November 6, 2024 | ||
Date of Report (Date of earliest event reported) |
Commission File No. | Exact Name of Registrants as Specified in their Charters, Address and Telephone Number | State of Incorporation | I.R.S. Employer Identification Nos. | Former name, former address and former fiscal year, if changed since last report | |||||||||||||
1-14201 | SEMPRA | California | 33-0732627 | No change | |||||||||||||
488 8th Avenue |
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San Diego, California 92101 |
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(619) 696-2000 |
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1-03779 | SAN DIEGO GAS & ELECTRIC COMPANY | California | 95-1184800 | No change | |||||||||||||
8330 Century Park Court |
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San Diego, California 92123 |
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(619) 696-2000 |
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1-01402 | SOUTHERN CALIFORNIA GAS COMPANY | California | 95-1240705 | No change | |||||||||||||
555 West 5th Street |
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Los Angeles, California 90013 |
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(213) 244-1200 |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions: | |||||
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: | ||||||||
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||
SEMPRA: | ||||||||
Sempra Common Stock, without par value | SRE | New York Stock Exchange | ||||||
Sempra 5.75% Junior Subordinated Notes Due 2079, $25 par value | SREA | New York Stock Exchange | ||||||
SAN DIEGO GAS & ELECTRIC COMPANY: | ||||||||
None | ||||||||
SOUTHERN CALIFORNIA GAS COMPANY: | ||||||||
None | ||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2). ☐ | ||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
Exhibit Number | Exhibit Description | |||||||
99.1 | ||||||||
99.2 | ||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
SEMPRA, | |||||
(Registrant) | |||||
Date: November 6, 2024 | By: /s/ Peter R. Wall | ||||
Peter R. Wall Senior Vice President, Controller and Chief Accounting Officer |
SAN DIEGO GAS & ELECTRIC COMPANY, | |||||
(Registrant) | |||||
Date: November 6, 2024 | By: /s/ Valerie A. Bille | ||||
Valerie A. Bille Vice President, Controller and Chief Accounting Officer |
SOUTHERN CALIFORNIA GAS COMPANY, | |||||
(Registrant) | |||||
Date: November 6, 2024 | By: /s/ Sara P. Mijares | ||||
Sara P. Mijares
Vice President, Controller and Chief Accounting Officer
|
Media Contact: | Katie Nieri | |||||||||||||
Sempra | ||||||||||||||
(877) 340-8875 | ||||||||||||||
media@sempra.com | ||||||||||||||
Financial Contact: | Jenell McKay | |||||||||||||
Sempra | ||||||||||||||
(877) 736-7727 | ||||||||||||||
investor@sempra.com |
(Dollars and shares in millions, except EPS) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||
GAAP Earnings | $ | 638 | $ | 721 | $ | 2,152 | $ | 2,293 | |||||||||||||||||||||
Equity losses from write-off of rate base disallowances resulting from Public Utility Commission of Texas' final order in Oncor Electric Delivery Company LLC's comprehensive base rate review | — | — | — | 44 | |||||||||||||||||||||||||
Impact from foreign currency and inflation on monetary positions in Mexico | (67) | (36) | (178) | 166 | |||||||||||||||||||||||||
Net unrealized (gains) losses on derivatives | (5) | — | 13 | (319) | |||||||||||||||||||||||||
Net unrealized losses on contingent interest rate swap related to initial phase of the Port Arthur LNG liquefaction project | — | — | — | 17 | |||||||||||||||||||||||||
Adjusted Earnings(1) |
$ | 566 | $ | 685 | $ | 1,987 | $ | 2,201 | |||||||||||||||||||||
Diluted Weighted-Average Common Shares Outstanding | 638 | 632 | 637 | 632 | |||||||||||||||||||||||||
GAAP EPS | $ | 1.00 | $ | 1.14 | $ | 3.38 | $ | 3.63 | |||||||||||||||||||||
Adjusted EPS(1) |
$ | 0.89 | $ | 1.08 | $ | 3.12 | $ | 3.48 | |||||||||||||||||||||
SEMPRA | |||||||||||||||||||||||
Table A | |||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||
(Dollars in millions, except per share amounts; shares in thousands) | |||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
REVENUES | |||||||||||||||||||||||
Utilities: | |||||||||||||||||||||||
Natural gas | $ | 1,195 | $ | 1,488 | $ | 4,798 | $ | 7,560 | |||||||||||||||
Electric | 1,069 | 1,250 | 3,269 | 3,331 | |||||||||||||||||||
Energy-related businesses | 512 | 596 | 1,360 | 2,338 | |||||||||||||||||||
Total revenues | 2,776 | 3,334 | 9,427 | 13,229 | |||||||||||||||||||
EXPENSES AND OTHER INCOME | |||||||||||||||||||||||
Utilities: | |||||||||||||||||||||||
Cost of natural gas | (99) | (260) | (790) | (3,254) | |||||||||||||||||||
Cost of electric fuel and purchased power | 18 | (183) | (227) | (385) | |||||||||||||||||||
Energy-related businesses cost of sales | (134) | (163) | (297) | (437) | |||||||||||||||||||
Operation and maintenance | (1,326) | (1,383) | (3,871) | (3,958) | |||||||||||||||||||
Depreciation and amortization | (614) | (563) | (1,811) | (1,651) | |||||||||||||||||||
Franchise fees and other taxes | (175) | (169) | (515) | (509) | |||||||||||||||||||
Other income, net | 65 | 3 | 194 | 75 | |||||||||||||||||||
Interest income | 17 | 19 | 47 | 60 | |||||||||||||||||||
Interest expense | (328) | (312) | (944) | (995) | |||||||||||||||||||
Income before income taxes and equity earnings | 200 | 323 | 1,213 | 2,175 | |||||||||||||||||||
Income tax benefit (expense) | 105 | 52 | 63 | (499) | |||||||||||||||||||
Equity earnings | 454 | 479 | 1,235 | 1,086 | |||||||||||||||||||
Net income | 759 | 854 | 2,511 | 2,762 | |||||||||||||||||||
Earnings attributable to noncontrolling interests | (110) | (122) | (325) | (435) | |||||||||||||||||||
Preferred dividends | (11) | (11) | (33) | (33) | |||||||||||||||||||
Preferred dividends of subsidiary | — | — | (1) | (1) | |||||||||||||||||||
Earnings attributable to common shares | $ | 638 | $ | 721 | $ | 2,152 | $ | 2,293 | |||||||||||||||
Basic earnings per common share (EPS): | |||||||||||||||||||||||
Earnings | $ | 1.01 | $ | 1.14 | $ | 3.40 | $ | 3.64 | |||||||||||||||
Weighted-average common shares outstanding | 633,752 | 630,036 | 633,342 | 629,963 | |||||||||||||||||||
Diluted EPS: | |||||||||||||||||||||||
Earnings | $ | 1.00 | $ | 1.14 | $ | 3.38 | $ | 3.63 | |||||||||||||||
Weighted-average common shares outstanding | 638,061 | 632,324 | 636,566 | 632,231 |
RECONCILIATION OF ADJUSTED EARNINGS TO GAAP EARNINGS AND ADJUSTED EPS TO GAAP EPS | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions, except per share amounts; shares in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Pretax amount | Income tax (benefit) expense(1) |
Non-controlling interests | Earnings | Diluted EPS | Pretax amount | Income tax (benefit) expense(1) |
Non-controlling interests | Earnings | Diluted EPS | ||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2024 | Three months ended September 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Sempra GAAP Earnings and GAAP EPS |
$ | 638 | $ | 1.00 | $ | 721 | $ | 1.14 | |||||||||||||||||||||||||||||||||||||||
Excluded items: | |||||||||||||||||||||||||||||||||||||||||||||||
Impact from foreign currency and inflation on monetary positions in Mexico | $ | (22) | $ | (78) | $ | 33 | (67) | (0.10) | $ | (3) | $ | (49) | $ | 16 | (36) | (0.06) | |||||||||||||||||||||||||||||||
Net unrealized gains on commodity derivatives | (11) | 2 | 4 | (5) | (0.01) | (2) | 2 | — | — | — | |||||||||||||||||||||||||||||||||||||
Sempra Adjusted Earnings and Adjusted EPS | $ | 566 | $ | 0.89 | $ | 685 | $ | 1.08 | |||||||||||||||||||||||||||||||||||||||
Weighted-average common shares outstanding, diluted |
638,061 | 632,324 | |||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2024 | Nine months ended September 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Sempra GAAP Earnings and GAAP EPS |
$ | 2,152 | $ | 3.38 | $ | 2,293 | $ | 3.63 | |||||||||||||||||||||||||||||||||||||||
Excluded items: | |||||||||||||||||||||||||||||||||||||||||||||||
Equity losses from write-off of rate base disallowances resulting from PUCT's final order in Oncor's comprehensive base rate review |
$ | — | $ | — | $ | — | — | — | $ | — | $ | — | $ | — | 44 | 0.07 | |||||||||||||||||||||||||||||||
Impact from foreign currency and inflation on monetary positions in Mexico | (52) | (211) | 85 | (178) | (0.28) | 40 | 203 | (77) | 166 | 0.26 | |||||||||||||||||||||||||||||||||||||
Net unrealized losses (gains) on commodity derivatives | 24 | (3) | (8) | 13 | 0.02 | (630) | 128 | 183 | (319) | (0.51) | |||||||||||||||||||||||||||||||||||||
Net unrealized losses on contingent interest rate swap related to PA LNG Phase 1 project | — | — | — | — | — | 33 | (6) | (10) | 17 | 0.03 | |||||||||||||||||||||||||||||||||||||
Sempra Adjusted Earnings and Adjusted EPS | $ | 1,987 | $ | 3.12 | $ | 2,201 | $ | 3.48 | |||||||||||||||||||||||||||||||||||||||
Weighted-average common shares outstanding, diluted |
636,566 | 632,231 |
RECONCILIATION OF ADJUSTED EPS GUIDANCE RANGE TO GAAP EPS GUIDANCE RANGE | |||||||||||
Full-Year 2024 |
|||||||||||
Sempra GAAP EPS Guidance Range | $ | 4.86 | to | $ | 5.16 | ||||||
Excluded items: | |||||||||||
Impact from foreign currency and inflation on monetary positions in Mexico | (0.28) | (0.28) | |||||||||
Net unrealized losses on commodity derivatives | 0.02 | 0.02 | |||||||||
Sempra Adjusted EPS Guidance Range | $ | 4.60 | to | $ | 4.90 | ||||||
Weighted-average common shares outstanding, diluted (millions) | 637 |
SEMPRA | |||||||||||
Table B | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(Dollars in millions) | |||||||||||
September 30, 2024 |
December 31,
2023(1)
|
||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 560 | $ | 236 | |||||||
Restricted cash | 22 | 49 | |||||||||
Accounts receivable – trade, net | 1,716 | 2,151 | |||||||||
Accounts receivable – other, net | 422 | 561 | |||||||||
Due from unconsolidated affiliates | 14 | 31 | |||||||||
Income taxes receivable | 152 | 94 | |||||||||
Inventories | 519 | 482 | |||||||||
Prepaid expenses | 314 | 273 | |||||||||
Regulatory assets | 59 | 226 | |||||||||
Fixed-price contracts and other derivatives | 111 | 122 | |||||||||
Greenhouse gas allowances | 1,169 | 1,189 | |||||||||
Other current assets | 41 | 56 | |||||||||
Total current assets | 5,099 | 5,470 | |||||||||
Other assets: | |||||||||||
Restricted cash | 108 | 104 | |||||||||
Regulatory assets | 4,325 | 3,771 | |||||||||
Greenhouse gas allowances | 971 | 301 | |||||||||
Nuclear decommissioning trusts | 906 | 872 | |||||||||
Dedicated assets in support of certain benefit plans | 585 | 549 | |||||||||
Deferred income taxes | 144 | 129 | |||||||||
Right-of-use assets – operating leases | 888 | 723 | |||||||||
Investment in Oncor Holdings | 15,160 | 14,266 | |||||||||
Other investments | 2,412 | 2,244 | |||||||||
Goodwill | 1,602 | 1,602 | |||||||||
Other intangible assets | 299 | 318 | |||||||||
Wildfire fund | 268 | 269 | |||||||||
Other long-term assets | 1,706 | 1,603 | |||||||||
Total other assets | 29,374 | 26,751 | |||||||||
Property, plant and equipment, net | 59,275 | 54,960 | |||||||||
Total assets | $ | 93,748 | $ | 87,181 |
SEMPRA | |||||||||||
Table B (Continued) | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(Dollars in millions) | |||||||||||
September 30, 2024 |
December 31,
2023(1)
|
||||||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Short-term debt | $ | 2,187 | $ | 2,342 | |||||||
Accounts payable – trade | 1,966 | 2,211 | |||||||||
Accounts payable – other | 227 | 224 | |||||||||
Due to unconsolidated affiliates | — | 5 | |||||||||
Dividends and interest payable | 816 | 691 | |||||||||
Accrued compensation and benefits | 541 | 526 | |||||||||
Regulatory liabilities | 523 | 553 | |||||||||
Current portion of long-term debt and finance leases | 1,212 | 975 | |||||||||
Greenhouse gas obligations | 1,169 | 1,189 | |||||||||
Other current liabilities | 1,202 | 1,374 | |||||||||
Total current liabilities | 9,843 | 10,090 | |||||||||
Long-term debt and finance leases | 30,964 | 27,759 | |||||||||
Deferred credits and other liabilities: | |||||||||||
Due to unconsolidated affiliates | 347 | 307 | |||||||||
Regulatory liabilities | 4,118 | 3,739 | |||||||||
Greenhouse gas obligations | 495 | — | |||||||||
Pension and other postretirement benefit plan obligations, net of plan assets | 377 | 407 | |||||||||
Deferred income taxes | 5,404 | 5,254 | |||||||||
Asset retirement obligations | 3,710 | 3,642 | |||||||||
Deferred credits and other | 2,610 | 2,329 | |||||||||
Total deferred credits and other liabilities | 17,061 | 15,678 | |||||||||
Equity: | |||||||||||
Sempra shareholders’ equity | 29,703 | 28,675 | |||||||||
Preferred stock of subsidiary | 20 | 20 | |||||||||
Other noncontrolling interests | 6,157 | 4,959 | |||||||||
Total equity | 35,880 | 33,654 | |||||||||
Total liabilities and equity | $ | 93,748 | $ | 87,181 |
SEMPRA | |||||||||||
Table C | |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(Dollars in millions) | |||||||||||
Nine months ended September 30, | |||||||||||
2024 | 2023 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net income | $ | 2,511 | $ | 2,762 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities | 583 | 646 | |||||||||
Net change in working capital components | 55 | 1,610 | |||||||||
Distributions from investments | 654 | 668 | |||||||||
Changes in other noncurrent assets and liabilities, net | (261) | (557) | |||||||||
Net cash provided by operating activities | 3,542 | 5,129 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
Expenditures for property, plant and equipment | (5,765) | (6,074) | |||||||||
Expenditures for investments | (588) | (281) | |||||||||
Purchases of nuclear decommissioning and other trust assets | (658) | (462) | |||||||||
Proceeds from sales of nuclear decommissioning and other trust assets | 704 | 503 | |||||||||
Other | 11 | 10 | |||||||||
Net cash used in investing activities | (6,296) | (6,304) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
Common dividends paid | (1,121) | (1,109) | |||||||||
Preferred dividends paid | (22) | (22) | |||||||||
Issuances of common stock | 26 | — | |||||||||
Repurchases of common stock | (41) | (32) | |||||||||
Issuances of debt (maturities greater than 90 days) | 6,437 | 6,911 | |||||||||
Payments on debt (maturities greater than 90 days) and finance leases | (2,216) | (6,018) | |||||||||
(Decrease) increase in short-term debt, net | (929) | 629 | |||||||||
Advances from unconsolidated affiliates | 85 | 31 | |||||||||
Proceeds from sales of noncontrolling interests, net | — | 1,238 | |||||||||
Distributions to noncontrolling interests | (235) | (289) | |||||||||
Contributions from noncontrolling interests | 1,121 | 1,036 | |||||||||
Settlement of cross-currency swaps | — | (99) | |||||||||
Other | (39) | (78) | |||||||||
Net cash provided by financing activities | 3,066 | 2,198 | |||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (11) | 6 | |||||||||
Increase in cash, cash equivalents and restricted cash | 301 | 1,029 | |||||||||
Cash, cash equivalents and restricted cash, January 1 | 389 | 462 | |||||||||
Cash, cash equivalents and restricted cash, September 30 | $ | 690 | $ | 1,491 |
SEMPRA | |||||||||||||||||||||||
Table D | |||||||||||||||||||||||
SEGMENT EARNINGS (LOSSES) AND CAPITAL EXPENDITURES AND INVESTMENTS | |||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Earnings (Losses) Attributable to Common Shares | |||||||||||||||||||||||
Sempra California | $ | 247 | $ | 290 | $ | 1,145 | $ | 1,247 | |||||||||||||||
Sempra Texas Utilities | 261 | 305 | 646 | 548 | |||||||||||||||||||
Sempra Infrastructure | 230 | 223 | 652 | 746 | |||||||||||||||||||
Parent and other | (100) | (97) | (291) | (248) | |||||||||||||||||||
Total | $ | 638 | $ | 721 | $ | 2,152 | $ | 2,293 | |||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Capital Expenditures and Investments | |||||||||||||||||||||||
Sempra California | $ | 1,117 | $ | 1,144 | $ | 3,329 | $ | 3,344 | |||||||||||||||
Sempra Texas Utilities | 193 | 92 | 578 | 270 | |||||||||||||||||||
Sempra Infrastructure | 824 | 652 | 2,443 | 2,736 | |||||||||||||||||||
Parent and other | 2 | 1 | 3 | 5 | |||||||||||||||||||
Total | $ | 2,136 | $ | 1,889 | $ | 6,353 | $ | 6,355 |
SEMPRA | ||||||||||||||||||||||||||
Table E | ||||||||||||||||||||||||||
OTHER OPERATING STATISTICS | ||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||
UTILITIES | ||||||||||||||||||||||||||
Sempra California | ||||||||||||||||||||||||||
Gas sales (Bcf)(1) |
54 | 55 | 254 | 280 | ||||||||||||||||||||||
Transportation (Bcf)(1) |
157 | 165 | 419 | 438 | ||||||||||||||||||||||
Total deliveries (Bcf)(1) |
211 | 220 | 673 | 718 | ||||||||||||||||||||||
Total gas customer meters (thousands) | 7,107 | 7,047 | ||||||||||||||||||||||||
Electric sales (millions of kWhs)(1) |
857 | 1,075 | 2,453 | 3,645 | ||||||||||||||||||||||
Community Choice Aggregation and Direct Access (millions of kWhs) | 3,962 | 3,472 | 10,023 | 9,001 | ||||||||||||||||||||||
Total deliveries (millions of kWhs)(1) |
4,819 | 4,547 | 12,476 | 12,646 | ||||||||||||||||||||||
Total electric customer meters (thousands) | 1,529 | 1,515 | ||||||||||||||||||||||||
Oncor(2) |
||||||||||||||||||||||||||
Total deliveries (millions of kWhs) | 46,208 | 47,736 | 123,864 | 120,571 | ||||||||||||||||||||||
Total electric customer meters (thousands) | 4,027 | 3,953 | ||||||||||||||||||||||||
Ecogas México, S. de R.L. de C.V. | ||||||||||||||||||||||||||
Natural gas sales (Bcf) | 1 | 1 | 3 | 3 | ||||||||||||||||||||||
Natural gas customer meters (thousands) | 162 | 155 | ||||||||||||||||||||||||
ENERGY-RELATED BUSINESSES | ||||||||||||||||||||||||||
Sempra Infrastructure | ||||||||||||||||||||||||||
Termoeléctrica de Mexicali (millions of kWhs) | 1,081 | 1,105 | 2,711 | 2,022 | ||||||||||||||||||||||
Wind and solar (millions of kWhs)(1) |
687 | 827 | 2,294 | 2,525 |
SEMPRA | ||||||||||||||||||||||||||||||||
Table F | ||||||||||||||||||||||||||||||||
STATEMENTS OF OPERATIONS DATA BY SEGMENT | ||||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||
Three months ended September 30, 2024 | Sempra California | Sempra Texas Utilities | Sempra Infrastructure | Consolidating Adjustments, Parent & Other | Total | |||||||||||||||||||||||||||
Revenues | $ | 2,256 | $ | — | $ | 538 | $ | (18) | $ | 2,776 | ||||||||||||||||||||||
Cost of sales and other expenses | (1,344) | — | (359) | (13) | (1,716) | |||||||||||||||||||||||||||
Depreciation and amortization | (536) | — | (76) | (2) | (614) | |||||||||||||||||||||||||||
Other income (expense), net | 43 | — | (4) | 26 | 65 | |||||||||||||||||||||||||||
Net interest (expense) income | (209) | (1) | 7 | (108) | (311) | |||||||||||||||||||||||||||
Income tax benefit (expense) | 37 | (1) | 43 | 26 | 105 | |||||||||||||||||||||||||||
Equity earnings | — | 263 | 191 | — | 454 | |||||||||||||||||||||||||||
Earnings attributable to noncontrolling interests | — | — | (110) | — | (110) | |||||||||||||||||||||||||||
Preferred dividends | — | — | — | (11) | (11) | |||||||||||||||||||||||||||
Earnings (losses) attributable to common shares | $ | 247 | $ | 261 | $ | 230 | $ | (100) | $ | 638 | ||||||||||||||||||||||
Three months ended September 30, 2023 | Sempra California | Sempra Texas Utilities | Sempra Infrastructure | Consolidating Adjustments, Parent & Other | Total | |||||||||||||||||||||||||||
Revenues | $ | 2,725 | $ | — | $ | 629 | $ | (20) | $ | 3,334 | ||||||||||||||||||||||
Cost of sales and other expenses | (1,800) | (2) | (356) | — | (2,158) | |||||||||||||||||||||||||||
Depreciation and amortization | (491) | — | (71) | (1) | (563) | |||||||||||||||||||||||||||
Other income (expense), net | 23 | — | (2) | (18) | 3 | |||||||||||||||||||||||||||
Net interest expense | (187) | — | (3) | (103) | (293) | |||||||||||||||||||||||||||
Income tax benefit (expense) | 20 | — | (24) | 56 | 52 | |||||||||||||||||||||||||||
Equity earnings | — | 307 | 172 | — | 479 | |||||||||||||||||||||||||||
Earnings attributable to noncontrolling interests | — | — | (122) | — | (122) | |||||||||||||||||||||||||||
Preferred dividends | — | — | — | (11) | (11) | |||||||||||||||||||||||||||
Earnings (losses) attributable to common shares | $ | 290 | $ | 305 | $ | 223 | $ | (97) | $ | 721 | ||||||||||||||||||||||
SEMPRA | ||||||||||||||||||||||||||||||||
Table F (Continued) | ||||||||||||||||||||||||||||||||
STATEMENTS OF OPERATIONS DATA BY SEGMENT | ||||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||
Nine months ended September 30, 2024 | Sempra California | Sempra Texas Utilities | Sempra Infrastructure | Consolidating Adjustments, Parent & Other | Total | |||||||||||||||||||||||||||
Revenues | $ | 8,022 | $ | — | $ | 1,466 | $ | (61) | $ | 9,427 | ||||||||||||||||||||||
Cost of sales and other expenses | (4,745) | (4) | (939) | (12) | (5,700) | |||||||||||||||||||||||||||
Depreciation and amortization | (1,585) | — | (221) | (5) | (1,811) | |||||||||||||||||||||||||||
Other income, net | 159 | — | 2 | 33 | 194 | |||||||||||||||||||||||||||
Net interest (expense) income | (615) | (1) | 19 | (300) | (897) | |||||||||||||||||||||||||||
Income tax (expense) benefit | (90) | (1) | 67 | 87 | 63 | |||||||||||||||||||||||||||
Equity earnings | — | 652 | 583 | — | 1,235 | |||||||||||||||||||||||||||
Earnings attributable to noncontrolling interests | — | — | (325) | — | (325) | |||||||||||||||||||||||||||
Preferred dividends | (1) | — | — | (33) | (34) | |||||||||||||||||||||||||||
Earnings (losses) attributable to common shares | $ | 1,145 | $ | 646 | $ | 652 | $ | (291) | $ | 2,152 | ||||||||||||||||||||||
Nine months ended September 30, 2023 | Sempra California | Sempra Texas Utilities | Sempra Infrastructure | Consolidating Adjustments, Parent & Other | Total | |||||||||||||||||||||||||||
Revenues | $ | 10,840 | $ | — | $ | 2,485 | $ | (96) | $ | 13,229 | ||||||||||||||||||||||
Cost of sales and other expenses | (7,601) | (5) | (981) | 44 | (8,543) | |||||||||||||||||||||||||||
Depreciation and amortization | (1,435) | — | (210) | (6) | (1,651) | |||||||||||||||||||||||||||
Other income (expense), net | 66 | — | 11 | (2) | 75 | |||||||||||||||||||||||||||
Net interest expense | (558) | — | (102) | (275) | (935) | |||||||||||||||||||||||||||
Income tax (expense) benefit | (64) | — | (555) | 120 | (499) | |||||||||||||||||||||||||||
Equity earnings | — | 553 | 533 | — | 1,086 | |||||||||||||||||||||||||||
Earnings attributable to noncontrolling interests | — | — | (435) | — | (435) | |||||||||||||||||||||||||||
Preferred dividends | (1) | — | — | (33) | (34) | |||||||||||||||||||||||||||
Earnings (losses) attributable to common shares | $ | 1,247 | $ | 548 | $ | 746 | $ | (248) | $ | 2,293 |