EX-12 2 ex12pe.htm EXHIBIT 12.1 EXHIBIT 12




EXHIBIT 12.1

 

PACIFIC ENTERPRISES

 

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES

 

AND PREFERRED STOCK DIVIDENDS

 

(Dollars in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ended

 

 

 

 

2002

 

2003

 

2004

 

2005

 

2006

 

March 31, 2007

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 

 $                      63

 

 $                      54

 

 $                      47

 

 $                      55

 

 $                      78

 

 $                      20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest portion of annual rentals

 

2

 

2

 

2

 

3

 

4

 

                        1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred dividends of subsidiary

 

2

 

2

 

2

 

2

 

                        2

 

                        -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

 

67

 

58

 

51

 

60

 

                      84

 

                      21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends

 

 

                        7

 

                        7

 

                        7

 

                        6

 

                        6

 

                        2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Combined fixed charges and preferred

 

 

 

 

 

 

 

 

 

 

 

 

 

    stock dividends for purpose of ratio

 

 $                      74

 

 $                      65

 

 $                      58

 

 $                      66

 

 $                      90

 

 $                      23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations

 

 $                    383

 

 $                    361

 

 $                    390

 

 $                    324

 

 $                    425

 

 $                      99

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges (from above)

 

67

 

58

 

51

 

60

 

                      84

 

                      21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:  interest capitalized

 

 

                        -

 

                        -

 

                        -

 

                        -

 

                        1

 

                        -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earnings for purpose of ratio

 

 $                    450

 

 $                    419

 

 $                    441

 

 $                    384

 

 $                    508

 

 $                    120

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed

 

 

 

 

 

 

 

 

 

 

 

 

 

    charges and preferred stock dividends

 

                   6.08

 

                   6.45

 

                   7.60

 

                   5.82

 

                   5.64

 

                   5.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

                   6.72

 

                   7.22

 

                   8.65

 

                   6.40

 

                   6.05

 

                   5.71

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) In computing this ratio, “Preferred dividends of subsidiary” represents the before-tax earnings necessary to pay such dividends, computed at the effective tax rates for the applicable periods.