SEMPRA

For the period ended Sep 30, 2024. Filed Nov 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.

Sep 30, 2024 · Filed Nov 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 September 30,		Nine months ended September 30,
	2024	2023	2024	2023
(unaudited)
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 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

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 September 30, 2024 and 2023
2024:
Net income	$544	$105	$649	$110	$759
Other comprehensive income (loss):
Foreign currency translation adjustments	(12)	—	(12)	(5)	(17)
Financial instruments	(74)	20	(54)	(171)	(225)
Pension and other postretirement benefits	3	(1)	2	—	2
Total other comprehensive loss	(83)	19	(64)	(176)	(240)
Comprehensive income (loss)	$461	$124	$585	$(66)	$519
2023:
Net income	$680	$52	$732	$122	$854
Other comprehensive income (loss):
Foreign currency translation adjustments	(5)	—	(5)	(2)	(7)
Financial instruments	150	(39)	111	204	315
Pension and other postretirement benefits	2	(1)	1	—	1
Total other comprehensive income	147	(40)	107	202	309
Comprehensive income	$827	$12	$839	$324	$1,163
	Nine months ended September 30, 2024 and 2023
2024:
Net income	$2,123	$63	$2,186	$325	$2,511
Other comprehensive income (loss):
Foreign currency translation adjustments	(25)	—	(25)	(11)	(36)
Financial instruments	(26)	4	(22)	(2)	(24)
Pension and other postretirement benefits	16	(4)	12	—	12
Total other comprehensive loss	(35)	—	(35)	(13)	(48)
Comprehensive income	2,088	63	2,151	312	2,463
Preferred dividends of subsidiary	(1)	—	(1)	—	(1)
Comprehensive income, after preferred dividends of subsidiary	$2,087	$63	$2,150	$312	$2,462
2023:
Net income	$2,826	$(499)	$2,327	$435	$2,762
Other comprehensive income (loss):
Foreign currency translation adjustments	16	—	16	6	22
Financial instruments	158	(43)	115	206	321
Pension and other postretirement benefits	(8)	(2)	(10)	—	(10)
Total other comprehensive income	166	(45)	121	212	333
Comprehensive income	2,992	(544)	2,448	647	3,095
Preferred dividends of subsidiary	(1)	—	(1)	—	(1)
Comprehensive income, after preferred dividends of subsidiary	$2,991	$(544)	$2,447	$647	$3,094

SEMPRA
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
	September 30,	December 31,
	2024	2023(1)
(unaudited)
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:
Property, plant and equipment	77,896	72,495
Less accumulated depreciation and amortization	(18,621)	(17,535)
Property, plant and equipment, net	59,275	54,960
Total assets	$93,748	$87,181

SEMPRA
CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(Dollars in millions)
	September 30,	December 31,
	2024	2023(1)
(unaudited)
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
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; 633,214,870 and 631,431,732 sharesoutstanding at September 30, 2024 and December 31, 2023, respectively; no par value)	12,292	12,204
Retained earnings	16,707	15,732
Accumulated other comprehensive income (loss)	(185)	(150)
Total 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
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in millions)
	Nine months ended September 30,
	2024	2023
(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$2,511	$2,762
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,811	1,651
Deferred income taxes and investment tax credits	(223)	234
Equity earnings	(1,235)	(1,086)
Share-based compensation expense	63	53
Fixed-price contracts and other derivatives	11	(580)
Bad debt expense	149	368
Other	7	6
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
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(Dollars in millions)
	Nine months ended September 30,
	2024	2023
(unaudited)
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest payments, net of amounts capitalized	$814	$836
Income tax payments, net of refunds	272	162
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued interest receivable added to note receivable	$13	$12
Repayments of advances from unconsolidated affiliate in lieu of distributions	62	36
Accrued capital expenditures	1,059	1,200
Increase in finance lease obligations for investment in PP&E	27	47
Decrease in ARO for investment in PP&E	(9)	(15)
Preferred dividends declared but not paid	22	22
Common dividends issued in stock	40	—
Common dividends declared but not paid	392	374
Contributions from NCI	—	200
Sale of NCI post-closing adjustment payable	—	11

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 September 30, 2024
Balance at June 30, 2024	$889		$12,250		$16,461		$(121)		$29,479			$5,940		$35,419
Net income				649			649		110			759
Other comprehensive loss					(64)		(64)		(176)			(240)
Share-based compensation expense		22					22				22
Dividends declared:
Series C preferred stock ($12.19/share)				(11)			(11)				(11)
Common stock ($0.62/share)				(392)			(392)				(392)
Issuances of common stock		21					21				21
Repurchases of common stock		(1)					(1)				(1)
Noncontrolling interest activities:
Contributions								335		335
Distributions								(32)		(32)
Balance at September 30, 2024	$889		$12,292		$16,707		$(185)		$29,703			$6,177		$35,880
	Three months ended September 30, 2023
Balance at June 30, 2023	$889		$12,044		$15,024		$(121)		$27,836			$3,178		$31,014
Net income				732			732		122			854
Other comprehensive income					107		107		202			309
Share-based compensation expense		22					22				22
Dividends declared:
Series C preferred stock ($12.19/share)				(11)			(11)				(11)
Common stock ($0.60/share)				(374)			(374)				(374)
Repurchases of common stock		(1)					(1)				(1)
Noncontrolling interest activities:
Contributions		(11)					(11)		507			496
Distributions								(37)		(37)
Sales		(16)				(46)		(62)		1,048			986
Balance at September 30, 2023	$889		$12,038		$15,371		$(60)		$28,238			$5,020		$33,258

SEMPRA
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONTINUED)
(Dollars in millions)
Preferred stock · Common stock · Retained earnings · Accumulatedothercomprehensiveincome (loss) · Semprashareholders'equity · Non-controllinginterests · Totalequity
(unaudited)
	Nine months ended September 30, 2024
Balance at December 31, 2023	$889		$12,204		$15,732		$(150)		$28,675			$4,979		$33,654
Net income				2,186			2,186		325			2,511
Other comprehensive loss					(35)		(35)		(13)			(48)
Share-based compensation expense		63					63				63
Dividends declared:
Series C preferred stock ($36.57/share)				(33)			(33)				(33)
Common stock ($1.86/share)				(1,177)			(1,177)				(1,177)
Preferred dividends of subsidiary				(1)			(1)				(1)
Issuances of common stock		66					66				66
Repurchases of common stock		(41)					(41)				(41)
Noncontrolling interest activities:
Contributions								1,121		1,121
Distributions								(235)		(235)
Balance at September 30, 2024	$889		$12,292		$16,707		$(185)		$29,703			$6,177		$35,880
	Nine months ended September 30, 2023
Balance at December 31, 2022	$889		$12,160		$14,201		$(135)		$27,115			$2,141		$29,256
Net income				2,327			2,327		435			2,762
Other comprehensive income					121		121		212			333
Share-based compensation expense		53					53				53
Dividends declared:
Series C preferred stock ($36.57/share)				(33)			(33)				(33)
Common stock ($1.79/share)				(1,123)			(1,123)				(1,123)
Preferred dividends of subsidiary				(1)			(1)				(1)
Repurchases of common stock		(32)					(32)				(32)
Noncontrolling interest activities:
Contributions		(145)					(145)		1,236			1,091
Distributions								(289)		(289)
Sales		2				(46)		(44)		1,285			1,241
Balance at September 30, 2023	$889		$12,038		$15,371		$(60)		$28,238			$5,020		$33,258

SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED STATEMENTS OF OPERATIONS
(Dollars in millions)
	Three months ended September 30,		Nine months ended September 30,
	2024	2023	2024	2023
(unaudited)
Operating revenues:
Electric	$1,073	$1,254	$3,282	$3,343
Natural gas	170	188	695	1,014
Total operating revenues	1,243	1,442	3,977	4,357
Operating expenses:
Cost of electric fuel and purchased power	(5)	200	277	442
Cost of natural gas	38	45	177	462
Operation and maintenance	420	463	1,254	1,364
Depreciation and amortization	308	280	910	810
Franchise fees and other taxes	106	101	301	287
Total operating expenses	867	1,089	2,919	3,365
Operating income	376	353	1,058	992
Other income, net	30	25	86	75
Interest income	1	7	5	12
Interest expense	(131)	(126)	(390)	(367)
Income before income taxes	276	259	759	712
Income tax (expense) benefit	(15)	15	(89)	4
Net income/Earnings attributable to common shares	$261	$274	$670	$716

SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in millions)
	Pretaxamount	Income tax (expense) benefit	Net-of-taxamount
(unaudited)
	Three months ended September 30, 2024 and 2023
2024:
Net income/Comprehensive income	$276	$(15)	$261
2023:
Net income/Comprehensive income	$259	$15	$274
	Nine months ended September 30, 2024 and 2023
2024:
Net income/Comprehensive income	$759	$(89)	$670
2023:
Net income/Comprehensive income	$712	$4	$716

SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED BALANCE SHEETS
(Dollars in millions)
	September 30,	December 31,
	2024	2023(1)
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$15	$50
Accounts receivable – trade, net	867	870
Accounts receivable – other, net	108	141
Due from unconsolidated affiliates	8	—
Income taxes receivable, net	240	236
Inventories	182	153
Prepaid expenses	171	165
Regulatory assets	15	19
Greenhouse gas allowances	158	158
Other current assets	30	31
Total current assets	1,794	1,823
Other assets:
Regulatory assets	2,164	1,968
Greenhouse gas allowances	298	202
Nuclear decommissioning trusts	906	872
Right-of-use assets – operating leases	542	368
Wildfire fund	268	269
Other long-term assets	165	134
Total other assets	4,343	3,813
Property, plant and equipment:
Property, plant and equipment	32,480	30,918
Less accumulated depreciation and amortization	(7,852)	(7,369)
Property, plant and equipment, net	24,628	23,549
Total assets	$30,765	$29,185

SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED BALANCE SHEETS (CONTINUED)
(Dollars in millions)
	September 30,	December 31,
	2024	2023(1)
(unaudited)
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities:
Short-term debt	$384	$—
Accounts payable	823	808
Due to unconsolidated affiliates	48	73
Interest payable	117	81
Accrued compensation and benefits	162	145
Accrued franchise fees	53	112
Regulatory liabilities	264	447
Current portion of long-term debt and finance leases	41	441
Greenhouse gas obligations	158	158
Asset retirement obligations	110	116
Other current liabilities	274	216
Total current liabilities	2,434	2,597
Long-term debt and finance leases	10,021	9,453
Deferred credits and other liabilities:
Regulatory liabilities	2,771	2,534
Greenhouse gas obligations	65	—
Pension obligation, net of plan assets	77	79
Deferred income taxes	3,080	2,873
Asset retirement obligations	771	778
Deferred credits and other	1,199	969
Total deferred credits and other liabilities	7,963	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	8,695	8,250
Accumulated other comprehensive income (loss)	(8)	(8)
Total shareholder’s equity	10,347	9,902
Total liabilities and shareholder's equity	$30,765	$29,185

SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in millions)
	Nine months ended September 30,
	2024	2023
(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$670	$716
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	910	810
Deferred income taxes and investment tax credits	94	(56)
Bad debt expense	46	94
Other	(19)	(30)
Net change in working capital components	(204)	269
Changes in noncurrent assets and liabilities, net	(54)	(319)
Net cash provided by operating activities	1,443	1,484
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property, plant and equipment	(1,838)	(1,893)
Purchases of nuclear decommissioning trust assets	(605)	(391)
Proceeds from sales of nuclear decommissioning trust assets	639	437
Other	11	9
Net cash used in investing activities	(1,793)	(1,838)
CASH FLOWS FROM FINANCING ACTIVITIES
Common dividends paid	(225)	(100)
Issuances of debt (maturities greater than 90 days)	594	1,389
Payments on debt (maturities greater than 90 days) and finance leases	(432)	(479)
Increase (decrease) in short-term debt, net	384	(205)
Debt issuance costs	(6)	(12)
Net cash provided by financing activities	315	593
(Decrease) increase in cash and cash equivalents	(35)	239
Cash and cash equivalents, January 1	50	7
Cash and cash equivalents, September 30	$15	$246
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest payments, net of amounts capitalized	$348	$315
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures	$214	$237
Increase in finance lease obligations for investment in PP&E	8	7
Increase in ARO for investment in PP&E	—	13

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 September 30, 2024
Balance at June 30, 2024	$1,660		$8,659		$(8)	$10,311
Net income		261		261
Common stock dividends declared ($1.93/share)		(225)		(225)
Balance at September 30, 2024	$1,660		$8,695		$(8)	$10,347
	Three months ended September 30, 2023
Balance at June 30, 2023	$1,660		$7,856		$(7)	$9,509
Net income		274		274
Common stock dividends declared ($0.86/share)		(100)		(100)
Balance at September 30, 2023	$1,660		$8,030		$(7)	$9,683
	Nine months ended September 30, 2024
Balance at December 31, 2023	$1,660		$8,250		$(8)	$9,902
Net income		670		670
Common stock dividends declared ($1.93/share)		(225)		(225)
Balance at September 30, 2024	$1,660		$8,695		$(8)	$10,347
	Nine months ended September 30, 2023
Balance at December 31, 2022	$1,660		$7,414		$(7)	$9,067
Net income		716		716
Common stock dividends declared ($0.86/share)		(100)		(100)
Balance at September 30, 2023	$1,660		$8,030		$(7)	$9,683

SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED STATEMENTS OF OPERATIONS
(Dollars in millions)
	Three months ended September 30,		Nine months ended September 30,
	2024	2023	2024	2023
(unaudited)
Operating revenues	$1,054	$1,313	$4,168	$6,574
Operating expenses:
Cost of natural gas	82	224	661	2,855
Operation and maintenance	678	733	1,998	2,073
Depreciation and amortization	228	211	675	625
Franchise fees and other taxes	66	64	200	209
Total operating expenses	1,054	1,232	3,534	5,762
Operating income	—	81	634	812
Other income (expense), net	13	(2)	73	(9)
Interest income	3	2	7	7
Interest expense	(82)	(70)	(237)	(210)
(Loss) income before income taxes	(66)	11	477	600
Income tax benefit (expense)	52	5	(1)	(68)
Net (loss) income	(14)	16	476	532
Preferred dividends	—	—	(1)	(1)
(Losses) earnings attributable to common shares	$(14)	$16	$475	$531

SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in millions)
	Pretaxamount	Income tax benefit (expense)	Net-of-taxamount
(unaudited)
	Three months ended September 30, 2024 and 2023
2024:
Net loss/Comprehensive loss	$(66)	$52	$(14)
2023:
Net income	$11	$5	$16
Other comprehensive income (loss):
Pension and other postretirement benefits	1	(1)	—
Total other comprehensive income	1	(1)	—
Comprehensive income	$12	$4	$16
	Nine months ended September 30, 2024 and 2023
2024:
Net income	$477	$(1)	$476
Other comprehensive income (loss):
Financial instruments	1	—	1
Pension and other postretirement benefits	1	—	1
Total other comprehensive income	2	—	2
Comprehensive income	$479	$(1)	$478
2023:
Net income	$600	$(68)	$532
Other comprehensive income (loss):
Financial instruments	1	—	1
Pension and other postretirement benefits	2	(1)	1
Total other comprehensive income	3	(1)	2
Comprehensive income	$603	$(69)	$534

SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED BALANCE SHEETS
(Dollars in millions)
	September 30,	December 31,
	2024	2023(1)
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$2	$2
Accounts receivable – trade, net	557	985
Accounts receivable – other, net	75	102
Due from unconsolidated affiliates	2	22
Inventories	283	277
Regulatory assets	43	204
Greenhouse gas allowances	928	950
Other current assets	105	100
Total current assets	1,995	2,642
Other assets:
Regulatory assets	2,075	1,715
Greenhouse gas allowances	551	62
Right-of-use assets – operating leases	20	29
Other long-term assets	705	645
Total other assets	3,351	2,451
Property, plant and equipment:
Property, plant and equipment	28,369	27,025
Less accumulated depreciation and amortization	(8,253)	(7,852)
Property, plant and equipment, net	20,116	19,173
Total assets	$25,462	$24,266

SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED BALANCE SHEETS (CONTINUED)
(Dollars in millions)
	September 30,	December 31,
	2024	2023(1)
(unaudited)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debt	$500	$946
Accounts payable – trade	477	811
Accounts payable – other	179	184
Due to unconsolidated affiliates	43	38
Accrued compensation and benefits	247	213
Regulatory liabilities	257	103
Current portion of long-term debt and finance leases	373	523
Greenhouse gas obligations	928	950
Asset retirement obligations	72	73
Other current liabilities	481	566
Total current liabilities	3,557	4,407
Long-term debt and finance leases	7,027	6,288
Deferred credits and other liabilities:
Regulatory liabilities	1,346	1,202
Greenhouse gas obligations	396	—
Pension obligation, net of plan assets	199	231
Deferred income taxes	1,821	1,586
Asset retirement obligations	2,845	2,774
Deferred credits and other	384	368
Total deferred credits and other liabilities	6,991	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	5,570	5,095
Accumulated other comprehensive income (loss)	(21)	(23)
Total shareholders’ equity	7,887	7,410
Total liabilities and shareholders’ equity	$25,462	$24,266

(1) Derived from audited financial statements.

SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in millions)
	Nine months ended September 30,
	2024	2023
(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$476	$532
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	675	625
Deferred income taxes and investment tax credits	4	79
Bad debt expense	70	272
Other	(21)	(9)
Net change in working capital components	321	(1)
Changes in noncurrent assets and liabilities, net	(155)	(234)
Net cash provided by operating activities	1,370	1,264
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property, plant and equipment	(1,491)	(1,451)
Net cash used in investing activities	(1,491)	(1,451)
CASH FLOWS FROM FINANCING ACTIVITIES
Preferred dividends paid	(1)	(1)
Issuances of debt (maturities greater than 90 days)	1,594	997
Payments on debt (maturities greater than 90 days) and finance leases	(517)	(1,115)
(Decrease) increase in short-term debt, net	(946)	320
Debt issuance costs	(9)	(9)
Net cash provided by financing activities	121	192
Increase in cash and cash equivalents	—	5
Cash and cash equivalents, January 1	2	21
Cash and cash equivalents, September 30	$2	$26
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest payments, net of amounts capitalized	$189	$183
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures	$265	$253
Increase in finance lease obligations for investment in PP&E	19	40
Decrease in ARO for investment in PP&E	(9)	(28)

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 September 30, 2024
Balance at June 30, 2024	$22	$2,316		$5,584	$(21)	$7,901
Net loss			(14)		(14)
Dividends declared:
Preferred stock ($0.38/share)			—		—
Balance at September 30, 2024	$22	$2,316		$5,570	$(21)	$7,887
	Three months ended September 30, 2023
Balance at June 30, 2023	$22	$2,316		$4,899	$(22)	$7,215
Net income			16		16
Dividends declared:
Preferred stock ($0.38/share)			—		—
Balance at September 30, 2023	$22	$2,316		$4,915	$(22)	$7,231
	Nine months ended September 30, 2024
Balance at December 31, 2023	$22	$2,316		$5,095	$(23)	$7,410
Net income			476		476
Other comprehensive income				2	2
Dividends declared:
Preferred stock ($1.13/share)			(1)		(1)
Balance at September 30, 2024	$22	$2,316		$5,570	$(21)	$7,887
	Nine months ended September 30, 2023
Balance at December 31, 2022	$22	$2,316		$4,384	$(24)	$6,698
Net income			532		532
Other comprehensive income				2	2
Dividends declared:
Preferred stock ($1.13/share)			(1)		(1)
Balance at September 30, 2023	$22	$2,316		$4,915	$(22)	$7,231

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