Efficient Financing & Incremental Investment Opportunities
BUSINESS UNIT ADJUSTED EARNINGS (LOSSES)
(UNAUDITED)
1
(Dollars and shares in millions, except per share amounts)
GAAP Earnings (Losses)
Impacts associated with Aliso Canyon litigation and regulatory matters, net of $74 income tax benefit
Impact from foreign currency and inflation and associated undesignated derivatives, net of $74 income tax benefit and $(24) NCI²
Net unrealized losses (gains) on commodity derivatives, net of $2 income tax expense and $2 NCI
Losses from investment in RBS Sempra Commodities LLP
Gain on sale of South American businesses, net of $1,152 income tax expense
Adjusted Earnings (Losses)³
Weighted-average common shares outstanding, diluted GAAP
GAAP EPS contribution
Weighted-average common shares outstanding, diluted Adjusted4
Adjusted EPS contribution 3,5
Percentage of Sempra Consolidated GAAP EPS/Earnings
Percentage of Sempra Consolidated Adjusted EPS/Earnings excluding Discontinued Operations and Parent & Other³
Sempra
SDG&E
SoCal Gas California
$ 824 $ 504 $ 1,328
Sempra
Texas
$ 579
Year ended December 31, 2020
Sempra Sempra Sempra
Mexico LNG Renewables
Sempra
Infrastructure
$
259
$ 320 $
$
579
$
233
233
12
1
4
(13)
Parent & Discontinued Sempra
Other Operations Consolidated
(562) $
1,840 $
3,764
233
13
(9)
3
(15)
1
(9)
100
100
$
824
$
737 $ 1,561
$
579
$
275 $ 308
$
$
583
$
(459) $
(1,747)
78 $
(1,747)
2,342
292
$ 2.82 $
1.72 $
4.54 $ 1.98 $
0.89 $ 1.09 $
$
1.98 $
(1.91) $
6.29
$
12.88
306
$
2.70 $
2.41 $
5.11 $
1.89 $
0.90 $
1.01 $
$
1.91 $
(1.16) $
0.25 $
8.00
35%
15%
57%
21%
15%
(15%)
50%
22%
100%
100%
Sempra
GAAP Earnings (Losses)
$
SDG&E
407
SoCal Gas California
Sempra
Texas
Year ended December 31, 2017
Sempra Sempra Sempra Sempra
Mexico
LNG Renewables Infrastructure
Parent & Discontinued Sempra
Other Operations Consolidated
$ 396 $ 803
$
$ 169
$ 150
$
252 $
571 $ (1,060) $
(58) $
256
Impact from foreign currency and inflation and associated undesignated derivatives, net of $84 income tax expense and $29 NCI²
Net unrealized losses (gains) on commodity derivatives, net of $3 income tax expense
7
7
20
(2)
25
(4)
(4)
(4)
Write-off of wildfire regulatory asset, net of $143 income tax benefit
208
Aliso Canyon litigation reserves
Impairment of TdM assets held for sale, net of $24 NCI
20
208
20
208
20
Deferred income tax benefit associated with TdM, net of $(3) NCI
47
(5)
47
47
(5)
(5)
Recoveries related to 2016 permanent release of pipeline capacity, net of $19 income tax expense
Impact from the TCJA
28
2
30
Adjusted Earnings (Losses)³
$
643
$
418 $ 1,061 $
$ 218
$
(28)
(133)
(15) $
(28)
(28)
(192)
60 $
(325)
263 $
914
(126) $
251
191 $
870
1,389
Weighted-average common shares outstanding, diluted GAAP
252
GAAP EPS contribution.
Adjusted EPS contribution³
$
$ 1.61 $
2.55
1.57 $ 3.18 $
$ 1.66
4.21 $
$
$
0.67 $ 0.59 $
0.86 $ (0.06) $
1.00 $
0.24 $
2.26 $
(4.20) $
1.04 $ (0.50) $
(0.23) $
0.76 $
1.01
5.51
Percentage of Sempra Consolidated GAAP EPS/Earnings
Percentage of Sempra Consolidated Adjusted EPS/Earnings excluding Parent & Other³
315%
70%
224%
(416%)
(23%)
100%
17%
13%
100%
2345
1. Except for adjustments that are solely income tax, income taxes on pretax amounts were primarily calculated based on applicable statutory tax rates. We did not record an income tax benefit for the equity losses from our investment in RBS Sempra
Commodities LLP because, even though a portion of the liabilities may be deductible under United Kingdom tax law, it is not probable that the deduction will reduce United Kingdom taxes. Income taxes on the impairment of TdM were calculated based on
the applicable statutory rate, including translation from historic to current exchange rates. An income tax benefit of $12 million associated with the 2017 TdM impairment has been fully reserved.
Amounts include impacts recorded in equity earnings from our unconsolidated equity method investments.
Amounts have been updated to reflect the impact from foreign currency and inflation and associated undesignated derivatives and net unrealized gains and losses on commodity derivatives.
Because the assumed conversion of the Series A preferred stock is dilutive for Adjusted Earnings, 13,417 Series A preferred stock shares are added back to weighted-average common shares outstanding used to calculate Adjusted EPS.
Because of the dilutive effect of Series A preferred stock, preferred dividends of $104M are added back to Parent & Other
98
Adjusted Earnings for Adjusted EPS.
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