PG&E 2012 Annual Report Download - page 14
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RESULTS OF OPERATIONS
The table below details certain items from the accompanying Consolidated Statements of Income for 2012, 2011,
and 2010:
Year ended December 31,
2012 2011 2010
(in millions)
Utility
Electric operating revenues ................................ $ 12,014 $ 11,601 $ 10,644
Natural gas operating revenues .............................. 3,021 3,350 3,196
Total operating revenues ................................. 15,035 14,951 13,840
Cost of electricity ....................................... 4,162 4,016 3,898
Cost of natural gas ...................................... 861 1,317 1,291
Operating and maintenance ................................ 6,045 5,459 4,432
Depreciation, amortization, and decommissioning ................ 2,272 2,215 1,905
Total operating expenses ................................. 13,340 13,007 11,526
Operating income ....................................... 1,695 1,944 2,314
Interest income .........................................659
Interest expense ........................................ (680) (677) (650)
Other income, net ....................................... 88 53 22
Income before income taxes ................................ 1,109 1,325 1,695
Income tax provision ..................................... 298 480 574
Net income ............................................ 811 845 1,121
Preferred stock dividend requirement ......................... 14 14 14
Income Available for Common Stock ......................... $ 797 $ 831 $ 1,107
PG&E Corporation, Eliminations, and Other(1)
Operating revenues ...................................... $ 5 $ 5 $ 1
Operating expenses ......................................777
Operating loss .......................................... (2) (2) (6)
Interest income ......................................... 1 2 —
Interest expense ........................................ (23) (23) (34)
Other (expense) income, net ............................... (18) (4) 5
Loss before income taxes .................................. (42) (27) (35)
Income tax benefit ....................................... (61) (40) (27)
Net income (loss) ....................................... $ 19 $ 13 $ (8)
Consolidated Total
Operating revenues ...................................... $ 15,040 $ 14,956 $ 13,841
Operating expenses ...................................... 13,347 13,014 11,533
Operating income ....................................... 1,693 1,942 2,308
Interest income .........................................779
Interest expense ........................................ (703) (700) (684)
Other income, net ....................................... 70 49 27
Income before income taxes ................................ 1,067 1,298 1,660
Income tax provision ..................................... 237 440 547
Net income ............................................ 830 858 1,113
Preferred stock dividend requirement of subsidiary ............... 14 14 14
Income Available for Common Shareholders .................... $ 816 $ 844 $ 1,099
(1) PG&E Corporation eliminates all intercompany transactions in consolidation.
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