SOUTHERN CALIFORNIA GAS CO

CIK:0000092108|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUES
Natural gas	$ 1,364	$ 1,470	$ 3,389	$ 3,832
Electric	1,158	1,031	2,382	2,090
Energy-related businesses	475	499	881	880
Total revenues	2,997	3,000	6,652	6,802
Operating expenses:
Operation and maintenance	(1,251)	(1,239)	(2,493)	(2,582)
Depreciation and amortization	(612)	(653)	(1,233)	(1,293)
Franchise fees and other taxes	(194)	(165)	(404)	(361)
Other income, net	67	59	167	150
Interest income	38	14	78	48
Interest expense	(430)	(359)	(812)	(792)
Income before income taxes and equity earnings	507	298	1,355	949
Income tax expense	(112)	(172)	(177)	(229)
Equity earnings	547	393	914	718
Net income	942	519	2,092	1,438
Earnings attributable to noncontrolling interests	(141)	(46)	(248)	(48)
Earnings attributable to contingently redeemable noncontrolling interest	(4)	0	(10)	0
Preferred dividends	0	(11)	0	(22)
Preferred dividends of subsidiary	(1)	(1)	(1)	(1)
Earnings attributable to common shares	$ 796	$ 461	$ 1,833	$ 1,367
Basic EPS:
Earnings (in dollars per share)	$ 1.22	$ 0.71	$ 2.80	$ 2.10
Weighted-average common shares outstanding (in shares)	654,038	652,664	653,815	652,330
Diluted EPS:
Earnings (in dollars per share)	$ 1.21	$ 0.71	$ 2.80	$ 2.09
Weighted-average common shares outstanding (in shares)	655,945	653,224	655,718	653,123
Natural gas
Operating expenses:
Operating expenses	$ (63)	$ (183)	$ (398)	$ (676)
Electric fuel and purchased power
Operating expenses:
Operating expenses	(114)	(91)	(195)	(143)
Energy-related businesses
Operating expenses:
Operating expenses	$ 69	$ (85)	$ (7)	$ (204)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 2,092	$ 1,438
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,233	1,293
Deferred income taxes and investment tax credits	241	128
Equity earnings	(914)	(718)
Share-based compensation expense	44	11
Fixed-price contracts and other derivatives	(200)	82
Bad debt expense	48	37
Other	4	(36)
Net change in working capital components	268	(498)
Distributions from investments	721	516
Changes in other noncurrent assets and liabilities, net	(420)	13
Net cash provided by operating activities	3,117	2,266
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property, plant and equipment	(4,687)	(4,640)
Expenditures for investments	(1,485)	(972)
Purchases of nuclear decommissioning and other trust assets	(650)	(531)
Proceeds from sales of nuclear decommissioning and other trust assets	679	580
Advances to unconsolidated affiliates	(30)	0
Other	9	0
Net cash used in investing activities	(6,164)	(5,563)
CASH FLOWS FROM FINANCING ACTIVITIES
Common dividends paid	(826)	(787)
Preferred dividends paid	0	(22)
Issuances of common stock, net	30	19
Repurchases of common stock	(21)	(58)
Issuances of debt (maturities greater than 90 days)	8,092	5,458
Payments on debt (maturities greater than 90 days) and finance leases	(4,544)	(3,411)
(Decrease) increase in short-term debt, net	(600)	682
Advances from unconsolidated affiliates	79	44
Contributions from noncontrolling interests	74	83
Distributions to noncontrolling interests	(135)	(91)
Termination of interest rate swaps, net of transaction costs	96	0
Other	(51)	(26)
Net cash provided by financing activities	2,194	1,891
Effect of exchange rate changes on cash, cash equivalents and restricted cash	1	1
Decrease in cash, cash equivalents and restricted cash	(852)	(1,405)
Cash, cash equivalents and restricted cash, January 1	3,552	1,589
Cash, cash equivalents and restricted cash, June 30	2,700	184
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest payments, net of amounts capitalized	764	691
Income tax payments, net of refunds	124	290
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Repayments of advances from unconsolidated affiliate in lieu of distributions	60	45
Accrued capital expenditures for PP&E	1,472	1,167
Increase in ARO capitalized to PP&E	17	60
Increase in finance lease obligations capitalized to PP&E	8	31
Unamortized debt issuance costs reclassified from noncurrent assets to long-term debt	22	37
Change in equity related to allocation of interests	92	0
Common dividends issued in stock	25	26
Preferred stock
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Dividends declared but not paid	0	11
Common stock
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Dividends declared but not paid	$ 429	$ 421