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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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1998 1999 2000 2001 2002
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<s> <c> <c> <c> <c> <c>
Fixed Charges and Preferred
Stock Dividends:
Interest $ 210 $ 233 $ 308 $ 358 $ 350
Interest portion of
annual rentals 20 10 8 6 6
Preferred dividends
of subsidiaries (1) 18 16 18 16 15
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Combined Fixed Charges
and Preferred Stock
Dividends for Purpose
of Ratio $ 248 $ 259 $ 334 $ 380 $ 371
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Earnings:
Pretax income from
continuing operations $ 432 $ 573 $ 699 $ 731 $ 721
Total Fixed Charges
(from above) 248 259 334 380 371
Less:
Interest capitalized 1 1 3 11 29
Equity income (loss) of
unconsolidated subsidiaries
and joint ventures - - 62 12 (55)
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Total Earnings for
Purpose of Ratio $ 679 $ 831 $ 968 $1,088 $1,118
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Ratio of Earnings
to Combined Fixed Charges
and Preferred Stock
Dividends 2.74 3.21 2.90 2.86 3.01
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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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