SEMPRA

For the period ended Jun 30, 2024. Filed Aug 6, 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.

Jun 30, 2024 · Filed Aug 6, 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 June 30,		Six months ended June 30,
	2024	2023	2024	2023
(unaudited)
REVENUES
Utilities:
Natural gas	$1,494	$1,660	$3,603	$6,072
Electric	1,144	1,054	2,200	2,081
Energy-related businesses	373	621	848	1,742
Total revenues	3,011	3,335	6,651	9,895
EXPENSES AND OTHER INCOME
Utilities:
Cost of natural gas	(137)	(311)	(691)	(2,994)
Cost of electric fuel and purchased power	(156)	(88)	(245)	(202)
Energy-related businesses cost of sales	(54)	(81)	(163)	(274)
Operation and maintenance	(1,333)	(1,366)	(2,545)	(2,575)
Depreciation and amortization	(603)	(549)	(1,197)	(1,088)
Franchise fees and other taxes	(156)	(148)	(340)	(340)
Other income, net	30	31	129	72
Interest income	17	17	30	41
Interest expense	(311)	(317)	(616)	(683)
Income before income taxes and equity earnings	308	523	1,013	1,852
Income tax benefit (expense)	130	(175)	(42)	(551)
Equity earnings	433	388	781	607
Net income	871	736	1,752	1,908
Earnings attributable to noncontrolling interests	(146)	(121)	(215)	(313)
Preferred dividends	(11)	(11)	(22)	(22)
Preferred dividends of subsidiary	(1)	(1)	(1)	(1)
Earnings attributable to common shares	$713	$603	$1,514	$1,572
Basic EPS:
Earnings	$1.13	$0.96	$2.39	$2.50
Weighted-average common shares outstanding	633,450	630,014	633,135	629,926
Diluted EPS:
Earnings	$1.12	$0.95	$2.38	$2.49
Weighted-average common shares outstanding	636,279	632,121	635,817	632,185

SEMPRA
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in millions)
	Sempra shareholders’ equity
	Pretaxamount	Income taxbenefit (expense)	Net-of-taxamount	Noncontrollinginterests (after tax)	Total
(unaudited)
	Three months ended June 30, 2024 and 2023
2024:
Net income	$595	$130	$725	$146	$871
Other comprehensive income (loss):
Foreign currency translation adjustments	(16)	—	(16)	(7)	(23)
Financial instruments	5	(12)	(7)	55	48
Pension and other postretirement benefits	8	(2)	6	—	6
Total other comprehensive (loss) income	(3)	(14)	(17)	48	31
Comprehensive income	592	116	708	194	902
Preferred dividends of subsidiary	(1)	—	(1)	—	(1)
Comprehensive income, after preferred dividends of subsidiary	$591	$116	$707	$194	$901
2023:
Net income	$790	$(175)	$615	$121	$736
Other comprehensive income (loss):
Foreign currency translation adjustments	11	—	11	4	15
Financial instruments	69	(20)	49	52	101
Pension and other postretirement benefits	2	(1)	1	—	1
Total other comprehensive income	82	(21)	61	56	117
Comprehensive income	872	(196)	676	177	853
Preferred dividends of subsidiary	(1)	—	(1)	—	(1)
Comprehensive income, after preferred dividends of subsidiary	$871	$(196)	$675	$177	$852
	Six months ended June 30, 2024 and 2023
2024:
Net income	$1,579	$(42)	$1,537	$215	$1,752
Other comprehensive income (loss):
Foreign currency translation adjustments	(13)	—	(13)	(6)	(19)
Financial instruments	48	(16)	32	169	201
Pension and other postretirement benefits	13	(3)	10	—	10
Total other comprehensive income	48	(19)	29	163	192
Comprehensive income	1,627	(61)	1,566	378	1,944
Preferred dividends of subsidiary	(1)	—	(1)	—	(1)
Comprehensive income, after preferred dividends of subsidiary	$1,626	$(61)	$1,565	$378	$1,943
2023:
Net income	$2,146	$(551)	$1,595	$313	$1,908
Other comprehensive income (loss):
Foreign currency translation adjustments	21	—	21	8	29
Financial instruments	8	(4)	4	2	6
Pension and other postretirement benefits	(10)	(1)	(11)	—	(11)
Total other comprehensive income	19	(5)	14	10	24
Comprehensive income	2,165	(556)	1,609	323	1,932
Preferred dividends of subsidiary	(1)	—	(1)	—	(1)
Comprehensive income, after preferred dividends of subsidiary	$2,164	$(556)	$1,608	$323	$1,931

SEMPRA
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
	June 30,	December 31,
	2024	2023(1)
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$228	$236
Restricted cash	16	49
Accounts receivable – trade, net	1,552	2,151
Accounts receivable – other, net	441	561
Due from unconsolidated affiliates	7	31
Income taxes receivable	95	94
Inventories	467	482
Prepaid expenses	173	273
Regulatory assets	55	226
Fixed-price contracts and other derivatives	129	122
Greenhouse gas allowances	1,176	1,189
Other current assets	39	56
Total current assets	4,378	5,470
Other assets:
Restricted cash	107	104
Regulatory assets	4,011	3,771
Greenhouse gas allowances	769	301
Nuclear decommissioning trusts	882	872
Dedicated assets in support of certain benefit plans	547	549
Deferred income taxes	134	129
Right-of-use assets – operating leases	711	723
Investment in Oncor Holdings	14,809	14,266
Other investments	2,405	2,244
Goodwill	1,602	1,602
Other intangible assets	305	318
Wildfire fund	272	269
Other long-term assets	1,857	1,603
Total other assets	28,411	26,751
Property, plant and equipment:
Property, plant and equipment	75,923	72,495
Less accumulated depreciation and amortization	(18,239)	(17,535)
Property, plant and equipment, net	57,684	54,960
Total assets	$90,473	$87,181

SEMPRA
CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(Dollars in millions)
	June 30,	December 31,
	2024	2023(1)
(unaudited)
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt	$2,197	$2,342
Accounts payable – trade	1,753	2,211
Accounts payable – other	257	224
Due to unconsolidated affiliates	3	5
Dividends and interest payable	738	691
Accrued compensation and benefits	378	526
Regulatory liabilities	125	553
Current portion of long-term debt and finance leases	1,711	975
Greenhouse gas obligations	1,176	1,189
Other current liabilities	1,202	1,374
Total current liabilities	9,540	10,090
Long-term debt and finance leases	28,966	27,759
Deferred credits and other liabilities:
Due to unconsolidated affiliates	302	307
Regulatory liabilities	3,959	3,739
Greenhouse gas obligations	334	—
Pension and other postretirement benefit plan obligations, net of plan assets	405	407
Deferred income taxes	5,486	5,254
Asset retirement obligations	3,689	3,642
Deferred credits and other	2,373	2,329
Total deferred credits and other liabilities	16,548	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; 632,921,816 and 631,431,732 sharesoutstanding at June 30, 2024 and December 31, 2023, respectively; no par value)	12,250	12,204
Retained earnings	16,461	15,732
Accumulated other comprehensive income (loss)	(121)	(150)
Total Sempra shareholders’ equity	29,479	28,675
Preferred stock of subsidiary	20	20
Other noncontrolling interests	5,920	4,959
Total equity	35,419	33,654
Total liabilities and equity	$90,473	$87,181

SEMPRA
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in millions)
	Six months ended June 30,
	2024	2023
(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$1,752	$1,908
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,197	1,088
Deferred income taxes and investment tax credits	(34)	323
Equity earnings	(781)	(607)
Share-based compensation expense	41	31
Fixed-price contracts and other derivatives	28	(569)
Bad debt expense	94	220
Other	(5)	(19)
Net change in working capital components	(99)	1,474
Distributions from investments	405	402
Changes in other noncurrent assets and liabilities, net	(78)	(514)
Net cash provided by operating activities	2,520	3,737
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property, plant and equipment	(3,830)	(4,282)
Expenditures for investments	(387)	(184)
Purchases of nuclear decommissioning and other trust assets	(401)	(322)
Proceeds from sales of nuclear decommissioning and other trust assets	442	356
Other	8	11
Net cash used in investing activities	(4,168)	(4,421)
CASH FLOWS FROM FINANCING ACTIVITIES
Common dividends paid	(741)	(734)
Preferred dividends paid	(22)	(22)
Issuances of common stock	18	—
Repurchases of common stock	(40)	(31)
Issuances of debt (maturities greater than 90 days)	3,812	5,614
Payments on debt (maturities greater than 90 days) and finance leases	(1,197)	(3,392)
Decrease in short-term debt, net	(817)	(388)
Advances from unconsolidated affiliates	45	14
Proceeds from sale of noncontrolling interests	—	265
Distributions to noncontrolling interests	(203)	(252)
Contributions from noncontrolling interests	786	543
Settlement of cross-currency swaps	—	(99)
Other	(23)	(61)
Net cash provided by financing activities	1,618	1,457
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(8)	7
(Decrease) increase in cash, cash equivalents and restricted cash	(38)	780
Cash, cash equivalents and restricted cash, January 1	389	462
Cash, cash equivalents and restricted cash, June 30	$351	$1,242

SEMPRA
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(Dollars in millions)
	Six months ended June 30,
	2024	2023
(unaudited)
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest payments, net of amounts capitalized	$574	$612
Income tax payments, net of refunds	233	120
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Repayments of advances from unconsolidated affiliate in lieu of distributions	$62	$36
Accrued capital expenditures	885	863
Increase in finance lease obligations for investment in PP&E	12	36
Decrease in ARO for investment in PP&E	(2)	(46)
Preferred dividends declared but not paid	11	11
Common dividends issued in stock	27	—
Common dividends declared but not paid	393	375
Contributions from NCI	—	186

SEMPRA
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Dollars in millions)
Preferred stock · Common stock · Retained earnings · Accumulatedothercomprehensive income (loss) · Semprashareholders'equity · Non-controllinginterests · Total equity
(unaudited)
	Three months ended June 30, 2024
Balance at March 31, 2024	$889		$12,209		$16,141	$(104)		$29,135			$5,526	$34,661
Net income				725		725		146			871
Other comprehensive (loss) income					(17)	(17)		48			31
Share-based compensation expense		20				20				20
Dividends declared:
Series C preferred stock ($12.19/share)				(11)		(11)				(11)
Common stock ($0.62/share)				(393)		(393)				(393)
Preferred dividends of subsidiary				(1)		(1)				(1)
Issuances of common stock		21				21				21
Noncontrolling interest activities:
Contributions							312		312
Distributions							(92)		(92)
Balance at June 30, 2024	$889		$12,250		$16,461	$(121)		$29,479			$5,940	$35,419
	Three months ended June 30, 2023
Balance at March 31, 2023	$889		$12,164		$14,796	$(182)		$27,667			$2,578	$30,245
Net income				615		615		121			736
Other comprehensive income					61	61		56			117
Share-based compensation expense		14				14				14
Dividends declared:
Series C preferred stock ($12.19/share)				(11)		(11)				(11)
Common stock ($0.59/share)				(375)		(375)				(375)
Preferred dividends of subsidiary				(1)		(1)				(1)
Noncontrolling interest activities:
Contributions		(134)				(134)		632			498
Distributions							(209)		(209)
Balance at June 30, 2023	$889		$12,044		$15,024	$(121)		$27,836			$3,178	$31,014

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)
	Six months ended June 30, 2024
Balance at December 31, 2023	$889		$12,204		$15,732	$(150)		$28,675			$4,979	$33,654
Net income				1,537		1,537		215			1,752
Other comprehensive income					29	29		163			192
Share-based compensation expense		41				41				41
Dividends declared:
Series C preferred stock ($24.38/share)				(22)		(22)				(22)
Common stock ($1.24/share)				(785)		(785)				(785)
Preferred dividends of subsidiary				(1)		(1)				(1)
Issuances of common stock		45				45				45
Repurchases of common stock		(40)				(40)				(40)
Noncontrolling interest activities:
Contributions							786		786
Distributions							(203)		(203)
Balance at June 30, 2024	$889		$12,250		$16,461	$(121)		$29,479			$5,940	$35,419
	Six months ended June 30, 2023
Balance at December 31, 2022	$889		$12,160		$14,201	$(135)		$27,115			$2,141	$29,256
Net income				1,595		1,595		313			1,908
Other comprehensive income					14	14		10			24
Share-based compensation expense		31				31				31
Dividends declared:
Series C preferred stock ($24.38/share)				(22)		(22)				(22)
Common stock ($1.19/share)				(749)		(749)				(749)
Preferred dividends of subsidiary				(1)		(1)				(1)
Repurchases of common stock		(31)				(31)				(31)
Noncontrolling interest activities:
Contributions		(134)				(134)		729			595
Distributions							(252)		(252)
Sale		18				18		237			255
Balance at June 30, 2023	$889		$12,044		$15,024	$(121)		$27,836			$3,178	$31,014

SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED STATEMENTS OF OPERATIONS
(Dollars in millions)
	Three months ended June 30,		Six months ended June 30,
	2024	2023	2024	2023
(unaudited)
Operating revenues:
Electric	$1,149	$1,058	$2,209	$2,089
Natural gas	206	204	525	826
Total operating revenues	1,355	1,262	2,734	2,915
Operating expenses:
Cost of electric fuel and purchased power	175	107	282	242
Cost of natural gas	37	38	139	417
Operation and maintenance	423	474	834	901
Depreciation and amortization	304	268	602	530
Franchise fees and other taxes	91	90	195	186
Total operating expenses	1,030	977	2,052	2,276
Operating income	325	285	682	639
Other income, net	23	22	56	50
Interest income	3	4	4	5
Interest expense	(131)	(123)	(259)	(241)
Income before income taxes	220	188	483	453
Income tax expense	(34)	(4)	(74)	(11)
Net income/Earnings attributable to common shares	$186	$184	$409	$442

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 June 30, 2024 and 2023
2024:
Net income/Comprehensive income	$220	$(34)	$186
2023:
Net income/Comprehensive income	$188	$(4)	$184
	Six months ended June 30, 2024 and 2023
2024:
Net income/Comprehensive income	$483	$(74)	$409
2023:
Net income/Comprehensive income	$453	$(11)	$442

SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED BALANCE SHEETS
(Dollars in millions)
	June 30,	December 31,
	2024	2023(1)
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$66	$50
Accounts receivable – trade, net	684	870
Accounts receivable – other, net	119	141
Due from unconsolidated affiliates	9	—
Income taxes receivable, net	212	236
Inventories	159	153
Prepaid expenses	86	165
Regulatory assets	23	19
Greenhouse gas allowances	158	158
Other current assets	25	31
Total current assets	1,541	1,823
Other assets:
Regulatory assets	2,014	1,968
Greenhouse gas allowances	269	202
Nuclear decommissioning trusts	882	872
Right-of-use assets – operating leases	358	368
Wildfire fund	272	269
Other long-term assets	151	134
Total other assets	3,946	3,813
Property, plant and equipment:
Property, plant and equipment	31,918	30,918
Less accumulated depreciation and amortization	(7,668)	(7,369)
Property, plant and equipment, net	24,250	23,549
Total assets	$29,737	$29,185

SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED BALANCE SHEETS (CONTINUED)
(Dollars in millions)
	June 30,	December 31,
	2024	2023(1)
(unaudited)
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities:
Accounts payable	$742	$808
Due to unconsolidated affiliates	40	73
Interest payable	87	81
Accrued compensation and benefits	102	145
Deferred capacity sales	202	—
Accrued franchise fees	43	112
Regulatory liabilities	92	447
Current portion of long-term debt and finance leases	39	441
Greenhouse gas obligations	158	158
Asset retirement obligations	122	116
Other current liabilities	229	216
Total current liabilities	1,856	2,597
Long-term debt and finance leases	10,026	9,453
Deferred credits and other liabilities:
Regulatory liabilities	2,662	2,534
Greenhouse gas obligations	45	—
Pension obligation, net of plan assets	81	79
Deferred income taxes	2,993	2,873
Asset retirement obligations	773	778
Deferred credits and other	990	969
Total deferred credits and other liabilities	7,544	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	8,659	8,250
Accumulated other comprehensive income (loss)	(8)	(8)
Total shareholder’s equity	10,311	9,902
Total liabilities and shareholder's equity	$29,737	$29,185

SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in millions)
	Six months ended June 30,
	2024	2023
(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$409	$442
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	602	530
Deferred income taxes and investment tax credits	51	(31)
Bad debt expense	24	60
Other	(19)	(29)
Net change in working capital components	(28)	235
Changes in noncurrent assets and liabilities, net	17	(241)
Net cash provided by operating activities	1,056	966
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property, plant and equipment	(1,234)	(1,239)
Purchases of nuclear decommissioning trust assets	(362)	(265)
Proceeds from sales of nuclear decommissioning trust assets	380	294
Other	10	10
Net cash used in investing activities	(1,206)	(1,200)
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	(422)	(19)
Decrease in short-term debt, net	—	(205)
Debt issuance costs	(6)	(9)
Net cash provided by financing activities	166	559
Increase in cash and cash equivalents	16	325
Cash and cash equivalents, January 1	50	7
Cash and cash equivalents, June 30	$66	$332
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest payments, net of amounts capitalized	$249	$224
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures	$188	$233
Increase in finance lease obligations for investment in PP&E	2	4
Increase in ARO for investment in PP&E	—	10

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 June 30, 2024
Balance at March 31, 2024	$1,660		$8,473		$(8)	$10,125
Net income		186		186
Balance at June 30, 2024	$1,660		$8,659		$(8)	$10,311
	Three months ended June 30, 2023
Balance at March 31, 2023	$1,660		$7,672		$(7)	$9,325
Net income		184		184
Balance at June 30, 2023	$1,660		$7,856		$(7)	$9,509
	Six months ended June 30, 2024
Balance at December 31, 2023	$1,660		$8,250		$(8)	$9,902
Net income		409		409
Balance at June 30, 2024	$1,660		$8,659		$(8)	$10,311
	Six months ended June 30, 2023
Balance at December 31, 2022	$1,660		$7,414		$(7)	$9,067
Net income		442		442
Balance at June 30, 2023	$1,660		$7,856		$(7)	$9,509

SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED STATEMENTS OF OPERATIONS
(Dollars in millions)
	Three months ended June 30,		Six months ended June 30,
	2024	2023	2024	2023
(unaudited)
Operating revenues	$1,309	$1,467	$3,114	$5,261
Operating expenses:
Cost of natural gas	114	284	579	2,631
Operation and maintenance	707	715	1,320	1,340
Depreciation and amortization	224	208	447	414
Franchise fees and other taxes	60	56	134	145
Total operating expenses	1,105	1,263	2,480	4,530
Operating income	204	204	634	731
Other income (expense), net	13	1	60	(7)
Interest income	2	1	4	5
Interest expense	(78)	(71)	(155)	(140)
Income before income taxes	141	135	543	589
Income tax (expense) benefit	(10)	21	(53)	(73)
Net Income	131	156	490	516
Preferred dividends	(1)	(1)	(1)	(1)
Earnings attributable to common shares	$130	$155	$489	$515

SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in millions)
	Pretaxamount	Income tax (expense) benefit	Net-of-taxamount
(unaudited)
	Three months ended June 30, 2024 and 2023
2024:
Net income	$141	$(10)	$131
Other comprehensive income (loss):
Financial instruments	1	—	1
Total other comprehensive income	1	—	1
Comprehensive income	$142	$(10)	$132
2023:
Net income	$135	$21	$156
Other comprehensive income (loss):
Financial instruments	1	—	1
Total other comprehensive income	1	—	1
Comprehensive income	$136	$21	$157
	Six months ended June 30, 2024 and 2023
2024:
Net income	$543	$(53)	$490
Other comprehensive income (loss):
Financial instruments	1	—	1
Pension and other postretirement benefits	1	—	1
Total other comprehensive income	2	—	2
Comprehensive income	$545	$(53)	$492
2023:
Net income	$589	$(73)	$516
Other comprehensive income (loss):
Financial instruments	1	—	1
Pension and other postretirement benefits	1	—	1
Total other comprehensive income	2	—	2
Comprehensive income	$591	$(73)	$518

SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED BALANCE SHEETS
(Dollars in millions)
	June 30,	December 31,
	2024	2023(1)
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$10	$2
Accounts receivable – trade, net	583	985
Accounts receivable – other, net	71	102
Due from unconsolidated affiliates	1	22
Inventories	260	277
Regulatory assets	31	204
Greenhouse gas allowances	936	950
Other current assets	64	100
Total current assets	1,956	2,642
Other assets:
Regulatory assets	1,910	1,715
Greenhouse gas allowances	407	62
Right-of-use assets – operating leases	23	29
Other long-term assets	693	645
Total other assets	3,033	2,451
Property, plant and equipment:
Property, plant and equipment	27,867	27,025
Less accumulated depreciation and amortization	(8,122)	(7,852)
Property, plant and equipment, net	19,745	19,173
Total assets	$24,734	$24,266

SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED BALANCE SHEETS (CONTINUED)
(Dollars in millions)
	June 30,	December 31,
	2024	2023(1)
(unaudited)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debt	$406	$946
Accounts payable – trade	464	811
Accounts payable – other	203	184
Due to unconsolidated affiliates	42	38
Accrued compensation and benefits	179	213
Regulatory liabilities	31	103
Current portion of long-term debt and finance leases	873	523
Greenhouse gas obligations	936	950
Asset retirement obligations	75	73
Other current liabilities	381	566
Total current liabilities	3,590	4,407
Long-term debt and finance leases	6,431	6,288
Deferred credits and other liabilities:
Regulatory liabilities	1,295	1,202
Greenhouse gas obligations	269	—
Pension obligation, net of plan assets	221	231
Deferred income taxes	1,828	1,586
Asset retirement obligations	2,823	2,774
Deferred credits and other	376	368
Total deferred credits and other liabilities	6,812	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	5,584	5,095
Accumulated other comprehensive income (loss)	(21)	(23)
Total shareholders’ equity	7,901	7,410
Total liabilities and shareholders’ equity	$24,734	$24,266

(1) Derived from audited financial statements.

SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in millions)
	Six months ended June 30,
	2024	2023
(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$490	$516
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	447	414
Deferred income taxes and investment tax credits	56	79
Bad debt expense	45	160
Other	(13)	(4)
Net change in working capital components	73	40
Changes in noncurrent assets and liabilities, net	(52)	(280)
Net cash provided by operating activities	1,046	925
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property, plant and equipment	(978)	(961)
Net cash used in investing activities	(978)	(961)
CASH FLOWS FROM FINANCING ACTIVITIES
Preferred dividends paid	(1)	(1)
Issuances of debt (maturities greater than 90 days)	797	997
Payments on debt (maturities greater than 90 days) and finance leases	(11)	(1,109)
(Decrease) increase in short-term debt, net	(840)	138
Debt issuance costs	(5)	(9)
Net cash (used in) provided by financing activities	(60)	16
Increase (decrease) in cash and cash equivalents	8	(20)
Cash and cash equivalents, January 1	2	21
Cash and cash equivalents, June 30	$10	$1
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest payments, net of amounts capitalized	$142	$138
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures	$222	$222
Increase in finance lease obligations for investment in PP&E	10	32
Decrease in ARO for investment in PP&E	(2)	(56)

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 June 30, 2024
Balance at March 31, 2024	$22	$2,316		$5,454	$(22)	$7,770
Net income			131		131
Other comprehensive income				1	1
Dividends declared:
Preferred stock ($0.37/share)			(1)		(1)
Balance at June 30, 2024	$22	$2,316		$5,584	$(21)	$7,901
	Three months ended June 30, 2023
Balance at March 31, 2023	$22	$2,316		$4,744	$(23)	$7,059
Net income			156		156
Other comprehensive income				1	1
Dividends declared:
Preferred stock ($0.37/share)			(1)		(1)
Balance at June 30, 2023	$22	$2,316		$4,899	$(22)	$7,215
	Six months ended June 30, 2024
Balance at December 31, 2023	$22	$2,316		$5,095	$(23)	$7,410
Net income			490		490
Other comprehensive income				2	2
Dividends declared:
Preferred stock ($0.75/share)			(1)		(1)
Balance at June 30, 2024	$22	$2,316		$5,584	$(21)	$7,901
	Six months ended June 30, 2023
Balance at December 31, 2022	$22	$2,316		$4,384	$(24)	$6,698
Net income			516		516
Other comprehensive income				2	2
Dividends declared:
Preferred stock ($0.75/share)			(1)		(1)
Balance at June 30, 2023	$22	$2,316		$4,899	$(22)	$7,215

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