Third Quarter 2014 Earnings Results November 4, 2014
Agenda Progress on growth initiatives and strategy U.S. Gas & Power: LNG and other infrastructure Sempra International California Utilities Update on analysis of MLP/Yieldco-like structures Q3-14 consolidated earnings Key…
Progress on Growth Initiatives and Strategy USG&P Mesquite Power Plant Signed definitive agreement to sell last block of Mesquite combined-cycle power plant at a premium to book value Expect sale to close around year-end, subject to…
Progress on Growth Initiatives and Strategy USG&P LNG Cameron Trains 1-3 JV formed and full notice to proceed issued to EPC contractor in October Sempra reimbursement for project development costs and first draws on financing made by…
Progress on Growth Initiatives and Strategy Sempra International ECA Liquefaction: gas studies progressing to help determine potential project size, structure, and economics First phase of Sonora pipeline complete and Los Ramones I…
Progress on Growth Initiatives and Strategy California Utilities Pipeline Safety Enhancement Program (PSEP) approved and construction ramping up SoCalGas Advanced Metering Infrastructure (AMI) ahead of schedule in installations With…
Update on Analysis of MLP/Yieldco-Like Structures Focused on finalizing analysis of the pros/cons of different structures We are looking at both MLPs and Yieldco-like structures, the latter of which we now refer to as Total Return…
MLP/TRV Considerations Our analysis is focused on Sempra Energy value creation, including: Earnings per share, dividend per share, cash flow impact and credit impact Will follow same deliberate path we did with the IEnova IPO in our…
MLP and TRV Attributes Traditional MLP Generic Total Return Vehicle Qualifying midstream Asset Types Qualifying midstream Renewables Other energy infrastructure Historically favored by retail investors Applicable to most classes of…
Third Quarter 2014 Financial Results Three months ended Nine months ended September 30, September 30, (Unaudited; dollars, except EPS, and shares in millions) 2014 2013 2014 2013 GAAP Earnings 348 296 864 719 (1) Loss on San Onofre…
Third Quarter 2014 Key Drivers Increased Q3-14 earnings are due largely to: 13 million higher combined CPUC base margin and improved operating results at the California Utilities, 10 million favorable impact for resolution of prior…
Summary Each of our business units is performing well Broke ground on Cameron LNG and finalizing agreements for REX expansion IEnovas construction of major projects progressing on time and Sempra Mexico earnings higher relative to…
Business Unit Earnings
SDG&E Three months ended Nine months ended September 30, September 30, (Unaudited, dollars in millions) 2014 2013 2014 2013 SDG&E GAAP Earnings 157 129 379 285 (1) Loss on SONGS Plant Closure - - 9 119 Retroactive 2012 Earnings…
SoCalGas Three months ended Nine months ended September 30, September 30, (Unaudited, dollars in millions) 2014 2013 2014 2013 SoCalGas GAAP Earnings 98 102 256 266 Retroactive 2012 Earnings from GRC - - - (25) SoCalGas Adjusted…
Sempra International Three months ended Nine months ended September 30, September 30, (Unaudited, dollars in millions) 2014 2013 2014 2013 Sempra South American Utilities 32 39 109 110 Sempra Mexico 63 39 139 96 Sempra International…
Sempra U.S. Gas & Power Three months ended Nine months ended September 30, September 30, (Unaudited, dollars in millions) 2014 2013 2014 2013 Sempra Natural Gas 26 (7) 39 55 Sempra Renewables 17 37 63 56 Sempra U.S. Gas & Power…
Appendix
Non-GAAP Financial Measures Sempra Energy Consolidated: Sempra Energy Adjusted Earnings and Adjusted Earnings Per Share exclude 1) in the nine months ended September 30, 2013, a 119 million loss from plant closure resulting from the early…
REX Update on Zone 3 East-to-West Contracted/ Expected Amount Volume Contract(s) Route Term Indicative Rate In-Service not in (Bcf/d) (/Dth) Date 5-yr Plan Seneca Processing 0.25 Bcf/d = 6 mos Plant to NGPL 0.60 Bcf/d = 7 yrs…
Mexico Opportunities Natural Gas Pipelines(1) USD 13 billion estimated required investment in new pipelines by 2018 CAPEX Expected Bid Scheduled/Expected Project Name Miles COD (US mm) Date Award Date 1. Ojinaga El Encino 155 462…
Mexican Project Summary Sempras Share of Ultimate Length of Expected Contract Name Design Capacity Planned CapEx Ownership Interest Pipeline (miles) Full COD Term (yrs) ( in millions) IN DEVELOPMENT (1) Los Ramones I 50% 68 2,100…
Renewable Project Summary Name Location Sempras Share (MW) PPA Term (yrs) Tax Credits Expected Full COD CONTRACTED/UNDER CONSTRUCTION Copper Mountain Solar 2 Nevada 29 MW (50%) 25 ITC 2015 (2nd Phase) Copper Mountain Solar 3 Nevada…
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