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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 24, 2011 SEMPRA ENERGY (Exact name of registrant as specified in its charter) CALIFORNIA 1-14201 33-0732627 (State or other jurisdiction of incorporation) (Commission (IRS Employer 101 ASH STREET, SAN DIEGO, CALIFORNIA 92101 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (619) 696-2034 (Former name or former address, if changed since last report.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) FORM 8-K Item 2.02 Results of Operations and Financial Condition. The information furnished in this Item 2.02 and in Exhibits 99.1 and 99.2 shall not be deemed to be "filed" for purposes of the Securities Exchange Act of 1934, nor shall it be deemed to be incorporated by reference in any filing of Sempra Energy, whether made before or after the date hereof, regardless of any general incorporation language in such filing. On February 24, 2011, Sempra Energy issued a press release announcing consolidated earnings of $280 million, or $1.15 per diluted share of common stock, for the fourth quarter of 2010. The press release has been posted on Sempra Energy's website (www.sempra.com) and a copy is attached as Exhibit 99.1. Concurrently with the website posting of such press release and as noted therein, Sempra Energy also posted its Statement of Operations Data by Business Unit for the three months and the years ended December 31, 2010 and 2009. A copy of such information is attached as Exhibit 99.2. Item 9.01 Financial Statements and Exhibits. Exhibits 99.1 February 24, 2011 Sempra Energy News Release (including tables). 99.2 Sempra Energy's Statement of Operations Data by Business Unit for the three months and the years ended December 31, 2010 and 2009. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. SEMPRA ENERGY Date: February 24, 2011 By: /s/ Joseph A. Householder Joseph A. Householder NEWS RELEASE Media Contact: Doug Kline Sempra Energy (877) 340-8875 www.sempra.com Financial Contact: Scott Tomayko/Victor Vilaplana Sempra Energy (877) 736-7727 investor@sempra.com SEMPRA ENERGY ANNOUNCES IMPROVED 2010 RESULTS FROM NON-COMMODITIES OPERATIONS Excluding Sempra Commodities Results, Sempra Energy Reports: · 2010 Earnings per Share of $3.61, Exceeding Company Guidance · 34-percent Increase in Fourth-quarter Earnings per Share SAN DIEGO, Feb. 24, 2011 Sempra Energy (NYSE: SRE) today reported 2010 earnings of $739 million, or $2.98 per diluted share, compared with 2009 earnings of $1.12 billion, or $4.52 per diluted share. Excluding the results of Sempra Commodities, whose assets have been sold, Sempra Energys earnings per share for the full year rose 14 percent to $3.61 per diluted share in 2010 from $3.16 per diluted share in 2009. Sempra Commodities recorded a loss of $155 million, or $0.63 per diluted share, in 2010, compared with earnings of $338 million, or $1.36 per diluted share in 2009. In the fourth quarter 2010, Sempra Energys earnings were $280 million, or $1.15 per diluted share, compared with $288 million, or $1.16 per diluted share, in the prior years quarter. Excluding the results of Sempra Commodities, Sempra Energys earnings per share for the fourth quarter rose 34 percent to $1.18 per diluted share in 2010 from $0.88 per diluted share in 2009. Exiting the commodities-trading business marks a new chapter for our company, said Donald E. Felsinger, chairman and chief executive officer of Sempra Energy. We have narrowed our strategic focus to concentrate on utilities and contracted energy infrastructure, reducing both our risk profile and earnings volatility, while leveraging our core strengths. This business mix has allowed us to significantly increase dividends to our shareholders and reinvest capital for future growth. Earlier this week, Sempra Energy announced a 23-percent increase in the dividend on shares of the companys common stock to $1.92 per share, on an annualized basis, from $1.56 per share. Sempra Energys board of directors also established a targeted dividend payout ratio of 45 percent to 50 percent of earnings. SUBSIDIARY OPERATING RESULTS San Diego Gas & Electric Earnings for San Diego Gas & Electric (SDG&E) rose to $369 million in 2010 from $344 million in 2009. SDG&Es fourth-quarter 2010 earnings were $105 million, up from $67 million in the fourth quarter 2009, due primarily to higher authorized margins, favorable resolution of a regulatory matter and the favorable impact of the resolution of prior years tax issues. Southern California Gas Co. Southern California Gas Co. (SoCalGas) earned $286 million in 2010, up from $273 million in 2009. In the fourth quarter 2010, SoCalGas earned $74 million, compared with $75 million in the prior years fourth quarter. Sempra Generation Sempra Generations 2010 earnings were $103 million, compared with $169 million in 2009. Sempra Generations fourth-quarter earnings were $43 million in 2010, compared with $45 million in 2009. Results in 2010 included $87 million in after-tax charges related to a litigation settlement. In December, Sempra Generation completed the sale of its 50-percent interest in the Elk Hills Power generation facility to Occidental Petroleum Corporation, Inc., for $175 million. The seven-year-old natural gas-fueled power plant, located near Bakersfield, Calif., was jointly owned by Sempra Generation and Occidental. Also in December, Sempra Generation completed construction on its Copper Mountain Solar plant outside Las Vegas. The power from the 48-megawatt facility currently the largest photovoltaic solar power plant in the U.S. is being sold to Pacific Gas & Electric under a 20-year contract. Sempra Pipelines & Storage Sempra Pipelines & Storages earnings increased to $159 million in 2010 from $101 million in 2009. Fourth-quarter earnings for Sempra Pipelines & Storage were $39 million in 2010, compared with $37 million in 2009. Last month, Sempra Pipelines & Storage announced an agreement to acquire AEIs stake in two South American electric utilities for approximately $875 million. Currently, Sempra Pipelines & Storage and AEI jointly own Chilquinta Energía S.A. in Chile and Luz del Sur in Peru, with the remaining shares of Luz del Sur held by institutional investors and the general public. Upon completion of the transaction, Sempra Pipelines & Storage will own 100 percent of Chilquinta Energía and approximately 76 percent of Luz del Sur. Scheduled to close in the second quarter 2011, the acquisition is expected to contribute additional earnings per share for Sempra Energy of approximately $0.15 in 2011 and $0.22 in 2012. Completion of the transaction is subject to obtaining regulatory approvals and the resolution of certain tax matters. Sempra LNG In 2010, Sempra LNG had earnings of $68 million, up from $16 million in 2009. In the fourth quarter 2010, Sempra LNG had earnings of $18 million, compared with $35 million in the fourth quarter 2009, due primarily to reduced payments by customers for contracted cargoes that were not delivered. Sempra Commodities Sempra Commodities recorded a loss of $7 million, or $0.03 per diluted share, in the fourth quarter 2010, compared with earnings of $69 million, or $0.28 per diluted share in the fourth quarter 2009. In December, Sempra Energy and The Royal Bank of Scotland completed the sale of the last of the principal assets of their RBS Sempra Commodities joint venture to a unit of JP Morgan Chase & Co. These assets included wholesale natural gas and power trading agreements, as well as over-the-counter and exchange-traded transactions, with counterparties across North America. 2011 Outlook Sempra Energy today reaffirmed its 2011 earnings-per-share outlook range of $4.00 to $4.30. Internet Broadcast Sempra Energy will broadcast a live discussion of its earnings results over the Internet today at 1 p.m. EST with senior management of the company. Access is available by logging onto the Web site 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 3365622. Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2010 revenues of $9 billion. The Sempra Energy companies 13,500 employees serve about 25 million consumers worldwide. ### 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 like believes, expects, anticipates, intends, plans, estimates, may,will, would, could, should, potential, target, depends, or similar expressions, or discussions of strategies, plans or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements. Forward-looking statements are necessarily based upon various assumptions i
nvolving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative and regulatory conditions and developments; actions by the California Public Utilities Commission, California State Legislature, California Department of Water Resources, Federal Energy Regulatory Commission, Federal Reserve Board, and other regulatory and governmental bodies in the United States and other countries where the company does business; capital market conditions and inflation, interest and exchange rates; energy markets, including the timing and extent of changes and volatility in commodity prices; the availability of electric power, natural gas and liquefied natural gas; weather conditions and conservation efforts; war and terrorist attacks; business, regulatory, environmental and legal decisions and requirements; the status of deregulation of retail natural gas and electricity delivery; the timing and success of b
usiness development efforts; the resolution of litigation; and other uncertainties, all of which are difficult to predict and many of which are beyond the control of the company. These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SECs website, www.sec.gov, and on the companys website at www.sempra.com. Sempra Pipelines & Storage, Sempra Generation, Sempra LNG and Sempra Energy Trading LLC are not the same companies as the utility, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra Pipelines & Storage, Sempra Generation, Sempra LNG and Sempra Energy Trading LLC are not regulated by the California Public Utilities Commission. SEMPRA ENERGY Table A CONSOLIDATED STATEMENTS OF OPERATIONS Three months ended Years ended December 31, December 31, (Dollars in millions, except per share amounts) 2010 2009 2010 2009 (unaudited) REVENUES Sempra Utilities $ 1,820 $ 1,838 $ 6,819 $ 6,220 Sempra Global and parent 525 618 2,184 1,886 Total revenues 2,345 2,456 9,003 8,106 EXPENSES AND OTHER INCOME Sempra Utilities: Cost of natural gas (498) (533) (1,900) (1,530) Cost of electric fuel and purchased power (157) (164) (637) (672) Sempra Global and parent: Cost of natural gas, electric fuel and purchased power (268) (301) (1,155) (976) Other cost of sales (23) (28) (91) (80) Litigation expense 15 (4) (169) (4) Other operation and maintenance (717) (794) (2,499) (2,467) Depreciation and amortization (224) (207) (867) (775) Franchise fees and other taxes (84) (68) (327) (296) Write-off of long-lived assets - - - (132) Equity earnings (losses): RBS Sempra Commodities LLP (24) 79 (314) 463 Other (2) 9 22 36 Other income, net 58 52 140 149 Interest income 3 5 16 21 Interest expense (113) (110) (436) (367) Income before income taxes and equity earnings of certain unconsolidated subsidiaries 311 392 786 1,476 Income tax expense (17) (95) (102) (422) Equity earnings, net of income tax 7 9 49 68 Net income 301 306 733 1,122 (Earnings) losses attributable to noncontrolling interests (18) (15) 16 7 Preferred dividends of subsidiaries (3) (3) (10) (10) Earnings $ 280 $ 288 $ 739 $ 1,119 Basic earnings per common share $ 1.17 $ 1.18 $ 3.02 $ 4.60 Weighted-average number of shares outstanding, basic (thousands) 239,465 244,923 244,736 243,339 Diluted earnings per common share $ 1.15 $ 1.16 $ 2.98 $ 4.52 Weighted-average number of shares outstanding, diluted (thousands) 242,519 248,749 247,942 247,384 Dividends declared per share of common stock $ 0.39 $ 0.39 $ 1.56 $ 1.56 SEMPRA ENERGY Table B CONSOLIDATED BALANCE SHEETS December 31, December 31, (Dollars in millions) 2010 2009 Assets Current assets: Cash and cash equivalents $ 912 $ 110 Restricted cash 131 35 Accounts receivable 1,032 1,130 Due from unconsolidated affiliates 34 41 Income taxes receivable 248 221 Deferred income taxes 75 10 Inventories 258 197 Regulatory assets 90 54 Fixed-price contracts and other derivatives 81 77 Insurance receivable related to wildfire litigation - 273 Settlement receivable related to wildfire litigation 300 - Other 192 147 Total current assets 3,353 2,295 Investments and other assets: Restricted cash 27 - Regulatory assets arising from pension and other postretirement benefit obligations 869 959 Regulatory assets arising from wildfire litigation costs 364 - Other regulatory assets 934 844 Nuclear decommissioning trusts 769 678 Investment in RBS Sempra Commodities LLP 787 2,172 Other investments 2,164 2,151 Goodwill and other intangible assets 540 524 Sundry 600 608 Total investments and other assets 7,054 7,936 Property, plant and equipment, net 19,876 18,281 Total assets $ 30,283 $ 28,512 Liabilities and Equity Current liabilities: Short-term debt $ 158 $ 618 Accounts payable 864 693 Due to unconsolidated affiliates 36 29 Dividends and interest payable 188 190 Accrued compensation and benefits 311 264 Regulatory balancing accounts, net 241 382 Current portion of long-term debt 349 573 Fixed-price contracts and other derivatives 106 95 Customer deposits 129 145 Reserve for wildfire litigation 639 270 Other 765 629 Total current liabilities 3,786 3,888 Long-term debt 8,980 7,460 Deferred credits and other liabilities: Due to unconsolidated affiliate - 2 Customer advances for construction 154 146 Pension and other postretirement benefit obligations, net of plan assets 1,105 1,252 Deferred income taxes 1,561 1,318 Deferred investment tax credits 50 54 Regulatory liabilities arising from removal obligations 2,630 2,557 Asset retirement obligations 1,449 1,277 Other regulatory liabilities 138 181 Fixed-price contracts and other derivatives 290 312 Deferred credits and other 823 735 Total deferred credits and other liabilities 8,200 7,834 Contingently redeemable preferred stock of subsidiary 79 79 Equity: Total Sempra Energy shareholders' equity 9,027 9,007 Preferred stock of subsidiaries 100 100 Other noncontrolling interests 111 144 Total equity 9,238 9,251 Total liabilities and equity $ 30,283 $ 28,512 SEMPRA ENERGY Table C CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS Years ended December 31, (Dollars in millions) 2010 2009 Cash Flows from Operating Activities: Net income $ 733 $ 1,122 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 867 775 Gains on sale of assets - (3) Deferred income taxes and investment tax credits 48 295 Equity losses (earnings) 243 (567) Write-off of long-lived assets - 132 Fixed-price contracts and other derivatives 13 (30) Other (55) (45) Net change in other working capital components 58 (256) Distributions from RBS Sempra Commodities LLP 198 407 Changes in other assets 54 139 Changes in other liabilities (5) (94) Net cash provided by operating activities 2,154 1,875 Cash Flows from Investing Activities: Expenditures for property, plant and equipment (2,062) (1,912) Proceeds from sale of assets 303 179 Expenditures for investments and acquisition of businesses, net of cash acquired (611) (939) Distributions from RBS Sempra Commodities LLP 849 - Distributions from other investments 371 23 Purchases of nuclear decommissioning and other trust assets (371) (267) Proceeds from sales by nuclear decommissioning and other trusts 372 230 Decrease in restricted cash 195 37 Increase in restricted cash (318) (45) Decrease in notes receivable from unconsolidated affiliate - 100 Purchase of bonds issued by unconsolidated affiliate - (50) Other (11) (28) Net cash used in investing activities (1,283) (2,672) Cash Flows from Financing Activities: Common dividends paid (364) (341) Preferred dividends paid by subsidiaries (10) (10) Issuances of common stock 40 73 Repurchases of common stock (502) (22) Issuances of debt (maturities greater than 90 days) 1,125 2,151 Payments on debt (maturities greater than 90 days) (905) (435) Increase (decrease) in short-term debt, net 568 (659) Payments on notes payable to unconsolidated affiliate - (100) Purchase of noncontrolling interest - (94) Other (21) 13 Net cash (used in) provided by financing activities (69) 576 Increase (decrease) in cash and cash equivalents 802 (221) Cash and cash equivalents, January 1 110 331 Cash and cash equivalents, December 31 $ 912 $ 110 SEMPRA ENERGY Table D BUSINESS UNIT EARNINGS AND CAPITAL EXPENDITURES & INVESTMENTS Three months ended Years ended December 31, December 31, (Dollars in millions) 2010 2009 2010 2009 (unaudited) Earnings (Losses) San Diego Gas & Electric $ 105 $ 67 $ 369 $ 344 Southern California Gas 74 75 286 273 Sempra Generation 43 45 103 169 Sempra Pipelines & Storage 39 37 159 101 Sempra LNG 18 35 68 16 Parent & Other 8 (40) (91) (122) Earnings before Sempra Commodities 287 219 894 781 Sempra Commodities (7) 69 (155) 338 Earnings $ 280 $ 288 $ 739 $ 1,119 Three months ended Years ended December 31, December 31, (Dollars in millions) 2010 2009 2010 2009 (unaudited) Capital Expenditures and Investments San Diego Gas & Electric $ 388 $ 322 $ 1,210 $ 1,107 Southern California Gas 166 144 503 480 Sempra Generation 314 69 346 276 Sempra Pipelines & Storage 55 227 590 950 Sempra LNG 9 5 18 235 Parent & Other 2 1 6 5 Eliminations(1) - - - (152) Consolidated Capital Expenditures and Investments $ 934 $ 768 $ 2,673 $ 2,901 (1) In the second quarter of 2009, SDG&E purchased $152 of industrial development bonds from Parent and Other. SEMPRA ENERGY Table E OTHER OPERATING STATISTICS (Unaudited) Three months ended Years ended December 31, December 31, SEMPRA UTILITIES 2010 2009 2010 2009 Revenues (Dollars in millions) SDG&E (excludes intercompany sales) $ 802 $ 778 $ 3,041 $ 2,908 SoCalGas (excludes intercompany sales) $ 1,018 $ 1,060 $ 3,778 $ 3,312 Gas Sales (bcf) 111 108 392 380 Transportation (bcf) 143 133 517 554 Total Deliveries (bcf) 254 241 909 934 Total Gas Customers (Thousands) 6,635 6,607 Electric Sales (Millions of kWhs) 4,169 4,214 16,266 16,982 Direct Access (Millions of kWhs) 837 829 3,202 3,119 Total Deliveries (Millions of kWhs) 5,006 5,043 19,468 20,101 Total Electric Customers (Thousands) 1,386 1,379 SEMPRA GENERATION Power Sold (Millions of kWhs) 5,614 5,742 20,886 22,268 SEMPRA PIPELINES & STORAGE (Represents 100% of the distribution operations of these subsidiaries, although subsidiaries in Argentina, Chile and Peru are not 100% owned by Sempra Energy. These subsidiaries are not consolidated within Sempra Energy and the related investments are accounted for under the equity method.) Natural Gas Sales (bcf) Argentina 80 81 331 330 Mexico 5 5 21 19 Mobile Gas 10 8 37 32 Natural Gas Customers (Thousands) Argentina 1,756 1,710 Mexico 89 91 Mobile Gas 91 92 Electric Sales (Millions of kWhs) Peru 1,513 1,409 5,958 5,560 Chile 613 565 2,349 2,402 Electric Customers (Thousands) Peru 890 863 Chile 593 576 Reconciliation of Sempra Energy Earnings To Sempra Energy Earnings Excluding Sempra Commodities Table G (Unaudited) Sempra Energy Earnings excluding Sempra Commodities and Earnings Per Share excluding Sempra Commodities are non-GAAP financial measures (GAAP represents accounting principles generally accepted in the United States). In 2009 and 2010, our Sempra Commodities segment has been comprised solely of earnings and activity related to Sempra Energys equity method investment in RBS Sempra Commodities, a commodities trading joint venture with The Royal Bank of Scotland (RBS). In four separate transactions in 2010 and early 2011, Sempra Energy and RBS divested substantially all of the businesses and assets within the joint venture. Because of the impacts of these divestitures on 2010 and future periods, management believes that these non-GAAP financial measures provide a more meaningful comparison of 2010 to 2
009 results of operations for Sempra Energy's ongoing business units, as well as for future comparisons in subsequent 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 these non-GAAP financial measures to Sempra Energy Earnings and Diluted Earnings Per Common Share, which we consider to be the most directly comparable financial measures calculated in accordance with GAAP. Three months ended Years ended December 31, December 31, (Dollars in millions, except per share amounts) 2010 2009 2010 2009 Sempra Energy Earnings (GAAP) $ 280 $ 288 $ 739 $ 1,119 Less Sempra Commodities amounts included in: Litigation expense (adjustment) 11 - (9) - Other operation and maintenance (8) (7) (23) (13) Equity earnings (losses) in RBS Sempra Commodities LLP (24) 79 (314) 463 Other income (expense), net 1 (1) 1 (2) Interest income (2) - 4 - Interest expense (2) - (5) (7) Income tax benefit (expense) 17 (2) 191 (103) Sempra Commodities earnings (losses) (7) 69 (155) 338 Sempra Energy Earnings Excluding Sempra Commodities $ 287 $ 219 $ 894 $ 781 Diluted earnings per common share: Sempra Energy Earnings (GAAP) $ 1.15 $ 1.16 $ 2.98 $ 4.52 Sempra Energy Earnings Excluding Sempra Commodities $ 1.18 $ 0.88 $ 3.61 $ 3.16 Weighted-average number of shares outstanding, diluted (thousands) 242,519 248,749 247,942 247,384
File Number)
Identification No.)
(Registrant)
Senior Vice President, Controller and Chief Accounting Officer
SEMPRA ENERGY |
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Table F (Unaudited) |
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Statement of Operations Data by Business Unit | |||||||||||||||||
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Three Months Ended December 31, 2010 | |||||||||||||||||
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(Dollars in millions) |
| SDG&E |
| SoCalGas |
| Generation |
| Pipelines & Storage |
| LNG |
| Commodities |
| Consolidating Adjustments, Parent & Other |
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| Total |
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Revenues |
| $ 804 |
| $ 1,030 |
| $ 293 |
| $ 88 |
| $ 157 |
| $ - |
| $ (27) |
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| $ 2,345 |
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Cost of Sales and Other Expenses |
| (525) |
| (832) |
| (217) |
| (59) |
| (110) |
| (8) |
| 4 |
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| (1,747) |
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Litigation Adjustment (Expense) |
| (6) |
| 11 |
| (2) |
| - |
| - |
| 11 |
| 1 |
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| 15 |
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Depreciation & Amortization |
| (98) |
| (79) |
| (18) |
| (12) |
| (13) |
| - |
| (4) |
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| (224) |
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Equity Earnings (Losses) Recorded Before Income Tax |
| - |
| - |
| (10) |
| 11 |
| - |
| (24) |
| (3) |
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| (26) |
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Other Income (Expense), Net |
| 28 |
| 4 |
| (1) |
| 2 |
| 1 |
| 1 |
| 23 |
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| 58 |
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Income (Loss) Before Interest & Tax (1) |
| 203 |
| 134 |
| 45 |
| 30 |
| 35 |
| (20) |
| (6) |
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| 421 |
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Net Interest (Expense) Income (2) |
| (38) |
| (16) |
| 3 |
| (8) |
| (11) |
| (4) |
| (39) |
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| (113) |
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Income Tax (Expense) Benefit |
| (42) |
| (44) |
| (5) |
| 10 |
| (6) |
| 17 |
| 53 |
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| (17) |
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Equity Earnings Recorded Net of Income Tax |
| - |
| - |
| - |
| 7 |
| - |
| - |
| - |
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| 7 |
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Earnings Attributable to Noncontrolling Interests |
| (18) |
| - |
| - |
| - |
| - |
| - |
| - |
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| (18) |
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Earnings (Losses) |
| $ 105 |
| $ 74 |
| $ 43 |
| $ 39 |
| $ 18 |
| $ (7) |
| $ 8 |
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| $ 280 |
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Three Months Ended December 31, 2009 | |||||||||||||||||
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(Dollars in millions) |
| SDG&E |
| SoCalGas |
| Generation |
| Pipelines & Storage |
| LNG |
| Commodities |
| Consolidating Adjustments, Parent & Other |
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Revenues |
| $ 780 |
| $ 1,079 |
| $ 337 |
| $ 137 |
| $ 153 |
| $ - |
| $ (30) |
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| $ 2,456 |
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Cost of Sales and Other Expenses |
| (560) |
| (887) |
| (250) |
| (94) |
| (77) |
| (7) |
| (13) |
|
| (1,888) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Litigation Adjustment (Expense) |
| (1) |
| (1) |
| (1) |
| (1) |
| (1) |
| - |
| 1 |
|
| (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation & Amortization |
| (90) |
| (73) |
| (15) |
| (13) |
| (12) |
| - |
| (4) |
|
| (207) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Earnings (Losses) Recorded Before Income Tax |
| - |
| - |
| - |
| 11 |
| - |
| 79 |
| (2) |
|
| 88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense), Net |
| 19 |
| 3 |
| 2 |
| 2 |
| 1 |
| (1) |
| 26 |
|
| 52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) Before Interest & Tax (1) |
| 148 |
| 121 |
| 73 |
| 42 |
| 64 |
| 71 |
| (22) |
|
| 497 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest (Expense) Income (2) |
| (30) |
| (17) |
| 1 |
| (7) |
| (12) |
| - |
| (43) |
|
| (108) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax (Expense) Benefit |
| (36) |
| (29) |
| (29) |
| (6) |
| (17) |
| (2) |
| 24 |
|
| (95) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Earnings Recorded Net of Income Tax |
| - |
| - |
| - |
| 9 |
| - |
| - |
| - |
|
| 9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Earnings) Losses Attributable to Noncontrolling Interests |
| (15) |
| - |
| - |
| (1) |
| - |
| - |
| 1 |
|
| (15) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (Losses) |
| $ 67 |
| $ 75 |
| $ 45 |
| $ 37 |
| $ 35 |
| $ 69 |
| $ (40) |
|
| $ 288 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Management believes "Income (Loss) before Interest & Tax" is a useful measurement of our business units' 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) Net Interest (Expense) Income includes Interest Income, Interest Expense and Preferred Dividends of Subsidiaries. | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMPRA ENERGY |
|
|
| ||||||||||||||
Table F (Unaudited) |
|
|
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of Operations Data by Business Unit | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2010 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions) |
| SDG&E |
| SoCalGas |
| Generation |
| Pipelines & Storage |
| LNG |
| Commodities |
| Consolidating Adjustments, Parent & Other |
|
| Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
| $ 3,049 |
| $ 3,822 |
| $ 1,172 |
| $ 350 |
| $ 711 |
| $ - |
| $ (101) |
|
| $ 9,003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Sales and Other Expenses |
| (1,993) |
| (3,007) |
| (866) |
| (246) |
| (519) |
| (23) |
| 45 |
|
| (6,609) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Litigation Adjustment (Expense) |
| (18) |
| 10 |
| (145) |
| (1) |
| (4) |
| (9) |
| (2) |
|
| (169) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation & Amortization |
| (381) |
| (309) |
| (65) |
| (44) |
| (51) |
| - |
| (17) |
|
| (867) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Earnings (Losses) Recorded Before Income Tax |
| - |
| - |
| (12) |
| 43 |
| - |
| (314) |
| (9) |
|
| (292) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income, Net |
| 10 |
| 12 |
| 9 |
| 55 |
| 3 |
| 1 |
| 50 |
|
| 140 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) Before Interest & Tax (1) |
| 667 |
| 528 |
| 93 |
| 157 |
| 140 |
| (345) |
| (34) |
|
| 1,206 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest (Expense) Income (2) |
| (141) |
| (66) |
| 3 |
| (21) |
| (47) |
| (1) |
| (157) |
|
| (430) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax (Expense) Benefit |
| (173) |
| (176) |
| 7 |
| (26) |
| (25) |
| 191 |
| 100 |
|
| (102) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Earnings Recorded Net of Income Tax |
| - |
| - |
| - |
| 49 |
| - |
| - |
| - |
|
| 49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses Attributable to Noncontrolling Interests |
| 16 |
| - |
| - |
| - |
| - |
| - |
| - |
|
| 16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (Losses) |
| $ 369 |
| $ 286 |
| $ 103 |
| $ 159 |
| $ 68 |
| $ (155) |
| $ (91) |
|
| $ 739 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2009 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions) |
| SDG&E |
| SoCalGas |
| Generation |
| Pipelines & Storage |
| LNG |
| Commodities |
| Consolidating Adjustments, Parent & Other |
|
| Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
| $ 2,916 |
| $ 3,355 |
| $ 1,179 |
| $ 465 |
| $ 278 |
| $ - |
| $ (87) |
|
| $ 8,106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Sales and Other Expenses |
| (2,003) |
| (2,583) |
| (844) |
| (470) | (3) | (218) |
| (13) |
| (22) |
|
| (6,153) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Litigation Adjustment (Expense) |
| 5 |
| (3) |
| (1) |
| (3) |
| (2) |
| - |
| - |
|
| (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation & Amortization |
| (329) |
| (293) |
| (58) |
| (45) |
| (35) |
| - |
| (15) |
|
| (775) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Earnings (Losses) Recorded Before Income Tax |
| - |
| - |
| (2) |
| 50 |
| - |
| 463 |
| (12) |
|
| 499 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense), Net |
| 64 |
| 7 |
| 3 |
| 2 |
| 2 |
| (2) |
| 73 |
|
| 149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) Before Interest & Tax (1) |
| 653 |
| 483 |
| 277 |
| (1) |
| 25 |
| 448 |
| (63) |
|
| 1,822 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Expense (2) |
| (108) |
| (66) |
| - |
| (17) |
| (24) |
| (7) |
| (134) |
|
| (356) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax (Expense) Benefit |
| (177) |
| (144) |
| (108) |
| 20 |
| 15 |
| (103) |
| 75 |
|
| (422) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Earnings Recorded Net of Income Tax |
| - |
| - |
| - |
| 68 |
| - |
| - |
| - |
|
| 68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Earnings) Losses Attributable to Noncontrolling Interests |
| (24) |
| - |
| - |
| 31 |
| - |
| - |
| - |
|
| 7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (Losses) |
| $ 344 |
| $ 273 |
| $ 169 |
| $ 101 |
| $ 16 |
| $ 338 |
| $ (122) |
|
| $ 1,119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Management believes "Income (Loss) before Interest & Tax" is a useful measurement of our business units' 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) Net Interest (Expense) Income includes Interest Income, Interest Expense and Preferred Dividends of Subsidiaries. | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Includes $132 million write-off of long-lived assets. |