Sempra Energy First Quarter 2020 Earnings Results May 4, 2020
Table of Contents Health + Safety Update Executive Summary High-Growth Infrastructure Portfolio Sales of South American Businesses Disciplined Capital Rotation Program Liquidity + Strengthening Credit Profile Operating…
Health + Safety Update In the midst of the coronavirus pandemic, were reminded that our employees face health risks in their daily lives and unique challenges in performing their jobs. Thats why our first principle has been, and…
Executive Summary Although these are challenging times, Sempra is committed to advancing its strategy to become North Americas premier energy infrastructure company, while building resiliency into its business model + improving the…
High-Growth Infrastructure Portfolio Over the past two years, Sempra has repositioned its infrastructure portfolio in some of the most attractive markets in North America 6
Sales of South American Businesses Total expected net sales proceeds of 4.7B will be used to pay down parent debt and fund our record capital program(1) Peru Chile Status Closed Closed Targeting May close Affiliate of China…
Disciplined Capital Rotation Program Divestitures Overview(1) Strategic Rationale (2) 2.2B 8.3B Narrowing focus to some of the most attractive markets in North 3.6B (2) 6.1B America Positioning business on what we believe is…
Liquidity Position (1) Robust liquidity position supports execution of our strategy in the current market environment Summary Strong Enterprise-Wide Liquidity 6.1B undrawn and 2.5B (4) available committed credit capacity…
Strengthening Credit Profile Over the last few years, Sempra has executed a concerted strategy to strengthen its balance sheet and improve its business risk profile HoldCo Debt to Total Debt Continues Downward Trend(1) Diversified…
U.S. Utility Infrastructure Update SDG&E FERC Settlement Approved Approved ROE of 10.6% including 50 basis point CAISO adder(1) Effective June 1, 2019 SDG&E + SoCalGas Petition for Modification Filed for 2019 General Rate Case SDG&E…
North American Infrastructure Project Status Cameron LNG Phase 1 Nearing completion(1) Train 1 + Train 2 COD Train 3 achieved mechanical completion and has initiated startup process Train 3 first LNG production expected Q2-2020 COD…
First Quarter 2020 Results Three months ended March 31, (Dollars, except EPS, and shares, in millions) 2020 2019 (Unaudited) GAAP Earnings 760 441 Impacts Associated with Aliso Canyon Litigation 72 - Losses from Investment in RBS…
Q1-2020 Adjusted Earnings Drivers (1) (1) 11M 20M 932M (4) 38M 85M (3) 136M (2) 174M (1) 534M (66M) Q1-2019 CA Utilities CA Utilities Mexico Cameron Electric Oncor + Other Q1-2020 Income Tax CPUC Base FX LNG +…
Summary Executing our disciplined strategy to become North Americas premier energy infrastructure company Nearing completion of capital rotation program, with Chile sale expected to close in May Targeting a 7.5B 2020 capital program…
Appendix
COVID-19 Update California Utilities Workforce Protocol Customer Exposure Revised protocols for onsite employees Level of uncollectible bill expense currently including physical separation within authorized in revenue requirement…
COVID-19 Update Oncor Workforce Protocol Customer Exposure Revised protocols for onsite employees T+D operator with distribution billing including physical separation within services provided by Retail Electric Providers operating…
COVID-19 Update NA Infrastructure Workforce Protocol Customer Exposure Cameron LNG Phase 1 Onsite workforce Cameron LNG Phase 1 A-rated customers requirements continue to decline as project is that are also JV equity partners well…
Appendix Business Unit Earnings
SDG&E Three months ended March 31, (Unaudited, dollars in millions) 2020 2019 SDG&E GAAP Earnings 262 176 Q1-2020 earnings are higher than Q1-2019 primarily due to: 65M higher CPUC base operating margin, net of operating…
SoCalGas Three months ended March 31, (Unaudited, dollars in millions) 2020 2019 SoCalGas GAAP Earnings 303 264 Impacts Associated with Aliso Canyon Litigation 72 - SoCalGas Adjusted Earnings(1) 375 264 Q1-2020 adjusted earnings…
Sempra Texas Utilities Three months ended March 31, (Unaudited, dollars in millions) 2020 2019 Sempra Texas Utilities GAAP Earnings 105 94 Q1-2020 earnings are 11M higher than Q1-2019 due to higher equity earnings from Oncor…
Sempra LNG Three months ended March 31, (Unaudited, dollars in millions) 2020 2019 Sempra LNG GAAP Earnings 75 5 Q1-2020 earnings are higher than Q1-2019 primarily due to: 43M higher equity earnings from Cameron LNG JV…
Sempra Mexico (1) Three months ended March 31, (Unaudited, dollars in millions) 2020 2019 Sempra Mexico GAAP Earnings 191 57 Q1-2020 earnings are higher than Q1-2019 primarily due to: 136M favorable impact from foreign…
Discontinued Operations (Sempra South American Utilities) (1) Three months ended March 31, (Unaudited, dollars in millions) 2020 2019 Discontinued Operations GAAP Earnings (Losses) 72 (51) Change in Indefinite Reinvestment…
Parent & Other Three months ended March 31, (Unaudited, dollars in millions) 2020 2019 Parent & Other GAAP Losses (248) (117) Losses from Investment in RBS Sempra Commodities LLP 100 - Reduction in Tax Valuation Allowance Against…
Appendix Non-GAAP Financial Measures
Adjusted Earnings and Adjusted EPS (Unaudited) Adjusted Earnings (Losses) and Adjusted EPS exclude items (after the effects of income taxes and, if applicable, noncontrolling interests) in 2020 and 2019 as follows: In the three months…
Adjusted Earnings and Adjusted EPS (Unaudited) Income tax Income tax Pretax (benefit) expense amount expense(1) Earnings (benefit)(1) Earnings (Dollars in millions, except per share amounts; shares in thousands) Three months ended…
Adjusted Earnings (Losses) by Business Units (Unaudited) (1) Sempra Texas Sempra Parent & Discontinued Sempra Energy SDG&E SoCalGas Utilities Mexico Sempra LNG Other Operations Consolidated GAAP Earnings (Losses) 262 303 105 191…
2020 Adjusted EPS Guidance Range (Unaudited) Sempra Energy 2020 Adjusted EPS Guidance Range of 6.70 to 7.50 excludes items (after the effects of income taxes and, if applicable, noncontrolling interests) as follows: (72) million from…
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