regulatory assets |
2,048 |
2,113 |
||||
| Nuclear decommissioning trusts |
1,087 |
1,034 |
||||
| Investments |
1,797 |
1,575 |
||||
| Goodwill |
951 |
1,024 |
||||
| Other intangible assets |
418 |
426 |
||||
| Sundry |
1,280 |
1,141 |
||||
| Total investments and other assets |
8,159 |
7,787 |
||||
| Property, plant and equipment, net |
26,409 |
25,460 |
||||
| Total assets |
$ 38,982 |
$ 37,244 |
||||
| Liabilities and Equity |
||||||
| Current liabilities: |
||||||
| Short-term debt |
$ 1,309 |
$ 545 |
||||
| Accounts payable |
1,282 |
1,215 |
||||
| Dividends and interest payable |
327 |
271 |
||||
| Accrued compensation and benefits |
345 |
376 |
||||
| Regulatory balancing accounts – overcollected |
― |
91 |
||||
| Current portion of long-term debt |
188 |
1,147 |
||||
| Fixed-price contracts and other derivatives |
49 |
55 |
||||
| Customer deposits |
149 |
154 |
||||
| Other |
643 |
515 |
||||
| Total current liabilities |
4,292 |
4,369 |
||||
| Long-term debt |
12,437 |
11,253 |
||||
| Deferred credits and other liabilities: |
||||||
| Customer advances for construction |
144 |
155 |
||||
| Pension and other postretirement benefit obligations, net of plan assets |
659 |
667 |
||||
| Deferred income taxes |
3,113 |
2,804 |
||||
| Deferred investment tax credits |
38 |
42 |
||||
| Regulatory liabilities arising from removal obligations |
2,725 |
2,623 |
||||
| Asset retirement obligations |
2,043 |
2,084 |
||||
| Fixed-price contracts and other derivatives |
220 |
228 |
||||
| Deferred credits and other |
1,154 |
1,169 |
||||
| Total deferred credits and other liabilities |
10,096 |
9,772 |
||||
| Equity: |
||||||
| Total Sempra Energy shareholders' equity |
11,333 |
11,008 |
||||
| Preferred stock of subsidiary |
20 |
20 |
||||
| Other noncontrolling interests |
804 |
822 |
||||
| Total equity |
12,157 |
11,850 |
||||
| Total liabilities and equity |
$ 38,982 |
$ 37,244 |
||||
| (1) |
Derived from audited financial statements. |
|||||
| SEMPRA ENERGY |
|||||
| Table C |
|||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||
| Nine months ended |
|||||
| (Dollars in millions) |
2014 |
2013 |
|||
| (unaudited) |
|||||
| Cash Flows from Operating Activities |
|||||
| Net income |
$ |
941 |
$ |
768 |
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|||||
| Depreciation and amortization |
866 |
828 |
|||
| Deferred income taxes and investment tax credits |
131 |
327 |
|||
| Gain on sale of equity interests and assets |
(48) |
(113) |
|||
| Plant closure (adjustment) loss |
(13) |
200 |
|||
| Equity earnings |
(84) |
(34) |
|||
| Fixed-price contracts and other derivatives |
(19) |
(25) |
|||
| Other |
32 |
23 |
|||
| Net change in other working capital components |
(215) |
(454) |
|||
| Changes in other assets |
28 |
(203) |
|||
| Changes in other liabilities |
42 |
13 |
|||
| Net cash provided by operating activities |
1,661 |
1,330 |
|||
| Cash Flows from Investing Activities |
|||||
| Expenditures for property, plant and equipment |
(2,320) |
(1,785) |
|||
| Expenditures for investments and acquisition of businesses, net of cash acquired |
(192) |
(21) |
|||
| Proceeds from sale of equity interests and assets, net of cash sold |
92 |
566 |
|||
| Proceeds from U.S. Treasury grants |
― |
238 |
|||
| Distributions from investments |
15 |
141 |
|||
| Purchases of nuclear decommissioning and other trust assets |
(505) |
(514) |
|||
| Proceeds from sales by nuclear decommissioning and other trusts |
498 |
510 |
|||
| Decrease in restricted cash |
156 |
285 |
|||
| Increase in restricted cash |
(139) |
(311) |
|||
| Advances to unconsolidated affiliates |
(81) |
― |
|||
| Other |
10 |
(10) |
|||
| Net cash used in investing activities |
(2,466) |
(901) |
|||
| Cash Flows from Financing Activities |
|||||
| Common dividends paid |
(450) |
(452) |
|||
| Preferred dividends paid by subsidiaries |
(1) |
(5) |
|||
| Issuances of common stock |
43 |
57 |
|||
| Repurchases of common stock |
(38) |
(45) |
|||
| Issuances of debt (maturities greater than 90 days) |
3,063 |
1,404 |
|||
| Payments on debt (maturities greater than 90 days) |
(1,845) |
(1,444) |
|||
| Proceeds from sale of noncontrolling interests, net of $25 in offering costs |
― |
574 |
|||
| (Decrease) increase in short-term debt, net |
(111) |
81 |
|||
| Net distributions to noncontrolling interests |
(84) |
(28) |
|||
| Other |
(5) |
15 |
|||
| Net cash provided by financing activities |
572 |
157 |
|||
| Effect of exchange rate changes on cash and cash equivalents |
(4) |
― |
|||
| (Decrease) increase in cash and cash equivalents |
(237) |
586 |
|||
| Cash and cash equivalents, January 1 |
904 |
475 |
|||
| Cash and cash equivalents, September 30 |
$ |
667 |
$ |
1,061 |
|
| SEMPRA ENERGY |
|||||||||
| Table D |
|||||||||
| SEGMENT EARNINGS AND CAPITAL EXPENDITURES & INVESTMENTS |
|||||||||
| Three months ended |
Nine months ended |
||||||||
| September 30, |
September 30, |
||||||||
| (Dollars in millions) |
2014 |
2013 |
2014 |
2013 |
|||||
| (unaudited) |
|||||||||
| Earnings (Losses) |
|||||||||
| California Utilities: |
|||||||||
| San Diego Gas & Electric |
$ 157 |
$ 129 |
$ 379 |
$ 285 |
|||||
| Southern California Gas |
98 |
102 |
256 |
266 |
|||||
| Sempra International: |
|||||||||
| Sempra South American Utilities |
32 |
39 |
109 |
110 |
|||||
| Sempra Mexico |
63 |
39 |
139 |
96 |
|||||
| Sempra U.S. Gas & Power: |
|||||||||
| Sempra Renewables |
17 |
37 |
63 |
56 |
|||||
| Sempra Natural Gas |
26 |
(7) |
39 |
55 |
|||||
| Parent and other |
(45) |
(43) |
(121) |
(149) |
|||||
| Earnings |
$ 348 |
$ 296 |
$ 864 |
$ 719 |
|||||
| Three months ended |
Nine months ended |
||||||||
| September 30, |
September 30, |
||||||||
| (Dollars in millions) |
2014 |
2013 |
2014 |
2013 |
|||||
| (unaudited) |
|||||||||
| Capital Expenditures and Investments |
|||||||||
| California Utilities: |
|||||||||
| San Diego Gas & Electric |
$ 247 |
$ 233 |
$ 790 |
$ 679 |
|||||
| Southern California Gas |
264 |
181 |
764 |
521 |
|||||
| Sempra International: |
|||||||||
| Sempra South American Utilities |
36 |
54 |
126 |
120 |
|||||
| Sempra Mexico |
73 |
119 |
262 |
280 |
|||||
| Sempra U.S. Gas & Power: |
|||||||||
| Sempra Renewables |
83 |
69 |
359 |
135 |
|||||
| Sempra Natural Gas |
125 |
14 |
192 |
69 |
|||||
| Parent and other |
11 |
1 |
19 |
2 |
|||||
| Consolidated Capital Expenditures and Investments |
$ 839 |
$ 671 |
$ 2,512 |
$ 1,806 |
|||||
| SEMPRA ENERGY |
|||||||||||
| Table E |
|||||||||||
| OTHER OPERATING STATISTICS (Unaudited) |
|||||||||||
| Three months ended |
Nine months ended September 30, |
||||||||||
| UTILITIES |
2014 |
2013 |
2014 |
2013 |
|||||||
| California Utilities - SDG&E and SoCalGas |
|||||||||||
| Gas Sales (Bcf)(1) |
59 |
62 |
239 |
276 |
|||||||
| Transportation (Bcf)(1) |
192 |
197 |
512 |
527 |
|||||||
| Total Deliveries (Bcf)(1) |
251 |
259 |
751 |
803 |
|||||||
| Total Gas Customers (Thousands) |
6,727 |
6,699 |
|||||||||
| Electric Sales (Millions of kWhs)(1) |
4,644 |
4,489 |
12,368 |
12,305 |
|||||||
| Direct Access (Millions of kWhs) |
1,057 |
1,087 |
2,761 |
2,681 |
|||||||
| Total Deliveries (Millions of kWhs)(1) |
5,701 |
5,576 |
15,129 |
14,986 |
|||||||
| Total Electric Customers (Thousands) |
1,415 |
1,407 |
|||||||||
| Other Utilities |
|||||||||||
| Natural Gas Sales (Bcf) |
|||||||||||
| Mexico |
7 |
6 |
18 |
18 |
|||||||
| Mobile Gas(2) |
9 |
8 |
29 |
29 |
|||||||
| Willmut Gas |
― |
― |
2 |
2 |
|||||||
| Natural Gas Customers (Thousands) |
|||||||||||
| Mexico |
104 |
97 |
|||||||||
| Mobile Gas |
86 |
87 |
|||||||||
| Willmut Gas |
19 |
19 |
|||||||||
| Electric Sales (Millions of kWhs) |
|||||||||||
| Peru |
1,790 |
1,733 |
5,458 |
5,221 |
|||||||
| Chile |
696 |
677 |
2,192 |
2,127 |
|||||||
| Electric Customers (Thousands) |
|||||||||||
| Peru |
1,021 |
986 |
|||||||||
| Chile |
654 |
636 |
|||||||||
| ENERGY-RELATED BUSINESSES |
|||||||||||
| Sempra International |
|||||||||||
| Power Sold (Millions of kWhs) |
|||||||||||
| Sempra Mexico |
1,149 |
1,067 |
3,081 |
2,902 |
|||||||
| Sempra U.S. Gas & Power |
|||||||||||
| Power Sold (Millions of kWhs) |
|||||||||||
| Sempra Renewables(3) |
540 |
461 |
1,819 |
1,842 |
|||||||
| Sempra Natural Gas(4) |
1,435 |
1,140 |
3,870 |
3,067 |
|||||||
| (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. |
|||||||||||
| SEMPRA ENERGY |
||||||||||||||||||
| Table F (Unaudited) |
||||||||||||||||||
| Statement of Operations Data by Segment |
||||||||||||||||||
| Three Months Ended September 30, 2014 |
||||||||||||||||||
| (Dollars in millions) |
SDG&E |
SoCalGas |
Sempra South American Utilities |
Sempra Mexico |
Sempra Renewables |
Sempra Natural Gas |
Consolidating Adjustments, Parent & Other |
Total |
||||||||||
| Revenues |
$ 1,233 |
$ 855 |
$ 379 |
$ 234 |
$ 10 |
$ 252 |
$ (148) |
$ 2,815 |
||||||||||
| Cost of sales and other expenses |
(823) |
(593) |
(305) |
(156) |
(13) |
(255) |
137 |
(2,008) |
||||||||||
| Depreciation and amortization |
(134) |
(109) |
(14) |
(16) |
(1) |
(17) |
(1) |
(292) |
||||||||||
| Gain on sale of equity interest |
- |
- |
- |
19 |
- |
- |
- |
19 |
||||||||||
| Equity earnings, before income tax |
- |
- |
- |
- |
7 |
15 |
- |
22 |
||||||||||
| Other income (expense), net |
9 |
6 |
10 |
5 |
- |
1 |
(2) |
29 |
||||||||||
| Income (loss) before interest and tax (1) |
285 |
159 |
70 |
86 |
3 |
(4) |
(14) |
585 |
||||||||||
| Net interest expense (2) |
(51) |
(17) |
(3) |
(4) |
(2) |
(1) |
(60) |
(138) |
||||||||||
| Income tax (expense) benefit |
(65) |
(44) |
(26) |
(13) |
16 |
31 |
30 |
(71) |
||||||||||
| Equity (losses) earnings, net of income tax |
- |
- |
(2) |
9 |
- |
- |
- |
7 |
||||||||||
| Earnings attributable to noncontrolling interests |
(12) |
- |
(7) |
(15) |
- |
- |
(1) |
(35) |
||||||||||
| Earnings (losses) |
$ 157 |
$ 98 |
$ 32 |
$ 63 |
$ 17 |
$ 26 |
$ (45) |
$ 348 |
||||||||||
| Three Months Ended September 30, 2013 |
||||||||||||||||||
| (Dollars in millions) |
SDG&E |
SoCalGas |
Sempra South American Utilities |
Sempra Mexico |
Sempra Renewables |
Sempra Natural Gas |
Consolidating Adjustments, Parent & Other |
Total |
||||||||||
| Revenues |
$ 1,063 |
$ 807 |
$ 364 |
$ 188 |
$ 25 |
$ 212 |
$ (108) |
$ 2,551 |
||||||||||
| Cost of sales and other expenses |
(674) |
(552) |
(286) |
(117) |
(10) |
(211) |
91 |
(1,759) |
||||||||||
| Depreciation and amortization |
(126) |
(100) |
(14) |
(16) |
(5) |
(20) |
(5) |
(286) |
||||||||||
| Gain (loss) on sale of equity interests and assets |
- |
- |
- |
- |
40 |
- |
(1) |
39 |
||||||||||
| Equity (losses) earnings, before income tax |
- |
- |
- |
- |
(10) |
13 |
- |
3 |
||||||||||
| Other income (expense), net |
10 |
2 |
3 |
1 |
4 |
3 |
(7) |
16 |
||||||||||
| Income (loss) before interest and tax (1) |
273 |
157 |
67 |
56 |
44 |
(3) |
(30) |
564 |
||||||||||
| Net interest (expense) income (2) |
(55) |
(17) |
(5) |
- |
2 |
(8) |
(54) |
(137) |
||||||||||
| Income tax (expense) benefit |
(84) |
(38) |
(16) |
(16) |
(9) |
4 |
42 |
(117) |
||||||||||
| Equity earnings, net of income tax |
- |
- |
- |
8 |
- |
- |
- |
8 |
||||||||||
| Earnings attributable to noncontrolling interests |
(5) |
- |
(7) |
(9) |
- |
- |
(1) |
(22) |
||||||||||
| Earnings (losses) |
$ 129 |
$ 102 |
$ 39 |
$ 39 |
$ 37 |
$ (7) |
$ (43) |
$ 296 |
||||||||||
| (1) |
Management believes Income (Loss) Before Interest and Tax is a useful measurement of our segments' performance because it can be used to evaluate the effectiveness of our operations exclusive of interest and income tax, neither of which is directly relevant to the efficiency of those operations. |
|||||||||||||||||
| (2) |
Includes interest income and interest expense. In 2013, also includes call premium on preferred stock of subsidiary and preferred dividends of subsidiaries. |
|||||||||||||||||
| SEMPRA ENERGY |
||||||||||||||||||
| Table F (Unaudited) |
||||||||||||||||||
| Statement of Operations Data by Segment |
||||||||||||||||||
| Nine Months Ended September 30, 2014 |
||||||||||||||||||
| (Dollars in millions) |
SDG&E |
SoCalGas |
Sempra South American Utilities |
Sempra Mexico |
Sempra Renewables |
Sempra Natural Gas |
Consolidating Adjustments, Parent & Other |
Total |
||||||||||
| Revenues |
$ 3,283 |
$ 2,857 |
$ 1,147 |
$ 621 |
$ 25 |
$ 748 |
$ (393) |
$ 8,288 |
||||||||||
| Cost of sales and other expenses |
(2,162) |
(2,132) |
(916) |
(425) |
(36) |
(723) |
344 |
(6,050) |
||||||||||
| Depreciation and amortization |
(395) |
(321) |
(41) |
(47) |
(4) |
(50) |
(8) |
(866) |
||||||||||
| Plant closure adjustment |
13 |
(1) |
- |
- |
- |
- |
- |
- |
13 |
|||||||||
| Gain on sale of equity interests and assets |
- |
- |
2 |
19 |
27 |
- |
- |
48 |
||||||||||
| Equity earnings, before income tax |
- |
- |
- |
- |
18 |
44 |
- |
62 |
||||||||||
| Other income, net |
29 |
13 |
15 |
27 |
1 |
2 |
31 |
118 |
||||||||||
| Income (loss) before interest and tax (2) |
768 |
417 |
207 |
195 |
31 |
21 |
(26) |
1,613 |
||||||||||
| Net interest expense (3) |
(152) |
(51) |
(14) |
(11) |
(3) |
(3) |
(170) |
(404) |
||||||||||
| Income tax (expense) benefit |
(217) |
(110) |
(59) |
(37) |
35 |
22 |
75 |
(291) |
||||||||||
| Equity (losses) earnings, net of income tax |
- |
- |
(4) |
26 |
- |
- |
- |
22 |
||||||||||
| Earnings attributable to noncontrolling interests |
(20) |
- |
(21) |
(34) |
- |
(1) |
- |
(76) |
||||||||||
| Earnings (losses) |
$ 379 |
$ 256 |
$ 109 |
$ 139 |
$ 63 |
$ 39 |
$ (121) |
$ 864 |
||||||||||
| Nine Months Ended September 30, 2013 |
||||||||||||||||||
| (Dollars in millions) |
SDG&E |
SoCalGas |
Sempra South American Utilities |
Sempra Mexico |
Sempra Renewables |
Sempra Natural Gas |
Consolidating Adjustments, Parent & Other |
Total |
||||||||||
| Revenues |
$ 3,066 |
$ 2,694 |
$ 1,119 |
$ 519 |
$ 76 |
$ 683 |
$ (305) |
$ 7,852 |
||||||||||
| Cost of sales and other expenses |
(1,943) |
(1,997) |
(877) |
(342) |
(37) |
(623) |
262 |
(5,557) |
||||||||||
| Depreciation and amortization |
(367) |
(280) |
(44) |
(47) |
(20) |
(60) |
(10) |
(828) |
||||||||||
| Plant closure loss |
(200) |
- |
- |
- |
- |
- |
- |
(200) |
||||||||||
| Gain (loss) on sale of equity interests and assets |
- |
- |
- |
- |
40 |
74 |
(1) |
113 |
||||||||||
| Equity (losses) earnings, before income tax |
- |
- |
- |
- |
(12) |
33 |
- |
21 |
||||||||||
| Other income, net |
30 |
9 |
6 |
5 |
9 |
7 |
13 |
79 |
||||||||||
| Income (loss) before interest and tax (2) |
586 |
426 |
204 |
135 |
56 |
114 |
(41) |
1,480 |
||||||||||
| Net interest expense (3) |
(153) |
(53) |
(9) |
(4) |
(8) |
(23) |
(156) |
(406) |
||||||||||
| Income tax (expense) benefit |
(147) |
(107) |
(50) |
(44) |
8 |
(35) |
48 |
(327) |
||||||||||
| Equity (losses) earnings, net of income tax |
- |
- |
(14) |
27 |
- |
- |
- |
13 |
||||||||||
| Earnings attributable to noncontrolling interests |
(1) |
- |
(21) |
(18) |
- |
(1) |
- |
(41) |
||||||||||
| Earnings (losses) |
$ 285 |
$ 266 |
$ 110 |
$ 96 |
$ 56 |
$ 55 |
$ (149) |
$ 719 |
||||||||||
| (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) |
Includes interest income, interest expense and preferred dividends of subsidiaries. In 2013, also includes call premium on preferred stock of subsidiary. |
|||||||||||||||||
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SOURCE Sempra Energy
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