SAN DIEGO, Feb. 27, 2020 /PRNewswire/ -- Sempra Energy
(NYSE: SRE) today reported full-year 2019 earnings of $2.1 billion, or $7.29 per diluted share, up from $924 million, or $3.42 per diluted share, in 2018. On an adjusted
basis, the company's full-year 2019 earnings were $1.9 billion, or $6.78 per diluted share, compared to $1.5 billion, or $5.57 per diluted share, in 2018.
"This year has been one of the strongest in our company's
history," said Jeffrey W. Martin,
chairman and CEO of Sempra Energy. "Our earnings results are a
direct reflection of our sharper strategic focus and ongoing
execution of our mission to be North
America's premier energy infrastructure company. Supported
by our high-performance culture, our dedicated employees will carry
this momentum into 2020 as we continue to focus on our vision of
delivering energy with purpose by connecting millions of consumers
to safe, resilient and affordable energy."
In the fourth quarter 2019, Sempra Energy reported earnings of
$447 million, or $1.55 per diluted share, compared with earnings
of $864 million, or $3.03 per diluted share, in the fourth quarter
2018. On an adjusted basis, fourth quarter 2018 earnings were
$431 million, or $1.56 per diluted share.
These financial results reflect certain significant items, as
described on an after-tax basis in the following table of GAAP
earnings, reconciled to adjusted earnings, for the fourth quarter
and full-year 2019 and 2018.
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Three months
ended
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Years
ended
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December
31,
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December
31,
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(Dollars, except
EPS, and shares, in millions)
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2019
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2018
(1)
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2019
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2018(1)
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(Unaudited)
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GAAP
Earnings
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$
447
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$
864
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$ 2,055
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$
924
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Tax Impacts from
Expected Sale of South American Businesses
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-
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-
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(99)
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-
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Gain on Sale of
Certain Sempra Renewables Assets
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-
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(367)
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(45)
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(367)
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(Adjustment)/Impairment of U.S. Non-utility Natural
Gas Storage Assets
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-
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(126)
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-
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629
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Impairment of U.S.
Wind Equity Method Investments
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-
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-
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-
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145
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Impact from the Tax
Cuts and Jobs Act of 2017
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-
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60
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-
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85
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Impairment of
Investment in RBS Sempra Commodities
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-
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-
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-
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65
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Impacts Associated
with Aliso Canyon Litigation
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-
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-
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-
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22
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Adjusted
Earnings(2)
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$
447
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$
431
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$ 1,911
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$ 1,503
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Diluted
Weighted-Average Common Shares Outstanding
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289
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296
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282
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270
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GAAP Earnings Per
Diluted Common Share
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$ 1.55
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$
3.03(3)
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$
7.29
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$
3.42
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Adjusted Diluted
Weighted-Average Common Shares Outstanding(2)
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289
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276(3)
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282
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270
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Adjusted Earnings Per
Diluted Common Share(2)
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$ 1.55
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$ 1.56
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$
6.78
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$
5.57
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1)
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Amounts have been
retrospectively adjusted for discontinued operations.
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2)
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Sempra Energy
Adjusted Earnings, Adjusted EPS and Adjusted Diluted
Weighted-Average Common Shares Outstanding are non-GAAP financial
measures. See Table A for information regarding non-GAAP financial
measures and descriptions of the adjustments above.
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3)
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Due to the dilutive
effect of the mandatory convertible preferred stock for GAAP
earnings, the numerator used to calculate GAAP EPS includes an
add-back of $36 million of mandatory preferred stock dividends
declared in the quarter. However, because the assumed conversion is
antidilutive for the lower Adjusted Earnings, ~20 million
preferred stock shares are not included in the denominator used to
calculate Adjusted EPS for the quarter.
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Earlier this week, Sempra Energy's board of directors approved
an 8% increase to the company's dividend, to $4.18 per common share from $3.87 per common share, on an annualized basis.
On average, Sempra Energy has increased its dividend by more than
10% annually for the last decade.
OPERATING HIGHLIGHTS
The company made progress on its strategy to focus on
transmission and distribution infrastructure in the most attractive
markets in North America.
In January, the California Public Utilities Commission issued a
final decision approving an extension of the General Rate Case
(GRC) cycle to four years on a go-forward basis. This change
applies to San Diego Gas & Electric's (SDG&E) and Southern
California Gas Co.'s recently approved GRC. As a transitional step,
both utilities' GRC cycle will be extended to five years, covering
the years 2019 through 2023. Extending the GRC cycle is a
constructive development that is expected to benefit all
stakeholders by delivering future visibility to the utilities'
robust capital programs to enhance safety and resilience.
Earlier this month, SDG&E filed its comprehensive 2020
Wildfire Mitigation Plan, a strategic three-year program. This
program is a continuation of SDG&E's efforts over the last
decade to help mitigate infrastructure-related wildfires and to
help increase the safety of its customers, workforce and the
communities it serves. The 2020 Wildfire Mitigation Plan includes
initiatives announced in October under SDG&E's Fire Safe 3.0
program, an innovative portfolio of continuous improvement
initiatives to increase wildfire safety. The Fire Safe 3.0 program
involves partnering with academic, government and public safety
professionals to implement artificial intelligence, satellite
wildfire alerts and a new Vegetation Risk index, among other
strategies.
To meet the growing needs of its customers in Texas, Oncor Electric Delivery Co. LLC (Oncor)
recently announced a new five-year capital plan of approximately
$11.9 billion. The increase will help
to support population growth in West
Texas and the Dallas-Fort
Worth area, as well as to strengthen and expand the grid in
Oncor's service territory. Additionally, Sempra Energy took a
positive step in growing its presence in Texas through the announcement of a new
"Center of Excellence" in
Houston. The office, which is
expected to open later this year, will serve as a regional
headquarters as Sempra Energy advances its high-growth business
strategy in Texas.
Sempra Energy continues to be focused on its goal of developing
liquefied natural gas (LNG) infrastructure that can deliver up to
45 million tonnes per annum (Mtpa) of LNG to the largest world
markets, which would make Sempra Energy one of North America's largest developers of
LNG-export infrastructure projects.
Train 2 of the Cameron LNG liquefaction-export infrastructure
project recently achieved substantial completion and is expected to
commence commercial operations under Cameron LNG's tolling
agreements in the coming days. The facility began producing LNG
from Train 2 in December 2019. Train
1 began commercial operations in August
2019 and Train 3 remains on schedule and is expected to
start commercial operations in the third quarter of 2020. Sempra
Energy's share of full-year run-rate earnings from the first three
trains at Cameron LNG are projected to be between $400 million and $450
million annually after all three trains achieve commercial
operations under Cameron LNG's tolling agreements.
The potential Port Arthur LNG liquefaction-export infrastructure
project under development in Jefferson
County, Texas, continues to advance with a final investment
decision targeted for third quarter 2020. In January, Sempra LNG
signed an Interim Project Participation Agreement (IPPA) with
Aramco Services Company, a subsidiary of Saudi Aramco, for the
proposed Port Arthur LNG project. The IPPA represents another
milestone for both companies after having signed a heads of
agreement in May 2019 for the
potential purchase of 5 Mtpa of LNG and a 25% equity investment in
the project. In December 2018, Port
Arthur LNG entered into an agreement with Polish Oil & Gas
Company for the sale and purchase of 2 Mtpa of LNG per year.
A final investment decision for the EnergÃa Costa Azul (ECA) LNG liquefaction-export
infrastructure project, under development in Baja California, Mexico, is expected later
this quarter. TechnipFMC has been selected as the engineering,
procurement and construction (EPC) contractor for the proposed
project. ECA LNG expects to sign a lump-sum, turn-key EPC contract
for Phase 1 of the project in the coming days.
In 2019, Sempra Energy announced two agreements that would
conclude the company's planned sale of its South American
businesses for combined expected after-tax proceeds of
approximately $4.55 to $4.85 billion in cash, subject to adjustments and
satisfaction of closing conditions. Both transactions, one to sell
Sempra Energy's equity interests in its Peruvian businesses and the
other to sell its equity interests in its Chilean businesses,
continue to advance and are expected to be completed in the next
four to eight weeks.
EARNINGS GUIDANCE
Sempra Energy's full-year 2020 GAAP EPS guidance range is
$12.78 to $14.26 and includes the estimated gain on the
sale of the company's South American businesses. Today, the company
affirmed its full-year 2020 adjusted EPS guidance range of
$6.70 to $7.50. Sempra Energy also issued its full-year
2021 EPS guidance range of $7.50 to
$8.10.
NON-GAAP FINANCIAL MEASURES
Non-GAAP financial measures include Sempra Energy's adjusted
earnings and adjusted EPS for the fourth quarter of 2018 and
full-year 2019 and 2018, adjusted diluted weighted-average common
shares outstanding for the fourth quarter of 2018, and 2020
adjusted EPS guidance range. See Table A for additional information
regarding these non-GAAP financial measures.
INTERNET BROADCAST
Sempra Energy will broadcast a live discussion of its earnings
results over the Internet today at 12 p.m.
ET 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 1455338.
ABOUT SEMPRA ENERGY
Sempra Energy's mission is to be North
America's premier energy infrastructure company. With more
than $65 billion in total assets
reported in 2019, the San
Diego-based company is the utility holding company with the
largest U.S. customer base. The Sempra Energy companies' more than
20,000 employees deliver energy with purpose to over 40 million
consumers worldwide. The company is focused on the most attractive
markets in North America,
including California, Texas, Mexico
and the LNG export market. Sempra Energy has been consistently
recognized for its leadership in diversity and inclusion, and
sustainability, and is a member of the S&P 500 Utilities Index
and the Dow Jones Utility Index. The company was also named one of
the "World's Most Admired Companies" for 2020 by Fortune
Magazine.
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 such as "believes,"
"expects," "anticipates," "plans," "estimates," "projects,"
"forecasts," "should," "could," "would," "will," "confident,"
"may," "can," "potential," "possible," "proposed," "target,"
"pursue," "outlook," "maintain," or similar expressions, or when we
discuss our guidance, strategy, goals, vision, mission,
opportunities, projections or intentions. Forward-looking
statements are based on assumptions with respect to the future,
involve risks and uncertainties, and are not guarantees of
performance. Future results may differ materially from those
expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and
future actions to differ materially from those described in any
forward-looking statements include risks and uncertainties relating
to: California wildfires and the
risk that we may be found liable for damages regardless of fault
and the risk that we may not be able to recover any such costs from
insurance, the wildfire fund established by California Assembly
Bill 1054 or in rates from customers; decisions, investigations,
regulations, issuances of permits and other authorizations, renewal
of franchises, and other actions by the Comisión Federal de
Electricidad, California Public Utilities Commission, U.S.
Department of Energy, Public Utility Commission of Texas, regulatory and governmental bodies and
jurisdictions in the U.S. and other countries in which we operate;
the success of business development efforts, construction projects
and major acquisitions and divestitures, including risks in (i) the
ability to make a final investment decision and completing
construction projects on schedule and budget; (ii) obtaining the
consent of partners; (iii) counterparties' financial or other
ability to fulfill contractual commitments; (iv) the ability to
complete contemplated acquisitions and/or divestitures; and (v) the
ability to realize anticipated benefits from any of these efforts
once completed; the resolution of civil and criminal litigation,
regulatory investigations and proceedings and arbitrations; actions
by credit rating agencies to downgrade our credit ratings or to
place those ratings on negative outlook and our ability to borrow
at favorable interest rates; moves to reduce or eliminate reliance
on natural gas; weather, natural disasters, accidents, equipment
failures, computer system outages and other events that disrupt our
operations, damage our facilities and systems, cause the release of
harmful materials, cause fires and subject us to liability for
property damage or personal injuries, fines and penalties, some of
which may not be covered by insurance (including costs in excess of
applicable policy limits), may be disputed by insurers or may
otherwise not be recoverable through regulatory mechanisms or may
impact our ability to obtain satisfactory levels of affordable
insurance; the availability of electric power and natural gas and
natural gas storage capacity, including disruptions caused by
failures in the transmission grid, limitations on the withdrawal or
injection of natural gas from or into storage facilities, and
equipment failures; cybersecurity threats to the energy grid,
storage and pipeline infrastructure, the information and systems
used to operate our businesses, and the confidentiality of our
proprietary information and the personal information of our
customers and employees; expropriation of assets, the failure of
foreign governments and state-owned entities to honor the terms of
contracts, and property disputes; the impact at San Diego Gas &
Electric Company on competitive customer rates and reliability due
to the growth in distributed power generation and from departing
retail load resulting from customers transferring to Direct Access,
Community Choice Aggregation or other forms of distributed power
generation and the risk of nonrecovery for stranded assets and
contractual obligations; Oncor Electric Delivery Company LLC's
(Oncor) ability to eliminate or reduce its quarterly dividends due
to regulatory and governance requirements and commitments,
including by actions of Oncor's independent directors or a minority
member director; volatility in foreign currency exchange, interest
and inflation rates and commodity prices and our ability to
effectively hedge the risk of such volatility; changes in trade
policies, laws and regulations, including tariffs and revisions to
or replacement of international trade agreements, such as the North
American Free Trade Agreement, that may increase our costs or
impair our ability to resolve trade disputes; the impact of changes
to federal and state tax laws and our ability to mitigate adverse
impacts; and other uncertainties, some of which may be difficult to
predict and are beyond our control.
These risks and uncertainties are further discussed in the
reports that Sempra Energy has filed with the U.S. Securities and
Exchange Commission (SEC). 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, www.sempra.com. Investors should not rely
unduly on any forward-looking statements. These forward-looking
statements speak only as of the date hereof, and the company
undertakes no obligation to update or revise any of these
forward-looking statements as a result of new information, future
events or other factors.
Sempra South American Utilities, Sempra North American
Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities,
Oncor and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova)
are not the same companies as the California utilities, San Diego Gas &
Electric Company (SDG&E) or Southern California Gas Company,
and Sempra South American Utilities, Sempra North American
Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities,
Oncor and IEnova are not regulated by the California Public
Utilities Commission.
SEMPRA
ENERGY
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Table
A
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CONSOLIDATED
STATEMENTS OF OPERATIONS
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Three months
ended
December 31,
|
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Years ended
December 31,
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(Dollars in millions,
except per share amounts; shares in thousands)
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2019
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2018(1)
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2019
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2018(1)
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(unaudited)
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REVENUES
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Utilities
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$
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2,640
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$
|
2,427
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$
|
9,448
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$
|
8,539
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Energy-related
businesses
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303
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399
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1,381
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|
1,563
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Total
revenues
|
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2,943
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2,826
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10,829
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10,102
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EXPENSES AND OTHER
INCOME
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Utilities:
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Cost of natural
gas
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(350)
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(426)
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(1,139)
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(1,208)
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Cost of electric fuel
and purchased power
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(259)
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(321)
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(1,188)
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(1,358)
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Energy-related
businesses cost of sales
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(79)
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(99)
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(344)
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|
(357)
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Operation and
maintenance
|
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(951)
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(875)
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(3,466)
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|
(3,150)
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Depreciation and
amortization
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(395)
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(376)
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|
(1,569)
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(1,491)
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Franchise fees and
other taxes
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|
(127)
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|
(120)
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|
(496)
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|
|
(472)
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Impairment
losses
|
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|
—
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|
182
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|
|
(43)
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|
|
(1,122)
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Gain on sale of
assets
|
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|
—
|
|
|
513
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63
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|
513
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Other (expense)
income, net
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(26)
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(134)
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|
77
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|
|
58
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Interest
income
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|
23
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|
|
19
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|
|
87
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|
|
85
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Interest
expense
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|
|
(280)
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|
|
(230)
|
|
|
(1,077)
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|
|
(886)
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Income from
continuing operations before income taxes and equity
earnings
|
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|
499
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|
|
959
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|
|
1,734
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|
|
714
|
|
Income tax (expense)
benefit
|
|
|
(165)
|
|
|
(172)
|
|
|
(315)
|
|
|
49
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|
Equity
earnings
|
|
|
95
|
|
|
126
|
|
|
580
|
|
|
175
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|
Income from
continuing operations, net of income tax
|
|
|
429
|
|
|
913
|
|
|
1,999
|
|
|
938
|
|
Income from
discontinued operations, net of income tax
|
|
|
71
|
|
|
51
|
|
|
363
|
|
|
188
|
|
Net income
|
|
|
500
|
|
|
964
|
|
|
2,362
|
|
|
1,126
|
|
Earnings attributable
to noncontrolling interests
|
|
|
(18)
|
|
|
(64)
|
|
|
(164)
|
|
|
(76)
|
|
Mandatory convertible
preferred stock dividends
|
|
|
(35)
|
|
|
(36)
|
|
|
(142)
|
|
|
(125)
|
|
Preferred dividends
of subsidiary
|
|
|
—
|
|
|
—
|
|
|
(1)
|
|
|
(1)
|
|
Earnings attributable
to common shares
|
|
|
$
|
447
|
|
|
$
|
864
|
|
|
$
|
2,055
|
|
|
$
|
924
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share (EPS):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
|
|
|
$
|
1.57
|
|
|
$
|
3.15
|
|
|
$
|
7.40
|
|
|
$
|
3.45
|
|
Weighted-average
common shares outstanding
|
|
|
284,649
|
|
|
274,331
|
|
|
277,904
|
|
|
268,072
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
EPS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
|
|
|
$
|
1.55
|
|
|
$
|
3.03
|
|
|
$
|
7.29
|
|
|
$
|
3.42
|
|
Weighted-average
common shares outstanding
|
|
|
288,787
|
|
|
296,429
|
|
|
282,033
|
|
|
269,852
|
|
|
(1)
Amounts have been retrospectively adjusted for discontinued
operations.
|
SEMPRA ENERGY
Table A
(Continued)
RECONCILIATION OF SEMPRA ENERGY ADJUSTED EARNINGS TO SEMPRA
ENERGY GAAP EARNINGS (Unaudited)
Sempra Energy Adjusted Earnings and Adjusted EPS exclude items
(after the effects of income taxes and, if applicable,
noncontrolling interests) in 2019 and 2018 as follows:
Three months ended December 31,
2018:
- $367 million gain on the sale of
certain Sempra Renewables assets
- $126 million reduction in the
impairment of certain non-utility natural gas storage assets in the
southeast U.S. at Sempra LNG
- $(60) million income tax expense
in 2018 to adjust the Tax Cuts and Jobs Act of 2017 (TCJA)
provisional amounts recorded in 2017
Year ended December 31, 2019:
- $45 million gain on the sale of
certain Sempra Renewables assets
Associated with holding the South American businesses for
sale:
- $89 million income tax benefit
from outside basis differences in our South American businesses
primarily related to the change in our indefinite reinvestment
assertion from our decision in January
2019 to hold those businesses for sale and a change in the
anticipated structure of the sale
- $10 million income tax benefit to
reduce a valuation allowance against certain net operating loss
(NOL) carryforwards as a result of our decision to sell our South
American businesses
Year ended December 31, 2018:
- $367 million gain on the sale of
certain Sempra Renewables assets
- $(22) million impacts associated
with Aliso Canyon natural gas storage facility litigation at
Southern California Gas Company (SoCalGas)
- $(145) million
other-than-temporary impairment of certain U.S. wind equity method
investments at Sempra Renewables
- $(629) million impairment of
certain non-utility natural gas storage assets at Sempra LNG
- $(65) million impairment of RBS
Sempra Commodities LLP (RBS Sempra Commodities) equity method
investment at Parent and Other
- $(85) million income tax expense
in 2018 to adjust the TCJA provisional amounts recorded in
2017
Sempra Energy Adjusted Earnings, Weighted-Average Common Shares
Outstanding – Adjusted and Adjusted EPS are non-GAAP financial
measures (GAAP represents accounting principles generally accepted
in the United States of America).
Because of the significance and/or nature of the excluded items,
management believes that these non-GAAP financial measures provide
a meaningful comparison of the performance of Sempra Energy's
business operations to prior and 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 Sempra Energy GAAP
Earnings, Weighted-Average Common Shares Outstanding – GAAP and
GAAP Diluted Earnings Per Common Share (GAAP EPS), which we
consider to be the most directly comparable financial measures
calculated in accordance with GAAP.
SEMPRA
ENERGY
|
Table A
(Continued)
|
|
|
|
Pretax
amount
|
Income tax expense
(benefit)(1)
|
|
|
Earnings
|
|
|
Pretax
amount
|
Income tax expense
(benefit)(1)
|
Non-controlling
interests
|
|
Earnings
|
|
(Dollars in millions,
except per share amounts; shares in thousands)
|
|
Three months ended
December 31, 2019
|
|
Three months ended
December 31, 2018
|
Sempra Energy GAAP
Earnings
|
|
|
|
|
$
|
447
|
|
|
|
|
|
$
|
864
|
|
Excluded
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of certain Sempra
Renewables assets
|
|
$
|
—
|
|
$
|
—
|
|
|
—
|
|
|
$
|
(513)
|
|
$
|
146
|
|
$
|
—
|
|
(367)
|
|
Reduction of impairment of
non-utility natural gas storage assets
|
|
—
|
|
—
|
|
|
—
|
|
|
(183)
|
|
47
|
|
10
|
|
(126)
|
|
Impact from the TCJA
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
60
|
|
—
|
|
60
|
|
Sempra Energy
Adjusted Earnings
|
|
|
|
|
$
|
447
|
|
|
|
|
|
$
|
431
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
EPS:
|
|
|
|
|
|
|
|
|
|
|
Sempra Energy GAAP
Earnings(2)
|
|
|
|
|
$
|
447
|
|
|
|
|
|
$
|
900
|
|
Weighted-average common shares
outstanding, diluted – GAAP
|
|
|
|
|
288,787
|
|
|
|
|
|
296,429
|
|
Sempra Energy GAAP EPS
|
|
|
|
|
$
|
1.55
|
|
|
|
|
|
$
|
3.03
|
|
|
|
|
|
|
|
|
|
|
|
|
Sempra Energy Adjusted Earnings for
Adjusted EPS
|
|
|
|
|
|
|
|
|
|
|
$
|
431
|
|
Weighted-average common shares
outstanding, diluted – Adjusted(2)
|
|
|
|
|
|
|
|
|
|
|
276,230
|
|
Sempra Energy Adjusted
EPS
|
|
|
|
|
|
|
|
|
|
|
$
|
1.56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December
31, 2019
|
|
|
|
|
Year ended December
31, 2018
|
Sempra Energy GAAP
Earnings
|
|
|
|
|
$
|
2,055
|
|
|
|
|
|
$
|
924
|
|
Excluded
items:
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of certain Sempra
Renewables assets
|
|
$
|
(61)
|
|
$
|
16
|
|
|
(45)
|
|
|
$
|
(513)
|
|
$
|
146
|
|
$
|
—
|
|
(367)
|
|
Associated with holding the South
American businesses for sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in indefinite
reinvestment assertion of basis differences and structure of sale
of discontinued operations
|
|
—
|
|
(89)
|
|
|
(89)
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Reduction in tax
valuation allowance against certain NOL carryforwards
|
|
—
|
|
(10)
|
|
|
(10)
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Impacts associated with Aliso
Canyon litigation
|
|
—
|
|
—
|
|
|
—
|
|
|
1
|
|
21
|
|
—
|
|
22
|
|
Impairment of U.S. wind equity
method investments
|
|
—
|
|
—
|
|
|
—
|
|
|
200
|
|
(55)
|
|
—
|
|
145
|
|
Impairment of non-utility natural
gas storage assets
|
|
—
|
|
—
|
|
|
—
|
|
|
1,117
|
|
(452)
|
|
(36)
|
|
629
|
|
Impairment of investment in RBS
Sempra Commodities
|
|
—
|
|
—
|
|
|
—
|
|
|
65
|
|
—
|
|
—
|
|
65
|
|
Impact from the TCJA
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
85
|
|
—
|
|
85
|
|
Sempra Energy
Adjusted Earnings
|
|
|
|
|
$
|
1,911
|
|
|
|
|
|
$
|
1,503
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
EPS:
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares
outstanding, diluted – GAAP
|
|
|
|
|
282,033
|
|
|
|
|
|
269,852
|
|
Sempra Energy GAAP EPS
|
|
|
|
|
$
|
7.29
|
|
|
|
|
|
$
|
3.42
|
|
Sempra Energy Adjusted
EPS
|
|
|
|
|
$
|
6.78
|
|
|
|
|
|
$
|
5.57
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Except for
adjustments that are solely income tax and tax related to outside
basis differences, income taxes on pretax amounts were primarily
calculated based on applicable statutory tax rates.
|
(2)
|
In the three months
ended December 31, 2018, because the assumed conversion of the
mandatory convertible preferred stock is dilutive for GAAP
Earnings, the numerator used to calculate GAAP EPS includes an
add-back of $36 million of mandatory convertible preferred stock
dividends declared in that quarter. However, because the assumed
conversion is antidilutive for the lower Adjusted Earnings, 20,199
mandatory convertible preferred stock shares are not included in
the denominator used to calculate Adjusted EPS.
|
SEMPRA ENERGY
Table A
(Continued)
RECONCILIATION OF SEMPRA ENERGY 2020 ADJUSTED EPS GUIDANCE RANGE
TO SEMPRA ENERGY 2020 GAAP EPS GUIDANCE RANGE (Unaudited)
Sempra Energy 2020 Adjusted EPS Guidance Range of $6.70 to $7.50
excludes approximately $1.8 billion
to $2.0 billion estimated after-tax
gain on the sale of our South American businesses, net of
approximately $1.2 billion of income
tax expense, which was calculated primarily based on applicable
statutory tax rates.
Sempra Energy 2020 Adjusted EPS Guidance is a non-GAAP financial
measure. Because of the significance and/or nature of the excluded
item, management believes that this non-GAAP financial measure
provides a meaningful comparison of the performance of Sempra
Energy's business operations to prior and future periods. Sempra
Energy 2020 Adjusted EPS Guidance should not be considered an
alternative to Sempra Energy 2020 GAAP EPS 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 Sempra Energy 2020 Adjusted EPS Guidance Range to Sempra
Energy 2020 GAAP EPS Guidance Range, which we consider to be the
most directly comparable financial measure calculated in accordance
with GAAP.
|
|
|
Full-Year
2020
|
Sempra Energy GAAP
EPS Guidance Range
|
|
|
$
|
12.78
|
|
to
|
$
|
14.26
|
|
Excluded
item:
|
|
|
|
|
|
Estimated gain on
sale of South American businesses
|
|
|
(6.08)
|
|
|
(6.76)
|
|
Sempra Energy
Adjusted EPS Guidance Range
|
|
|
$
|
6.70
|
|
to
|
$
|
7.50
|
|
Weighted-average
common shares outstanding, diluted (millions)
|
|
|
|
|
295
|
|
SEMPRA
ENERGY
|
Table
B
|
|
|
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
(Dollars in
millions)
|
2019
|
|
2018(1)
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
108
|
|
|
$
|
102
|
|
Restricted
cash
|
31
|
|
|
35
|
|
Accounts receivable –
trade, net
|
1,261
|
|
|
1,215
|
|
Accounts receivable –
other, net
|
455
|
|
|
320
|
|
Due from
unconsolidated affiliates
|
32
|
|
|
37
|
|
Income taxes
receivable
|
112
|
|
|
60
|
|
Inventories
|
277
|
|
|
258
|
|
Regulatory
assets
|
222
|
|
|
138
|
|
Greenhouse gas
allowances
|
72
|
|
|
59
|
|
Assets held for
sale
|
—
|
|
|
713
|
|
Assets held for sale
in discontinued operations
|
445
|
|
|
459
|
|
Other current
assets
|
324
|
|
|
249
|
|
Total current
assets
|
3,339
|
|
|
3,645
|
|
|
|
|
|
Other
assets:
|
|
|
|
Restricted
cash
|
3
|
|
|
21
|
|
Due from
unconsolidated affiliates
|
742
|
|
|
644
|
|
Regulatory
assets
|
1,930
|
|
|
1,589
|
|
Nuclear
decommissioning trusts
|
1,082
|
|
|
974
|
|
Investment in Oncor
Holdings
|
11,519
|
|
|
9,652
|
|
Other
investments
|
2,103
|
|
|
2,320
|
|
Goodwill
|
1,602
|
|
|
1,602
|
|
Other intangible
assets
|
213
|
|
|
224
|
|
Dedicated assets in
support of certain benefit plans
|
488
|
|
|
416
|
|
Insurance receivable
for Aliso Canyon costs
|
339
|
|
|
461
|
|
Deferred income
taxes
|
155
|
|
|
141
|
|
Greenhouse gas
allowances
|
470
|
|
|
289
|
|
Right-of-use assets –
operating leases
|
591
|
|
|
—
|
|
Wildfire
fund
|
392
|
|
|
—
|
|
Assets held for sale
in discontinued operations
|
3,513
|
|
|
3,259
|
|
Other long-term
assets
|
732
|
|
|
962
|
|
Total other
assets
|
25,874
|
|
|
22,554
|
|
Property, plant and
equipment, net
|
36,452
|
|
|
34,439
|
|
Total
assets
|
$
|
65,665
|
|
|
$
|
60,638
|
|
(1)
Amounts have been retrospectively adjusted for discontinued
operations.
|
|
SEMPRA
ENERGY
|
Table B
(Continued)
|
|
|
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
(Dollars in
millions)
|
2019
|
|
2018(1)
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Short-term
debt
|
$
|
3,505
|
|
|
$
|
2,024
|
|
Accounts payable –
trade
|
1,234
|
|
|
1,160
|
|
Accounts payable –
other
|
179
|
|
|
138
|
|
Due to unconsolidated
affiliates
|
5
|
|
|
10
|
|
Dividends and
interest payable
|
515
|
|
|
480
|
|
Accrued compensation
and benefits
|
476
|
|
|
440
|
|
Regulatory
liabilities
|
319
|
|
|
105
|
|
Current portion of
long-term debt and finance leases
|
1,526
|
|
|
1,644
|
|
Reserve for Aliso
Canyon costs
|
9
|
|
|
160
|
|
Greenhouse gas
obligations
|
72
|
|
|
59
|
|
Liabilities held for
sale in discontinued operations
|
444
|
|
|
368
|
|
Other current
liabilities
|
866
|
|
|
935
|
|
Total current
liabilities
|
9,150
|
|
|
7,523
|
|
|
|
|
|
Long-term debt and
finance leases
|
20,785
|
|
|
20,903
|
|
|
|
|
|
Deferred credits and
other liabilities:
|
|
|
|
Due to unconsolidated
affiliates
|
195
|
|
|
37
|
|
Pension and other
postretirement benefit plan obligations, net of plan
assets
|
1,067
|
|
|
1,143
|
|
Deferred income
taxes
|
2,577
|
|
|
2,321
|
|
Deferred investment
tax credits
|
21
|
|
|
24
|
|
Regulatory
liabilities
|
3,741
|
|
|
4,016
|
|
Asset retirement
obligations
|
2,923
|
|
|
2,786
|
|
Greenhouse gas
obligations
|
301
|
|
|
131
|
|
Liabilities held for
sale in discontinued operations
|
1,052
|
|
|
1,013
|
|
Deferred credits and
other
|
2,048
|
|
|
1,493
|
|
Total deferred
credits and other liabilities
|
13,925
|
|
|
12,964
|
|
Equity:
|
|
|
|
Sempra Energy
shareholders' equity
|
19,929
|
|
|
17,138
|
|
Preferred stock of
subsidiary
|
20
|
|
|
20
|
|
Other noncontrolling
interests
|
1,856
|
|
|
2,090
|
|
Total
equity
|
21,805
|
|
|
19,248
|
|
Total liabilities and
equity
|
$
|
65,665
|
|
|
$
|
60,638
|
|
|
(1)
Amounts have been retrospectively adjusted for discontinued
operations.
|
SEMPRA
ENERGY
|
Table
C
|
|
|
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
Years ended December
31,
|
(Dollars in
millions)
|
2019
|
|
2018(1)
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
Net income
|
$
|
2,362
|
|
|
$
|
1,126
|
|
Less: Income from
discontinued operations, net of income tax
|
(363)
|
|
|
(188)
|
|
Income from
continuing operations, net of income tax
|
1,999
|
|
|
938
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities
|
1,259
|
|
|
1,878
|
|
Net change in other
working capital components
|
(207)
|
|
|
433
|
|
Insurance receivable
for Aliso Canyon costs
|
122
|
|
|
(43)
|
|
Wildfire fund,
current and noncurrent
|
(323)
|
|
|
—
|
|
Changes in other
noncurrent assets and liabilities, net
|
(152)
|
|
|
14
|
|
Net cash provided by
continuing operations
|
2,698
|
|
|
3,220
|
|
Net cash provided by
discontinued operations
|
390
|
|
|
296
|
|
Net cash provided by
operating activities
|
3,088
|
|
|
3,516
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
Expenditures for
property, plant and equipment
|
(3,708)
|
|
|
(3,544)
|
|
Expenditures for
investments and acquisitions, net of cash and cash equivalents
acquired
|
(1,797)
|
|
|
(10,168)
|
|
Proceeds from sale of
assets
|
899
|
|
|
1,580
|
|
Purchases of nuclear
decommissioning trust assets
|
(914)
|
|
|
(890)
|
|
Proceeds from sales
of nuclear decommissioning trust assets
|
914
|
|
|
890
|
|
Advances to
unconsolidated affiliates
|
(16)
|
|
|
(95)
|
|
Repayments of
advances to unconsolidated affiliates
|
3
|
|
|
3
|
|
Intercompany
activities with discontinued operations, net
|
8
|
|
|
(22)
|
|
Other
|
30
|
|
|
41
|
|
Net cash used in
continuing operations
|
(4,581)
|
|
|
(12,205)
|
|
Net cash used in
discontinued operations
|
(12)
|
|
|
(265)
|
|
Net cash used in
investing activities
|
(4,593)
|
|
|
(12,470)
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
Common dividends
paid
|
(993)
|
|
|
(877)
|
|
Preferred dividends
paid
|
(142)
|
|
|
(89)
|
|
Issuances of
mandatory convertible preferred stock, net
|
—
|
|
|
2,258
|
|
Issuances of common
stock, net
|
1,830
|
|
|
2,272
|
|
Repurchases of common
stock
|
(26)
|
|
|
(21)
|
|
Issuances of debt
(maturities greater than 90 days)
|
4,296
|
|
|
8,927
|
|
Payments on debt
(maturities greater than 90 days) and finance leases
|
(3,667)
|
|
|
(3,342)
|
|
Increase (decrease)
in short-term debt, net
|
656
|
|
|
(84)
|
|
Advances from
unconsolidated affiliates
|
155
|
|
|
—
|
|
Proceeds from sale of
noncontrolling interests, net
|
5
|
|
|
90
|
|
Purchases of
noncontrolling interests
|
(30)
|
|
|
(7)
|
|
Contributions from
(distributions to) noncontrolling interests, net
|
98
|
|
|
(26)
|
|
Intercompany
activities with discontinued operations, net
|
(266)
|
|
|
(109)
|
|
Other
|
(49)
|
|
|
(117)
|
|
Net cash provided by
continuing operations
|
1,867
|
|
|
8,875
|
|
Net cash used in
discontinued operations
|
(392)
|
|
|
(25)
|
|
Net cash provided by
financing activities
|
1,475
|
|
|
8,850
|
|
|
|
|
|
Effect of exchange
rate changes in continuing operations
|
—
|
|
|
(2)
|
|
Effect of exchange
rate changes in discontinued operations
|
1
|
|
|
(12)
|
|
Effect of exchange
rate changes on cash, cash equivalents and restricted
cash
|
1
|
|
|
(14)
|
|
|
|
|
|
Decrease in cash,
cash equivalents and restricted cash, including discontinued
operations
|
(29)
|
|
|
(118)
|
|
Cash, cash
equivalents and restricted cash, including discontinued operations,
January 1
|
246
|
|
|
364
|
|
Cash, cash
equivalents and restricted cash, including discontinued operations,
December 31
|
$
|
217
|
|
|
$
|
246
|
|
|
(1)
Amounts have been retrospectively adjusted for discontinued
operations.
|
SEMPRA
ENERGY
|
Table
D
|
|
|
|
|
|
|
|
|
|
|
SEGMENT EARNINGS
(LOSSES) AND CAPITAL EXPENDITURES, INVESTMENTS AND
ACQUISITIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
December 31,
|
|
Years ended
December 31,
|
(Dollars in
millions)
|
|
|
|
2019
|
|
2018(1)
|
|
2019
|
|
2018(1)
|
|
|
|
(unaudited)
|
|
|
|
|
|
Earnings (Losses)
Attributable to Common Shares
|
|
|
|
|
|
|
|
|
|
|
San Diego Gas &
Electric
|
|
|
|
$
|
185
|
|
|
$
|
148
|
|
|
$
|
767
|
|
|
$
|
669
|
|
Southern California
Gas
|
|
|
|
204
|
|
|
156
|
|
|
641
|
|
|
400
|
|
Sempra Texas
Utilities
|
|
|
|
109
|
|
|
88
|
|
|
528
|
|
|
371
|
|
Sempra
Mexico
|
|
|
|
39
|
|
|
76
|
|
|
253
|
|
|
237
|
|
Sempra
Renewables
|
|
|
|
—
|
|
|
382
|
|
|
59
|
|
|
328
|
|
Sempra
LNG
|
|
|
|
(19)
|
|
|
147
|
|
|
(6)
|
|
|
(617)
|
|
Parent and
other
|
|
|
|
(132)
|
|
|
(174)
|
|
|
(515)
|
|
|
(620)
|
|
Discontinued
operations
|
|
|
|
61
|
|
|
41
|
|
|
328
|
|
|
156
|
|
Total
|
|
|
|
$
|
447
|
|
|
$
|
864
|
|
|
$
|
2,055
|
|
|
$
|
924
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
December 31,
|
|
Years ended
December 31,
|
(Dollars in
millions)
|
|
|
|
2019
|
|
2018(1)
|
|
2019
|
|
2018(1)
|
|
|
|
(unaudited)
|
|
|
|
|
|
Capital Expenditures,
Investments and Acquisitions
|
|
|
|
|
|
|
|
|
|
|
San Diego Gas &
Electric
|
|
|
|
$
|
451
|
|
|
$
|
348
|
|
|
$
|
1,522
|
|
|
$
|
1,542
|
|
Southern California
Gas
|
|
|
|
420
|
|
|
411
|
|
|
1,439
|
|
|
1,538
|
|
Sempra Texas
Utilities
|
|
|
|
347
|
|
|
179
|
|
|
1,685
|
|
|
9,457
|
|
Sempra
Mexico
|
|
|
|
204
|
|
|
148
|
|
|
624
|
|
|
468
|
|
Sempra
Renewables
|
|
|
|
—
|
|
|
10
|
|
|
2
|
|
|
56
|
|
Sempra
LNG
|
|
|
|
39
|
|
|
104
|
|
|
222
|
|
|
306
|
|
Parent and
other
|
|
|
|
5
|
|
|
(63)
|
|
|
11
|
|
|
345
|
|
Capital Expenditures,
Investments and Acquisitions
|
|
|
|
$
|
1,466
|
|
|
$
|
1,137
|
|
|
$
|
5,505
|
|
|
$
|
13,712
|
|
|
(1)
Amounts have been retrospectively adjusted for discontinued
operations.
|
SEMPRA
ENERGY
|
Table
E
|
|
OTHER OPERATING
STATISTICS (Unaudited)
|
|
|
|
Three months
ended
December 31,
|
|
Years ended or at
December 31,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
UTILITIES
|
|
|
|
|
|
|
|
|
SDG&E and
SoCalGas
|
|
|
|
|
|
|
|
|
Gas
sales (Bcf)(1)
|
|
103
|
|
93
|
|
374
|
|
337
|
Transportation (Bcf)(1)
|
|
149
|
|
134
|
|
573
|
|
581
|
Total
deliveries (Bcf)(1)
|
|
252
|
|
227
|
|
947
|
|
918
|
|
|
|
|
|
|
|
|
|
Total gas customer
meters (thousands)
|
|
|
|
|
|
6,924
|
|
6,885
|
|
|
|
|
|
|
|
|
|
SDG&E
|
|
|
|
|
|
|
|
|
Electric
sales (millions of kWhs)(1)
|
|
3,601
|
|
3,643
|
|
14,397
|
|
15,125
|
Direct
Access and Community Choice Aggregation (millions of
kWhs)
|
|
909
|
|
947
|
|
3,549
|
|
3,628
|
Total
deliveries (millions of kWhs)(1)
|
|
4,510
|
|
4,590
|
|
17,946
|
|
18,753
|
|
|
|
|
|
|
|
|
|
Total
electric customer meters (thousands)
|
|
|
|
|
|
1,471
|
|
1,459
|
|
|
|
|
|
|
|
|
|
Oncor(2)
|
|
|
|
|
|
|
|
|
Total
deliveries (millions of kWhs)
|
|
30,916
|
|
29,800
|
|
133,378
|
|
107,276
|
Total
electric customer meters (thousands)
|
|
|
|
|
|
3,685
|
|
3,621
|
|
|
|
|
|
|
|
|
|
Ecogas
|
|
|
|
|
|
|
|
|
Natural
gas sales (Bcf)
|
|
1
|
|
—
|
|
3
|
|
7
|
Natural
gas customer meters (thousands)
|
|
|
|
|
|
132
|
|
123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENERGY-RELATED
BUSINESSES
|
|
|
|
|
|
|
|
|
Power generated and
sold
|
|
|
|
|
|
|
|
|
Sempra
Mexico
|
|
|
|
|
|
|
|
|
Termoeléctrica
de Mexicali (TdM) (millions of kWhs)
|
|
1,011
|
|
1,152
|
|
3,873
|
|
4,074
|
Wind and solar (millions of
kWhs)(3)
|
|
333
|
|
252
|
|
1,442
|
|
1,176
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes intercompany
sales.
|
(2)
|
Includes 100% of the
electric deliveries and customer meters of Oncor Electric Delivery
Company LLC (Oncor), in which we hold an 80.25% interest through
our March 2018 acquisition of our equity method investment in Oncor
Electric Delivery Holdings Company LLC (Oncor Holdings). Total
deliveries for the year ended December 31, 2018 only include
volumes from the March 9, 2018 acquisition date.
|
(3)
|
Includes 50% of the
total power generated and sold at the EnergÃa Sierra Juárez wind
power generation facility, in which Sempra Energy has a 50%
ownership interest. EnergÃa Sierra Juárez is not consolidated
within Sempra Energy, and the related investment is accounted for
under the equity method.
|
SEMPRA
ENERGY
|
Table
F (Unaudited)
|
|
STATEMENT OF
OPERATIONS DATA BY SEGMENT
|
|
Three months ended
December 31, 2019
|
|
(Dollars in
millions)
|
|
SDG&E
|
|
SoCalGas
|
|
Sempra Texas
Utilities
|
|
Sempra
Mexico
|
|
Sempra
Renewables
|
|
Sempra LNG
|
|
Consolidating
Adjustments, Parent & Other
|
|
|
Total
|
Revenues
|
|
$
|
1,259
|
|
|
$
|
1,383
|
|
|
$
|
—
|
|
|
$
|
317
|
|
|
$
|
—
|
|
|
$
|
83
|
|
|
$
|
(99)
|
|
|
|
$
|
2,943
|
|
Cost of sales and
other expenses
|
|
(705)
|
|
|
(847)
|
|
|
—
|
|
|
(153)
|
|
|
—
|
|
|
(112)
|
|
|
51
|
|
|
|
(1,766)
|
|
Depreciation and
amortization
|
|
(189)
|
|
|
(153)
|
|
|
—
|
|
|
(47)
|
|
|
—
|
|
|
(3)
|
|
|
(3)
|
|
|
|
(395)
|
|
Other (expense)
income, net
|
|
(21)
|
|
|
(73)
|
|
|
—
|
|
|
70
|
|
|
—
|
|
|
—
|
|
|
(2)
|
|
|
|
(26)
|
|
Income (loss) before
interest and tax(1)
|
|
344
|
|
|
310
|
|
|
—
|
|
|
187
|
|
|
—
|
|
|
(32)
|
|
|
(53)
|
|
|
|
756
|
|
Net interest
(expense) income
|
|
(99)
|
|
|
(36)
|
|
|
—
|
|
|
(10)
|
|
|
—
|
|
|
(1)
|
|
|
(111)
|
|
|
|
(257)
|
|
Income tax (expense)
benefit
|
|
(60)
|
|
|
(70)
|
|
|
—
|
|
|
(111)
|
|
|
—
|
|
|
9
|
|
|
67
|
|
|
|
(165)
|
|
Equity earnings
(losses), net
|
|
—
|
|
|
—
|
|
|
109
|
|
|
(19)
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
|
95
|
|
Earnings attributable
to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
(8)
|
|
Preferred
dividends
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(35)
|
|
|
|
(35)
|
|
Earnings (losses)
from continuing operations
|
|
$
|
185
|
|
|
$
|
204
|
|
|
$
|
109
|
|
|
$
|
39
|
|
|
$
|
—
|
|
|
$
|
(19)
|
|
|
$
|
(132)
|
|
|
|
386
|
|
Earnings from
discontinued operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
61
|
|
Earnings attributable
to common shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
447
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31, 2018(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
SDG&E
|
|
SoCalGas
|
|
Sempra Texas
Utilities
|
|
Sempra
Mexico
|
|
Sempra
Renewables
|
|
Sempra LNG
|
|
Consolidating
Adjustments, Parent & Other
|
|
|
Total
|
Revenues
|
|
$
|
1,163
|
|
|
$
|
1,262
|
|
|
$
|
—
|
|
|
$
|
348
|
|
|
$
|
21
|
|
|
$
|
142
|
|
|
$
|
(110)
|
|
|
|
$
|
2,826
|
|
Cost of sales and
other expenses
|
|
(737)
|
|
|
(882)
|
|
|
—
|
|
|
(175)
|
|
|
(26)
|
|
|
(122)
|
|
|
100
|
|
|
|
(1,842)
|
|
Depreciation and
amortization
|
|
(179)
|
|
|
(142)
|
|
|
—
|
|
|
(44)
|
|
|
—
|
|
|
(2)
|
|
|
(9)
|
|
|
|
(376)
|
|
Write-off and
reduction in impairment losses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
183
|
|
|
(1)
|
|
|
|
182
|
|
Gain (loss) on sale
of assets
|
|
—
|
|
|
1
|
|
|
—
|
|
|
(1)
|
|
|
513
|
|
|
—
|
|
|
—
|
|
|
|
513
|
|
Other (expense)
income, net
|
|
(21)
|
|
|
(34)
|
|
|
—
|
|
|
(63)
|
|
|
1
|
|
|
—
|
|
|
(17)
|
|
|
|
(134)
|
|
Income (loss) before
interest and tax(1)
|
|
226
|
|
|
205
|
|
|
—
|
|
|
65
|
|
|
509
|
|
|
201
|
|
|
(37)
|
|
|
|
1,169
|
|
Net interest
(expense) income
|
|
(59)
|
|
|
(32)
|
|
|
—
|
|
|
(13)
|
|
|
2
|
|
|
10
|
|
|
(119)
|
|
|
|
(211)
|
|
Income tax (expense)
benefit
|
|
(22)
|
|
|
(17)
|
|
|
—
|
|
|
41
|
|
|
(138)
|
|
|
(53)
|
|
|
17
|
|
|
|
(172)
|
|
Equity earnings
(losses), net
|
|
—
|
|
|
—
|
|
|
88
|
|
|
38
|
|
|
1
|
|
|
(1)
|
|
|
—
|
|
|
|
126
|
|
Losses (earnings)
attributable to noncontrolling interests
|
|
3
|
|
|
—
|
|
|
—
|
|
|
(55)
|
|
|
8
|
|
|
(10)
|
|
|
1
|
|
|
|
(53)
|
|
Preferred
dividends
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(36)
|
|
|
|
(36)
|
|
Earnings (losses)
from continuing operations
|
|
$
|
148
|
|
|
$
|
156
|
|
|
$
|
88
|
|
|
$
|
76
|
|
|
$
|
382
|
|
|
$
|
147
|
|
|
$
|
(174)
|
|
|
|
823
|
|
Earnings from
discontinued operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41
|
|
Earnings attributable
to common shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
864
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Management believes
Income (Loss) Before Interest and Tax is a useful measurement of
our segments' performance because it can be used to evaluate the
effectiveness of our operations exclusive of interest and income
tax, neither of which is directly relevant to the efficiency of
those operations.
|
(2)
|
Amounts have been
retrospectively adjusted for discontinued operations.
|
SEMPRA
ENERGY
|
Table
F (Unaudited)
|
|
STATEMENT OF
OPERATIONS DATA BY SEGMENT
|
|
Year ended December
31, 2019
|
|
(Dollars in
millions)
|
|
SDG&E
|
|
SoCalGas
|
|
Sempra Texas
Utilities
|
|
Sempra
Mexico
|
|
Sempra
Renewables
|
|
Sempra LNG
|
|
Consolidating
Adjustments, Parent & Other
|
|
|
Total
|
Revenues
|
|
$
|
4,925
|
|
|
$
|
4,525
|
|
|
$
|
—
|
|
|
$
|
1,375
|
|
|
$
|
10
|
|
|
$
|
410
|
|
|
$
|
(416)
|
|
|
|
$
|
10,829
|
|
Cost of sales and
other expenses
|
|
(2,846)
|
|
|
(2,930)
|
|
|
—
|
|
|
(649)
|
|
|
(20)
|
|
|
(462)
|
|
|
274
|
|
|
|
(6,633)
|
|
Depreciation and
amortization
|
|
(760)
|
|
|
(602)
|
|
|
—
|
|
|
(183)
|
|
|
—
|
|
|
(10)
|
|
|
(14)
|
|
|
|
(1,569)
|
|
Impairment
losses
|
|
(6)
|
|
|
(37)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
(43)
|
|
Gain on sale of
assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
61
|
|
|
—
|
|
|
2
|
|
|
|
63
|
|
Other income
(expense), net
|
|
39
|
|
|
(55)
|
|
|
—
|
|
|
76
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
|
77
|
|
Income (loss) before
interest and tax(1)
|
|
1,352
|
|
|
901
|
|
|
—
|
|
|
619
|
|
|
51
|
|
|
(62)
|
|
|
(137)
|
|
|
|
2,724
|
|
Net interest
(expense) income
|
|
(407)
|
|
|
(139)
|
|
|
—
|
|
|
(41)
|
|
|
8
|
|
|
26
|
|
|
(437)
|
|
|
|
(990)
|
|
Income tax (expense)
benefit
|
|
(171)
|
|
|
(120)
|
|
|
—
|
|
|
(227)
|
|
|
(4)
|
|
|
5
|
|
|
202
|
|
|
|
(315)
|
|
Equity earnings
(losses), net
|
|
—
|
|
|
—
|
|
|
528
|
|
|
24
|
|
|
5
|
|
|
24
|
|
|
(1)
|
|
|
|
580
|
|
(Earnings) losses
attributable to noncontrolling interests
|
|
(7)
|
|
|
—
|
|
|
—
|
|
|
(122)
|
|
|
(1)
|
|
|
1
|
|
|
—
|
|
|
|
(129)
|
|
Preferred
dividends
|
|
—
|
|
|
(1)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(142)
|
|
|
|
(143)
|
|
Earnings (losses)
from continuing operations
|
|
$
|
767
|
|
|
$
|
641
|
|
|
$
|
528
|
|
|
$
|
253
|
|
|
$
|
59
|
|
|
$
|
(6)
|
|
|
$
|
(515)
|
|
|
|
1,727
|
|
Earnings from
discontinued operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
328
|
|
Earnings attributable
to common shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,055
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December
31, 2018(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
SDG&E
|
|
SoCalGas
|
|
Sempra Texas
Utilities
|
|
Sempra
Mexico
|
|
Sempra
Renewables
|
|
Sempra LNG
|
|
Consolidating
Adjustments, Parent & Other
|
|
|
Total
|
Revenues
|
|
$
|
4,568
|
|
|
$
|
3,962
|
|
|
$
|
—
|
|
|
$
|
1,376
|
|
|
$
|
124
|
|
|
$
|
472
|
|
|
$
|
(400)
|
|
|
|
$
|
10,102
|
|
Cost of sales and
other expenses
|
|
(2,870)
|
|
|
(2,816)
|
|
|
—
|
|
|
(628)
|
|
|
(94)
|
|
|
(446)
|
|
|
309
|
|
|
|
(6,545)
|
|
Depreciation and
amortization
|
|
(688)
|
|
|
(556)
|
|
|
—
|
|
|
(175)
|
|
|
(27)
|
|
|
(26)
|
|
|
(19)
|
|
|
|
(1,491)
|
|
Write-off and
impairment losses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4)
|
|
|
—
|
|
|
(1,117)
|
|
|
(1)
|
|
|
|
(1,122)
|
|
Gain (loss) on sale
of assets
|
|
—
|
|
|
1
|
|
|
—
|
|
|
(1)
|
|
|
513
|
|
|
—
|
|
|
—
|
|
|
|
513
|
|
Other income
(expense), net
|
|
56
|
|
|
15
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
(15)
|
|
|
|
58
|
|
Income (loss) before
interest and tax(1)
|
|
1,066
|
|
|
606
|
|
|
—
|
|
|
569
|
|
|
517
|
|
|
(1,117)
|
|
|
(126)
|
|
|
|
1,515
|
|
Net interest
(expense) income
|
|
(217)
|
|
|
(113)
|
|
|
—
|
|
|
(55)
|
|
|
(7)
|
|
|
28
|
|
|
(437)
|
|
|
|
(801)
|
|
Income tax (expense)
benefit
|
|
(173)
|
|
|
(92)
|
|
|
—
|
|
|
(185)
|
|
|
(71)
|
|
|
435
|
|
|
135
|
|
|
|
49
|
|
Equity earnings
(losses), net
|
|
—
|
|
|
—
|
|
|
371
|
|
|
40
|
|
|
(169)
|
|
|
—
|
|
|
(67)
|
|
|
|
175
|
|
(Earnings) losses
attributable to noncontrolling interests
|
|
(7)
|
|
|
—
|
|
|
—
|
|
|
(132)
|
|
|
58
|
|
|
37
|
|
|
—
|
|
|
|
(44)
|
|
Preferred
dividends
|
|
—
|
|
|
(1)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(125)
|
|
|
|
(126)
|
|
Earnings (losses)
from continuing operations
|
|
$
|
669
|
|
|
$
|
400
|
|
|
$
|
371
|
|
|
$
|
237
|
|
|
$
|
328
|
|
|
$
|
(617)
|
|
|
$
|
(620)
|
|
|
|
768
|
|
Earnings from
discontinued operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
156
|
|
Earnings attributable
to common shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
924
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Management believes
Income (Loss) Before Interest and Tax is a useful measurement of
our segments' performance because it can be used to evaluate the
effectiveness of our operations exclusive of interest and income
tax, neither of which is directly relevant to the efficiency of
those operations.
|
(2)
|
Amounts have been
retrospectively adjusted for discontinued operations.
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/sempra-energy-reports-strong-2019-financial-and-operating-results-301012259.html
SOURCE Sempra Energy