NEWS RELEASE
Media Contact: | Doug Kline |
| Sempra Energy |
| (877) 340-8875 |
| www.sempra.com |
|
|
Financial Contact: | Glen Donovan |
| Sempra Energy |
| (877) 736-7727 |
| investor@sempra.com |
SEMPRA ENERGY REPORTS
THIRD-QUARTER 2010 EARNINGS
Non-Commodity Earnings Rise 10 Percent
SAN DIEGO, Nov. 9, 2010 – Sempra Energy (NYSE: SRE) today reported third-quarter 2010 earnings of $131 million, or $0.53 per diluted share, compared with earnings of $317 million, or $1.27 per diluted share, in the third quarter 2009.
Third-quarter 2010 results included a previously announced $139 million after-tax charge from the write-down of Sempra Energy’s investment in the RBS Sempra Commodities joint venture.
Excluding Sempra Commodities, which is being sold, Sempra Energy had earnings of $265 million in the third quarter 2010, up approximately 10 percent from earnings of $242 million in last year’s third quarter.
Sempra Energy’s earnings for the first nine months of 2010 were $459 million, or $1.84 per diluted share, compared with $831 million, or $3.37 per diluted share, in the same period last year.
“The solid results from our core businesses in the third quarter keep us on track to meet our 2010 earnings guidance,” said Donald E. Felsinger, chairman and chief executive officer of Sempra Energy. “Additionally, with our recent sale announcements, we essentially have exited the commodities trading business – a key goal this year.”
OPERATING HIGHLIGHTS
San Diego Gas & Electric
Third-quarter earnings for San Diego Gas & Electric (SDG&E) were $106 million in 2010, compared with $108 million in 2009.
For the first nine months, SDG&E’s earnings were $264 million in 2010, compared with $277 million in 2009.
Southern California Gas Co.
Earnings for Southern California Gas Co. (SoCalGas) in the third quarter 2010 were $78 million, compared with $74 million in last year’s third quarter.
For the nine-month period, SoCalGas’ earnings increased to $212 million in 2010 from $198 million in 2009.
Sempra Generation
In the third quarter 2010, Sempra Generation’s earnings rose to $56 million from $43 million in the third quarter 2009, due primarily to renewable energy tax credits from investment in Copper Mountain Solar, the company’s new solar energy project in Nevada.
For the first nine months of 2010, Sempra Generation’s earnings were $51 million, compared with $119 million in the same period last year. In the first quarter 2010, Sempra Generation took a charge of $84 million related to a proposed energy-crisis litigation settlement.
Last week, Sempra Generation announced it has become an equal partner with BP Wind Energy in the development of the Cedar Creek Wind Farm in Colorado, which is expected to be operational in mid-2011. The project’s entire 250-megawatt (MW) output already has been sold under a 25-year power-purchase agreement to Public Service Co. of Colorado.
On Oct. 12, Sempra Generation announced a 20-year power-purchase agreement with Pacific Gas & Electric to sell solar power produced at Sempra Generation’s 150-MW Mesquite Solar project under construction outside Phoenix. Sempra Generation controls sufficient land to develop an additional 450 MW of solar power at the site.
Sempra Pipelines & Storage
Third-quarter 2010 earnings for Sempra Pipelines & Storage were $43 million, compared with earnings of $54 million in last year’s third quarter. The reduction in quarterly earnings was due primarily to higher income tax in 2010 and a write-down of the company’s investment in Argentina, offset by a favorable legal settlement.
For the nine-month period, earnings for Sempra Pipelines & Storage increased to $120 million in 2010 from $64 million in 2009. 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.
During the third quarter, Sempra Pipelines & Storage commenced operations of the first of two storage caverns under development at its Mississippi Hub natural gas storage facility in Simpson County, Miss. Last month, Sempra Pipelines & Storage also announced it has commenced operations of Cavern 4 at Bay Gas Storage in Alabama. Through the two new caverns, Sempra Pipelines & Storage has added approximately 12 billion cubic feet of new natural gas storage capacity.
Sempra LNG
Sempra LNG earned $5 million in the third quarter 2010, compared with a break-even third quarter a year ago. The improvement was due to a full quarter of earnings contribution from Sempra LNG’s Louisiana receipt terminal, which started operations in late July 2009, as well as from a major supply contract activated in September 2009. The increased earnings in the most recent quarter were offset by the impact of lower natural gas prices, including a reduction in the carrying value of inventory, and higher taxes.
For the nine-month period, Sempra LNG had earnings of $50 million in 2010, compared with a loss of $19 million last year.
Sempra Commodities
Sempra Energy’s commodity operations recorded a loss of $134 million in the third quarter 2010, compared with earnings of $75 million in the third quarter 2009. Third-quarter 2010 results included the $139 million charge for the write-down of Sempra Energy’s investment in the RBS Sempra Commodities joint venture.
For the first nine months of 2010, Sempra Energy’s commodity operations had a loss of $139 million, compared with earnings of $274 million in the same period last year.
The equity earnings from the joint venture in both the quarter and nine-month periods were adversely impacted by the sale of the international commodity businesses, as well as reduced volatility in U.S. natural gas and power markets.
On Sept. 20 and Oct. 7, Sempra Energy and The Royal Bank of Scotland (RBS) announced two separate agreements to sell the principal North American assets of the RBS Sempra Commodities joint venture to Noble Group Ltd. and JP Morgan Ventures Energy. The transaction with Noble Group was completed last week and the transaction with JP Morgan is expected to close next month. In July, Sempra Energy and RBS completed the sale of the joint venture’s global metals and oil businesses, and European natural gas and power businesses to JP Morgan Chase & Co.
As previously reported, Sempra Energy expects its share of the proceeds from the sale of all of the joint venture’s businesses and related cash distributions to total $1.8 billion to $1.9 billion.
Earnings Outlook
Sempra Energy today reaffirmed its prior earnings-per-share guidance for 2010 of $3.15 to $3.40, excluding Sempra Commodities.
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 atwww.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 4415915.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2009 revenues of more than $8 billion. The Sempra Energy companies’ 13,800 employees serve about 25 million consumers worldwide.
Complete financial tables, including earnings information by business unit, are available on Sempra Energy’s Web site at http://www.sempra.com/downloads/3Q2010.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 and other countries where the company does business; 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 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 atwww.sempra.com.
Sempra Pipelines & Storage, Sempra Generation, Sempra LNG and RBS Sempra 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 Sempra Commodities dba Sempra Energy Solutions and Sempra Energy Trading are not regulated by the California Public Utilities Commission.
###
SEMPRA ENERGY | |||||||
Table A | |||||||
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
|
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|
|
| Three months ended |
| Nine months ended | ||||
| September 30, |
| September 30, | ||||
(Dollars in millions, except per share amounts) | 2010 |
| 2009 |
| 2010 |
| 2009 |
| (unaudited) | ||||||
REVENUES |
|
|
|
|
|
|
|
Sempra Utilities | $ 1,575 |
| $ 1,424 |
| $ 4,999 |
| $ 4,382 |
Sempra Global and parent | 541 |
| 429 |
| 1,659 |
| 1,268 |
Total revenues | 2,116 |
| 1,853 |
| 6,658 |
| 5,650 |
EXPENSES AND OTHER INCOME |
|
|
|
|
|
|
|
Sempra Utilities: |
|
|
|
|
|
|
|
Cost of natural gas | (285) |
| (208) |
| (1,402) |
| (997) |
Cost of electric fuel and purchased power | (203) |
| (208) |
| (480) |
| (508) |
Sempra Global and parent: |
|
|
|
|
|
|
|
Cost of natural gas, electric fuel and purchased power | (292) |
| (220) |
| (887) |
| (675) |
Other cost of sales | (23) |
| (19) |
| (68) |
| (52) |
Litigation expense | (17) |
| (3) |
| (184) |
| - |
Other operation and maintenance | (590) |
| (568) |
| (1,782) |
| (1,673) |
Depreciation and amortization | (218) |
| (196) |
| (643) |
| (568) |
Franchise fees and other taxes | (76) |
| (77) |
| (243) |
| (228) |
Write-off of long-lived assets | - |
| - |
| - |
| (132) |
Equity earnings (losses): |
|
|
|
|
|
|
|
RBS Sempra Commodities LLP | (281) |
| 105 |
| (290) |
| 384 |
Other | 8 |
| 18 |
| 24 |
| 27 |
Other income, net | 66 |
| 24 |
| 82 |
| 97 |
Interest income | 5 |
| 5 |
| 13 |
| 16 |
Interest expense | (111) |
| (96) |
| (323) |
| (257) |
Income before income taxes and equity earnings of certain unconsolidated subsidiaries | 99 |
| 410 |
| 475 |
| 1,084 |
Income tax benefit (expense) | 32 |
| (128) |
| (85) |
| (327) |
Equity earnings (losses), net of income tax | (4) |
| 20 |
| 42 |
| 59 |
Net income | 127 |
| 302 |
| 432 |
| 816 |
Losses attributable to noncontrolling interests | 6 |
| 17 |
| 34 |
| 22 |
Preferred dividends of subsidiaries | (2) |
| (2) |
| (7) |
| (7) |
Earnings | $ 131 |
| $ 317 |
| $ 459 |
| $ 831 |
|
|
|
|
|
|
|
|
Basic earnings per common share | $ 0.53 |
| $ 1.30 |
| $ 1.86 |
| $ 3.42 |
Weighted-average number of shares outstanding, basic (thousands) | 246,668 |
| 243,925 |
| 246,513 |
| 242,806 |
|
|
|
|
|
|
|
|
Diluted earnings per common share | $ 0.53 |
| $ 1.27 |
| $ 1.84 |
| $ 3.37 |
Weighted-average number of shares outstanding, diluted (thousands) | 249,811 |
| 248,461 |
| 249,773 |
| 246,875 |
Dividends declared per share of common stock | $ 0.39 |
| $ 0.39 |
| $ 1.17 |
| $ 1.17 |
SEMPRA ENERGY | ||||||
Table B | ||||||
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CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
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| September 30, |
| December 31, |
(Dollars in millions) | 2010 |
| 2009 | |||
|
|
|
| (unaudited) |
|
|
Assets |
|
|
| |||
Current assets: |
|
|
| |||
| Cash and cash equivalents | $ 547 |
| $ 110 | ||
| Restricted cash | 4 |
| 35 | ||
| Accounts receivable | 776 |
| 1,130 | ||
| Due from unconsolidated affiliates | 30 |
| 41 | ||
| Income taxes receivable | 312 |
| 221 | ||
| Deferred income taxes | - |
| 10 | ||
| Inventories | 296 |
| 197 | ||
| Regulatory assets | 97 |
| 54 | ||
| Fixed-price contracts and other derivatives | 84 |
| 77 | ||
| Insurance receivable related to wildfire litigation | 150 |
| 273 | ||
| Other | 199 |
| 147 | ||
|
|
| Total current assets | 2,495 |
| 2,295 |
|
|
|
|
|
|
|
Investments and other assets: |
|
|
| |||
| Restricted cash | 27 |
| - | ||
| Regulatory assets arising from fixed-price contracts and other derivatives | 241 |
| 241 | ||
| Regulatory assets arising from pension and other postretirement benefit obligations | 950 |
| 959 | ||
| Other regulatory assets | 973 |
| 603 | ||
| Nuclear decommissioning trusts | 737 |
| 678 | ||
| Investment in RBS Sempra Commodities LLP | 825 |
| 2,172 | ||
| Other investments | 2,317 |
| 2,151 | ||
| Goodwill and other intangible assets | 542 |
| 524 | ||
| Sundry | 621 |
| 608 | ||
|
|
| Total investments and other assets | 7,233 |
| 7,936 |
Property, plant and equipment, net | 19,221 |
| 18,281 | |||
Total assets | $ 28,949 |
| $ 28,512 | |||
|
|
|
|
|
|
|
Liabilities and Equity |
|
|
| |||
Current liabilities: |
|
|
| |||
| Short-term debt | $ 574 |
| $ 618 | ||
| Accounts payable | 702 |
| 693 | ||
| Due to unconsolidated affiliates | 12 |
| 29 | ||
| Deferred income taxes | 16 |
| - | ||
| Dividends and interest payable | 232 |
| 190 | ||
| Accrued compensation and benefits | 247 |
| 264 | ||
| Regulatory balancing accounts, net | 242 |
| 382 | ||
| Current portion of long-term debt | 313 |
| 573 | ||
| Fixed-price contracts and other derivatives | 107 |
| 95 | ||
| Customer deposits | 133 |
| 145 | ||
| Reserve for wildfire litigation | 344 |
| 270 | ||
| Other | 855 |
| 629 | ||
|
|
| Total current liabilities | 3,777 |
| 3,888 |
Long-term debt | 8,032 |
| 7,460 | |||
|
|
|
|
|
|
|
Deferred credits and other liabilities: |
|
|
| |||
| Due to unconsolidated affiliate | - |
| 2 | ||
| Customer advances for construction | 147 |
| 146 | ||
| Pension and other postretirement benefit obligations, net of plan assets | 1,225 |
| 1,252 | ||
| Deferred income taxes | 1,516 |
| 1,318 | ||
| Deferred investment tax credits | 52 |
| 54 | ||
| Regulatory liabilities arising from removal obligations | 2,635 |
| 2,557 | ||
| Asset retirement obligations | 1,327 |
| 1,277 | ||
| Other regulatory liabilities | 144 |
| 181 | ||
| Fixed-price contracts and other derivatives | 336 |
| 312 | ||
| Deferred credits and other | 672 |
| 735 | ||
|
|
| Total deferred credits and other liabilities | 8,054 |
| 7,834 |
Contingently redeemable preferred stock of subsidiary | 79 |
| 79 | |||
Equity: |
|
|
| |||
| Total Sempra Energy shareholders' equity | 8,802 |
| 9,007 | ||
| Preferred stock of subsidiaries | 100 |
| 100 | ||
| Other noncontrolling interests | 105 |
| 144 | ||
|
|
| Total equity | 9,007 |
| 9,251 |
Total liabilities and equity | $ 28,949 |
| $ 28,512 | |||
SEMPRA ENERGY | |||||
Table C | |||||
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CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS | |||||
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| Nine months ended September 30, | ||
(Dollars in millions) |
| 2010 |
| 2009 | |
|
|
| (unaudited) | ||
Cash Flows from Operating Activities: |
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| |
Net income |
| $ 432 |
| $ 816 | |
Adjustments to reconcile net income to net cash |
|
|
|
| |
provided by operating activities: |
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|
|
| |
| Depreciation and amortization |
| 643 |
| 568 |
| Deferred income taxes and investment tax credits |
| 133 |
| 181 |
| Equity losses (earnings) |
| 224 |
| (470) |
| Write-off of long-lived assets |
| - |
| 132 |
| Fixed-price contracts and other derivatives |
| 19 |
| (27) |
| Other |
| (24) |
| 42 |
Net change in other working capital components |
| (77) |
| 220 | |
Distributions from RBS Sempra Commodities LLP |
| 198 |
| 407 | |
Changes in other assets |
| 76 |
| 81 | |
Changes in other liabilities |
| (22) |
| (66) | |
| Net cash provided by operating activities |
| 1,602 |
| 1,884 |
|
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|
|
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Cash Flows from Investing Activities: |
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|
|
| |
Expenditures for property, plant and equipment |
| (1,354) |
| (1,371) | |
Proceeds from sale of assets |
| - |
| 179 | |
Expenditures for investments and acquisition of businesses, net of cash acquired |
| (385) |
| (762) | |
Distributions from RBS Sempra Commodities LLP |
| 849 |
| - | |
Distributions from other investments |
| 259 |
| 16 | |
Purchases of nuclear decommissioning and other trust assets |
| (261) |
| (167) | |
Proceeds from sales by nuclear decommissioning and other trusts |
| 261 |
| 155 | |
Other |
| (2) |
| (20) | |
| Net cash used in investing activities |
| (633) |
| (1,970) |
|
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|
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Cash Flows from Financing Activities: |
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|
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| |
Common dividends paid |
| (269) |
| (255) | |
Preferred dividends paid by subsidiaries |
| (7) |
| (7) | |
Issuances of common stock |
| 29 |
| 52 | |
Repurchases of common stock |
| (502) |
| - | |
Increase (decrease) in short-term debt, net |
| 184 |
| (52) | |
Issuances of debt (maturities greater than 90 days) |
| 771 |
| 1,181 | |
Payments on debt (maturities greater than 90 days) |
| (727) |
| (325) | |
Purchase of noncontrolling interest |
| - |
| (94) | |
Other |
| (11) |
| 11 | |
| Net cash (used in) provided by financing activities |
| (532) |
| 511 |
|
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|
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Increase in cash and cash equivalents |
| 437 |
| 425 | |
Cash and cash equivalents, January 1 |
| 110 |
| 331 | |
Cash and cash equivalents, September 30 |
| $ 547 |
| $ 756 | |
SEMPRA ENERGY | |||||||||
Table D | |||||||||
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BUSINESS UNIT EARNINGS AND CAPITAL EXPENDITURES & INVESTMENTS | |||||||||
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| Three months ended |
| Nine months ended | ||||
|
|
| September 30, |
| September 30, | ||||
(Dollars in millions) | 2010 |
| 2009 |
| 2010 |
| 2009 | ||
|
|
| (unaudited) | ||||||
Earnings (Losses) |
|
|
|
|
|
|
| ||
San Diego Gas & Electric | $ 106 |
| $ 108 |
| $ 264 |
| $ 277 | ||
Southern California Gas | 78 |
| 74 |
| 212 |
| 198 | ||
Sempra Generation | 56 |
| 43 |
| 51 |
| 119 | ||
Sempra Pipelines & Storage | 43 |
| 54 |
| 120 |
| 64 | ||
Sempra LNG | 5 |
| - |
| 50 |
| (19) | ||
Parent & Other | (23) |
| (37) |
| (99) |
| (82) | ||
Earnings before Sempra Commodities | 265 |
| 242 |
| 598 |
| 557 | ||
Sempra Commodities | (134) |
| 75 |
| (139) |
| 274 | ||
Earnings | $ 131 |
| $ 317 |
| $ 459 |
| $ 831 | ||
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|
|
| Three months ended |
| Nine months ended | ||||
|
|
| September 30, |
| September 30, | ||||
(Dollars in millions) | 2010 |
| 2009 |
| 2010 |
| 2009 | ||
|
|
| (unaudited) | ||||||
Capital Expenditures and Investments |
|
|
|
|
|
|
| ||
San Diego Gas & Electric | $ 300 |
| $ 190 |
| $ 822 |
| $ 785 | ||
Southern California Gas | 121 |
| 109 |
| 337 |
| 336 | ||
Sempra Generation | 27 |
| 194 |
| 32 |
| 207 | ||
Sempra Pipelines & Storage | 75 |
| 395 |
| 535 |
| 723 | ||
Sempra LNG | 5 |
| 88 |
| 9 |
| 230 | ||
Parent & Other | 2 |
| 2 |
| 4 |
| 4 | ||
Eliminations(1) | - |
| - |
| - |
| (152) | ||
Consolidated Capital Expenditures and Investments | $ 530 |
| $ 978 |
| $ 1,739 |
| $ 2,133 | ||
|
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(1) | In the second quarter of 2009, SDG&E purchased $152 of industrial development bonds from Parent and Other. | ||||||||
SEMPRA ENERGY |
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Table E |
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OTHER OPERATING STATISTICS (Unaudited) |
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|
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| Three months ended |
| Nine months ended | ||||
|
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| September 30, |
| September 30, | ||||
SEMPRA UTILITIES | 2010 |
| 2009 |
| 2010 |
| 2009 | ||
Revenues (Dollars in millions) |
|
|
|
|
|
|
| ||
| SDG&E (excludes intercompany sales) | $ 810 |
| $ 771 |
| $ 2,239 |
| $ 2,130 | |
| SoCalGas (excludes intercompany sales) | $ 765 |
| $ 653 |
| $ 2,760 |
| $ 2,252 | |
|
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|
Gas Sales (bcf) | 64 |
| 61 |
| 281 |
| 272 | ||
Transportation (bcf) | 144 |
| 170 |
| 374 |
| 421 | ||
Total Deliveries (bcf) | 208 |
| 231 |
| 655 |
| 693 | ||
Total Gas Customers (Thousands) |
|
|
|
| 6,629 |
| 6,599 | ||
|
|
|
|
|
|
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|
|
Electric Sales (Millions of kWhs) | 4,279 |
| 4,636 |
| 12,097 |
| 12,768 | ||
Direct Access (Millions of kWhs) | 881 |
| 800 |
| 2,365 |
| 2,290 | ||
Total Deliveries (Millions of kWhs) | 5,160 |
| 5,436 |
| 14,462 |
| 15,058 | ||
Total Electric Customers (Thousands) |
|
|
|
| 1,385 |
| 1,377 | ||
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SEMPRA GENERATION |
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|
|
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|
|
| ||
Power Sold (Millions of kWhs) | 5,350 |
| 5,317 |
| 15,272 |
| 16,526 | ||
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SEMPRA PIPELINES & STORAGE |
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|
| ||
(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 | 104 |
| 101 |
| 251 |
| 249 | |
| Mexico | 5 |
| 5 |
| 16 |
| 14 | |
| Mobile Gas | 9 |
| 8 |
| 27 |
| 24 | |
Natural Gas Customers (Thousands) |
|
|
|
|
|
|
| ||
| Argentina |
|
|
|
| 1,747 |
| 1,702 | |
| Mexico |
|
|
|
| 89 |
| 91 | |
| Mobile Gas |
|
|
|
| 90 |
| 92 | |
Electric Sales (Millions of kWhs) |
|
|
|
|
|
|
| ||
| Peru | 1,483 |
| 1,378 |
| 4,445 |
| 4,151 | |
| Chile | 566 |
| 567 |
| 1,736 |
| 1,837 | |
Electric Customers (Thousands) |
|
|
|
|
|
|
| ||
| Peru |
|
|
|
| 884 |
| 856 | |
| Chile |
|
|
|
| 589 |
| 574 | |