Exhibit 99.1
NEWS RELEASE
Media Contact: | Doug Kline |
Sempra Energy | |
(877) 340-8875 | |
www.sempra.com | |
| |
Financial Contact: | Victor Vilaplana |
Sempra Energy | |
(877) 736-7727 | |
investor@sempra.com |
SEMPRA ENERGY REPORTS HIGHER |
SECOND-QUARTER 2013 EARNINGS |
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· California Utilities Receive Final Rate Case Decision |
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· $119 Million Charge Recorded on Previously Announced Closure of SONGS |
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· Company Sets Updated 2013 Earnings-Per-Share Guidance of $4.30 to $4.60, Excluding $119 Million SONGS Charge |
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· IEnova to Begin Los Ramones I Pipeline Project |
SAN DIEGO, Aug. 6, 2013 – Sempra Energy (NYSE: SRE) today reported second-quarter 2013 earnings of $245 million, or $0.98 per diluted share, compared with second-quarter 2012 earnings of $62 million, or $0.25 per diluted share.
On May 9, the California Public Utilities Commission (CPUC) issued a final General Rate Case decision for San Diego Gas & Electric (SDG&E) and Southern California Gas Co. (SoCalGas) that included a revenue increase for the full year 2012 and the first quarter 2013. Due to the rate case decision, second-quarter 2013 earnings included:
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$77 million, or $0.31 per diluted share, for the 2012 operations of SDG&E and SoCalGas; and
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$29 million, or $0.11 per diluted share, for the first-quarter 2013 operations of SDG&E and SoCalGas.
Sempra Energy’s second-quarter 2013 earnings also included a $119 million, or $0.48 per diluted share, charge related to Southern California Edison’s decision in June to permanently retire the San Onofre Nuclear Generating Station (SONGS). SDG&E owns a 20-percent stake in SONGS. Last year’s second-quarter earnings included a $179 million, or $0.73 per diluted share, non-cash charge related to a write-down on the company’s investment in the Rockies Express Pipeline. Excluding the charges in both years and the benefits from the General Rate Case related to 2012 and first-quarter 2013 operations, Sempra Energy’s adjusted earnings increased to $258 million, or $1.04 per diluted share, in the second quarter 2013, from $241 million, or $0.98 per diluted share, in last year’s second quarter.
“We are pleased with our solid second-quarter operating results,” said Debra L. Reed, chairman and CEO of Sempra Energy. “With our California utilities’ rate case now behind us and the strong performance across all of our businesses, we remain on-track to meet our updated earnings guidance for the year.”
Sempra Energy’s earnings for the first six months of 2013 were $423 million, or $1.70 per diluted share, up from $298 million, or $1.21 per diluted share. Excluding the charges in both years and the $77 million benefit from the General Rate Case related to 2012 operations, Sempra Energy’s adjusted earnings for the first six months of 2013 were $465 million, or $1.87 per diluted share, compared with $477 million, or $1.94 per diluted share, in the first half of 2012. Adjusted earnings in the first six months of 2013 were lower due primarily to the dilutive effect and first-quarter tax impact of the IEnova initial public offering that occurred in March.
CALIFORNIA UTILITIES
San Diego Gas & Electric
Earnings for SDG&E were $65 million in the second quarter 2013, compared with $95 million in last year’s second quarter. The decrease was due primarily to the $119 million charge taken in the second quarter 2013 associated with the announced closure of SONGS. This decrease was partially offset by:
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a $52 million benefit from the General Rate Case for 2012 operations;
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a $17 million benefit from the General Rate Case for first-quarter 2013 operations; and
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higher base margin and a reduction in 2013 tax expense.
Excluding the charge related to SONGS and the benefits from the General Rate Case for 2012 and first-quarter 2013 operations, SDG&E’s adjusted second-quarter 2013 earnings were $115 million.
SDG&E’s earnings for the first six months of 2013 were $156 million, compared with $200 million in the same period last year. Excluding the charge related to SONGS and the benefit from the General Rate Case related to 2012 operations, SDG&E’s adjusted earnings for the first six months of 2013 were $223 million.
Southern California Gas Co.
Second-quarter earnings for SoCalGas rose to $118 million in 2013 from $53 million in 2012. The increase in the quarter was primarily due to:
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a $25 million benefit from the General Rate Case for 2012 operations;
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a $12 million benefit from the General Rate Case for first-quarter 2013 operations; and
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higher base margin, higher earnings created by the full recovery of pipeline integrity program costs and increased income-tax benefits.
Excluding the benefits from the General Rate Case for 2012 and first-quarter 2013 operations, SoCalGas’ adjusted second-quarter 2013 earnings were $81 million.
In the first half of 2013, SoCalGas’ earnings increased to $164 million from $119 million in the first half of 2012. Excluding the benefit from the General Rate Case related to 2012 operations, SoCalGas’ adjusted earnings in the first six months of 2013 were $139 million.
SEMPRA INTERNATIONAL
Sempra South American Utilities
In the second quarter 2013, Sempra South American Utilities had earnings of $34 million, compared with $38 million in the second quarter 2012.
For the first six months of 2013, earnings for Sempra South American Utilities were $71 million, compared with $78 million in the first half of 2012.
In June, Sempra International completed the sale of its stake in two Argentine natural gas utility holding companies for $13 million in cash. The company took after-tax write-downs of the Argentine assets of $7 million and $4 million, respectively, in the first and second quarters of 2013.
Sempra Mexico
Sempra Mexico recorded second-quarter earnings of $26 million in 2013, compared with $47 million in 2012. Earnings in the most recent quarter were lower, due primarily to higher income-tax expense, reduced ownership in IEnova and reduced operating earnings because of planned maintenance at the Mexicali power plant.
For the first six months of 2013, Sempra Mexico had earnings of $57 million, compared with $80 million during the first six months of 2012.
As part of an ongoing joint venture, IEnova recently signed a contract to jointly develop with PEMEX the first phase of the Los Ramones natural gas pipeline project. Construction on the 70-mile leg of the pipeline, which originates at the U.S.-Mexico border in south Texas, is expected to begin in the fourth quarter 2013 and be completed in the second half of next year.
SEMPRA U.S. GAS & POWER
Sempra Renewables
Second-quarter earnings for Sempra Renewables were $15 million in 2013, compared with $24 million in 2012, due primarily to deferred tax benefits in 2012 from solar assets put into service last year.
In the first six months of 2013, earnings for Sempra Renewables were $19 million, compared with $34 million during the same period last year.
Sempra Natural Gas
Sempra Natural Gas had earnings of $9 million in the second quarter 2013, compared with a loss of $193 million in the second quarter 2012, which included a $179 million impairment charge on the Rockies Express Pipeline. The increase in 2013 was due primarily to improved earnings from liquefied natural gas and gas storage operations because of changes in natural gas prices.
For the first six months of 2013, Sempra Natural Gas had earnings of $62 million, compared with a loss of $192 million in the first half of 2012, which included last year’s impairment charge on the Rockies Express Pipeline. Earnings in the first six months of 2013 included a $44 million first-quarter gain on the sale of half of the Mesquite Power plant.
EARNINGS GUIDANCE
Earlier this year, Sempra Energy set 2013 earnings-per-share guidance of $4.30 to $4.60, which included the anticipated retroactive impacts from the California utilities’ General Rate Case. Today, the company said its updated 2013 guidance of $4.30 to $4.60 continues to include the $0.31-per-share benefit for the retroactive impacts from the General Rate Case, but excludes the $0.48-per-share charge related to the announced closure of SONGS.
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 9732661.
NON-GAAP FINANCIAL MEASURES
Non-GAAP financial measures include Sempra Energy’s adjusted earnings and adjusted earnings per share for 2013 and 2012, as well as Sempra Energy’s updated earnings-per-share guidance for 2013. Adjusted earnings for 2013 for SDG&E and SoCalGas also are non-GAAP measures. Additional information regarding these non-GAAP measures is in the appendix on Table A of the second-quarter financial tables.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2012 revenues of approximately $10 billion. The Sempra Energy companies’ nearly 17,000 employees serve more than 31 million consumers worldwide.
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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,” “forecasts,” “estimates,” “may,” “will,” “would,” ”could,” “should,” “potential,” “target,” “outlook,” “project,” “maintain,” “depends,” “pursue” 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 by the California Public Utilities Commission, California State Legislature, Federal Energy Regulatory Commission, U.S. Department of Energy, 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 where the company does business; capital market conditions, including the availability of credit and the liquidity of investments; inflation, interest and exchange rates; the impact of benchmark interest rates, generally Moody’s A-rated utility bond yields, on the California utilities’ cost of capital; the timing and success of business development efforts and construction, maintenance and capital projects, including risks inherent in the ability to obtain, and the timing of the granting of, permits, licenses, certificates and other authorizations; 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, equipment failure and the decommissioning of SONGS; weather conditions, natural disasters, catastrophic accidents, and conservation efforts; risks inherent with nuclear power facilities and radioactive materials storage, including 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 posed by decisions and actions of third parties who control the operations of investments in which the company does not have a controlling interest; wars, terrorist attacks and cyber security threats; 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 SDG&E’s electric transmission and distribution system due to increased 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 our 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 most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q 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.
We caution you not to 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 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 | ||||||||
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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| Three months ended June 30, |
| Six months ended June 30, |
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(Dollars in millions, except per share amounts) | 2013 |
| 2012 |
| 2013 |
| 2012 |
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| (unaudited) |
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REVENUES |
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Utilities | $ 2,332 |
| $ 1,838 |
| $ 4,666 |
| $ 3,929 |
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Energy-related businesses | 319 |
| 251 |
| 635 |
| 543 |
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Total revenues | 2,651 |
| 2,089 |
| 5,301 |
| 4,472 |
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EXPENSES AND OTHER INCOME |
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Utilities: |
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Cost of natural gas | (365) |
| (221) |
| (921) |
| (652) |
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Cost of electric fuel and purchased power | (477) |
| (349) |
| (924) |
| (737) |
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Energy-related businesses: |
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Cost of natural gas, electric fuel and purchased power | (94) |
| (81) |
| (205) |
| (210) |
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Other cost of sales | (49) |
| (41) |
| (97) |
| (74) |
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Operation and maintenance | (740) |
| (727) |
| (1,464) |
| (1,398) |
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Depreciation and amortization | (247) |
| (266) |
| (542) |
| (523) |
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Franchise fees and other taxes | (81) |
| (79) |
| (187) |
| (175) |
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Loss from plant closure | (200) |
| - |
| (200) |
| - |
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Gain on sale of assets | - |
| 7 |
| 74 |
| 7 |
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Equity earnings (losses), before income tax | 8 |
| (293) |
| 18 |
| (281) |
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Other income, net | 26 |
| 18 |
| 63 |
| 93 |
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Interest income | 4 |
| 4 |
| 10 |
| 9 |
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Interest expense | (138) |
| (113) |
| (276) |
| (226) |
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Income (losses) before income taxes and equity earnings |
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of certain unconsolidated subsidiaries | 298 |
| (52) |
| 650 |
| 305 |
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Income tax (expense) benefit | (32) |
| 118 |
| (210) |
| 1 |
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Equity earnings, net of income tax | 1 |
| 8 |
| 5 |
| 19 |
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Net income | 267 |
| 74 |
| 445 |
| 325 |
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Earnings attributable to noncontrolling interests | (21) |
| (11) |
| (19) |
| (24) |
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Preferred dividends of subsidiaries | (1) |
| (1) |
| (3) |
| (3) |
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Earnings | $ 245 |
| $ 62 |
| $ 423 |
| $ 298 |
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Basic earnings per common share | $ 1.00 |
| $ 0.26 |
| $ 1.74 |
| $ 1.24 |
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Weighted-average number of shares outstanding, basic (thousands) | 243,603 |
| 241,141 |
| 243,449 |
| 240,853 |
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Diluted earnings per common share | $ 0.98 |
| $ 0.25 |
| $ 1.70 |
| $ 1.21 |
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Weighted-average number of shares outstanding, diluted (thousands) | 248,515 |
| 246,260 |
| 248,279 |
| 245,766 |
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Dividends declared per share of common stock | $ 0.63 |
| $ 0.60 |
| $ 1.26 |
| $ 1.20 |
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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 EXCLUDING LOSS FROM PLANT CLOSURE AND RETROACTIVE IMPACTS OF 2012 GENERAL RATE CASE (GRC) IN 2013, AND IMPAIRMENT CHARGE IN 2012 (Unaudited) | |||||||||||
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Sempra Energy Adjusted Earnings and Adjusted Earnings Per Share excluding 1) in the three months ended June 30, 2013, a $119 million loss from plant closure resulting from the early retirement of the San Onofre Nuclear Generating Station (SONGS) and $77 million and $29 million retroactive impact of the 2012 GRC for the full-year 2012 and for the first quarter of 2013, respectively; 2) in the six months ended June 30, 2013, the $119 million loss from plant closure and $77 million retroactive impact of the 2012 GRC for the full-year 2012; and 3) in the three months and six months ended June 30, 2012, a $179 million impairment charge on our investment in Rockies Express Pipeline LLC are non-GAAP financial measures (GAAP represents accounting principles generally accepted in the United States). 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 2013 to 2012 and to future periods, and also as a base for projection of future compounded annual growth rate. Our updated 2013 guidance of $4.30 to $4.60 per diluted share also excludes the $119 million loss from plant closure, or $0.48 per diluted share based on forecasted weighted-average diluted shares outstanding for the year 2013. Management believes that excluding the impact of the loss from plant closure from current year guidance provides a more meaningful measure of Sempra Energy's expected financial performance in 2013 in comparison to previously issued guidance. 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 |
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| June 30, |
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(Dollars in millions, except per share amounts) | 2013 |
| 2012 |
| 2013 |
| 2012 |
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Sempra Energy GAAP Earnings | $ 245 | (1) | $ 62 |
| $ 423 |
| $ 298 |
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Add: Loss from plant closure | 119 |
| - |
| 119 |
| - |
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Less: Retroactive impact of 2012 GRC for full-year 2012 | (77) |
| - |
| (77) |
| - |
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Less: Retroactive impact of 2012 GRC for first quarter of 2013 | (29) |
| - |
| - |
| - |
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Add: Impairment charge in 2012 | - |
| 179 |
| - |
| 179 |
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Sempra Energy Adjusted Earnings | $ 258 | (2) | $ 241 |
| $ 465 |
| $ 477 |
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Diluted earnings per common share: |
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Sempra Energy GAAP Earnings | $ 0.98 |
| $ 0.25 |
| $ 1.70 |
| $ 1.21 |
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Sempra Energy Adjusted Earnings | $ 1.04 |
| $ 0.98 |
| $ 1.87 |
| $ 1.94 |
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Weighted-average number of shares outstanding, diluted (thousands) | 248,515 |
| 246,260 |
| 248,279 |
| 245,766 |
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(1) Percentage increase from second quarter 2012 earnings was 295%. |
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(2) Percentage increase from second quarter 2012 earnings was 7%. |
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San Diego Gas & Electric Company (SDG&E) and Southern California Gas Company (SoCalGas) |
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RECONCILIATION OF SDG&E AND SOCALGAS GAAP EARNINGS TO ADJUSTED EARNINGS EXCLUDING LOSS FROM PLANT CLOSURE AT SDG&E AND RETROACTIVE IMPACTS OF 2012 GRC AT BOTH SDG&E AND SOCALGAS IN 2013 (Unaudited) | |||||||||||
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SDG&E Adjusted Earnings excluding 1) in the three months ended June 30, 2013, a $119 million loss from plant closure resulting from the early retirement of SONGS and $52 million and $17 million retroactive impact of the 2012 GRC for the full-year 2012 and for the first quarter of 2013, respectively; and 2) in the six months ended June 30, 2013, the $119 million loss from plant closure and $52 million retroactive impact of the 2012 GRC for the full-year 2012 are non-GAAP financial measures. SoCalGas Adjusted Earnings excluding 1) in the three months ended June 30, 2013, $25 million and $12 million retroactive impact of the 2012 GRC for the full-year 2012 and for the first quarter of 2013, respectively; and 2) in the six months ended June 30, 2013, $25 million retroactive impact of the 2012 GRC for the full-year 2012 are non-GAAP financial measures. 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 2013 to 2012 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. | |||||||||||
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(Dollars in millions) | 2013 |
| 2012 |
| 2013 |
| 2012 |
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SDG&E GAAP Earnings | $ 65 |
| $ 95 |
| $ 156 |
| $ 200 |
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Add: Loss from plant closure | 119 |
| - |
| 119 |
| - |
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Less: Retroactive impact of 2012 GRC for full-year 2012 | (52) |
| - |
| (52) |
| - |
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Less: Retroactive impact of 2012 GRC for first quarter of 2013 | (17) |
| - |
| - |
| - |
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SDG&E Adjusted Earnings | $ 115 |
| $ 95 |
| $ 223 |
| $ 200 |
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SoCalGas GAAP Earnings | $ 118 |
| $ 53 |
| $ 164 |
| $ 119 |
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Less: Retroactive impact of 2012 GRC for full-year 2012 | (25) |
| - |
| (25) |
| - |
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Less: Retroactive impact of 2012 GRC for first quarter of 2013 | (12) |
| - |
| - |
| - |
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SoCalGas Adjusted Earnings | $ 81 |
| $ 53 |
| $ 139 |
| $ 119 |
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SEMPRA ENERGY | ||||||
Table B | ||||||
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CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
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| June 30, |
| December 31, |
(Dollars in millions) | 2013 |
| 2012(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 | $ 954 |
| $ 475 | ||
| Restricted cash | 89 |
| 46 | ||
| Accounts receivable | 1,161 |
| 1,299 | ||
| Income taxes receivable | 129 |
| 56 | ||
| Deferred income taxes | 76 |
| 148 | ||
| Inventories | 357 |
| 408 | ||
| Regulatory balancing accounts – undercollected | 325 |
| 395 | ||
| Regulatory assets | 190 |
| 62 | ||
| Fixed-price contracts and other derivatives | 81 |
| 95 | ||
| U.S. Treasury grants receivable | 164 |
| 258 | ||
| Asset held for sale, power plant | - |
| 296 | ||
| Other | 135 |
| 157 | ||
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| Total current assets | 3,661 |
| 3,695 |
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Investments and other assets: |
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| Restricted cash | 22 |
| 22 | ||
| Regulatory assets arising from pension and other postretirement benefit obligations | 1,170 |
| 1,151 | ||
| Regulatory assets arising from wildfire litigation costs | 352 |
| 364 | ||
| Other regulatory assets | 1,872 |
| 1,227 | ||
| Nuclear decommissioning trusts | 938 |
| 908 | ||
| Investments | 1,466 |
| 1,516 | ||
| Goodwill | 1,042 |
| 1,111 | ||
| Other intangible assets | 431 |
| 436 | ||
| Sundry | 895 |
| 878 | ||
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| Total investments and other assets | 8,188 |
| 7,613 |
Property, plant and equipment, net | 25,171 |
| 25,191 | |||
Total assets | $ 37,020 |
| $ 36,499 | |||
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Liabilities and Equity |
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Current liabilities: |
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| Short-term debt | $ 510 |
| $ 546 | ||
| Accounts payable | 1,073 |
| 1,110 | ||
| Dividends and interest payable | 271 |
| 266 | ||
| Accrued compensation and benefits | 235 |
| 337 | ||
| Regulatory balancing accounts – overcollected | 290 |
| 141 | ||
| Current portion of long-term debt | 1,540 |
| 725 | ||
| Fixed-price contracts and other derivatives | 71 |
| 77 | ||
| Customer deposits | 142 |
| 143 | ||
| Reserve for wildfire litigation | 182 |
| 305 | ||
| Other | 411 |
| 608 | ||
|
|
| Total current liabilities | 4,725 |
| 4,258 |
Long-term debt | 10,530 |
| 11,621 | |||
|
|
|
|
|
|
|
Deferred credits and other liabilities: |
|
|
| |||
| Customer advances for construction | 140 |
| 144 | ||
| Pension and other postretirement benefit obligations, net of plan assets | 1,471 |
| 1,456 | ||
| Deferred income taxes | 2,389 |
| 2,100 | ||
| Deferred investment tax credits | 44 |
| 46 | ||
| Regulatory liabilities arising from removal obligations | 2,842 |
| 2,720 | ||
| Asset retirement obligations | 1,949 |
| 2,033 | ||
| Fixed-price contracts and other derivatives | 237 |
| 252 | ||
| Deferred credits and other | 1,066 |
| 1,107 | ||
|
|
| Total deferred credits and other liabilities | 10,138 |
| 9,858 |
Contingently redeemable preferred stock of subsidiary | 79 |
| 79 | |||
Equity: |
|
|
| |||
| Total Sempra Energy shareholders’ equity | 10,704 |
| 10,282 | ||
| Preferred stock of subsidiary | 20 |
| 20 | ||
| Other noncontrolling interests | 824 |
| 381 | ||
|
|
| Total equity | 11,548 |
| 10,683 |
Total liabilities and equity | $ 37,020 |
| $ 36,499 | |||
|
|
|
|
|
|
|
(1) | Derived from audited financial statements. | |||||
|
|
|
|
|
|
SEMPRA ENERGY | |||||
Table C | |||||
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||
|
|
|
|
|
|
|
|
| Six months ended | ||
(Dollars in millions) |
| 2013 |
| 2012 | |
|
|
| (unaudited) | ||
Cash Flows from Operating Activities |
|
|
|
| |
Net income | $ | 445 | $ | 325 | |
Adjustments to reconcile net income to net cash provided |
|
|
|
| |
by operating activities: |
|
|
|
| |
| Depreciation and amortization |
| 542 |
| 523 |
| Deferred income taxes and investment tax credits |
| 251 |
| (53) |
| Gain on sale of assets |
| (74) |
| (7) |
| Loss from plant closure |
| 200 |
| - |
| Equity (earnings) losses |
| (23) |
| 262 |
| Fixed-price contracts and other derivatives |
| (28) |
| 1 |
| Other |
| 1 |
| 8 |
Net change in other working capital components |
| 20 |
| 28 | |
Changes in other assets |
| (237) |
| 13 | |
Changes in other liabilities |
| 8 |
| 52 | |
| Net cash provided by operating activities |
| 1,105 |
| 1,152 |
|
|
|
|
|
|
Cash Flows from Investing Activities |
|
|
|
| |
Expenditures for property, plant and equipment |
| (1,130) |
| (1,517) | |
Expenditures for investments and acquisition of business, net of cash acquired |
| (5) |
| (303) | |
Proceeds from sale of assets and investment |
| 384 |
| 9 | |
Proceeds from U.S. Treasury grants |
| 74 |
| - | |
Distributions from investments |
| 95 |
| 31 | |
Purchases of nuclear decommissioning and other trust assets |
| (330) |
| (327) | |
Proceeds from sales by nuclear decommissioning and other trusts |
| 326 |
| 329 | |
Decrease in restricted cash |
| 143 |
| 68 | |
Increase in restricted cash |
| (186) |
| (61) | |
Other |
| 2 |
| (10) | |
| Net cash used in investing activities |
| (627) |
| (1,781) |
|
|
|
|
|
|
Cash Flows from Financing Activities |
|
|
|
| |
Common dividends paid |
| (299) |
| (260) | |
Preferred dividends paid by subsidiaries |
| (3) |
| (3) | |
Issuances of common stock |
| 22 |
| 45 | |
Repurchases of common stock |
| (45) |
| (16) | |
Issuances of debt (maturities greater than 90 days) |
| 894 |
| 1,167 | |
Payments on debt (maturities greater than 90 days) |
| (1,134) |
| (559) | |
Proceeds from sale of noncontrolling interests, net of $25 in offering costs |
| 574 |
| - | |
(Decrease) increase in short-term debt, net |
| (10) |
| 241 | |
Distributions to noncontrolling interests |
| (13) |
| (10) | |
Other |
| 18 |
| (11) | |
| Net cash provided by financing activities |
| 4 |
| 594 |
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
| (3) |
| 4 | |
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents |
| 479 |
| (31) | |
Cash and cash equivalents, January 1 |
| 475 |
| 252 | |
Cash and cash equivalents, June 30 | $ | 954 | $ | 221 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMPRA ENERGY | ||||||||||
Table D | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENT EARNINGS AND CAPITAL EXPENDITURES & INVESTMENTS | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| Three months ended |
| Six months ended |
| ||||
|
|
| June 30, |
| June 30, |
| ||||
(Dollars in millions) | 2013 |
| 2012 |
| 2013 |
| 2012 |
| ||
|
|
| (unaudited) | |||||||
Earnings (Losses) |
|
|
|
|
| |||||
California Utilities: |
|
|
|
|
|
|
|
| ||
San Diego Gas & Electric | $ 65 |
| $ 95 |
| $ 156 |
| $ 200 |
| ||
Southern California Gas | 118 |
| 53 |
| 164 |
| 119 |
| ||
Sempra International: |
|
|
|
|
|
|
|
| ||
Sempra South American Utilities | 34 |
| 38 |
| 71 |
| 78 |
| ||
Sempra Mexico | 26 |
| 47 |
| 57 |
| 80 |
| ||
Sempra U.S. Gas & Power: |
|
|
|
|
|
|
|
| ||
Sempra Renewables | 15 |
| 24 |
| 19 |
| 34 |
| ||
Sempra Natural Gas | 9 |
| (193) |
| 62 |
| (192) |
| ||
Parent and other | (22) |
| (2) |
| (106) |
| (21) |
| ||
Earnings | $ 245 |
| $ 62 |
| $ 423 |
| $ 298 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| Three months ended |
| Six months ended |
| ||||
|
|
| June 30, |
| June 30, |
| ||||
(Dollars in millions) | 2013 |
| 2012 |
| 2013 |
| 2012 |
| ||
|
|
| (unaudited) | |||||||
Capital Expenditures and Investments |
|
|
|
|
|
|
|
| ||
California Utilities: |
|
|
|
|
|
|
|
| ||
San Diego Gas & Electric | $ 209 |
| $ 331 |
| $ 446 |
| $ 729 |
| ||
Southern California Gas | 161 |
| 151 |
| 340 |
| 316 |
| ||
Sempra International: |
|
|
|
|
|
|
|
| ||
Sempra South American Utilities | 44 |
| 39 |
| 66 |
| 59 |
| ||
Sempra Mexico | 100 |
| 4 |
| 161 |
| 9 |
| ||
Sempra U.S. Gas & Power: |
|
|
|
|
|
|
|
| ||
Sempra Renewables | 55 |
| 343 |
| 66 |
| 594 |
| ||
Sempra Natural Gas | 29 |
| 90 |
| 55 |
| 112 |
| ||
Parent and other | 1 |
| - |
| 1 |
| 1 |
| ||
Consolidated Capital Expenditures and Investments | $ 599 | �� | $ 958 |
| $ 1,135 |
| $ 1,820 |
| ||
|
|
|
|
|
|
|
|
|
|
|
SEMPRA ENERGY | |||||||||||||
Table E | |||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
| |||
OTHER OPERATING STATISTICS (Unaudited) | |||||||||||||
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
| |||||||
|
|
| Three months ended June 30, | Six months ended June 30, | |||||||||
UTILITIES |
| 2013 |
| 2012 |
| 2013 |
| 2012 | |||||
|
|
|
|
|
|
|
|
| |||||
California Utilities - SDG&E and SoCalGas | |||||||||||||
Gas Sales (bcf)(1) |
| 74 |
| 83 |
| 214 |
| 217 | |||||
Transportation (bcf)(1) |
| 162 |
| 174 |
| 330 |
| 345 | |||||
Total Deliveries (bcf)(1) |
| 236 |
| 257 |
| 544 |
| 562 | |||||
Total Gas Customers (Thousands) |
|
|
|
|
| 6,692 |
| 6,665 | |||||
|
|
|
|
|
|
|
|
|
|
| |||
Electric Sales (Millions of kWhs)(1) |
| 3,792 |
| 3,827 |
| 7,816 |
| 7,916 | |||||
Direct Access (Millions of kWhs) |
| 759 |
| 820 |
| 1,594 |
| 1,572 | |||||
Total Deliveries (Millions of kWhs)(1) |
| 4,551 |
| 4,647 |
| 9,410 |
| 9,488 | |||||
Total Electric Customers (Thousands) |
|
|
|
|
| 1,405 |
| 1,397 | |||||
|
|
|
|
|
|
|
|
|
|
| |||
Other Utilities |
|
|
|
|
|
|
|
| |||||
Natural Gas Sales (bcf) |
|
|
|
|
|
|
|
| |||||
| Mexico |
| 6 |
| 6 |
| 12 |
| 12 | ||||
| Mobile Gas |
| 10 |
| 10 |
| 21 |
| 22 | ||||
| Willmut Gas(2) |
| 1 |
| 1 |
| 2 |
| 1 | ||||
Natural Gas Customers (Thousands) |
|
|
|
|
|
|
|
| |||||
| Mexico |
|
|
|
|
| 95 |
| 91 | ||||
| Mobile Gas |
|
|
|
|
| 87 |
| 88 | ||||
| Willmut Gas(2) |
|
|
|
|
| 19 |
| 20 | ||||
Electric Sales (Millions of kWhs) |
|
|
|
|
|
|
|
| |||||
| Peru |
| 1,742 |
| 1,669 |
| 3,488 |
| 3,359 | ||||
| Chile |
| 689 |
| 638 |
| 1,450 |
| 1,383 | ||||
Electric Customers (Thousands) |
|
|
|
|
|
|
|
| |||||
| Peru |
|
|
|
|
| 977 |
| 941 | ||||
| Chile |
|
|
|
|
| 633 |
| 617 | ||||
|
|
|
|
|
|
|
|
|
|
| |||
ENERGY-RELATED BUSINESSES |
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
| |||
Sempra International |
|
|
|
|
|
|
|
| |||||
Power Sold (Millions of kWhs) |
|
|
|
|
|
|
|
| |||||
| Sempra Mexico |
| 736 |
| 894 |
| 1,780 |
| 1,972 | ||||
|
|
|
|
|
|
|
|
|
|
| |||
Sempra U.S. Gas & Power |
|
|
|
|
|
|
|
| |||||
Power Sold (Millions of kWhs) |
|
|
|
|
|
|
|
| |||||
| Sempra Renewables(3) | 683 |
| 253 |
| 1,381 |
| 526 | |||||
| Sempra Natural Gas(4) |
| 795 |
| 1,459 |
| 1,927 |
| 3,399 | ||||
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
| |||
(1)Includes intercompany sales. | |||||||||||||
(2)Acquired in May 2012. | |||||||||||||
(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. | |||||||||||||