Dba Sempra · NYSE:SRE
Dba Sempra — Sempra Energy — Q1 2013 Earnings Presentation
16 slides from Dba Sempra's earnings presentation, May 2, 2013
Slide 1: First Quarter 2013 Earnings Results
First Quarter 2013 Earnings Results May 2, 2013
Slide 2: Information Regarding Forward-Looking Statements
Information Regarding Forward-Looking Statements This presentation contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like “believes,” “expe
Slide 3: Summary
Summary ▶ Q1-13 financial results ▶ Mexican IPO and debt offering ▶ Proposed decision (PD) in General Rate Cases ▶ Cameron Liquefaction update 3
Slide 4: Items Impacting Q1-13 Earnings
Items Impacting Q1-13 Earnings Item $mm Impact EPS Impact Comment Delay in General Rate Case Final decision expected in Q2-13 One-Time Items Gain on Mesquite $44 $0.18 Planned gain on sale Tax Expense on IEnova Transaction (63) (0.25) Deferred tax charge related to IPO Impairment charge in anticipat
Slide 5: First Quarter 2013 Results
First Quarter 2013 Results Three months ended March 31, (Unaudited; dollars, except EPS, and shares in millions) 2013 2012 Earnings $ 178 $ 236 Diluted weighted-average shares outstanding 248 244 EPS $ 0.72 $ 0.97 ▶ Plan to update 2013 guidance at Analyst Conference assuming final GRC decision is vo
Slide 6: SDG&E and SoCalGas
SDG&E and SoCalGas Three months ended March 31, (Unaudited, dollars in millions) 2013 2012 SDG&E Earnings $ 91 $ 105 SoCalGas Earnings 46 66 Total $ 137 $ 171 ▶ Lower earnings at both California utilities primarily due to: ● Higher operating expenses, including depreciation, with no increase in auth
Slide 7: Sempra International
Sempra International Three months ended March 31, (Unaudited, dollars in millions) 2013 2012 Sempra South American Utilities $ 37 $ 40 Sempra Mexico 31 33 Total Sempra International $ 68 $ 73 ▶ South American Q1-13 results include higher earnings from operations in Chile and Peru, more than offset b
Slide 8: Sempra U.S. Gas & Power
Sempra U.S. Gas & Power Three months ended March 31, (Unaudited, dollars in millions) 2013 2012 Sempra Natural Gas $ 53 $ 1 Sempra Renewables 4 10 Total Sempra U.S. Gas & Power $ 57 $ 11 ▶ Natural Gas earnings include $44 million gain on sale of Mesquite power plant ▶ Renewables Q1-13 earnings lower
Slide 9: Mexico IPO and Debt Offering
Mexico IPO and Debt Offering ▶ Executed a very successful carve-out of 18.9% of our Mexico subsidiary (“IEnova”) for ~$575mm ● 1st energy company to go public in Mexico ● Offering priced at the top of the range, a first in Mexico in five years ● Over 50% of initial allocations to Mexican investors ●
Slide 10: IEnova IPO Created Significant Shareholder Value
IEnova IPO Created Significant Shareholder Value Value Creation Since IPO (U.S. $ in mm) Stock Performance through 5/1/13(4) $4,500 35.0% $4,000 $3,925 30.0% $3,500 $3,163 $3,183 25.0% $3,000 81% $2,565 20.0% $2,500 81% $2,000 $1,763 15.0% $1,500 10.0% $1,000 $500 5.0% $0 0.0% Book Value pre- Equity
Slide 11: General Rate Case Proposed Decision
General Rate Case Proposed Decision ▶ Proposed decision (PD) filed in March; expect final decision in Q2-13 SDG&E SoCalGas Test Year 2012 PD Revenue $1,749 $1,952 Requirement ($ in millions) Increase over Currently Authorized 8% 6% Revenue Requirement ▶ Sets four-year rate case cycle and allows for
Slide 12: Cameron Liquefaction Update
Cameron Liquefaction Update ▶ FERC issued its schedule for the environmental review of the project • Only currently pending application to have reached this milestone ▶ Expect action on DOE non-FTA permit in 2013 ▶ On-schedule to begin construction next year and operations should begin in the second
Slide 13: Summary
Summary ▶ Successful execution of IEnova IPO and debt offering ▶ Proposed Decision in GRC; final decision expected in Q2-13 ▶ Will begin repatriation of cash from International operations earlier than originally forecasted ▶ Expect to update 2013 guidance at May 23 Analyst Conference assuming final
Slide 14: Appendix
) by Sempra Energy" Appendix
Slide 15: Renewable Project Summary
Renewable Project Summary PPA Term Name Location MW Tax Credits Full COD (yrs) IN OPERATION (1) Fowler Ridge 2 Wind Indiana 100 MW (50%) 20 PTC 2009 Copper Mountain Solar 1 Nevada 58 MW 20 ITC 2010 (1) Cedar Creek 2 Wind Colorado 125 MW (50%) 25 PTC 2011 (1) Flat Ridge 2 Wind Kansas 235 MW (50%) 20
Slide 16: Mexican Midstream Asset Summary
Mexican Midstream Asset Summary Ownership Length of Pipeline Design Contract Name Full COD Interest (km) Capacity Term (yrs) NATURAL GAS SYSTEMS (1) Samalayuca Pipeline 50% 37 272 MMcfd Dec-97 Annual Baja West Pipeline System 100% 45 940 MMcfd Jun-00 20 Baja East Pipeline System 100% 302 3,450 MMcfd