QUARTERLY FINANCIAL DATA (UNAUDITED)

12 Months Ended

Dec. 31, 2020

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
2020:
Revenues	$	3,029	$	2,526	$	2,644	$	3,171
Expenses and other income	$	2,632	$	2,063	$	2,443	$	2,743

Income from continuing operations, net of income tax	$	867	$	528	$	428	$	432
Income (loss) from discontinued operations, net of income tax	80		1,777		(7)		—
Net income	$	947	$	2,305	$	421	$	432

Earnings attributable to common shares	$	760	$	2,239	$	351	$	414

Basic EPS(1):
Earnings from continuing operations	$	2.35	$	1.58	$	1.23	$	1.43
Earnings (losses) from discontinued operations	$	0.25	$	6.06	$	(0.02)	$	—
Earnings	$	2.60	$	7.64	$	1.21	$	1.43
Weighted-average common shares outstanding	292.8		293.1		289.5		289.0

Diluted EPS(1):
Earnings from continuing operations(2)	$	2.30	$	1.58	$	1.23	$	1.43
Earnings (losses) from discontinued operations	$	0.23	$	6.03	$	(0.02)	$	—
Earnings(2)	$	2.53	$	7.61	$	1.21	$	1.43
Weighted-average common shares outstanding	313.9		294.2		290.6		290.2
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

(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 March 31, 2020 and September 30, 2019, 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 dividends declared in those quarters.

In April 2020, we completed the sale of our equity interests in our Peruvian businesses for cash proceeds of $3,549 million, net of transaction costs and as adjusted for post-closing adjustments, and recorded a pretax gain of $2,271 million ($1,499 million after tax). In June 2020, we completed the sale of our equity interests in our Chilean businesses for cash proceeds of $2,216 million, net of transaction costs and as adjusted for post-closing adjustments, and recorded a pretax gain of $628 million ($248 million after tax). We discuss the sale of these discontinued operations and related gains in Note 5.

In March, September and December of 2020, SoCalGas recorded charges of $100 million ($72 million after tax), $27 million ($22 million after tax) and $180 million ($139 million after tax), respectively, in Aliso Canyon Litigation and Regulatory Matters on the SoCalGas and Sempra Energy Consolidated Statements of Operations related to settlement discussions in connection with civil litigation and regulatory matters. We discuss these matters in Note 16.

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.


SDG&E
(Dollars in millions)
	Quarters ended
	March 31		June 30		September 30		December 31
2020:
Operating revenues	$	1,269	$	1,235	$	1,472	$	1,337
Operating expenses	880		887		1,157		1,016
Operating income	$	389	$	348	$	315	$	321

Net income/Earnings attributable to common shares	$	262	$	193	$	178	$	191
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


SOCALGAS
(Dollars in millions)
	Quarters ended
	March 31		June 30		September 30		December 31
2020:
Operating revenues	$	1,395	$	1,010	$	842	$	1,501
Operating expenses	1,031		773		826		1,333
Operating income	$	364	$	237	$	16	$	168

Net income (loss)	$	303	$	147	$	(24)	$	79
Dividends on preferred stock	—		(1)		—		—
Earnings (losses) attributable to common shares	$	303	$	146	$	(24)	$	79
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

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.