0001032208-20-000037.txt : 20200805 0001032208-20-000037.hdr.sgml : 20200805 20200805104921 ACCESSION NUMBER: 0001032208-20-000037 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 24 CONFORMED PERIOD OF REPORT: 20200805 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200805 DATE AS OF CHANGE: 20200805 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEMPRA ENERGY CENTRAL INDEX KEY: 0001032208 STANDARD INDUSTRIAL CLASSIFICATION: GAS & OTHER SERVICES COMBINED [4932] IRS NUMBER: 330732627 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14201 FILM NUMBER: 201076200 BUSINESS ADDRESS: STREET 1: 488 8TH AVENUE STREET 2: P O BOX 129400 CITY: SAN DIEGO STATE: CA ZIP: 92101 BUSINESS PHONE: 6196962000 MAIL ADDRESS: STREET 1: 488 8TH AVENUE STREET 2: P O BOX 129400 CITY: SAN DIEGO STATE: CA ZIP: 92101 FORMER COMPANY: FORMER CONFORMED NAME: MINERAL ENERGY CO DATE OF NAME CHANGE: 19970205 8-K 1 sempra-20200805.htm 8-K sempra-20200805
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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):August 5, 2020


SEMPRA ENERGY
(Exact name of registrant as specified in its charter)


California1-1420133-0732627
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)

488 8th Avenue, San Diego, California
92101
(Address of principal executive offices)(Zip Code)


Registrant's telephone number, including area code
(619) 696-2000


(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))

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Sempra Energy Common Stock, without par valueSRE NYSE
Sempra Energy 6% Mandatory Convertible Preferred Stock, Series A, $100 liquidation preferenceSREPRANYSE
Sempra Energy 6.75% Mandatory Convertible Preferred Stock, Series B, $100 liquidation preferenceSREPRBNYSE
Sempra Energy 5.75% Junior Subordinated Notes Due 2079, $25 par valueSREANYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐





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 August 5, 2020, Sempra Energy issued a press release announcing consolidated earnings of $2.239 billion, or $7.61 per diluted share of common stock, for the second quarter of 2020. 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 Segment for the three months and six months ended June 30, 2020 and 2019. A copy of such information is attached as Exhibit 99.2.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit NumberExhibit Description
99.1
99.2
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)



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 hereunto duly authorized.


SEMPRA ENERGY,
(Registrant)
Date: August 5, 2020By: /s/ Peter R. Wall
Peter R. Wall
Senior Vice President, Controller and Chief Accounting Officer






EX-99.1 2 ex991q22020earningstab.htm EX-99.1 Document

Exhibit 99.1

sempraenergylogo11.jpg
NEWS RELEASE

Media Contact:Linda Pazin
Sempra Energy
(877) 340-8875
media@sempra.com
Financial Contact:Lindsay Gartner
Sempra Energy
(877) 736-7727
investor@sempra.com


SEMPRA ENERGY REPORTS
SECOND-QUARTER 2020 EARNINGS RESULTS

•Delivering Strong Financial Results with Increased Second-Quarter GAAP and Adjusted Earnings
•Executing on Record Capital Plans at U.S. Utility Businesses
•Moving to Full Run-Rate Earnings and Cash Flows in the Coming Days at Cameron LNG with Phase 1 Construction Now Complete

SAN DIEGO, Aug. 5, 2020 – Sempra Energy (NYSE: SRE) today reported second-quarter 2020 earnings of $2.239 billion, or $7.61 per diluted share, compared to second-quarter 2019 earnings of $354 million, or $1.26 per diluted share. On an adjusted basis, the company’s second-quarter 2020 earnings were $485 million, or $1.65 per diluted share, compared to $309 million, or $1.10 per diluted share, in the second quarter of 2019.


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“Our year-to-date financial results set us up well to post strong results for the full year in 2020 and are a credit to the dedication and teamwork of our employees who have continued to deliver for our stakeholders amid the pandemic and a challenging economic backdrop,” said Jeffrey W. Martin, chairman and CEO of Sempra Energy. “Over the last several years, the disciplined execution of our North American strategy has made our company stronger. This can be seen in the quality and strength of our earnings, as well as the visibility we now have to our future growth.”
Sempra Energy's earnings for the first six months of 2020 were $2.999 billion, or $9.91 per diluted share, compared with earnings of $795 million, or $2.85 per diluted share, in the first six months of 2019. Adjusted earnings for the first six months of 2020 were $1.417 billion, or $4.76 per diluted share, compared to $843 million, or $3.03 per diluted share, in the first six months of 2019.
The reported financial results reflect certain significant items, as described on an after-tax basis in the following table of GAAP earnings, reconciled to adjusted earnings, for the second quarter and first six months of 2020 and 2019.
Three months ended June 30,Six months ended June 30,
(Dollars, except EPS, and shares, in millions)2020201920202019
(Unaudited)
GAAP Earnings$2,239  $354  $2,999  $795  
Gain on Sale of South American Businesses(1,754) —  (1,754) —  
Losses from Investment in RBS Sempra Commodities LLP—  —  100  —  
Impacts Associated with Aliso Canyon Litigation—  —  72  —  
Tax Impacts from Expected Sale of South American Businesses
—  —  —  93  
Gain on Sale of U.S. Wind Assets—  (45) —  (45) 
Adjusted Earnings(1)
$485  $309  $1,417  $843  
GAAP Diluted Weighted-Average Common Shares Outstanding294  280  308  278  
GAAP Earnings Per Diluted Common Share(2)
$7.61  $1.26  $9.91  $2.85  
Adjusted Diluted Weighted-Average Common Shares Outstanding(1)
294  280  313  278  
Adjusted Earnings Per Diluted Common Share(1),(3)
$1.65  $1.10  $4.76  $3.03  
1) Represents a non-GAAP financial measure. See Table A for information regarding non-GAAP financial measures.
2) To calculate YTD-2020 GAAP EPS, preferred dividends of $52 million are added back to GAAP Earnings because of the dilutive effect of Series A mandatory convertible preferred stock.
3) To calculate YTD-2020 Adjusted EPS, preferred dividends of $71 million are added back to Adjusted Earnings because of the dilutive effect of Series A and Series B mandatory convertible preferred stock.

Executing on a Disciplined Strategy
Sempra Energy completed the sales of its South American businesses in June, marking the conclusion of its broad, two-year capital rotation plan. The company’s investments are now focused on transmission and distribution energy infrastructure in the most attractive markets in North America, including California, Texas, Mexico and North America's liquefied natural gas (LNG) export market.
In total, including the sales of the company's South American businesses and its U.S. renewables businesses and non-utility natural gas storage assets, the company has generated approximately $8.3 billion in total gross proceeds from these divestitures. The recent sale of the company’s Chilean businesses remains subject to post-closing adjustments. Proceeds from these transactions are being used to further bolster the


company’s strong liquidity position, strengthen the balance sheet, support the execution of its robust capital plan and return value to shareholders.
As part of Sempra Energy’s goal of returning additional value to shareholders, the company recently completed a $500 million share buyback program. It also received authorization from its Board of Directors to repurchase an additional $2 billion of shares at future dates. Sempra Energy’s capital allocation strategy has enabled the company to return approximately $13 billion to common shareholders since 2000 through cash dividends and common share repurchases.

Advancing Record Capital Plans at U.S. Utilities
Sempra Energy, including its ownership share in amounts funded by unconsolidated entities, is projected to invest a record $32 billion in capital over its 2020-2024, five-year plan with a focus on improving the safety and reliability of its transmission and distribution utility businesses in California and Texas.
Both San Diego Gas & Electric Co. (SDG&E) and Southern California Gas Co. (SoCalGas) continue to successfully execute on their infrastructure investments. More than 80% of their investments are allocated to enhance safety and reliability, including wildfire mitigation programs at SDG&E.
Since 2007, SDG&E has invested over $2 billion to help mitigate wildfire risk in and around its service territory. The utility continues to employ the latest technologies under its Fire Safe 3.0 program – such as artificial intelligence-based predictive models and high-speed weather data – to help advance the safety of its communities. SoCalGas is also investing in collaborative research and development related to hydrogen and power-to-gas technology. SoCalGas has already deployed a demonstration of power-to-gas technology at the National Renewable Energy Laboratory where green hydrogen produced from electrolysis powered by solar panels is converted to pipeline quality methane for storage and later use.
In Texas, Oncor Electric Delivery Company LLC (Oncor) is executing on its capital plan. Approximately 90% of the projects in Oncor’s transmission budget through 2021 can commence construction without any further approvals. Oncor has connected approximately 20,000 new premises in the second quarter. Oncor is also on pace to surpass the number of new requests for transmission interconnections it received in 2019, which is predominantly driven by an increase in utility scale solar generation activity. Despite the impacts of COVID-19, Oncor believes it will continue to have a steady increase in interconnection requests for the remainder of 2020.

Continuing Progress on Energy Infrastructure Projects
Phase 1 of the Cameron LNG export facility is expected to reach full commercial operations in the coming days, marking the start of full run-rate earnings and cash flows. The facility is expected to generate nearly $12 billion of after-debt-service cash flow for Sempra Energy during the 20-year contract period. Train 3 at the Cameron LNG facility reached substantial completion on July 31.
Sempra Energy continues to work closely with the highest levels of the Mexican government on obtaining a 20-year export permit for Phase 1 of the proposed Energía Costa Azul (ECA) LNG liquefaction-export infrastructure project under development in Baja California, Mexico. Phase 1 of the proposed project, developed by Sempra LNG and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova), is planned to be a single-train LNG export facility with an initial offtake capacity of approximately 2.5 million tonnes per annum.


The project would enable the production of LNG in Baja California, with a view toward diversifying the region’s energy supplies, lowering the price of energy and supporting strategic exports to growing Asian markets.

Driving Sustainable Value
Sempra Energy is focused on creating sustainable value for shareholders, employees, customers and communities. In May, Sempra Energy published its 12th corporate sustainability report, highlighting the company’s strategies to achieve resilient operations and continue a leadership position in sustainable business practices. The full report is available on the Sustainability page of the company’s website.
Sempra Energy continues to prioritize the safety and well-being of its employees, customers, partners and communities through the COVID-19 pandemic. The company has been engaging with public health authorities to implement health and safety guidelines for the protection of its customers and employees who are providing essential energy services to hospitals, healthcare facilities, first responders and others on the frontline of the COVID-19 pandemic. Face coverings, physical distancing, increased sanitization, temperature checks and other measures have been implemented for employees who are currently reporting to their work locations, and those same safety protocols will be in place when other employees return to the office.

Earnings Guidance
Sempra Energy is updating its full-year 2020 GAAP earnings-per-common-share (EPS) guidance range to $12.59 to $13.19 from $12.38 to $13.32, primarily reflecting completion of the sale of its South American businesses. The company is also reaffirming its full-year 2020 adjusted EPS guidance range that was increased to $7.20 to $7.80 on June 30, 2020.
Additionally, the company is reaffirming its full-year 2021 EPS guidance range of $7.50 to $8.10, driven primarily by strong execution at its U.S. utility businesses.

Non-GAAP Financial Measures
Non-GAAP financial measures include Sempra Energy’s adjusted earnings and adjusted EPS for the second quarters and first six months of 2020 and 2019, and full-year 2020 adjusted EPS guidance. See Table A for additional information regarding these non-GAAP financial measures.

Internet Broadcast
Sempra Energy will broadcast a live discussion of its earnings results over the Internet today at 12 p.m. ET with senior management of the company. Access is available by logging onto the website at www.sempra.com. For those unable to log 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 3865285.



About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets in 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in sustainability, and diversity and inclusion, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.

###

This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions with respect to the future, involve risks and uncertainties, and are not guarantees of performance. Future results may differ materially from those expressed in the forward-looking statements. 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," "target," "pursue," "outlook," "maintain," or similar expressions, or when we discuss our guidance, strategy, goals, vision, mission, opportunities, projections or intentions.

Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: California wildfires and the risk that we may be found liable for damages regardless of fault and the risk that we may not be able to recover any such costs from insurance, the wildfire fund established by California Assembly Bill 1054 or in rates from customers; decisions, investigations, regulations, issuances of permits and other authorizations, renewal of franchises, and other actions by (i) the Comisión Federal de Electricidad, California Public Utilities Commission (CPUC), U.S. Department of Energy, Public Utility Commission of Texas, and other regulatory and governmental bodies and (ii) states, cities, counties and other jurisdictions in the U.S., Mexico and other countries in which we operate or do business; the success of business development efforts, construction projects and major acquisitions and divestitures, including risks in (i) the ability to make a final investment decision and completing construction projects on schedule and budget, (ii) obtaining the consent of partners, (iii) counterparties' financial or other ability to fulfill contractual commitments, (iv) the ability to complete contemplated acquisitions, and (v) the ability to realize anticipated benefits from any of these efforts once completed; the impact of the COVID-19 pandemic on our (i) ability to commence and complete capital and other projects and obtain regulatory approvals, (ii) supply chain and current and prospective counterparties, contractors, customers, employees and partners, (iii) liquidity, resulting from bill payment challenges experienced by our customers, including in connection with a CPUC-ordered suspension of service disconnections, decreased stability and accessibility of the capital markets and other factors, and (iv) ability to sustain operations and satisfy compliance requirements due to social distancing measures or if employee absenteeism were to increase significantly; the resolution of civil and criminal litigation, regulatory inquiries, investigations and proceedings, and arbitrations; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; moves to reduce or eliminate reliance on natural gas and the impact of the extreme volatility and unprecedented decline of oil prices on our businesses and development projects; weather, natural disasters, accidents, equipment failures, computer system outages and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses, and the confidentiality of our proprietary information and the personal information of our customers and employees; expropriation of assets, the failure of foreign governments and state-owned entities to honor the terms of contracts, and property disputes; the impact at San Diego Gas & Electric Company (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, Community Choice Aggregation or other forms of distributed or local power generation, and the risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory and governance requirements and commitments, including by actions of Oncor's independent directors or a minority member director; volatility in foreign currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; changes in trade policies, laws and regulations, including tariffs and revisions to or replacement of international trade agreements, such as the newly effective United States-Mexico-Canada Agreement, that may increase our costs or impair our ability to resolve trade disputes; the impact of changes to U.S. federal and state and foreign tax laws and our ability to mitigate adverse impacts; and other uncertainties, some of which may be difficult to predict and are beyond our control.

These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.

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 Southern California Gas Company, and Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the CPUC.







SEMPRA ENERGY
Table A
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three months ended
June 30,		Six months ended
June 30,
(Dollars in millions, except per share amounts; shares in thousands)2020201920202019
(unaudited)
REVENUES
Utilities$2,233  $1,895  $4,898  $4,410  
Energy-related businesses293  335  657  718  
Total revenues2,526  2,230  5,555  5,128  
EXPENSES AND OTHER INCOME
Utilities:
Cost of natural gas(131) (136) (468) (667) 
Cost of electric fuel and purchased power(260) (263) (489) (519) 
Energy-related businesses cost of sales(51) (63) (110) (171) 
Operation and maintenance(898) (838) (1,849) (1,670) 
Depreciation and amortization(412) (389) (824) (772) 
Franchise fees and other taxes(121) (112) (258) (242) 
Gain on sale of assets—  66  —  66  
Other income (expense), net62  28  (192) 110  
Interest income22  21  49  42  
Interest expense(274) (258) (554) (518) 
Income from continuing operations before income taxes and equity earnings463  286  860  787  
Income tax (expense) benefit(168) (47) 39  (89) 
Equity earnings233  118  496  219  
Income from continuing operations, net of income tax528  357  1,395  917  
Income from discontinued operations, net of income tax1,777  78  1,857  36  
Net income2,305  435  3,252  953  
Earnings attributable to noncontrolling interests(28) (45) (179) (86) 
Preferred dividends(37) (35) (73) (71) 
Preferred dividends of subsidiary(1) (1) (1) (1) 
Earnings attributable to common shares$2,239  $354  $2,999  $795  
Basic earnings per common share (EPS):
Earnings$7.64  $1.29  $10.24  $2.89  
Weighted-average common shares outstanding293,060  274,987  292,925  274,831  
Diluted EPS:
Earnings$7.61  $1.26  $9.91  $2.85  
Weighted-average common shares outstanding294,155  279,619  307,962  278,424  



SEMPRA ENERGY
Table A (Continued)
RECONCILIATION OF SEMPRA ENERGY ADJUSTED EARNINGS TO SEMPRA ENERGY GAAP EARNINGS (Unaudited)
Sempra Energy Adjusted Earnings and Adjusted EPS exclude items (after the effects of income taxes and, if applicable, noncontrolling interests) in 2020 and 2019 as follows:
Three months ended June 30, 2020:
▪$1,754 million gain on the sale of our South American businesses
Three months ended June 30, 2019:
▪$45 million gain on the sale of certain Sempra Renewables assets
Six months ended June 30, 2020:
▪$(72) million from impacts associated with Aliso Canyon natural gas storage facility litigation at Southern California Gas Company (SoCalGas)
▪$(100) million equity losses at RBS Sempra Commodities LLP, which represent an estimate of our obligations to settle pending tax 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
Six months ended June 30, 2019:
▪$45 million gain on the sale of certain Sempra Renewables assets
Associated with holding the South American businesses for sale:
▪$(103) million income tax expense from outside basis differences in our South American businesses primarily related to the change in our indefinite reinvestment assertion from our decision in January 2019 to hold those businesses for sale
▪$10 million income tax benefit to reduce a valuation allowance against certain net operating loss (NOL) carryforwards as a result of our decision to sell our South American businesses
Sempra Energy Adjusted Earnings, Weighted-Average Common Shares Outstanding – Adjusted and Adjusted EPS are non-GAAP financial measures (GAAP represents accounting principles generally accepted in the United States of America). Because of the significance and/or nature of the excluded items, management believes that these non-GAAP financial measures provide a meaningful comparison of the performance of Sempra Energy’s business operations to prior and future periods. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles for historical periods these non-GAAP financial measures to Sempra Energy GAAP Earnings, Weighted-Average Common Shares Outstanding – GAAP and GAAP EPS, which we consider to be the most directly comparable financial measures calculated in accordance with GAAP.




SEMPRA ENERGY
Table A (Continued)

Pretax amount
Income tax expense
 (benefit)(1)
EarningsPretax amount
Income tax expense
(benefit)(1)
Earnings
(Dollars in millions, except per share amounts; shares in thousands)Three months ended June 30, 2020Three months ended June 30, 2019
Sempra Energy GAAP Earnings
$2,239  $354  
Excluded items:
    Gain on sale of South American businesses$(2,915) $1,161  (1,754) $—  $—  —  
    Gain on sale of certain Sempra Renewables assets
—  —  —  (61) 16  (45) 
Sempra Energy Adjusted Earnings$485  $309  
Diluted EPS:
    Weighted-average common shares outstanding, diluted294,155  279,619  
    Sempra Energy GAAP EPS$7.61  $1.26  
Sempra Energy Adjusted EPS
$1.65  $1.10  
Six months ended June 30, 2020Six months ended June 30, 2019
Sempra Energy GAAP Earnings$2,999  $795  
Excluded items:
    Impacts associated with Aliso Canyon litigation$100  $(28) 72  $—  $—  —  
    Losses from investment in RBS Sempra Commodities LLP100  —  100  —  —  —  
    Gain on sale of South American businesses(2,915) 1,161  (1,754) —  —  —  
    Gain on sale of certain Sempra Renewables assets
—  —  —  (61) 16  (45) 
    Associated with holding the South American businesses for sale:
Change in indefinite reinvestment assertion of basis differences in
discontinued operations
—  —  —  —  103  103  
Reduction in tax valuation allowance against certain NOL
carryforwards
—  —  —  —  (10) (10) 
Sempra Energy Adjusted Earnings$1,417  $843  
Diluted EPS:
    Sempra Energy GAAP Earnings
$2,999  $795  
    Add back dividends for dilutive series A preferred stock
52  —  
    Sempra Energy GAAP Earnings for GAAP EPS
$3,051  $795  
    Weighted-average common shares outstanding, diluted – GAAP
307,962  278,424  
    Sempra Energy GAAP EPS$9.91  $2.85  
    Sempra Energy Adjusted Earnings
$1,417  $843  
    Add back dividends for dilutive series A and series B preferred stock
71  —  
Sempra Energy Adjusted Earnings for Adjusted EPS
$1,488  $843  
Weighted-average common shares outstanding, diluted – Adjusted(2)
312,575  278,424  
Sempra Energy Adjusted EPS
$4.76  $3.03  

(1)  Except for adjustments that are solely income tax and tax related to outside basis differences, income taxes were primarily calculated based on applicable statutory tax rates. We did not record 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)  In the six months ended June 30, 2020, the denominator used to calculate Adjusted EPS includes an add-back of an additional 4,613 shares for the dilutive effect of the series B mandatory convertible preferred stock.




SEMPRA ENERGY
Table A (Continued)
RECONCILIATION OF SEMPRA ENERGY 2020 ADJUSTED EPS GUIDANCE RANGE TO SEMPRA ENERGY 2020 GAAP EPS GUIDANCE RANGE (Unaudited)
Sempra Energy 2020 Adjusted EPS Guidance Range of $7.20 to $7.80 excludes items (after the effects of income taxes and, if applicable, noncontrolling interests) as follows:
▪$(72) million from impacts associated with Aliso Canyon natural gas storage facility litigation at SoCalGas
▪$(100) million equity losses at RBS Sempra Commodities LLP, which represents an estimate of our obligations to settle pending tax 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, plus estimated post-closing adjustments with respect to the sale of our Chilean businesses
Sempra Energy 2020 Adjusted EPS Guidance is a non-GAAP financial measure. Because of the significance and/or nature of the excluded items, management believes that this non-GAAP financial measure provides a meaningful comparison of the performance of Sempra Energy's business operations to prior and future periods. Sempra Energy 2020 Adjusted EPS Guidance should not be considered an alternative to Sempra Energy 2020 GAAP EPS Guidance. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles Sempra Energy 2020 Adjusted EPS Guidance Range to Sempra Energy 2020 GAAP EPS Guidance Range, which we consider to be the most directly comparable financial measure calculated in accordance with GAAP.
Full-Year 2020
Sempra Energy GAAP EPS Guidance Range(1)
$12.59  to$13.19  
Excluded items:
Impacts associated with Aliso Canyon litigation0.25  0.25  
Losses from investment in RBS Sempra Commodities LLP0.34  0.34  
Gain on sale of South American businesses(5.98) (5.98) 
Sempra Energy Adjusted EPS Guidance Range$7.20  to$7.80  
Weighted-average common shares outstanding, diluted (millions)(2)
293

(1)  Sempra Energy's prior GAAP EPS guidance range for full-year 2020 of $12.38 to $13.32 has been updated to reflect the actual gain on sale of our South American businesses, plus estimated post-closing adjustments with respect to the sale of our Chilean businesses. It also reflects a decrease in weighted-average common shares outstanding from recent repurchases of Sempra Energy common stock under an accelerated share repurchase program.
(2)  Weighted-average common shares outstanding does not include the dilutive effect of mandatory convertible preferred stock, as they are assumed to be antidilutive for full-year 2020. If such mandatory convertible preferred stock were dilutive for the full year, the 2020 GAAP EPS Guidance Range would differ from the range presented above.





SEMPRA ENERGY
Table B
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions)June 30,
2020
December 31,
2019(1)
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents$4,894  $108  
Restricted cash33  31  
Accounts receivable – trade, net1,022  1,261  
Accounts receivable – other, net406  455  
Due from unconsolidated affiliates91  32  
Income taxes receivable121  112  
Inventories267  277  
Regulatory assets303  222  
Greenhouse gas allowances80  72  
Assets held for sale in discontinued operations—  445  
Other current assets423  324  
Total current assets7,640  3,339  
Other assets:
Restricted cash3  3  
Due from unconsolidated affiliates603  742  
Regulatory assets1,973  1,930  
Nuclear decommissioning trusts1,062  1,082  
Investment in Oncor Holdings11,758  11,519  
Other investments2,197  2,103  
Goodwill1,602  1,602  
Other intangible assets208  213  
Dedicated assets in support of certain benefit plans463  488  
Insurance receivable for Aliso Canyon costs505  339  
Deferred income taxes224  155  
Greenhouse gas allowances552  470  
Right-of-use assets – operating leases578  591  
Wildfire fund378  392  
Assets held for sale in discontinued operations—  3,513  
Other long-term assets694  732  
Total other assets22,800  25,874  
Property, plant and equipment, net37,945  36,452  
Total assets$68,385  $65,665  
(1) Derived from audited financial statements.



SEMPRA ENERGY
Table B (Continued)
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions)June 30,
2020
December 31,
2019(1)
(unaudited)
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt$3,143  $3,505  
Accounts payable – trade1,302  1,234  
Accounts payable – other145  179  
Due to unconsolidated affiliates9  5  
Dividends and interest payable539  515  
Accrued compensation and benefits350  476  
Regulatory liabilities 569  319  
Current portion of long-term debt and finance leases2,285  1,526  
Reserve for Aliso Canyon costs256  9  
Greenhouse gas obligations80  72  
Liabilities held for sale in discontinued operations—  444  
Other current liabilities917  866  
Total current liabilities9,595  9,150  
Long-term debt and finance leases20,535  20,785  
Deferred credits and other liabilities:
Due to unconsolidated affiliates 267  195  
Pension and other postretirement benefit plan obligations, net of plan assets1,068  1,067  
Deferred income taxes2,574  2,577  
Deferred investment tax credits20  21  
Regulatory liabilities 3,432  3,741  
Asset retirement obligations2,950  2,923  
Greenhouse gas obligations402  301  
Liabilities held for sale in discontinued operations—  1,052  
Deferred credits and other2,156  2,048  
Total deferred credits and other liabilities12,869  13,925  
Equity:
Sempra Energy shareholders’ equity23,606  19,929  
Preferred stock of subsidiary20  20  
Other noncontrolling interests1,760  1,856  
Total equity25,386  21,805  
Total liabilities and equity$68,385  $65,665  
(1)  Derived from audited financial statements.



SEMPRA ENERGY
Table C
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Six months ended June 30,
(Dollars in millions)20202019
(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $3,252  $953  
Less: Income from discontinued operations, net of income tax(1,857) (36) 
Income from continuing operations, net of income tax1,395  917  
Adjustments to reconcile net income to net cash provided by operating activities429  482  
Intercompany activities with discontinued operations, net—  64  
Net change in other working capital components375  84  
Insurance receivable for Aliso Canyon costs(166) 80  
Changes in other noncurrent assets and liabilities, net35  (104) 
Net cash provided by continuing operations2,068  1,523  
Net cash (used in) provided by discontinued operations(1,041) 181  
Net cash provided by operating activities1,027  1,704  
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property, plant and equipment(2,198) (1,651) 
Expenditures for investments and acquisitions(140) (1,391) 
Proceeds from sale of assets5  902  
Purchases of nuclear decommissioning trust assets(797) (497) 
Proceeds from sales of nuclear decommissioning trust assets797  497  
Advances to unconsolidated affiliates(25) (16) 
Repayments of advances to unconsolidated affiliates—  9  
Intercompany activities with discontinued operations, net—  (2) 
Other17  13  
Net cash used in continuing operations(2,341) (2,136) 
Net cash provided by (used in) discontinued operations5,195  (131) 
Net cash provided by (used in) investing activities2,854  (2,267) 
CASH FLOWS FROM FINANCING ACTIVITIES
Common dividends paid(567) (483) 
Preferred dividends paid(71) (71) 
Issuances of preferred stock891  —  
Issuances of common stock13  20  
Repurchases of common stock(64) (18) 
Issuances of debt (maturities greater than 90 days)4,059  2,630  
Payments on debt (maturities greater than 90 days) and finance leases (1,970) (871) 
Decrease in short-term debt, net(1,871) (444) 
Advances from unconsolidated affiliates 64  —  
Purchases of noncontrolling interests(27) (28) 
Other(16) (41) 
Net cash provided by continuing operations441  694  
Net cash provided by (used in) discontinued operations401  (83) 
Net cash provided by financing activities842  611  
Effect of exchange rate changes in continuing operations(7) —  
Effect of exchange rate changes in discontinued operations(3) —  
Effect of exchange rate changes on cash, cash equivalents and restricted cash(10) —  
Increase in cash, cash equivalents and restricted cash, including discontinued operations4,713  48  
Cash, cash equivalents and restricted cash, including discontinued operations, January 1217  246  
Cash, cash equivalents and restricted cash, including discontinued operations, June 30$4,930  $294  




SEMPRA ENERGY
Table D
SEGMENT EARNINGS (LOSSES) AND CAPITAL EXPENDITURES, INVESTMENTS AND ACQUISITIONS
Three months ended June 30,Six months ended June 30,
(Dollars in millions)2020201920202019
(unaudited)
Earnings (Losses) Attributable to Common Shares
SDG&E$193  $143  $455  $319  
SoCalGas146  30  449  294  
Sempra Texas Utilities144  113  249  207  
Sempra Mexico61  73  252  130  
Sempra Renewables—  46  —  59  
Sempra LNG61  6  136  11  
Parent and other(141) (127) (389) (244) 
Discontinued operations1,775  70  1,847  19  
Total$2,239  $354  $2,999  $795  
Three months ended June 30,Six months ended June 30,
(Dollars in millions)2020201920202019
(unaudited)
Capital Expenditures, Investments and Acquisitions
SDG&E$448  $352  $850  $708  
SoCalGas497  335  885  659  
Sempra Texas Utilities53  1,226  139  1,282  
Sempra Mexico151  157  321  242  
Sempra Renewables—  2  —  2  
Sempra LNG90  90  137  146  
Parent and other3  3  6  3  
Total$1,242  $2,165  $2,338  $3,042  






SEMPRA ENERGY
Table E
OTHER OPERATING STATISTICS (Unaudited)
Three months ended June 30,Six months ended June 30,
2020201920202019
UTILITIES
SDG&E and SoCalGas
Gas sales (Bcf)(1)
71  75  200  214  
Transportation (Bcf)(1)
129  124  277  268  
Total deliveries (Bcf)(1)
200  199  477  482  
Total gas customer meters (thousands)6,943  6,902  
SDG&E
Electric sales (millions of kWhs)(1)
3,124  3,244  6,584  6,826  
Direct Access and Community Choice Aggregation (millions of kWhs)847  848  1,616  1,688  
Total deliveries (millions of kWhs)(1)
3,971  4,092  8,200  8,514  
Total electric customer meters (thousands)1,478  1,463  
Oncor(2)
Total deliveries (millions of kWhs)31,038  31,516  61,458  61,628  
Total electric customer meters (thousands)3,723  3,655  
Ecogas
Natural gas sales (Bcf)1  1  2  2  
Natural gas customer meters (thousands)136  126  
ENERGY-RELATED BUSINESSES
Power generated and sold
Sempra Mexico
Termoeléctrica de Mexicali (TdM) (millions of kWhs)457  693  1,283  1,830  
Wind and solar (millions of kWhs)(3)
381  445  803  690  
(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, in which Sempra Energy has a 50% ownership interest. Energía Sierra Juárez is not consolidated within Sempra Energy, and the related investment is accounted for under the equity method.


 EX-99.2 3 ex992q22020earningstab.htm EX-99.2 Document
Exhibit 99.2


         SEMPRA ENERGY
           Table F (Unaudited)
STATEMENTS OF OPERATIONS DATA BY SEGMENT
Three months ended June 30, 2020
(Dollars in millions)SDG&ESoCalGasSempra Texas UtilitiesSempra MexicoSempra RenewablesSempra LNGConsolidating Adjustments, Parent & OtherTotal
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), net18  (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  
Three months ended June 30, 2019
(Dollars in millions)SDG&ESoCalGasSempra Texas UtilitiesSempra MexicoSempra RenewablesSempra LNGConsolidating Adjustments, Parent & OtherTotal
Revenues$1,094  $806  $—  $318  $3  $86  $(77) $2,230  
Cost of sales and other expenses(642) (599) —  (130) (9) (88) 56  (1,412) 
Depreciation and amortization(189) (148) —  (46) —  (3) (3) (389) 
Gain on sale of assets—  —  —  —  61  —  5  66  
Other income (expense), net19  1  —  17  —  —  (9) 28  
Income (loss) before interest and tax(1)
282  60  —  159  55  (5) (28) 523  
Net interest (expense) income(101) (33) —  (10) 1  13  (107) (237) 
Income tax (expense) benefit(35) 4  —  (44) (14) (2) 44  (47) 
Equity earnings (losses), net—  —  113  4  2  —  (1) 118  
(Earnings) losses attributable to noncontrolling interests(3) —  —  (36) 2  —  —  (37) 
Preferred dividends—  (1) —  —  —  —  (35) (36) 
Earnings (losses) from continuing operations$143  $30  $113  $73  $46  $6  $(127) 284  
Earnings from discontinued operations70  
Earnings attributable to common shares$354  
(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
Six months ended June 30, 2020
(Dollars in millions)SDG&ESoCalGasSempra Texas UtilitiesSempra MexicoSempra RenewablesSempra LNGConsolidating Adjustments, Parent & OtherTotal
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), net49  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  
Six months ended June 30, 2019
(Dollars in millions)SDG&ESoCalGasSempra Texas UtilitiesSempra MexicoSempra RenewablesSempra LNGConsolidating Adjustments, Parent & OtherTotal
Revenues$2,239  $2,167  $—  $701  $10  $227  $(216) $5,128  
Cost of sales and other expenses(1,339) (1,512) —  (322) (20) (230) 154  (3,269) 
Depreciation and amortization(375) (295) —  (90) —  (5) (7) (772) 
Gain on sale of assets—  —  —  —  61  —  5  66  
Other income, net41  17  —  36  —  —  16  110  
Income (loss) before interest and tax(1)
566  377  —  325  51  (8) (48) 1,263  
Net interest (expense) income(203) (67) —  (21) 8  23  (216) (476) 
Income tax (expense) benefit(40) (15) —  (116) (4) (6) 92  (89) 
Equity earnings (losses), net—  —  207  6  5  2  (1) 219  
Earnings attributable to noncontrolling interests(4) —  —  (64) (1) —  —  (69) 
Preferred dividends—  (1) —  —  —  —  (71) (72) 
Earnings (losses) from continuing operations$319  $294  $207  $130  $59  $11  $(244) 776  
Earnings from discontinued operations
19  
Earnings attributable to common shares$795  
(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.


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