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EXHIBIT 12.1
SEMPRA ENERGY
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollars in millions)
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Nine
months
ended
September 30,
1997 1998 1999 2000 2001 2002
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<s> <c> <c> <c> <c> <c> <c>
Fixed Charges and Preferred
Stock Dividends:
Interest $ 209 $ 210 $ 233 $ 308 $ 358 $ 261
Interest portion of
annual rentals 25 20 10 8 6 3
Preferred dividends
of subsidiaries (1) 31 18 16 18 16 12
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Combined Fixed Charges
and Preferred Stock
Dividends for Purpose
of Ratio $ 265 $ 248 $ 259 $ 334 $ 380 $ 276
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Earnings:
Pretax income from
continuing operations $ 733 $ 432 $ 573 $ 699 $ 731 $ 588
Total Fixed Charges
(from above) 265 248 259 334 380 276
Less:
Interest capitalized 2 1 1 3 11 18
Equity income (loss) of
unconsolidated subsidiaries
and joint ventures - - - 62 12 (60)
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Total Earnings for
Purpose of Ratio $ 996 $ 679 $ 831 $ 968 $1,088 $ 906
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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 3.28
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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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