SoCalGas Files 10-Q for Q2 2024

TL;DR

SoCalGas dropped its Q2 10-Q. All systems go.

AI Summary

Southern California Gas Company (SoCalGas), a subsidiary of Sempra Energy, filed its 10-Q report for the period ending June 30, 2024. The filing details the company's financial performance and operational status. SoCalGas, based in San Diego, CA, operates within the natural gas transmission sector.

Why It Matters

This filing provides investors and stakeholders with an update on the financial health and operational activities of a major natural gas utility serving Southern California.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not indicate any immediate or significant new risks.

Key Numbers

• 1231 — Fiscal Year End (Indicates the company's annual financial reporting cycle.)
• 001-01402 — SEC File Number (Unique identifier for the company's SEC filings.)

Key Players & Entities

• SOUTHERN CALIFORNIA GAS CO (company) — Filer of the 10-Q
• SEMPRA ENERGY (company) — Parent company
• SAN DIEGO GAS & ELECTRIC CO (company) — Related company
• 20240630 (date) — End of reporting period
• 4922 (number) — Standard Industrial Classification for Natural Gas Transmission

FAQ

Key Financial Figures

• $25 — 75% Junior Subordinated Notes Due 2079, $25 par value SREA New York Stock Exchange

Filing Documents

• sre-20240630.htm (10-Q) — 4928KB
• sempra-63024xex101.htm (EX-10.1) — 283KB
• sempra-63024xex311.htm (EX-31.1) — 9KB
• sempra-63024xex312.htm (EX-31.2) — 9KB
• sempra-63024xex313.htm (EX-31.3) — 9KB
• sempra-63024xex314.htm (EX-31.4) — 9KB
• sempra-63024xex315.htm (EX-31.5) — 9KB
• sempra-63024xex316.htm (EX-31.6) — 9KB
• sempra-63024xex321.htm (EX-32.1) — 5KB
• sempra-63024xex322.htm (EX-32.2) — 5KB
• sempra-63024xex323.htm (EX-32.3) — 5KB
• sempra-63024xex324.htm (EX-32.4) — 5KB
• sempra-63024xex325.htm (EX-32.5) — 5KB
• sempra-63024xex326.htm (EX-32.6) — 5KB
• sre-20240630_g1.jpg (GRAPHIC) — 79KB
• sre-20240630_g2.jpg (GRAPHIC) — 105KB
• sre-20240630_g3.jpg (GRAPHIC) — 103KB
• sre-20240630_g4.jpg (GRAPHIC) — 119KB
• sre-20240630_g5.jpg (GRAPHIC) — 31KB
• sre-20240630_g6.jpg (GRAPHIC) — 24KB
• sre-20240630_g7.jpg (GRAPHIC) — 35KB
• sre-20240630_g8.jpg (GRAPHIC) — 30KB
• sre-20240630_g9.jpg (GRAPHIC) — 29KB
• 0001032208-24-000026.txt ( ) — 26253KB
• sre-20240630.xsd (EX-101.SCH) — 117KB
• sre-20240630_cal.xml (EX-101.CAL) — 182KB
• sre-20240630_def.xml (EX-101.DEF) — 977KB
• sre-20240630_lab.xml (EX-101.LAB) — 1229KB
• sre-20240630_pre.xml (EX-101.PRE) — 1168KB
• sre-20240630_htm.xml (XML) — 5417KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 9 Notes to Condensed Consolidated Financial Statements Note 1. General Information and Other Financial Data 29 Note 2. New Accounting Standards 45 Note 3. Revenues 46 Note 4. Regulatory Matters 50 Note 5. Sempra – Investments in Unconsolidated Entities 52 Note 6. Debt and Credit Facilities 54 Note 7. Derivative Financial Instruments 57 Note 8. Fair Value Measurements 64 Note 9. Sempra – Equity and Earnings Per Common Share 70 Note 10. San Onofre Nuclear Generating Station 73 Note 11. Commitments and Contingencies 75 Note 12. Sempra – Segment Information 81

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 83 Overview 83 Results of Operations by Registrant 83 Capital Resources and Liquidity 100 Critical Accounting Estimates 112 New Accounting Standards 113

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 113

Controls and Procedures

Item 4. Controls and Procedures 114

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 115

Risk Factors

Item 1A. Risk Factors 115

Other Information

Item 5. Other Information 115

Exhibits

Item 6. Exhibits 117

Signatures

Signatures 119 This combined Form 10-Q is separately filed by Sempra, San Diego Gas & Electric Company and Southern California Gas Company. Information contained herein relating to any one of these individual Registrants is filed by such entity on its own behalf. Each such Registrant makes statements herein only as to itself and its consolidated entities and makes no statement whatsoever as to any other entity. You should read this report in its entirety as it pertains to each respective Registrant. No one section of the report deals with all aspects of the subject matter. A separate Part I – Item 1 is provided for each Registrant, except for the Notes to Condensed Consolidated Financial Statements, which are combined for all the Registrants. All Items other than Part I – Item 1 are combined for the three Registrants. None of the website references in this report are active hyperlinks, and the information contained on or that can be accessed through any such website is not and shall not be deemed to be part of or incorporated by reference in this report or any other document that we file with or furnish to the SEC. 3 Table of Contents The following terms and abbreviations appearing in this report have the meanings indicated below. GLOSSARY AB California Assembly Bill ADIA Black Silverback ZC 2022 LP (assignee of Black River B 2017 Inc.), a wholly owned affiliate of Abu Dhabi Investment Authority AFUDC allowance for funds used during construction amparo an extraordinary constitutional appeal governed by Articles 103 and 107 of the Mexican Constitution and filed in Mexican federal court Annual Report Annual Report on Form 10-K for the year ended December 31, 2023 AOCI accumulated other comprehensive income (loss) ARO asset retirement obligation ASEA Agencia de Seguridad, Energa y Ambiente (Mexico's National Agency for Industrial Safety and Environmental Protection) ASU Accounting Standards Update Bcf billion cubic feet Bechtel Bechtel Energy I

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

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 See Notes to Condensed Consolidated Financial Statements. 9 Table of Contents SEMPRA CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Dollars in millions) Sempra shareholders' equity Pretax amount Income tax benefit (expense) Net-of-tax amount Noncontrolling interests (after

View Full Filing

View this 10-Q filing on SEC EDGAR