PG&E Corp. said Thursday it is probable its equipment sparked the deadliest wildfire in California history as it recorded $11.5 billion in charges related to fires over the past two years.

The bankrupt utility also sounded a warning about its future, saying it may not be able to continue as a going concern, while reporting a $6.9 billion earnings loss last year, compared with $1.6 billion in profits in 2017.

PG&E is experiencing extreme financial duress in the wake of a series of wildfires that have led credit agencies to strip the company of its investment-grade rating and exposed it to what it estimates as more than $30 billion in potential liability costs.

California’s largest utility recorded a $10.5 billion charge related to the Camp Fire, which killed 85 people and destroyed the town of Paradise in November. It also took an additional $1 billion charge related to a series of wildfires in 2017 after recording a $2.5 billion charge last year. The company has to date recorded $14 billion in wildfire-related charges, a total that exceeds its current market capitalization. PG&E shares fell 4.3% Thursday to $17.03.

“We recognize that more must be done to adapt to and address the increasing threat of wildfires and extreme weather in order to keep our customers and communities safe,” said John Simon, who is serving as the company’s interim chief executive following the resignation of CEO Geisha Williams last month.