SOUTHERN CALIFORNIA GAS CO

For the period ended Mar 31, 2024. Filed May 7, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 7, 2024

SRE$78.77+0.8%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Item 1. Financial Statements

SEMPRA
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in millions, except per share amounts; shares in thousands)
	Three months ended March 31,
	2024	2023
(unaudited)
REVENUES
Utilities:
Natural gas	$2,109	$4,412
Electric	1,056	1,027
Energy-related businesses	475	1,121
Total revenues	3,640	6,560
EXPENSES AND OTHER INCOME
Utilities:
Cost of natural gas	(554)	(2,683)
Cost of electric fuel and purchased power	(89)	(114)
Energy-related businesses cost of sales	(109)	(193)
Operation and maintenance	(1,212)	(1,209)
Depreciation and amortization	(594)	(539)
Franchise fees and other taxes	(184)	(192)
Other income, net	99	41
Interest income	13	24
Interest expense	(305)	(366)
Income before income taxes and equity earnings	705	1,329
Income tax expense	(172)	(376)
Equity earnings	348	219
Net income	881	1,172
Earnings attributable to noncontrolling interests	(69)	(192)
Preferred dividends	(11)	(11)
Earnings attributable to common shares	$801	$969
Basic EPS:
Earnings	$1.27	$1.54
Weighted-average common shares outstanding	632,821	629,838
Diluted EPS:
Earnings	$1.26	$1.53
Weighted-average common shares outstanding	635,354	632,248

SEMPRA
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in millions)
	Sempra shareholders’ equity
	Pretaxamount	Income tax(expense) benefit	Net-of-taxamount	Noncontrollinginterests (after tax)	Total
(unaudited)
	Three months ended March 31, 2024 and 2023
2024:
Net income	$984	$(172)	$812	$69	$881
Other comprehensive income (loss):
Foreign currency translation adjustments	3	—	3	1	4
Financial instruments	43	(4)	39	114	153
Pension and other postretirement benefits	5	(1)	4	—	4
Total other comprehensive income	51	(5)	46	115	161
Comprehensive income	$1,035	$(177)	$858	$184	$1,042
2023:
Net income	$1,356	$(376)	$980	$192	$1,172
Other comprehensive income (loss):
Foreign currency translation adjustments	10	—	10	4	14
Financial instruments	(61)	16	(45)	(50)	(95)
Pension and other postretirement benefits	(12)	—	(12)	—	(12)
Total other comprehensive loss	(63)	16	(47)	(46)	(93)
Comprehensive income	$1,293	$(360)	$933	$146	$1,079

SEMPRA
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
	March 31,	December 31,
	2024	2023(1)
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$606	$236
Restricted cash	121	49
Accounts receivable – trade, net	2,075	2,151
Accounts receivable – other, net	552	561
Due from unconsolidated affiliates	46	31
Income taxes receivable	79	94
Inventories	458	482
Prepaid expenses	286	273
Regulatory assets	52	226
Fixed-price contracts and other derivatives	124	122
Greenhouse gas allowances	1,176	1,189
Other current assets	65	56
Total current assets	5,640	5,470
Other assets:
Restricted cash	107	104
Regulatory assets	3,982	3,771
Greenhouse gas allowances	532	301
Nuclear decommissioning trusts	886	872
Dedicated assets in support of certain benefit plans	559	549
Deferred income taxes	134	129
Right-of-use assets – operating leases	715	723
Investment in Oncor Holdings	14,545	14,266
Other investments	2,235	2,244
Goodwill	1,602	1,602
Other intangible assets	311	318
Wildfire fund	262	269
Other long-term assets	1,776	1,603
Total other assets	27,646	26,751
Property, plant and equipment:
Property, plant and equipment	74,226	72,495
Less accumulated depreciation and amortization	(17,908)	(17,535)
Property, plant and equipment, net	56,318	54,960
Total assets	$89,604	$87,181

SEMPRA
CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(Dollars in millions)
	March 31,	December 31,
	2024	2023(1)
(unaudited)
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt	$1,659	$2,342
Accounts payable – trade	1,955	2,211
Accounts payable – other	234	224
Due to unconsolidated affiliates	—	5
Dividends and interest payable	737	691
Accrued compensation and benefits	376	526
Regulatory liabilities	952	553
Current portion of long-term debt and finance leases	593	975
Greenhouse gas obligations	1,176	1,189
Other current liabilities	1,382	1,374
Total current liabilities	9,064	10,090
Long-term debt and finance leases	29,519	27,759
Deferred credits and other liabilities:
Due to unconsolidated affiliates	298	307
Regulatory liabilities	3,887	3,739
Greenhouse gas obligations	146	—
Pension and other postretirement benefit plan obligations, net of plan assets	431	407
Deferred income taxes	5,588	5,254
Asset retirement obligations	3,663	3,642
Deferred credits and other	2,347	2,329
Total deferred credits and other liabilities	16,360	15,678
Commitments and contingencies (Note 11)
Equity:
Preferred stock (50,000,000 shares authorized):
Preferred stock, series C (900,000 shares outstanding)	889	889
Common stock (1,125,000,000 shares authorized; 632,606,408 and 631,431,732 sharesoutstanding at March 31, 2024 and December 31, 2023, respectively; no par value)	12,209	12,204
Retained earnings	16,141	15,732
Accumulated other comprehensive income (loss)	(104)	(150)
Total Sempra shareholders’ equity	29,135	28,675
Preferred stock of subsidiary	20	20
Other noncontrolling interests	5,506	4,959
Total equity	34,661	33,654
Total liabilities and equity	$89,604	$87,181

SEMPRA
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in millions)
	Three months ended March 31,
	2024	2023
(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$881	$1,172
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	594	539
Deferred income taxes and investment tax credits	137	253
Equity earnings	(348)	(219)
Share-based compensation expense	21	17
Fixed-price contracts and other derivatives	16	(374)
Bad debt expense	42	114
Other	7	27
Net change in working capital components	319	451
Distributions from investments	232	199
Changes in other noncurrent assets and liabilities, net	(50)	(199)
Net cash provided by operating activities	1,851	1,980
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property, plant and equipment	(1,933)	(1,830)
Expenditures for investments	(193)	(85)
Purchases of nuclear decommissioning and other trust assets	(197)	(181)
Proceeds from sales of nuclear decommissioning and other trust assets	217	199
Other	(1)	2
Net cash used in investing activities	(2,107)	(1,895)
CASH FLOWS FROM FINANCING ACTIVITIES
Common dividends paid	(362)	(360)
Issuances of common stock	10	—
Repurchases of common stock	(40)	(31)
Issuances of debt (maturities greater than 90 days)	2,044	1,986
Payments on debt (maturities greater than 90 days) and finance leases	(846)	(1,803)
(Decrease) increase in short-term debt, net	(498)	168
Advances from unconsolidated affiliates	45	14
Proceeds from sale of noncontrolling interests	—	265
Distributions to noncontrolling interests	(111)	(43)
Contributions from noncontrolling interests	474	97
Settlement of cross-currency swaps	—	(99)
Other	(16)	(43)
Net cash provided by financing activities	700	151
Effect of exchange rate changes on cash, cash equivalents and restricted cash	1	5
Increase in cash, cash equivalents and restricted cash	445	241
Cash, cash equivalents and restricted cash, January 1	389	462
Cash, cash equivalents and restricted cash, March 31	$834	$703

SEMPRA
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(Dollars in millions)
	Three months ended March 31,
	2024	2023
(unaudited)
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest payments, net of amounts capitalized	$274	$305
Income tax payments, net of refunds	25	50
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Repayments of advances from unconsolidated affiliate in lieu of distributions	$62	$—
Accrued capital expenditures	915	1,171
Increase in finance lease obligations for investment in PP&E	7	17
Preferred dividends declared but not paid	11	11
Common dividends issued in stock	14	—
Common dividends declared but not paid	392	374

SEMPRA
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Dollars in millions)
Preferred stock · Common stock · Retained earnings · Accumulatedothercomprehensiveincome (loss) · Semprashareholders'equity · Non-controllinginterests · Totalequity
(unaudited)
	Three months ended March 31, 2024
Balance at December 31, 2023	$889		$12,204		$15,732	$(150)		$28,675			$4,979	$33,654
Net income				812		812		69			881
Other comprehensive income					46	46		115			161
Share-based compensation expense		21				21				21
Dividends declared:
Series C preferred stock ($12.19/share)				(11)		(11)				(11)
Common stock ($0.62/share)				(392)		(392)				(392)
Issuances of common stock		24				24				24
Repurchases of common stock		(40)				(40)				(40)
Noncontrolling interest activities:
Contributions							474		474
Distributions							(111)		(111)
Balance at March 31, 2024	$889		$12,209		$16,141	$(104)		$29,135			$5,526	$34,661
	Three months ended March 31, 2023
Balance at December 31, 2022	$889		$12,160		$14,201	$(135)		$27,115			$2,141	$29,256
Net income				980		980		192			1,172
Other comprehensive loss					(47)	(47)		(46)			(93)
Share-based compensation expense		17				17				17
Dividends declared:
Series C preferred stock ($12.19/share)				(11)		(11)				(11)
Common stock ($0.60/share)				(374)		(374)				(374)
Repurchases of common stock		(31)				(31)				(31)
Noncontrolling interest activities:
Contributions							97		97
Distributions							(43)		(43)
Sale		18				18		237			255
Balance at March 31, 2023	$889		$12,164		$14,796	$(182)		$27,667			$2,578	$30,245

SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED STATEMENTS OF OPERATIONS
(Dollars in millions)
	Three months ended March 31,
	2024	2023
(unaudited)
Operating revenues:
Electric	$1,060	$1,031
Natural gas	319	622
Total operating revenues	1,379	1,653
Operating expenses:
Cost of electric fuel and purchased power	107	135
Cost of natural gas	102	379
Operation and maintenance	411	427
Depreciation and amortization	298	262
Franchise fees and other taxes	104	96
Total operating expenses	1,022	1,299
Operating income	357	354
Other income, net	33	28
Interest income	1	1
Interest expense	(128)	(118)
Income before income taxes	263	265
Income tax expense	(40)	(7)
Net income/Earnings attributable to common shares	$223	$258

SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in millions)
	Pretaxamount	Income tax expense	Net-of-taxamount
(unaudited)
	Three months ended March 31, 2024 and 2023
2024:
Net income/Comprehensive income	$263	$(40)	$223
2023:
Net income/Comprehensive income	$265	$(7)	$258

SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED BALANCE SHEETS
(Dollars in millions)
	March 31,	December 31,
	2024	2023(1)
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$293	$50
Accounts receivable – trade, net	818	870
Accounts receivable – other, net	170	141
Income taxes receivable, net	221	236
Inventories	154	153
Prepaid expenses	149	165
Regulatory assets	26	19
Greenhouse gas allowances	158	158
Other current assets	17	31
Total current assets	2,006	1,823
Other assets:
Regulatory assets	1,906	1,968
Greenhouse gas allowances	225	202
Nuclear decommissioning trusts	886	872
Right-of-use assets – operating leases	367	368
Wildfire fund	262	269
Other long-term assets	142	134
Total other assets	3,788	3,813
Property, plant and equipment:
Property, plant and equipment	31,435	30,918
Less accumulated depreciation and amortization	(7,555)	(7,369)
Property, plant and equipment, net	23,880	23,549
Total assets	$29,674	$29,185

SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED BALANCE SHEETS (CONTINUED)
(Dollars in millions)
	March 31,	December 31,
	2024	2023(1)
(unaudited)
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities:
Accounts payable	$689	$808
Due to unconsolidated affiliates	93	73
Interest payable	101	81
Accrued compensation and benefits	91	145
Accrued franchise fees	76	112
Regulatory liabilities	369	447
Current portion of long-term debt and finance leases	40	441
Greenhouse gas obligations	158	158
Asset retirement obligations	115	116
Other current liabilities	359	216
Total current liabilities	2,091	2,597
Long-term debt and finance leases	10,034	9,453
Deferred credits and other liabilities:
Regulatory liabilities	2,615	2,534
Greenhouse gas obligations	29	—
Pension obligation, net of plan assets	86	79
Deferred income taxes	2,943	2,873
Asset retirement obligations	776	778
Deferred credits and other	975	969
Total deferred credits and other liabilities	7,424	7,233
Commitments and contingencies (Note 11)
Shareholder's equity:
Preferred stock (45,000,000 shares authorized; none issued)	—	—
Common stock (255,000,000 shares authorized; 116,583,358 shares outstanding;no par value)	1,660	1,660
Retained earnings	8,473	8,250
Accumulated other comprehensive income (loss)	(8)	(8)
Total shareholder’s equity	10,125	9,902
Total liabilities and shareholder's equity	$29,674	$29,185

SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in millions)
	Three months ended March 31,
	2024	2023
(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$223	$258
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	298	262
Deferred income taxes and investment tax credits	25	(11)
Bad debt expense	6	37
Other	(5)	(11)
Net change in working capital components	(1)	(51)
Changes in noncurrent assets and liabilities, net	130	(112)
Net cash provided by operating activities	676	372
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property, plant and equipment	(624)	(624)
Purchases of nuclear decommissioning trust assets	(168)	(145)
Proceeds from sales of nuclear decommissioning trust assets	181	156
Net cash used in investing activities	(611)	(613)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuances of debt (maturities greater than 90 days)	594	792
Payments on debt (maturities greater than 90 days) and finance leases	(411)	(9)
Decrease in short-term debt, net	—	(205)
Debt issuance costs	(5)	(8)
Net cash provided by financing activities	178	570
Increase in cash and cash equivalents	243	329
Cash and cash equivalents, January 1	50	7
Cash and cash equivalents, March 31	$293	$336
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest payments, net of amounts capitalized	$107	$94
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures	$182	$186
Increase in finance lease obligations for investment in PP&E	2	2

SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDER’S EQUITY
(Dollars in millions)
Commonstock · Retainedearnings · Accumulatedothercomprehensiveincome (loss) · Totalshareholder'sequity
(unaudited)
	Three months ended March 31, 2024
Balance at December 31, 2023	$1,660		$8,250	$(8)		$9,902
Net income		223			223
Balance at March 31, 2024	$1,660		$8,473	$(8)		$10,125
	Three months ended March 31, 2023
Balance at December 31, 2022	$1,660		$7,414	$(7)		$9,067
Net income		258			258
Balance at March 31, 2023	$1,660		7,672	$(7)		$9,325

SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED STATEMENTS OF OPERATIONS
(Dollars in millions)
	Three months ended March 31,
	2024	2023
(unaudited)
Operating revenues	$1,805	$3,794
Operating expenses:
Cost of natural gas	465	2,347
Operation and maintenance	613	625
Depreciation and amortization	223	206
Franchise fees and other taxes	74	89
Total operating expenses	1,375	3,267
Operating income	430	527
Other income (expense), net	47	(8)
Interest income	2	4
Interest expense	(77)	(69)
Income before income taxes	402	454
Income tax expense	(43)	(94)
Net income/Earnings attributable to common shares	$359	$360

SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in millions)
	Pretaxamount	Income tax expense	Net-of-taxamount
(unaudited)
	Three months ended March 31, 2024 and 2023
2024:
Net income	$402	$(43)	$359
Other comprehensive income (loss):
Pension and other postretirement benefits	1	—	1
Total other comprehensive income	1	—	1
Comprehensive income	$403	$(43)	$360
2023:
Net income	$454	$(94)	$360
Other comprehensive income (loss):
Pension and other postretirement benefits	1	—	1
Total other comprehensive income	1	—	1
Comprehensive income	$455	$(94)	$361

SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED BALANCE SHEETS
(Dollars in millions)
	March 31,	December 31,
	2024	2023(1)
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$54	$2
Accounts receivable – trade, net	995	985
Accounts receivable – other, net	83	102
Due from unconsolidated affiliates	45	22
Inventories	265	277
Regulatory assets	24	204
Greenhouse gas allowances	936	950
Other current assets	115	100
Total current assets	2,517	2,642
Other assets:
Regulatory assets	1,988	1,715
Greenhouse gas allowances	250	62
Right-of-use assets – operating leases	25	29
Other long-term assets	666	645
Total other assets	2,929	2,451
Property, plant and equipment:
Property, plant and equipment	27,405	27,025
Less accumulated depreciation and amortization	(7,969)	(7,852)
Property, plant and equipment, net	19,436	19,173
Total assets	$24,882	$24,266

SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED BALANCE SHEETS (CONTINUED)
(Dollars in millions)
	March 31,	December 31,
	2024	2023(1)
(unaudited)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debt	$143	$946
Accounts payable – trade	676	811
Accounts payable – other	176	184
Due to unconsolidated affiliates	33	38
Accrued compensation and benefits	162	213
Regulatory liabilities	580	103
Current portion of long-term debt and finance leases	523	523
Greenhouse gas obligations	936	950
Asset retirement obligations	77	73
Other current liabilities	475	566
Total current liabilities	3,781	4,407
Long-term debt and finance leases	6,780	6,288
Deferred credits and other liabilities:
Regulatory liabilities	1,269	1,202
Greenhouse gas obligations	106	—
Pension obligation, net of plan assets	245	231
Deferred income taxes	1,770	1,586
Asset retirement obligations	2,796	2,774
Deferred credits and other	365	368
Total deferred credits and other liabilities	6,551	6,161
Commitments and contingencies (Note 11)
Shareholders’ equity:
Preferred stock (11,000,000 shares authorized; 862,043 shares outstanding)	22	22
Common stock (100,000,000 shares authorized; 91,300,000 shares outstanding;no par value)	2,316	2,316
Retained earnings	5,454	5,095
Accumulated other comprehensive income (loss)	(22)	(23)
Total shareholders’ equity	7,770	7,410
Total liabilities and shareholders’ equity	$24,882	$24,266

(1) Derived from audited financial statements.

SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in millions)
	Three months ended March 31,
	2024	2023
(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$359	$360
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	223	206
Deferred income taxes and investment tax credits	40	86
Bad debt expense	26	77
Other	(4)	—
Net change in working capital components	405	(244)
Changes in noncurrent assets and liabilities, net	(162)	(159)
Net cash provided by operating activities	887	326
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property, plant and equipment	(519)	(458)
Net cash used in investing activities	(519)	(458)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuances of debt (maturities greater than 90 days)	497	—
Payments on finance leases	(6)	(5)
(Decrease) increase in short-term debt, net	(803)	123
Debt issuance costs	(4)	—
Net cash (used in) provided by financing activities	(316)	118
Increase (decrease) in cash and cash equivalents	52	(14)
Cash and cash equivalents, January 1	2	21
Cash and cash equivalents, March 31	$54	$7
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest payments, net of amounts capitalized	$52	$65
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures	$204	$219
Increase in finance lease obligations for investment in PP&E	5	15

SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Dollars in millions)
Preferredstock · Commonstock · Retainedearnings · Accumulatedothercomprehensiveincome (loss) · Totalshareholders’equity
(unaudited)
	Three months ended March 31, 2024
Balance at December 31, 2023	$22	$2,316		$5,095	$(23)	$7,410
Net income			359		359
Other comprehensive income				1	1
Dividends declared:
Preferred stock ($0.38/share)			—		—
Balance at March 31, 2024	$22	$2,316		$5,454	$(22)	$7,770
	Three months ended March 31, 2023
Balance at December 31, 2022	$22	$2,316		$4,384	$(24)	$6,698
Net income			360		360
Other comprehensive income				1	1
Dividends declared:
Preferred stock ($0.38/share)			—		—
Balance at March 31, 2023	$22	$2,316		$4,744	$(23)	$7,059

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