Sempra Energy Reports Strong Third-Quarter 2019 Earnings

- Raises 2019 EPS Guidance; Issues 2020 GAAP and Affirms 2020 Adjusted EPS Guidance

- Receives Approval of California Utilities' Safety and Reliability-Based General Rate Case

- Continues to Advance LNG Development Opportunities with Multiple MOU Agreements

SAN DIEGO, Nov. 1, 2019 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today reported third-quarter 2019 earnings of $813 million, or $2.84 per diluted share, up from $274 million, or $0.99 per diluted share, in the third quarter 2018. On an adjusted basis, the company's third-quarter 2019 earnings were $425 million, or $1.50 per diluted share, compared to $339 million, or $1.23 per diluted share, in the third quarter 2018.

"At Sempra Energy, we laid out a plan last year to increasingly focus on core markets where we can produce the best results for our stakeholders," said Jeffrey W. Martin, chairman and CEO of Sempra Energy. "With our recently announced agreements to sell our South American businesses, it reflects our ongoing commitment to simplify our strategy. Our year-to-date financial results are a product of that more focused strategy, and the hard work and dedication of all of our employees."

Sempra Energy's earnings for the first nine months of 2019 were $1.61 billion, or $5.74 per diluted share, compared with earnings of $60 million, or $0.23 per diluted share, in the first nine months of 2018. Adjusted earnings for the first nine months of 2019 were $1.46 billion, or $5.23 per diluted share, compared with $1.07 billion, or $4.00 per diluted share, in the first nine months of 2018.

These financial results reflect certain significant items, as described on an after-tax basis in the following table of GAAP earnings reconciled to adjusted earnings for the third quarter and first nine months of 2019 and 2018.

                     
     

 Three months ended 

 

 Nine months ended 

 
     

 September 30 

 

 September 30 

 
 

(Unaudited; Dollars, except EPS, and shares, in millions)

 

2019

 

2018

 

2019

 

2018(1)

 
                 
 

GAAP Earnings

 

$  813

 

$  274

 

$ 1,608

 

$       60

 
                     
 

Retroactive Impact of 2019 GRC FD for First Half of 2019

 

(196)

 

-

 

-

 

-

 
                     
 

Gain on Sale of U.S. Wind Assets

-

 

-

 

(45)

 

-

 
                     
 

Tax Impacts from Expected Sale of South American Businesses

(192)

 

-

 

(99)(2)

 

-

 
                     
 

Impacts Associated with Aliso Canyon Litigation

 

-

 

-

 

-

 

22

 
                     
 

Impairment of U.S. Wind Equity Method Investments

 

-

 

-

 

-

 

145

 
                     
 

Impairment of Non-utility U.S. Natural Gas Storage Assets

 

-

 

-

 

-

 

755

 
                     
 

Impairment of Investment in RBS Sempra Commodities

 

-

 

65

 

-

 

65

 
                     
 

Impacts from the Tax Cuts and Jobs Act of 2017

 

-

 

-

 

-

 

25

 
                     
 

Adjusted Earnings(3)

 

$  425

 

$  339

 

$ 1,464

 

$ 1,072

 
                     
                     
 

Adjusted Diluted Weighted-Average Common Shares Outstanding(3)

 

283(4)

 

276

 

280

 

268(5)

 
 

Adjusted Earnings Per Diluted Common Share(3)

 

$ 1.50

 

$ 1.23

 

$    5.23

 

$    4.00

 
                     
 

Diluted Weighted-Average Common Shares Outstanding

 

296

 

276

 

280

 

266

 
 

GAAP Earnings Per Diluted Common Share

 

$ 2.84(4)

 

$ 0.99

 

$    5.74

 

$    0.23

 
                     
   

1)

Amounts have been retrospectively adjusted for discontinued operations.

2)

Includes $89 million income tax benefit due to change in indefinite reinvestment assertion of basis differences and structure of sale of discontinued operations, and $10 million to reduce a tax valuation allowance against certain net operating loss (NOL) carryforwards at Parent and Other.

3)

Sempra Energy adjusted earnings, adjusted EPS and adjusted diluted weighted-average common shares outstanding are non-GAAP financial measures. See Table A for information regarding non-GAAP financial measures and descriptions of the adjustments above.

4)

In the three months ended September 30, 2019, because the assumed conversion of the series A preferred stock is dilutive for GAAP Earnings, the numerator used to calculate GAAP EPS includes an add-back of $26 million of series A preferred stock dividends declared in that quarter. However, because the assumed conversion is antidilutive for the lower adjusted earnings, 13,238 series A preferred stock shares are not included in the denominator used to calculate adjusted EPS.

5)

In the nine months ended September 30, 2018, the total weighted-average potentially dilutive stock options and restricted stock units of 736 and common shares sold forward of 945 were not included in the denominator used to calculate GAAP EPS due to the losses from continuing operations attributable to common shares, but have been added to the denominator used to calculate Adjusted EPS.

OPERATING HIGHLIGHTS

Sempra LNG

Sempra Energy is continuing to advance its liquefied natural gas (LNG) development projects.

Sempra Energy announced in October that it has entered into a memorandum of understanding (MOU) with Mitsui & Co., Ltd. (Mitsui) reflecting the parties' preliminary agreement for Mitsui's participation in the Cameron LNG Phase 2 project, and a future expansion of the Energía Costa Azul (ECA) LNG project in Baja California, Mexico. The MOU is non-binding and contemplates the continued mutual support for the development of Cameron LNG Phase 2, including Mitsui's potential purchase of up to one-third of the available capacity of the project, as well as the potential offtake of approximately 1 million tonnes per annum of LNG and equity participation in a future expansion of ECA LNG.

In September, Sempra LNG also entered into a MOU with China Three Gorges Corporation regarding potential cooperation in supplying LNG to support demand growth in China, including the growth of natural gas power generation.

In August, the Cameron LNG liquefaction-export project in Hackberry, La., began commercial operations at Train 1 of the facility. The project, including Trains 2 and 3, is over 96% complete. Commissioning of Train 2 is underway, and the previously disclosed project timeline remains unchanged.  

California Utilities

In September, San Diego Gas & Electric and Southern California Gas Co. received a final decision in the utilities' 2019 General Rate Case. The increased revenue requirements will enable the utilities to invest in critical energy infrastructure with a focus on enhancing safety and reliability for the communities they serve.

Texas Utilities

Oncor Electric Delivery Company LLC (Oncor) has increased its five-year capital plan. The increase is related to growth seen in and around Oncor's service territory. The infrastructure investments will help to facilitate renewables integration in Texas, support growth in West Texas and the Dallas-Fort Worth area, and strengthen and expand the grid in Oncor's service territory for the benefit of Oncor's customers and the communities it serves. Oncor now plans to spend approximately $11.9 billion between 2020 and 2024.

Sempra Mexico

Infraestructura Energética Nova, S.A.B. de C.V. (IEnova), Sempra Energy's Mexican subsidiary, continues to develop infrastructure that provides Mexico access to cleaner, more affordable and more reliable energy.

In August, IEnova reached constructive resolutions with the Federal Electricity Commission and the Mexican government on the Sur de Texas-Tuxpan pipeline and Guaymas-El Oro pipeline. Shortly thereafter, the Sur de Texas-Tuxpan pipeline, a joint venture with TC Energy Corporation, commenced commercial operations in September.

Announced Sale of South American Businesses

Sempra Energy recently announced two agreements that would conclude the company's planned sale of its South American businesses for combined proceeds of approximately $5.82 billion in cash, subject to adjustments and satisfaction of closing conditions. Both transactions, one to sell Sempra Energy's equity interests in its Peruvian businesses and the other to sell its equity interests in its Chilean businesses, are expected to be completed in the first quarter of 2020.

EARNINGS GUIDANCE

On a GAAP basis, the company's earnings-per-common-share (EPS) guidance range for full-year 2019 is $6.50 to $7.00. Sempra Energy today raised its 2019 adjusted EPS guidance from a range of $5.70 to $6.30 to a range of $6.00 to $6.50. The company also issued its full-year 2020 GAAP EPS guidance range of $12.78 to $14.26 and affirmed its full-year 2020 adjusted EPS guidance range of $6.70 to $7.50.

NON-GAAP FINANCIAL MEASURES

Non-GAAP financial measures include Sempra Energy's adjusted earnings and adjusted EPS for both the third quarter and first nine months of 2019 and 2018, adjusted diluted weighted-average common shares outstanding for the third quarter of 2019 and the first nine months of 2018, and 2020 and 2019 adjusted EPS guidance. See Table A for additional information regarding these non-GAAP financial measures.

INTERNET BROADCAST

Sempra Energy will broadcast a live discussion of its earnings results over the Internet today at 12 p.m. ET 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 6278133.

Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets reported in 2018, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees deliver energy with purpose to approximately 40 million consumers worldwide. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and sustainability, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index.

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 such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions, or when we discuss our guidance, strategy, plans, goals, vision, mission, 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.

Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: the greater degree and prevalence of wildfires in California in recent years and the risk that we may be found liable for damages regardless of fault, such as where inverse condemnation applies, and the risk that we may not be able to recover any such costs from insurance, the California wildfire fund or in rates from customers in California or otherwise; actions and the timing of actions, including decisions, investigations, new regulations and issuances of permits and other authorizations and renewal of franchises by the Comisión Federal de Electricidad (CFE), California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Los Angeles County Department of Public Health, U.S. Environmental Protection Agency, Federal Energy Regulatory Commission, Pipeline and Hazardous Materials Safety Administration, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the success of business development efforts, construction projects, and major acquisitions, divestitures and internal structural changes, including risks in (i) obtaining or maintaining authorizations; (ii) completing construction projects on schedule and budget; (iii) obtaining the consent of partners; (iv) counterparties' financial ability or otherwise to fulfill contractual commitments; (v) winning competitively bid infrastructure projects; (vi) the ability to complete contemplated acquisitions and/or divestitures and the disruptions caused by such efforts; and (vii) the ability to realize anticipated benefits from any of these efforts once completed; the resolution of civil and criminal litigation, regulatory investigations and proceedings, and arbitrations; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements; delays in, or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; and moves to reduce or eliminate reliance on natural gas; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; risks posed by actions of third parties who control the operations of our investments; cybersecurity threats to the energy grid, 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 and employees; expropriation of assets, the failure to honor the terms of contracts by foreign governments and state-owned entities such as the CFE, and other property disputes; the impact at San Diego Gas & Electric Company on competitive customer rates and reliability of electric transmission and distribution systems due to the growth in distributed and local power generation and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation and the potential risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements and other regulatory and governance commitments, including the determination by a majority of Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; changes in capital markets, energy markets and economic conditions, including the availability of credit; and volatility in foreign currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; changes in foreign and domestic trade policies and laws, including border tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; actions of activist shareholders, which could disrupt our operations by, among other things, requiring significant time by management and our board of directors; the impact of federal or state tax reform and our ability to mitigate adverse impacts; and other uncertainties, some of which may be difficult to predict and are beyond our control.

These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). 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, 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 South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the California Public Utilities Commission.

                                               

SEMPRA ENERGY

Table A

               

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

         
 

Three months ended
September 30,

 

Nine months ended
September 30,

(Dollars in millions, except per share amounts; shares in thousands)

 

2019

 

2018(1)

 

2019

 

2018(1)

 

(unaudited)

 

REVENUES

             

Utilities

$

2,398

   

$

2,102

   

$

6,808

   

$

6,112

 

Energy-related businesses

360

   

463

   

1,078

   

1,164

 

Total revenues

2,758

     

2,565

     

7,886

   

7,276

 
               

EXPENSES AND OTHER INCOME

             

Utilities:

             

Cost of natural gas

(122)

   

(255)

   

(789)

   

(782)

 

Cost of electric fuel and purchased power

(410)

   

(446)

   

(929)

   

(1,037)

 

Energy-related businesses cost of sales

(94)

   

(119)

   

(265)

   

(258)

 

Operation and maintenance

(845)

   

(792)

   

(2,515)

   

(2,275)

 

Depreciation and amortization

(402)

   

(366)

   

(1,174)

   

(1,115)

 

Franchise fees and other taxes

(127)

   

(131)

   

(369)

   

(352)

 

Impairment losses

(43)

   

(4)

   

(43)

   

(1,304)

 

(Loss) gain on sale of assets

(3)

   

   

63

   

 

Other (expense) income, net

(7)

   

96

   

103

   

192

 

Interest income

22

   

19

   

64

   

66

 

Interest expense

(279)

   

(222)

   

(797)

   

(656)

 

Income (loss) from continuing operations before income taxes
and equity earnings

448

     

345

     

1,235

     

(245)

 

Income tax (expense) benefit

(61)

   

(139)

   

(150)

   

221

 

Equity earnings

266

   

74

   

485

   

49

 

Income from continuing operations, net of income tax

653

   

280

   

1,570

   

25

 

Income from discontinued operations, net of income tax

256

   

54

   

292

   

137

 

Net income

909

     

334

     

1,862

     

162

 

Earnings attributable to noncontrolling interests

(60)

   

(24)

   

(146)

   

(12)

 

Mandatory convertible preferred stock dividends

(36)

   

(36)

   

(107)

   

(89)

 

Preferred dividends of subsidiary

   

   

(1)

   

(1)

 

Earnings attributable to common shares

$

813

     

$

274

     

$

1,608

     

$

60

 
               

Basic earnings per common share:

             

Earnings attributable to common shares

$

2.93

   

$

1.00

   

$

5.83

   

$

0.23

 

Weighted-average common shares outstanding

277,360

   

273,944

   

275,684

   

265,963

 
               

Diluted earnings per common share:

             

Earnings attributable to common shares

$

2.84

   

$

0.99

   

$

5.74

   

$

0.23

 

Weighted-average common shares outstanding

295,789

   

275,907

   

279,809

   

265,963

 
               
   

(1) 

Amounts have been retrospectively adjusted for discontinued operations.

SEMPRA ENERGY
Table A (Continued)

RECONCILIATION OF SEMPRA ENERGY ADJUSTED EARNINGS TO SEMPRA ENERGY GAAP EARNINGS (Unaudited)

Sempra Energy Adjusted Earnings and Adjusted Diluted Earnings Per Common Share (Adjusted EPS) exclude items (after the effects of income taxes and, if applicable, noncontrolling interests) in 2019 and 2018 as follows:

Three months ended September 30, 2019:

  • $196 million incremental revenue increases for the first six months of 2019 from the retroactive application of the final decision in the 2019 General Rate Case (GRC FD) at the California Utilities

Associated with holding the South American businesses for sale:

  • $192 million income tax benefit associated with outside basis differences in our South American businesses primarily related to a change in the anticipated structure of the sale of those businesses

Three months ended September 30, 2018:

  • $(65) million impairment of RBS Sempra Commodities LLP (RBS Sempra Commodities) equity method investment at Parent and other

Nine months ended September 30, 2019:

  • $45 million gain on the sale of certain Sempra Renewables assets

Associated with holding the South American businesses for sale:

  • $89 million income tax benefit from outside basis differences in our South American businesses primarily related to the change in our indefinite reinvestment assertion from our decision in January 2019 to hold those businesses for sale and a change in the anticipated structure of the sale
  • $10 million income tax benefit to reduce a valuation allowance against certain net operating loss (NOL) carryforwards as a result of our decision to sell our South American businesses

Nine months ended September 30, 2018:

  • $(22) million impacts associated with Aliso Canyon natural gas storage facility litigation at Southern California Gas Company (SoCalGas)
  • $(145) million other-than-temporary impairment of certain U.S. wind equity method investments at Sempra Renewables
  • $(755) million impairment of certain non-utility natural gas storage assets at Sempra LNG
  • $(65) million impairment of RBS Sempra Commodities equity method investment
  • $(25) million income tax expense to adjust the Tax Cuts and Jobs Act of 2017 (TCJA) provisional amounts

Sempra Energy Adjusted Earnings, Weighted-Average Common Shares Outstanding – Adjusted and Adjusted EPS are non-GAAP financial measures (GAAP represents accounting principles generally accepted in the United States of America). Because of the significance and/or nature of the excluded items, management believes that these non-GAAP financial measures provide a meaningful comparison of the performance of Sempra Energy's business operations to prior and 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 Sempra Energy GAAP Earnings, Weighted-Average Common Shares Outstanding – GAAP and GAAP Diluted Earnings Per Common Share (GAAP EPS), which we consider to be the most directly comparable financial measures calculated in accordance with GAAP.

SEMPRA ENERGY
Table A (Continued)

                                                           
   

Pretax
amount

Income
tax
expense
(benefit)(1)

Earnings

 

Pretax
amount

Income
tax
expense
(benefit)(1)

Non-
controlling
interests

Earnings

(Dollars in millions, except per share amounts; shares in thousands)

Three months ended
September 30, 2019

 

Three months ended
September 30, 2018

Sempra Energy GAAP Earnings

   

$

813

         

$

274

 

Excluded items:

               

SDG&E retroactive impact of 2019 GRC FD for first half of 2019

$

(92)

 

$

26

 

(66)

   

$

 

$

 

$

 

 

SoCalGas retroactive impact of 2019 GRC FD for first half of 2019

(181)

 

51

 

(130)

   

 

 

 

 

Associated with holding the South American businesses for sale:

               

Change in indefinite reinvestment assertion of basis differences and structure of sale of discontinued operations

 

(192)

 

(192)

   

 

 

 

 

Impairment of investment in RBS Sempra Commodities

 

 

   

65

 

 

 

65

 

Sempra Energy Adjusted Earnings

   

$

425

         

$

339

 
                 

Diluted earnings per common share:

               

     Sempra Energy GAAP Earnings(2)

   

$

839

         

$

274

 

     Weighted-average common shares outstanding, diluted – GAAP

   

295,789

         

275,907

 

     Sempra Energy GAAP EPS

   

$

2.84

         

$

0.99

 
                   

Sempra Energy Adjusted Earnings for Adjusted EPS

   

$

425

         

$

339

 

Weighted-average common shares outstanding, diluted – Adjusted(2)

   

282,551

         

275,907

 

Sempra Energy Adjusted EPS

   

$

1.50

         

$

1.23

 
                   
 

Nine months ended 
September 30, 2019

 

Nine months ended
September 30, 2018

Sempra Energy GAAP Earnings

   

$

1,608

         

$

60

 

Excluded items:

               

Gain on sale of certain Sempra Renewables assets

$

(61)

 

$

16

 

(45)

   

$

 

$

 

$

 

 

Associated with holding the South American businesses for sale:

               

Change in indefinite reinvestment assertion of basis differences and structure of sale of discontinued operations

 

(89)

 

(89)

   

 

 

 

 

Reduction in tax valuation allowance against certain NOL carryforwards

 

(10)

 

(10)

   

 

 

 

 

Impacts associated with Aliso Canyon litigation

 

 

   

1

 

21

 

 

22

 

Impairment of U.S. wind equity method investments

 

 

   

200

 

(55)

 

 

145

 

Impairment of non-utility natural gas storage assets

 

 

   

1,300

 

(499)

 

(46)

 

755

 

Impairment of investment in RBS Sempra Commodities

 

 

   

65

 

 

 

65

 

Impact from the TCJA

 

 

   

 

25

 

 

25

 

Sempra Energy Adjusted Earnings

   

$

1,464

         

$

1,072

 
                 

Diluted earnings per common share:

               

     Sempra Energy GAAP Earnings

     

$

1,608

         

$

60

 

     Weighted-average common shares outstanding, diluted – GAAP

   

279,809

         

265,963

 

     Sempra Energy GAAP EPS

   

$

5.74

         

$

0.23

 
                   

Sempra Energy Adjusted Earnings for Adjusted EPS

   

$

1,464

         

$

1,072

 

Weighted-average common shares outstanding, diluted – Adjusted(3)

   

279,809

         

267,644

 

Sempra Energy Adjusted EPS

   

$

5.23

         

$

4.00

 
                   
   

(1) 

Except for adjustments that are solely income tax and tax related to outside basis differences, income taxes on pretax amounts were primarily calculated based on applicable statutory tax rates.

(2) 

In the three months ended September 30, 2019, because the assumed conversion of the series A preferred stock is dilutive for GAAP Earnings, the numerator used to calculate GAAP EPS includes an add-back of $26 million of series A preferred stock dividends declared in that quarter. However, because the assumed conversion is antidilutive for the lower Adjusted Earnings, 13,238 series A preferred stock shares are not included in the denominator used to calculate Adjusted EPS.

(3) 

In the nine months ended September 30, 2018, the total weighted-average potentially dilutive stock options and restricted stock units of 736 and common shares sold forward of 945 were not included in the denominator used to calculate GAAP EPS due to the losses from continuing operations attributable to common shares, but have been added to the denominator used to calculate Adjusted EPS.

SEMPRA ENERGY
Table A (Continued)

RECONCILIATION OF SEMPRA ENERGY 2019 ADJUSTED EPS GUIDANCE RANGE TO SEMPRA ENERGY 2019 GAAP EPS GUIDANCE RANGE (Unaudited)

Sempra Energy 2019 Adjusted EPS Guidance Range of $6.00 to $6.50 excludes items as follows:

  • $45 million gain on the sale of certain Sempra Renewables assets

Associated with holding the South American businesses for sale:

  • $89 million income tax benefit from outside basis differences in our South American businesses primarily related to the change in our indefinite reinvestment assertion from our decision in January 2019 to hold those businesses for sale and a change in the anticipated structure of the sale
  • $10 million income tax benefit to reduce a valuation allowance against certain NOL carryforwards as a result of our decision to sell our South American businesses

Sempra Energy 2019 Adjusted EPS Guidance is a non-GAAP financial measure. Because of the significance and/or nature of the excluded items, management believes that this non-GAAP financial measure provides a meaningful comparison of the performance of Sempra Energy's business operations to prior and future periods. Sempra Energy 2019 Adjusted EPS Guidance should not be considered an alternative to Sempra Energy 2019 GAAP EPS Guidance. 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 Sempra Energy 2019 Adjusted EPS Guidance Range to Sempra Energy 2019 GAAP EPS Guidance Range, which we consider to be the most directly comparable financial measure calculated in accordance with GAAP.

                                   
     

Full-Year 2019

Sempra Energy GAAP EPS Guidance Range

$

6.50

 

to

$

7.00

 

Excluded items:

       

 

   Gain on sale of certain Sempra Renewables assets

(0.16)

   

(0.16)

 

 

   Associated with holding the South American businesses for sale:

         

 

   Change in indefinite reinvestment assertion of basis differences and structure of sale of discontinued operations

(0.31)

     

(0.31)

 

 

   Reduction in tax valuation allowance against certain NOL carryforwards

(0.03)

   

(0.03)

 

Sempra Energy Adjusted EPS Guidance Range

$

6.00

 

to

$

6.50

 

Weighted-average common shares outstanding, diluted (millions)

   

283

 

SEMPRA ENERGY
Table A (Continued)

RECONCILIATION OF SEMPRA ENERGY 2020 ADJUSTED EPS GUIDANCE RANGE TO SEMPRA ENERGY 2020 GAAP EPS GUIDANCE RANGE (Unaudited)

Sempra Energy 2020 Adjusted EPS Guidance Range of $6.70 to $7.50 excludes approximately $1.8 billion to $2.0 billion estimated after-tax gain on the sale of our South American businesses, net of approximately $1.2 billion of income tax expense, which was calculated primarily based on applicable statutory tax rates.

Sempra Energy 2020 Adjusted EPS Guidance is a non-GAAP financial measure. Because of the significance and/or nature of the excluded item, management believes that this non-GAAP financial measure provides a meaningful comparison of the performance of Sempra Energy's business operations to prior and future periods. Sempra Energy 2020 Adjusted EPS Guidance should not be considered an alternative to Sempra Energy 2020 GAAP EPS Guidance. 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 Sempra Energy 2020 Adjusted EPS Guidance Range to Sempra Energy 2020 GAAP EPS Guidance Range, which we consider to be the most directly comparable financial measure calculated in accordance with GAAP.

                                   
     

Full-Year 2020

Sempra Energy GAAP EPS Guidance Range

$

12.78

 

to

$

14.26

 

Excluded item:

     

Estimated gain on sale of South American businesses

(6.08)

   

(6.76)

 

Sempra Energy Adjusted EPS Guidance Range

$

6.70

 

to

$

7.50

 

Weighted-average common shares outstanding, diluted (millions)

   

296

 

 

                       

SEMPRA ENERGY

Table B

       

CONDENSED CONSOLIDATED BALANCE SHEETS

       

(Dollars in millions)

September 30,
2019

 

December 31,
2018(1)

 

(unaudited)

   

ASSETS

     

Current assets:

     

Cash and cash equivalents

$

106

   

$

102

 

Restricted cash

28

   

35

 

Accounts receivable, net

1,431

   

1,535

 

Dividends receivable from discontinued operations

422

   

 

Due from unconsolidated affiliates

40

   

37

 

Income taxes receivable

98

   

60

 

Inventories

270

   

258

 

Regulatory assets

183

   

138

 

Greenhouse gas allowances

59

   

59

 

Assets held for sale

   

713

 

Assets held for sale in discontinued operations

720

   

459

 

Other

309

   

249

 

Total current assets

3,666

   

3,645

 
       

Other assets:

     

Restricted cash

3

   

21

 

Due from unconsolidated affiliates

712

   

644

 

Regulatory assets

1,942

   

1,589

 

Nuclear decommissioning trusts

1,049

   

974

 

Investment in Oncor Holdings

11,145

   

9,652

 

Other investments

2,076

   

2,320

 

Goodwill

1,602

   

1,602

 

Other intangible assets

216

   

224

 

Dedicated assets in support of certain benefit plans

439

   

416

 

Insurance receivable for Aliso Canyon costs

354

   

461

 

Deferred income taxes

157

   

141

 

Greenhouse gas allowances

483

   

289

 

Right-of-use assets – operating leases

595

   

 

Wildfire fund

381

   

 

Assets held for sale in discontinued operations

3,395

   

3,259

 

Sundry

850

   

962

 

Total other assets

25,399

   

22,554

 

Property, plant and equipment, net

35,520

   

34,439

 

Total assets

$

64,585

   

$

60,638

 
   

(1) 

Derived from audited financial statements, which have been retrospectively adjusted for discontinued operations.

 

                       

SEMPRA ENERGY

Table B (Continued)

       

CONDENSED CONSOLIDATED BALANCE SHEETS

       

(Dollars in millions)

September 30,
2019

 

December 31,
2018(1)

 

(unaudited)

   

LIABILITIES AND EQUITY

     

Current liabilities:

     

Short-term debt

$

3,588

   

$

2,024

 

Accounts payable, net

1,129

   

1,298

 

Due to unconsolidated affiliates

12

   

10

 

Dividends and interest payable

517

   

480

 

Accrued compensation and benefits

362

   

440

 

Regulatory liabilities

445

   

105

 

Current portion of long-term debt and finance leases

1,623

   

1,644

 

Reserve for Aliso Canyon costs

45

   

160

 

Greenhouse gas obligations

59

   

59

 

Liabilities held for sale in discontinued operations

804

   

368

 

Other

914

   

935

 

Total current liabilities

9,498

   

7,523

 
       

Long-term debt and finance leases

20,995

   

20,903

 
       

Deferred credits and other liabilities:

     

Due to unconsolidated affiliates

39

   

37

 

Pension and other postretirement benefit plan obligations, net of plan assets

1,120

   

1,143

 

Deferred income taxes

2,360

   

2,321

 

Deferred investment tax credits

22

   

24

 

Regulatory liabilities

3,823

   

4,016

 

Asset retirement obligations

2,824

   

2,786

 

Greenhouse gas obligations

281

   

131

 

Liabilities held for sale in discontinued operations

1,023

   

1,013

 

Deferred credits and other

2,049

   

1,493

 

Total deferred credits and other liabilities

13,541

   

12,964

 

Equity:

     

Sempra Energy shareholders' equity

18,620

   

17,138

 

Preferred stock of subsidiary

20

   

20

 

Other noncontrolling interests

1,911

   

2,090

 

Total equity

20,551

   

19,248

 

Total liabilities and equity

$

64,585

   

$

60,638

 
   

(1) 

Derived from audited financial statements, which have been retrospectively adjusted for discontinued operations.

 

                       

SEMPRA ENERGY

Table C

       

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

       
 

Nine months ended September 30,

(Dollars in millions)

2019

 

2018(1)

 

(unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES

     

Net income

$

1,862

   

$

162

 

Less: Income from discontinued operations, net of income tax

(292)

   

(137)

 

Income from continuing operations, net of income tax

1,570

   

25

 

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

741

   

2,084

 

Intercompany activities with discontinued operations, net

184

   

72

 

Net change in other working capital components

(200)

   

491

 

Insurance receivable for Aliso Canyon costs

107

   

(56)

 

Wildfire fund, current and noncurrent

(323)

   

 

Changes in other noncurrent assets and liabilities, net

(250)

   

(177)

 

   Net cash provided by continuing operations

1,829

   

2,439

 

   Net cash provided by discontinued operations

289

   

220

 

   Net cash provided by operating activities

2,118

   

2,659

 
       

CASH FLOWS FROM INVESTING ACTIVITIES

     

Expenditures for property, plant and equipment

(2,590)

   

(2,654)

 

Expenditures for investments and acquisition

(1,449)

   

(9,921)

 

Proceeds from sale of assets

899

   

1

 

Decrease in cash from deconsolidation of Otay Mesa VIE

(8)

   

 

Purchases of nuclear decommissioning trust assets

(728)

   

(703)

 

Proceeds from sales of nuclear decommissioning trust assets

728

   

703

 

Advances to unconsolidated affiliates

(16)

   

(81)

 

Repayments of advances to unconsolidated affiliates

12

   

4

 

Intercompany activities with discontinued operations, net

(257)

   

(18)

 

Other

33

   

38

 

   Net cash used in continuing operations

(3,376)

   

(12,631)

 

   Net cash used in discontinued operations

(63)

   

(161)

 

   Net cash used in investing activities

(3,439)

   

(12,792)

 
       

CASH FLOWS FROM FINANCING ACTIVITIES

     

Common dividends paid

(734)

   

(645)

 

Preferred dividends paid

(107)

   

(53)

 

Issuances of mandatory convertible preferred stock, net

   

2,259

 

Issuances of common stock, net

757

   

2,261

 

Repurchases of common stock

(23)

   

(20)

 

Issuances of debt (maturities greater than 90 days)

3,269

   

8,458

 

Payments on debt (maturities greater than 90 days) and finance leases

(2,500)

   

(2,836)

 

Increase in short-term debt, net

888

   

715

 

Proceeds from sale of noncontrolling interests, net

5

   

90

 

Purchases of noncontrolling interests

(30)

   

 

Contributions from (distributions to) noncontrolling interests, net

171

   

(88)

 

Intercompany activities with discontinued operations, net

(128)

   

70

 

Other

(42)

   

(112)

 

   Net cash provided by continuing operations

1,526

   

10,099

 

   Net cash provided by (used in) discontinued operations

49

   

(34)

 

   Net cash provided by financing activities

1,575

   

10,065

 
       

Effect of exchange rate changes in continuing operations

   

 

Effect of exchange rate changes in discontinued operations

(3)

   

(8)

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(3)

   

(8)

 
       

Increase (decrease) in cash, cash equivalents and restricted cash, including discontinued operations

251

   

(76)

 

Cash, cash equivalents and restricted cash, including discontinued operations, January 1

246

   

364

 

Cash, cash equivalents and restricted cash, including discontinued operations, September 30

$

497

   

$

288

 
   

(1) 

Amounts have been retrospectively adjusted for discontinued operations.  

 

                                                                 

SEMPRA ENERGY 

 

Table D 

 
           

SEGMENT EARNINGS (LOSSES) AND CAPITAL EXPENDITURES, INVESTMENTS AND ACQUISITIONS

 
           
   

Three months ended
September 30,

 

Nine months ended
September 30,

(Dollars in millions)

   

2019

 

2018(1)

 

2019

 

2018(1)

 

(unaudited)

 

Earnings (Losses) Attributable to Common Shares

           

SDG&E 

   

$

263

   

$

205

   

$

582

   

$

521

 

SoCalGas 

   

143

   

(14)

   

437

   

244

 

Sempra Texas Utilities 

   

212

   

154

   

419

   

283

 

Sempra Mexico 

   

84

   

44

   

214

   

161

 

Sempra Renewables 

   

   

34

   

59

   

(54)

 

Sempra LNG 

   

2

   

16

   

13

   

(764)

 

Parent and other 

   

(139)

   

(211)

   

(383)

   

(446)

 

Discontinued operations 

   

248

   

46

   

267

   

115

 

Total 

   

$

813

   

$

274

   

$

1,608

   

$

60

 
                 
                 
   

Three months ended
September 30,

 

Nine months ended
September 30,

(Dollars in millions)

   

2019

 

2018(1)

 

2019

 

2018(1)

 

(unaudited)

 

Capital Expenditures, Investments and Acquisitions 

           

SDG&E 

   

$

363

   

$

343

   

$

1,071

   

$

1,194

 

SoCalGas 

   

360

   

344

   

1,019

   

1,127

 

Sempra Texas Utilities 

   

56

   

   

1,338

   

9,278

 

Sempra Mexico 

   

178

   

152

   

420

   

320

 

Sempra Renewables 

   

   

9

   

2

   

46

 

Sempra LNG 

   

37

   

65

   

183

   

202

 

Parent and other 

   

3

   

5

   

6

   

408

 

Total 

   

$

997

   

$

918

   

$

4,039

   

$

12,575

 
   

(1) 

Amounts have been retrospectively adjusted for discontinued operations.

 

                                                     

SEMPRA ENERGY

Table E

         

OTHER OPERATING STATISTICS (Unaudited)

       
         
 

Three months ended
September 30,

 

Nine months ended

September 30,

UTILITIES

2019

 

2018

 

2019

 

2018

               

SDG&E and SoCalGas

             
 

Gas sales (Bcf)(1)

57

   

55

   

271

   

244

 
 

Transportation (Bcf)(1)

156

   

163

   

424

   

447

 
 

Total deliveries (Bcf)(1)

213

   

218

   

695

   

691

 
               
 

Total gas customer meters (thousands)

       

6,912

   

6,874

 
                 

SDG&E

             
 

Electric sales (millions of kWhs)(1)

3,970

   

4,493

   

10,796

   

11,493

 
 

Direct Access and Community Choice Aggregation (millions of kWhs)

952

   

1,009

   

2,640

   

2,680

 
 

Total deliveries (millions of kWhs)(1)

4,922

   

5,502

   

13,436

   

14,173

 
               
 

Total electric customer meters (thousands)

       

1,468

   

1,456

 
               

Oncor(2)

             
 

Total deliveries (millions of kWhs)

40,834

   

38,163

   

102,462

   

77,476

 
 

Total electric customer meters (thousands)

       

3,673

   

3,607

 
               

Ecogas

             
 

Natural gas sales (Bcf)

   

1

   

2

   

7

 
 

Natural gas customer meters (thousands)

       

129

   

121

 
               

ENERGY-RELATED BUSINESSES

             
               

Power generated and sold

             

Sempra Mexico

             
 

Termoeléctrica de Mexicali (TdM) (millions of kWhs)

1,032

   

1,145

   

2,862

   

2,922

 
 

Wind and solar (millions of kWhs)(3)

419

   

305

   

1,109

   

924

 
   

(1) 

Includes intercompany sales.

(2) 

Includes 100 percent of the electric deliveries and customer meters of Oncor Electric Delivery Company LLC (Oncor), in which we hold an 80.25-percent interest through our March 2018 acquisition of our equity method investment in Oncor Electric Delivery Holdings Company LLC (Oncor Holdings). Total deliveries for the nine months ended September 30, 2018 only include volumes from the March 9, 2018 acquisition date.

(3) 

Includes 50 percent of the total power generated and sold at the Energía Sierra Juárez wind power generation facility, in which Sempra Energy has a 50-percent ownership interest. Energía Sierra Juárez is not consolidated within Sempra Energy, and the related investment is accounted for under the equity method.

 

                                                                                                           
 

         SEMPRA ENERGY

           Table F (Unaudited)

STATEMENTS OF OPERATIONS DATA BY SEGMENT

                   
                                 

Three months ended September 30, 2019

                       

(Dollars in millions)

SDG&E

 

SoCalGas

 

Sempra
Texas
Utilities

 

Sempra
Mexico

 

Sempra
Renewables

 

Sempra
LNG

 

Consolidating
Adjustments,
Parent &
Other

   

Total

                                   

Revenues

$

1,427

   

$

975

   

$

   

$

357

   

$

   

$

100

   

$

(101)

     

$

2,758

 

Cost of sales and other expenses

(802)

   

(571)

   

   

(174)

   

   

(120)

   

69

     

(1,598)

 

Depreciation and amortization

(196)

   

(154)

   

   

(46)

   

   

(2)

   

(4)

     

(402)

 

Impairment losses

(6)

   

(37)

   

   

   

   

   

     

(43)

 

Loss on sale of assets

   

   

   

   

   

   

(3)

     

(3)

 

Other income (expense), net

19

   

1

   

   

(30)

   

   

   

3

     

(7)

 

Income (loss) before interest and tax(1)

442

   

214

   

   

107

   

   

(22)

   

(36)

     

705

 

Net interest (expense) income

(105)

   

(36)

   

   

(10)

   

   

4

   

(110)

     

(257)

 

Income tax (expense) benefit

(71)

   

(35)

   

   

   

   

2

   

43

     

(61)

 

Equity earnings, net

   

   

212

   

37

   

   

17

   

     

266

 

(Earnings) losses attributable to noncontrolling interests

(3)

   

   

   

(50)

   

   

1

   

     

(52)

 

Preferred dividends

   

   

   

   

   

   

(36)

     

(36)

 

Earnings (losses) from continuing operations

$

263

   

$

143

   

$

212

   

$

84

   

$

   

$

2

   

$

(139)

     

565

 

Earnings from discontinued operations

                             

248

 

Earnings attributable to common shares

                             

$

813

 
                                   

Three months ended September 30, 2018(2)

                           

(Dollars in millions)

SDG&E

 

SoCalGas

 

Sempra Texas
Utilities

 

Sempra Mexico

 

Sempra Renewables

 

Sempra
LNG

 

Consolidating Adjustments, Parent &
Other

   

Total

                                   

Revenues

$

1,299

   

$

802

   

$

   

$

410

   

$

38

   

$

147

   

$

(131)

     

$

2,565

 

Cost of sales and other expenses

(825)

   

(656)

   

   

(201)

   

(24)

   

(131)

   

94

     

(1,743)

 

Depreciation and amortization

(174)

   

(141)

   

   

(45)

   

   

(2)

   

(4)

     

(366)

 

Impairment losses

   

   

   

(4)

   

   

   

     

(4)

 

Other income, net

24

   

3

   

   

66

   

   

   

3

     

96

 

Income (loss) before interest and tax(1)

324

   

8

   

   

226

   

14

   

14

   

(38)

     

548

 

Net interest (expense) income

(55)

   

(29)

   

   

(13)

   

(3)

   

7

   

(110)

     

(203)

 

Income tax (expense) benefit

(53)

   

7

   

   

(126)

   

2

   

(6)

   

37

     

(139)

 

Equity earnings (losses), net

   

   

154

   

(28)

   

12

   

   

(64)

     

74

 

(Earnings) losses attributable to noncontrolling interests

(11)

   

   

   

(15)

   

9

   

1

   

     

(16)

 

Preferred dividends

   

   

   

   

   

   

(36)

     

(36)

 

Earnings (losses) from continuing operations

$

205

   

$

(14)

   

$

154

   

$

44

   

$

34

   

$

16

   

$

(211)

     

228

 

Earnings from discontinued operations

                             

46

 

Earnings attributable to common shares

                             

$

274

 
   

(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) 

Amounts have been retrospectively adjusted for discontinued operations.

 

                                                                                                           
                                   

         SEMPRA ENERGY

           Table F (Unaudited)

STATEMENTS OF OPERATIONS DATA BY SEGMENT

                         
                                   

Nine months ended September 30, 2019

                         

(Dollars in millions)

SDG&E

 

SoCalGas

 

Sempra
Texas
Utilities

 

Sempra
Mexico

 

Sempra
Renewables

 

Sempra
LNG

 

Consolidating
Adjustments,
Parent &
Other

   

Total

                                   

Revenues

$

3,666

   

$

3,142

   

$

   

$

1,058

   

$

10

   

$

327

   

$

(317)

     

$

7,886

 

Cost of sales and other expenses

(2,141)

   

(2,083)

   

   

(496)

   

(20)

   

(350)

   

223

     

(4,867)

 

Depreciation and amortization

(571)

   

(449)

   

   

(136)

   

   

(7)

   

(11)

     

(1,174)

 

Impairment losses

(6)

   

(37)

   

   

   

   

   

     

(43)

 

Gain on sale of assets

   

   

   

   

61

   

   

2

     

63

 

Other income, net

60

   

18

   

   

6

   

   

   

19

     

103

 

Income (loss) before interest and tax(1)

1,008

   

591

   

   

432

   

51

   

(30)

   

(84)

     

1,968

 

Net interest (expense) income

(308)

   

(103)

   

   

(31)

   

8

   

27

   

(326)

     

(733)

 

Income tax (expense) benefit

(111)

   

(50)

   

   

(116)

   

(4)

   

(4)

   

135

     

(150)

 

Equity earnings (losses), net

   

   

419

   

43

   

5

   

19

   

(1)

     

485

 

(Earnings) losses attributable to noncontrolling interests

(7)

   

   

   

(114)

   

(1)

   

1

   

     

(121)

 

Preferred dividends

   

(1)

   

   

   

   

   

(107)

     

(108)

 

Earnings (losses) from continuing operations

$

582

   

$

437

   

$

419

   

$

214

   

$

59

   

$

13

   

$

(383)

     

1,341

 

Earnings from discontinued operations

                             

267

 

Earnings attributable to common shares

                             

$

1,608

 
                                   

Nine months ended September 30, 2018(2)

                         

(Dollars in millions)

SDG&E

 

SoCalGas

 

Sempra Texas
Utilities

 

Sempra
Mexico

 

Sempra Renewables

 

Sempra
LNG

 

Consolidating Adjustments, Parent &
Other

   

Total

                                   

Revenues

$

3,405

   

$

2,700

   

$

   

$

1,028

   

$

103

   

$

330

   

$

(290)

     

$

7,276

 

Cost of sales and other expenses

(2,133)

   

(1,934)

   

   

(453)

   

(68)

   

(324)

   

208

     

(4,704)

 

Depreciation and amortization

(509)

   

(414)

   

   

(131)

   

(27)

   

(24)

   

(10)

     

(1,115)

 

Impairment losses

   

   

   

(4)

   

   

(1,300)

   

     

(1,304)

 

Other income, net

77

   

49

   

   

64

   

   

   

2

     

192

 

Income (loss) before interest and tax(1)

840

   

401

   

   

504

   

8

   

(1,318)

   

(90)

     

345

 

Net interest (expense) income

(158)

   

(81)

   

   

(42)

   

(9)

   

18

   

(318)

     

(590)

 

Income tax (expense) benefit

(151)

   

(75)

   

   

(226)

   

67

   

488

   

118

     

221

 

Equity earnings (losses), net

   

   

283

   

2

   

(170)

   

1

   

(67)

     

49

 

(Earnings) losses attributable to noncontrolling interests

(10)

   

   

   

(77)

   

50

   

47

   

     

10

 

Preferred dividends

   

(1)

   

   

   

   

   

(89)

     

(90)

 

Earnings (losses) from continuing operations

$

521

   

$

244

   

$

283

   

$

161

   

$

(54)

   

$

(764)

   

$

(446)

     

(55)

 

Earnings from discontinued operations

                             

115

 

Earnings attributable to common shares

                             

$

60

 
   

(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) 

Amounts have been retrospectively adjusted for discontinued operations.

 

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SOURCE Sempra Energy

Media Contact: Amber Albrecht, Sempra Energy (877) 340-8875, media@sempra.com, Financial Contact: Lindsay Gartner, Sempra Energy (877) 736-7727, investor@sempra.com

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