SAN DIEGO, Aug. 5, 2021 /PRNewswire/ -- Sempra (NYSE:
SRE) (BMV: SRE) today announced second-quarter 2021 earnings of
$424 million, or $1.37 per diluted share, compared to
second-quarter 2020 earnings of $2.239
billion, or $7.61 per diluted
share. On an adjusted basis, the company's second-quarter 2021
earnings were $504 million, or
$1.63 per diluted share, compared to
$501 million, or $1.71 per diluted share, in the second quarter of
2020.
"Our simplified business model and narrowed strategic focus to
growing markets continue to provide strong support for our
financial and operational results," said Trevor Mihalik, executive vice president and
chief financial officer of Sempra. "We are pleased with our
solid year-to-date financial results."
Sempra's earnings for the first six months of 2021 were
$1.298 billion, or $4.24 per diluted share, compared with earnings
of $2.999 billion, or $9.91 per diluted share, in the first six months
of 2020. Adjusted earnings for the first six months of 2021 were
$1.404 billion, or $4.58 per diluted share, compared to $1.242 billion, or $4.20 per diluted share, in the first six months
of 2020.
The reported financial results reflect certain significant items
as described on an after-tax basis in the following table of GAAP
(generally accepted accounting principles in the United States of America) earnings,
reconciled to adjusted earnings, for the second quarter and first
six months of 2021 and 2020.
|
|
|
|
|
|
|
Three months
ended
|
|
Six months
ended
|
|
|
June
30,
|
|
June
30,
|
(Dollars, except
EPS, and shares in millions)
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
(Unaudited)
|
GAAP
Earnings
|
|
$
424
|
|
$
2,239
|
|
$
1,298
|
|
$
2,999
|
|
|
|
|
|
|
|
|
|
Impact from Foreign
Currency and Inflation and Associated Undesignated
Derivatives1
|
72
|
|
21
|
|
69
|
|
(129)
|
|
|
|
|
|
|
|
|
|
Net Unrealized Losses
(Gains) on Commodity Derivatives1
|
|
58
|
|
(5)
|
|
87
|
|
(46)
|
|
|
|
|
|
|
|
|
|
Impacts Associated
with Aliso Canyon Litigation
|
|
-
|
|
-
|
|
-
|
|
72
|
|
|
|
|
|
|
|
|
|
Gain on Sale of South
American Businesses
|
|
-
|
|
(1,754)
|
|
-
|
|
(1,754)
|
|
|
|
|
|
|
|
|
|
(Earnings) Losses
from Investment in RBS Sempra Commodities LLP
|
|
(50)
|
|
-
|
|
(50)
|
|
100
|
|
|
|
|
|
|
|
|
|
Adjusted
Earnings2
|
|
$
504
|
|
$
501
|
|
$
1,404
|
|
$
1,242
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
Weighted-Average Common Shares Outstanding
|
|
309
|
|
294
|
|
306
|
|
308
|
GAAP
EPS3
|
|
$
1.37
|
|
$
7.61
|
|
$
4.24
|
|
$
9.91
|
|
|
|
|
|
|
|
|
|
Diluted
Weighted-Average Common Shares Outstanding4
|
|
309
|
|
294
|
|
311
|
|
308
|
Adjusted
EPS2,3,5
|
|
$
1.63
|
|
$
1.71
|
|
$
4.58
|
|
$
4.20
|
|
|
|
|
1)
|
Q2-2020 and YTD-2020
Adjusted Earnings and Adjusted Earnings per Common Share (EPS) have
been updated to exclude this item to conform to current year
presentation.
|
2)
|
Represents a non-GAAP
financial measure. See Table A for information regarding non-GAAP
financial measures and descriptions of adjustments.
|
3)
|
To calculate YTD-2020
GAAP EPS and Adjusted EPS, preferred dividends of $52 million are
added back to GAAP Earnings because of the dilutive effect of
Series A mandatory convertible preferred
stock.
|
4)
|
YTD-2020 diluted
weighted-average common shares outstanding has been updated for the
exclusion of additional items to conform to current year
presentation.
|
5)
|
To calculate YTD-2021
Adjusted EPS, preferred dividends of $19 million are added back to
Adjusted Earnings because of the dilutive effect of Series B
mandatory convertible preferred stock.
|
Prioritizing Safety and Sustainability at Sempra
California
In July, San Diego Gas & Electric Co. (SDG&E) received
approval from the California Public Utilities Commission (CPUC) for
its 2021 Wildfire Mitigation Plan Update, building upon the
utility's long-standing commitment to advancing fire hardening and
public safety.
Additionally, Southern California Gas Co. (SoCalGas) began
renewable natural gas (RNG) flows at two additional biomethane
projects in support of its goal to deliver 20% RNG to its core
customers by 2030.
Continuing Growth at Sempra Texas
In Texas, Oncor Electric
Delivery Company LLC (Oncor) has announced its projected five-year
capital plan for 2022-2026 of $14
billion, a $1.8 billion
increase compared to the 2021-2025 capital plan. The increase is
driven by the need for investments to support strong premise
growth, growth in generation interconnection requests and grid
resiliency. Prospects for new relocations, expansions and electric
service to Oncor's system are expected to exceed 2020 values by 70%
and 2019 values by 170%. So far this year, Oncor has connected
approximately 43,000 new premises – greater than the total
connections seen at this same time last year, highlighting the
underlying strength of economic and demographic growth in the
region.
Advancing Sempra Infrastructure
In May, Sempra announced the completion of its exchange offer to
acquire the outstanding shares of Infraestructura Energética Nova,
S.A.B de C.V. (IEnova) not owned by Sempra, resulting in 96.4%
ownership. Sempra intends to launch a cash tender offer to acquire
the remaining 3.6% interest.
Sempra also continues to advance the sale of a non-controlling,
20% interest in Sempra Infrastructure to KKR for $3.37 billion in cash, subject to adjustments.
The sale is expected to close around the end of the third quarter
of 2021. Sempra Infrastructure is expected to generate increased
shareholder value by consolidating Sempra's infrastructure
businesses under one common growth platform with a value
proposition focused on investment opportunities in clean power,
liquefied natural gas (LNG) and net-zero solutions, and energy
networks.
Additionally, in July, IEnova began commercial operations at its
Mexico City storage terminal.
Earnings Guidance
Sempra is updating its full-year 2021 GAAP EPS guidance range to
$7.41 to $8.01 and affirming its full-year 2021 adjusted
EPS guidance range of $7.75 to
$8.35. Sempra is also affirming its
full-year 2022 EPS guidance range of $8.10 to $8.70.
Non-GAAP Financial Measures
Non-GAAP financial measures include Sempra's adjusted earnings,
adjusted EPS and adjusted EPS guidance range. See Table A for
additional information regarding these non-GAAP financial
measures.
Internet Broadcast
Sempra 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
on to the live webcast, the teleconference will be available on
replay a few hours after its conclusion by dialing (888) 203-1112
and entering passcode 1398783.
About Sempra
Sempra's mission is to be North
America's premier energy infrastructure company. The Sempra
family of companies have more than 19,000 talented employees who
deliver energy with purpose to over 36 million consumers. With more
than $66 billion in total assets at
the end of 2020, the San
Diego-based company is the owner of one of the largest
energy networks in North America
serving some of the world's leading economies. The company is
helping to advance the global energy transition by enabling the
delivery of lower-carbon energy solutions in each market it serves,
including California, Texas, Mexico
and the LNG export market. Sempra is consistently recognized as a
leader in sustainable business practices and for its long-standing
commitment to building a high-performing culture including safety,
workforce development and training, and diversity and inclusion.
Sempra is the only North American utility sector company included
on the Dow Jones Sustainability World Index and was also named one
of the "World's Most Admired Companies" for 2021 by Fortune
Magazine. For additional information about Sempra, please visit
Sempra's website at www.sempra.com and on Twitter
@SempraEnergy.
This press release contains statements that constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are based on assumptions with respect to the future,
involve risks and uncertainties, and are not guarantees. Future
results may differ materially from those expressed in any
forward-looking statements. These forward-looking statements
represent our estimates and assumptions only as of the date of this
press release. We assume no obligation to update or revise any
forward-looking statement as a result of new information, future
events or other factors.
In this press release, forward-looking 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," "in process," "under construction," "in
development," "target," "outlook," "maintain," "continue," "goal,"
"aim," "commit," or similar expressions, or when we discuss our
guidance, priorities, strategy, goals, vision, mission,
opportunities, projections, intentions or expectations.
Factors, among others, that could cause actual results and
events to differ materially from those described in any
forward-looking statements include risks and uncertainties relating
to: California wildfires,
including the risks that we may be found liable for damages
regardless of fault and that we may not be able to recover costs
from insurance, the wildfire fund established by California
Assembly Bill 1054 or in rates from customers; decisions,
investigations, regulations, issuances or revocations of permits
and other authorizations, renewals of franchises, and other actions
by (i) the Comisión Federal de Electricidad, California Public
Utilities Commission (CPUC), U.S. Department of Energy, U.S.
Federal Energy Regulatory Commission, Public Utility Commission of
Texas, and other regulatory and
governmental bodies and (ii) states, counties, cities and other
jurisdictions in the U.S., Mexico
and other countries in which we do business; the success of
business development efforts, construction projects and
acquisitions and divestitures, including risks in (i) the ability
to make a final investment decision, (ii) completing construction
projects or other transactions on schedule and budget, (iii) the
ability to realize anticipated benefits from any of these efforts
if completed, and (iv) obtaining the consent of partners or other
third parties; the resolution of civil and criminal litigation,
regulatory inquiries, investigations and proceedings, and
arbitrations, including, among others, those related to the natural
gas leak at Southern California Gas Company's (SoCalGas) Aliso
Canyon natural gas storage facility; actions by credit rating
agencies to downgrade our credit ratings or to place those ratings
on negative outlook and our ability to borrow on favorable terms
and meet our substantial debt service obligations; actions to
reduce or eliminate reliance on natural gas, including any
deterioration of or increased uncertainty in the political or
regulatory environment for local natural gas distribution companies
operating in California; weather,
natural disasters, pandemics, accidents, equipment failures,
explosions, acts of terrorism, information system outages or other
events that disrupt our operations, damage our facilities and
systems, cause the release of harmful materials, cause fires or
subject us to liability for property damage or personal injuries,
fines and penalties, some of which may not be covered by insurance,
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
or limitations on the withdrawal of natural gas from storage
facilities; the impact of the COVID-19 pandemic on capital
projects, regulatory approvals, and the execution of our
operations; cybersecurity threats to the energy grid, storage and
pipeline infrastructure, information and systems used to operate
our businesses, and confidentiality of our proprietary information
and personal information of our customers and employees, including
ransomware attacks on our systems and the systems of third-party
vendors and other parties with which we conduct business;
expropriation of assets, failure of foreign governments and
state-owned entities to honor their contracts, and property
disputes; the impact at San Diego Gas & Electric Company
(SDG&E) on competitive customer rates and reliability due to
the growth in distributed and local power generation, including
from departing retail load resulting from customers transferring to
Direct Access and Community Choice Aggregation, 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, inflation and interest rates and
commodity prices and our ability to effectively hedge these risks;
changes in tax and trade policies, laws and regulations, including
tariffs and revisions to international trade agreements that may
increase our costs, reduce our competitiveness, or impair our
ability to resolve trade disputes; 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 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
Sempra's website, www.sempra.com. Investors should not rely unduly
on any forward-looking statements.
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,
SDG&E or SoCalGas, and Sempra North American Infrastructure,
Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova
are not regulated by the CPUC.
None of the website references in this press release are
active hyperlinks, and the information contained on, or that can be
accessed through, any such website is not, and shall not be deemed
to be, part of this document.
SEMPRA
ENERGY
|
Table
A
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(Dollars in
millions, except per share amounts; shares in
thousands)
|
|
Three months
ended
June 30,
|
|
Six months ended
June 30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
(unaudited)
|
REVENUES
|
|
|
|
|
|
|
|
Utilities
|
$
|
2,434
|
|
|
$
|
2,233
|
|
|
$
|
5,279
|
|
|
$
|
4,898
|
|
Energy-related
businesses
|
307
|
|
|
293
|
|
|
721
|
|
|
657
|
|
Total
revenues
|
2,741
|
|
|
2,526
|
|
|
6,000
|
|
|
5,555
|
|
|
|
|
|
|
|
|
|
EXPENSES AND OTHER
INCOME
|
|
|
|
|
|
|
|
Utilities:
|
|
|
|
|
|
|
|
Cost of natural
gas
|
(261)
|
|
|
(131)
|
|
|
(610)
|
|
|
(468)
|
|
Cost of electric fuel
and purchased power
|
(284)
|
|
|
(260)
|
|
|
(516)
|
|
|
(489)
|
|
Energy-related
businesses cost of sales
|
(119)
|
|
|
(51)
|
|
|
(228)
|
|
|
(110)
|
|
Operation and
maintenance
|
(1,024)
|
|
|
(898)
|
|
|
(2,025)
|
|
|
(1,749)
|
|
Aliso Canyon
litigation and regulatory matters
|
—
|
|
|
—
|
|
|
—
|
|
|
(100)
|
|
Depreciation and
amortization
|
(463)
|
|
|
(412)
|
|
|
(905)
|
|
|
(824)
|
|
Franchise fees and
other taxes
|
(138)
|
|
|
(121)
|
|
|
(291)
|
|
|
(258)
|
|
Other income
(expense), net
|
72
|
|
|
62
|
|
|
107
|
|
|
(192)
|
|
Interest
income
|
15
|
|
|
22
|
|
|
34
|
|
|
49
|
|
Interest
expense
|
(258)
|
|
|
(274)
|
|
|
(517)
|
|
|
(554)
|
|
Income from
continuing operations before income taxes and equity
earnings
|
281
|
|
|
463
|
|
|
1,049
|
|
|
860
|
|
Income tax (expense)
benefit
|
(139)
|
|
|
(168)
|
|
|
(297)
|
|
|
39
|
|
Equity
earnings
|
313
|
|
|
233
|
|
|
631
|
|
|
496
|
|
Income from
continuing operations, net of income tax
|
455
|
|
|
528
|
|
|
1,383
|
|
|
1,395
|
|
Income from
discontinued operations, net of income tax
|
—
|
|
|
1,777
|
|
|
—
|
|
|
1,857
|
|
Net income
|
455
|
|
|
2,305
|
|
|
1,383
|
|
|
3,252
|
|
Earnings attributable
to noncontrolling interests
|
(10)
|
|
|
(28)
|
|
|
(43)
|
|
|
(179)
|
|
Preferred
dividends
|
(20)
|
|
|
(37)
|
|
|
(41)
|
|
|
(73)
|
|
Preferred dividends
of subsidiary
|
(1)
|
|
|
(1)
|
|
|
(1)
|
|
|
(1)
|
|
Earnings attributable
to common shares
|
$
|
424
|
|
|
$
|
2,239
|
|
|
$
|
1,298
|
|
|
$
|
2,999
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share (EPS):
|
|
|
|
|
|
|
|
Earnings
|
$
|
1.38
|
|
|
$
|
7.64
|
|
|
$
|
4.27
|
|
|
$
|
10.24
|
|
Weighted-average
common shares outstanding
|
307,800
|
|
|
293,060
|
|
|
304,372
|
|
|
292,925
|
|
|
|
|
|
|
|
|
|
Diluted
EPS:
|
|
|
|
|
|
|
|
Earnings
|
$
|
1.37
|
|
|
$
|
7.61
|
|
|
$
|
4.24
|
|
|
$
|
9.91
|
|
Weighted-average
common shares outstanding
|
308,607
|
|
|
294,155
|
|
|
306,284
|
|
|
307,962
|
|
SEMPRA ENERGY
Table A
(Continued)
RECONCILIATION OF SEMPRA ADJUSTED EARNINGS TO SEMPRA GAAP
EARNINGS (Unaudited)
Sempra Adjusted Earnings and Adjusted EPS exclude items (after
the effects of income taxes and, if applicable, noncontrolling
interests) in 2021 and 2020 as follows:
Three months ended June 30,
2021:
- $(72) million impact from foreign
currency and inflation and associated undesignated derivatives
- $(58) million net unrealized
losses on commodity derivatives
- $50 million equity earnings from
investment in RBS Sempra Commodities LLP, which represents a
reduction to an estimate of our obligations to settle pending VAT
matters and related legal costs at our equity method investment at
Parent and other
Three months ended June 30,
2020:
- $(21) million impact from foreign
currency and inflation and associated undesignated derivatives
- $5 million net unrealized gains
on commodity derivatives
- $1,754 million gain on the sale
of our South American businesses
Six months ended June 30,
2021:
- $(69) million impact from foreign
currency and inflation and associated undesignated derivatives
- $(87) million net unrealized
losses on commodity derivatives
- $50 million equity earnings from
investment in RBS Sempra Commodities LLP, which represents a
reduction to an estimate of our obligations to settle pending VAT
matters and related legal costs at our equity method investment at
Parent and other
Six months ended June 30,
2020:
- $129 million impact from foreign
currency and inflation and associated undesignated derivatives
- $46 million net unrealized gains
on commodity derivatives
- $(72) million from impacts
associated with Aliso Canyon natural gas storage facility
litigation at Southern California Gas Company (SoCalGas)
- $(100) million equity losses from
investment in RBS Sempra Commodities LLP, which represents an
estimate of our obligations to settle pending VAT matters and
related legal costs at our equity method investment at Parent and
other
- $1,754 million gain on the sale
of our South American businesses
Sempra Adjusted Earnings and Adjusted EPS are non-GAAP financial
measures (GAAP represents generally accepted accounting principles
in the United States of America).
These non-GAAP financial measures exclude significant items that
are generally not related to our ongoing business activities and/or
are infrequent in nature. These non-GAAP financial measures also
exclude the impact from foreign currency and inflation effects and
associated undesignated derivatives and unrealized gains and losses
on commodity derivatives, which we expect to occur in future
periods, and which can vary significantly from one period to the
next. Exclusion of these items is useful to management and
investors because it provides a meaningful comparison of the
performance of Sempra'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 GAAP Earnings and GAAP EPS, which we consider to
be the most directly comparable financial measures calculated in
accordance with GAAP.
SEMPRA
ENERGY
|
Table A
(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
ADJUSTED EARNINGS TO GAAP EARNINGS
|
(Dollars in
millions, except per share amounts; shares in
thousands)
|
|
|
|
Pretax
amount
|
Income tax expense
(benefit)(1)
|
Non-controlling
interests
|
Earnings
|
|
Pretax
amount
|
Income tax expense
(benefit)(1)
|
Non-controlling
interests
|
Earnings
|
|
Three months ended
June 30, 2021
|
|
Three months ended
June 30, 2020
|
Sempra GAAP
Earnings
|
|
|
|
$
|
424
|
|
|
|
|
|
$
|
2,239
|
|
Excluded
items:
|
|
|
|
|
|
|
|
|
|
|
Impact from foreign
currency and inflation and associated
undesignated
derivatives
|
$
|
2
|
|
$
|
83
|
|
$
|
(13)
|
|
72
|
|
|
$
|
(1)
|
|
$
|
31
|
|
$
|
(9)
|
|
21
|
|
|
Net unrealized losses
(gains) on commodity derivatives
|
79
|
|
(22)
|
|
1
|
|
58
|
|
|
(6)
|
|
1
|
|
—
|
|
(5)
|
|
|
Gain on sale of South
American businesses
|
—
|
|
—
|
|
—
|
|
—
|
|
|
(2,915)
|
|
1,161
|
|
—
|
|
(1,754)
|
|
|
Earnings from
investment in RBS Sempra Commodities LLP
|
(50)
|
|
—
|
|
—
|
|
(50)
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Sempra Adjusted
Earnings(2)
|
|
|
|
$
|
504
|
|
|
|
|
|
$
|
501
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
EPS:
|
|
|
|
|
|
|
|
|
|
|
Sempra GAAP
Earnings
|
|
|
|
$
|
424
|
|
|
|
|
|
$
|
2,239
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding, diluted
|
|
|
|
308,607
|
|
|
|
|
|
294,155
|
|
|
Sempra GAAP
EPS
|
|
|
|
$
|
1.37
|
|
|
|
|
|
$
|
7.61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sempra Adjusted
Earnings(2)
|
|
|
|
$
|
504
|
|
|
|
|
|
$
|
501
|
|
|
Weighted-average
common shares outstanding, diluted
|
|
|
|
308,607
|
|
|
|
|
|
294,155
|
|
|
Sempra Adjusted
EPS(2)
|
|
|
|
$
|
1.63
|
|
|
|
|
|
$
|
1.71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June
30, 2021
|
|
Six months ended June
30, 2020
|
Sempra GAAP
Earnings
|
|
|
|
$
|
1,298
|
|
|
|
|
|
$
|
2,999
|
|
Excluded
items:
|
|
|
|
|
|
|
|
|
|
|
Impact from foreign
currency and inflation and associated
undesignated
derivatives
|
$
|
32
|
|
$
|
41
|
|
$
|
(4)
|
|
69
|
|
|
$
|
94
|
|
$
|
(322)
|
|
$
|
99
|
|
(129)
|
|
|
Net unrealized losses
(gains) on commodity derivatives
|
125
|
|
(35)
|
|
(3)
|
|
87
|
|
|
(63)
|
|
17
|
|
—
|
|
(46)
|
|
|
Impacts associated
with Aliso Canyon litigation
|
—
|
|
—
|
|
—
|
|
—
|
|
|
100
|
|
(28)
|
|
—
|
|
72
|
|
|
Gain on sale of South
American businesses
|
—
|
|
—
|
|
—
|
|
—
|
|
|
(2,915)
|
|
1,161
|
|
—
|
|
(1,754)
|
|
|
(Earnings) losses
from investment in RBS Sempra Commodities LLP
|
(50)
|
|
—
|
|
—
|
|
(50)
|
|
|
100
|
|
—
|
|
—
|
|
100
|
|
Sempra Adjusted
Earnings(2)
|
|
|
|
$
|
1,404
|
|
|
|
|
|
$
|
1,242
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
EPS:
|
|
|
|
|
|
|
|
|
|
|
Sempra GAAP
Earnings
|
|
|
|
$
|
1,298
|
|
|
|
|
|
$
|
2,999
|
|
|
Add back dividends
for dilutive series A preferred stock
|
|
|
|
—
|
|
|
|
|
|
52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sempra GAAP Earnings
for GAAP EPS
|
|
|
|
$
|
1,298
|
|
|
|
|
|
$
|
3,051
|
|
|
Weighted-average
common shares outstanding, diluted – GAAP
|
|
|
|
306,284
|
|
|
|
|
|
307,962
|
|
|
Sempra GAAP
EPS
|
|
|
|
$
|
4.24
|
|
|
|
|
|
$
|
9.91
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sempra Adjusted
Earnings(2)
|
|
|
|
$
|
1,404
|
|
|
|
|
|
$
|
1,242
|
|
|
Add back dividends
for dilutive series A preferred stock
|
|
|
|
—
|
|
|
|
|
|
52
|
|
|
Add back dividends
for dilutive series B preferred stock
|
|
|
|
19
|
|
|
|
|
|
—
|
|
|
Sempra Adjusted
Earnings for Adjusted EPS(2)
|
|
|
|
$
|
1,423
|
|
|
|
|
|
$
|
1,294
|
|
|
Weighted-average
common shares outstanding, diluted –
Adjusted(3)
|
|
|
|
310,541
|
|
|
|
|
|
307,962
|
|
|
Sempra Adjusted
EPS(2)
|
|
|
|
$
|
4.58
|
|
|
|
|
|
$
|
4.20
|
|
|
|
(1)
|
Income taxes were
primarily calculated based on applicable statutory tax rates. We
did not record an income tax expense for the equity earnings or an
income tax benefit for the equity losses from our investment in RBS
Sempra Commodities LLP because, even though a portion of the
liabilities may be deductible under United Kingdom tax law, it is
not probable that the deduction will reduce United Kingdom
taxes.
|
(2)
|
Adjusted Earnings,
Adjusted Earnings for Adjusted EPS and Adjusted EPS have been
updated to reflect impact from foreign currency and inflation and
associated undesignated derivatives and net unrealized losses
(gains) on commodity derivatives for the three months and six
months ended June 30, 2020.
|
(3)
|
In the six months
ended June 30, 2021, because the assumed conversion of the series B
preferred stock is dilutive for Adjusted Earnings, 4,257 series B
preferred stock shares are added back to the denominator used to
calculate Adjusted EPS.
|
SEMPRA ENERGY
Table A
(Continued)
RECONCILIATION OF SEMPRA 2021 ADJUSTED EPS GUIDANCE RANGE TO
SEMPRA 2021 GAAP EPS GUIDANCE RANGE (Unaudited)
Sempra 2021 Adjusted EPS Guidance Range of $7.75 to $8.35
excludes items (after the effects of income taxes and, if
applicable, noncontrolling interests) as follows:
- $(69) million impact from foreign
currency and inflation and associated undesignated derivatives for
the six months ended June 30,
2021(1)
- $(87) million net unrealized
losses on commodity derivatives for the six months ended
June 30, 2021
- $50 million equity earnings from
investment in RBS Sempra Commodities LLP, which represents a
reduction to an estimate of our obligations to settle pending VAT
matters and related legal costs at our equity method investment at
Parent and other
Sempra 2021 Adjusted EPS Guidance is a non-GAAP financial
measure. This non-GAAP financial measure excludes the impact from
foreign currency and inflation and associated undesignated
derivatives and unrealized gains and losses on commodity
derivatives, which we expect to occur in future periods, and which
can vary significantly from one period to the next. Exclusion of
these items is useful to management and investors because it
provides a meaningful comparison of the performance of Sempra's
business operations to prior and future periods. Sempra 2021
Adjusted EPS Guidance Range should not be considered an alternative
to Sempra 2021 GAAP EPS Guidance Range. 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 2021
Adjusted EPS Guidance Range to Sempra 2021 GAAP EPS Guidance Range,
which we consider to be the most directly comparable financial
measure calculated in accordance with GAAP.
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
ADJUSTED EPS GUIDANCE RANGE TO GAAP EPS GUIDANCE
RANGE
|
|
|
Full-Year
2021
|
Sempra GAAP EPS
Guidance Range(2)
|
$
|
7.41
|
|
to
|
$
|
8.01
|
|
Excluded
items:
|
|
|
|
Impact from foreign
currency and inflation and associated undesignated
derivatives(1)
|
0.22
|
|
|
0.22
|
|
Net unrealized losses
on commodity derivatives
|
0.28
|
|
|
0.28
|
|
Earnings from
investment in RBS Sempra Commodities LLP
|
(0.16)
|
|
|
(0.16)
|
|
Sempra Adjusted EPS
Guidance Range
|
$
|
7.75
|
|
to
|
$
|
8.35
|
|
Weighted-average
common shares outstanding, diluted
(millions)(3)(4)
|
|
|
315
|
|
|
|
(1)
|
Amounts include
impacts recorded in equity earnings from our unconsolidated equity
method investments.
|
(2)
|
Sempra's
prior GAAP EPS Guidance Range for full-year 2021 has been updated
to reflect the impact from foreign currency and inflation and
associated undesignated derivatives, net unrealized losses on
commodity derivatives and equity earnings from investment in RBS
Sempra Commodities LLP for the six months ended June 30,
2021.
|
(3)
|
Weighted-average
common shares outstanding reflects the conversion of the series A
preferred stock that converted on January 15, 2021 and series B
preferred stock that converted on July 15, 2021.
|
(4)
|
Includes the
impact of the Infraestructura Energética Nova, S.A.B. de C.V.
(IEnova) exchange offer.
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMPRA
ENERGY
|
Table
B
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Dollars in
millions)
|
|
|
|
|
June 30,
2021
|
|
December
31,
2020(1)
|
|
(unaudited)
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
335
|
|
|
$
|
960
|
|
Restricted
cash
|
33
|
|
|
22
|
|
Accounts receivable –
trade, net
|
1,441
|
|
|
1,578
|
|
Accounts receivable –
other, net
|
413
|
|
|
403
|
|
Due from
unconsolidated affiliates
|
11
|
|
|
20
|
|
Income taxes
receivable
|
74
|
|
|
113
|
|
Inventories
|
339
|
|
|
308
|
|
Regulatory
assets
|
251
|
|
|
190
|
|
Greenhouse gas
allowances
|
555
|
|
|
553
|
|
Other current
assets
|
308
|
|
|
364
|
|
Total current
assets
|
3,760
|
|
|
4,511
|
|
|
|
|
|
Other
assets:
|
|
|
|
Restricted
cash
|
3
|
|
|
3
|
|
Due from
unconsolidated affiliates
|
702
|
|
|
780
|
|
Regulatory
assets
|
2,216
|
|
|
1,822
|
|
Nuclear
decommissioning trusts
|
1,024
|
|
|
1,019
|
|
Investment in Oncor
Holdings
|
12,655
|
|
|
12,440
|
|
Other
investments
|
1,393
|
|
|
1,388
|
|
Goodwill
|
1,602
|
|
|
1,602
|
|
Other intangible
assets
|
382
|
|
|
202
|
|
Dedicated assets in
support of certain benefit plans
|
523
|
|
|
512
|
|
Insurance receivable
for Aliso Canyon costs
|
414
|
|
|
445
|
|
Deferred income
taxes
|
167
|
|
|
136
|
|
Greenhouse gas
allowances
|
259
|
|
|
101
|
|
Right-of-use assets –
operating leases
|
513
|
|
|
543
|
|
Wildfire
fund
|
349
|
|
|
363
|
|
Other long-term
assets
|
730
|
|
|
753
|
|
Total other
assets
|
22,932
|
|
|
22,109
|
|
Property, plant and
equipment, net
|
41,916
|
|
|
40,003
|
|
Total
assets
|
$
|
68,608
|
|
|
$
|
66,623
|
|
|
(1) Derived from
audited financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMPRA
ENERGY
|
Table B
(Continued)
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Dollars in
millions)
|
|
|
|
|
June 30,
2021
|
|
December
31,
2020(1)
|
|
(unaudited)
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Short-term
debt
|
$
|
2,266
|
|
|
$
|
885
|
|
Accounts payable –
trade
|
1,291
|
|
|
1,359
|
|
Accounts payable –
other
|
168
|
|
|
154
|
|
Due to unconsolidated
affiliates
|
42
|
|
|
45
|
|
Dividends and
interest payable
|
588
|
|
|
551
|
|
Accrued compensation
and benefits
|
365
|
|
|
446
|
|
Regulatory
liabilities
|
426
|
|
|
140
|
|
Current portion of
long-term debt and finance leases
|
507
|
|
|
1,540
|
|
Reserve for Aliso
Canyon costs
|
153
|
|
|
150
|
|
Greenhouse gas
obligations
|
555
|
|
|
553
|
|
Other current
liabilities
|
951
|
|
|
1,016
|
|
Total current
liabilities
|
7,312
|
|
|
6,839
|
|
|
|
|
|
Long-term debt and
finance leases
|
22,090
|
|
|
21,781
|
|
|
|
|
|
Deferred credits and
other liabilities:
|
|
|
|
Due to unconsolidated
affiliates
|
262
|
|
|
234
|
|
Pension and other
postretirement benefit plan obligations, net of plan
assets
|
1,037
|
|
|
1,059
|
|
Deferred income
taxes
|
3,325
|
|
|
2,871
|
|
Regulatory
liabilities
|
3,352
|
|
|
3,372
|
|
Reserve for Aliso
Canyon costs
|
269
|
|
|
301
|
|
Asset retirement
obligations
|
3,150
|
|
|
3,113
|
|
Greenhouse gas
obligations
|
104
|
|
|
—
|
|
Deferred credits and
other
|
2,015
|
|
|
2,119
|
|
Total deferred
credits and other liabilities
|
13,514
|
|
|
13,069
|
|
Equity:
|
|
|
|
Sempra Energy
shareholders' equity
|
25,451
|
|
|
23,373
|
|
Preferred stock of
subsidiary
|
20
|
|
|
20
|
|
Other noncontrolling
interests
|
221
|
|
|
1,541
|
|
Total
equity
|
25,692
|
|
|
24,934
|
|
Total liabilities and
equity
|
$
|
68,608
|
|
|
$
|
66,623
|
|
|
(1)
Derived from audited financial
statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMPRA
ENERGY
|
Table
C
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Dollars in
millions)
|
|
|
|
|
Six months ended June
30,
|
|
2021
|
|
2020
|
|
(unaudited)
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
Net income
|
$
|
1,383
|
|
|
$
|
3,252
|
|
Less: Income from
discontinued operations, net of income tax
|
—
|
|
|
(1,857)
|
|
Income from
continuing operations, net of income tax
|
1,383
|
|
|
1,395
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities
|
747
|
|
|
429
|
|
Net change in working
capital components
|
(63)
|
|
|
375
|
|
Distributions from
investments
|
532
|
|
|
220
|
|
Insurance receivable
for Aliso Canyon costs
|
31
|
|
|
(166)
|
|
Changes in other
noncurrent assets and liabilities, net
|
(375)
|
|
|
(185)
|
|
Net cash provided by
continuing operations
|
2,255
|
|
|
2,068
|
|
Net cash used in
discontinued operations
|
—
|
|
|
(1,041)
|
|
Net cash provided
by operating activities
|
2,255
|
|
|
1,027
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
Expenditures for
property, plant and equipment
|
(2,424)
|
|
|
(2,198)
|
|
Expenditures for
investments and acquisitions
|
(165)
|
|
|
(140)
|
|
Proceeds from sale of
assets
|
—
|
|
|
5
|
|
Purchases of nuclear
decommissioning trust assets
|
(542)
|
|
|
(797)
|
|
Proceeds from sales
of nuclear decommissioning trust assets
|
542
|
|
|
797
|
|
Advances to
unconsolidated affiliates
|
(8)
|
|
|
(25)
|
|
Other
|
9
|
|
|
17
|
|
Net cash used in
continuing operations
|
(2,588)
|
|
|
(2,341)
|
|
Net cash provided by
discontinued operations
|
—
|
|
|
5,195
|
|
Net cash (used in)
provided by investing activities
|
(2,588)
|
|
|
2,854
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
Common dividends
paid
|
(634)
|
|
|
(567)
|
|
Preferred dividends
paid
|
(68)
|
|
|
(71)
|
|
Issuances of
preferred stock
|
—
|
|
|
891
|
|
Issuances of common
stock
|
5
|
|
|
13
|
|
Repurchases of common
stock
|
(38)
|
|
|
(64)
|
|
Issuances of debt
(maturities greater than 90 days)
|
285
|
|
|
4,059
|
|
Payments on debt
(maturities greater than 90 days) and finance leases
|
(1,432)
|
|
|
(1,970)
|
|
Increase (decrease)
in short-term debt, net
|
1,584
|
|
|
(1,871)
|
|
Advances from
unconsolidated affiliates
|
20
|
|
|
64
|
|
Proceeds from sale of
noncontrolling interests
|
7
|
|
|
—
|
|
Purchases of
noncontrolling interests
|
(10)
|
|
|
(27)
|
|
Other
|
(1)
|
|
|
(16)
|
|
Net cash (used in)
provided by continuing operations
|
(282)
|
|
|
441
|
|
Net cash provided by
discontinued operations
|
—
|
|
|
401
|
|
Net cash (used in)
provided by financing activities
|
(282)
|
|
|
842
|
|
|
|
|
|
Effect of exchange
rate changes in continuing operations
|
1
|
|
|
(7)
|
|
Effect of exchange
rate changes in discontinued operations
|
—
|
|
|
(3)
|
|
Effect of exchange
rate changes on cash, cash equivalents and restricted
cash
|
1
|
|
|
(10)
|
|
|
|
|
|
(Decrease) increase
in cash, cash equivalents and restricted cash, including
discontinued operations
|
(614)
|
|
|
4,713
|
|
Cash, cash
equivalents and restricted cash, including discontinued operations,
January 1
|
985
|
|
|
217
|
|
Cash, cash
equivalents and restricted cash, including discontinued operations,
June 30
|
$
|
371
|
|
|
$
|
4,930
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMPRA
ENERGY
|
Table
D
|
|
|
|
|
|
SEGMENT EARNINGS
(LOSSES) AND CAPITAL EXPENDITURES, INVESTMENTS AND
ACQUISITIONS
|
(Dollars in
millions)
|
|
|
|
|
Three months ended
June 30,
|
|
Six months ended June
30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
(unaudited)
|
Earnings (Losses)
Attributable to Common Shares
|
|
|
|
|
SDG&E
|
$
|
186
|
|
|
$
|
193
|
|
|
$
|
398
|
|
|
$
|
455
|
|
SoCalGas
|
94
|
|
|
146
|
|
|
501
|
|
|
449
|
|
Sempra Texas
Utilities
|
138
|
|
|
144
|
|
|
273
|
|
|
249
|
|
Sempra
Mexico
|
4
|
|
|
61
|
|
|
61
|
|
|
252
|
|
Sempra LNG
|
47
|
|
|
61
|
|
|
193
|
|
|
136
|
|
Parent and
other
|
(45)
|
|
|
(141)
|
|
|
(128)
|
|
|
(389)
|
|
Discontinued
operations
|
—
|
|
|
1,775
|
|
|
—
|
|
|
1,847
|
|
Total
|
$
|
424
|
|
|
$
|
2,239
|
|
|
$
|
1,298
|
|
|
$
|
2,999
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
June 30,
|
|
Six months ended June
30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
(unaudited)
|
Capital
Expenditures, Investments and Acquisitions
|
|
|
|
|
SDG&E
|
$
|
517
|
|
|
$
|
448
|
|
|
$
|
1,072
|
|
|
$
|
850
|
|
SoCalGas
|
477
|
|
|
497
|
|
|
936
|
|
|
885
|
|
Sempra Texas
Utilities
|
50
|
|
|
53
|
|
|
100
|
|
|
139
|
|
Sempra
Mexico
|
89
|
|
|
151
|
|
|
231
|
|
|
321
|
|
Sempra LNG
|
160
|
|
|
90
|
|
|
249
|
|
|
137
|
|
Parent and
other
|
—
|
|
|
3
|
|
|
1
|
|
|
6
|
|
Total
|
$
|
1,293
|
|
|
$
|
1,242
|
|
|
$
|
2,589
|
|
|
$
|
2,338
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMPRA
ENERGY
|
Table
E
|
|
|
|
|
|
OTHER OPERATING
STATISTICS
|
|
|
|
|
|
|
|
|
|
|
Three months ended
June 30,
|
|
Six months ended June
30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
(unaudited)
|
UTILITIES
|
|
|
|
|
|
|
|
SDG&E and
SoCalGas
|
|
|
|
|
|
|
|
Gas sales
(Bcf)(1)
|
72
|
|
|
71
|
|
|
199
|
|
|
200
|
|
Transportation
(Bcf)(1)
|
145
|
|
|
129
|
|
|
282
|
|
|
277
|
|
Total deliveries
(Bcf)(1)
|
217
|
|
|
200
|
|
|
481
|
|
|
477
|
|
|
|
|
|
|
|
|
|
Total gas customer
meters (thousands)
|
|
|
|
|
6,983
|
|
|
6,943
|
|
|
|
|
|
|
|
|
|
|
SDG&E
|
|
|
|
|
|
|
|
Electric sales
(millions of kWhs)(1)
|
2,834
|
|
|
3,124
|
|
|
6,123
|
|
|
6,584
|
|
Direct Access and
Community Choice Aggregation (millions of kWhs)
|
974
|
|
|
847
|
|
|
1,787
|
|
|
1,616
|
|
Total deliveries
(millions of kWhs)(1)
|
3,808
|
|
|
3,971
|
|
|
7,910
|
|
|
8,200
|
|
|
|
|
|
|
|
|
|
Total electric
customer meters (thousands)
|
|
|
|
|
1,487
|
|
|
1,478
|
|
|
|
|
|
|
|
|
|
Oncor(2)
|
|
|
|
|
|
|
|
Total deliveries
(millions of kWhs)
|
32,889
|
|
|
31,038
|
|
|
63,566
|
|
|
61,458
|
|
Total electric
customer meters (thousands)
|
|
|
|
|
3,804
|
|
|
3,723
|
|
|
|
|
|
|
|
|
|
Ecogas
|
|
|
|
|
|
|
|
Natural gas sales
(Bcf)
|
1
|
|
|
1
|
|
|
2
|
|
|
2
|
|
Natural gas customer
meters (thousands)
|
|
|
|
|
140
|
|
|
136
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENERGY-RELATED
BUSINESSES
|
|
|
|
|
|
|
|
Power generated and
sold
|
|
|
|
|
|
|
|
Sempra
Mexico
|
|
|
|
|
|
|
|
Termoeléctrica de
Mexicali (TdM) (millions of kWhs)
|
826
|
|
|
457
|
|
|
1,671
|
|
|
1,283
|
|
Wind and solar
(millions of kWhs)(3)
|
769
|
|
|
381
|
|
|
1,312
|
|
|
803
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Include
intercompany sales.
|
(2)
|
Includes 100% of
the electric deliveries and customer meters of Oncor Electric
Delivery Company LLC (Oncor), in which we hold an indirect 80.25%
interest through our investment in Oncor Electric Delivery Holdings
Company LLC.
|
(3)
|
Includes 50% of
the total power generated and sold at the Energía Sierra Juárez
wind power generation facility through March 19, 2021. As of March
19, 2021, ESJ became a wholly owned, consolidated subsidiary of
IEnova.
|
SEMPRA
ENERGY
|
Table F
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENTS OF
OPERATIONS DATA BY SEGMENT
|
|
|
|
(Dollars in
millions)
|
|
|
|
Three months ended
June 30, 2021
|
SDG&E
|
|
SoCalGas
|
|
Sempra Texas
Utilities
|
|
Sempra
Mexico
|
|
Sempra LNG
|
|
Consolidating
Adjustments, Parent & Other
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
|
1,318
|
|
|
$
|
1,124
|
|
|
$
|
—
|
|
|
$
|
404
|
|
|
$
|
52
|
|
|
$
|
(157)
|
|
|
$
|
2,741
|
|
Cost of sales and
other expenses
|
(800)
|
|
|
(799)
|
|
|
(1)
|
|
|
(215)
|
|
|
(159)
|
|
|
148
|
|
|
(1,826)
|
|
Depreciation and
amortization
|
(220)
|
|
|
(180)
|
|
|
—
|
|
|
(57)
|
|
|
(2)
|
|
|
(4)
|
|
|
(463)
|
|
Other income
(expense), net
|
22
|
|
|
(2)
|
|
|
—
|
|
|
33
|
|
|
—
|
|
|
19
|
|
|
72
|
|
Income (loss) before
interest and tax(1)
|
320
|
|
|
143
|
|
|
(1)
|
|
|
165
|
|
|
(109)
|
|
|
6
|
|
|
524
|
|
Net interest
(expense) income
|
(101)
|
|
|
(40)
|
|
|
—
|
|
|
(29)
|
|
|
5
|
|
|
(78)
|
|
|
(243)
|
|
Income tax (expense)
benefit
|
(33)
|
|
|
(8)
|
|
|
—
|
|
|
(113)
|
|
|
19
|
|
|
(4)
|
|
|
(139)
|
|
Equity earnings
(losses), net
|
—
|
|
|
—
|
|
|
139
|
|
|
(9)
|
|
|
133
|
|
|
50
|
|
|
313
|
|
(Earnings) losses
attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
(10)
|
|
|
(1)
|
|
|
1
|
|
|
(10)
|
|
Preferred
dividends
|
—
|
|
|
(1)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20)
|
|
|
(21)
|
|
Earnings (losses)
attributable to common shares
|
$
|
186
|
|
|
$
|
94
|
|
|
$
|
138
|
|
|
$
|
4
|
|
|
$
|
47
|
|
|
$
|
(45)
|
|
|
$
|
424
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
June 30, 2020
|
SDG&E
|
|
SoCalGas
|
|
Sempra Texas
Utilities
|
|
Sempra
Mexico
|
|
Sempra LNG
|
|
Consolidating
Adjustments, Parent & Other
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
|
1,235
|
|
|
$
|
1,010
|
|
|
$
|
—
|
|
|
$
|
275
|
|
|
$
|
69
|
|
|
$
|
(63)
|
|
|
$
|
2,526
|
|
Cost of sales and
other expenses
|
(690)
|
|
|
(611)
|
|
|
1
|
|
|
(111)
|
|
|
(74)
|
|
|
24
|
|
|
(1,461)
|
|
Depreciation and
amortization
|
(197)
|
|
|
(162)
|
|
|
—
|
|
|
(47)
|
|
|
(3)
|
|
|
(3)
|
|
|
(412)
|
|
Other income
(expense), net
|
18
|
|
|
(2)
|
|
|
—
|
|
|
36
|
|
|
—
|
|
|
10
|
|
|
62
|
|
Income (loss) before
interest and tax(1)
|
366
|
|
|
235
|
|
|
1
|
|
|
153
|
|
|
(8)
|
|
|
(32)
|
|
|
715
|
|
Net interest
(expense) income
|
(103)
|
|
|
(39)
|
|
|
—
|
|
|
(17)
|
|
|
3
|
|
|
(96)
|
|
|
(252)
|
|
Income tax (expense)
benefit
|
(70)
|
|
|
(49)
|
|
|
—
|
|
|
(54)
|
|
|
(18)
|
|
|
23
|
|
|
(168)
|
|
Equity earnings,
net
|
—
|
|
|
—
|
|
|
143
|
|
|
6
|
|
|
84
|
|
|
—
|
|
|
233
|
|
(Earnings) losses
attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
(27)
|
|
|
—
|
|
|
1
|
|
|
(26)
|
|
Preferred
dividends
|
—
|
|
|
(1)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(37)
|
|
|
(38)
|
|
Earnings (losses)
from continuing operations
|
$
|
193
|
|
|
$
|
146
|
|
|
$
|
144
|
|
|
$
|
61
|
|
|
$
|
61
|
|
|
$
|
(141)
|
|
|
464
|
|
Earnings from
discontinued operations(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
1,775
|
|
Earnings attributable
to common shares
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,239
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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)
|
Includes $1,754
million gain on the sale of our South American businesses in the
second quarter of 2020.
|
SEMPRA
ENERGY
|
Table F
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENTS OF
OPERATIONS DATA BY SEGMENT
|
(Dollars in
millions)
|
Six months ended
June 30, 2021
|
SDG&E
|
|
SoCalGas
|
|
Sempra Texas
Utilities
|
|
Sempra
Mexico
|
|
Sempra LNG
|
|
Consolidating
Adjustments, Parent & Other
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
|
2,655
|
|
|
$
|
2,632
|
|
|
$
|
—
|
|
|
$
|
771
|
|
|
$
|
248
|
|
|
$
|
(306)
|
|
|
$
|
6,000
|
|
Cost of sales and
other expenses
|
(1,601)
|
|
|
(1,633)
|
|
|
(3)
|
|
|
(410)
|
|
|
(298)
|
|
|
275
|
|
|
(3,670)
|
|
Depreciation and
amortization
|
(433)
|
|
|
(353)
|
|
|
—
|
|
|
(108)
|
|
|
(5)
|
|
|
(6)
|
|
|
(905)
|
|
Other income
(expense), net
|
57
|
|
|
37
|
|
|
—
|
|
|
(10)
|
|
|
—
|
|
|
23
|
|
|
107
|
|
Income (loss) before
interest and tax(1)
|
678
|
|
|
683
|
|
|
(3)
|
|
|
243
|
|
|
(55)
|
|
|
(14)
|
|
|
1,532
|
|
Net interest
(expense) income
|
(202)
|
|
|
(79)
|
|
|
—
|
|
|
(55)
|
|
|
11
|
|
|
(158)
|
|
|
(483)
|
|
Income tax (expense)
benefit
|
(78)
|
|
|
(102)
|
|
|
—
|
|
|
(121)
|
|
|
(30)
|
|
|
34
|
|
|
(297)
|
|
Equity earnings,
net
|
—
|
|
|
—
|
|
|
276
|
|
|
38
|
|
|
267
|
|
|
50
|
|
|
631
|
|
(Earnings) losses
attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
(44)
|
|
|
—
|
|
|
1
|
|
|
(43)
|
|
Preferred
dividends
|
—
|
|
|
(1)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(41)
|
|
|
(42)
|
|
Earnings (losses)
attributable to common shares
|
$
|
398
|
|
|
$
|
501
|
|
|
$
|
273
|
|
|
$
|
61
|
|
|
$
|
193
|
|
|
$
|
(128)
|
|
|
$
|
1,298
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended
June 30, 2020
|
SDG&E
|
|
SoCalGas
|
|
Sempra Texas
Utilities
|
|
Sempra
Mexico
|
|
Sempra LNG
|
|
Consolidating
Adjustments, Parent & Other
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
|
2,504
|
|
|
$
|
2,405
|
|
|
$
|
—
|
|
|
$
|
584
|
|
|
$
|
192
|
|
|
$
|
(130)
|
|
|
$
|
5,555
|
|
Cost of sales and
other expenses
|
(1,369)
|
|
|
(1,483)
|
|
|
—
|
|
|
(248)
|
|
|
(161)
|
|
|
87
|
|
|
(3,174)
|
|
Depreciation and
amortization
|
(398)
|
|
|
(321)
|
|
|
—
|
|
|
(94)
|
|
|
(5)
|
|
|
(6)
|
|
|
(824)
|
|
Other income
(expense), net
|
49
|
|
|
28
|
|
|
—
|
|
|
(247)
|
|
|
—
|
|
|
(22)
|
|
|
(192)
|
|
Income (loss) before
interest and tax(1)
|
786
|
|
|
629
|
|
|
—
|
|
|
(5)
|
|
|
26
|
|
|
(71)
|
|
|
1,365
|
|
Net interest
(expense) income
|
(203)
|
|
|
(78)
|
|
|
—
|
|
|
(31)
|
|
|
9
|
|
|
(202)
|
|
|
(505)
|
|
Income tax (expense)
benefit
|
(128)
|
|
|
(101)
|
|
|
—
|
|
|
253
|
|
|
(41)
|
|
|
56
|
|
|
39
|
|
Equity earnings
(losses), net
|
—
|
|
|
—
|
|
|
249
|
|
|
206
|
|
|
141
|
|
|
(100)
|
|
|
496
|
|
(Earnings) losses
attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
(171)
|
|
|
1
|
|
|
1
|
|
|
(169)
|
|
Preferred
dividends
|
—
|
|
|
(1)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(73)
|
|
|
(74)
|
|
Earnings (losses)
from continuing operations
|
$
|
455
|
|
|
$
|
449
|
|
|
$
|
249
|
|
|
$
|
252
|
|
|
$
|
136
|
|
|
$
|
(389)
|
|
|
1,152
|
|
Earnings from
discontinued operations(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
1,847
|
|
Earnings attributable
to common shares
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,999
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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)
|
Includes $1,754
million gain on the sale of our South American businesses in the
second quarter of 2020.
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/sempra-reports-second-quarter-2021-earnings-results-301348938.html
SOURCE Sempra