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Business Description
Sempra Energy purchases, sells, distributes, stores and transports natural gas. The Company operates through its utility subsidiaries, which include Southern California Gas Company, San Diego Gas and Electric, Sempra Energy Trading, Sempra Atlantic Gas, Sempra Energy Resources, Sempra Energy Solutions and Sempra Energy Financial. The Company purchases, sells, distributes, stores and transports natural gas. SoCalGas owns and operates a natural gas distribution, transmission and storage system that supplies natural gas to 5.1 million end-use customers throughout a 23,000-square-mile service territory from central California to the Mexican border. The Company buys natural gas under several short-term and long-term contracts. Short-term purchases are from various Southwest United States and Canadian suppliers, and are primarily based on monthly spot-market prices.

Financial Information
SRE is a California-based energy services company whose primary subsidiaries are San Diego Gas and Electric, which provides electric and gas service to San Diego and southern Orange Counties, and Southern California Gas Company. For the six months ended 6/30/02, revenues decreased 41% to $2.95 billion. Net income fell 7% to $293 million. Revenues reflect lower natural gas prices. Lower income was partially offset by a reduction in natural gas and electric fuel costs.