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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): May 4, 2010 SAN DIEGO GAS & ELECTRIC COMPANY (Exact name of registrant as specified in its charter) CALIFORNIA 1-3779 95-1184800 (State or other jurisdiction of incorporation) (Commission (IRS Employer 8326 CENTURY PARK COURT, SAN DIEGO, CA 92123 (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)) FORM 8-K 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 San Diego Gas & Electric Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing. On May 4, 2010, Sempra Energy, of which San Diego Gas & Electric Company is a consolidated subsidiary, issued a press release announcing consolidated earnings of $106 million, or $0.42 per diluted share of common stock, for the first quarter of 2010. 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 Business Unit for the three months ended March 31, 2010 and 2009. A copy of such information is attached as Exhibit 99.2. The Sempra Energy financial information contained in the press release includes, on a consolidated basis, information regarding San Diego Gas & Electric Company's results of operations and financial condition. Item 9.01 Financial Statements and Exhibits. Exhibits 99.1 May 4, 2010 Sempra Energy News Release (including tables). 99.2 Sempra Energy's Statement of Operations Data by Business Unit for the three months ended March 31, 2010 and 2009. 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 thereunto duly authorized. SAN DIEGO GAS & ELECTRIC COMPANY Date: May 4, 2010 By: /s/ Robert Schlax Robert Schlax NEWS RELEASE Media Contact: Doug Kline Sempra Energy (877) 340-8875 dkline@sempra.com www.sempra.com Financial Contact: Glen Donovan Sempra Energy (877) 736-7727 investor@sempra.com SEMPRA ENERGY REPORTS FIRST-QUARTER 2010 EARNINGS SAN DIEGO, May 4, 2010 Sempra Energy (NYSE: SRE) today reported first-quarter 2010 earnings of $106 million, or $0.42 per diluted share, compared with $316 million, or $1.29 per diluted share, in the first quarter 2009. First-quarter 2010 earnings included a charge of $96 million after tax, or $0.38 per diluted share, related to the energy-crisis litigation settlement announced last week. The reduction in first-quarter earnings also reflected poor performance at the companys commodities joint venture. In February, Sempra Energy announced it intends to exit the joint venture. Excluding the $96 million energy-crisis litigation charge, Sempra Energy had earnings of $202 million, or $0.81 per diluted share, in the first quarter 2010. While the quarterly results at our commodities joint venture were disappointing, our core businesses continue to perform in-line with expectations, said Donald E. Felsinger, chairman and chief executive officer of Sempra Energy. We have an active sales process under way for the commodities joint venture and expect to exit the business completely in the latter half of this year. SEGMENT RESULTS San Diego Gas & Electric First-quarter earnings for San Diego Gas & Electric (SDG&E) were $83 million in 2010, compared with $99 million in 2009, due primarily to higher liability insurance premiums for wildfire coverage and a tax charge resulting from the recently enacted federal health care legislation. In the first quarter last year, SDG&E also benefited from the favorable resolution of a litigation matter. Southern California Gas Co. Earnings for Southern California Gas Co. (SoCalGas) in the first quarter 2010 increased to $65 million from $59 million in last years first quarter, due to higher authorized margins and regulatory awards, as well as lower bad debt expense. The improvement in the quarter was partially offset by higher taxes resulting from the recently enacted federal health care legislation. Last month, SoCalGas received approval from the California Public Utilities Commission for the utilitys $1.05 billion advanced metering program. In 2012, SoCalGas will begin replacing its customers six million meters with digital devices that allow two-way communications. Sempra Generation Sempra Generation recorded a first-quarter loss of $53 million in 2010, compared with earnings of $43 million in 2009, primarily due to an $84 million after-tax charge related to the energy-crisis litigation settlement, as well as scheduled major maintenance costs and associated downtime. Sempra Pipelines & Storage First-quarter earnings for Sempra Pipelines & Storage were $38 million in 2010, up from $37 million last year. Yesterday, Sempra Pipelines & Storage announced that it had completed its acquisition of the Mexican pipeline and gas infrastructure assets of El Paso Corp. The acquisition involves a natural gas pipeline and compression assets in the Mexican state of Sonora and a 50-percent interest in a joint venture with PEMEX, the Mexican state-owned oil company. The joint venture operates two natural gas pipelines and a propane system in northern Mexico. Sempra LNG Sempra LNG earned $32 million in the first quarter 2010, compared with a loss of $7 million in the first quarter 2009, due primarily to the start-up of marketing and terminal operations. On April 22, Sempra LNG announced an agreement with Gazprom Global LNG Ltd. that will allow Gazprom to sell and deliver up to two liquefied natural gas cargoes per month to Sempra LNGs Cameron LNG terminal near Lake Charles, La., beginning next month. Sempra Commodities Sempra Energys commodity operations lost $5 million in the first quarter 2010, compared with earnings of $114 million last year. The loss was due primarily to reduced margins in oil and European natural gas marketing, as well as higher costs for employee retention, and a $12 million after-tax charge related to the energy-crisis litigation settlement. Sempra Energy said the performance at Sempra Commodities is not expected to show significant improvement prior to the completion of the sales process, because of low commodity prices and the disruptions caused by the sale. On Feb. 16, Sempra Energy and The Royal Bank of Scotland (RBS) announced a definitive agreement to sell the international oil, metals and European businesses of the RBS Sempra Commodities joint venture to J.P. Morgan Chase & Co. for an expected $1.7 billion. An active sales process is under way for the remaining North American natural gas and power businesses. Sempra Energy expects the sale of both parts of the joint venture to be completed in the latter half of 2010. EARNINGS OUTLOOK Assuming break-even performance at RBS Sempra Commodities and the $96 million after-tax litigation charge, Sempra Energy now expects earnings per share of $3.15 to $3.40 in 2010, compared with previous per-share guidance of $4.25 to $4.50. INTERNET BROADCAST Sempra Energy will broadcast a live discussion of its earnings results over the Internet today at 1 p.m. EDT with senior management of the company. Access is available by logging onto the Web site at www.sempra.com. For those unable to log onto the live webcast, the teleconference will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 3541735. Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2009 revenues of more than $8 billion. The Sempra Energy companies 13,800 employees serve about 29 million consumers worldwide. Complete financial tables, including earnings information by business unit, are available on Sempra Energys Web site at http://www.sempra.com/downloads/1Q2010.pdf. 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. These statements can be identified by words like believes, expects, anticipates, intends, plans, estimates, may, would, could, should, or similar expressions, or discussions of strategies, plans or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements. Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, nationa
l and international economic, competitive, political, legislative and regulatory conditions and developments; actions by the California Public Utilities Commission, California State Legislature, California Department of Water Resources, Federal Energy Regulatory Commission, Federal Reserve Board, and other regulatory and governmental bodies in the United States and other countries where the company does business; capital market conditions and inflation, interest and exchange rates; energy and trading markets, including the timing and extent of changes and volatility in commodity prices; the availability of electric power, natural gas and liquefied natural gas; weather conditions and conservation efforts; war and terrorist attacks; business, regulatory, environmental and legal decisions and requirements; the status of deregulation of retail natural gas and electricity delivery; the timing and success of business development efforts; the resolution of litigation; and other uncertainties, all of which are
difficult to predict and many of which are beyond the control of the company. These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system without charge at the SECs Web site, www.sec.gov and on the companys Web site, at www.sempra.com. Sempra Pipelines & Storage, Sempra Generation, Sempra LNG and RBS Sempra Commodities dba Sempra Energy Solutions and Sempra Energy Trading are not the same companies as the utility, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra Pipelines & Storage, Sempra Generation, Sempra LNG and RBS Sempra Commodities dba Sempra Energy Solutions and Sempra Energy Trading are not regulated by the California Public Utilities Commission. ### SEMPRA ENERGY Table A CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three months ended March 31, (Dollars in millions, except per share amounts) 2010 2009 (unaudited) REVENUES Sempra Utilities $ 1,912 $ 1,642 Sempra Global and parent 622 466 Total revenues 2,534 2,108 EXPENSES AND OTHER INCOME Sempra Utilities: Cost of natural gas (758) (540) Cost of electric fuel and purchased power (148) (171) Sempra Global and parent: Cost of natural gas, electric fuel and purchased power (338) (268) Other cost of sales (25) (17) Litigation expense (168) 7 Other operation and maintenance (576) (523) Depreciation and amortization (210) (183) Franchise fees and other taxes (90) (82) Equity earnings: RBS Sempra Commodities LLP 7 153 Other 8 7 Other income, net 8 3 Interest income 4 6 Interest expense (109) (82) Income before income taxes and equity earnings of certain unconsolidated subsidiaries 139 418 Income tax expense (58) (109) Equity earnings, net of income tax 19 16 Net income 100 325 Losses (earnings) attributable to noncontrolling interests 8 (7) Preferred dividends of subsidiaries (2) (2) Earnings $ 106 $ 316 Basic earnings per common share $ 0.43 $ 1.31 Weighted-average number of shares outstanding, basic (thousands) 246,083 241,766 Diluted earnings per common share $ 0.42 $ 1.29 Weighted-average number of shares outstanding, diluted (thousands) 250,373 245,017 Dividends declared per share of common stock $ 0.39 $ 0.39 SEMPRA ENERGY Table B CONDENSED CONSOLIDATED BALANCE SHEETS March 31, December 31, (Dollars in millions) 2010 2009 (unaudited) Assets Current assets: Cash and cash equivalents $ 222 $ 110 Restricted cash 44 35 Accounts receivable, net 978 1,130 Due from unconsolidated affiliates 29 41 Income taxes receivable 156 221 Deferred income taxes 5 10 Inventories 160 197 Regulatory assets 90 54 Fixed-price contracts and other derivatives 85 77 Insurance receivable related to wildfire litigation 194 273 Other 144 147 Total current assets 2,107 2,295 Investments and other assets: Regulatory assets arising from fixed-price contracts and other derivatives 251 241 Regulatory assets arising from pension and other postretirement benefit obligations 978 959 Other regulatory assets 739 603 Nuclear decommissioning trusts 706 678 Investment in RBS Sempra Commodities LLP 2,178 2,172 Other investments 2,202 2,151 Goodwill and other intangible assets 523 524 Sundry 598 608 Total investments and other assets 8,175 7,936 Property, plant and equipment, net 18,490 18,281 Total assets $ 28,772 $ 28,512 Liabilities and Equity Current liabilities: Short-term debt $ 912 $ 618 Accounts payable 669 693 Due to unconsolidated affiliates 6 29 Dividends and interest payable 223 190 Accrued compensation and benefits 162 264 Regulatory balancing accounts, net 517 382 Current portion of long-term debt 327 573 Fixed-price contracts and other derivatives 108 95 Customer deposits 144 145 Reserve for wildfire litigation 300 270 Other 870 629 Total current liabilities 4,238 3,888 Long-term debt 7,198 7,460 Deferred credits and other liabilities: Due to unconsolidated affiliate - 2 Customer advances for construction 147 146 Pension and other postretirement benefit obligations, net of plan assets 1,268 1,252 Deferred income taxes 1,419 1,318 Deferred investment tax credits 53 54 Regulatory liabilities arising from removal obligations 2,598 2,557 Asset retirement obligations 1,298 1,277 Other regulatory liabilities 172 181 Fixed-price contracts and other derivatives 309 312 Deferred credits and other 698 735 Total deferred credits and other liabilities 7,962 7,834 Contingently redeemable preferred stock of subsidiary 79 79 Equity: Total Sempra Energy shareholders' equity 9,060 9,007 Preferred stock of subsidiaries 100 100 Other noncontrolling interests 135 144 Total equity 9,295 9,251 Total liabilities and equity $ 28,772 $ 28,512 SEMPRA ENERGY Table C CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS Three months ended March 31, (Dollars in millions) 2010 2009 (unaudited) Cash Flows from Operating Activities: Net income $ 100 $ 325 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 210 183 Deferred income taxes and investment tax credits 61 (29) Equity earnings (34) (176) Other 7 49 Net change in other working capital components 534 491 Distribution from RBS Sempra Commodities LLP - 305 Changes in other assets 18 10 Changes in other liabilities (8) (19) Net cash provided by operating activities 888 1,139 Cash Flows from Investing Activities: Expenditures for property, plant and equipment (446) (492) Expenditures for investments (74) (25) Distributions from investments 24 5 Purchases of nuclear decommissioning and other trust assets (44) (45) Proceeds from sales by nuclear decommissioning and other trusts 46 42 Other (2) (7) Net cash used in investing activities (496) (522) Cash Flows from Financing Activities: Common dividends paid (86) (86) Preferred dividends paid by subsidiaries (2) (2) Issuances of common stock 14 10 Repurchases of common stock (2) - Increase (decrease) in short-term debt, net 294 (77) Issuances of debt (maturities greater than 90 days) 12 22 Payments on debt (maturities greater than 90 days) (507) (6) Purchase of noncontrolling interest - (94) Other (3) 5 Net cash used in financing activities (280) (228) Increase in cash and cash equivalents 112 389 Cash and cash equivalents, January 1 110 331 Cash and cash equivalents, March 31 $ 222 $ 720 SEMPRA ENERGY Table D BUSINESS UNIT EARNINGS AND CAPITAL EXPENDITURES & INVESTMENTS Three months ended March 31, (Dollars in millions) 2010 2009 (unaudited) Earnings (Losses) San Diego Gas & Electric $ 83 $ 99 Southern California Gas 65 59 Sempra Commodities (5) 114 Sempra Generation (53) 43 Sempra Pipelines & Storage 38 37 Sempra LNG 32 (7) Parent & Other (54) (29) Earnings $ 106 $ 316 Three months ended March 31, (Dollars in millions) 2010 2009 (unaudited) Capital Expenditures and Investments San Diego Gas & Electric $ 290 $ 229 Southern California Gas 114 112 Sempra Generation 4 3 Sempra Pipelines & Storage 110 101 Sempra LNG 2 71 Parent & Other - 1 Consolidated Capital Expenditures and Investments $ 520 $ 517 SEMPRA ENERGY Table E OTHER OPERATING STATISTICS (Unaudited) Three months ended March 31, SEMPRA UTILITIES 2010 2009 Revenues (Dollars in millions) SDG&E (excludes intercompany sales) $ 741 $ 730 SoCalGas (excludes intercompany sales) $ 1,171 $ 912 Gas Sales (bcf) 132 131 Transportation (bcf) 117 128 Total Deliveries (bcf) 249 259 Total Gas Customers (Thousands) 6,614 6,582 Electric Sales (Millions of kWhs) 4,055 4,164 Direct Access (Millions of kWhs) 720 740 Total Deliveries (Millions of kWhs) 4,775 4,904 Total Electric Customers (Thousands) 1,380 1,373 SEMPRA GENERATION Power Sold (Millions of kWhs) 4,952 5,727 SEMPRA PIPELINES & STORAGE (Represents 100% of the distribution operations of these subsidiaries, although subsidiaries in Argentina, Chile and Peru are not 100% owned by Sempra Energy. These subsidiaries are not consolidated within Sempra Energy and the related investments are accounted for under the equity method). Natural Gas Sales (bcf) Argentina 64 65 Mexico 6 5 Mobile Gas 10 9 Natural Gas Customers (Thousands) Argentina 1,717 1,680 Mexico 91 94 Mobile Gas 92 94 Electric Sales (Millions of kWhs) Peru 1,479 1,393 Chile 600 677 Electric Customers (Thousands) Peru 870 845 Chile 582 566 SEMPRA ENERGY Table E (Continued) SEMPRA COMMODITIES The following information for the Sempra Commodities segment includes information related to RBS Sempra Commodities LLP. The Sempra Commodities segment is composed primarily of the company's equity interest in RBS Sempra Commodities LLP, but also includes the results of Sempra Rockies Marketing. The margin and financial data below represent the total results of RBS Sempra Commodities LLP as calculated under International Financial Reporting Standards (IFRS). RBS Sempra Commodities LLP Operating Statistics (in millions of US dollars) RBS Sempra Commodities LLP - Joint Venture level margin(1) Three months ended March 31, 2010 Three months ended March 31, 2009 Geographical: North America $ 112 $ 252 Europe/Asia 95 102 Total $ 207 $ 354 Product Line: Oil - Crude & Products $ (13) $ 123 Power 105 93 Natural Gas 33 78 Metals 61 54 Other 21 6 Total $ 207 $ 354 Financial Information (in millions of US dollars) RBS Sempra Commodities LLP Three months ended March 31, 2010 Three months ended March 31, 2009 Joint Venture Sempra Joint Venture Sempra Total Share(2) Total Share(2) Fee income and trading revenue, net of selling costs $ 207 $ 354 Operating and other expenses (208) (200) Joint Venture (losses) distributable income $ (1) $ 154 Preferred return on capital $ - $ - $ 77 $ 59 Loss allocation - 50% Sempra / 50%RBS(3) (1) (1) - - 1st allocation - 70% Sempra / 30% RBS(3) - - 77 55 2nd allocation - 30% Sempra / 70% RBS - - - - (Losses) distributable income $ (1) $ (1) $ 154 $ 114 Sempra Commodities Earnings (in millions of US dollars) Three months ended March 31, 2010 Three months ended March 31, 2009 Sempra share of (losses) distributable income - IFRS basis $ (1) $ 114 U.S. GAAP conversion impact 8 39 Sempra equity earnings before income taxes - U.S. GAAP basis 7 153 Income tax (expense) benefit 1 (37) Sempra equity earnings from RBS Sempra Commodities LLP 8 116 Other segment activity (13) (2) Sempra Commodities earnings (losses) $ (5) $ 114 (1) Margin consists of operating revenues less cost of sales (primarily transportation and storage costs) reduced by certain transaction-related execution costs (primarily brokerage and other fees) and net interest income/expense. (2) After a 15% preferred return to Sempra and then a 15% return to RBS, Sempra receives 70% of the next $500 million and 30% of any remaining income on an annual basis. Losses are shared equally between Sempra and RBS. (3) Includes certain transition costs specifically allocated to Sempra and RBS.
File Number)
Identification No.)
(Registrant)
Vice President, Controller and Chief Financial Officer
SEMPRA ENERGY |
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Table F (Unaudited) |
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Statement of Operations Data by Business Unit |
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Three Months Ended March 31, 2010 |
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(Dollars in millions) |
| SDG&E |
| SoCalGas |
| Commodities |
| Generation |
| Pipelines & Storage |
| LNG |
| Consolidating Adjustments, Parent & Other |
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| Total |
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Revenues |
| $ 742 |
| $ 1,182 |
| $ 23 |
| $ 295 |
| $ 110 |
| $ 205 |
| $ (23) |
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| $ 2,534 |
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Cost of Sales and Other Expenses |
| (505) |
| (973) |
| (23) |
| (233) |
| (78) |
| (136) |
| 13 |
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| (1,935) |
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Litigation Expense |
| (7) |
| - |
| (20) |
| (139) |
| - |
| (1) |
| (1) |
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| (168) |
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Depreciation & Amortization |
| (92) |
| (75) |
| - |
| (15) |
| (11) |
| (12) |
| (5) |
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| (210) |
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Equity Earnings (Losses) Recorded Before Income Tax |
| - |
| - |
| 7 |
| - |
| 10 |
| - |
| (2) |
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| 15 |
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Other Income (Expense), Net |
| - |
| 4 |
| 1 |
| 1 |
| (1) |
| - |
| 3 |
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| 8 |
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Income (Loss) Before Interest & Tax (1) |
| 138 |
| 138 |
| (12) |
| (91) |
| 30 |
| 56 |
| (15) |
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| 244 |
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Net Interest Expense (2) |
| (32) |
| (17) |
| (1) |
| (2) |
| (5) |
| (12) |
| (38) |
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| (107) |
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Income Tax (Expense) Benefit |
| (31) |
| (56) |
| 8 |
| 40 |
| (6) |
| (12) |
| (1) |
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| (58) |
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Equity Earnings Recorded Net of Income Tax |
| - |
| - |
| - |
| - |
| 19 |
| - |
| - |
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| 19 |
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Losses Attributable to Noncontrolling Interests |
| 8 |
| - |
| - |
| - |
| - |
| - |
| - |
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| 8 |
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Earnings (Losses) |
| $ 83 |
| $ 65 |
| $ (5) |
| $ (53) |
| $ 38 |
| $ 32 |
| $ (54) |
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| $ 106 |
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Three Months Ended March 31, 2009 |
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(Dollars in millions) |
| SDG&E |
| SoCalGas |
| Commodities |
| Generation |
| Pipelines & Storage |
| LNG |
| Consolidating Adjustments, Parent & Other |
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Revenues |
| $ 732 |
| $ 920 |
| $ 13 |
| $ 297 |
| $ 132 |
| $ 32 |
| $ (18) |
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| $ 2,108 |
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Cost of Sales and Other Expenses |
| (488) |
| (738) |
| (12) |
| (227) |
| (95) |
| (43) |
| 2 |
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| (1,601) |
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Litigation Adjustment (Expense) |
| 8 |
| - |
| - |
| - |
| - |
| - |
| (1) |
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| 7 |
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Depreciation & Amortization |
| (77) |
| (72) |
| - |
| (14) |
| (10) |
| (6) |
| (4) |
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| (183) |
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Equity Earnings (Losses) Recorded Before Income Tax |
| - |
| - |
| 153 |
| - |
| 10 |
| - |
| (3) |
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| 160 |
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Other Income (Expense), Net |
| 17 |
| 1 |
| - |
| - |
| (1) |
| - |
| (14) |
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| 3 |
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Income (Loss) Before Interest & Tax (1) |
| 192 |
| 111 |
| 154 |
| 56 |
| 36 |
| (17) |
| (38) |
|
| 494 |
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Net Interest Expense (2) |
| (26) |
| (16) |
| (3) |
| (1) |
| (3) |
| (2) |
| (27) |
|
| (78) |
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Income Tax (Expense) Benefit |
| (60) |
| (36) |
| (37) |
| (12) |
| (12) |
| 12 |
| 36 |
|
| (109) |
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Equity Earnings Recorded Net of Income Tax |
| - |
| - |
| - |
| - |
| 16 |
| - |
| - |
|
| 16 |
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Earnings Attributable to Noncontrolling Interests |
| (7) |
| - |
| - |
| - |
| - |
| - |
| - |
|
| (7) |
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Earnings (Losses) |
| $ 99 |
| $ 59 |
| $ 114 |
| $ 43 |
| $ 37 |
| $ (7) |
| $ (29) |
|
| $ 316 |
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(1) Management believes "Income (Loss) before Interest & Tax" is a useful measurement of our business units' 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. | |||||||||||||||||
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(2) Net Interest (Expense) Income includes Interest Income, Interest Expense and Preferred Dividends of Subsidiaries. |
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