Converted by EDGARwiz



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):

November 9, 2010




Commission
File Number

 

Name of Registrant, State of
Incorporation, Address and
Telephone Number

 

IRS Employer
Identification
Number

1-40

 

PACIFIC ENTERPRISES
(A California Corporation)
101 Ash Street
San Diego, California 92101
(619) 696-2020

 

94-0743670

 

 

 

 

 

1-1402

 

SOUTHERN CALIFORNIA GAS COMPANY
(A California Corporation)
555 West Fifth Street
Los Angeles, California 90013
(213) 244-1200

 

95-1240705




  

 

(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 Pacific Enterprises or Southern California Gas Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.


On November 9, 2010, Sempra Energy, of which Pacific Enterprises and Southern California Gas Company are consolidated subsidiaries, issued a press release announcing consolidated earnings of $131 million, or $0.53 per diluted share of common stock, for the third 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 and nine months ended September 30, 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 Pacific Enterprises' and Southern California Gas Company's results of operations and financial condition.



Item 9.01  Financial Statements and Exhibits.  

  

         Exhibits  


          99.1

November 9, 2010 Sempra Energy News Release (including tables)


          99.2

Sempra Energy's Statement of Operations Data by Business Unit for the three months and nine months ended September 30, 2010 and 2009.










  

SIGNATURES

  

  

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.  

  


PACIFIC ENTERPRISES
(Registrant)





Date: November 9, 2010

By: /s/ Robert Schlax

 

Robert Schlax
Vice President, Controller and Chief Financial Officer

 



  

SOUTHERN CALIFORNIA GAS COMPANY
(Registrant)

  

  


Date: November 9, 2010

By: /s/ Robert Schlax

 

Robert Schlax
Vice President, Controller and Chief Financial Officer

 

  








Exhibit 99.1






NEWS RELEASE



Media Contact:

Doug Kline

 

Sempra Energy

 

(877) 340-8875

 

www.sempra.com

 

 

Financial Contact:

Glen Donovan

 

Sempra Energy

 

(877) 736-7727

 

investor@sempra.com





SEMPRA ENERGY REPORTS

THIRD-QUARTER 2010 EARNINGS


Non-Commodity Earnings Rise 10 Percent


SAN DIEGO, Nov. 9, 2010 – Sempra Energy (NYSE: SRE) today reported third-quarter 2010 earnings of $131 million, or $0.53 per diluted share, compared with earnings of $317 million, or $1.27 per diluted share, in the third quarter 2009.

Third-quarter 2010 results included a previously announced $139 million after-tax charge from the write-down of Sempra Energy’s investment in the RBS Sempra Commodities joint venture.

Excluding Sempra Commodities, which is being sold, Sempra Energy had earnings of $265 million in the third quarter 2010, up approximately 10 percent from earnings of $242 million in last year’s third quarter.  

Sempra Energy’s earnings for the first nine months of 2010 were $459 million, or $1.84 per diluted share, compared with $831 million, or $3.37 per diluted share, in the same period last year.  

 “The solid results from our core businesses in the third quarter keep us on track to meet our 2010 earnings guidance,” said Donald E. Felsinger, chairman and chief executive officer of Sempra Energy.  “Additionally, with our recent sale announcements, we essentially have exited the commodities trading business – a key goal this year.”


OPERATING HIGHLIGHTS

San Diego Gas & Electric

Third-quarter earnings for San Diego Gas & Electric (SDG&E) were $106 million in 2010, compared with $108 million in 2009.

For the first nine months, SDG&E’s earnings were $264 million in 2010, compared with $277 million in 2009.  


Southern California Gas Co.

Earnings for Southern California Gas Co. (SoCalGas) in the third quarter 2010 were $78 million, compared with $74 million in last year’s third quarter.

For the nine-month period, SoCalGas’ earnings increased to $212 million in 2010 from $198 million in 2009.

 

Sempra Generation

In the third quarter 2010, Sempra Generation’s earnings rose to $56 million from $43 million in the third quarter 2009, due primarily to renewable energy tax credits from investment in Copper Mountain Solar, the company’s new solar energy project in Nevada.

For the first nine months of 2010, Sempra Generation’s earnings were $51 million, compared with $119 million in the same period last year.  In the first quarter 2010, Sempra Generation took a charge of $84 million related to a proposed energy-crisis litigation settlement.

Last week, Sempra Generation announced it has become an equal partner with BP Wind Energy in the development of the Cedar Creek Wind Farm in Colorado, which is expected to be operational in mid-2011.  The project’s entire 250-megawatt (MW) output already has been sold under a 25-year power-purchase agreement to Public Service Co. of Colorado.

On Oct. 12, Sempra Generation announced a 20-year power-purchase agreement with Pacific Gas & Electric to sell solar power produced at Sempra Generation’s 150-MW Mesquite Solar project under construction outside Phoenix.  Sempra Generation controls sufficient land to develop an additional 450 MW of solar power at the site.


Sempra Pipelines & Storage

Third-quarter 2010 earnings for Sempra Pipelines & Storage were $43 million, compared with earnings of $54 million in last year’s third quarter.  The reduction in quarterly earnings was due primarily to higher income tax in 2010 and a write-down of the company’s investment in Argentina, offset by a favorable legal settlement.

For the nine-month period, earnings for Sempra Pipelines & Storage increased to $120 million in 2010 from $64 million in 2009.  In the second quarter 2009, Sempra Pipelines & Storage recorded an after-tax charge of $64 million for the write-off of some of its Louisiana natural gas storage assets.

During the third quarter, Sempra Pipelines & Storage commenced operations of the first of two storage caverns under development at its Mississippi Hub natural gas storage facility in Simpson County, Miss.  Last month, Sempra Pipelines & Storage also announced it has commenced operations of Cavern 4 at Bay Gas Storage in Alabama.  Through the two new caverns, Sempra Pipelines & Storage has added approximately 12 billion cubic feet of new natural gas storage capacity.


Sempra LNG

Sempra LNG earned $5 million in the third quarter 2010, compared with a break-even third quarter a year ago.  The improvement was due to a full quarter of earnings contribution from Sempra LNG’s Louisiana receipt terminal, which started operations in late July 2009, as well as from a major supply contract activated in September 2009.  The increased earnings in the most recent quarter were offset by the impact of lower natural gas prices, including a reduction in the carrying value of inventory, and higher taxes.

For the nine-month period, Sempra LNG had earnings of $50 million in 2010, compared with a loss of $19 million last year.  


Sempra Commodities

Sempra Energy’s commodity operations recorded a loss of $134 million in the third quarter 2010, compared with earnings of $75 million in the third quarter 2009.   Third-quarter 2010 results included the $139 million charge for the write-down of Sempra Energy’s investment in the RBS Sempra Commodities joint venture.

For the first nine months of 2010, Sempra Energy’s commodity operations had a loss of $139 million, compared with earnings of $274 million in the same period last year.

The equity earnings from the joint venture in both the quarter and nine-month periods were adversely impacted by the sale of the international commodity businesses, as well as reduced volatility in U.S. natural gas and power markets.

On Sept. 20 and Oct. 7, Sempra Energy and The Royal Bank of Scotland (RBS) announced two separate agreements to sell the principal North American assets of the RBS Sempra Commodities joint venture to Noble Group Ltd. and JP Morgan Ventures Energy.  The transaction with Noble Group was completed last week and the transaction with JP Morgan is expected to close next month.  In July, Sempra Energy and RBS completed the sale of the joint venture’s global metals and oil businesses, and European natural gas and power businesses to JP Morgan Chase & Co.  

As previously reported, Sempra Energy expects its share of the proceeds from the sale of all of the joint venture’s businesses and related cash distributions to total $1.8 billion to $1.9 billion.


Earnings Outlook


Sempra Energy today reaffirmed its prior earnings-per-share guidance for 2010 of $3.15 to $3.40, excluding Sempra Commodities.


Internet Broadcast

Sempra Energy will broadcast a live discussion of its earnings results over the Internet today at 1 p.m. EST 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 4415915.

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 25 million consumers worldwide.


Complete financial tables, including earnings information by business unit, are available on Sempra Energy’s Web site at http://www.sempra.com/downloads/3Q2010.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 free-of-charge on the SEC’s website, www.sec.gov, and on the company’s website 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

 

Nine months ended

 

September 30,

 

September 30,

(Dollars in millions, except per share amounts)

2010 

 

2009 

 

2010 

 

2009 

 

(unaudited)

REVENUES

 

 

 

 

 

 

 

Sempra Utilities

$ 1,575

 

$ 1,424

 

$ 4,999

 

$ 4,382

Sempra Global and parent

541

 

429

 

1,659

 

1,268

    Total revenues

2,116

 

1,853

 

6,658

 

5,650

EXPENSES AND OTHER INCOME

 

 

 

 

 

 

 

Sempra Utilities:

 

 

 

 

 

 

 

    Cost of natural gas

(285)

 

(208)

 

(1,402)

 

(997)

    Cost of electric fuel and purchased power

(203)

 

(208)

 

(480)

 

(508)

Sempra Global and parent:

 

 

 

 

 

 

 

    Cost of natural gas, electric fuel and purchased power

(292)

 

(220)

 

(887)

 

(675)

    Other cost of sales

(23)

 

(19)

 

(68)

 

(52)

Litigation expense

(17)

 

(3)

 

(184)

 

-

Other operation and maintenance

(590)

 

(568)

 

(1,782)

 

(1,673)

Depreciation and amortization

(218)

 

(196)

 

(643)

 

(568)

Franchise fees and other taxes

(76)

 

(77)

 

(243)

 

(228)

Write-off of long-lived assets

-

 

-

 

-

 

(132)

Equity earnings (losses):

 

 

 

 

 

 

 

    RBS Sempra Commodities LLP

(281)

 

105

 

(290)

 

384

    Other

8

 

18

 

24

 

27

Other income, net

66

 

24

 

82

 

97

Interest income

5

 

5

 

13

 

16

Interest expense

(111)

 

(96)

 

(323)

 

(257)

Income before income taxes and equity earnings of certain unconsolidated subsidiaries

99

 

410

 

475

 

1,084

Income tax benefit (expense)

32

 

(128)

 

(85)

 

(327)

Equity earnings (losses), net of income tax

(4)

 

20

 

42

 

59

Net income

127

 

302

 

432

 

816

Losses attributable to noncontrolling interests

6

 

17

 

34

 

22

Preferred dividends of subsidiaries

(2)

 

(2)

 

(7)

 

(7)

Earnings

$ 131

 

$ 317

 

$ 459

 

$ 831

 

 

 

 

 

 

 

 

Basic earnings per common share

$ 0.53

 

$ 1.30

 

$ 1.86

 

$ 3.42

Weighted-average number of shares outstanding, basic (thousands)

246,668

 

243,925

 

246,513

 

242,806

 

 

 

 

 

 

 

 

Diluted earnings per common share

$ 0.53

 

$ 1.27

 

$ 1.84

 

$ 3.37

Weighted-average number of shares outstanding, diluted (thousands)

249,811

 

248,461

 

249,773

 

246,875

Dividends declared per share of common stock

$ 0.39

 

$ 0.39

 

$ 1.17

 

$ 1.17









SEMPRA ENERGY

Table B

 

 

 

 

 

 

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

December 31,

(Dollars in millions)

2010 

 

2009 

 

 

 

 

(unaudited)

 

 

Assets

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

$ 547

 

$ 110

 

Restricted cash

4

 

35

 

Accounts receivable

776

 

1,130

 

Due from unconsolidated affiliates

30

 

41

 

Income taxes receivable

312

 

221

 

Deferred income taxes

-

 

10

 

Inventories

296

 

197

 

Regulatory assets

97

 

54

 

Fixed-price contracts and other derivatives

84

 

77

 

Insurance receivable related to wildfire litigation

150

 

273

 

Other

199

 

147

 

 

 

Total current assets

2,495

 

2,295

 

 

 

 

 

 

 

Investments and other assets:

 

 

 

 

Restricted cash

27

 

-

 

Regulatory assets arising from fixed-price contracts and other derivatives

241

 

241

 

Regulatory assets arising from pension and other postretirement benefit obligations

950

 

959

 

Other regulatory assets

973

 

603

 

Nuclear decommissioning trusts

737

 

678

 

Investment in RBS Sempra Commodities LLP

825

 

2,172

 

Other investments

2,317

 

2,151

 

Goodwill and other intangible assets

542

 

524

 

Sundry

621

 

608

 

 

 

Total investments and other assets

7,233

 

7,936

Property, plant and equipment, net

19,221

 

18,281

Total assets

$ 28,949

 

$ 28,512

 

 

 

 

 

 

 

Liabilities and Equity

 

 

 

Current liabilities:

 

 

 

 

Short-term debt

$ 574

 

$ 618

 

Accounts payable

702

 

693

 

Due to unconsolidated affiliates

12

 

29

 

Deferred income taxes

16

 

-

 

Dividends and interest payable

232

 

190

 

Accrued compensation and benefits

247

 

264

 

Regulatory balancing accounts, net

242

 

382

 

Current portion of long-term debt

313

 

573

 

Fixed-price contracts and other derivatives

107

 

95

 

Customer deposits

133

 

145

 

Reserve for wildfire litigation

344

 

270

 

Other

855

 

629

 

 

 

Total current liabilities

3,777

 

3,888

Long-term debt

8,032

 

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

1,225

 

1,252

 

Deferred income taxes

1,516

 

1,318

 

Deferred investment tax credits

52

 

54

 

Regulatory liabilities arising from removal obligations

2,635

 

2,557

 

Asset retirement obligations

1,327

 

1,277

 

Other regulatory liabilities

144

 

181

 

Fixed-price contracts and other derivatives

336

 

312

 

Deferred credits and other

672

 

735

 

 

 

Total deferred credits and other liabilities

8,054

 

7,834

Contingently redeemable preferred stock of subsidiary

79

 

79

Equity:

 

 

 

 

Total Sempra Energy shareholders' equity

8,802

 

9,007

 

Preferred stock of subsidiaries

100

 

100

 

Other noncontrolling interests

105

 

144

 

 

 

Total equity

9,007

 

9,251

Total liabilities and equity

$ 28,949

 

$ 28,512







SEMPRA ENERGY

Table C

 

 

 

 

 

 

CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS

 

 

 

 

 

 

 

 

 

Nine months ended

September 30,

(Dollars in millions)

 

2010 

 

2009 

 

 

 

(unaudited)

Cash Flows from Operating Activities:

 

 

 

 

Net income

 

$ 432

 

$ 816

Adjustments to reconcile net income to net cash  

 

 

 

 

  provided by operating activities:

 

 

 

 

 

Depreciation and amortization

 

643

 

568

 

Deferred income taxes and investment tax credits

 

133

 

181

 

Equity losses (earnings)

 

224

 

(470)

 

Write-off of long-lived assets

 

-

 

132

 

Fixed-price contracts and other derivatives

 

19

 

(27)

 

Other

 

(24)

 

42

Net change in other working capital components

 

(77)

 

220

Distributions from RBS Sempra Commodities LLP

 

198

 

407

Changes in other assets

 

76

 

81

Changes in other liabilities

 

(22)

 

(66)

 

Net cash provided by operating activities

 

1,602

 

1,884

 

 

 

 

 

 

Cash Flows from Investing Activities:

 

 

 

 

Expenditures for property, plant and equipment

 

(1,354)

 

(1,371)

Proceeds from sale of assets

 

-

 

179

Expenditures for investments and acquisition of businesses, net of cash acquired

 

(385)

 

(762)

Distributions from RBS Sempra Commodities LLP

 

849

 

-

Distributions from other investments

 

259

 

16

Purchases of nuclear decommissioning and other trust assets

 

(261)

 

(167)

Proceeds from sales by nuclear decommissioning and other trusts

 

261

 

155

Other

 

(2)

 

(20)

 

Net cash used in investing activities

 

(633)

 

(1,970)

 

 

 

 

 

 

Cash Flows from Financing Activities:

 

 

 

 

Common dividends paid

 

(269)

 

(255)

Preferred dividends paid by subsidiaries

 

(7)

 

(7)

Issuances of common stock

 

29

 

52

Repurchases of common stock

 

(502)

 

-

Increase (decrease) in short-term debt, net

 

184

 

(52)

Issuances of debt (maturities greater than 90 days)

 

771

 

1,181

Payments on debt (maturities greater than 90 days)

 

(727)

 

(325)

Purchase of noncontrolling interest

 

-

 

(94)

Other

 

(11)

 

11

 

Net cash (used in) provided by financing activities

 

(532)

 

511

 

 

 

 

 

 

Increase in cash and cash equivalents

 

437

 

425

Cash and cash equivalents, January 1

 

110

 

331

Cash and cash equivalents, September 30

 

$ 547

 

$ 756







SEMPRA ENERGY

Table D

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BUSINESS UNIT EARNINGS AND CAPITAL EXPENDITURES & INVESTMENTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Nine months ended

 

 

 

September 30,

 

September 30,

(Dollars in millions)

2010 

 

2009 

 

2010 

 

2009 

 

 

 

(unaudited)

Earnings (Losses)

 

 

 

 

 

 

 

San Diego Gas & Electric

$ 106

 

$ 108

 

$ 264

 

$ 277

Southern California Gas

78

 

74

 

212

 

198

Sempra Generation

56

 

43

 

51

 

119

Sempra Pipelines & Storage

43

 

54

 

120

 

64

Sempra LNG

5

 

-

 

50

 

(19)

Parent & Other

(23)

 

(37)

 

(99)

 

(82)

Earnings before Sempra Commodities

265

 

242

 

598

 

557

Sempra Commodities

(134)

 

75

 

(139)

 

274

Earnings

$ 131

 

$ 317

 

$ 459

 

$ 831

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Nine months ended

 

 

 

September 30,

 

September 30,

(Dollars in millions)

2010 

 

2009 

 

2010 

 

2009 

 

 

 

(unaudited)

Capital Expenditures and Investments

 

 

 

 

 

 

 

San Diego Gas & Electric

$ 300

 

$ 190

 

$ 822

 

$ 785

Southern California Gas

121

 

109

 

337

 

336

Sempra Generation

27

 

194

 

32

 

207

Sempra Pipelines & Storage

75

 

395

 

535

 

723

Sempra LNG

5

 

88

 

9

 

230

Parent & Other

2

 

2

 

4

 

4

Eliminations(1)

-

 

-

 

-

 

(152)

Consolidated Capital Expenditures and Investments

$ 530

 

$ 978

 

$ 1,739

 

$ 2,133

 

 

 

 

 

 

 

 

 

 

(1)

In the second quarter of 2009, SDG&E purchased $152 of industrial development bonds from Parent and Other.







SEMPRA ENERGY

 

 

 

Table E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER OPERATING STATISTICS (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Nine months ended

 

 

 

September 30,

 

September 30,

SEMPRA UTILITIES

2010 

 

2009 

 

2010 

 

2009 

Revenues (Dollars in millions)

 

 

 

 

 

 

 

 

SDG&E (excludes intercompany sales)

$ 810

 

$ 771

 

$ 2,239

 

$ 2,130

 

SoCalGas (excludes intercompany sales)

$ 765

 

$ 653

 

$ 2,760

 

$ 2,252

 

 

 

 

 

 

 

 

 

 

Gas Sales (bcf)

64

 

61

 

281

 

272

Transportation (bcf)

144

 

170

 

374

 

421

Total Deliveries (bcf)

208

 

231

 

655

 

693

Total Gas Customers (Thousands)

 

 

 

 

6,629

 

6,599

 

 

 

 

 

 

 

 

 

 

Electric Sales (Millions of kWhs)

4,279

 

4,636

 

12,097

 

12,768

Direct Access (Millions of kWhs)

881

 

800

 

2,365

 

2,290

Total Deliveries (Millions of kWhs)

5,160

 

5,436

 

14,462

 

15,058

Total Electric Customers (Thousands)

 

 

 

 

1,385

 

1,377

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SEMPRA GENERATION

 

 

 

 

 

 

 

Power Sold (Millions of kWhs)

5,350

 

5,317

 

15,272

 

16,526

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

104

 

101

 

251

 

249

 

Mexico

5

 

5

 

16

 

14

 

Mobile Gas

9

 

8

 

27

 

24

Natural Gas Customers (Thousands)

 

 

 

 

 

 

 

 

Argentina

 

 

 

 

1,747

 

1,702

 

Mexico

 

 

 

 

89

 

91

 

Mobile Gas

 

 

 

 

90

 

92

Electric Sales (Millions of kWhs)

 

 

 

 

 

 

 

 

Peru

1,483

 

1,378

 

4,445

 

4,151

 

Chile

566

 

567

 

1,736

 

1,837

Electric Customers (Thousands)

 

 

 

 

 

 

 

 

Peru

 

 

 

 

884

 

856

 

Chile

 

 

 

 

589

 

574








Exhibit 99.2





SEMPRA ENERGY

 

 

 

Table F (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statement of Operations Data by Business Unit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in millions)

 

SDG&E

 

SoCalGas

 

Commodities

 

Generation

 

Pipelines & Storage

 

LNG

 

Consolidating Adjustments, Parent & Other

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$ 811

 

$ 776

 

$ 24

 

$ 269

 

$ 77

 

$ 183

 

$ (24)

 

 

$ 2,116

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of Sales and Other Expenses

 

(505)

 

(564)

 

(28)

 

(180)

 

(55)

 

(150)

 

13

 

 

(1,469)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Litigation Expense

 

(12)

 

-

 

-

 

(2)

 

-

 

(2)

 

(1)

 

 

(17)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation & Amortization

 

(96)

 

(78)

 

-

 

(16)

 

(11)

 

(13)

 

(4)

 

 

(218)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Earnings (Losses) Recorded Before Income Tax

 

-

 

-

 

(281)

 

(1)

 

10

 

-

 

(1)

 

 

(273)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Income (Expense), Net

 

(2)

 

2

 

-

 

2

 

55

 

2

 

7

 

 

66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (Loss) Before Interest & Tax (1)

 

196

 

136

 

(285)

 

72

 

76

 

20

 

(10)

 

 

205

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest (Expense) Income (2)

 

(39)

 

(16)

 

4

 

2

 

(6)

 

(12)

 

(41)

 

 

(108)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Tax (Expense) Benefit

 

(56)

 

(42)

 

147

 

(18)

 

(23)

 

(3)

 

27

 

 

32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Losses Recorded Net of Income Tax

 

-

 

-

 

-

 

-

 

(4)

 

-

 

-

 

 

(4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Losses Attributable to Noncontrolling Interests

 

5

 

-

 

-

 

-

 

-

 

-

 

1

 

 

6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (Losses)

 

$ 106

 

$ 78

 

$ (134)

 

$ 56

 

$ 43

 

$ 5

 

$ (23)

 

 

$ 131

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in millions)

 

SDG&E

 

SoCalGas

 

Commodities

 

Generation

 

Pipelines & Storage

 

LNG

 

Consolidating Adjustments, Parent & Other

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$ 773

 

$ 662

 

$ 24

 

$ 250

 

$ 98

 

$ 68

 

$ (22)

 

 

$ 1,853

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of Sales and Other Expenses

 

(518)

 

(457)

 

(23)

 

(167)

 

(73)

 

(60)

 

(2)

 

 

(1,300)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Litigation Expense

 

(2)

 

-

 

-

 

-

 

(1)

 

-

 

-

 

 

(3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation & Amortization

 

(81)

 

(73)

 

-

 

(14)

 

(13)

 

(10)

 

(5)

 

 

(196)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Earnings (Losses) Recorded Before Income Tax

 

-

 

-

 

105

 

4

 

18

 

-

 

(4)

 

 

123

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Income (Expense), Net

 

1

 

(1)

 

-

 

(1)

 

-

 

-

 

25

 

 

24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (Loss) Before Interest & Tax (1)

 

173

 

131

 

106

 

72

 

29

 

(2)

 

(8)

 

 

501

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest (Expense) Income (2)

 

(30)

 

(15)

 

(1)

 

1

 

(4)

 

(8)

 

(36)

 

 

(93)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Tax (Expense) Benefit

 

(53)

 

(42)

 

(30)

 

(30)

 

9

 

10

 

8

 

 

(128)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Earnings Recorded Net of Income Tax

 

-

 

-

 

-

 

-

 

20

 

-

 

-

 

 

20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Earnings) Losses Attributable to Noncontrolling Interests

 

18

 

-

 

-

 

-

 

-

 

-

 

(1)

 

 

17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (Losses)

 

$ 108

 

$ 74

 

$ 75

 

$ 43

 

$ 54

 

$ -

 

$ (37)

 

 

$ 317

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2) Net Interest Expense includes Interest Income, Interest Expense and Preferred Dividends of Subsidiaries.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 














SEMPRA ENERGY

 

 

 

Table F (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statement of Operations Data by Business Unit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in millions)

 

SDG&E

 

SoCalGas

 

Commodities

 

Generation

 

Pipelines & Storage

 

LNG

 

Consolidating Adjustments, Parent & Other

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$ 2,245

 

$ 2,792

 

$ 73

 

$ 806

 

$ 262

 

$ 554

 

$ (74)

 

 

$ 6,658

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of Sales and Other Expenses

 

(1,468)

 

(2,175)

 

(73)

 

(591)

 

(187)

 

(409)

 

41

 

 

(4,862)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Litigation Expense

 

(12)

 

(1)

 

(20)

 

(143)

 

(1)

 

(4)

 

(3)

 

 

(184)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation & Amortization

 

(283)

 

(230)

 

-

 

(47)

 

(32)

 

(38)

 

(13)

 

 

(643)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Earnings (Losses) Recorded Before Income Tax

 

-

 

-

 

(290)

 

(2)

 

32

 

-

 

(6)

 

 

(266)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Income (Expense), Net

 

(18)

 

8

 

1

 

9

 

53

 

2

 

27

 

 

82

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (Loss) Before Interest & Tax (1)

 

464

 

394

 

(309)

 

32

 

127

 

105

 

(28)

 

 

785

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest (Expense) Income (2)

 

(103)

 

(50)

 

3

 

-

 

(13)

 

(36)

 

(118)

 

 

(317)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Tax (Expense) Benefit

 

(131)

 

(132)

 

167

 

19

 

(36)

 

(19)

 

47

 

 

(85)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Earnings Recorded Net of Income Tax

 

-

 

-

 

-

 

-

 

42

 

-

 

-

 

 

42

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Losses Attributable to Noncontrolling Interests

 

34

 

-

 

-

 

-

 

-

 

-

 

-

 

 

34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (Losses)

 

$ 264

 

$ 212

 

$ (139)

 

$ 51

 

$ 120

 

$ 50

 

$ (99)

 

 

$ 459

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in millions)

 

SDG&E

 

SoCalGas

 

Commodities

 

Generation

 

Pipelines & Storage

 

LNG

 

Consolidating Adjustments, Parent & Other

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$ 2,136

 

$ 2,276

 

$ 50

 

$ 792

 

$ 328

 

$ 125

 

$ (57)

 

 

$ 5,650

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of Sales and Other Expenses

 

(1,443)

 

(1,696)

 

(49)

 

(551)

 

(376)

(3)

(141)

 

(9)

 

 

(4,265)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Litigation Adjustment (Expense)

 

6

 

(2)

 

-

 

-

 

(2)

 

(1)

 

(1)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation & Amortization

 

(239)

 

(220)

 

-

 

(43)

 

(32)

 

(23)

 

(11)

 

 

(568)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Earnings (Losses) Recorded Before Income Tax

 

-

 

-

 

384

 

(2)

 

39

 

-

 

(10)

 

 

411

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Income, Net

 

45

 

4

 

-

 

-

 

-

 

1

 

47

 

 

97

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (Loss) Before Interest & Tax (1)

 

505

 

362

 

385

 

196

 

(43)

 

(39)

 

(41)

 

 

1,325

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Expense (2)

 

(78)

 

(49)

 

(7)

 

(1)

 

(10)

 

(12)

 

(91)

 

 

(248)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Tax (Expense) Benefit

 

(141)

 

(115)

 

(104)

 

(76)

 

26

 

32

 

51

 

 

(327)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Earnings Recorded Net of Income Tax

 

-

 

-

 

-

 

-

 

59

 

-

 

-

 

 

59

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Earnings) Losses Attributable to Noncontrolling Interests

 

(9)

 

-

 

-

 

-

 

32

 

-

 

(1)

 

 

22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (Losses)

 

$ 277

 

$ 198

 

$ 274

 

$ 119

 

$ 64

 

$ (19)

 

$ (82)

 

 

$ 831

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2) Net Interest Expense includes Interest Income, Interest Expense and Preferred Dividends of Subsidiaries.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3) Includes $132 million write-off of long-lived assets.