EX-99.2 3 ex99_2x20231231x10-k.htm EX-99.2
Exhibit 99.2

SEMPRA
Table F
STATEMENTS OF OPERATIONS DATA BY SEGMENT
(Dollars in millions)
Three months ended December 31, 2023 | Sempra California |  | Sempra Texas Utilities |  |  |  | Sempra Infrastructure |  | Consolidating Adjustments, Parent & Other |  |  | Total
Revenues | $ | 2,920 |  |  | $ | — |  |  |  |  | $ | 586 |  |  | $ | (15) |  |  |  | $ | 3,491 |
Cost of sales and other expenses | (1,840) |  |  | — |  |  |  |  | (380) |  |  | (14) |  |  |  | (2,234) |
Depreciation and amortization | (502) |  |  | — |  |  |  |  | (71) |  |  | (3) |  |  |  | (576) |
Other income (expense), net | 27 |  |  | — |  |  |  |  | (1) |  |  | 30 |  |  |  | 56 |
Income (loss) before interest and tax(1) | 605 |  |  | — |  |  |  |  | 134 |  |  | (2) |  |  |  | 737 |
Net interest (expense) income | (200) |  |  | (1) |  |  |  |  | 16 |  |  | (100) |  |  |  | (285) |
Income tax benefit (expense) | 95 |  |  | (1) |  |  |  |  | (118) |  |  | 33 |  |  |  | 9 |
Equity earnings | — |  |  | 148 |  |  |  |  | 207 |  |  | 40 |  |  |  | 395 |
Earnings attributable to noncontrolling interests | — |  |  | — |  |  |  |  | (108) |  |  | — |  |  |  | (108) |
Preferred dividends | — |  |  | — |  |  |  |  | — |  |  | (11) |  |  |  | (11) |
Earnings (losses) attributable to common shares | $ | 500 |  |  | $ | 146 |  |  |  |  | $ | 131 |  |  | $ | (40) |  |  |  | $ | 737 |
Three months ended December 31, 2022 | Sempra California |  | Sempra Texas Utilities |  |  |  | Sempra Infrastructure |  | Consolidating Adjustments, Parent & Other |  |  | Total
Revenues | $ | 3,358 |  |  | $ | — |  |  |  |  | $ | 109 |  |  | $ | (12) |  |  |  | $ | 3,455 |
Cost of sales and other expenses | (2,158) |  |  | (2) |  |  |  |  | (385) |  |  | (28) |  |  |  | (2,573) |
Depreciation and amortization | (448) |  |  | — |  |  |  |  | (69) |  |  | (2) |  |  |  | (519) |
Other income, net | 21 |  |  | — |  |  |  |  | 4 |  |  | 2 |  |  |  | 27 |
Income (loss) before interest and tax(1) | 773 |  |  | (2) |  |  |  |  | (341) |  |  | (40) |  |  |  | 390 |
Net interest (expense) income | (175) |  |  | — |  |  |  |  | 1 |  |  | (67) |  |  |  | (241) |
Income tax (expense) benefit | (104) |  |  | 1 |  |  |  |  | (30) |  |  | 12 |  |  |  | (121) |
Equity earnings | — |  |  | 133 |  |  |  |  | 247 |  |  | — |  |  |  | 380 |
Losses attributable to noncontrolling interests | — |  |  | — |  |  |  |  | 41 |  |  | — |  |  |  | 41 |
Preferred dividends | — |  |  | — |  |  |  |  | — |  |  | (11) |  |  |  | (11) |
Earnings (losses) attributable to common shares | $ | 494 |  |  | $ | 132 |  |  |  |  | $ | (82) |  |  | $ | (106) |  |  |  | $ | 438 |

(1) Management believes Income (Loss) Before Interest and Tax is a useful measurement of our segments’ performance because it can be used to evaluate the effectiveness of our operations exclusive of interest and income tax, neither of which is directly relevant to the efficiency of those operations.

SEMPRA
Table F (Continued)
STATEMENTS OF OPERATIONS DATA BY SEGMENT
(Dollars in millions)
Year ended December 31, 2023(1) | Sempra California |  | Sempra Texas Utilities |  | Sempra Infrastructure |  | Consolidating Adjustments, Parent & Other |  |  | Total
Revenues | $ | 13,761 |  |  | $ | — |  |  | $ | 3,071 |  |  | $ | (112) |  |  |  | $ | 16,720 |
Cost of sales and other expenses | (9,442) |  |  | (5) |  |  | (1,361) |  |  | 31 |  |  |  | (10,777) |
Depreciation and amortization | (1,937) |  |  | — |  |  | (281) |  |  | (9) |  |  |  | (2,227) |
Other income, net | 93 |  |  | — |  |  | 10 |  |  | 28 |  |  |  | 131 |
Income (loss) before interest and tax(2) | 2,475 |  |  | (5) |  |  | 1,439 |  |  | (62) |  |  |  | 3,847 |
Net interest expense | (758) |  |  | (1) |  |  | (86) |  |  | (375) |  |  |  | (1,220) |
Income tax benefit (expense) | 31 |  |  | (1) |  |  | (673) |  |  | 153 |  |  |  | (490) |
Equity earnings | — |  |  | 701 |  |  | 740 |  |  | 40 |  |  |  | 1,481 |
Earnings attributable to noncontrolling interests | — |  |  | — |  |  | (543) |  |  | — |  |  |  | (543) |
Preferred dividends | (1) |  |  | — |  |  | — |  |  | (44) |  |  |  | (45) |
Earnings (losses) attributable to common shares | $ | 1,747 |  |  | $ | 694 |  |  | $ | 877 |  |  | $ | (288) |  |  |  | $ | 3,030 |
Year ended December 31, 2022(1) | Sempra California |  | Sempra Texas Utilities |  | Sempra Infrastructure |  | Consolidating Adjustments, Parent & Other |  |  | Total
Revenues | $ | 12,577 |  |  | $ | — |  |  | $ | 1,919 |  |  | $ | (57) |  |  |  | $ | 14,439 |
Cost of sales and other expenses | (8,188) |  |  | (6) |  |  | (1,642) |  |  | (27) |  |  |  | (9,863) |
Aliso Canyon litigation and regulatory matters | (259) |  |  | — |  |  | — |  |  | — |  |  |  | (259) |
Depreciation and amortization | (1,743) |  |  | — |  |  | (268) |  |  | (8) |  |  |  | (2,019) |
Other income (expense), net | 84 |  |  | — |  |  | — |  |  | (60) |  |  |  | 24 |
Income (loss) before interest and tax(2) | 2,471 |  |  | (6) |  |  | 9 |  |  | (152) |  |  |  | 2,322 |
Net interest expense | (636) |  |  | — |  |  | (60) |  |  | (283) |  |  |  | (979) |
Income tax (expense) benefit | (320) |  |  | — |  |  | (249) |  |  | 13 |  |  |  | (556) |
Equity earnings | — |  |  | 742 |  |  | 756 |  |  | — |  |  |  | 1,498 |
Earnings attributable to noncontrolling interests | — |  |  | — |  |  | (146) |  |  | — |  |  |  | (146) |
Preferred dividends | (1) |  |  | — |  |  | — |  |  | (44) |  |  |  | (45) |
Earnings (losses) attributable to common shares | $ | 1,514 |  |  | $ | 736 |  |  | $ | 310 |  |  | $ | (466) |  |  |  | $ | 2,094 |

(1) Derived from audited financial statements.
(2) Management believes Income (Loss) Before Interest and Tax is a useful measurement of our segments’ performance because it can be used to evaluate the effectiveness of our operations exclusive of interest and income tax, neither of which is directly relevant to the efficiency of those operations.