PG&E 2011 Annual Report Download - page 117

Download and view the complete annual report

Please find page 117 of the 2011 PG&E annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 128

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128

QUARTERLY CONSOLIDATED FINANCIAL DATA (UNAUDITED)
Quarter ended
December 31 September 30 June 30 March 31
(in millions, except per share amounts)
2011
PG&E CORPORATION
Operating revenues ............................... $3,815 $3,860 $3,684 $3,597
Operating income ................................. 358 408 692 484
Net income ..................................... 87 203 366 202
Income available for common shareholders .............. 83 200 362 199
Net earnings per common share, basic .................. 0.20 0.50 0.91 0.50
Net earnings per common share, diluted ................ 0.20 0.50 0.91 0.50
Common stock price per share:
High ........................................ 43.24 43.32 46.52 47.60
Low......................................... 36.86 39.21 41.39 42.47
UTILITY
Operating revenues ............................... $3,813 $3,859 $3,683 $3,596
Operating income ................................. 359 402 699 484
Net income ..................................... 89 196 359 201
Income available for common stock .................... 85 193 355 198
2010
PG&E CORPORATION
Operating revenues ............................... $3,621 $3,513 $3,232 $3,475
Operating income ................................. 492 503 695 618
Net income ..................................... 254 261 337 261
Income available for common shareholders .............. 250 258 333 258
Net earnings per common share, basic .................. 0.63 0.66 0.88 0.69
Net earnings per common share, diluted ................ 0.63 0.66 0.86 0.67
Common stock price per share:
High ........................................ 48.63 48.34 45.00 45.63
Low......................................... 45.38 40.52 34.95 40.58
UTILITY
Operating revenues ............................... $3,620 $3,513 $3,232 $3,475
Operating income ................................. 494 505 696 619
Net income ..................................... 253 265 339 264
Income available for common stock .................... 249 262 335 261
During the third quarter 2010, second quarter 2011, and third quarter 2011, the Utility recorded a provision of
$220 million, $59 million, and $96 million, respectively, for estimated third-party claims related to the San Bruno
accident. During the second quarter 2011 and fourth quarter 2011, the Utility submitted insurance claims to certain
insurers for the lower layers and recognized $60 million and $39 million, respectively, for insurance recoveries.
Additionally, during the fourth quarter of 2011, the Utility accrued $200 million related to pending CPUC
investigations and enforcement matters. See Note 15 of the Notes to the Consolidated Financial Statements.
During the third quarter 2011, the Utility recorded a charge of $125 million for environmental remediation and
other estimated liabilities associated with the Utility’s natural gas compressor site located near Hinkley, California.
113