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<div style="font-size:12pt"><p>NOTE 3. RECENT INVESTMENT ACTIVITY<br /></p><p>Sempra Pipelines & Storage<br />In October 2008, Sempra Pipelines & Storage acquired EnergySouth, an energy services holding company based in Mobile, Alabama for $511 million in cash and the assumption of debt. Principal holdings of EnergySouth include EnergySouth Midstream and Mobile Gas. As a natural gas distribution utility, Mobile Gas serves approximately 93,000 customers in southwest Alabama. In December 2008, EnergySouth Midstream changed its name to Sempra Midstream.<br />Sempra Midstream is the general partner and 91-percent owner of Bay Gas Storage Company (Bay Gas) and owned 60 percent of Mississippi Hub, LLC (Mississippi Hub) through December 31, 2008. On January 16, 2009, Sempra Midstream purchased the remaining 40-percent ownership interest of Mississippi Hub for $94 million in cash.<br />Assets and liabilities assumed as of the date of Sempra Pipelines & Storage’s acquisition of EnergySouth were:</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="14" width="495" align="left"> </td><td width="87" align="center" height="14" colspan="2">September 30,</td></tr><tr><td height="14" style="border-bottom: 1px solid #000000;" align="left" width="495"><i>(Dollars in millions)</i></td><td width="87" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14">2008(1)</td></tr><tr><td height="16" style="border-top: 1px solid #000000;" align="left" width="495">ASSETS</td><td height="16" style="border-top: 1px solid #000000;" align="left" width="26"> </td><td height="16" style="border-top: 1px solid #000000;" align="center" width="61"> </td></tr><tr><td height="16" width="495" align="left">Current assets:</td><td height="16" width="26" align="left"> </td><td height="16" width="61" align="left"> </td></tr><tr><td height="16" width="495" align="left">    Cash</td><td height="16" width="26" align="left">$</td><td height="16" width="61" align="right"> 16 </td></tr><tr><td height="16" width="495" align="left">    Accounts receivable</td><td height="16" width="26" align="left"> </td><td height="16" width="61" align="right"> 31 </td></tr><tr><td height="16" width="495" align="left">    Other current assets</td><td height="16" style="border-bottom: 1px solid #000000;" align="left" width="26"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> 121 </td></tr><tr><td height="16" width="495" align="left">        Total current assets</td><td height="16" style="border-top: 1px solid #000000;" align="left" width="26"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="61"> 168 </td></tr><tr><td height="16" width="495" align="left"> </td><td height="16" width="26" align="left"> </td><td height="16" width="61" align="left"> </td></tr><tr><td height="16" width="495" align="left">Property, plant and equipment</td><td height="16" width="26" align="left"> </td><td height="16" width="61" align="right"> 609 </td></tr><tr><td height="16" width="495" align="left">Goodwill and other intangible assets(2)</td><td height="16" width="26" align="left"> </td><td height="16" width="61" align="right"> 527 </td></tr><tr><td height="16" width="495" align="left">Other noncurrent assets</td><td height="16" style="border-bottom: 1px solid #000000;" align="left" width="26"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> 19 </td></tr><tr><td height="16" width="495" align="left">Total assets</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="left" width="26">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="61"> 1,323 </td></tr><tr><td height="16" width="495" align="left"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="26"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td></tr><tr><td height="16" width="495" align="left">LIABILITIES AND EQUITY</td><td height="16" width="26" align="left"> </td><td height="16" width="61" align="left"> </td></tr><tr><td height="16" width="495" align="left">Current liabilities:</td><td height="16" width="26" align="left"> </td><td height="16" width="61" align="left"> </td></tr><tr><td height="16" width="495" align="left">    Accounts payable</td><td height="16" width="26" align="left">$</td><td height="16" width="61" align="right"> 85 </td></tr><tr><td height="16" width="495" align="left">    Current portion of long-term debt</td><td height="16" width="26" align="left"> </td><td height="16" width="61" align="right"> 212 </td></tr><tr><td height="16" width="495" align="left">    Other current liabilities</td><td height="16" style="border-bottom: 1px solid #000000;" align="left" width="26"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> 43 </td></tr><tr><td height="16" width="495" align="left">        Total current liabilities</td><td height="16" style="border-top: 1px solid #000000;" align="left" width="26"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="61"> 340 </td></tr><tr><td height="16" width="495" align="left"> </td><td height="16" width="26" align="left"> </td><td height="16" width="61" align="left"> </td></tr><tr><td height="16" width="495" align="left">Deferred income taxes</td><td height="16" width="26" align="left"> </td><td height="16" width="61" align="right"> 243 </td></tr><tr><td height="16" width="495" align="left">Long-term debt</td><td height="16" width="26" align="left"> </td><td height="16" width="61" align="right"> 114 </td></tr><tr><td height="16" width="495" align="left">Other noncurrent liabilities</td><td height="16" style="border-bottom: 1px solid #000000;" align="left" width="26"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> 29 </td></tr><tr><td height="16" width="495" align="left">Total liabilities</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="26"> </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="61"> 726 </td></tr><tr><td height="16" width="495" align="left">Noncontrolling interests</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="26"> </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="61"> 86 </td></tr><tr><td height="16" width="495" align="left">Total liabilities and equity</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="left" width="26">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="61"> 812 </td></tr><tr><td height="16" style="border-bottom: 3px solid #000000;" align="left" width="495">Net assets acquired</td><td height="16" style="border-top: 3px solid #000000;border-bottom: 3px solid #000000;" align="left" width="26">$</td><td height="16" style="border-top: 3px solid #000000;border-bottom: 3px solid #000000;" align="right" width="61"> 511 </td></tr><tr><td width="582" align="left" colspan="3" style="border-top: 3px solid #000000;" height="12"><i>(1) As adjusted for the retrospective adoption of ASC 810 (SFAS 160).</i></td></tr><tr><td width="582" align="left" height="12" colspan="3"><i>(2) As a result of the acquisition, we recorded $67 million of goodwill, none of which is deductible for tax purposes.</i></td></tr></table><p>The results of operations and changes in cash flows for EnergySouth are included in our Consolidated Statements of Operations and Statements of Consolidated Cash Flows from October 1, 2008.<br />We provide further information regarding the other intangible assets acquired in Note 1.<br />We discuss Sempra Pipelines & Storage’s investment in Rockies Express Pipeline LLC (Rockies Express) in Note 4.</p></div>
NOTE 3. RECENT INVESTMENT ACTIVITYSempra Pipelines & StorageIn October 2008, Sempra Pipelines & Storage acquired EnergySouth, an energy services
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