QUARTERLY FINANCIAL DATA (UNAUDITED)
We provide quarterly financial information for Sempra Energy Consolidated, SDG&E and SoCalGas below:
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SEMPRA ENERGY |
(In millions, except per share amounts) |
| Quarters ended |
| March 31 | | June 30 | | September 30 | | December 31 |
2017: | | | | | | | |
Revenues | $ | 3,031 |
| | $ | 2,533 |
| | $ | 2,679 |
| | $ | 2,964 |
|
Expenses and other income | $ | 2,276 |
| | $ | 2,118 |
| | $ | 2,664 |
| | $ | 2,564 |
|
| | | | | | | |
Net income (loss) | $ | 452 |
| | $ | 248 |
| | $ | 102 |
| | $ | (451 | ) |
Earnings (losses) attributable to Sempra Energy | $ | 441 |
| | $ | 259 |
| | $ | 57 |
| | $ | (501 | ) |
| | | | | | | |
Basic per-share amounts(1): | |
| | |
| | |
| | |
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Net income (loss) | $ | 1.80 |
| | $ | 0.99 |
| | $ | 0.41 |
| | $ | (1.80 | ) |
Earnings (losses) attributable to Sempra Energy | $ | 1.76 |
| | $ | 1.03 |
| | $ | 0.23 |
| | $ | (1.99 | ) |
Weighted-average common shares outstanding | 251.1 |
| | 251.4 |
| | 251.7 |
| | 251.9 |
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Diluted per-share amounts(1)(2): | |
| | |
| | |
| | |
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Net income (loss) | $ | 1.79 |
| | $ | 0.98 |
| | $ | 0.41 |
| | $ | (1.80 | ) |
Earnings (losses) attributable to Sempra Energy | $ | 1.75 |
| | $ | 1.03 |
| | $ | 0.22 |
| | $ | (1.99 | ) |
Weighted-average common shares outstanding | 252.2 |
| | 252.8 |
| | 253.4 |
| | 251.9 |
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2016: | |
| | |
| | |
| | |
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Revenues | $ | 2,622 |
| | $ | 2,156 |
| | $ | 2,535 |
| | $ | 2,870 |
|
Expenses and other income | $ | 2,167 |
| | $ | 2,268 |
| | $ | 1,553 |
| | $ | 2,365 |
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| | | | | | | |
Net income | $ | 364 |
| | $ | 27 |
| | $ | 719 |
| | $ | 409 |
|
Earnings attributable to Sempra Energy | $ | 353 |
| | $ | 16 |
| | $ | 622 |
| | $ | 379 |
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Basic per-share amounts(1): | |
| | |
| | |
| | |
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Net income | $ | 1.46 |
| | $ | 0.11 |
| | $ | 2.87 |
| | $ | 1.63 |
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Earnings attributable to Sempra Energy | $ | 1.41 |
| | $ | 0.06 |
| | $ | 2.48 |
| | $ | 1.51 |
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Weighted-average common shares outstanding | 249.7 |
| | 250.1 |
| | 250.4 |
| | 250.6 |
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Diluted per-share amounts(1): | |
| | |
| | |
| | |
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Net income | $ | 1.45 |
| | $ | 0.11 |
| | $ | 2.85 |
| | $ | 1.62 |
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Earnings attributable to Sempra Energy | $ | 1.40 |
| | $ | 0.06 |
| | $ | 2.46 |
| | $ | 1.51 |
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Weighted-average common shares outstanding | 251.5 |
| | 252.0 |
| | 252.4 |
| | 251.6 |
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(1) | Earnings per share are computed independently for each of the quarters and therefore may not sum to the total for the year. |
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(2) | In the quarter ended December 31, 2017, the total weighted-average number of potentially dilutive securities was 0.8 million. However, these securities were not included in the computation of U.S. GAAP losses per common share since to do so would have decreased the loss per share. |
In 2017, Sempra Energy’s income tax expense included $870 million related to the impact of the TCJA, as we discuss in Note 6.
In September 2017, SDG&E recognized a charge of $351 million ($208 million after-tax) for the write-off of its wildfire regulatory asset, which we discuss in Note 15.
In June 2017 and September 2016, Sempra Mexico recognized impairment charges of $71 million ($47 million after noncontrolling interests) and $131 million ($111 million after-tax; $90 million after-tax and after noncontrolling interests), respectively, related to assets held for sale at TdM. We discuss the impairments in Notes 3 and 10.
In September 2016, Sempra Mexico recorded a $617 million noncash gain ($432 million after-tax; $350 million after-tax and after noncontrolling interests) associated with the remeasurement of its equity interest in IEnova Pipelines, which we discuss in Note 3.
In May 2016, Sempra LNG & Midstream recorded a pretax charge of $206 million ($123 million after-tax) related to permanently released pipeline capacity with Rockies Express and others, which we discuss in Note 15. In May 2017, Sempra LNG & Midstream recorded $47 million ($28 million after-tax) for settlement proceeds received from a breach of contract claim against a counterparty related to the charge.
In March 2016, Sempra LNG & Midstream recognized an impairment charge of $44 million ($27 million after-tax) on its investment in Rockies Express, which we discuss in Notes 3 and 10.
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SDG&E |
(Dollars in millions) |
| Quarters ended |
| March 31 | | June 30 | | September 30 | | December 31 |
2017: | | | | | | | |
Operating revenues | $ | 1,057 |
| | $ | 1,058 |
| | $ | 1,236 |
| | $ | 1,125 |
|
Operating expenses | 779 |
| | 817 |
| | 1,290 |
| | 877 |
|
Operating income (loss) | $ | 278 |
| | $ | 241 |
| | $ | (54 | ) | | $ | 248 |
|
| | | | | | | |
Net income (loss) | $ | 157 |
| | $ | 153 |
| | $ | (19 | ) | | $ | 130 |
|
(Earnings) losses attributable to noncontrolling interest | (2 | ) | | (4 | ) | | (9 | ) | | 1 |
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Earnings (losses) attributable to common shares | $ | 155 |
| | $ | 149 |
| | $ | (28 | ) | | $ | 131 |
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2016: | |
| | |
| | |
| | |
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Operating revenues | $ | 991 |
| | $ | 992 |
| | $ | 1,209 |
| | $ | 1,061 |
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Operating expenses | 755 |
| | 822 |
| | 886 |
| | 800 |
|
Operating income | $ | 236 |
| | $ | 170 |
| | $ | 323 |
| | $ | 261 |
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Net income | $ | 137 |
| | $ | 87 |
| | $ | 194 |
| | $ | 147 |
|
(Earnings) losses attributable to noncontrolling interest | (1 | ) | | 13 |
| | (11 | ) | | 4 |
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Earnings attributable to common shares | $ | 136 |
| | $ | 100 |
| | $ | 183 |
| | $ | 151 |
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SOCALGAS |
(Dollars in millions) |
| Quarters ended |
| March 31 | | June 30 | | September 30 | | December 31 |
2017: | | | | | | | |
Operating revenues | $ | 1,241 |
| | $ | 770 |
| | $ | 684 |
| | $ | 1,090 |
|
Operating expenses | 926 |
| | 675 |
| | 674 |
| | 888 |
|
Operating income | $ | 315 |
| | $ | 95 |
| | $ | 10 |
| | $ | 202 |
|
| | | | | | | |
Net income | $ | 203 |
| | $ | 59 |
| | $ | 7 |
| | $ | 128 |
|
Dividends on preferred stock | — |
| | (1 | ) | | — |
| | — |
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Earnings attributable to common shares | $ | 203 |
| | $ | 58 |
| | $ | 7 |
| | $ | 128 |
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2016: | |
| | |
| | |
| | |
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Operating revenues | $ | 1,033 |
| | $ | 617 |
| | $ | 686 |
| | $ | 1,135 |
|
Operating expenses | 739 |
| | 628 |
| | 648 |
| | 899 |
|
Operating income (loss) | $ | 294 |
| | $ | (11 | ) | | $ | 38 |
| | $ | 236 |
|
| | | | | | | |
Net income | $ | 199 |
| | $ | — |
| | $ | — |
| | $ | 151 |
|
Dividends on preferred stock | — |
| | (1 | ) | | — |
| | — |
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Earnings (losses) attributable to common shares | $ | 199 |
| | $ | (1 | ) |
| $ | — |
| | $ | 151 |
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SoCalGas recognizes annual authorized revenue for core natural gas customers using seasonal factors established in the Triennial Cost Allocation Proceeding. Accordingly, a significant portion of SoCalGas’ annual earnings are recognized in the first and fourth quarters each year.