Sempra Reports Third-Quarter 2021 Earnings Results
"At this point in the year, we are excited to see strong growth across all three of our business platforms," said
Sempra's earnings for the first nine months of 2021 were
The reported financial results reflect certain significant items as described on an after-tax basis in the following table of GAAP (generally accepted accounting principles in
Three months ended |
Nine months ended |
|||||||
September 30, |
September 30, |
|||||||
(Dollars, except EPS, and shares in millions) |
2021 |
2020 |
2021 |
2020 |
||||
(Unaudited) |
||||||||
GAAP (Losses) Earnings |
$ (648) |
$ 351 |
$ 650 |
$ 3,350 |
||||
Impacts Associated with Aliso Canyon Litigation and Regulatory Matters |
1,132 |
22 |
1,132 |
94 |
||||
Impact from Foreign Currency and Inflation and Associated Undesignated Derivatives1 |
(28) |
18 |
41 |
(111) |
||||
Net Unrealized Losses (Gains) on Commodity Derivatives1 |
89 |
34 |
176 |
(12) |
||||
Loss (Gain) on Sale of South American Businesses |
- |
7 |
- |
(1,747) |
||||
(Earnings) Losses from Investment in |
- |
- |
(50) |
100 |
||||
Adjusted Earnings2 |
$ 545 |
|
|
|
||||
Diluted Weighted-Average Common Shares Outstanding |
319 |
291 |
311 |
293 |
||||
GAAP EPS |
$ (2.03) |
$ 1.21 |
$ 2.09 |
|
||||
Diluted Weighted-Average Common Shares Outstanding |
320 |
291 |
311 |
307 |
||||
Adjusted EPS2,3 |
$ 1.70 |
$ 1.49 |
$ 6.27 |
$ 5.70 |
1) |
Q3-2020 and YTD-2020 Adjusted Earnings and Adjusted Earnings per Common Share (EPS) have been updated to exclude this item to conform to current year presentation. |
2) |
Represents a non-GAAP financial measure. See Table A for information regarding non-GAAP financial measures and descriptions of adjustments. |
3) |
To calculate YTD-2020 Adjusted EPS, preferred dividends of |
Advancing Key Strategic Priorities at Sempra California
SoCalGas also recently issued a new economy-wide technical analysis, which underscores the essential role that clean fuels like hydrogen and renewable natural gas (RNG) are expected to play in reaching carbon neutrality. The analysis highlights that a clean fuels network made, in part, by leveraging existing gas infrastructure to deliver clean fuels and to manage carbon could allow
Continuing Strong Growth at
In
Investing in the Energy Transition at
Last month, Sempra completed the sale of a non-controlling, 20% interest in
Also, Sempra completed its follow-on cash tender offer to acquire the remaining publicly owned shares of Infraestructura Energética
With the consolidation of Sempra's liquefied natural gas (LNG) business and its ownership of IEnova under
Earnings Guidance
Sempra is updating its full-year 2021 GAAP EPS guidance range, including items expected to be reflected in our fourth quarter results, to
Non-GAAP Financial Measures
Non-GAAP financial measures include Sempra's adjusted earnings, adjusted EPS and adjusted EPS guidance range. See Table A for additional information regarding these non-GAAP financial measures.
Internet Broadcast
Sempra will broadcast a live discussion of its earnings results over the Internet today at
About Sempra
Sempra's mission is to be
This press release contains statements that 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. Future results may differ materially from those expressed in any 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," "in process," "under construction," "in development," "target," "outlook," "maintain," "continue," "goal," "aim," "commit," or similar expressions, or when we discuss our guidance, priorities, strategy, goals, vision, mission, opportunities, projections, intentions or expectations.
Factors, among others, that could cause actual results and events to differ materially from those described in any forward-looking statements include risks and uncertainties relating to:
These risks and uncertainties are further discussed in the reports that Sempra has filed with the
None of the website references in this press release are active hyperlinks, and the information contained on, or that can be accessed through, any such website is not, and shall not be deemed to be, part of this document.
|
|||||||||||||||||||||||
Table A |
|||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||||||||||
(Dollars in millions, except per share amounts; shares in thousands) |
|||||||||||||||||||||||
Three months ended |
Nine months ended |
||||||||||||||||||||||
2021 |
2020 |
2021 |
2020 |
||||||||||||||||||||
(unaudited) |
|||||||||||||||||||||||
REVENUES |
|||||||||||||||||||||||
Utilities |
$ |
2,560 |
$ |
2,301 |
$ |
7,839 |
$ |
7,199 |
|||||||||||||||
Energy-related businesses |
453 |
343 |
1,174 |
1,000 |
|||||||||||||||||||
Total revenues |
3,013 |
2,644 |
9,013 |
8,199 |
|||||||||||||||||||
EXPENSES AND OTHER INCOME |
|||||||||||||||||||||||
Utilities: |
|||||||||||||||||||||||
Cost of natural gas |
(282) |
(114) |
(892) |
(582) |
|||||||||||||||||||
Cost of electric fuel and purchased power |
(312) |
(429) |
(828) |
(918) |
|||||||||||||||||||
Energy-related businesses cost of sales |
(220) |
(90) |
(448) |
(200) |
|||||||||||||||||||
Operation and maintenance |
(1,073) |
(1,018) |
(3,098) |
(2,767) |
|||||||||||||||||||
|
(1,571) |
(27) |
(1,571) |
(127) |
|||||||||||||||||||
Depreciation and amortization |
(471) |
(418) |
(1,376) |
(1,242) |
|||||||||||||||||||
Franchise fees and other taxes |
(151) |
(139) |
(442) |
(397) |
|||||||||||||||||||
Other (expense) income, net |
(55) |
29 |
52 |
(163) |
|||||||||||||||||||
Interest income |
16 |
27 |
50 |
76 |
|||||||||||||||||||
Interest expense |
(259) |
(264) |
(776) |
(818) |
|||||||||||||||||||
(Loss) income from continuing operations before income taxes and equity earnings |
(1,365) |
201 |
(316) |
1,061 |
|||||||||||||||||||
Income tax benefit (expense) |
342 |
(99) |
45 |
(60) |
|||||||||||||||||||
Equity earnings |
391 |
326 |
1,022 |
822 |
|||||||||||||||||||
(Loss) income from continuing operations, net of income tax |
(632) |
428 |
751 |
1,823 |
|||||||||||||||||||
(Loss) income from discontinued operations, net of income tax |
— |
(7) |
— |
1,850 |
|||||||||||||||||||
Net (loss) income |
(632) |
421 |
751 |
3,673 |
|||||||||||||||||||
Earnings attributable to noncontrolling interests |
(5) |
(22) |
(48) |
(201) |
|||||||||||||||||||
Preferred dividends |
(11) |
(48) |
(52) |
(121) |
|||||||||||||||||||
Preferred dividends of subsidiary |
— |
— |
(1) |
(1) |
|||||||||||||||||||
(Losses) earnings attributable to common shares |
$ |
(648) |
$ |
351 |
$ |
650 |
$ |
3,350 |
|||||||||||||||
Basic (losses) earnings per common share (EPS): |
|||||||||||||||||||||||
(Losses) earnings |
$ |
(2.03) |
$ |
1.21 |
$ |
2.10 |
$ |
11.48 |
|||||||||||||||
Weighted-average common shares outstanding |
319,144 |
289,490 |
309,350 |
291,771 |
|||||||||||||||||||
Diluted EPS: |
|||||||||||||||||||||||
(Losses) earnings |
$ |
(2.03) |
$ |
1.21 |
$ |
2.09 |
$ |
11.43 |
|||||||||||||||
Weighted-average common shares outstanding |
319,144 |
290,582 |
310,854 |
292,935 |
Table A (Continued)
RECONCILIATION OF SEMPRA ADJUSTED EARNINGS TO SEMPRA GAAP (LOSSES) EARNINGS (Unaudited)
Sempra Adjusted Earnings and Adjusted EPS exclude items (after the effects of income taxes and, if applicable, noncontrolling interests) in 2021 and 2020 as follows:
Three months ended
$(1,132) million from impacts associated withAliso Canyon natural gas storage facility litigation atSouthern California Gas Company (SoCalGas)$28 million impact from foreign currency and inflation and associated undesignated derivatives$(89) million net unrealized losses on commodity derivatives
Three months ended
$(22) million from impacts associated withAliso Canyon natural gas storage facility litigation and regulatory matters at SoCalGas$(18) million impact from foreign currency and inflation and associated undesignated derivatives$(34) million net unrealized losses on commodity derivatives$(7) million reduction to the gain on sale of our Chilean businesses as a result of post-closing adjustments
Nine months ended
$(1,132) million from impacts associated withAliso Canyon natural gas storage facility litigation at SoCalGas$(41) million impact from foreign currency and inflation and associated undesignated derivatives$(176) million net unrealized losses on commodity derivatives$50 million equity earnings from investment inRBS Sempra Commodities LLP , which represents a reduction to an estimate of our obligations to settle pending value added tax (VAT) matters and related legal costs at our equity method investment at Parent and other
Nine months ended
$(94) million from impacts associated withAliso Canyon natural gas storage facility litigation and regulatory matters at SoCalGas$111 million impact from foreign currency and inflation and associated undesignated derivatives$12 million net unrealized gains on commodity derivatives$(100) million equity losses from investment inRBS Sempra Commodities LLP , which represents an estimate of our obligations to settle pending VAT matters and related legal costs at our equity method investment at Parent and other$1,747 million gain on the sale of our South American businesses
Sempra Adjusted Earnings and Adjusted EPS are non-GAAP financial measures (GAAP represents generally accepted accounting principles in
|
|||||||||||||||||||||||||||||||||||
Table A (Continued) |
|||||||||||||||||||||||||||||||||||
RECONCILIATION OF ADJUSTED EARNINGS TO GAAP (LOSSES) EARNINGS |
|||||||||||||||||||||||||||||||||||
(Dollars in millions, except per share amounts; shares in thousands) |
|||||||||||||||||||||||||||||||||||
Pretax |
Income |
Non- |
Earnings |
Pretax |
Income tax |
Non- |
Earnings |
||||||||||||||||||||||||||||
Three months ended |
Three months ended |
||||||||||||||||||||||||||||||||||
Sempra GAAP (Losses) Earnings |
$ |
(648) |
$ |
351 |
|||||||||||||||||||||||||||||||
Excluded items: |
|||||||||||||||||||||||||||||||||||
Impacts associated with |
$ |
1,571 |
$ |
(439) |
$ |
— |
1,132 |
$ |
27 |
$ |
(5) |
$ |
— |
22 |
|||||||||||||||||||||
Impact from foreign currency and inflation and associated |
4 |
(33) |
1 |
(28) |
(11) |
44 |
(15) |
18 |
|||||||||||||||||||||||||||
Net unrealized losses on commodity derivatives |
120 |
(32) |
1 |
89 |
48 |
(13) |
(1) |
34 |
|||||||||||||||||||||||||||
Reduction to gain on sale of Chilean businesses |
— |
— |
— |
— |
16 |
(9) |
— |
7 |
|||||||||||||||||||||||||||
Sempra Adjusted Earnings(2) |
$ |
545 |
$ |
432 |
|||||||||||||||||||||||||||||||
Diluted EPS: |
|||||||||||||||||||||||||||||||||||
Sempra GAAP (Losses) Earnings |
$ |
(648) |
$ |
351 |
|||||||||||||||||||||||||||||||
Weighted-average common shares outstanding, diluted – GAAP |
319,144 |
290,582 |
|||||||||||||||||||||||||||||||||
Sempra GAAP EPS |
$ |
(2.03) |
$ |
1.21 |
|||||||||||||||||||||||||||||||
Sempra Adjusted Earnings(2) |
$ |
545 |
$ |
432 |
|||||||||||||||||||||||||||||||
Weighted-average common shares outstanding, diluted – Adjusted(3) |
320,483 |
290,582 |
|||||||||||||||||||||||||||||||||
Sempra Adjusted EPS(2) |
$ |
1.70 |
$ |
1.49 |
|||||||||||||||||||||||||||||||
Nine months ended |
Nine months ended |
||||||||||||||||||||||||||||||||||
Sempra GAAP Earnings |
$ |
650 |
$ |
3,350 |
|||||||||||||||||||||||||||||||
Excluded items: |
|||||||||||||||||||||||||||||||||||
Impacts associated with |
$ |
1,571 |
$ |
(439) |
$ |
— |
1,132 |
$ |
127 |
$ |
(33) |
$ |
— |
94 |
|||||||||||||||||||||
Impact from foreign currency and inflation and associated |
36 |
8 |
(3) |
41 |
83 |
(278) |
84 |
(111) |
|||||||||||||||||||||||||||
Net unrealized losses (gains) on commodity derivatives |
245 |
(67) |
(2) |
176 |
(15) |
4 |
(1) |
(12) |
|||||||||||||||||||||||||||
(Earnings) losses from investment in |
(50) |
— |
— |
(50) |
100 |
— |
— |
100 |
|||||||||||||||||||||||||||
Gain on sale of South American businesses |
— |
— |
— |
— |
(2,899) |
1,152 |
— |
(1,747) |
|||||||||||||||||||||||||||
Sempra Adjusted Earnings(2) |
$ |
1,949 |
$ |
1,674 |
|||||||||||||||||||||||||||||||
Diluted EPS: |
|||||||||||||||||||||||||||||||||||
Sempra GAAP Earnings |
$ |
650 |
$ |
3,350 |
|||||||||||||||||||||||||||||||
Weighted-average common shares outstanding, diluted – GAAP |
310,854 |
292,935 |
|||||||||||||||||||||||||||||||||
Sempra GAAP EPS |
$ |
2.09 |
$ |
11.43 |
|||||||||||||||||||||||||||||||
Sempra Adjusted Earnings(2) |
$ |
1,949 |
$ |
1,674 |
|||||||||||||||||||||||||||||||
Add back dividends for dilutive series A preferred stock |
— |
78 |
|||||||||||||||||||||||||||||||||
Sempra Adjusted Earnings for Adjusted EPS(2) |
$ |
1,949 |
$ |
1,752 |
|||||||||||||||||||||||||||||||
Weighted-average common shares outstanding, diluted – Adjusted(4) |
310,854 |
307,405 |
|||||||||||||||||||||||||||||||||
Sempra Adjusted EPS(2) |
$ |
6.27 |
$ |
5.70 |
(1) |
Income taxes were primarily calculated based on applicable statutory tax rates. We did not record an income tax expense for the equity earnings or an income tax benefit for the equity losses from our investment in |
(2) |
Adjusted Earnings, Adjusted Earnings for Adjusted EPS, and Adjusted EPS have been updated to reflect impact from foreign currency and inflation and associated undesignated derivatives and net unrealized losses (gains) on commodity derivatives for the three months and nine months ended |
(3) |
In the three months ended |
(4) |
In the nine months ended |
Table A (Continued)
RECONCILIATION OF SEMPRA 2021 ADJUSTED EPS GUIDANCE RANGE TO SEMPRA 2021 GAAP EPS GUIDANCE RANGE (Unaudited)
Sempra 2021
$(1,132) million from impacts associated withAliso Canyon natural gas storage facility litigation at SoCalGas$(41) million impact from foreign currency and inflation and associated undesignated derivatives for the nine months endedSeptember 30, 2021 (1)$(176) million net unrealized losses on commodity derivatives for the nine months endedSeptember 30, 2021 $(72) million net income tax expense to derecognize a deferred income tax asset upon completing the sale of a 20% equity interest inSempra Infrastructure Partners inOctober 2021 $(30) million in charges associated with hedge termination costs and write-off of unamortized debt issuance costs from early redemption of debt at Sempra Mexico inOctober 2021 $(93) million in charges associated with make-whole premiums and write-off of unamortized discount and debt issuance costs from early redemptions of debt at Parent and other inDecember 2021 $50 million equity earnings from investment inRBS Sempra Commodities LLP , which represents a reduction to an estimate of our obligations to settle pending VAT matters and related legal costs at our equity method investment at Parent and other
Sempra 2021 Adjusted EPS Guidance is a non-GAAP financial measure. This non-GAAP financial measure excludes the impact from foreign currency and inflation and associated undesignated derivatives and unrealized gains and losses on commodity derivatives, which we expect to occur in future periods, and which can vary significantly from one period to the next. Exclusion of these items is useful to management and investors because it provides a meaningful comparison of the performance of Sempra's business operations to prior and future periods. Sempra 2021
RECONCILIATION OF ADJUSTED EPS GUIDANCE RANGE TO GAAP EPS GUIDANCE RANGE |
|||||||||||
Full-Year 2021 |
|||||||||||
|
$ |
3.01 |
to |
$ |
3.61 |
||||||
Excluded items: |
|||||||||||
Impacts associated with |
3.59 |
3.59 |
|||||||||
Impact from foreign currency and inflation and associated undesignated derivatives(1) |
0.13 |
0.13 |
|||||||||
Net unrealized losses on commodity derivatives |
0.56 |
0.56 |
|||||||||
Net income tax expense to derecognize a deferred income tax asset |
0.23 |
0.23 |
|||||||||
Costs associated with early redemption of debt |
0.39 |
0.39 |
|||||||||
Earnings from investment in |
(0.16) |
(0.16) |
|||||||||
|
$ |
7.75 |
to |
$ |
8.35 |
||||||
Weighted-average common shares outstanding, diluted (millions)(3)(4) |
315 |
(1) |
Amounts include impacts recorded in equity earnings from our unconsolidated equity method investments. |
(2) |
Sempra's prior |
(3) |
Weighted-average common shares outstanding reflects the conversion of the series A preferred stock that converted on |
(4) |
Includes the impact of the Infraestructura Energética Nova, |
|
|||||||||||
Table B |
|||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||||||
(Dollars in millions) |
|||||||||||
2021 |
2020(1) |
||||||||||
(unaudited) |
|||||||||||
ASSETS |
|||||||||||
Current assets: |
|||||||||||
Cash and cash equivalents |
$ |
873 |
$ |
960 |
|||||||
Restricted cash |
31 |
22 |
|||||||||
Accounts receivable – trade, net |
1,416 |
1,578 |
|||||||||
Accounts receivable – other, net |
470 |
403 |
|||||||||
Due from unconsolidated affiliates |
30 |
20 |
|||||||||
Income taxes receivable |
93 |
113 |
|||||||||
Inventories |
371 |
308 |
|||||||||
Regulatory assets |
290 |
190 |
|||||||||
Greenhouse gas allowances |
546 |
553 |
|||||||||
Other current assets |
473 |
364 |
|||||||||
Total current assets |
4,593 |
4,511 |
|||||||||
Other assets: |
|||||||||||
Restricted cash |
3 |
3 |
|||||||||
Due from unconsolidated affiliates |
684 |
780 |
|||||||||
Regulatory assets |
2,280 |
1,822 |
|||||||||
Nuclear decommissioning trusts |
1,003 |
1,019 |
|||||||||
Investment in |
12,475 |
12,440 |
|||||||||
Other investments |
1,483 |
1,388 |
|||||||||
|
1,602 |
1,602 |
|||||||||
Other intangible assets |
376 |
202 |
|||||||||
Dedicated assets in support of certain benefit plans |
539 |
512 |
|||||||||
Insurance receivable for |
414 |
445 |
|||||||||
Deferred income taxes |
151 |
136 |
|||||||||
Greenhouse gas allowances |
356 |
101 |
|||||||||
Right-of-use assets – operating leases |
499 |
543 |
|||||||||
Wildfire fund |
342 |
363 |
|||||||||
Other long-term assets |
914 |
753 |
|||||||||
Total other assets |
23,121 |
22,109 |
|||||||||
Property, plant and equipment, net |
42,758 |
40,003 |
|||||||||
Total assets |
$ |
70,472 |
$ |
66,623 |
(1) |
Derived from audited financial statements. |
|
|||||||||||
Table B (Continued) |
|||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||||||
(Dollars in millions) |
|||||||||||
2021 |
2020(1) |
||||||||||
(unaudited) |
|||||||||||
LIABILITIES AND EQUITY |
|||||||||||
Current liabilities: |
|||||||||||
Short-term debt |
$ |
3,068 |
$ |
885 |
|||||||
Accounts payable – trade |
1,400 |
1,359 |
|||||||||
Accounts payable – other |
179 |
154 |
|||||||||
Due to unconsolidated affiliates |
42 |
45 |
|||||||||
Dividends and interest payable |
592 |
551 |
|||||||||
Accrued compensation and benefits |
454 |
446 |
|||||||||
Regulatory liabilities |
515 |
140 |
|||||||||
Current portion of long-term debt and finance leases |
2,994 |
1,540 |
|||||||||
Reserve for |
1,962 |
150 |
|||||||||
Greenhouse gas obligations |
546 |
553 |
|||||||||
Other current liabilities |
1,192 |
1,016 |
|||||||||
Total current liabilities |
12,944 |
6,839 |
|||||||||
Long-term debt and finance leases |
20,042 |
21,781 |
|||||||||
Deferred credits and other liabilities: |
|||||||||||
Due to unconsolidated affiliates |
286 |
234 |
|||||||||
Pension and other postretirement benefit plan obligations, net of plan assets |
964 |
1,059 |
|||||||||
Deferred income taxes |
2,882 |
2,871 |
|||||||||
Regulatory liabilities |
3,378 |
3,372 |
|||||||||
Reserve for |
14 |
301 |
|||||||||
Greenhouse gas obligations |
190 |
— |
|||||||||
Asset retirement obligations |
3,187 |
3,113 |
|||||||||
Deferred credits and other |
1,981 |
2,119 |
|||||||||
Total deferred credits and other liabilities |
12,882 |
13,069 |
|||||||||
Equity: |
|||||||||||
|
24,554 |
23,373 |
|||||||||
Preferred stock of subsidiary |
20 |
20 |
|||||||||
Other noncontrolling interests |
30 |
1,541 |
|||||||||
Total equity |
24,604 |
24,934 |
|||||||||
Total liabilities and equity |
$ |
70,472 |
$ |
66,623 |
(1) |
Derived from audited financial statements. |
|
|||||||||||
Table C |
|||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||||||
(Dollars in millions) |
|||||||||||
Nine months ended |
|||||||||||
2021 |
2020 |
||||||||||
(unaudited) |
|||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|||||||||||
Net income |
$ |
751 |
$ |
3,673 |
|||||||
Less: Income from discontinued operations, net of income tax |
— |
(1,850) |
|||||||||
Income from continuing operations, net of income tax |
751 |
1,823 |
|||||||||
Adjustments to reconcile net income to net cash provided by operating activities |
661 |
692 |
|||||||||
Reserve for |
1,525 |
259 |
|||||||||
Net change in other working capital components |
(186) |
(396) |
|||||||||
Distributions from investments |
727 |
429 |
|||||||||
Insurance receivable for |
31 |
(165) |
|||||||||
Changes in other noncurrent assets and liabilities, net |
(528) |
38 |
|||||||||
Net cash provided by continuing operations |
2,981 |
2,680 |
|||||||||
Net cash used in discontinued operations |
— |
(1,051) |
|||||||||
Net cash provided by operating activities |
2,981 |
1,629 |
|||||||||
CASH FLOWS FROM INVESTING ACTIVITIES |
|||||||||||
Expenditures for property, plant and equipment |
(3,606) |
(3,313) |
|||||||||
Expenditures for investments and acquisitions |
(216) |
(229) |
|||||||||
Proceeds from sale of assets |
— |
22 |
|||||||||
Distributions from investments |
365 |
761 |
|||||||||
Purchases of nuclear decommissioning trust assets |
(729) |
(1,091) |
|||||||||
Proceeds from sales of nuclear decommissioning trust assets |
729 |
1,091 |
|||||||||
Advances to unconsolidated affiliates |
(8) |
(32) |
|||||||||
Repayments of advances to unconsolidated affiliates |
— |
7 |
|||||||||
Other |
9 |
13 |
|||||||||
Net cash used in continuing operations |
(3,456) |
(2,771) |
|||||||||
Net cash provided by discontinued operations |
— |
5,186 |
|||||||||
Net cash (used in) provided by investing activities |
(3,456) |
2,415 |
|||||||||
CASH FLOWS FROM FINANCING ACTIVITIES |
|||||||||||
Common dividends paid |
(981) |
(872) |
|||||||||
Preferred dividends paid |
(77) |
(107) |
|||||||||
Issuances of preferred stock |
— |
890 |
|||||||||
Issuances of common stock |
5 |
10 |
|||||||||
Repurchases of common stock |
(39) |
(565) |
|||||||||
Issuances of debt (maturities greater than 90 days) |
1,992 |
5,934 |
|||||||||
Payments on debt (maturities greater than 90 days) and finance leases |
(2,315) |
(4,387) |
|||||||||
Increase (decrease) in short-term debt, net |
1,999 |
(1,871) |
|||||||||
Advances from unconsolidated affiliates |
40 |
64 |
|||||||||
Proceeds from sales of noncontrolling interests |
7 |
— |
|||||||||
Purchases of noncontrolling interests |
(221) |
(178) |
|||||||||
Other |
(13) |
(29) |
|||||||||
Net cash provided by (used in) continuing operations |
397 |
(1,111) |
|||||||||
Net cash provided by discontinued operations |
— |
401 |
|||||||||
Net cash provided by (used in) financing activities |
397 |
(710) |
|||||||||
Effect of exchange rate changes in continuing operations |
— |
(2) |
|||||||||
Effect of exchange rate changes in discontinued operations |
— |
(3) |
|||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
— |
(5) |
|||||||||
(Decrease) increase in cash, cash equivalents and restricted cash, including discontinued operations |
(78) |
3,329 |
|||||||||
Cash, cash equivalents and restricted cash, including discontinued operations, |
985 |
217 |
|||||||||
Cash, cash equivalents and restricted cash, including discontinued operations, |
$ |
907 |
$ |
3,546 |
|
|||||||||||||||||||||||
Table D |
|||||||||||||||||||||||
SEGMENT EARNINGS (LOSSES) AND CAPITAL EXPENDITURES, INVESTMENTS AND ACQUISITIONS |
|||||||||||||||||||||||
(Dollars in millions) |
|||||||||||||||||||||||
Three months ended |
Nine months ended |
||||||||||||||||||||||
2021 |
2020 |
2021 |
2020 |
||||||||||||||||||||
(unaudited) |
|||||||||||||||||||||||
Earnings (Losses) Attributable to Common Shares |
|||||||||||||||||||||||
SDG&E |
$ |
205 |
$ |
178 |
$ |
603 |
$ |
633 |
|||||||||||||||
SoCalGas |
(1,126) |
(24) |
(625) |
425 |
|||||||||||||||||||
|
206 |
209 |
479 |
458 |
|||||||||||||||||||
Sempra Mexico |
164 |
50 |
225 |
302 |
|||||||||||||||||||
Sempra LNG |
1 |
71 |
194 |
207 |
|||||||||||||||||||
Parent and other |
(98) |
(126) |
(226) |
(515) |
|||||||||||||||||||
Discontinued operations |
— |
(7) |
— |
1,840 |
|||||||||||||||||||
Total |
$ |
(648) |
$ |
351 |
$ |
650 |
$ |
3,350 |
|||||||||||||||
Three months ended |
Nine months ended |
||||||||||||||||||||||
2021 |
2020 |
2021 |
2020 |
||||||||||||||||||||
(unaudited) |
|||||||||||||||||||||||
Capital Expenditures, Investments and Acquisitions |
|||||||||||||||||||||||
SDG&E |
$ |
488 |
$ |
473 |
$ |
1,560 |
$ |
1,323 |
|||||||||||||||
SoCalGas |
481 |
460 |
1,417 |
1,345 |
|||||||||||||||||||
|
51 |
86 |
151 |
225 |
|||||||||||||||||||
Sempra Mexico |
94 |
122 |
325 |
443 |
|||||||||||||||||||
Sempra LNG |
113 |
63 |
362 |
200 |
|||||||||||||||||||
Parent and other |
6 |
— |
7 |
6 |
|||||||||||||||||||
Total |
$ |
1,233 |
$ |
1,204 |
$ |
3,822 |
$ |
3,542 |
|
||||||||||||||||||||||||||
Table E |
||||||||||||||||||||||||||
OTHER OPERATING STATISTICS |
||||||||||||||||||||||||||
Three months ended |
Nine months ended or at |
|||||||||||||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||||||||||||
(unaudited) |
||||||||||||||||||||||||||
UTILITIES |
||||||||||||||||||||||||||
SDG&E and SoCalGas |
||||||||||||||||||||||||||
Gas sales (Bcf)(1) |
56 |
57 |
255 |
257 |
||||||||||||||||||||||
Transportation (Bcf)(1) |
170 |
174 |
452 |
451 |
||||||||||||||||||||||
Total deliveries (Bcf)(1) |
226 |
231 |
707 |
708 |
||||||||||||||||||||||
Total gas customer meters (thousands) |
6,994 |
6,953 |
||||||||||||||||||||||||
SDG&E |
||||||||||||||||||||||||||
Electric sales (millions of kWhs)(1) |
2,789 |
4,063 |
8,912 |
10,647 |
||||||||||||||||||||||
Direct Access and Community Choice Aggregation |
2,025 |
914 |
3,812 |
2,530 |
||||||||||||||||||||||
Total deliveries (millions of kWhs)(1) |
4,814 |
4,977 |
12,724 |
13,177 |
||||||||||||||||||||||
Total electric customer meters (thousands) |
1,493 |
1,480 |
||||||||||||||||||||||||
Oncor(2) |
||||||||||||||||||||||||||
Total deliveries (millions of kWhs) |
40,244 |
39,084 |
103,810 |
100,542 |
||||||||||||||||||||||
Total electric customer meters (thousands) |
3,817 |
3,744 |
||||||||||||||||||||||||
Ecogas |
||||||||||||||||||||||||||
Natural gas sales (Bcf) |
— |
— |
2 |
2 |
||||||||||||||||||||||
Natural gas customer meters (thousands) |
141 |
137 |
||||||||||||||||||||||||
ENERGY-RELATED BUSINESSES |
||||||||||||||||||||||||||
Power generated and sold |
||||||||||||||||||||||||||
Sempra Mexico |
||||||||||||||||||||||||||
Termoeléctrica de |
912 |
893 |
2,583 |
2,176 |
||||||||||||||||||||||
Wind and solar (millions of kWhs)(3) |
612 |
432 |
1,924 |
1,304 |
||||||||||||||||||||||
(1) |
Include intercompany sales. |
(2) |
Includes 100% of the electric deliveries and customer meters of |
(3) |
Includes 50% of the total power generated and sold at the Energía Sierra Juárez (ESJ) wind power generation facility through |
SEMPRA ENERGY |
||||||||||||||||||||||||||||||||||||||||||||||||||
Table F (Unaudited) |
||||||||||||||||||||||||||||||||||||||||||||||||||
STATEMENTS OF OPERATIONS DATA BY SEGMENT |
||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) |
||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended |
SDG&E |
SoCalGas |
Sempra |
Sempra |
Sempra |
Consolidating Other |
Total |
|||||||||||||||||||||||||||||||||||||||||||
Revenues |
$ |
1,464 |
$ |
1,106 |
$ |
— |
$ |
597 |
$ |
119 |
$ |
(273) |
$ |
3,013 |
||||||||||||||||||||||||||||||||||||
Cost of sales and other expenses |
(843) |
(840) |
(1) |
(343) |
(265) |
254 |
(2,038) |
|||||||||||||||||||||||||||||||||||||||||||
|
— |
(1,571) |
— |
— |
— |
— |
(1,571) |
|||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization |
(226) |
(180) |
— |
(60) |
(3) |
(2) |
(471) |
|||||||||||||||||||||||||||||||||||||||||||
Other income (expense), net |
4 |
(39) |
— |
(16) |
(1) |
(3) |
(55) |
|||||||||||||||||||||||||||||||||||||||||||
Income (loss) before interest and tax(1) |
399 |
(1,524) |
(1) |
178 |
(150) |
(24) |
(1,122) |
|||||||||||||||||||||||||||||||||||||||||||
Net interest (expense) income |
(104) |
(39) |
— |
(31) |
2 |
(71) |
(243) |
|||||||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit |
(90) |
437 |
— |
(24) |
11 |
8 |
342 |
|||||||||||||||||||||||||||||||||||||||||||
Equity earnings, net |
— |
— |
207 |
47 |
137 |
— |
391 |
|||||||||||||||||||||||||||||||||||||||||||
(Earnings) losses attributable to noncontrolling interests |
— |
— |
— |
(6) |
1 |
— |
(5) |
|||||||||||||||||||||||||||||||||||||||||||
Preferred dividends |
— |
— |
— |
— |
— |
(11) |
(11) |
|||||||||||||||||||||||||||||||||||||||||||
Earnings (losses) attributable to common shares |
$ |
205 |
$ |
(1,126) |
$ |
206 |
$ |
164 |
$ |
1 |
$ |
(98) |
$ |
(648) |
||||||||||||||||||||||||||||||||||||
Three months ended |
SDG&E |
SoCalGas |
Sempra |
Sempra |
Sempra |
Consolidating |
Total |
|||||||||||||||||||||||||||||||||||||||||||
Revenues |
$ |
1,472 |
$ |
842 |
$ |
— |
$ |
351 |
$ |
63 |
$ |
(84) |
$ |
2,644 |
||||||||||||||||||||||||||||||||||||
Cost of sales and other expenses |
(957) |
(634) |
— |
(160) |
(105) |
66 |
(1,790) |
|||||||||||||||||||||||||||||||||||||||||||
|
— |
(27) |
— |
— |
— |
— |
(27) |
|||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization |
(200) |
(165) |
— |
(47) |
(2) |
(4) |
(418) |
|||||||||||||||||||||||||||||||||||||||||||
Other (expense) income, net |
(2) |
(7) |
— |
36 |
— |
2 |
29 |
|||||||||||||||||||||||||||||||||||||||||||
Income (loss) before interest and tax(1) |
313 |
9 |
— |
180 |
(44) |
(20) |
438 |
|||||||||||||||||||||||||||||||||||||||||||
Net interest (expense) income |
(102) |
(39) |
— |
(17) |
17 |
(96) |
(237) |
|||||||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit |
(33) |
6 |
— |
(92) |
(18) |
38 |
(99) |
|||||||||||||||||||||||||||||||||||||||||||
Equity earnings, net |
— |
— |
209 |
1 |
116 |
— |
326 |
|||||||||||||||||||||||||||||||||||||||||||
Earnings attributable to noncontrolling interests |
— |
— |
— |
(22) |
— |
— |
(22) |
|||||||||||||||||||||||||||||||||||||||||||
Preferred dividends |
— |
— |
— |
— |
— |
(48) |
(48) |
|||||||||||||||||||||||||||||||||||||||||||
Earnings (losses) from continuing operations |
$ |
178 |
$ |
(24) |
$ |
209 |
$ |
50 |
$ |
71 |
$ |
(126) |
358 |
|||||||||||||||||||||||||||||||||||||
Losses from discontinued operations(2) |
(7) |
|||||||||||||||||||||||||||||||||||||||||||||||||
Earnings attributable to common shares |
$ |
351 |
(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) |
Represents post-closing adjustments related to the sale of our equity interests in our Chilean businesses. |
SEMPRA ENERGY |
||||||||||||||||||||||||||||||||||||||||||||||
Table F (Unaudited) |
||||||||||||||||||||||||||||||||||||||||||||||
STATEMENTS OF OPERATIONS DATA BY SEGMENT |
||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) |
||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended |
SDG&E |
SoCalGas |
Sempra |
Sempra |
Sempra |
Consolidating |
Total |
|||||||||||||||||||||||||||||||||||||||
Revenues |
$ |
4,119 |
$ |
3,738 |
$ |
— |
$ |
1,368 |
$ |
367 |
$ |
(579) |
$ |
9,013 |
||||||||||||||||||||||||||||||||
Cost of sales and other expenses |
(2,444) |
(2,473) |
(4) |
(753) |
(563) |
529 |
(5,708) |
|||||||||||||||||||||||||||||||||||||||
|
— |
(1,571) |
— |
— |
— |
— |
(1,571) |
|||||||||||||||||||||||||||||||||||||||
Depreciation and amortization |
(659) |
(533) |
— |
(168) |
(8) |
(8) |
(1,376) |
|||||||||||||||||||||||||||||||||||||||
Other income (expense), net |
61 |
(2) |
— |
(26) |
(1) |
20 |
52 |
|||||||||||||||||||||||||||||||||||||||
Income (loss) before interest and tax(1) |
1,077 |
(841) |
(4) |
421 |
(205) |
(38) |
410 |
|||||||||||||||||||||||||||||||||||||||
Net interest (expense) income |
(306) |
(118) |
— |
(86) |
13 |
(229) |
(726) |
|||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit |
(168) |
335 |
— |
(145) |
(19) |
42 |
45 |
|||||||||||||||||||||||||||||||||||||||
Equity earnings, net |
— |
— |
483 |
85 |
404 |
50 |
1,022 |
|||||||||||||||||||||||||||||||||||||||
(Earnings) losses attributable to noncontrolling interests |
— |
— |
— |
(50) |
1 |
1 |
(48) |
|||||||||||||||||||||||||||||||||||||||
Preferred dividends |
— |
(1) |
— |
— |
— |
(52) |
(53) |
|||||||||||||||||||||||||||||||||||||||
Earnings (losses) attributable to common shares |
$ |
603 |
$ |
(625) |
$ |
479 |
$ |
225 |
$ |
194 |
$ |
(226) |
$ |
650 |
||||||||||||||||||||||||||||||||
Nine months ended |
SDG&E |
SoCalGas |
Sempra |
Sempra |
Sempra |
Consolidating |
Total |
|||||||||||||||||||||||||||||||||||||||
Revenues |
$ |
3,976 |
$ |
3,247 |
$ |
— |
$ |
935 |
$ |
255 |
$ |
(214) |
$ |
8,199 |
||||||||||||||||||||||||||||||||
Cost of sales and other expenses |
(2,326) |
(2,017) |
— |
(408) |
(266) |
153 |
(4,864) |
|||||||||||||||||||||||||||||||||||||||
|
— |
(127) |
— |
— |
— |
— |
(127) |
|||||||||||||||||||||||||||||||||||||||
Depreciation and amortization |
(598) |
(486) |
— |
(141) |
(7) |
(10) |
(1,242) |
|||||||||||||||||||||||||||||||||||||||
Other income (expense), net |
47 |
21 |
— |
(211) |
— |
(20) |
(163) |
|||||||||||||||||||||||||||||||||||||||
Income (loss) before interest and tax(1) |
1,099 |
638 |
— |
175 |
(18) |
(91) |
1,803 |
|||||||||||||||||||||||||||||||||||||||
Net interest (expense) income |
(305) |
(117) |
— |
(48) |
26 |
(298) |
(742) |
|||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit |
(161) |
(95) |
— |
161 |
(59) |
94 |
(60) |
|||||||||||||||||||||||||||||||||||||||
Equity earnings (losses), net |
— |
— |
458 |
207 |
257 |
(100) |
822 |
|||||||||||||||||||||||||||||||||||||||
(Earnings) losses attributable to noncontrolling interests |
— |
— |
— |
(193) |
1 |
1 |
(191) |
|||||||||||||||||||||||||||||||||||||||
Preferred dividends |
— |
(1) |
— |
— |
— |
(121) |
(122) |
|||||||||||||||||||||||||||||||||||||||
Earnings (losses) from continuing operations |
$ |
633 |
$ |
425 |
$ |
458 |
$ |
302 |
$ |
207 |
$ |
(515) |
1,510 |
|||||||||||||||||||||||||||||||||
Earnings from discontinued operations(2) |
1,840 |
|||||||||||||||||||||||||||||||||||||||||||||
Earnings attributable to common shares |
$ |
3,350 |
(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 |
View original content to download multimedia:https://www.prnewswire.com/news-releases/sempra-reports-third-quarter-2021-earnings-results-301417389.html
SOURCE Sempra
Media Contact: Linda Pazin, Sempra, (877) 340-8875, media@sempra.com; Financial Contact: Lindsay Gartner, Sempra, (877) 736-7727, investor@sempra.com