Sempra Energy Reports Higher 2014 Earnings

- Company Sets 2015 Adjusted Earnings-per-Share Guidance Range at $4.60 to $5

- Annualized Dividend Increased 6 Percent to $2.80 Per Share

Feb 26, 2015

SAN DIEGO, Feb. 26, 2015 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today reported 2014 earnings of $1.16 billion, or $4.63 per diluted share, compared with 2013 earnings of $1 billion, or $4.01 per diluted share. 

Sempra Energy's 2014 results reflected $21 million in charges related to the early closure of the San Onofre Nuclear Generating Station (SONGS), including $12 million in the fourth quarter.  Sempra Energy's 2013 results included $77 million for the 2012 retroactive impact of the California Public Utilities Commission (CPUC) General Rate Case decision for San Diego Gas & Electric (SDG&E) and Southern California Gas Co. (SoCalGas), offset by a $119 million charge related to the SONGS closure.

Excluding the SONGS charges in 2014 and 2013 and the retroactive earnings from the rate case in 2013, Sempra Energy's adjusted earnings in 2014 were $1.18 billion, or $4.71 per diluted share, up from adjusted earnings of $1.04 billion, or $4.18 per diluted share, in 2013. 

Sempra Energy's fourth-quarter earnings increased to $297 million, or $1.18 per diluted share, from $282 million, or $1.13 per diluted share, in 2013.  Excluding the SONGS charge in the fourth quarter 2014, Sempra Energy's adjusted earnings in the fourth quarter 2014 were $309 million, or $1.23 per diluted share.

"We achieved excellent results in 2014," said Debra L. Reed, chairman and CEO of Sempra Energy.  "We delivered strong, year-over-year earnings growth and we advanced the Cameron LNG liquefaction-export facility and our other major infrastructure projects that are central to our five-year growth plan. We have made great progress toward achieving compound annual growth in earnings per share toward the upper end of our stated growth-rate range of 9 percent to 11 percent from 2014 through 2019." 

Last week, Sempra Energy's board of directors approved a 6-percent increase in the company's annualized dividend to $2.80 per share from $2.64 per share.

CALIFORNIA UTILITIES

San Diego Gas & Electric

SDG&E's fourth-quarter earnings increased to $128 million in 2014 from $119 million in 2013, due primarily to higher margin from electric transmission and CPUC base operations, and lower legal costs, offset by the $12 million charge related to the SONGS closure.

Earnings for SDG&E increased to $507 million in 2014 from $404 million in 2013.  SDG&E's 2014 results included a charge of $21 million related to the closure of SONGS.  In 2013, SDG&E took a $119 million charge related to the SONGS closure, offset by $52 million in retroactive earnings for 2012 operations as a result of the CPUC General Rate Case decision. 

Southern California Gas Co.

In the fourth quarter 2014, SoCalGas' earnings were $76 million, compared with $98 million in the fourth quarter 2013, due primarily to lower income-tax expense in 2013.

SoCalGas' earnings were $332 million in 2014, compared with $364 million in 2013.  In 2013, SoCalGas recorded $25 million in retroactive earnings for 2012 operations as a result of the CPUC General Rate Case decision.  

SEMPRA INTERNATIONAL

Sempra South American Utilities

In the fourth quarter 2014, Sempra South American Utilities' earnings rose to $63 million from $43 million, due primarily to lower deferred taxes related to Peruvian tax reform.  

In 2014, earnings for Sempra South American Utilities increased to $172 million from $153 million in 2013. 

Sempra Mexico

Sempra Mexico's fourth-quarter earnings were $53 million in 2014, compared with $26 million in 2013, due primarily to the net favorable impact of foreign currency exchange and inflation effects, and higher deferred tax expense in 2013 related to Mexican tax reform. 

Sempra Mexico's earnings in 2014 increased to $192 million from $122 million in 2013, primarily due to higher earnings from operations, including improved margins, new assets placed into service and regulatory earnings from projects in construction. 

SEMPRA U.S. GAS & POWER

Sempra Natural Gas

In the fourth quarter 2014, Sempra Natural Gas earned $11 million, compared with $9 million in the fourth quarter 2013.

Sempra Natural Gas earned $50 million in 2014, compared with $64 million in 2013.  In 2014, Sempra Natural Gas recognized a $25 million tax benefit related to advancement of the Cameron LNG project.  In 2013, Sempra Natural Gas recorded a $44 million gain on the sale of a 625-megawatt block of the Mesquite Power facility.

Sempra Renewables

Fourth-quarter earnings for Sempra Renewables increased to $18 million in 2014 from $6 million in 2013, due primarily to the gain on sale of 50 percent of the Broken Bow 2 wind-power project and higher deferred income-tax benefits. 

In 2014, earnings for Sempra Renewables were $81 million, up from $62 million in 2013.

2015 EARNINGS GUIDANCE

Sempra Energy announced today that it set its adjusted earnings-per-share guidance range for 2015 at $4.60 to $5, which excludes the estimated earnings impact of the expected sale of the remainder of the Mesquite Power natural gas-fired generating facility ($0.12 per share to $0.15 per share) and the earnings impact of potential LNG-related development activities.

NON-GAAP FINANCIAL MEASURES

Non-GAAP financial measures for Sempra Energy include fourth-quarter 2014 and full-year 2014 and 2013 adjusted earnings and adjusted earnings per share, and 2015 adjusted earnings-per-share guidance.  Additional information regarding these non-GAAP financial measures is in the appendix on Table A of the fourth-quarter financial tables.

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 website 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 1395267.

Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2014 revenues of $11 billion.  The Sempra Energy companies' 17,000 employees serve more than 32 million consumers worldwide.

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," "plans," "estimates,"  "projects," "forecasts," "contemplates," "intends," "depends," "should," "could," "would," "will," "confident," "may," "potential," "target," "pursue," "goals," "outlook," "maintain" or similar expressions, or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives 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, national and international economic, competitive, political, legislative and regulatory conditions and developments; actions and the timing of actions, including issuances of permits to construct and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, Federal Energy Regulatory Commission, Nuclear Regulatory Commission, Atomic Safety and Licensing Board, California Energy Commission, U.S. Environmental Protection Agency, California Air Resources Board, and other regulatory, governmental and environmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; energy markets, including the timing and extent of changes and volatility in commodity prices, and the impact of any protracted reduction in oil prices from historical averages; the impact on the value of our natural gas storage assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; delays in the timing of costs incurred and the timing of the regulatory agency authorization to recover such costs in rates from customers; capital markets conditions, including the availability of credit and the liquidity of our investments; inflation, interest and currency exchange rates; the impact of benchmark interest rates, generally Moody's A-rated utility bond yields, on our California Utilities' cost of capital; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, pipeline explosions and equipment failures and the decommissioning of San Onofre Nuclear Generating Station (SONGS); cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers, terrorist attacks that threaten system operations and critical infrastructure, and wars; the ability to win competitively bid infrastructure projects against a number of strong competitors willing to aggressively bid for these projects; weather conditions, conservation efforts; natural disasters, catastrophic accidents, and other events that may disrupt our operations, damage our facilities and systems, and subject us to third-party liability for property damage or personal injuries; risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; risks posed by decisions and actions of third parties who control the operations of investments in which we do not have a controlling interest; risks inherent with nuclear power facilities and radioactive materials storage, including the catastrophic release of such materials, the disallowance of the recovery of the investment in, or operating costs of, the nuclear facility due to an extended outage and facility closure, and increased regulatory oversight; business, regulatory, environmental and legal decisions and requirements; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates of the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; the resolution of litigation; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.  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.

Investors should not rely unduly on any forward-looking statements.  These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.

Sempra International, LLC, and Sempra U.S. Gas & Power, LLC, are not the same companies as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra International, LLC, and Sempra U.S. Gas & Power, LLC, are not regulated by the California Public Utilities Commission. Sempra International's underlying entities include Sempra Mexico and Sempra South American Utilities. Sempra U.S. Gas & Power's underlying entities include Sempra Renewables and Sempra Natural Gas.

 

SEMPRA ENERGY

Table A

















CONSOLIDATED STATEMENTS OF OPERATIONS










Three months ended


Years ended


December 31,


December 31,

(Dollars in millions, except per share amounts)

2014


2013


2014


2013


(unaudited)





REVENUES








Utilities

$  2,440


$  2,420


$  9,758


$  9,309

Energy-related businesses

307


285


1,277


1,248

    Total revenues

2,747


2,705


11,035


10,557

EXPENSES AND OTHER INCOME








Utilities:








    Cost of natural gas

(450)


(464)


(1,758)


(1,646)

    Cost of electric fuel and purchased power

(520)


(471)


(2,281)


(1,932)

Energy-related businesses:








    Cost of natural gas, electric fuel and purchased power

(125)


(110)


(552)


(435)

    Other cost of sales

(41)


(34)


(163)


(178)

Operation and maintenance

(804)


(833)


(2,935)


(2,995)

Depreciation and amortization

(290)


(285)


(1,156)


(1,113)

Franchise fees and other taxes

(107)


(91)


(408)


(374)

Plant closure loss

(19)


         ―


(6)


(200)

Gain on sale of equity interests and assets

14


1


62


114

Equity earnings, before income tax 

19


10


81


31

Other income, net

19


61


137


140

Interest income

7


5


22


20

Interest expense

(136)


(146)


(554)


(559)

Income before income taxes and equity earnings of certain








    unconsolidated subsidiaries

314


348


1,524


1,430

Income tax expense

(9)


(39)


(300)


(366)

Equity earnings, net of income tax

16


11


38


24

Net income

321


320


1,262


1,088

Earnings attributable to noncontrolling interests

(24)


(38)


(100)


(79)

Call premium on preferred stock of subsidiary

         ―


         ―


         ―


(3)

Preferred dividends of subsidiaries

         ―


         ―


(1)


(5)

Earnings

$     297


$     282


$  1,161


$  1,001









Basic earnings per common share

$    1.21


$    1.15


$    4.72


$    4.10

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

246,448


244,398


245,891


243,863









Diluted earnings per common share

$    1.18


$    1.13


$    4.63


$    4.01

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

251,333


249,946


250,655


249,332









Dividends declared per share of common stock

$    0.66


$    0.63


$    2.64


$    2.52









 



SEMPRA ENERGY

Table A (Continued)









Sempra Energy Consolidated















RECONCILIATION OF SEMPRA ENERGY GAAP EARNINGS TO SEMPRA ENERGY ADJUSTED EARNINGS EXCLUDING PLANT CLOSURE LOSS IN 2014 AND 2013 AND RETROACTIVE IMPACTS OF 2012 GENERAL RATE CASE (GRC) IN 2013 (Unaudited)





Sempra Energy Adjusted Earnings and Adjusted Earnings Per Share exclude 1) in the year ended December 31, 2014, a $21 million charge, including $12 million in the fourth quarter, to adjust the total plant closure loss resulting from the early retirement of San Onofre Nuclear Generating Station (SONGS); and 2) in the year ended December 31, 2013, a $119 million plant closure loss and $77 million retroactive impact of the 2012 GRC for the full-year 2012. In addition to the $12 million fourth-quarter charge, the $21 million full-year charge to adjust the SONGS plant closure loss also includes a $9 million charge recorded in the first quarter of 2014 based on a proposed settlement agreement that was subsequently amended to become the agreement approved in November 2014. Sempra Energy Adjusted Earnings and Adjusted Earnings Per Share, and the Earnings-Per-Share Growth Rate based on Adjusted Earnings Per Share, are non-GAAP financial measures (GAAP represents accounting principles generally accepted in the United States of America). Because of the significance and nature of these items, management believes that these non-GAAP financial measures provide a more meaningful comparison of the performance of Sempra Energy's business operations from 2014 to 2013 and to future periods, and also as a base for projection of future compounded annual growth rate. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles for historical periods these non-GAAP financial measures to Sempra Energy Earnings, Diluted Earnings Per Common Share and the Earnings-Per-Share Growth Rate, which we consider to be the most directly comparable financial measures calculated in accordance with GAAP.






Three months ended


Years ended


December 31,


December 31,

(Dollars in millions, except per share amounts)

2014


2013


2014


2013

Sempra Energy GAAP Earnings

$       297


$       282


$    1,161


$    1,001

Add: Plant closure loss

12


             ―


21


119

Less: Retroactive impact of 2012 GRC for full-year 2012

             ―


             ―


             ―


(77)

Sempra Energy Adjusted Earnings

$       309


$       282


$    1,182


$    1,043









Diluted earnings per common share:








Sempra Energy GAAP Earnings

$      1.18

(1)

$      1.13


$      4.63

(1)

$      4.01

Sempra Energy Adjusted Earnings

$      1.23

(2)

$      1.13


$      4.71

(2)

$      4.18

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

251,333


249,946


250,655


249,332

(1)

Percentage increase based on GAAP Earnings Per Share for fourth quarter and year-to-date (Earnings-Per-Share Growth Rate) were 4% and 15%, respectively.

(2)

Percentage increase based on Adjusted Earnings Per Share for fourth quarter and year-to-date (Earnings-Per-Share Growth Rate) were 9% and 13%, respectively.

SEMPRA ENERGY 2015 ADJUSTED EARNINGS-PER-SHARE GUIDANCE RANGE











Sempra Energy 2015 Adjusted Earnings-Per-Share Guidance excludes 1) an estimated $0.12 to $0.15 per diluted share after-tax gain ($0.21 to $0.25 per diluted share, before tax) from the sale of the remaining block of the Mesquite Power plant, which sale is expected to close in the first half of 2015 and 2) after-tax development costs associated with the potential expansion of our liquefied natural gas (LNG) business. Sempra Energy 2015 Adjusted Earnings-Per-Share Guidance is a non-GAAP financial measure. Because of the significance and nature of the excluded items, management believes this non-GAAP measure provides better clarity into the ongoing results of the business and the comparability of such results to prior and future periods. Sempra Energy 2015 Adjusted Earnings-Per-Share Guidance should not be considered an alternative to diluted earnings per share determined in accordance with GAAP. Due to the uncertainty regarding the nature, timing and amount of the potential LNG development-related costs we may incur and the extent to which such costs may be capitalized rather than expensed, we are not able to provide a reasonable estimate of such costs at this time. Accordingly, we are not able to provide a corresponding GAAP equivalent to our 2015 Adjusted Earnings-Per-Share Guidance.









San Diego Gas & Electric Company (SDG&E) and Southern California Gas Company (SoCalGas)









RECONCILIATION OF SDG&E AND SOCALGAS GAAP EARNINGS TO ADJUSTED EARNINGS EXCLUDING PLANT CLOSURE LOSS AT SDG&E IN 2014 AND 2013 AND RETROACTIVE IMPACTS OF 2012 GRC AT BOTH SDG&E AND SOCALGAS IN 2013 (Unaudited)









SDG&E Adjusted Earnings exclude 1) in the year ended December 31, 2014, a $21 million charge, including $12 million in the fourth quarter, to adjust the total plant closure loss resulting from the early retirement of SONGS; and 2) in the year ended December 31, 2013, a $119 million plant closure loss and $52 million retroactive impact of the 2012 GRC for the full-year 2012. In addition to the $12 million fourth-quarter charge, the $21 million full-year charge to adjust the SONGS plant closure loss also includes a $9 million charge recorded in the first quarter of 2014 based on a proposed settlement agreement that was subsequently amended to become the agreement approved in November 2014. SDG&E Adjusted Earnings is a non-GAAP financial measure. SoCalGas Adjusted Earnings for the year ended December 31, 2013 exclude a $25 million retroactive impact of the 2012 GRC for the full-year 2012, and is a non-GAAP financial measure. Because of the significance and nature of these items, management believes that these non-GAAP financial measures provide a more meaningful comparison of the performance of SDG&E's and SoCalGas' business operations from 2014 to 2013 and to future periods. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles for historical periods these non-GAAP financial measures to SDG&E Earnings and SoCalGas Earnings, which we consider to be the most directly comparable financial measures calculated in accordance with GAAP.










Three months ended


Years ended


December 31,


December 31,

(Dollars in millions)

2014


2013


2014


2013

SDG&E GAAP Earnings

$        128


$       119


$       507


$       404

Add: Plant closure loss

12



21


119

Less: Retroactive impact of 2012 GRC for full-year 2012




 

(52)

SDG&E Adjusted Earnings

$       140


$       119


$       528


$       471









SoCalGas GAAP Earnings

$         76


$         98


$       332


$       364

Less: Retroactive impact of 2012 GRC for full-year 2012

             ―


             ―


             ―


(25)

SoCalGas Adjusted Earnings

$         76


$         98


$       332


$       339









 

 

 

SEMPRA ENERGY

Table B








CONSOLIDATED BALANCE SHEETS












December 31,


December 31,

(Dollars in millions)

2014


2013








Assets




Current assets:





Cash and cash equivalents

$           570


$           904


Restricted cash

11


24


Accounts receivable, net

1,394


1,522


Due from unconsolidated affiliates

38


4


Income taxes receivable

45


85


Deferred income taxes

305


301


Inventories

396


287


Regulatory balancing accounts – undercollected

746


556


Fixed-price contracts and other derivatives

93


106


Asset held for sale, power plant

293


                ―


Other

293


208




Total current assets

4,184


3,997








Investments and other assets:





Restricted cash

29


25


Due from unconsolidated affiliates

188


14


Regulatory assets

3,031


2,548


Nuclear decommissioning trusts

1,131


1,034


Investments

2,848


1,575


Goodwill

931


1,024


Other intangible assets

415


426


Dedicated assets in support of certain benefit plans

512


506


Sundry

561


635




Total investments and other assets

9,646


7,787

Property, plant and equipment, net

25,902


25,460

Total assets

$       39,732


$       37,244








Liabilities and Equity




Current liabilities:





Short-term debt

$         1,733


$           545


Accounts payable

1,353


1,215


Due to unconsolidated affiliate

2


                ―


Dividends and interest payable

282


271


Accrued compensation and benefits

373


376


Regulatory balancing accounts – overcollected

                ―


91


Current portion of long-term debt

469


1,147


Fixed-price contracts and other derivatives

55


55


Customer deposits

153


154


Other

649


515




Total current liabilities

5,069


4,369

Long-term debt

12,167


11,253








Deferred credits and other liabilities:





Customer advances for construction

144


155


Pension and other postretirement benefit obligations, net of plan assets

1,064


667


Deferred income taxes

3,003


2,804


Deferred investment tax credits

37


42


Regulatory liabilities arising from removal obligations

2,741


2,623


Asset retirement obligations

2,048


2,084


Fixed-price contracts and other derivatives

255


228


Deferred credits and other 

1,104


1,169




Total deferred credits and other liabilities

10,396


9,772

Equity:





Total Sempra Energy shareholders' equity

11,326


11,008


Preferred stock of subsidiary

20


20


Other noncontrolling interests

754


822




Total equity

12,100


11,850

Total liabilities and equity

$       39,732


$       37,244








 

SEMPRA ENERGY

Table C







CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 










Years ended
December 31,

(Dollars in millions)


2014


2013





Cash Flows from Operating Activities





Net income


$1,262


$1,088

Adjustments to reconcile net income to net cash provided by operating activities:






Depreciation and amortization


1,156


1,113


Deferred income taxes and investment tax credits


146


334


Gain on sale of equity interests and assets


(62)


(114)


Plant closure loss


6


200


Equity earnings


(119)


(55)


Fixed-price contracts and other derivatives


(25)


(21)


Other


108


13

Net change in other working capital components


(375)


(620)

Changes in other assets


19


(171)

Changes in other liabilities


45


17


Net cash provided by operating activities


2,161


1,784







Cash Flows from Investing Activities





Expenditures for property, plant and equipment


(3,123)


(2,572)

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


(240)


(22)

Proceeds from sale of equity interests and assets, net of cash sold


149


570

Proceeds from U.S. Treasury grants


        ―


238

Distributions from investments


13


152

Purchases of nuclear decommissioning and other trust assets


(613)


(697)

Proceeds from sales by nuclear decommissioning and other trusts


601


695

Decrease in restricted cash


155


329

Increase in restricted cash


(152)


(356)

Advances to unconsolidated affiliates


(185)


(14)

Repayments of advances to unconsolidated affiliate


18


        ―

Other 


35


(12)


Net cash used in investing activities


(3,342)


(1,689)







Cash Flows from Financing Activities





Common dividends paid


(598)


(606)

Redemption of preferred stock of subsidiary


        ―


(82)

Preferred dividends paid by subsidiaries


(1)


(5)

Issuances of common stock


56


62

Repurchases of common stock


(38)


(45)

Issuances of debt (maturities greater than 90 days)


3,272


2,081

Payments on debt (maturities greater than 90 days)


(2,034)


(1,788)

Proceeds from sale of noncontrolling interests, net of $25 in offering costs


        ―


574

Increase in short-term debt, net


412


256

Purchase of noncontrolling interests


(74)


        ―

Net distributions to noncontrolling interests


(104)


(69)

Other 


(37)


(40)


Net cash provided by financing activities


854


338







Effect of exchange rate changes on cash and cash equivalents


(7)


(4)







(Decrease) increase in cash and cash equivalents


(334)


429

Cash and cash equivalents, January 1


904


475

Cash and cash equivalents, December 31


$   570


$   904







 

 

SEMPRA ENERGY

Table D





















SEGMENT EARNINGS AND CAPITAL EXPENDITURES & INVESTMENTS 
























Three months ended


Years ended




December 31,


December 31,

(Dollars in millions)

2014


2013


2014


2013




(unaudited)





Earnings (Losses) 








California Utilities:








San Diego Gas & Electric

$  128


$  119


$   507


$   404

Southern California Gas

76


98


332


364

Sempra International:








Sempra South American Utilities

63


43


172


153

Sempra Mexico

53


26


192


122

Sempra U.S. Gas & Power:








Sempra Renewables

18


6


81


62

Sempra Natural Gas

11


9


50


64

Parent and other 

(52)


(19)


(173)


(168)

Earnings

$  297


$  282


$1,161


$1,001














Three months ended


Years ended




December 31,


December 31,

(Dollars in millions)

2014


2013


2014


2013




(unaudited)





Capital Expenditures and Investments








California Utilities:








San Diego Gas & Electric

$  310


$  299


$  1,100


$   978

Southern California Gas

340


241


1,104


762

Sempra International:








Sempra South American Utilities

48


80


174


200

Sempra Mexico

63


91


325


371

Sempra U.S. Gas & Power:








Sempra Renewables

45


58


404


193

Sempra Natural Gas

38


18


230


87

Parent and other

7


1


26


3

Consolidated Capital Expenditures and Investments

$  851


$  788


$  3,363


$  2,594











 


SEMPRA ENERGY

Table E























OTHER OPERATING STATISTICS (Unaudited)



















Three months ended


Years ended





December 31,


December 31,

UTILITIES


2014


2013


2014


2013










California Utilities – SDG&E and SoCalGas









Gas Sales (Bcf)(1)


87


104


326


380

Transportation (Bcf)(1)


179


172


691


699

Total Deliveries (Bcf)(1)


266


276


1,017


1,079

Total Gas Customers (Thousands)






6,735


6,706












Electric Sales (Millions of kWhs)(1)


4,099


3,858


16,467


16,163

Direct Access (Millions of kWhs)


887


912


3,648


3,593

Total Deliveries (Millions of kWhs)(1)


4,986


4,770


20,115


19,756

Total Electric Customers (Thousands)






1,417


1,408












Other Utilities









Natural Gas Sales (Bcf)










Mexico


6


6


24


24


Mobile Gas(2)


9


11


38


40


Willmut Gas


1


1


3


3

Natural Gas Customers (Thousands)










Mexico






106


99


Mobile Gas(2)






86


87


Willmut Gas




19


19

Electric Sales (Millions of kWhs)










Peru


1,829


1,763


7,287


6,984


Chile


752


729


2,944


2,856

Electric Customers (Thousands)










Peru






1,029


996


Chile






657


640












ENERGY-RELATED BUSINESSES




















Sempra International









Power Sold (Millions of kWhs)










Sempra Mexico


1,144


850


4,225


3,752












Sempra U.S. Gas & Power









Power Sold (Millions of kWhs)










Sempra Renewables(3)


717


628


2,536


2,470


Sempra Natural Gas(4)


1,439


1,261


5,309


4,328












(1)

Includes intercompany sales.

(2)

Includes transportation.

(3)

Includes 50% of total power sold related to solar and wind projects in which Sempra Energy has a 50% ownership. These subsidiaries are not consolidated within Sempra Energy, and the related investments are accounted for under the equity method.

(4)

Sempra Natural Gas sold one 625-megawatt (MW) block of its 1,250-MW Mesquite Power natural gas-fired power plant in February 2013.

 

 


SEMPRA ENERGY

Table F (Unaudited)




















Statement of Operations Data by Segment

































Three Months Ended December 31, 2014

































(Dollars in millions)


SDG&E


SoCalGas


Sempra South American Utilities


Sempra Mexico


Sempra Renewables


Sempra Natural Gas


Consolidating Adjustments, Parent & Other



Total




















Revenues


$ 1,046


$       998


$             387


$    197


$            10


$          231


$             (122)



$ 2,747




















Cost of sales and other expenses


(672)


(771)


(309)


(137)


(15)


(232)


89



(2,047)




















Depreciation and amortization


(135)


(110)


(14)


(17)


(1)


(11)


(2)



(290)




















Plant closure loss


(19)


-


-


-


-


-


-



(19)




















Gain on sale of equity interest


-


-


-


-


14


-


-



14




















Equity earnings (losses), before income tax


-


-


-


-


2


18


(1)



19




















Other income (expense), net


11


7


15


(23)


-


-


9



19




















Income (loss) before interest and tax (1)


231


124


79


20


10


6


(27)



443




















Net interest (expense) income (2)


(50)


(19)


(5)


(2)


(1)


7


(59)



(129)




















Income tax (expense) benefit


(53)


(29)


1


32


9


(2)


33



(9)




















Equity earnings, net of income tax


-


-


-


16


-


-


-



16




















(Earnings) losses attributable to noncontrolling interests


-


-


(12)


(13)


-


-


1



(24)




















Earnings (losses)


$    128


$         76


$               63


$     53


$            18


$           11


$              (52)



$    297







































Three Months Ended December 31, 2013

































(Dollars in millions)


SDG&E


SoCalGas


Sempra South American Utilities


Sempra Mexico


Sempra Renewables


Sempra Natural Gas


Consolidating Adjustments, Parent & Other



Total




















Revenues


$ 1,000


$    1,042


$             376


$    156


$              6


$          225


$             (100)



$ 2,705




















Cost of sales and other expenses


(647)


(817)


(292)


(110)


(15)


(195)


74



(2,002)




















Depreciation and amortization


(127)


(103)


(15)


(16)


(1)


(21)


(2)



(285)




















Equity earnings (losses), before income tax


-


-


-


-


-


14


(4)



10




















Other income (expense), net


10


2


3


19


-


(4)


31



61




















Income (loss) before interest and tax (1)


236


124


72


49


(10)


19


(1)



489




















Net interest (expense) income (2)


(50)


(17)


(4)


(11)


5


(5)


(59)



(141)




















Income tax (expense) benefit


(44)


(9)


(17)


(16)


11


(5)


41



(39)




















Equity (losses) earnings, net of income tax


-


-


(1)


12


-


-


-



11




















Earnings attributable to noncontrolling interests


(23)


-


(7)


(8)


-


-


-



(38)




















Earnings (losses)


$    119


$         98


$               43


$     26


$              6


$             9


$              (19)



$    282




















(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 interest income, interest expense and preferred dividends of subsidiary.
























 

 


SEMPRA ENERGY

Table F (Unaudited)




















Statement of Operations Data by Segment

































Year Ended December 31, 2014


































(Dollars in millions)


SDG&E


SoCalGas


Sempra South American Utilities


Sempra Mexico


Sempra Renewables


Sempra Natural Gas


Consolidating Adjustments, Parent & Other



Total




















Revenues


$ 4,329


$    3,855


$          1,534


$    818


$            35


$          979


$             (515)



$  11,035




















Cost of sales and other expenses


(2,834)


(2,903)


(1,225)


(562)


(51)


(955)


433



(8,097)




















Depreciation and amortization


(530)


(431)


(55)


(64)


(5)


(61)


(10)



(1,156)




















Plant closure loss


(6)

(1)

-


-


-


-


-


-



(6)




















Gain on sale of equity interests and assets


-


-


2


19


41


-


-



62




















Equity earnings (losses), before income tax


-


-


-


-


20


62


(1)



81




















Other income, net


40


20


30


4


1


2


40



137




















Income (loss) before interest and tax (2)


999


541


286


215


41


27


(53)



2,056




















Net interest (expense) income (3)


(202)


(70)


(19)


(13)


(4)


4


(229)



(533)




















Income tax (expense) benefit


(270)


(139)


(58)


(5)


44


20


108



(300)




















Equity (losses) earnings, net of income tax


-


-


(4)


42


-


-


-



38




















(Earnings) losses attributable to noncontrolling interests


(20)


-


(33)


(47)


-


(1)


1



(100)




















Earnings (losses)


$    507


$       332


$             172


$    192


$            81


$           50


$             (173)



$   1,161







































Year Ended December 31, 2013



































(Dollars in millions)


SDG&E


SoCalGas


Sempra South American Utilities


Sempra Mexico


Sempra Renewables


Sempra Natural Gas


Consolidating Adjustments, Parent & Other



Total




















Revenues


$ 4,066


$    3,736


$          1,495


$    675


$            82


$          908


$             (405)



$  10,557




















Cost of sales and other expenses


(2,590)


(2,814)


(1,169)


(452)


(52)


(818)


335



(7,560)




















Depreciation and amortization


(494)


(383)


(59)


(63)


(21)


(81)


(12)



(1,113)




















Plant closure loss


(200)


-


-


-


-


-


-



(200)




















Gain on sale of equity interests and assets


-


-


-


-


40


74


-



114




















Equity (losses) earnings, before income tax


-


-


-


-


(12)


47


(4)



31




















Other income, net


40


11


9


24


9


3


44



140




















Income (loss) before interest and tax (2)


822


550


276


184


46


133


(42)



1,969




















Net interest expense (3)


(203)


(70)


(13)


(15)


(3)


(28)


(215)



(547)




















Income tax (expense) benefit


(191)


(116)


(67)


(60)


19


(40)


89



(366)




















Equity (losses) earnings, net of income tax


-


-


(15)


39


-


-


-



24




















Earnings attributable to noncontrolling interests


(24)


-


(28)


(26)


-


(1)


-



(79)




















Earnings (losses)


$    404


$       364


$             153


$    122


$            62


$           64


$             (168)



$   1,001




















(1)

After taxes, including a $17 million charge to reduce certain tax regulatory assets attributed to SONGS, the adjustment to loss from plant closure is a $21 million charge to earnings.

(2)

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.

(3)

Includes interest income and interest expense. In 2014, includes preferred dividends of subsidiary. In 2013, includes preferred dividends of subsidiaries and call premium on preferred stock.







































 

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Logo - http://photos.prnewswire.com/prnh/20110108/SEMPRAENERGYLOGO

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/sempra-energy-reports-higher-2014-earnings-300041788.html

SOURCE Sempra Energy

For further information: Media Contact: Doug Kline, (877) 340-8875, www.sempra.com, Financial Contact: Kendall Helm, (877) 736-7727, investor@sempra.com, both of Sempra Energy


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