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EXHIBIT 12.01
SEMPRA ENERGY
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollars in millions)
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1997 1998 1999 2000 2001
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<s> <c> <c> <c> <c> <c>
Fixed Charges and Preferred
Stock Dividends:
Interest $ 209 $ 210 $ 233 $ 308 $ 358
Interest portion of annual rentals 25 20 10 8 6
Preferred dividends of subsidiaries (1) 31 18 16 18 16
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Combined Fixed Charges and Preferred
Stock Dividends For Purpose of Ratio $ 265 $ 248 $ 259 $ 334 $ 380
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Earnings:
Pretax income from continuing operations 733 $ 432 $ 573 $ 699 $ 731
Add: Total fixed charges (from above) 265 248 259 334 380
Less: Interest capitalized 2 1 1 3 11
Equity income (loss) of unconsolidated
subsidiaries and joint ventures - - - 62 12
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Total Earnings for Purpose of Ratio $ 996 $ 679 $ 831 $ 968 $1,088
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Ratio of Earnings to Combined Fixed
Charges and Preferred Stock
Dividends 3.76 2.74 3.21 2.90 2.86
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(1) In computing this ratio, "Preferred dividends of subsidiaries" represents the
before-tax earnings necessary to pay such dividends, computed at the effective tax
rates for the applicable periods.
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