QUARTERLY FINANCIAL DATA (UNAUDITED)

12 Months Ended

Dec. 31, 2019

QUARTERLY FINANCIAL DATA (UNAUDITED)

We provide quarterly financial information for Sempra Energy Consolidated, SDG&E and SoCalGas below:



SEMPRA ENERGY
(In millions, except per share amounts)
	Quarters ended
	March 31			June 30			September 30		December 31
2019:
Revenues	$	2,898		$	2,230		$	2,758	$	2,943
Expenses and other income	$	2,397		$	1,944		$	2,310	$	2,444

Income from continuing operations, net of income tax	$	560		$	357		$	653	$	429
(Loss) income from discontinued operations, net of income tax	(42		)	78			256		71
Net income	$	518		$	435		$	909	$	500

Earnings attributable to common shares	$	441		$	354		$	813	$	447

Basic EPS⁽¹⁾:
Earnings from continuing operations	$	1.79		$	1.03		$	2.04	$	1.36
(Losses) earnings from discontinued operations	$	(0.19	)	$	0.26		$	0.89	$	0.21
Earnings	$	1.60		$	1.29		$	2.93	$	1.57
Weighted-average common shares outstanding	274.7			275.0			277.4		284.6

Diluted EPS⁽¹⁾:
Earnings from continuing operations⁽²⁾	$	1.78		$	1.01		$	2.00	$	1.34
(Losses) earnings from discontinued operations	$	(0.19	)	$	0.25		$	0.84	$	0.21
Earnings⁽²⁾	$	1.59		$	1.26		$	2.84	$	1.55
Weighted-average common shares outstanding	277.2			279.6			295.8		288.8
2018:
Revenues	$	2,536		$	2,175		$	2,565	$	2,826
Expenses and other income	$	1,943		$	3,358		$	2,220	$	1,867

Income (loss) from continuing operations, net of income tax	$	330		$	(585	)	$	280	$	913
Income from discontinued operations, net of income tax	28			55			54		51
Net income (loss)	$	358		$	(530	)	$	334	$	964

Earnings (losses) attributable to common shares	$	347		$	(561	)	$	274	$	864

Basic EPS⁽¹⁾:
Earnings (losses) from continuing operations	$	1.26		$	(2.29	)	$	0.83	$	3.00
Earnings from discontinued operations	$	0.08		$	0.18		$	0.17	$	0.15
Earnings (losses)	$	1.34		$	(2.11	)	$	1.00	$	3.15
Weighted-average common shares outstanding	257.9			265.8			273.9		274.3

Diluted EPS⁽¹⁾⁽³⁾:
Earnings (losses) from continuing operations⁽²⁾	$	1.25		$	(2.29	)	$	0.82	$	2.89
Earnings from discontinued operations	$	0.08		$	0.18		$	0.17	$	0.14
Earnings (losses)⁽²⁾	$	1.33		$	(2.11	)	$	0.99	$	3.03
Weighted-average common shares outstanding	259.5			265.8			275.9		296.4


⁽¹⁾	EPS is computed independently for each of the quarters and therefore may not sum to the total for the year.


⁽²⁾	In the quarters ended September 30, 2019 and December 31, 2018, due to the dilutive effect of certain mandatory convertible preferred stock, the numerator used to calculate diluted EPS included an add-back of related mandatory convertible preferred stock dividends declared in those quarters.


⁽³⁾	In the quarter ended June 30, 2018, the total weighted-average potentially dilutive securities were not included in the computation of losses per common share since to do so would have decreased the loss per share.

In April 2019, Sempra Renewables completed the sale of its remaining wind assets and investments and recognized a pretax gain on sale of $61 million ($45 million after tax). We discuss the sale and related gain in Note 5.

In June 2018, we recorded impairment charges totaling $1.5 billion ($900 million after tax and NCI), which included $1.3 billion ($755 million after tax and NCI) at Sempra LNG and $200 million ($145 million after tax) at Sempra Renewables. In December

2018, we reduced the impairment charge at Sempra LNG by $183 million ($126 million after tax and NCI). We discuss the impairments in Notes 5 and 12. In December 2018, we completed the sale of our U.S. operating solar assets, solar and battery storage development projects, as well as an interest in one wind facility, and recognized a pretax gain on sale of $513 million ($367 million after tax). We discuss the sale and related gain in Note 5.

In September 2018, we impaired our remaining equity method investment in RBS Sempra Commodities by recording a charge of $65 million in Equity Earnings. We discuss matters related to RBS Sempra Commodities further in Note 16.



SDG&E
(Dollars in millions)
	Quarters ended
	March 31			June 30			September 30			December 31
2019:
Operating revenues	$	1,145		$	1,094		$	1,427		$	1,259
Operating expenses	883			831			1,004			894
Operating income	$	262		$	263		$	423		$	365

Net income	$	177		$	146		$	266		$	185
Earnings attributable to noncontrolling interest	(1		)	(3		)	(3		)	—
Earnings attributable to common shares	$	176		$	143		$	263		$	185
2018:
Operating revenues	$	1,055		$	1,051		$	1,299		$	1,163
Operating expenses	807			836			999			916
Operating income	$	248		$	215		$	300		$	247

Net income	$	169		$	146		$	216		$	145
Losses (earnings) attributable to noncontrolling interest	1			—			(11		)	3
Earnings attributable to common shares	$	170		$	146		$	205		$	148



SOCALGAS
(Dollars in millions)
	Quarters ended
	March 31		June 30			September 30			December 31
2019:
Operating revenues	$	1,361	$	806		$	975		$	1,383
Operating expenses	1,060		747			762			1,000
Operating income	$	301	$	59		$	213		$	383

Net income	$	264	$	31		$	143		$	204
Dividends on preferred stock	—		(1		)	—			—
Earnings attributable to common shares	$	264	$	30		$	143		$	204
2018:
Operating revenues	$	1,126	$	772		$	802		$	1,262
Operating expenses	848		703			797			1,023
Operating income	$	278	$	69		$	5		$	239

Net income (loss)	$	225	$	34		$	(14	)	$	156
Dividends on preferred stock	—		(1		)	—			—
Earnings (losses) attributable to common shares	$	225	$	33		$	(14	)	$	156

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.