PG&E 2013 Annual Report Download - page 7

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FINANCIAL HIGHLIGHTS(1)
PG&E Corporation
2013 2012
(unaudited, in millions, except share and per share amounts)
Operating revenues ........................................... $ 15,598 $ 15,040
Income available for common shareholders
Earnings from operations(2) .................................... 1,210 1,367
Items impacting comparability(3) ................................. (396) (551)
Reported consolidated income available for common shareholders ...... 814 816
Income per common share, diluted
Earnings from operations(2) .................................... 2.72 3.22
Items impacting comparability(3) ................................. (0.89) (1.30)
Reported consolidated net earnings per common share, diluted ........ 1.83 1.92
Dividends declared per common share .............................. 1.82 1.82
Total assets at December 31, ..................................... $ 55,605 $ 52,449
Number of common shares outstanding at December 31, ................ 456,670,424 430,718,293
(1) This is a combined annual report of PG&E Corporation and Pacific Gas and Electric Company. PG&E Corporation’s Consolidated
Financial Statements include the accounts of PG&E Corporation, the Utility, and other wholly owned and controlled subsidiaries.
(2) ‘‘Earnings from operations’’ is not calculated in accordance with GAAP and excludes items impacting comparability as described in Note (3)
below.
(3) ‘‘Items impacting comparability’’ are those items that management believes do not reflect the normal course of operations.
PG&E Corporation’s earnings from operations for 2013 and 2012 exclude net costs of $645 million and $812 million, pre-tax, that the Utility
incurred in connection with natural gas matters that are not recoverable through rates, as shown in the table below. These amounts included
pipeline-related expenses to validate safe operating pressures and perform other activities in accordance with the Utility’s PSEP, costs to
identify and remove encroachments from the Utility’s transmission pipeline rights-of-way and perform other gas-related work. Costs incurred
also included charges for disallowed PSEP capital expenditures, fines related to natural gas enforcement matters, and increases in the accrual
for third-party claims arising from the San Bruno accident on September 9, 2010 that were partially offset by insurance recoveries. Costs for
2012 also included a contribution to the City of San Bruno to support the community’s recovery efforts after the accident.
2013 2012
(pre-tax)
Pipeline-related expenses ............................. $ 387 $ 477
Disallowed capital ................................. 196 353
Accrued fines .................................... 22 17
Third-party liability claims ............................ 110 80
Insurance recoveries ................................ (70) (185)
Contribution to City of San Bruno ....................... — 70
Total natural gas matters ............................. $ 645 $ 812
PG&E Corporation’s earnings from operations for 2013 and 2012 also exclude $7 million and $106 million, pre-tax, for environmental
remediation costs associated with the Utility’s natural gas compressor station site located near Hinkley, California.
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