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0X uM Sempra Power Delivers Sturdy Full-Yr 2020 Monetary And Operational Outcomes - The Times Hub

Sempra Power Delivers Sturdy Full-Yr 2020 Monetary And Operational Outcomes

Sempra Power Delivers Sturdy Full-Yr 2020 Monetary And Operational Outcomes

SAN DIEGO, Feb. 25, 2021 /PRNewswire/ — Sempra Power (NYSE: SRE) immediately introduced full-year 2020 earnings of $3.76 billion, or $12.88 per diluted share, in comparison with full-year 2019 earnings of $2.06 billion, or $7.29 per diluted share. On an adjusted foundation, the corporate’s full-year 2020 earnings have been $2.35 billion, or $8.03 per diluted share, in comparison with $1.91 billion, or $6.78 per diluted share, in 2019. Within the fourth quarter of 2020, Sempra Power reported earnings of $414 million, or $1.43 per diluted share, in comparison with $447 million, or $1.55 per diluted share, within the fourth quarter of 2019. On an adjusted foundation, fourth quarter 2020 earnings have been $553 million, or $1.90 per diluted share. There have been no changes made to fourth quarter 2019 earnings.

Go to Sempra.com to view the full-size infographic.

“Our robust monetary leads to 2020 mirror the continued development in our enterprise and are a credit score to our proficient workforce and investments in a high-performing tradition,” mentioned Jeffrey W. Martin, chairman and CEO of Sempra Power. “Because the proprietor of one of many largest power networks in North America, we’ve got set a aim of being a frontrunner in transitioning to a lower-carbon future by enabling the supply of cleaner power options in each market we serve. We envision vital new investments in power infrastructure taking part in an important function in reaching a net-zero power future, selling development throughout all sectors of the financial system and supporting a thriving power trade.”

The reported monetary outcomes mirror sure important gadgets as described on an after-tax foundation within the following desk of GAAP earnings, reconciled to adjusted earnings, for the fourth quarter and full-year 2020 and 2019.















 Three months ended 


 Years ended 





 December 31, 


 December 31, 



({Dollars}, besides EPS, and shares, in hundreds of thousands)


2020


2019


2020


2019





(Unaudited)







GAAP Earnings


$        414


$        447


$     3,764


$     2,055














Achieve on Sale of South American Companies




(1,747)















Impacts Related to Aliso Canyon Litigation and Regulatory Issues


139



233















Losses from Funding in RBS Sempra Commodities LLP




100















Tax Impacts from Holding the South American Companies for Sale





(99)














Achieve on Sale of Sure Renewables Property





(45)














Adjusted Earnings(1)


$        553


$        447


$     2,350


$     1,911

























GAAP Diluted Weighted-Common Widespread Shares Excellent


290


289


292


282



GAAP Earnings Per Diluted Widespread Share


$       1.43


$       1.55


$     12.88


$       7.29














Adjusted Diluted Weighted-Common Widespread Shares Excellent(1)


290


289


306


282



Adjusted Earnings Per Diluted Widespread Share(1),(2)


$       1.90


$       1.55


$       8.03


$       6.78















1)

Represents a non-GAAP monetary measure (GAAP represents accounting rules usually accepted in america of America). See Desk A for info relating to non-GAAP monetary measures.

2)

To calculate Full-Yr 2020 Adjusted Earnings-Per-Widespread-Share (EPS), most well-liked dividends of $104 million are added again to Adjusted Earnings due to the dilutive impact of Sequence A compulsory convertible most well-liked inventory.

Declaring Dividends and Elevating Annualized Widespread Inventory Dividend

This week, Sempra Power’s board of administrators declared a $1.10 per share quarterly dividend on the corporate’s widespread inventory, which is payable April 15, 2021 to widespread inventory shareholders of file as of March 25, 2021. The declared quarterly dividend represents a rise of the corporate’s widespread inventory dividend to $4.40 per share, on an annualized foundation, from $4.18 per share in 2020. Over the previous decade, we’ve got elevated our dividend at a compound annual development fee of roughly 9% and immediately’s announcement demonstrates the corporate’s continued dedication to producing worth for shareholders, whereas additionally reinvesting sooner or later development of the enterprise.

Sempra Power’s board of administrators additionally declared a quarterly dividend of $1.6875 per share on the corporate’s 6.75% Necessary Convertible Most popular Inventory, Sequence B. Moreover, the board of administrators declared a semi-annual dividend of $24.375 per share on Sempra Power’s 4.875% Mounted-Charge Reset Cumulative Redeemable Perpetual Most popular Inventory, Sequence C. The popular inventory dividends will probably be payable April 15, 2021 to most well-liked inventory shareholders of file as of April 1, 2021.

Persevering with Sturdy Development at U.S. Utilities

Together, San Diego Gasoline & Electrical Co. (SDG&E), Southern California Gasoline Co. (SoCalGas) and Oncor Electrical Supply Firm LLC (Oncor) personal and function a number of the largest power networks in america and are anticipated to play a vital function in delivering lower-carbon power to the communities they serve, whereas persevering with to spend money on security developments and clear applied sciences to assist keep resiliency and reliability. Our U.S. Utilities platform has continued to ship steady money flows, improved earnings visibility, and powerful natural development. In 2020, Sempra Power deployed file capital of roughly $7 billion which was primarily centered on security and reliability investments at SDG&E, SoCalGas and Oncor. In 2021 to 2025, Sempra Power’s $32 billion capital plan is anchored by continued investments within the firm’s U.S. Utilities platform with a give attention to security, reliability and decarbonizing the power system. In comparison with Sempra Power’s prior capital plan, the corporate has elevated U.S. Utilities capital in 2021-2022 by roughly $1.1 billion.

In Texas, Oncor has restored energy and repaired damages following the unprecedented winter storm that impacted many residents within the state final week. Whereas the extreme climate has highlighted the significance of vital power infrastructure, it additionally demonstrates the very important function Oncor continues to play in assembly the rising wants of Texas’ financial system by the execution of its 2021-2025 capital plan. In 2020, Oncor linked roughly 77,000 new premises, exceeding its connections in 2019 by about 20%, which is the best natural development in Oncor’s historical past. Oncor additionally set an organization file for brand new era interconnection requests it acquired in 2020, pushed by robust growth exercise in utility-scale era, with a give attention to the renewable and battery storage markets. Moreover, Oncor accomplished six main transmission tasks in West Texas totaling roughly 260 circuit miles and roughly $300 million of funding.

Advancing Sempra Infrastructure Companions Transactions

Sempra Power continues to make progress on a collection of built-in transactions introduced in December 2020, meant to simplify its power infrastructure investments below a standard platform – Sempra Infrastructure Companions. The corporate plans to finish the stock-for-stock change supply for the publicly traded shares of Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) and shut the sale of a non-controlling curiosity in Sempra Infrastructure Companions within the second quarter of 2021. The change supply and sale of a non-controlling curiosity are advancing independently and should not contingent upon the timing of the opposite transaction.

“With elevated scale and a robust development pipeline, Sempra Infrastructure Companions will probably be well-positioned to assist lead the worldwide power transition,” mentioned Martin. “Furthermore, we count on the transaction to help an funding grade stability sheet to help the corporate’s future development.”

By simplifying the possession construction of Sempra LNG and IEnova below Sempra Infrastructure Companions, the corporate is predicted to create further worth for Sempra Power traders.

Progressing LNG Infrastructure Investments

In November 2020, ECA Liquefaction (ECA LNG), a three way partnership between Sempra LNG and IEnova, reached a ultimate funding determination (FID) for the event, development and operation of the ECA LNG Part 1 pure gasoline liquefaction-export challenge in Baja California, Mexico. ECA LNG Part 1 is the one liquefied pure gasoline (LNG) export challenge on this planet to succeed in FID in 2020. Estimated capital expenditures for ECA LNG Part 1 are roughly $2 billion. Sempra expects to fund the challenge with a mix of fairness contributions and debt. First LNG manufacturing from ECA LNG Part 1 is predicted in late 2024.

Moreover, an affiliate of Whole SE has secured a 16.6% fairness stake in ECA LNG Part 1, whereas Sempra LNG and IEnova have every retained 41.7% possession.

Constructing Sustainable Worth

Sempra Power’s robust outcomes are underpinned by a dedication to environmental, social and governance issues. The corporate’s current recognition consists of:

    Fortune Journal’s “ World’s Most Admired Corporations” for 2021;
    Dow Jones Sustainability World Index, as the one North American utility sector firm on the listing;
    Dow Jones Sustainability North American Index;
    Bloomberg Gender-Equality Index for 2021;
    Human Rights Marketing campaign’s “Finest Place to Work for LGBTQ Equality;”
    Heart for Political Accountability-Zicklin Index – Trendsetter in political disclosure practices and accountability for 2020;
    Chief Govt of the Yr at S&P International Platts’ International Power Awards;
    Deal of the Yr at S&P International Platts’ International Power Awards for the divestiture of the corporate’s South American belongings; and
    Nationwide Affiliation of Company Administrators’ NXT Award for excellence in variety and inclusion.

Earnings Steering

Because of Sempra Power’s continued monetary execution, the corporate is reaffirming its full-year 2021 EPS steering vary of $7.50 to $8.10.

Non-GAAP Monetary Measures

Non-GAAP monetary measures embody Sempra Power’s adjusted earnings, adjusted EPS and adjusted diluted weighted-average widespread shares excellent. See Desk A for extra info relating to these non-GAAP monetary measures.

Web Broadcast

Sempra Power will broadcast a dwell dialogue of its earnings outcomes over the Web immediately at 12 p.m. ET with senior administration of the corporate. Entry is accessible by logging onto the web site at www.sempra.com. For these unable to go online to the dwell webcast, the teleconference will probably be accessible on replay a couple of hours after its conclusion by dialing (888) 203-1112 and coming into passcode 2095631.

About Sempra Power

Sempra Power’s mission is to be North America’s premier power infrastructure firm. The Sempra Power household of firms have greater than 19,000 proficient workers who ship power with objective to over 36 million customers. With greater than $66 billion in whole belongings on the finish of 2020, the San Diego-based firm is the proprietor of one of many largest power networks in North America serving a number of the largest economies on this planet. The corporate helps to advance the worldwide power transition by enabling the supply of lower-carbon power options in every promote it serves, together with California, Texas, Mexico and the LNG export market. Sempra Power is constantly acknowledged as a frontrunner in sustainable enterprise practices and for its long-standing dedication to constructing a high-performing tradition and advancing variety and inclusion. Sempra is the one North American utility sector firm included on the Dow Jones Sustainability World Index and was additionally named one of many “ World’s Most Admired Corporations” for 2021 by Fortune Journal for the fourth consecutive 12 months.

This press launch accommodates statements that represent forward-looking statements inside the which means of the Personal Securities Litigation Reform Act of 1995. Ahead-looking statements are primarily based on assumptions with respect to the longer term, contain dangers and uncertainties, and should not ensures. Future outcomes could differ materially from these expressed in any forward-looking statements. These forward-looking statements signify our estimates and assumptions solely as of the date of this press launch. We assume no obligation to replace or revise any forward-looking assertion on account of new info, future occasions or different components.

On this press launch, forward-looking statements will be recognized by phrases resembling “believes,” “expects,” “anticipates,” “plans,” “estimates,” “tasks,” “forecasts,” “ought to,” “may,” “would,” “will,” “assured,” “could,” “can,” “potential,” “potential,” “proposed,” “in course of,” “below development,” “in growth,” “goal,” “outlook,” “keep,” “proceed,” or related expressions, or after we talk about our steering, priorities, technique, objectives, imaginative and prescient, mission, alternatives, projections, intentions or expectations.

Components, amongst others, that would trigger precise outcomes and occasions to vary materially from these described in any forward-looking statements embody dangers and uncertainties referring to: California wildfires, together with the dangers that we could also be discovered answerable for damages no matter fault and that we could not be capable to get well prices from insurance coverage, the wildfire fund established by California Meeting Invoice 1054 or in charges from prospects; selections, investigations, laws, issuances or revocations of permits and different authorizations, renewals of franchises, and different actions by (i) the Comisión Federal de Electricidad, California Public Utilities Fee (CPUC), U.S. Division of Power, Public Utility Fee of Texas, and different regulatory and governmental our bodies and (ii) states, counties, cities and different jurisdictions within the U.S., Mexico and different international locations during which we do enterprise; the success of enterprise growth efforts, development tasks and main acquisitions and divestitures, together with dangers in (i) the power to make a ultimate funding determination, (ii) finishing development tasks or different transactions on schedule and finances, (iii) the power to comprehend anticipated advantages from any of those efforts if accomplished, and (iv) acquiring the consent of companions or different third events; the decision of civil and prison litigation, regulatory inquiries, investigations and proceedings, and arbitrations, together with, amongst others, these associated to the pure gasoline leak at Southern California Gasoline Firm’s (SoCalGas) Aliso Canyon pure gasoline storage facility; the influence of the COVID-19 pandemic on our capital tasks, regulatory approval processes, provide chain, liquidity and execution of operations; actions by credit standing businesses to downgrade our credit score scores or to position these scores on destructive outlook and our means to borrow on favorable phrases and meet our substantial debt service obligations; strikes to cut back or eradicate reliance on pure gasoline and the influence of volatility of oil costs on our companies and growth tasks; climate, pure disasters, pandemics, accidents, gear failures, explosions, acts of terrorism, pc system outages and different occasions that disrupt our operations, harm our services and techniques, trigger the discharge of dangerous supplies, trigger fires and topic us to legal responsibility for property harm or private accidents, fines and penalties, a few of which is probably not coated by insurance coverage (together with prices in extra of relevant coverage limits), could also be disputed by insurers or could in any other case not be recoverable by regulatory mechanisms or could influence our means to acquire passable ranges of inexpensive insurance coverage; the supply of electrical energy and pure gasoline and pure gasoline storage capability, together with disruptions brought on by failures within the transmission grid, limitations on the withdrawal of pure gasoline from storage services, and gear failures; cybersecurity threats to the power grid, storage and pipeline infrastructure, the knowledge and techniques used to function our companies, and the confidentiality of our proprietary info and the private info of our prospects and workers; expropriation of belongings, failure of overseas governments and state-owned entities to honor their contracts, and property disputes; the influence at San Diego Gasoline & Electrical Firm (SDG&E) on aggressive buyer charges and reliability as a result of development in distributed and native energy era, together with from departing retail load ensuing from prospects transferring to Direct Entry and Neighborhood Alternative Aggregation, and the danger of nonrecovery for stranded belongings and contractual obligations; Oncor Electrical Supply Firm LLC’s (Oncor) means to eradicate or cut back its quarterly dividends on account of regulatory and governance necessities and commitments, together with by actions of Oncor’s impartial administrators or a minority member director; volatility in overseas foreign money change and rates of interest and commodity costs and our means to successfully hedge these dangers; modifications in tax and commerce insurance policies, legal guidelines and laws, together with tariffs and revisions to worldwide commerce agreements which will enhance our prices, cut back our competitiveness, or impair our means to resolve commerce disputes; and different uncertainties, a few of which can be tough to foretell and are past our management.

These dangers and uncertainties are additional mentioned within the experiences that Sempra Power has filed with the U.S. Securities and Trade Fee (SEC). These experiences can be found by the EDGAR system free-of-charge on the SEC’s web site, www.sec.gov, and on the corporate’s web site, www.sempra.com. Buyers shouldn’t rely unduly on any forward-looking statements.

Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) should not the identical firms because the California utilities, SDG&E or SoCalGas, and Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova should not regulated by the CPUC.

SEMPRA ENERGY

Desk A










CONSOLIDATED STATEMENTS OF OPERATIONS

({Dollars} in hundreds of thousands, besides per share quantities; shares in 1000’s)



Three months ended

December 31,


Years ended

December 31,



2020


2019


2020


2019



(unaudited)





REVENUES









Utilities


$

2,826



$

2,640



$

10,025



$

9,448


Power-related companies


345



303



1,345



1,381


Whole revenues


3,171



2,943



11,370



10,829











EXPENSES AND OTHER INCOME









Utilities:









Price of pure gasoline


(343)



(350)



(925)



(1,139)


Price of electrical gasoline and bought energy


(269)



(259)



(1,187)



(1,188)


Power-related companies price of gross sales


(76)



(79)



(276)



(344)


Operation and upkeep


(1,174)



(951)



(3,940)



(3,466)


Aliso Canyon litigation and regulatory issues


(180)





(307)




Depreciation and amortization


(424)



(395)



(1,666)



(1,569)


Franchise charges and different taxes


(146)



(127)



(543)



(496)


Impairment losses






(1)



(43)


(Loss) acquire on sale of belongings


(3)





(3)



63


Different revenue (expense), internet


115



(26)



(48)



77


Curiosity revenue


20



23



96



87


Curiosity expense


(263)



(280)



(1,081)



(1,077)


     Revenue from persevering with operations earlier than revenue taxes and fairness earnings


428



499



1,489



1,734


Revenue tax expense


(189)



(165)



(249)



(315)


Fairness earnings


193



95



1,015



580


Revenue from persevering with operations, internet of revenue tax


432



429



2,255



1,999


Revenue from discontinued operations, internet of revenue tax




71



1,850



363


Internet revenue


432



500



4,105



2,362


Losses (earnings) attributable to noncontrolling pursuits


29



(18)



(172)



(164)


Most popular dividends


(47)



(35)



(168)



(142)


Most popular dividends of subsidiary






(1)



(1)


Earnings attributable to widespread shares


$

414



$

447



$

3,764



$

2,055











Fundamental earnings per widespread share (EPS):































Earnings


$

1.43



$

1.57



$

12.93



$

7.40


Weighted-average widespread shares excellent


289,009



284,649



291,077



277,904











Diluted EPS:

































Earnings


$

1.43



$

1.55



$

12.88



$

7.29


Weighted-average widespread shares excellent


290,216



288,767



292,252



282,033


SEMPRA ENERGY

Desk A (Continued)

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

Sempra Power Adjusted Earnings and Adjusted EPS exclude gadgets (after the results of revenue taxes and, if relevant, noncontrolling pursuits) in 2020 and 2019 as follows:

Three months ended December 31, 2020:

    $(139) million from impacts related to Aliso Canyon pure gasoline storage facility litigation and regulatory issues at Southern California Gasoline Firm (SoCalGas)

Yr ended December 31, 2020:

    $(233) million from impacts related to Aliso Canyon pure gasoline storage facility litigation and regulatory issues at SoCalGas
    $(100) million fairness losses at RBS Sempra Commodities LLP, which signify an estimate of our obligations to settle pending tax issues and associated authorized prices at our fairness technique funding at Mum or dad and Different
    $1,747 million acquire on the sale of our South American companies

Yr ended December 31, 2019:

    $45 million acquire on the sale of sure Sempra Renewables belongings

Related to holding the South American companies on the market:

    $89 million revenue tax profit from outdoors foundation variations in our South American companies primarily associated to the change in our indefinite reinvestment assertion from our determination in January 2019 to carry these companies on the market and a change within the anticipated construction of the sale
    $10 million revenue tax profit to cut back a valuation allowance towards sure internet working loss (NOL) carryforwards on account of our determination to promote our South American companies

Sempra Power Adjusted Earnings, Weighted-Common Widespread Shares Excellent – Adjusted and Adjusted EPS are non-GAAP monetary measures (GAAP represents accounting rules usually accepted in america of America). Due to the importance and/or nature of the excluded gadgets, administration believes that these non-GAAP monetary measures present a significant comparability of the efficiency of Sempra Power’s enterprise operations to prior and future intervals. Non-GAAP monetary measures are supplementary info that needs to be thought-about along with, however not as an alternative to, the knowledge ready in accordance with GAAP. The desk under reconciles for historic intervals these non-GAAP monetary measures to Sempra Power GAAP Earnings, Weighted-Common Widespread Shares Excellent – GAAP and GAAP EPS, which we contemplate to be probably the most instantly comparable monetary measures calculated in accordance with GAAP.

SEMPRA ENERGY





Desk A (Continued)
















RECONCILIATION OF ADJUSTED EARNINGS TO GAAP EARNINGS

({Dollars} in hundreds of thousands, besides per share quantities; shares in 1000’s)



Pretax quantity

Revenue tax

(profit)

expense(1)


Earnings


Pretax quantity

Revenue tax

expense 

  (profit)(1)


Earnings


Three months ended December 31, 2020


Three months ended December 31, 2019



(unaudited)





Sempra Power GAAP Earnings




$

414






$

447


Excluded merchandise:










Impacts related to Aliso Canyon litigation and regulatory issues

$

180


$

(41)



139



$


$




Sempra Power Adjusted Earnings




$

553






$

447













Diluted EPS:























Weighted-average widespread shares excellent, diluted – GAAP




290,216






288,787


Sempra Power GAAP EPS




$

1.43






$

1.55


Sempra Power Adjusted EPS




$

1.90



















Yr ended December 31, 2020

Yr ended December 31, 2019

Sempra Power GAAP Earnings




$

3,764






$

2,055


Excluded gadgets:










Impacts related to Aliso Canyon litigation and regulatory issues

$

307


$

(74)



233



$


$




Losses from funding in RBS Sempra Commodities LLP

100




100







Achieve on sale of South American companies

(2,899)


1,152



(1,747)







Achieve on sale of sure Sempra Renewables belongings






(61)


16



(45)


Related to holding the South American companies on the market:










   Change in indefinite reinvestment assertion of foundation variations and construction of sale of discontinued operations







(89)



(89)


Discount in tax valuation allowance towards sure NOL carryforwards







(10)



(10)


Sempra Power Adjusted Earnings




$

2,350






$

1,911













Diluted EPS:










Sempra Power GAAP Earnings




$

3,764






$

2,055


Weighted-average widespread shares excellent, diluted – GAAP




292,252






282,033


Sempra Power GAAP EPS




$

12.88






$

7.29












Sempra Power Adjusted Earnings




$

2,350






$

1,911


Add again dividends for dilutive collection A most well-liked inventory




104







Sempra Power Adjusted Earnings for Adjusted EPS




$

2,454






$

1,911


  Weighted-average widespread shares excellent, diluted – Adjusted(2)




305,669






282,033


Sempra Power Adjusted EPS




$

8.03






$

6.78



(1)

Apart from changes which can be solely revenue tax and tax associated to outdoors foundation variations, revenue taxes on pretax quantities have been primarily calculated primarily based on relevant statutory tax charges. We didn’t file an revenue tax profit for the fairness losses from our funding in RBS Sempra Commodities LLP as a result of, although a portion of the liabilities could also be deductible below United Kingdom tax legislation, it’s not possible that the deduction will cut back United Kingdom taxes.

(2)

Within the 12 months ended December 31, 2020, as a result of the assumed conversion of the collection A most well-liked inventory is dilutive for Adjusted Earnings, 13,417 collection A most well-liked inventory shares are added again to the denominator used to calculate Adjusted EPS.

SEMPRA ENERGY

Desk A (Continued)

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

Sempra Power 2020 Adjusted EPS Steering Vary of $7.20 to $7.80 excludes gadgets (after the results of revenue taxes and, if relevant, noncontrolling pursuits) as follows:

    $(233) million from impacts related to Aliso Canyon pure gasoline storage facility litigation and regulatory issues at SoCalGas
    $(100) million fairness losses at RBS Sempra Commodities LLP, which signify an estimate of our obligations to settle pending tax issues and associated authorized prices at our fairness technique funding at Mum or dad and Different
    $1,747 million acquire on the sale of our South American companies

Sempra Power 2020 Adjusted EPS Steering Vary is a non-GAAP monetary measure. Due to the importance and/or nature of the excluded gadgets, administration believes that this non-GAAP monetary measure offers a significant comparability of the efficiency of Sempra Power’s enterprise operations to prior and future intervals. Sempra Power 2020 Adjusted EPS Steering Vary shouldn’t be thought-about a substitute for Sempra Power 2020 GAAP EPS Steering Vary. Non-GAAP monetary measures are supplementary info that needs to be thought-about along with, however not as an alternative to, the knowledge ready in accordance with GAAP. The desk under reconciles Sempra Power 2020 Adjusted EPS Steering Vary to Sempra Power 2020 GAAP EPS Steering Vary, which we contemplate to be probably the most instantly comparable monetary measure calculated in accordance with GAAP.

RECONCILIATION OF ADJUSTED EPS GUIDANCE RANGE TO GAAP EPS GUIDANCE RANGE





Full-Yr 2020

Sempra Power GAAP EPS Steering Vary(1)

$

12.02


to

$

12.62


Excluded gadgets:





Impacts related to Aliso Canyon litigation and regulatory issues

0.80



0.80



Losses from funding in RBS Sempra Commodities LLP

0.34



0.34



Achieve on sale of South American companies

(5.96)



(5.96)


Sempra Power Adjusted EPS Steering Vary

$

7.20


to

$

7.80


Weighted-average widespread shares excellent, diluted (hundreds of thousands)(2)



293



(1)

Sempra Power’s prior GAAP EPS Steering Vary for full-year 2020 has been up to date to mirror further impacts related to the Aliso Canyon pure gasoline storage facility litigation and regulatory issues.

(2)

Weighted-average widespread shares excellent doesn’t embody the dilutive impact of necessary convertible most well-liked inventory, as they’re assumed to be antidilutive for full-year 2020. If such necessary convertible most well-liked inventory have been dilutive for the complete 12 months, the 2020 GAAP EPS Steering Vary would differ from the vary introduced above.

SEMPRA ENERGY


Desk B







CONSOLIDATED BALANCE SHEETS


({Dollars} in hundreds of thousands)







December 31,



2020


2019

ASSETS





Present belongings:





Money and money equivalents


$

960



$

108


Restricted money


22



31


Accounts receivable – commerce, internet


1,578



1,261


Accounts receivable – different, internet


403



455


Due from unconsolidated associates


20



32


Revenue taxes receivable


113



112


Inventories


308



277


Regulatory belongings


190



222


Greenhouse gasoline allowances


553



72


Property held on the market in discontinued operations




445


Different present belongings


364



324


Whole present belongings


4,511



3,339







Different belongings:





Restricted money


3



3


Due from unconsolidated associates


780



742


Regulatory belongings


1,822



1,930


Nuclear decommissioning trusts


1,019



1,082


Funding in Oncor Holdings


12,440



11,519


Different investments


1,388



2,103


Goodwill


1,602



1,602


Different intangible belongings


202



213


Devoted belongings in help of sure profit plans


512



488


Insurance coverage receivable for Aliso Canyon prices


445



339


Deferred revenue taxes


136



155


Greenhouse gasoline allowances


101



470


Proper-of-use belongings – working leases


543



591


Wildfire fund


363



392


Property held on the market in discontinued operations




3,513


Different long-term belongings


753



732


Whole different belongings


22,109



25,874


Property, plant and gear, internet


40,003



36,452


Whole belongings


$

66,623



$

65,665


SEMPRA ENERGY


Desk B (Continued)







CONSOLIDATED BALANCE SHEETS (CONTINUED)


({Dollars} in hundreds of thousands)







December 31,



2020


2019

LIABILITIES AND EQUITY





Present liabilities:





Brief-term debt


$

885



$

3,505


Accounts payable – commerce


1,359



1,234


Accounts payable – different


154



179


On account of unconsolidated associates


45



5


Dividends and curiosity payable


551



515


Accrued compensation and advantages


446



476


Regulatory liabilities


140



319


Present portion of long-term debt and finance leases


1,540



1,526


Reserve for Aliso Canyon prices


150



9


Greenhouse gasoline obligations


553



72


Liabilities held on the market in discontinued operations




444


Different present liabilities


1,016



866


Whole present liabilities


6,839



9,150







Lengthy-term debt and finance leases


21,781



20,785







Deferred credit and different liabilities:





On account of unconsolidated associates


234



195


Pension and different postretirement profit plan
obligations, internet of plan belongings


1,059



1,067


Deferred revenue taxes


2,871



2,577







Regulatory liabilities


3,372



3,741


Reserve for Aliso Canyon prices


301



7


Asset retirement obligations


3,113



2,923


Greenhouse gasoline obligations




301


Liabilities held on the market in discontinued operations




1,052


Deferred credit and different


2,119



2,062


Whole deferred credit and different liabilities


13,069



13,925


Fairness:





Sempra Power shareholders’ fairness


23,373



19,929


Most popular inventory of subsidiary


20



20


Different noncontrolling pursuits


1,541



1,856


Whole fairness


24,934



21,805


Whole liabilities and fairness


$

66,623



$

65,665


SEMPRA ENERGY

Desk C





CONSOLIDATED STATEMENTS OF CASH FLOWS




({Dollars} in hundreds of thousands)





Years ended December 31,


2020


2019

CASH FLOWS FROM OPERATING ACTIVITIES




Internet revenue

$

4,105



$

2,362


Much less: Revenue from discontinued operations, internet of revenue tax

(1,850)



(363)


Revenue from persevering with operations, internet of revenue tax

2,255



1,999


Changes to reconcile internet revenue to internet money supplied by working actions

1,042



1,259


Internet change in different working capital parts

(550)



(207)


Distributions from investments

651



247


Insurance coverage receivable for Aliso Canyon prices

(106)



122


Wildfire fund, present and noncurrent



(323)


Reserve for Aliso Canyon prices, noncurrent

294




Modifications in different noncurrent belongings and liabilities, internet

56



(399)


Internet money supplied by persevering with operations

3,642



2,698


Internet money (utilized in) supplied by discontinued operations

(1,051)



390


Internet money supplied by working actions

2,591



3,088






CASH FLOWS FROM INVESTING ACTIVITIES




Expenditures for property, plant and gear

(4,676)



(3,708)


Expenditures for investments and acquisitions

(652)



(1,797)


Proceeds from sale of belongings

19



899


Distributions from investments

761



9


Purchases of nuclear decommissioning belief belongings

(1,439)



(914)


Proceeds from gross sales of nuclear decommissioning belief belongings

1,439



914


Advances to unconsolidated associates

(92)



(16)


Repayments of advances to unconsolidated associates

7



3


Intercompany actions with discontinued operations, internet



8


Different

15



21


Internet money utilized in persevering with operations

(4,618)



(4,581)


Internet money supplied by (utilized in) discontinued operations

5,171



(12)


Internet money supplied by (utilized in) investing actions

553



(4,593)






CASH FLOWS FROM FINANCING ACTIVITIES




Widespread dividends paid

(1,174)



(993)


Most popular dividends paid

(157)



(142)


Issuances of most well-liked inventory, internet

891




Issuances of widespread inventory, internet

11



1,830


Repurchases of widespread inventory

(566)



(26)


Issuances of debt (maturities larger than 90 days)

6,051



4,296


Funds on debt (maturities larger than 90 days) and finance leases

(5,864)



(3,667)


(Lower) enhance in short-term debt, internet

(1,759)



656


Advances from unconsolidated associates

64



155


Proceeds from sale of noncontrolling pursuits, internet

26



5


Purchases of noncontrolling pursuits

(248)



(30)


Contributions from noncontrolling pursuits, internet

1



98


Intercompany actions with discontinued operations, internet



(266)


Different

(50)



(49)


Internet money (utilized in) supplied by persevering with operations

(2,774)



1,867


Internet money supplied by (utilized in) discontinued operations

401



(392)


Internet money (utilized in) supplied by financing actions

(2,373)



1,475






Impact of change fee modifications in persevering with operations




Impact of change fee modifications in discontinued operations

(3)



1


Impact of change fee modifications on money, money equivalents and restricted money

(3)



1






Enhance (lower) in money, money equivalents and restricted money, together with discontinued operations

768



(29)


Money, money equivalents and restricted money, together with discontinued operations, January 1

217



246


Money, money equivalents and restricted money, together with discontinued operations, December 31

$

985



$

217


SEMPRA ENERGY

Desk D









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

({Dollars} in hundreds of thousands)









Three months ended

December 31,


Years ended

December 31,


2020


2019


2020


2019


    (unaudited)





Earnings (Losses) Attributable to Widespread Shares








SDG&E

$

191



$

185



$

824



$

767


SoCalGas

79



204



504



641


Sempra Texas Utilities

121



109



579



528


Sempra Mexico

(43)



39



259



253


Sempra LNG

113



(19)



320



(6)


Sempra Renewables







59


Mum or dad and different

(47)



(132)



(562)



(515)


Discontinued operations



61



1,840



328


Whole

$

414



$

447



$

3,764



$

2,055



















Three months ended

December 31,


Years ended

December 31,


2020


2019


2020


2019


    (unaudited)





Capital Expenditures, Investments and Acquisitions








SDG&E

$

619



$

451



$

1,942



$

1,522


SoCalGas

498



420



1,843



1,439


Sempra Texas Utilities

423



347



648



1,685


Sempra Mexico

168



204



611



624


Sempra LNG

72



39



272



222


Sempra Renewables







2


Mum or dad and different

6



5



12



11


Whole

$

1,786



$

1,466



$

5,328



$

5,505


SEMPRA ENERGY

Desk D (Continued)







RECONCILIATION OF CAPITAL DEPLOYED





({Dollars} in hundreds of thousands)








Years ended December 31,




2020


2019




(unaudited)

Sempra Power





Expenditures for property, plant and gear


$

4,676



$

3,708


Expenditures for investments and acquisitions


652



1,797


Whole Capital Expenditures, Investments and Acquisitions (On Steadiness Sheet)


5,328



5,505


Exclude:





     Capital contribution to Oncor for Oncor’s acquisition of 100% of InfraREIT and Sempra’s acquisition of a 50%

          oblique curiosity in Sharyland




(1,162)


  Acquisition of 1% curiosity in Texas Transmission Holdings Company (TTHC) from Hunt


(16)




  Whole Capital Expenditures and Investments (On Steadiness Sheet)

A

5,312



4,343








Oncor Electrical Supply Firm LLC


Capital expenditures (100%)


2,540



2,097


Whole Capital Expenditures (Off Steadiness Sheet)


2,540



2,097








Sharyland Utilities


Capital expenditures (100%)


5



2


Whole Capital Expenditures (Off Steadiness Sheet)


5



2







Sempra Texas Utilities – Proportionate Possession Share of Unconsolidated Entities


80.25% of Oncor Electrical Supply Firm LLC capital expenditures


2,038



1,683


50% of Sharyland Utilities capital expenditures


3



1


Much less:





Sempra Texas Utilities investments and acquisitions (On Steadiness Sheet)


(648)



(1,685)


Add Again:





     Sempra Texas Utilities acquisitions (On Steadiness Sheet)(1)


16



1,162


Capital Expenditures, Investments and Acquisitions – Sempra Texas Utilities (Off Steadiness Sheet)


1,409



1,161








Capital Expenditures – Unconsolidated Joint Ventures at Sempra LNG and Sempra Mexico (Off Steadiness Sheet)(2)


228



446








Whole Capital Expenditures, Investments and Acquisitions of Unconsolidated Entities (Off Steadiness Sheet)

B

1,637



1,607








Whole Capital Deployed

A+B

$

6,949



$

5,950



(1)

Consists of Sempra Power’s acquisition of 1% curiosity in TTHC from Hunt in 2020 and Sempra Power’s capital contribution to Oncor for Oncor’s acquisition of 100% of InfraREIT and Sempra Power’s acquisition of a 50% oblique curiosity in Sharyland in 2019.

(2)

Quantities are internet of capital contributions from Sempra Power. 2020 and 2019 consists of $146 and $337, respectively, of capex funded by Sempra LNG’s unconsolidated JV (Cameron LNG JV) and $82 and $109, respectively, funded by Sempra Mexico’s unconsolidated JVs.

SEMPRA ENERGY

Desk E






OTHER OPERATING STATISTICS




Three months ended

December 31,


Years ended or at

December 31,



2020


2019


2020


2019



(unaudited)

UTILITIES








SDG&E and SoCalGas








   Gasoline gross sales (Bcf)(1)

98


103


355


374

   Transportation (Bcf)(1)

161


149


612


573

   Whole deliveries (Bcf)(1)

259


252


967


947









   Whole gasoline buyer meters (1000’s)





6,967


6,924









SDG&E








   Electrical gross sales (hundreds of thousands of kWhs)(1)

3,751


3,601


14,398


14,397

  Direct Entry and Neighborhood Alternative Aggregation (hundreds of thousands of kWhs)

952


909


3,482


3,549

   Whole deliveries (hundreds of thousands of kWhs)(1)

4,703


4,510


17,880


17,946









   Whole electrical buyer meters (1000’s)





1,483


1,471









Oncor(2)








   Whole deliveries (hundreds of thousands of kWhs)

30,615


30,916


131,157


133,378

   Whole electrical buyer meters (1000’s)





3,762


3,685









Ecogas








   Pure gasoline gross sales (Bcf)

1


1


3


3

   Pure gasoline buyer meters (1000’s)





136


132










ENERGY-RELATED BUSINESSES








Energy generated and bought








   Sempra Mexico








  Termoeléctrica de Mexicali (TdM) (hundreds of thousands of kWhs)

729


1,011


2,905


3,873

     Wind and photo voltaic (hundreds of thousands of kWhs)(3)

420


333


1,724


1,442


(1)

Consists of intercompany gross sales.

(2)

Consists of 100% of the electrical deliveries and buyer meters of Oncor Electrical Supply Firm LLC (Oncor), during which we maintain an oblique 80.25% curiosity by our funding in Oncor Electrical Supply Holdings Firm LLC.

(3)

Consists of 50% of the full energy generated and bought on the Energía Sierra Juárez wind energy era facility, during which Sempra Power has a 50% possession curiosity.

SEMPRA ENERGY







Desk F (Unaudited)

























STATEMENT OF OPERATIONS DATA BY SEGMENT







({Dollars} in hundreds of thousands)
























Three months ended December 31, 2020

SDG&E


SoCalGas


Sempra

Texas

Utilities


Sempra

Mexico




Sempra LNG


Consolidating

Changes,

Mum or dad &

Different



Whole

Revenues

$

1,337



$

1,501



$



$

321





$

119



$

(107)




$

3,171


Price of gross sales and different bills

(813)



(1,165)





(173)





(118)



81




(2,188)


Depreciation and amortization

(203)



(168)





(48)





(2)



(3)




(424)






















Loss on sale of belongings













(3)




(3)


Different revenue (expense), internet

5



(49)





134







25




115


Revenue (loss) earlier than curiosity and tax(1)

326



119





234





(1)



(7)




671


Internet curiosity (expense) revenue

(106)



(39)





(24)





12



(86)




(243)


Revenue tax (expense) profit

(29)



(1)



(1)



(218)





(33)



93




(189)


Fairness earnings (losses), internet





122



(63)





134






193


Losses attributable to noncontrolling pursuits







28





1






29


Most popular dividends













(47)




(47)


Earnings (losses) attributable to widespread shares

$

191



$

79



$

121



$

(43)





$

113



$

(47)




$

414

























































Three months ended December 31, 2019

SDG&E


SoCalGas


Sempra

Texas

Utilities


Sempra

Mexico




Sempra LNG


Consolidating

Changes,

Mum or dad &

Different



Whole

Revenues

$

1,259



$

1,383



$



$

317





$

83



$

(99)




$

2,943


Price of gross sales and different bills

(705)



(847)





(153)





(112)



51




(1,766)


Depreciation and amortization

(189)



(153)





(47)





(3)



(3)




(395)










































Different (expense) revenue, internet

(21)



(73)





70







(2)




(26)


Revenue (loss) earlier than curiosity and tax(1)

344



310





187





(32)



(53)




756


Internet curiosity expense

(99)



(36)





(10)





(1)



(111)




(257)


Revenue tax (expense) profit

(60)



(70)





(111)





9



67




(165)


Fairness earnings (losses), internet





109



(19)





5






95


Earnings attributable to noncontrolling pursuits







(8)










(8)


Most popular dividends













(35)




(35)


Earnings (losses) from persevering with operations

$

185



$

204



$

109



$

39





$

(19)



$

(132)




386


Earnings from discontinued operations
















61


Earnings attributable to widespread shares
















$

447



(1)

Administration believes Revenue (Loss) Earlier than Curiosity and Tax is a helpful measurement of our segments’ efficiency as a result of it may be used to judge the effectiveness of our operations unique of curiosity and revenue tax, neither of which is instantly related to the effectivity of these operations.

SEMPRA ENERGY

Desk F



















STATEMENT OF OPERATIONS DATA BY SEGMENT

({Dollars} in hundreds of thousands)


















Yr ended December 31, 2020

SDG&E


SoCalGas


Sempra

Texas

Utilities


Sempra

Mexico


Sempra LNG


Sempra

Renewables


Consolidating

Changes,

Mum or dad &

Different



Whole

Revenues

$

5,313



$

4,748



$



$

1,256



$

374



$



$

(321)




$

11,370


Price of gross sales and different bills

(3,139)



(3,309)





(581)



(384)





234




(7,179)


Depreciation and amortization

(801)



(654)





(189)



(9)





(13)




(1,666)






















Loss on sale of belongings













(3)




(3)


Different revenue (expense), internet

52



(28)





(77)







5




(48)


Revenue (loss) earlier than curiosity and tax(1)

1,425



757





409



(19)





(98)




2,474


Internet curiosity (expense) revenue

(411)



(156)





(72)



38





(384)




(985)


Revenue tax (expense) profit

(190)



(96)



(1)



(57)



(92)





187




(249)


Fairness earnings (losses), internet





580



144



391





(100)




1,015


(Earnings) losses attributable to noncontrolling pursuits







(165)



2





1




(162)


Most popular dividends



(1)











(168)




(169)


Earnings (losses) from persevering with operations

$

824



$

504



$

579



$

259



$

320



$



$

(562)




1,924


Earnings from discontinued operations
















1,840


Earnings attributable to widespread shares
















$

3,764




































Yr ended December 31, 2019

SDG&E


SoCalGas


Sempra

Texas

Utilities


Sempra

Mexico


Sempra LNG


Sempra

Renewables


Consolidating

Changes,

Mum or dad &

Different



Whole

Revenues

$

4,925



$

4,525



$



$

1,375



$

410



$

10



$

(416)




$

10,829


Price of gross sales and different bills

(2,846)



(2,930)





(649)



(462)



(20)



274




(6,633)


Depreciation and amortization

(760)



(602)





(183)



(10)





(14)




(1,569)


Impairment losses

(6)



(37)














(43)


Achieve on sale of belongings











61



2




63


Different revenue (expense), internet

39



(55)





76







17




77


Revenue (loss) earlier than curiosity and tax(1)

1,352



901





619



(62)



51



(137)




2,724


Internet curiosity (expense) revenue

(407)



(139)





(41)



26



8



(437)




(990)


Revenue tax (expense) profit

(171)



(120)





(227)



5



(4)



202




(315)


Fairness earnings (losses), internet





528



24



24



5



(1)




580


(Earnings) losses attributable to noncontrolling pursuits

(7)







(122)



1



(1)






(129)


Most popular dividends



(1)











(142)




(143)


Earnings (losses) from persevering with operations

$

767



$

641



$

528



$

253



$

(6)



$

59



$

(515)




1,727


Earnings from discontinued operations
















328


Earnings attributable to widespread shares
















$

2,055



(1)

Administration believes Revenue (Loss) Earlier than Curiosity and Tax is a helpful measurement of our segments’ efficiency as a result of it may be used to judge the effectiveness of our operations unique of curiosity and revenue tax, neither of which is instantly related to the effectivity of these operations.

SOURCE Sempra Power

Sempra Power Delivers Sturdy Full-Yr 2020 Monetary And Operational Outcomes

Associated Hyperlinks

https://www.sempra.com

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