The utility is being recognized not only for its own emissions reduction goals, but also for exemplifying leadership in its internal response to climate change and the engagement of its peers, partners, and supply chain. LOS ANGELES, May 23, 2024 /PRNewswire/ -- Southern California Gas Company (SoCalGas) today announced that it has received the prestigious "Organizational Leadership Award" from The Climate Registry (TCR) at the Climate Leadership Conference in Cleveland, Ohio. The award recognizes the utili ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) | | | | | | Former name, former address | | --- | --- | --- | --- | --- | --- | | | | | | I.R.S. | and former | | | | | | Employer | fiscal year, if | | Commission | | Exact Name of Registrant as Specified in its Charter, | State of | Identification | changed since | | File No. | | Address of Principal Executive Office and Telephone Number | Incorporation | No. | last report | | 1-14201 | SEMPRA | | California | 33- ...

Sempra (NYSE:SRE) Q1 2024 Earnings Conference Call May 7, 2024 12:00 PM ET Company Participants Glen Donovan - Vice President, Investor Relations Jeff Martin - Chairman & Chief Executive Officer Karen Sedgwick - Executive Vice President & Chief Financial Officer Allen Nye - Chief Executive Officer, Oncor Justin Bird - Executive Vice President & Chief Executive Officer, Sempra Infrastructure Conference Call Participants Shar Pourreza - Guggenheim Partners Jeremy Tonet - JPMorgan Securities Durgesh Chopra - E ...

Statements Factors, among others, that could cause actual results and events to differ materially from those expressed or implied in any forward-looking statement include: California wildfires, including potential liability for damages regardless of fault and any inability to recover all or a substantial portion of costs from insurance, the wildfire fund established by California Assembly Bill 1054, rates from customers or a combination thereof; decisions, investigations, inquiries, regulations, denials or ...

Exhibit 99.1 NEWS RELEASE Sempra Reports First-Quarter 2024 Results SAN DIEGO, May 7, 2024 – Sempra (NYSE: SRE) (BMV: SRE) today reported first-quarter 2024 earnings, prepared in accordance with generally accepted accounting principles (GAAP), of $801 million or $1.26 per diluted share, compared to first-quarter 2023 GAAP earnings of $969 million or $1.53 per diluted share. On an adjusted basis, first-quarter 2024 earnings were $854 million or $1.34 per diluted share, compared to $922 million, or $1.46 per ...

[Part I. Financial Information](index=11&type=section&id=Part%20I) [Business Overview](index=11&type=section&id=Item%201.%20Business) Sempra operates as a North American energy infrastructure holding company, realigning its segments in Q4 2023 to Sempra California, Sempra Texas Utilities, and Sempra Infrastructure, focusing on stable cash flows from transmission and distribution investments - Sempra's mission is to be North America's premier energy infrastructure company, focusing on transmission and distribution investments to produce stable cash flows and earnings[28](index=28&type=chunk) - In Q4 2023, Sempra realigned its reportable segments, combining the former SDG&E and SoCalGas segments into a new **Sempra California** segment, alongside Sempra Texas Utilities and Sempra Infrastructure[29](index=29&type=chunk)[31](index=31&type=chunk) [Sempra California](index=12&type=section&id=Sempra%20California) The Sempra California segment includes regulated utilities SDG&E and SoCalGas, serving millions of customers in Southern and Central California, facing challenges from Community Choice Aggregation and distributed energy resources SDG&E Electric Customer and Volume Data (as of Dec 31, 2023) | Customer Class | Meter Count | Volumes (millions of kWh) | | :--- | :--- | :--- | | Residential | 383,150 | 2,004 | | Commercial | 41,458 | 1,868 | | Industrial | 359 | 670 | | Street/Highway Lighting | 1,785 | 77 | | **Subtotal** | **426,752** | **4,619** | | CCA and DA | 1,090,386 | 12,228 | | **Total** | **1,517,138** | **16,847** | SoCalGas Natural Gas Customer and Volume Data (as of Dec 31, 2023) | Customer Class | Meter Count | Volumes (Bcf) | | :--- | :--- | :--- | | Residential | 5,890,601 | | | Commercial | 248,498 | | | Industrial | 24,119 | | | Electric Gen/Wholesale | 40 | | | **Natural Gas Sales** | | **321** | | **Transportation** | | **549** | | **Total** | **6,163,258** | **870** | - The Aliso Canyon natural gas storage facility, with a capacity of **86 Bcf**, represents **63%** of SoCalGas's working gas storage capacity, with CPUC authorizing its use up to **68.6 Bcf** as of December 31, 2023, for regional reliability[53](index=53&type=chunk) [Sempra Texas Utilities](index=18&type=section&id=Sempra%20Texas%20Utilities) Sempra Texas Utilities comprises equity method investments in Oncor Holdings and Sharyland Holdings, with Oncor being Texas's largest transmission and distribution utility, though Sempra does not control it due to ring-fencing measures - Oncor operates the largest transmission and distribution system in Texas, delivering electricity to nearly **4.0 million** homes and businesses across a territory with an estimated population of **13 million**[72](index=72&type=chunk) - Sempra **does not control** Oncor Holdings or Oncor due to ring-fencing measures that limit its ability to direct management, policies, and operations, leading to equity method accounting for its interest[66](index=66&type=chunk) [Sempra Infrastructure](index=20&type=section&id=Sempra%20Infrastructure) Sempra Infrastructure develops and operates North American energy infrastructure, focusing on LNG, Energy Networks, and Low Carbon Solutions, including key LNG projects and extensive natural gas and renewable assets in Mexico and the U.S. Gulf Coast - Sempra holds a **70%** interest in SI Partners, with KKR Pinnacle and ADIA holding **20%** and **10%** respectively, serving as the primary vehicle for Sempra's non-U.S. utility energy infrastructure assets[78](index=78&type=chunk) Major LNG Projects | Project | Status | Sempra's Interest (via SI Partners) | Key Details | | :--- | :--- | :--- | :--- | | Cameron LNG Phase 1 | Operational | 50.2% of JV | 13.9 Mtpa nameplate capacity in Louisiana | | ECA LNG Phase 1 | Construction | 83.4% of project | 3.25 Mtpa nameplate capacity in Baja California, Mexico; commercial operations expected summer 2025 | | PA LNG Phase 1 | Construction | 28% of project | ~13 Mtpa nameplate capacity in Port Arthur, Texas; commercial operations expected 2027-2028 | - The Energy Networks business includes **1,850 miles** of natural gas transmission pipelines and the Ecogas natural gas distribution utility in Mexico, while Low Carbon Solutions includes **1,044 MW** of operating wind and solar facilities[96](index=96&type=chunk)[99](index=99&type=chunk)[105](index=105&type=chunk) [Regulation and Ratemaking](index=25&type=section&id=Regulation%20and%20Ratemaking) Sempra's utilities are heavily regulated by bodies like the CPUC in California and PUCT in Texas, with ratemaking primarily determined through General Rate Cases and Cost of Capital proceedings - SDG&E and SoCalGas are principally regulated by the CPUC, which sets customer rates, conditions of service, and authorized rates of return[114](index=114&type=chunk)[120](index=120&type=chunk) - Oncor and Sharyland Utilities are regulated by the PUCT, which has jurisdiction over wholesale transmission and retail rates[121](index=121&type=chunk) - The Cost of Capital Mechanism (CCM) adjusts the authorized Return on Equity (ROE) for California utilities based on interest rate changes, with a 2023 trigger resulting in an approved **70 bps** ROE increase for SDG&E and SoCalGas, effective **January 1, 2024**[148](index=148&type=chunk)[315](index=315&type=chunk) [Risk Factors](index=34&type=section&id=Item%201A.%20Risk%20Factors) Sempra faces diverse risks, including operational, financial, legal, and regulatory challenges, notably California wildfire liability, energy transition impacts, project development risks, and political uncertainty in Mexico - **California Wildfires:** Sempra, SDG&E, and SoCalGas face significant risks from wildfires, including potential liability under the doctrine of inverse condemnation, with the Wildfire Fund offering some protection but susceptible to exhaustion by major events[224](index=224&type=chunk)[225](index=225&type=chunk) - **Energy Transition:** Political and public debate, particularly in California, aims to reduce or eliminate reliance on natural gas, potentially leading to stranded assets and reduced demand for SoCalGas and SDG&E's natural gas infrastructure[231](index=231&type=chunk)[234](index=234&type=chunk) - **Project & International Risk:** Sempra Infrastructure faces risks in developing and constructing large-scale projects like LNG export facilities, and its international operations, particularly in Mexico, are exposed to increased legal, regulatory, tax, and geopolitical risks, including governmental influence over the energy sector[267](index=267&type=chunk)[284](index=284&type=chunk)[287](index=287&type=chunk) - **Holding Company Structure:** As a holding company, Sempra's ability to pay dividends and meet obligations depends on distributions from its subsidiaries, which can be restricted by regulations or contractual obligations[174](index=174&type=chunk) [Cybersecurity](index=56&type=section&id=Item%201C.%20Cybersecurity) Sempra maintains a cybersecurity risk management program overseen by its Board's SST Committee, with no identified material past or present threats impacting financial condition or operations - The Board's Safety, Sustainability and Technology (SST) Committee, composed of independent directors, provides oversight of cybersecurity risks, receiving regular briefings from the chief information security officer[298](index=298&type=chunk) - The company has not identified any known cybersecurity threats or prior incidents that have materially affected or are reasonably likely to materially affect its financial results or operations[297](index=297&type=chunk) [Part II. Other Information](index=58&type=section&id=Part%20II) [Management's Discussion and Analysis (MD&A)](index=59&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Sempra's 2023 earnings significantly increased to $3,030 million, driven by Sempra Infrastructure's derivative gains and Sempra California's improved results, despite a slight decrease in Sempra Texas Utilities' earnings, with $8.8 billion invested in capital expenditures Sempra Earnings by Segment (in millions) | Segment | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Sempra California | $1,747 | $1,514 | $392 | | Sempra Texas Utilities | $694 | $736 | $616 | | Sempra Infrastructure | $877 | $310 | $682 | | Parent and other | ($288) | ($466) | ($436) | | **Earnings attributable to common shares** | **$3,030** | **$2,094** | **$1,254** | - Sempra California's earnings increased by **$233 million** (**15%**) in 2023, primarily due to a **$199 million** charge in 2022 related to the Aliso Canyon gas leak litigation that did not recur in 2023[323](index=323&type=chunk)[325](index=325&type=chunk) - Sempra Infrastructure's earnings surged by **$567 million**, mainly due to a **$1.1 billion** positive swing in asset and supply optimization, driven by unrealized gains on commodity derivatives in 2023 compared to unrealized losses in 2022[327](index=327&type=chunk) - Sempra Texas Utilities' earnings decreased by **$42 million** (**6%**) due to higher interest, depreciation, and O&M expenses at Oncor, partially offset by higher revenues from rate updates and customer growth[323](index=323&type=chunk) [Capital Resources and Liquidity](index=78&type=section&id=Capital%20Resources%20and%20Liquidity) Sempra maintains strong liquidity, funding operations and capital plans through cash, credit facilities, and issuances, with $8.4 billion in 2023 capital expenditures and a planned $40.4 billion from 2024-2028, supported by a recent common stock offering Capital Expenditures by Segment (in millions) | Segment | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Sempra California | $4,560 | $4,466 | $4,204 | | Sempra Infrastructure | $3,832 | $884 | $802 | | Parent and other | $5 | $7 | $9 | | **Total** | **$8,397** | **$5,357** | **$5,015** | - Sempra plans to invest approximately **$40.4 billion** in capital expenditures from 2024 through 2028, with **$24.1 billion** allocated to Sempra California, **$3.4 billion** to Sempra Texas Utilities, and **$12.9 billion** to Sempra Infrastructure[503](index=503&type=chunk) - In November 2023, Sempra completed a common stock offering and entered into forward sale agreements, expecting to receive approximately **$1.2 billion** in net proceeds upon full physical settlement by the **end of 2024**[400](index=400&type=chunk)[1134](index=1134&type=chunk) [Critical Accounting Estimates](index=95&type=section&id=Critical%20Accounting%20Estimates) Management identifies critical accounting estimates including contingencies, regulatory assets and liabilities, income taxes, pension and postretirement benefits, and impairment testing, all requiring significant judgment and impacting financial reporting - Contingencies: Loss accruals are made when a loss is probable and reasonably estimable, which is critical for matters like litigation and environmental cleanup[525](index=525&type=chunk) - Regulatory Accounting: Management must judge the probability of recovering costs through future rates, determining the carrying value of regulatory assets, where adverse regulatory actions could lead to write-offs[527](index=527&type=chunk)[528](index=528&type=chunk) - Pension & PBOP: Estimates for pension and postretirement benefit obligations are sensitive to assumptions about discount rates and expected returns on plan assets; a **100 bps** change in the discount rate could change the projected benefit obligation by approximately **$235 million to $298 million** for Sempra's pension plans[535](index=535&type=chunk)[538](index=538&type=chunk)[539](index=539&type=chunk) [Market Risk Disclosures](index=99&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Sempra is exposed to market risks from commodity prices, interest rates, and foreign currency/inflation, which are managed through derivatives and other strategies, particularly impacting its debt portfolio and Mexican operations - A hypothetical **10%** change in commodity prices would change the fair value of commodity-based derivatives by **$14 million** as of December 31, 2023[559](index=559&type=chunk) - A hypothetical **10%** change in interest rates on variable-rate debt would change annual earnings by approximately **$5 million** for long-term debt and **$9 million** for short-term debt[561](index=561&type=chunk) - A hypothetical **10%** appreciation of the U.S. dollar against the Mexican peso would result in a transactional gain of **$126 million**, primarily from the remeasurement of monetary assets and liabilities for tax purposes[564](index=564&type=chunk) [Controls and Procedures](index=102&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management of Sempra, SDG&E, and SoCalGas concluded their disclosure controls and internal control over financial reporting were effective as of December 31, 2023, a conclusion affirmed by Deloitte & Touche LLP's unqualified opinion - Management of Sempra, SDG&E, and SoCalGas concluded that their respective disclosure controls and procedures were effective as of December 31, 2023[571](index=571&type=chunk) - Based on the COSO framework, management concluded that internal control over financial reporting was effective for each registrant as of December 31, 2023, a conclusion audited and confirmed by Deloitte & Touche LLP[573](index=573&type=chunk) [Financial Statements and Notes](index=129&type=section&id=Financial%20Statements%20and%20Notes) [Commitments and Contingencies](index=252&type=section&id=Note%2016.%20Commitments%20and%20Contingencies) This note details significant legal proceedings, lease agreements, contractual commitments, and environmental issues, including ongoing Aliso Canyon litigation, ECA LNG land disputes, and substantial natural gas and construction project commitments - SoCalGas paid **$1.79 billion** in 2022 to settle claims from approximately **36,000** plaintiffs related to the 2015 Aliso Canyon gas leak, though claims from **~100** non-settling plaintiffs and **~413** new plaintiffs remain pending[1189](index=1189&type=chunk) - The CPUC approved an increase in the Aliso Canyon storage facility's capacity to **68.6 Bcf** in August 2023, but a proceeding to potentially minimize or eliminate its use is ongoing, with the facility having a net book value of **$1.0 billion**[1193](index=1193&type=chunk)[1194](index=1194&type=chunk) - Sempra Infrastructure faces ongoing legal challenges to land titles and environmental permits for its ECA LNG project in Mexico, which could adversely affect the project[1198](index=1198&type=chunk)[1201](index=1201&type=chunk)[1202](index=1202&type=chunk) Future Minimum Payments for Natural Gas Contracts (as of Dec 31, 2023) | (in millions) | Sempra Total | SoCalGas Total | | :--- | :--- | :--- | | 2024 | $283 | $151 | | 2025 | $246 | $136 | | 2026 | $196 | $97 | | 2027 | $177 | $81 | | 2028 | $152 | $70 | | Thereafter | $1,421 | $176 | | **Total** | **$2,475** | **$711** |

Sempra (NYSE:SRE) Q4 2023 Results Conference Call February 27, 2024 12:00 PM ET Company Participants Glen Donovan - Vice President, Investor Relations Jeff Martin - Chairman and CEO Trevor Mihalik - EVP and Group President, Sempra California Allen Nye - CEO of Oncor Justin Bird - EVP and CEO of Sempra Infrastructure Karen Sedgwick - EVP and CFO Peter Wall - SVP, Controller and CAO Conference Call Participants Constantine Lednev - Guggenheim Partners Nick Campanella - Barclays David Arcaro - Morgan Stanley C ...

Exhibit 99.1 NEWS RELEASE Sempra Reports 2023 Financial and Business Results SAN DIEGO, Feb. 27, 2024 — Sempra (NYSE: SRE) (BMV: SRE) today reported full-year 2023 earnings, prepared in accordance with Generally Accepted Accounting Principles (GAAP), of $3.03 billion or $4.79 per diluted share, compared to full-year 2022 GAAP earnings of $2.09 billion or $3.31 per diluted share. On an adjusted basis, full-year earnings were $2.92 billion or $4.61 per diluted share in both 2023 and 2022. "Strong business per ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 | | | | | | Former name, former address | | --- | --- | --- | --- | --- | --- | | | | | | I.R.S. | and former | | | | | | Employer | fiscal year, if | | Commission File No. | | Exact Name of Registrant as Specified in its Charter, Address of Principal Executive Office and Teleph ...

Financial Data and Key Metrics Changes - The company reported third quarter 2023 GAAP earnings of $721 million or $1.14 per share, compared to $485 million or $0.77 per share in the same quarter of 2022 [39] - Adjusted earnings for the third quarter 2023 were $685 million or $1.08 per share, up from $622 million or $0.98 per share in the third quarter of 2022 [39] - Year-to-date 2023 adjusted earnings per share reached $3.48, with expectations to be at or above the high end of the 2023 adjusted EPS guidance range [24][39] Business Line Data and Key Metrics Changes - At Sempra Texas, there was a $49 million increase in equity earnings driven by weather-related consumption, new base rates, and customer growth [40] - Sempra Infrastructure saw a $21 million decrease in net interest expense due to higher capitalization of interest on projects under construction [40] - Oncor connected around 20,000 additional premises and managed a 34% increase in active transmission interconnection requests compared to last year [14][26] Market Data and Key Metrics Changes - Foreign direct investment in North America rose sharply by approximately 40% over the prior year, with Mexico surpassing China as America's largest trading partner [11] - The load demand in the Permian Basin is projected to increase from 4.2 gigawatts to roughly 17.2 gigawatts over the next decade [16] Company Strategy and Development Direction - The company aims to build North America's premier energy infrastructure, focusing on attractive markets with strong economic growth and constructive regulation [1] - The five-year capital plan is expected to increase by 10% to 20%, primarily driven by regulated utility investments, especially in Texas [55][133] - The company is pursuing innovative technologies, including utility-owned energy storage, to enhance reliability and support the energy transition [30][31] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth opportunities in Texas, highlighting the state's pro-business climate and diversified job creation [57][59] - The company anticipates significant growth in multiple areas of Oncor's service territory, supported by new legislation aimed at improving grid resiliency [59][66] - Management reaffirmed the long-term EPS growth rate of 6% to 8%, emphasizing the company's ability to deliver competitive returns [55][147] Other Important Information - The company is considering resegmentation of its California operations to simplify its business model, which may enhance operational efficiency [72][127] - The company has received regulatory approvals for key projects, including Port Arthur LNG Phase 2, which is expected to double the total capacity of the facility [68][70] Q&A Session Summary Question: What are the sources of funding for the increased CapEx? - Management indicated that they would consider all financing options, including common equity, to support the anticipated 10% to 20% increase in the capital plan [46][47] Question: What factors could dictate the range of CapEx increase? - Management noted that the final decisions regarding the capital plan would be made in consultation with the Oncor Board, with expectations of significant increases based on current growth trends [48][49] Question: How does the company view its LNG strategy? - Management expressed confidence in the LNG strategy, highlighting progress in development projects and the potential for significant commercial opportunities [52][54] Question: What is the goal of the resegmentation in California? - The resegmentation aims to simplify the business structure and improve operational efficiency, while still providing detailed financial information for individual segments [127][137] Question: How does the company plan to manage regulatory lag? - Management emphasized the importance of legislative changes that reduce regulatory lag, which will support earnings growth as the rate base expands [120][143]