EX-12 8 exhibit121.htm EXHIBIT 12.1 Exhibit 12.1




EXHIBIT 12.1

SEMPRA ENERGY

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

(Dollars in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30,

 

 

2005 

 

2006 

 

2007 

 

2008 

 

2009

 

2010

Fixed charges and preferred stock dividends:

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$ 342

 

$ 413

 

$ 379

 

$ 353

 

$ 455

 

$ 240

Interest portion of annual rentals

 

5

 

6

 

6

 

3

 

2

 

2

Preferred dividends of subsidiaries (1)

 

10

 

15

 

14

 

13

 

13

 

7

     Total fixed charges

 

357

 

434

 

399

 

369

 

470

 

249

Preferred dividends for purpose of ratio

 

-

 

-

 

-

 

-

 

-

 

-

Total fixed charges and preferred dividends for purpose of ratio                        

 

$ 357

 

$ 434

 

$ 399

 

$ 369

 

$ 470

 

$ 249

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations before adjustment for income or loss from equity investees

 

$ 891

 

$ 1,579

 

$ 1,538

 

$ 1,009

 

$ 977

 

$ 369

Add:

 

 

 

 

 

 

 

 

 

 

 

 

  Total fixed charges (from above)

 

357

 

434

 

399

 

369

 

470

 

249

  Distributed income of equity investees

 

73

 

431

 

19

 

133

 

493

 

238

Less:

 

 

 

 

 

 

 

 

 

 

 

 

  Interest capitalized

 

28

 

58

 

100

 

100

 

73

 

18

  Preferred dividends of subsidiaries (1)

 

10

 

10

 

10

 

10

 

13

 

7

Total earnings for purpose of ratio

 

$ 1,283

 

$ 2,376

 

$ 1,846

 

$ 1,401

 

$ 1,854

 

$ 831

Ratio of earnings to combined fixed charges and preferred stock dividends

 

3.59

 

5.47

 

4.63

 

3.80

 

3.94

 

3.34

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

3.59

 

5.47

 

4.63

 

3.80

 

3.94

 

3.34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

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