Sempra (SRE)

SDG&E, Qualcomm and UC San Diego Launch Edge AI Collaboration to Advance Wildfire and Extreme-Weather ResponseJune 8, 2026 4:15 PM
PR Newswire (US) Initial deployment in Southern California will demonstrate how real-time, on-site intelligence can strengthen climate resilience and emergency response Images available hereSAN DIEGO, June 8, 2026 /PRNewswire/ -- San Diego Gas & Electric (SDG&E), a subsidiary of Sempra (NYSE:SRE), Qualcomm Technologies, Inc. and the University of California San Diego's Scripps Institution of Oceanography today announced Edge Alert Sentinel (EAS), a new collaboration that will bring artificial intelligence (AI) directly to the front lines of wildfire and extreme-weather response. Designed to detect and analyze rapidly changing conditions in real time, the initiative represents a new approach to environmental intelligence — processing critical data at the point of risk to help utilities and emergency responders act faster when it matters most.While the initial deployment is in San Diego, the collaboration is intended to demonstrate how edge-based AI can support grid reliability, emergency preparedness and climate resilience.Southern California faces some of the most complex wildfire and extreme-weather conditions in the nation, with Santa Ana winds, drought and highly varied terrain creating rapidly changing and often unpredictable risk. In these environments, conditions can shift in minutes, and delays are not an option. EAS will integrate environmental sensors, edge AI computing and atmospheric science to generate near-instant insights where conditions are unfolding — not minutes later in distant data centers. The first system is being installed on Mt. Palomar, where it will begin analyzing wind, weather and environmental data to provide earlier visibility into conditions that influence wildfire behavior and extreme-weather impacts."For nearly two decades, our region has avoided a catastrophic electrically caused wildfire because we chose to lead early and never stop looking ahead," said Scott Crider, President of SDG&E. "Edge Alert Sentinel reflects that same mindset. By working with Qualcomm Technologies and UC San Diego, we're bringing world-class technology and science together, so intelligence lives where the risk lives — on the front lines — and communities are safer because of it."EAS reflects a shared effort to anticipate tomorrow's climate risks today — aligning utility operations, breakthrough technology and climate science into a coordinated approach designed to support faster, more informed decisions when seconds matter.In parallel, Qualcomm Technologies and SDG&E are working to apply AI directly integrated on field devices and real-time connectivity to support automated inspections of critical utility infrastructure through autonomous aerial operations, extending the same intelligence-at-the-edge approach to physical grid assets.Intelligence-at-the-Edge — Where Conditions Unfold
Traditional monitoring systems often rely heavily on remote cloud processing, which can introduce delays — particularly during severe weather or emergencies. EAS will process data at the point of collection, enabling rapid analysis even when connectivity is strained."Through this collaboration, we're intending to bring real-time intelligence directly to the front lines of wildfire response," said Nakul Duggal, EVP and Group GM, Automotive, Industrial and Embedded IoT, and Robotics, Qualcomm Technologies, Inc. "By combining on-site AI with advanced sensing and connectivity, we're helping deliver faster, more reliable insights where conditions are changing — so responders can assess risk and act with greater speed and confidence."This on-site processing enables near-instant analysis, reducing delays that can cost critical time during wildfire response and helping utility responders move more quickly from observation to action during fast-changing conditions.At the core of the deployment is a ruggedized edge AI gateway platform powered by the Qualcomm Dragonwing™ IQ9 processor, a high-performance, multi-core application processor that features a neural-processing unit capable of delivering up to 100 trillion operations per second. Using an MLOps platform from Edge Impulse, a Qualcomm company, on-device models help forecast conditions that could impact grid infrastructure in residential areas, to support more proactive decision-making for utility operators. Monitoring data and predictive alerts can be transmitted directly to SDG&E's control center via its private cellular network.These localized analytics and telemetry data will help identify emerging risks earlier, strengthening operational decision-making, safety and overall grid resilience.Industry and Academia Unite to Deliver Actionable Intelligence
EAS unites complementary strengths across industry and academia:Qualcomm Technologies will provide advanced on-device AI processing capabilities and low-latency, edge-computing architecture to support SDG&E's environmental intelligence, autonomous inspection and grid-resilience efforts at the edge.SDG&E will contribute operational expertise, grid infrastructure and weather-data networks.Scripps Institution of Oceanography will provide long-standing observational data and scientific expertise to enhance modeling and real-time analysis.Together, the collaborators are building a continuous loop of live data, on-site AI analysis and actionable insights designed to translate rapidly changing conditions into timely action that enhance safety, reliability and grid resilience.Why This Matters for the Region
By delivering intelligence directly at the point of risk, EAS is designed to reduce latency, improve preparedness and strengthen coordination across utilities and emergency responders — helping protect lives, communities and critical ecosystems in regions facing increasingly complex weather risks.While developed in Southern California, the approach is designed to scale to other regions facing increasingly frequent and severe climate-driven events — from wildfires to extreme storms — where real-time, location-specific intelligence can improve how decisions are made under pressure."Scripps has been making real-time observations of atmospheric conditions throughout San Diego County since the turn of the millennium, building a uniquely rich dataset that advances our understanding of wildfire and extreme weather risk in Southern California," said Frank Vernon, director of the University of California Scripps Institute of Oceanography High Performance Wireless Research and Education Network. "With this new onsite AI capability, we're moving beyond observation to predicting impact in real time — at the exact moment and place where danger emerges. That's what becomes possible when industry brings operational scale, real-world deployment experience, and urgent community needs together with academia's scientific rigor and long-term observational record."What's next
During the upcoming Public Safety Power Shutoff season, the companies will evaluate the performance of the initial Palomar Mountain deployment, a high-elevation site critical for wildfire and extreme-weather monitoring in the region, with plans to expand the technology to additional sites beginning next year. Insights from the pilot phase will inform expansion, enhanced modeling capabilities and broader regional applications, with a wider rollout targeted for 2027. The collaboration will also explore joint training and coordination opportunities to support emergency preparedness across Southern California and other regions facing similar risks.About SDG&E
San Diego Gas & Electric® (SDG&E) is an innovative energy-delivery company that provides clean, safe and reliable energy to better the lives of the people it serves in San Diego and southern Orange counties. The company is committed to creating a sustainable future by increasing energy delivered from low- or zero-carbon sources; accelerating the adoption of electric vehicles and investing in innovative technologies to ensure the reliable operation of the region's infrastructure for generations to come. SDG&E is a recognized leader in its industry and community, as demonstrated by being named Corporate Partner of the Year at the San Diego Business Journal's Nonprofit & Corporate Citizenship Awards and receiving PA Consulting's ReliabilityOne® Award for Outstanding Reliability Performance for 20 consecutive years. SDG&E is a subsidiary of Sempra (NYSE: SRE), a leading U.S. utility growth business. For more information, visit SDGEtoday.com or connect with SDG&E on social media @SDGE. Message funded by SDG&E shareholders.About Qualcomm
Qualcomm relentlessly innovates to deliver intelligent computing everywhere, helping the world tackle some of its most important challenges. Building on our 40 years of technology leadership in creating era-defining breakthroughs, we deliver a broad portfolio of solutions built with our leading-edge AI, high-performance, low-power computing, and unrivaled connectivity. Our Snapdragon® platforms power extraordinary consumer experiences, and our Qualcomm Dragonwing™ products empower businesses and industries to scale to new heights. Together with our ecosystem partners, we enable next-generation digital transformation to enrich lives, improve businesses, and advance societies. At Qualcomm, we are engineering human progress.Qualcomm Incorporated includes our licensing business, QTL, and the vast majority of our patent portfolio. Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, substantially all of our engineering and research and development functions and substantially all of our products and services businesses, including our QCT semiconductor business. Snapdragon and Qualcomm branded products are products of Qualcomm Technologies, Inc. and/or its subsidiaries. Qualcomm patents are licensed by Qualcomm Incorporated.About UC San Diego's Scripps Institution of Oceanography
Scripps Institution of Oceanography is one of the world's premier centers for climate, atmospheric and Earth science research, providing foundational knowledge for regional resilience. Visit scripps.ucsd.edu.This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions about the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed or implied in any forward-looking statement. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise. In this press release, forward-looking statements can be identified by words such as "believe," "expect," "intend," "anticipate," "contemplate," "plan," "estimate," "project," "forecast," "envision," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "in process," "construct," "develop," "opportunity," "preliminary," "pro forma," "strategic," "initiative," "target," "outlook," "optimistic," "poised," "positioned," "maintain," "continue," "progress," "advance," "goal," "aim," "commit," or similar expressions, or when we discuss our guidance, priorities, strategies, goals, vision, mission, projections, intentions or expectations. 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 and the wildfire fund continuation account established by California Senate Bill 254, rates from customers or a combination thereof; decisions, disallowances or denials of cost recovery, audits, investigations, inquiries, ordered studies, regulations, legislative actions, denials or revocations of permits, consents, approvals or other authorizations, renewals of franchises, and other actions, including the failure to honor contracts and commitments, by the (i) California Public Utilities Commission (CPUC), U.S. Department of Energy, U.S. Federal Energy Regulatory Commission, U.S. Internal Revenue Service and other regulatory bodies and (ii) U.S. and states, counties, cities and other jurisdictions therein where we do business; the success of business development efforts and construction projects, including risks related to, as applicable, (i) negotiating pricing and other terms in definitive contracts, (ii) completing construction projects or other transactions on schedule and budget, (iii) realizing anticipated benefits from any of these efforts if completed, (iv) obtaining regulatory and other approvals and (v) third parties honoring their contracts and commitments; changes to our capital expenditure plans and their potential impact on rate base or other growth; changes, due to evolving economic, political and other factors and increasing geopolitical instability as a result of wars or other conflicts in various parts of the world, to (i) trade and other foreign policy, including the imposition of tariffs by the U.S. and foreign countries (and uncertainty related to the implementation and enforceability thereof), and (ii) laws and regulations, including those related to tax; litigation, arbitration, property disputes and other proceedings; cybersecurity threats, including by nation-state actors, of ransomware or other attacks on our systems, the energy grid or our other infrastructure, or the systems of third parties with which we conduct business; the availability, uses, sufficiency, and cost of capital resources and our ability to borrow money or otherwise raise capital on favorable terms and meet our obligations, which can be affected by, among other things, (i) actions by credit rating agencies to downgrade our credit ratings or place those ratings on negative outlook, (ii) instability in the capital markets, and (iii) fluctuating interest rates and inflation; the impact of efforts to increase affordability of U.S. utility customer rates on our ability to obtain cost recovery from applicable regulators, our capital expenditure and other growth plans and our ability to advance statewide policies; the impact on affordability of customer rates, cost of capital and operating margin due to (i) volatility in inflation, interest rates, commodity prices, and tariff rates and (ii) the cost of meeting the demand for lower carbon and reliable energy in California; the impact of climate policies, laws, rules, regulations, trends and required disclosures, including actions to reduce or eliminate reliance on natural gas, increased uncertainty in the political or regulatory environment for California natural gas distribution companies, the risk of nonrecovery for stranded assets, and uncertainty related to emerging technologies; weather, natural disasters, pandemics, accidents, equipment failures, explosions, terrorism, information system outages or other events, such as work stoppages, that disrupt our operations, damage our facilities or systems, cause the release of harmful materials or fires or subject us to liability for damages, fines and penalties, some of which may not be recoverable through regulatory mechanisms or insurance or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power, natural gas and natural gas storage and transportation capacity, including disruptions caused by failures in the transmission grid or pipeline and storage systems or limitations on the injection and withdrawal of natural gas from storage facilities; and other uncertainties, some of which are difficult to predict and beyond our control. These risks and uncertainties are further discussed in the reports that the company has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on Sempra's website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.Sempra Infrastructure, Sempra Infrastructure Partners, Sempra Texas, Sempra Texas Utilities, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.P.I. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company or Southern California Gas Company, nor are they regulated by the CPUC.  View original content to download multimedia:https://www.prnewswire.com/news-releases/sdge-qualcomm-and-uc-san-diego-launch-edge-ai-collaboration-to-advance-wildfire-and-extreme-weather-response-302794367.htmlSOURCE San Diego Gas & Electric (SDG&E) Original: SDG&E, Qualcomm and UC San Diego Launch Edge AI Collaboration to Advance Wildfire and Extreme-Weather Response

Sempra Infrastructure Names Bhavesh "Bob" Patel Incoming Chief Executive OfficerJune 8, 2026 7:00 AM
PR Newswire (US) HOUSTON, June 8, 2026 /PRNewswire/ -- Sempra Infrastructure, a subsidiary of Sempra (NYSE: SRE), today announced that Bhavesh "Bob" Patel has been named incoming chief executive officer. He will assume this role upon the closing of a KKR-led consortium's previously announced acquisition of a majority ownership interest in the company. Patel will also join Sempra Infrastructure's board of directors. Justin Bird will continue to serve as chairman of the board of directors and chief executive officer of Sempra Infrastructure through the close of the acquisition, after which he will continue to serve as executive vice president at Sempra, while also serving on the Sempra Infrastructure Board of Directors."Bob is a highly accomplished and respected global executive with deep experience leading complex energy, chemicals and industrial businesses," said Justin Bird, current chief executive officer of Sempra Infrastructure. "He brings a strong track record of building high-performing organizations, driving operational excellence and executing disciplined growth strategies, and we believe he is the right leader to guide Sempra Infrastructure in its next chapter of growth and build on the strong foundation the team has created."Patel brings nearly forty years of leadership experience across the global chemicals and energy sectors. Most recently, he served as president of Standard Industries, a leading global industrials company, and previously as chief executive officer of LyondellBasell, one of the world's largest chemical companies. Throughout his career, Patel has led large, complex and geographically diverse organizations across the Americas, Europe and Asia, with deep expertise in operational leadership and long-term value creation."Sempra Infrastructure is well positioned to help meet growing global demand for reliable energy resources and I have been impressed by what Justin and the team have built," said Bob Patel, incoming chief executive officer of Sempra Infrastructure. "The company has established a leading energy infrastructure platform in North America, supported by a talented team and a culture grounded in safety and execution. I look forward to building on that momentum in the years ahead."The leadership transition comes as a KKR-led consortium prepares to acquire a majority ownership interest in Sempra Infrastructure, as announced in September 2025. Upon closing, the consortium will hold a 65% equity stake, while Sempra will retain a 25% interest alongside Abu Dhabi Investment Authority's (ADIA) existing 10% stake. This transaction underscores a shared commitment to Sempra Infrastructure's long-term growth and its pivotal role in developing critical energy infrastructure to help meet rising global energy demand. It also reflects the confidence of some of the leading global investors in the company's vision, strategy and ability to deliver safe, reliable and sustainable energy solutions."Over the past few years, we have developed a strong and strategic partnership with the Sempra Infrastructure team and have tremendous respect for the business they have built," said James Cunningham, partner at KKR. "Bob's experience leading large-scale global organizations makes him exceptionally well-suited to lead the company forward and help accelerate its long-term growth."About Bhavesh "Bob" Patel
Bhavesh V. (Bob) Patel previously served as president of Standard Industries, a global industrials company. Prior to joining Standard Industries, he served as chief executive officer of LyondellBasell, one of the world's largest plastics, chemicals and refining companies, from 2015 to 2021. Under his leadership, LyondellBasell built new world-scale production facilities, expanded its market presence in Asia and made several strategic acquisitions. Mr. Patel also held positions of increasing responsibility at Chevron and Chevron Phillips Chemical Company over approximately 20 years, including leadership roles based in Singapore and the United States. Mr. Patel earned a Bachelor of Science in Chemical Engineering from The Ohio State University and a Master of Business Administration from Temple University.About Sempra Infrastructure
Sempra Infrastructure, headquartered in Houston, is focused on delivering energy for a better world by developing, building, operating and investing in modern energy infrastructure, such as LNG, energy networks and low-carbon solutions that are expected to play a crucial role in the energy systems of the future. Through the combined strength of its assets in North America, Sempra Infrastructure is connecting customers to safe and reliable energy and advancing energy security. Sempra Infrastructure is a subsidiary of Sempra (NYSE: SRE), a leading utility growth company. For more information, visit SempraInfrastructure.com or connect with Sempra Infrastructure on social media @SempraInfra.This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions about the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed or implied in any forward-looking statement. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise. In this press release, forward-looking statements can be identified by words such as "believe," "expect," "intend," "anticipate," "contemplate," "plan," "estimate," "project," "forecast," "envision," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "in process," "construct," "develop," "opportunity," "preliminary," "pro forma," "strategic," "initiative," "target," "outlook," "optimistic," "poised," "positioned," "maintain," "continue," "progress," "advance," "goal," "aim," "commit," or similar expressions, or when we discuss our guidance, priorities, strategies, goals, vision, mission, projections, intentions or expectations. Factors, among others, that could cause actual results and events to differ materially from those expressed or implied in any forward-looking statement include: decisions, audits, investigations, inquiries, regulations, legislative actions, denials or revocations of permits, consents, approvals or other authorizations, and other actions, including the failure to honor contracts and commitments, by the (i) Comisión Nacional de Energía, U.S. Department of Energy, U.S. Federal Energy Regulatory Commission, U.S. Internal Revenue Service and other regulatory bodies and (ii) U.S., Mexico and states, counties, cities and other jurisdictions therein and in other countries where we do business; the success of business development efforts, construction projects, acquisitions, divestitures and other significant transactions such as the planned sale of a portion of Sempra's equity interest in Sempra Infrastructure Partners, including risks related to, as applicable, (i) being able to reach a positive final investment decision, (ii) negotiating pricing and other terms in definitive contracts, (iii) completing construction projects or other transactions on schedule and budget, (iv) realizing anticipated benefits from any of these efforts if completed, (v) obtaining regulatory and other approvals and (vi) third parties honoring their contracts and commitments, including with respect to closing or post-closing payments; changes to our capital expenditure plans and their potential impact on growth; changes, due to evolving economic, political and other factors and increasing geopolitical instability as a result of wars or other conflicts in various parts of the world, to (i) trade and other foreign policy, including the imposition of tariffs by the U.S. and foreign countries (and uncertainty related to the implementation and enforceability thereof), and (ii) laws and regulations, including those related to tax and the energy industry in the U.S. and Mexico; litigation, arbitration, property disputes and other proceedings; cybersecurity threats, including by nation-state actors, of ransomware or other attacks on our systems, the energy grid or our other infrastructure, or the systems of third parties with which we conduct business; the availability, uses, sufficiency, and cost of capital resources and our ability to borrow money or otherwise raise capital on favorable terms and meet our obligations, which can be affected by, among other things, (i) actions by credit rating agencies to downgrade our credit ratings or place those ratings on negative outlook, (ii) instability in the capital markets, and (iii) fluctuating interest rates and inflation; the impact on our ability to pass through higher costs to customers due to volatility in inflation, interest rates, commodity prices, tariff rates, and foreign currency exchange rates; the impact of climate policies, laws, rules, regulations, trends and required disclosures, including actions to reduce or eliminate reliance on natural gas, the risk of nonrecovery for stranded assets, and uncertainty related to emerging technologies; weather, natural disasters, pandemics, accidents, equipment failures, explosions, terrorism, information system outages or other events, such as work stoppages, that disrupt our operations, damage our facilities or systems, cause the release of harmful materials or fires or subject us to liability for damages, fines and penalties, some of which may not be recoverable through insurance or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of natural gas and natural gas transportation capacity, including disruptions caused by failures in the pipeline and storage systems or limitations on the injection and withdrawal of natural gas from storage facilities; and other uncertainties, some of which are difficult to predict and beyond our control. These risks and uncertainties are further discussed in the reports that Sempra has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website,?www.sec.gov, and on Sempra's website,?www.sempra.com. Investors should not rely unduly on any forward-looking statements.Sempra Infrastructure and Sempra Infrastructure Partners are not the same company as San Diego Gas & Electric Company or Southern California Gas Company, and none of Sempra Infrastructure, Sempra Infrastructure Partners nor any of its subsidiaries is regulated by the California Public Utilities Commission.  View original content to download multimedia:https://www.prnewswire.com/news-releases/sempra-infrastructure-names-bhavesh-bob-patel-incoming-chief-executive-officer-302793409.htmlSOURCE Sempra Infrastructure Original: Sempra Infrastructure Names Bhavesh "Bob" Patel Incoming Chief Executive Officer

SDG&E Prepares for Summer Heat with Strong Grid and Customer Support MeasuresJune 5, 2026 11:00 AM
PR Newswire (US) Rate reductions and California Climate Credits help lower summer energy costs for customersSAN DIEGO, June 5, 2026 /PRNewswire/ -- San Diego Gas & Electric (SDG&E) is entering summer 2026 with a stronger, more resilient grid supported by years of planning, targeted infrastructure investments and coordinated operations. With higher temperatures expected to drive increased energy demand, SDG&E is prepared to meet that demand while providing customers with tools and programs to help manage usage. This includes two rate adjustments that will lower electric rates and the California Climate Credit applied during peak summer months."At SDG&E, preparation is a year-round discipline and a core part of how we serve our customers," said Kevin Geraghty, SDG&E's chief operating and safety officer. "That long-term planning has made our grid stronger, our systems more resilient and our operations better positioned to deliver reliable service during periods of increased energy demand, while supporting customers as they manage higher energy use during the summer season."Preparing for a hotter summer
SDG&E meteorologists expect a hotter-than-average summer across much of the region, consistent with NOAA forecasts, with conditions that can increase energy demand and place pressure on the grid during periods of sustained heat. A potential transition to El Niño and re-emerging dry conditions in parts of the region reinforce the need for strong grid readiness during periods of sustained heat.Higher temperatures and increased energy use during the summer can also drive up overall energy costs. SDG&E recognizes affordability remains a top concern, and that changes in how certain costs are structured may shift more of those impacts into the summer months. To help offset these pressures during peak heat, customers will benefit from several changes this summer, including:Two rate decreases—in June and August—will reduce monthly bills by about $7 for customers who receive electricity from another provider and use SDG&E for energy delivery1;California Climate Credits applied to electricity bills during peak summer months (August and September), providing $49.36 in credits per bill, totaling about $100 in savings; andExpanded super off-peak hours on eligible Time-of-Use plans to year-round. The lower priced energy is now available weekdays from 10 a.m. to 2 p.m. and overnight from 12 a.m. to 6 a.m., offering more opportunities to manage energy use and costs.Together, these efforts are designed to help customers manage higher summer usage while ensuring the electric system is ready to meet increased demand.Taking action to improve reliability and resilience
To support increased demand during the summer—particularly in the late afternoon and evening—SDG&E has strengthened its grid and expanded energy availability to ensure reliable service when customers need it most, including after sunset when solar generation declines. In fact, SDG&E has been recognized 20 consecutive years as the most reliable utility in the Western U.S. by PA Consulting.Since 2025, SDG&E has worked to modernize the energy system, improve reliability and strengthen resilience, including enhancements that add more than 890 megawatts (MW) of grid capacity:Expanded battery storage, including approximately 230 MW at the Westside Canal facility, with another 30 MW coming online later this month in Fallbrook;Completed improvements to the Cameron Corners Microgrid, strengthening grid resiliency and delivering reliable energy to rural and remote communities. Located in Campo, the battery system adds 500 kilowatts (kW) and a new 875 kW solar array. The facility can power approximately 400 homes for up to eight hours, while the solar array recharges the battery, further enhancing community resilience;Upgraded 15 substations and related grid infrastructure to improve reliability; andEnhanced system monitoring and operational tools to support real-time grid management.Working together to manage energy use and costs
SDG&E works closely with the California Independent System Operator (CAISO) and other partners, including through CAISO's expanding coordination across the western grid to share resources and improve reliability, to monitor conditions and respond in real time. That broader coordination helps support reliability across the region and gives customers added confidence that the system is being managed closely during periods of high demand. Customers also play an important role in supporting reliability during those times.During hot weather, customers can help reduce strain on the grid and manage their energy use by using energy efficiently, particularly in the late afternoon and evening. Simple actions like adjusting thermostats, running major appliances earlier in the day and using fans or shades can make a difference. Customers are encouraged to explore available tools, programs and energy-saving tips at MyEnergyCenter.com, including options to track energy use, set alerts and find programs that may help lower monthly costs. About SDG&E
SDG&E is an innovative energy-delivery company that provides clean, safe and reliable energy to better the lives of the people it serves in San Diego and southern Orange counties. SDG&E is a recognized leader in its industry and community, as demonstrated by being named Corporate Partner of the Year at the San Diego Business Journal's Nonprofit & Corporate Citizenship Awards and receiving PA Consulting's ReliabilityOne® Award for Outstanding Reliability Performance for 20 consecutive years. SDG&E is a subsidiary of Sempra (NYSE: SRE), a leading U.S. utility growth business. For more information, visit SDGEtoday.com or connect with SDG&E on social media @SDGE. Message funded by shareholders. 1 Applies to customers who receive their electricity from another provider, with SDG&E providing delivery service (unbundled) in the 2021 PCIA vintage. View original content to download multimedia:https://www.prnewswire.com/news-releases/sdge-prepares-for-summer-heat-with-strong-grid-and-customer-support-measures-302792783.htmlSOURCE San Diego Gas & Electric (SDG&E) Original: SDG&E Prepares for Summer Heat with Strong Grid and Customer Support Measures

ECA LNG Phase 1 Achieves First LNG ProductionJune 4, 2026 7:00 PM
PR Newswire (US) HOUSTON, June 4, 2026 /PRNewswire/ -- Sempra Infrastructure, a subsidiary of Sempra (NYSE: SRE), today announced that the ECA LNG Phase 1 liquefaction project in Ensenada, Mexico, has successfully started producing liquefied natural gas (LNG) as part of the commissioning process toward commercial operations."This achievement reflects the dedication of the entire ECA LNG Phase 1 team and their unwavering commitment to the highest standards of successful project development," said Justin Bird, CEO of Sempra Infrastructure. "The production of first LNG marks a significant milestone on the path to full operations expected in the coming months, enabling the delivery of reliable and secure energy from North America's Pacific Coast to global markets."With its strategic location on Mexico's Pacific Coast, the ECA LNG facility will enable the supply of U.S. natural gas to Asia and other Pacific Basin markets through the shortest shipping route, reducing transit times and transportation costs and providing customers with greater access to competitively priced U.S. natural gas.ECA LNG Phase 1 is a cornerstone of Sempra Infrastructure's dual-coast LNG portfolio. With projects along the U.S. Gulf Coast and Mexico's Pacific Coast, Sempra Infrastructure offers customers the flexibility and reliability needed to meet growing demand. The project is a joint venture with TotalEnergies and consists of a single liquefaction train with a nameplate capacity of 3.25 million tonnes per annum (Mtpa) of LNG. The project is supported by long-term sales and purchase agreements with TotalEnergies and Mitsui & Co.ECA LNG Phase 1 is expected to reach substantial completion in the summer of 2026 with sales under long-term sale and purchase agreements commencing shortly thereafter, when the facility begins commercial operations. A second phase is also under development at the same site.About Sempra InfrastructureSempra Infrastructure, headquartered in Houston, is focused on delivering energy for a better world by developing, building, operating and investing in modern energy infrastructure, such as LNG, energy networks and low-carbon solutions that are expected to play a crucial role in the energy systems of the future. Through the combined strength of its assets in North America, Sempra Infrastructure is connecting customers to safe and reliable energy and advancing energy security. Sempra Infrastructure is a subsidiary of Sempra (NYSE: SRE), a leading utility growth company. For more information, visit SempraInfrastructure.com or connect with Sempra Infrastructure on social media @SempraInfra.This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions about the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed or implied in any forward-looking statement. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise. In this press release, forward-looking statements can be identified by words such as "believe," "expect," "intend," "anticipate," "contemplate," "plan," "estimate," "project," "forecast," "envision," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "in process," "construct," "develop," "opportunity," "preliminary," "pro forma," "strategic," "initiative," "target," "outlook," "optimistic," "poised," "positioned," "maintain," "continue," "progress," "advance," "goal," "aim," "commit," or similar expressions, or when we discuss our guidance, priorities, strategies, goals, vision, mission, projections, intentions or expectations. Factors, among others, that could cause actual results and events to differ materially from those expressed or implied in any forward-looking statement include: decisions, audits, investigations, inquiries, regulations, legislative actions, denials or revocations of permits, consents, approvals or other authorizations, and other actions, including the failure to honor contracts and commitments, by the (i) Comisión Nacional de Energía, U.S. Department of Energy, U.S. Federal Energy Regulatory Commission, U.S. Internal Revenue Service and other regulatory bodies and (ii) U.S., Mexico and states, counties, cities and other jurisdictions therein and in other countries where we do business; the success of business development efforts, construction projects, acquisitions, divestitures and other significant transactions such as the planned sale of a portion of Sempra's equity interest in Sempra Infrastructure Partners, including risks related to, as applicable, (i) being able to reach a positive final investment decision, (ii) negotiating pricing and other terms in definitive contracts, (iii) completing construction projects or other transactions on schedule and budget, (iv) realizing anticipated benefits from any of these efforts if completed, (v) obtaining regulatory and other approvals and (vi) third parties honoring their contracts and commitments, including with respect to closing or post-closing payments; changes to our capital expenditure plans and their potential impact on growth; changes, due to evolving economic, political and other factors and increasing geopolitical instability as a result of wars or other conflicts in various parts of the world, to (i) trade and other foreign policy, including the imposition of tariffs by the U.S. and foreign countries (and uncertainty related to the implementation and enforceability thereof), and (ii) laws and regulations, including those related to tax and the energy industry in the U.S. and Mexico; litigation, arbitration, property disputes and other proceedings; cybersecurity threats, including by nation-state actors, of ransomware or other attacks on our systems, the energy grid or our other infrastructure, or the systems of third parties with which we conduct business; the availability, uses, sufficiency, and cost of capital resources and our ability to borrow money or otherwise raise capital on favorable terms and meet our obligations, which can be affected by, among other things, (i) actions by credit rating agencies to downgrade our credit ratings or place those ratings on negative outlook, (ii) instability in the capital markets, and (iii) fluctuating interest rates and inflation; the impact on our ability to pass through higher costs to customers due to volatility in inflation, interest rates, commodity prices, tariff rates, and foreign currency exchange rates; the impact of climate policies, laws, rules, regulations, trends and required disclosures, including actions to reduce or eliminate reliance on natural gas, the risk of nonrecovery for stranded assets, and uncertainty related to emerging technologies; weather, natural disasters, pandemics, accidents, equipment failures, explosions, terrorism, information system outages or other events, such as work stoppages, that disrupt our operations, damage our facilities or systems, cause the release of harmful materials or fires or subject us to liability for damages, fines and penalties, some of which may not be recoverable through insurance or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of natural gas and natural gas transportation capacity, including disruptions caused by failures in the pipeline and storage systems or limitations on the injection and withdrawal of natural gas from storage facilities; and other uncertainties, some of which are difficult to predict and beyond our control. These risks and uncertainties are further discussed in the reports that Sempra has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website,?www.sec.gov, and on Sempra's website,?www.sempra.com. Investors should not rely unduly on any forward-looking statements.Sempra Infrastructure and Sempra Infrastructure Partners are not the same company as San Diego Gas & Electric Company or Southern California Gas Company, and none of Sempra Infrastructure, Sempra Infrastructure Partners nor any of its subsidiaries is regulated by the California Public Utilities Commission. View original content to download multimedia:https://www.prnewswire.com/news-releases/eca-lng-phase-1-achieves-first-lng-production-302792112.htmlSOURCE Sempra Infrastructure Original: ECA LNG Phase 1 Achieves First LNG Production

Sempra Declares Common DividendMay 13, 2026 12:57 PM
PR Newswire (US) SAN DIEGO, May 13, 2026 /PRNewswire/ -- Sempra (NYSE: SRE) today announced that its board of directors has declared a $0.6575 per share quarterly dividend on the company's common stock, which is payable July 15, 2026, to common stock shareholders of record at the close of business on June 25, 2026.About Sempra
Sempra's mission is to build America's leading utility growth business. As owner of one of the largest energy networks on the continent, Sempra is electrifying and improving energy resilience in California and Texas, the two largest economies in the U.S. The company is recognized as a leader in responsible business practices and for its high-performance culture focused on safety and operational excellence, as demonstrated by Sempra's inclusion in The Wall Street Journal's Management Top 250 and Fortune's World's Most Admired Companies. More information about Sempra is available at sempra.com and on social media @sempra.  View original content to download multimedia:https://www.prnewswire.com/news-releases/sempra-declares-common-dividend-302771305.htmlSOURCE Sempra Original: Sempra Declares Common Dividend

SoCalGas Urges Shareholders to Vote FOR Retirement of All Outstanding Shares of Preferred Stock at a PremiumMay 12, 2026 4:15 PM
PR Newswire (US) A $31.00 per share cash payment represents a premium of more than 20% over the recent market prices, estimated fair value, and par value of the shares LOS ANGELES, May 12, 2026 /PRNewswire/ -- Southern California Gas Company (SoCalGas) (OTCQB: SOCGP) (OTC PINK: SOCGM), a subsidiary of Sempra (NYSE: SRE), today announced it will hold a Special Meeting of Shareholders (the "Special Meeting") on July 13, 2026. The anticipated record date for the Special Meeting is May 18, 2026, and only shareholders at the close of business on that date will be eligible to vote.At the Special Meeting, SoCalGas will seek approval from holders of its 6% Preferred Stock, par value $25.00, and 6% Preferred Stock, Series A, par value $25.00, to retire all outstanding shares of preferred stock in exchange for a cash payment of $31.00 per share, plus accrued and unpaid dividends to but excluding the retirement date. The cash payment represents a premium of more than 20% over the recent market prices, estimated fair value, and par value of the shares.As part of our ongoing efforts to modernize our business and serve our stakeholders, SoCalGas is pursuing the proposed transaction to simplify its capital structure while delivering immediate value to shareholders. SoCalGas has filed a preliminary proxy statement for the Special Meeting with the U.S. Securities and Exchange Commission ("SEC") and, subject to the timing of SEC review, expects to file its definitive proxy statement on or about May 19, 2026, at which time shareholders as of the record date for the Special Meeting will be able to submit their votes.SoCalGas urges all preferred shareholders to vote "FOR" this proposal in advance of the meeting. Copies of the proxy materials are available on SoCalGas' website at socalgas.com/about-us/special-shareholder-meeting. Shareholders with questions about how to vote should contact the Proxy Information Administrator for the Special Meeting:D.F. King & Co, Inc.
28 Liberty Street, 53rd Floor
New York, New York 10005
Shareholders may call toll free: (800) 769-7666
Banks and brokers may call collect: (212) 914-0093
SoCalGas@dfking.comAbout SoCalGas
SoCalGas is the largest gas distribution utility in the United States, serving more than 21 million consumers across approximately 24,000 square miles of Central and Southern California. Our mission is: Safe, Reliable, and Affordable energy delivery today. Ready for tomorrow. SoCalGas is a recognized leader in the energy industry and has been named Corporate Member of the Year by the Los Angeles Chamber of Commerce for its volunteer leadership in the communities it serves. SoCalGas is a subsidiary of Sempra (NYSE: SRE), a leading U.S. utility holding company. For more information, visit SoCalGas.com/newsroom or connect with SoCalGas on social media @SoCalGas. Message Funded by Shareholders.Additional Information about the Special Meeting and Where to Find ItIn connection with the Special Meeting, on May 4, 2026, SoCalGas filed a preliminary proxy statement with the SEC. On or around May 19, 2026, SoCalGas expects to file its definitive proxy statement and mail proxy cards for the Special Meeting to the shareholders of SoCalGas entitled to vote at the Special Meeting. This communication is not intended to be, and is not, a substitute for the proxy statement or any other document that SoCalGas may file with the SEC in connection with the Special Meeting. SOCALGAS URGES INVESTORS TO READ THE PROXY STATEMENT AND OTHER MATERIALS FILED WITH THE SEC (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) CAREFULLY AND IN THEIR ENTIRETY AS THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE SPECIAL MEETING AND THE PROPOSALS TO BE VOTED ON AT THE SPECIAL MEETING. Investors are able to obtain free copies of the proxy statement and other documents that will be filed by SoCalGas with the SEC (when available) at http://www.sec.gov, the SEC's website, or from SoCalGas' website at https://www.socalgas.com/about-us/special-shareholder-meeting. In addition, investors can obtain the Notice of Special Meeting of Shareholders, proxy statement and proxy card free of charge (when available) at www.proxyvote.com.This communication does not constitute a solicitation of proxy, an offer to purchase or a solicitation of an offer to sell any securities. SoCalGas, its directors and certain of its officers and employees may be deemed to be participants in the solicitation of proxies from shareholders in connection with the Special Meeting. Information about SoCalGas' directors and executive officers is set forth in its definitive information statement for its 2026 annual shareholders meeting filed with the SEC on April 14, 2026. These documents may be obtained free of charge at the SEC's website at www.sec.gov or from the Sempra website at www.sempra.com under the "Investors" and "SEC Filings" tabs. Additional information regarding the interests of participants in the solicitation of proxies in connection with the Special Meetings will be included in the definitive proxy statement that SoCalGas will file the SEC in connection with the Special Meeting and other relevant materials SoCalGas may file with the SEC.Information Regarding Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions about the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed or implied in any forward-looking statement. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise.In this press release, forward-looking statements can be identified by words such as "believe," "expect," "intend," "anticipate," "contemplate," "plan," "estimate," "project," "forecast," "envision," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "in process," "construct," "develop," "opportunity," "preliminary," "pro forma," "strategic," "initiative," "target," "outlook," "optimistic," "poised," "positioned," "maintain," "continue," "progress," "advance," "goal," "aim," "commit," or similar expressions, or when we discuss our guidance, priorities, strategies, goals, vision, mission, projections, intentions or expectations.Factors, among others, that could cause actual results and events to differ materially from those expressed or implied in any forward-looking statement include: the ability to obtain all necessary approvals to effect the amendment of our restated articles of incorporation and the retirement of the preferred stock; the ability to achieve the anticipated benefits of the transactions described herein; the effects on such transactions of industry, market, economic, political or regulatory conditions outside of SoCalGas' control; fees, costs and expenses associated with the transactions described herein; transaction-related tax and accounting impacts; the diversion of management time on transaction-related issues; and the effects on such transactions of factors affecting SoCalGas' business and securities, including the risks and uncertainties discussed in the reports we file with the SEC, including under the headings "Risk Factors" and "Information Regarding Forward-Looking Statements" in our annual report on Form 10-K for the year ended December 31, 2025 and subsequently filed quarterly reports on Form 10-Q. Investors should not rely unduly on any forward-looking statements. View original content to download multimedia:https://www.prnewswire.com/news-releases/socalgas-urges-shareholders-to-vote-for-retirement-of-all-outstanding-shares-of-preferred-stock-at-a-premium-302770067.htmlSOURCE Southern California Gas Company Original: SoCalGas Urges Shareholders to Vote FOR Retirement of All Outstanding Shares of Preferred Stock at a Premium

Sempra Reports First-Quarter 2026 ResultsMay 7, 2026 7:55 AM
PR Newswire (US) SAN DIEGO, May 7, 2026 /PRNewswire/ -- Sempra (NYSE: SRE) today reported first-quarter 2026 earnings, prepared in accordance with Generally Accepted Accounting Principles (GAAP), of $1.04 billion or $1.58 per diluted share, compared to first-quarter 2025 GAAP earnings of $906 million or $1.39 per diluted share. On an adjusted basis, first-quarter 2026 earnings were $991 million or $1.51 per diluted share, compared to $942 million or $1.44 per diluted share in 2025.  "At Sempra, our first quarter results represent a great start to the year," said Jeffrey W. Martin, chairman and CEO of Sempra. "We remain focused on executing our strategy to modernize and extend the reach of our utilities and complete our capital recycling initiatives as we continue to the grow the business."The reported financial results reflect certain significant items as described on an after-tax basis in the following table of GAAP earnings, reconciled to adjusted earnings, for first-quarter 2026 and 2025. 






(Dollars and shares in millions, except EPS)Three months ended March 31,

2026
2025





GAAP Earnings$              1,037
$                 906

Impact from foreign currency and inflation on monetary positions in Mexico and associated
undesignated derivatives(19)
(8)

Net unrealized (gains) losses on derivatives(3)
35

Net unrealized losses on interest rate swaps related to Port Arthur LNG Phase 1 project11
9

Tax items related to assets held for sale(35)
—

Adjusted Earnings(1)$                 991
$                 942







Diluted Weighted-Average Common Shares Outstanding655
653

GAAP EPS$                1.58
$                1.39

Adjusted EPS(1)$                1.51
$                1.44






(1) See Table A for information regarding non-GAAP financial measures.Advancing Value Creation Initiatives
During the first quarter of 2026, Sempra continued executing its 2026 value creation initiatives.Sempra's 2026 Value Creation Initiatives:Investing nearly $13B to modernize and expand energy infrastructure and deliver improved financial returnsEfficiently sourcing capital for utility growth, including closing the SI Partners transaction and deconsolidating its debtSimplifying Sempra's business model through capital recycling, including closing the Ecogas transactionExecuting Fit for 2026 to continue modernizing operations, improving cost structure and advancing our mission to build America's leading utility growth businessImproving community safety and operational excellence with new innovations targeting improved service quality and affordabilityIn the first quarter of 2026, Sempra's businesses invested capital expenditures of approximately ~$3 billion to support safe, reliable and affordable energy for the communities we serve. These investments are part of Sempra's record five-year 2026-2030 capital plan of approximately $65 billion, with 95% allocated to utility investments in Texas and California.Sempra Texas
In April, the Public Utility Commission of Texas (PUCT) issued an order adopting Oncor Electric Delivery Company LLC's (Oncor) base rate settlement, providing for an annual revenue requirement of approximately $6.97 billion. Moreover, the order provides for a revised regulatory capital structure ratio of 56.5% debt to 43.5% equity, authorized return on equity of 9.75% and authorized cost of debt of 4.94%. In addition, Oncor is permitted to surcharge the difference between the new billing rates and Oncor's current rates dating back to January 1, 2026. Given the timing of approval, Oncor will begin recognizing accounting impacts of the base rate order in the second quarter. The updated rates are expected to better align Oncor's current cost structure with today's operating environment and are expected to improve Oncor's financial strength, help enable investments in Oncor's transmission and distribution system and support Texas' growing energy needs for years to come.Sempra California
In California, Sempra's utilities remained focused on safety, reliability and affordability, including enhancing their respective portfolios to reduce energy costs. For instance, during January's Winter Storm Fern, an analysis from Southern California Gas Company (SoCalGas) demonstrates that its four underground natural gas storage fields helped SoCalGas and San Diego Gas & Electric (SDGE) customers avoid higher potential energy costs, highlighting the value of the region's natural gas storage capacity as a strategic tool in the state's efforts to address affordability. SDGE also filed an uncontested offer of settlement in its Federal Energy Regulatory Commission (FERC) electric transmission owner formula rate proceeding, known as TO6, reflecting a 10.28% return on equity, among other items. A final decision on the matter is expected in the second half of this year. Transaction Update
The transactions previously announced at Sempra Infrastructure Partners (SI Partners) and Ecogas México, S. de R.L. de C.V. (Ecogas) are expected to close in the second or third quarter of 2026, subject to required approvals and customary closing conditions. In the SI Partners' transaction, regulatory approvals have been received from FERC and Hart-Scott-Rodino, as well as antitrust approvals in Mexico and Korea. Earnings Guidance
Sempra is updating its full-year 2026 GAAP earnings-per-common share (EPS) guidance range to $4.87 to $5.37, reflecting actual results through the first quarter, affirming its full-year 2026 adjusted EPS guidance range of $4.80 to $5.30 and affirming its full-year 2027 EPS guidance range of $5.10 to $5.70. Sempra is also affirming a 7% to 9% projected long-term EPS growth rate. Non-GAAP Financial Measures
Non-GAAP financial measures include Sempra's adjusted earnings, adjusted EPS and adjusted EPS guidance range. See Table A for additional information regarding these non-GAAP financial measures.Internet Broadcast
Sempra will broadcast a live discussion of its earnings results over the internet today at 12 p.m. ET with the company's senior management. Access is available by visiting the Investors section of the company's website at sempra.com/investors. The webcast will be available on replay a few hours after its conclusion at sempra.com/investors.About Sempra
Sempra's mission is to build America's leading utility growth business. As owner of one of the largest energy networks on the continent, Sempra is electrifying and improving energy resilience in California and Texas, the two largest economies in the U.S. The company is recognized as a leader in responsible business practices and for its high-performance culture focused on safety and operational excellence, as demonstrated by Sempra's inclusion in The Wall Street Journal's Management Top 250 and Fortune's World's Most Admired Companies. More information about Sempra is available at sempra.com and on social media @sempra.This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions about the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed or implied in any forward-looking statement. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise.In this press release, forward-looking statements can be identified by words such as "believe," "expect," "intend," "anticipate," "contemplate," "plan," "estimate," "project," "forecast," "envision," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "in process," "construct," "develop," "opportunity," "preliminary," "pro forma," "strategic," "initiative," "target," "outlook," "optimistic," "poised," "positioned," "maintain," "continue," "progress," "advance," "goal," "aim," "commit," or similar expressions, or when we discuss our guidance, priorities, strategies, goals, vision, mission, projections, intentions or expectations.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 and the wildfire fund continuation account established by California Senate Bill 254, rates from customers or a combination thereof; decisions, disallowances or denials of cost recovery, audits, investigations, inquiries, ordered studies, regulations, legislative actions, denials or revocations of permits, consents, approvals or other authorizations, renewals of franchises, and other actions, including the failure to honor contracts and commitments, by the (i) Comisión Nacional de Energía, California Public Utilities Commission (CPUC), U.S. Department of Energy, U.S. Federal Energy Regulatory Commission, U.S. Internal Revenue Service, Public Utility Commission of Texas and other regulatory bodies and (ii) U.S., Mexico and states, counties, cities and other jurisdictions therein and in other countries where we do business; the success of business development efforts, construction projects, acquisitions, divestitures, and other significant transactions such as the planned sale of a portion of our equity interest in Sempra Infrastructure Partners, including risks related to, as applicable, (i) being able to reach a positive final investment decision, (ii) negotiating pricing and other terms in definitive contracts, (iii) completing construction projects or other transactions on schedule and budget, (iv) realizing anticipated benefits from any of these efforts if completed, (v) obtaining regulatory and other approvals and (vi) third parties honoring their contracts and commitments, including with respect to closing or post-closing payments; changes to our capital expenditure plans and their potential impact on rate base or other growth; changes, due to evolving economic, political and other factors and increasing geopolitical instability as a result of wars or other conflicts in various parts of the world, to (i) trade and other foreign policy, including the imposition of tariffs by the U.S. and foreign countries (and uncertainty related to the implementation and enforceability thereof), and (ii) laws and regulations, including those related to tax and the energy industry in the U.S. and Mexico; litigation, arbitration, property disputes and other proceedings; cybersecurity threats, including by nation-state actors, of ransomware or other attacks on our systems, the energy grid or our other infrastructure, or the systems of third parties with which we conduct business; the availability, uses, sufficiency, and cost of capital resources and our ability to borrow money or otherwise raise capital on favorable terms and meet our obligations, which can be affected by, among other things, (i) actions by credit rating agencies to downgrade our credit ratings or place those ratings on negative outlook, (ii) instability in the capital markets, and (iii) fluctuating interest rates and inflation; the impact of efforts to increase affordability of U.S. utility customer rates on our ability to obtain cost recovery from applicable regulators, our capital expenditure and other growth plans and our ability to advance statewide policies; the impact on affordability of customer rates, cost of capital and operating margin due to (i) volatility in inflation, interest rates, commodity prices, tariff rates, and foreign currency exchange rates and (ii) with respect to SDG&E's and SoCalGas' businesses, the cost of meeting the demand for lower carbon and reliable energy in California; the impact of climate policies, laws, rules, regulations, trends and required disclosures, including actions to reduce or eliminate reliance on natural gas, increased uncertainty in the political or regulatory environment for California natural gas distribution companies, the risk of nonrecovery for stranded assets, and uncertainty related to emerging technologies; weather, natural disasters, pandemics, accidents, equipment failures, explosions, terrorism, information system outages or other events, such as work stoppages, that disrupt our operations, damage our facilities or systems, cause the release of harmful materials or fires or subject us to liability for damages, fines and penalties, some of which may not be recoverable through regulatory mechanisms or insurance or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power, natural gas and natural gas storage and transportation capacity, including disruptions caused by failures in the transmission grid or pipeline and storage systems or limitations on the injection and withdrawal of natural gas from storage facilities; Oncor Electric Delivery Company LLC's (Oncor) ability to reduce or eliminate its quarterly dividends due to regulatory and governance requirements and commitments, including by actions of Oncor's independent directors or a minority member director; and other uncertainties, some of which are difficult to predict and beyond our control. These risks and uncertainties are further discussed in the reports that Sempra has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on Sempra's website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.Sempra Infrastructure, Sempra Infrastructure Partners, Sempra Texas, Sempra Texas Utilities, Oncor and Infraestructura Energética Nova, S.A.P.I. de C.V. (IEnova) are not the same companies as the California utilities, SDG&E or SoCalGas, nor are they regulated by the CPUC.None of the website references in this press release are active hyperlinks, and the information contained on, or that can be accessed through, any such website is not, and shall not be deemed to be, part of this document.SEMPRATable A



CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Dollars in millions, except per share amounts; shares in thousands)



Three months ended March 31,
2026
2025



REVENUES


Utilities:


Natural gas$         2,025
$         2,362Electric1,224
1,059Energy-related businesses406
381Total revenues3,655
3,802



EXPENSES AND OTHER INCOME


Utilities:


Cost of natural gas(335)
(493)Cost of electric fuel and purchased power(81)
(52)Energy-related businesses cost of sales(76)
(119)Operation and maintenance(1,242)
(1,343)Depreciation and amortization(621)
(640)Franchise fees and other taxes(210)
(196)Other income, net100
91Interest income40
34Interest expense(382)
(433)Income before income taxes and equity earnings848
651Income tax expense(65)
(57)Equity earnings367
325Net income1,150
919Earnings attributable to noncontrolling interests(107)
(2)Earnings attributable to contingently redeemable noncontrolling interest(6)
—Preferred dividends—
(11)Earnings attributable to common shares$         1,037
$           906



Basic earnings per common share (EPS):


Earnings $          1.59
$          1.39Weighted-average common shares outstanding653,589
651,992



Diluted EPS:


Earnings$          1.58
$          1.39Weighted-average common shares outstanding655,488
653,018SEMPRA
Table A (Continued)Sempra Adjusted Earnings and Adjusted EPS are non-GAAP financial measures (GAAP represents generally accepted accounting principles in the United States of America). These non-GAAP financial measures exclude significant items that are generally not related to our ongoing business activities and/or are infrequent in nature. These non-GAAP financial measures also exclude the impact from foreign currency and inflation on our monetary positions in Mexico and associated undesignated derivatives and net unrealized gains and losses on commodity and interest rate derivatives, which we expect to occur in future periods, and which can vary significantly from one period to the next. Exclusion of these items is useful to management and investors because it provides a meaningful comparison of the performance of Sempra's business operations to prior and future periods. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP.RECONCILIATION OF SEMPRA ADJUSTED EARNINGS AND ADJUSTED EPS TO SEMPRA GAAP EARNINGS AND GAAP EPSSempra Adjusted Earnings and Adjusted EPS exclude items (after the effects of income taxes and, if applicable, noncontrolling interests (NCI)) in 2026 and 2025 as follows:Three months ended March 31, 2026:$19 million impact from foreign currency and inflation on our monetary positions in Mexico and associated undesignated derivatives$3 million net unrealized gains on commodity derivatives$(11) million net unrealized losses on interest rate swaps related to the initial phase of the Port Arthur LNG liquefaction project (PA LNG Phase 1 project)$35 million net income tax benefit as a result of classifying Sempra Infrastructure Partners, LP (SI Partners) and Ecogas México, S. de R.L. de C.V. (Ecogas) as held for sale, which such amounts could change in future periods until the dates of sale:$33 million net income tax benefit to adjust deferred income tax liabilities primarily related to outside basis differences in our investment in SI Partners$2 million income tax benefit to adjust a Mexican deferred tax liability on our outside basis difference in EcogasThree months ended March 31, 2025:$8 million impact from foreign currency and inflation on our monetary positions in Mexico$(35) million net unrealized losses on commodity derivatives$(9) million net unrealized losses on interest rate swaps related to the PA LNG Phase 1 projectThe table below reconciles Sempra Adjusted Earnings and Adjusted EPS to Sempra GAAP Earnings and GAAP EPS, which we consider to be the most directly comparable financial measures calculated in accordance with GAAP.RECONCILIATION OF ADJUSTED EARNINGS AND ADJUSTED EPS TO GAAP EARNINGS AND GAAP EPS(Dollars in millions, except per share amounts; shares in thousands)




Pretax
amountIncome
tax (benefit)
expense(1)Non-
controlling
interestsEarnings
Diluted
EPS
Pretax
amountIncome
tax benefit(1)Non-
controlling interestsEarnings
Diluted
EPS
Three months ended March 31, 2026
Three months ended March 31, 2025















Sempra GAAP Earnings and GAAP EPS


$   1,037
$    1.58



$     906
$    1.39Excluded items:













Impact from foreign currency and inflation
on monetary positions in Mexico and
associated undesignated derivatives $     (11)$     (18)$      10(19)
(0.03)
$      (2)$     (10)$       4(8)
(0.01)
Net unrealized (gains) losses on
commodity derivatives95(17)(3)
(0.01)
69(15)(19)35
0.05
Net unrealized losses on interest rate
swaps related to PA LNG Phase 1 project75(4)(60)11
0.02
65(4)(52)9
0.01
Tax items related to assets held for sale—(36)1(35)
(0.05)
————
—Sempra Adjusted Earnings and Adjusted EPS


$     991
$    1.51



$     942
$    1.44














Weighted-average common shares
outstanding, diluted




655,488





653,018(1)Except for adjustments that are solely income tax and tax related to outside basis differences, income taxes on pretax amounts were primarily calculated based
on applicable statutory tax rates.SEMPRA
Table A (Continued)Sempra 2026 Adjusted EPS Guidance is a non-GAAP financial measure. This non-GAAP financial measure excludes significant items that are generally not related to our ongoing business activities and/or infrequent in nature. This non-GAAP financial measure also excludes the impact from foreign currency and inflation on our monetary positions in Mexico and associated undesignated derivatives and net unrealized gains and losses on commodity and interest rate derivatives for the three months ended March 31, 2026, which we expect to occur in future periods, and which can vary significantly from one period to the next. Exclusion of these items is useful to management and investors because it provides a meaningful comparison of the performance of Sempra's business operations to prior and future periods.Because we cannot reasonably estimate the forward-looking amount or range of amounts of reasonably estimable GAAP amounts, this non-GAAP financial measure does not contemplate the anticipated impacts of each of the following future events:impact from foreign currency and inflation on our monetary positions in Mexico and associated undesignated derivativesnet unrealized gains and losses on commodity and interest rate derivativesany potential gain from the agreement to sell Ecogas to Gas Natural del Noroeste S.A. de C.V. that was entered into in December 2025, as the purchase price is subject to closing adjustments, post-closing adjustments, and tax items related to our outside basis difference in Ecogas, all of which are subject to adjustments based on changes in carrying value, foreign exchange rates and inflation until the date of saleany potential gain from the agreement to sell an equity interest in SI Partners to the KKR Partners that was entered into in September 2025, as the purchase price is subject to closing adjustments, post-closing adjustments, and tax items related to our outside basis difference in SI Partners, all of which are subject to adjustments based on changes in carrying value, foreign exchange rates and inflation until the date of saleWe expect to complete the sales in the second or third quarter of 2026, which combined are expected to be accretive. Sempra 2026 Adjusted EPS Guidance Range should not be considered an alternative to Sempra 2026 GAAP EPS Guidance Range. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP.RECONCILIATION OF SEMPRA 2026 ADJUSTED EPS GUIDANCE RANGE TO SEMPRA 2026 GAAP EPS GUIDANCE RANGESempra 2026 Adjusted EPS Guidance Range of $4.80 to $5.30 excludes items (after the effects of income taxes and, if applicable, NCI) for the three months ended March 31, 2026 as follows:$19 million impact from foreign currency and inflation on our monetary positions in Mexico and associated undesignated derivatives$3 million net unrealized gains on commodity derivatives$(11) million net unrealized losses on interest rate swaps related to the PA LNG Phase 1 project$35 million net income tax benefit as a result of classifying SI Partners and Ecogas as held for sale, which such amounts could change in future periods until the dates of sale:$33 million net income tax benefit to adjust deferred income tax liabilities primarily related to outside basis differences in our investment in SI Partners$2 million income tax benefit to adjust a Mexican deferred tax liability on our outside basis difference in EcogasThe table below reconciles Sempra 2026 Adjusted EPS Guidance Range to Sempra 2026 GAAP EPS Guidance Range, which we consider to be the most directly comparable financial measure calculated in accordance with GAAP.RECONCILIATION OF ADJUSTED EPS GUIDANCE RANGE TO GAAP EPS GUIDANCE RANGE

Full-Year 2026Sempra GAAP EPS Guidance Range$     4.87to$     5.37Excluded items:


Impact from foreign currency and inflation on monetary positions in Mexico and associated undesignated derivatives                       (0.03)
(0.03)Net unrealized gains on commodity derivatives(0.01)
(0.01)Net unrealized losses on interest rate swaps related to PA LNG Phase 1 project                                      0.02
0.02Tax items related to assets held for sale(0.05)
(0.05)Sempra Adjusted EPS Guidance Range$     4.80to$     5.30Weighted-average common shares outstanding, diluted (millions)

655 SEMPRATable B



CONDENSED CONSOLIDATED BALANCE SHEETS(Dollars in millions)



March 31,
December 31,
2026
2025(1)



ASSETS


Current assets:


Cash and cash equivalents$          794
$           29Restricted cash2
2Accounts receivable – trade, net1,604
1,767Accounts receivable – other, net203
157Due from unconsolidated affiliates34
—Income taxes receivable177
71Inventories530
561Regulatory assets561
761Greenhouse gas allowances199
203Assets held for sale31,865
31,024Other current assets234
262Total current assets36,203
34,837



Other assets:


Regulatory assets4,077
3,868Greenhouse gas allowances1,378
1,221Nuclear decommissioning trusts884
899Dedicated assets in support of certain benefit plans                                                                                                               588
605Deferred income taxes10
10Right-of-use assets – operating leases1,297
1,262Investment in Oncor Holdings18,243
17,472Other investments148
147Wildfire fund240
246Other long-term assets1,261
1,300Total other assets28,126
27,030Property, plant and equipment, net49,189
49,011Total assets$     113,518
$     110,878(1)  Derived from audited financial statements. SEMPRATable B (Continued)



CONDENSED CONSOLIDATED BALANCE SHEETS(Dollars in millions)



March 31,
December 31,
2026
2025(1)



LIABILITIES, CONTINGENTLY REDEEMABLE NONCONTROLLING INTEREST, AND EQUITY                                         


Current liabilities:


Short-term debt$        3,708
$        4,166Accounts payable – trade1,134
1,461Accounts payable – other174
203Due to unconsolidated affiliates—
8Dividends and interest payable920
770Accrued compensation and benefits316
521Regulatory liabilities3
3Current portion of long-term debt and finance leases1,878
1,876Greenhouse gas obligations199
203Liabilities held for sale12,249
11,704Other current liabilities858
979Total current liabilities21,439
21,894



Long-term debt and finance leases30,847
28,979



Deferred credits and other liabilities:


Regulatory liabilities 4,303
4,250Greenhouse gas obligations1,064
957Pension and other postretirement benefit plan obligations, net of plan assets126
124Deferred income taxes6,414
6,127Asset retirement obligations3,773
3,743Deferred credits and other2,824
2,805Total deferred credits and other liabilities18,504
18,006



Contingently redeemable noncontrolling interest3,254
3,206



Equity:


Sempra shareholders' equity32,239
31,594Preferred stock of subsidiary20
20Other noncontrolling interests7,215
7,179Total equity39,474
38,793Total liabilities, contingently redeemable noncontrolling interest, and equity$     113,518
$     110,878(1)   Derived from audited financial statements. SEMPRATable C



CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Dollars in millions)



Three months ended March 31,
2026
2025

CASH FLOWS FROM OPERATING ACTIVITIES


Net income $        1,150
$          919Adjustments to reconcile net income to net cash provided by operating activities                                                              420
402Net change in working capital components89
(35)Distributions from investments389
291Changes in other noncurrent assets and liabilities, net(239)
(95)Net cash provided by operating activities1,809
1,482



CASH FLOWS FROM INVESTING ACTIVITIES


Expenditures for property, plant and equipment(2,461)
(2,336)Expenditures for investments (876)
(486)Purchases of nuclear decommissioning and other trust assets(368)
(292)Proceeds from sales of nuclear decommissioning and other trust assets395
329Other(1)
—Net cash used in investing activities(3,311)
(2,785)



CASH FLOWS FROM FINANCING ACTIVITIES


Common dividends paid(409)
(380)Issuances of common stock, net9
10Repurchases of common stock(20)
(57)Issuances of debt (maturities greater than 90 days)3,345
2,941Payments on debt (maturities greater than 90 days) and finance leases (673)
(994)Decrease in short-term debt, net(458)
(70)Advances from unconsolidated affiliates 63
44Contributions from noncontrolling interests41
34Distributions to noncontrolling interests(65)
(38)Termination of interest rate swaps, net of transaction costs96
—Other(17)
(14)Net cash provided by financing activities1,912
1,476



Effect of exchange rate changes on cash, cash equivalents and restricted cash(3)
—



Increase in cash, cash equivalents and restricted cash407
173Cash, cash equivalents and restricted cash, January 13,552
1,589Cash, cash equivalents and restricted cash, March 31$        3,959
$        1,762 SEMPRATable D



SEGMENT EARNINGS (LOSSES) AND CAPITAL EXPENDITURES(Dollars in millions)
Three months ended March 31,
2026
2025EARNINGS (LOSSES) ATTRIBUTABLE TO COMMON SHARES


Sempra California$             720
$             724Sempra Texas Utilities171
146Sempra Infrastructure262
146Segment earnings attributable to common shares1,153
1,016Parent and other(116)
(110)Sempra earnings attributable to common shares $          1,037
$             906CAPITAL EXPENDITURES FOR PROPERTY, PLANT AND EQUIPMENT                                                                         


Sempra California$             967
$          1,094Sempra Infrastructure1,493
1,241Segment totals2,460
2,335Parent and other1
1Total Sempra$          2,461
$          2,336CAPITAL EXPENDITURES FOR INVESTMENTS


Sempra Texas Utilities$             876
$             486Total Sempra$             876
$             486 SEMPRATable D (Continued)




RECONCILIATION OF SEMPRA'S CAPITAL PLAN TO PROJECTED FUTURE CAPITAL EXPENDITURES(Dollars in billions)
SempraCaliforniaSempra Texas UtilitiesSempraInfrastructureTotal Sempra
Capital Plan for 2026 – 2030(1)Projected future capital expenditures for PP&E and investments – GAAP                                  $       23.5$       11.1$        4.1$       38.7Capital expenditures to unconsolidated entities(2)—(11.1)(2.6)(13.7)Capital expenditures at unconsolidated entities(3)—38.22.740.9Capital expenditures attributable to NCI owners(4)——(1.0)(1.0)Capital Plan$       23.5$       38.2$        3.2$       64.9







Total Sempra


Capital Plan for 2026(1)Projected future capital expenditures for PP&E and investments – GAAP

$                        8.6Capital expenditures to unconsolidated entities(2)

(2.8)Capital expenditures at unconsolidated entities(3)

7.9Capital expenditures attributable to NCI owners(4)

(1.0)Capital Plan

$                       12.7(1)All projects in progress and future projects are subject to a number of risks and uncertainties. Sempra's Capital Plan and expectations regarding
potential increases to its capital requirements are based on a number of assumptions, the failure of which to be accurate could materially impact
Sempra's actual Capital Plan. Sempra's Capital Plan assumes Sempra's 70% consolidated ownership of SI Partners for the first three months of
2026 and 25% ownership thereafter, which represents Sempra's remaining interest under the equity method upon completion of the sale of a
45% equity interest in SI Partners. Sempra's Capital Plan is considered by management to be an operating measure.(2)Represents Sempra's projected future capital contributions to unconsolidated equity method investees.(3)Represents Sempra's proportionate ownership interest in projected capital expenditures at unconsolidated equity method investees.(4)Represents NCI's proportionate ownership interest in projected capital expenditures at Sempra and at unconsolidated equity method investees. SEMPRA'S CAPITAL DEPLOYED(Dollars in billions)

Total Sempra

Three months ended March 31, 2026Capital expenditures for PP&E and investments – GAAP
$                        3.3Capital expenditures to unconsolidated entities(1)
(0.9)Capital expenditures at unconsolidated entities(2)
1.6Capital expenditures attributable to NCI owners(3)                                                                                                                                                  
(1.0)Capital deployed
$                        3.0(1)Represents Sempra's actual capital contributions to unconsolidated equity method investees.(2)Represents Sempra's proportionate ownership interest in actual capital expenditures at unconsolidated equity method investees.(3)Represents NCI's proportionate ownership interest in actual capital expenditures at Sempra and at unconsolidated equity method investees. SEMPRATable E



OTHER OPERATING STATISTICS







Three months ended March 31,
2026
2025


UTILITIES


Sempra California


Gas sales (Bcf)(1)93
116Transportation (Bcf)(1)107
131Total deliveries (Bcf)(1)200
247



Total gas customer meters (thousands)7,135
7,122




Electric sales (millions of kWhs)(1)688
715Community Choice Aggregation and Direct Access (millions of kWhs)                                                                   3,299
3,432Total deliveries (millions of kWhs)(1)3,987
4,147



Total electric customer meters (thousands)1,552
1,535



Oncor Electric Delivery Company LLC (Oncor)(2)


Total deliveries (millions of kWhs)40,189
39,006Total electric customer meters (thousands)4,124
4,065



Ecogas


Natural gas sales (Bcf)1
1Natural gas customer meters (thousands)171
165



ENERGY-RELATED BUSINESSES


Sempra Infrastructure


Termoeléctrica de Mexicali (millions of kWhs)777
702Wind and solar (millions of kWhs)(1)739
746(1) Includes intercompany sales.(2) Includes 100% of the electric deliveries and customer meters of Oncor, in which we hold an 80.25% interest through our investment in Oncor
Electric Delivery Holdings Company LLC. SEMPRATable F











STATEMENTS OF OPERATIONS DATA BY SEGMENT(Dollars in millions)
Sempra California
Sempra TexasUtilities(1)
SempraInfrastructure
Segment Totals
Consolidating
Adjustments,Parent & Other
Total
Three months ended March 31, 2026











Revenues$         3,231


$           443
$         3,674
$           (19)
$         3,655Operation and maintenance(1,016)


(221)
(1,237)
(5)
(1,242)Depreciation and amortization(617)


(3)
(620)
(1)
(621)Interest income2


33
35
5
40Interest expense(2)(244)


10
(234)
(148)
(382)Income tax (expense) benefit(89)


(14)
(103)
38
(65)Equity earnings

$           173
194
367


367Earnings attributable to noncontrolling interests



(107)
(107)


(107)Earnings attributable to contingently redeemable noncontrolling interest



(6)
(6)


(6)Other segment items(3)(547)
(2)
(67)
(616)
14
(602)Earnings (losses) attributable to common shares$           720
$           171
$           262
$         1,153
$          (116)
$         1,037












Three months ended March 31, 2025











Revenues$         3,401


$           426
$         3,827
$           (25)
$         3,802Operation and maintenance(1,175)


(174)
(1,349)
6
(1,343)Depreciation and amortization(562)


(76)
(638)
(2)
(640)Interest income2


19
21
13
34Interest expense(2)(225)


(77)
(302)
(131)
(433)Income tax (expense) benefit (52)


(22)
(74)
17
(57)Equity earnings

$           148
177
325


325Earnings attributable to noncontrolling interests



(2)
(2)


(2)Other segment items(3)(665)
(2)
(125)
(792)
12
(780)Earnings (losses) attributable to common shares$           724
$           146
$           146
$         1,016
$          (110)
$           906(1)Substantially all earnings attributable to common shares are from equity earnings.(2)Sempra Infrastructure includes net unrealized gains (losses) from undesignated interest rate swaps related to the PA LNG Phase 1 project.(3)Includes cost of natural gas, cost of electric fuel and purchased power, franchise fees and other taxes, and other income (expense), net, for Sempra California; operation
and maintenance for Sempra Texas Utilities related to activities at the holding company; and cost of natural gas, energy-related businesses cost of sales, franchise fees
and other taxes, and other income (expense), net, for Sempra Infrastructure.  View original content to download multimedia:https://www.prnewswire.com/news-releases/sempra-reports-first-quarter-2026-results-302764933.htmlSOURCE Sempra Original: Sempra Reports First-Quarter 2026 Results

New Report Shows Natural Gas Infrastructure Helps Keep Energy Costs More Affordable for California HouseholdsApril 23, 2026 8:55 AM
PR Newswire (US)

LOS ANGELES, April 23, 2026 /PRNewswire/ -- As Californians continue to grapple with rising household costs, a new report from Southern California Gas Company (SoCalGas) finds that when adjusted for inflation, SoCalGas's average residential natural gas rates declined by approximately 25% between 2000 and 20231 – highlighting how natural gas infrastructure has helped keep energy bills more affordable over time. Through the availability of supply, underground storage, and system flexibility, the natural gas system has acted as a stabilizing force that helps limit price volatility and ease pressure on household energy budgets.The Affordable Way for California examines affordability trends in household energy costs and system performance across the state. Drawing on publicly available national and state data, the report shows how the natural gas system supports the electric grid and broader energy system reliability, while also helping California households moderate the energy cost pressures they face. "When energy systems operate predictably and flexibly, it helps California households avoid sudden cost increases and better manage their monthly bills," said Rodger Schwecke, president (interim) and chief operating officer, SoCalGas. "This report reinforces the important role natural gas infrastructure plays in keeping energy bills more affordable for Californians over time."Key findings from The Affordable Way for California include:Adjusted for inflation, SoCalGas's average residential natural gas rates declined by approximately 25% between 2000 and 2023. This long-term trend highlights how a balanced energy mix that includes natural gas helps keep household energy costs in check, even as California navigates long-term climate policies and persistent wildfire risks.  System flexibility and underground storage help limit household exposure to price volatility. During Winter Storm Fern in January 2026, storage became the primary source of natural gas supply for SoCalGas and SDG&E customers as gas deliveries into the state declined, supplying nearly 60% of system demand at the storm's peak and helping avoid an estimated $120 million in potential energy cost impacts for customers.2 Natural gas infrastructure supports reliability and helps enable renewable integration as the energy system evolves. As renewable power generation grows, flexible natural gas resources continue to meet demand when solar and wind output is limited – supporting reliability and cost stability for households during peak periods and extreme conditions.The full Affordable Way for California report can be viewed here.About SoCalGasSoCalGas is the largest gas distribution utility in the United States, serving more than 21 million consumers across approximately 24,000 square miles of Central and Southern California. Our mission is: Safe, Reliable, and Affordable energy delivery today. Ready for tomorrow. SoCalGas is a recognized leader in the energy industry and has been named Corporate Member of the Year by the Los Angeles Chamber of Commerce for its volunteer leadership in the communities it serves. SoCalGas is a subsidiary of Sempra (NYSE: SRE), a leading North American energy infrastructure company. For more information, visit SoCalGas.com/newsroom or connect with SoCalGas on social media @SoCalGas. Message funded by shareholders.1 Natural gas rates provided by CEC staff for SoCalGas residential rates (2023$) and electric rates based on 2024 IEPR Demand Forecast statewide rates (2023$). CEC, Baseline Demand Forecast Files: "CEDU 2024 Baseline Forecast – Total State," accessed October 1, 2025, https://efiling.energy.ca.gov/GetDocument.aspx?tn=260931. (All forecast files available at CEC, "California Energy Demand, 2024-2040," n.d., https://www.energy.ca.gov/data-reports/reports/ integrated-energy-policy-report-iepr/2024-integrated-energy-policy-report-0). Periodic wholesale spikes have occurred during this period. The most notable spike occurred during the winter of 2022-23, when natural gas prices surged due to unusually cold weather, supply shortages, and constraints on pipeline and storage capacity. On wholesale natural gas prices this century, see EIA, "Natural Gas Citygate Price in California (Dollars Per Thousand Cubic Feet), Monthly," released September 30, 2025, https://www.eia.gov/dnav/ng/hist/n3050ca3m.htm.2 Analysis is based on daily SoCalGas storage withdrawals as reported on ENVOY and a comparison of Henry Hub and SoCal Citygate prices as reported by Natural Gas Intelligence for the time Jan. 23, 2026, through Jan. 31, 2026.





View original content to download multimedia:https://www.prnewswire.com/news-releases/new-report-shows-natural-gas-infrastructure-helps-keep-energy-costs-more-affordable-for-california-households-302751132.htmlSOURCE Southern California Gas Company

Original: New Report Shows Natural Gas Infrastructure Helps Keep Energy Costs More Affordable for California Households

ONCOR TO RELEASE FIRST QUARTER 2026 RESULTS MAY 7April 20, 2026 4:20 PM
PR Newswire (US)

DALLAS, April 20, 2026 /PRNewswire/ -- Oncor Electric Delivery Company LLC ("Oncor") plans to release its first quarter 2026 results on May 7, prior to Sempra's (NYSE: SRE) first quarter 2026 results conference call. Oncor's earnings release will be available on Oncor's website, oncor.com.







Sempra executives will host a conference call at 12 p.m. ET on Thursday, May 7 that will include discussion of Oncor's first quarter 2026 operational and financial results. Investors, media, analysts and the public may listen to a live webcast of the conference call by registering on the Investors section of Sempra's website and clicking on the appropriate link. Prior to the conference call, an accompanying slide presentation will be posted on sempra.com/investors.For those unable to obtain access to the live webcast, it will be available on replay a few hours after its conclusion at sempra.com/investors.Oncor's Quarterly Report on Form 10-Q for the period ended March 31, 2026 will be filed with the U.S. Securities and Exchange Commission after Sempra's conference call and, once filed, will also be available at oncor.com.Headquartered in Dallas, Oncor Electric Delivery Company LLC is a regulated electricity transmission and distribution business that uses superior asset management skills to provide reliable electricity delivery to consumers. Oncor (together with its subsidiaries) operates the largest transmission and distribution system in Texas, delivering electricity to more than 4.1 million homes and businesses and operating more than 145,000 circuit miles of transmission and distribution lines in Texas. While Oncor is owned by two investors (indirect majority owner, Sempra, and minority owner, Texas Transmission Investment LLC), Oncor is managed by its Board of Directors, which is comprised of a majority of disinterested directors.



View original content to download multimedia:https://www.prnewswire.com/news-releases/oncor-to-release-first-quarter-2026-results-may-7-302747226.htmlSOURCE Oncor Electric Delivery Company LLC

Original: ONCOR TO RELEASE FIRST QUARTER 2026 RESULTS MAY 7

Sempra to Report First-Quarter 2026 Earnings on May 7April 20, 2026 4:12 PM
PR Newswire (US)

SAN DIEGO, April 20, 2026 /PRNewswire/ -- Sempra (NYSE: SRE) plans to release its first-quarter 2026 earnings results by 8 a.m. ET on Thursday, May 7.Senior leaders from across the company will host a conference call with a slide presentation at 12 p.m. ET on Thursday, May 7. Materials will be published prior to market open the same day.Investors, analysts and others may register to listen to the live webcast and view related materials by visiting Sempra's Investors site.About Sempra
Sempra's mission is to build America's leading utility growth business. As owner of one of the largest energy networks on the continent, Sempra is electrifying and improving energy resilience in California and Texas, the two largest economies in the U.S. The company is recognized as a leader in responsible business practices and for its high-performance culture focused on safety and operational excellence, as demonstrated by Sempra's inclusion in The Wall Street Journal's Management Top 250 and Fortune's World's Most Admired Companies. More information about Sempra is available at sempra.com and on social media @sempra.





View original content to download multimedia:https://www.prnewswire.com/news-releases/sempra-to-report-first-quarter-2026-earnings-on-may-7-302747694.htmlSOURCE Sempra

Original: Sempra to Report First-Quarter 2026 Earnings on May 7

Regional Natural Gas Storage Helped Southern Californians Avoid Over $120 Million In Energy Costs During Winter Storm FernApril 1, 2026 4:30 PM
PR Newswire (US)

LOS ANGELES, April 1, 2026 /PRNewswire/ -- Over the last several years, Southern California Gas Company (SoCalGas) has been working closely with state leaders, policymakers and regulators to enhance natural gas storage capability which is important for energy system resiliency and affordability. Today the company announced a new analysis estimating its four underground natural gas storage fields helped SoCalGas and San Diego Gas & Electric (SDG&E) customers avoid over $120 million in potential energy costs during January's Winter Storm Fern.1  The analysis focuses only on natural gas price impacts and does not include other related savings such as lower electricity costs.  







While the massive storm drove natural gas price increases across much of the country, SoCalGas was able to reduce customer exposure across the SoCalGas system, including SDG&E customers, to volatile market conditions by withdrawing lower-cost natural gas reserves purchased months earlier and stored locally for periods of high demand or market disruption. As a result, Southern Californians avoided significant increases in natural gas costs during the storm, helping keep bills lower despite widespread supply constraints and higher bills nationwide. During Winter Storm Fern, instead of purchasing $30 natural gas (per decatherm) from the marketplace, the SoCalGas system supplied natural gas to both SoCalGas and SDG&E customers that was stored locally when prices were $3 (per decatherm).2"Southern California is better prepared for weather events and other regional energy disruptions because of targeted investments in natural gas storage and transmission infrastructure," said Rodger Schwecke, chief operating officer, SoCalGas. "Following extensive technical review and clear safeguards, state regulators and energy agencies made careful determinations to increase local natural storage reserves – decisions which proved especially important when market conditions became volatile.""Events like Winter Storm Fern show why preparation matters," said Kevin Geraghty, chief operating officer, SDG&E. "The ability to draw on natural gas that had been stored in advance helped reduce cost volatility for our customers and supported reliable energy delivery during a period of significant market disruption."During Winter Storm Fern, from Jan. 23, 2026, to Jan. 31, 2026, SoCalGas withdrew more than 8 billion cubic feet (Bcf) of natural gas from its storage fields to meet customer regional demand, roughly equivalent to the energy needed to power about 350,000 California homes for a year. As gas supplies entering the state declined, storage became the main source of natural gas for customers, supplying nearly 60 percent of system demand at the storm's peak. Aliso Canyon, one of four SoCalGas storage facilities in Southern California, provided about 30 percent of all gas delivered to the SoCalGas and SDG&E system at the peak. Even with this increased use, storage levels remained strong and ready to support customers for the remainder of winter. Southern California imports more than 90 percent of its natural gas, making local storage a key component of regional energy reliability and affordability. Natural gas storage allows SoCalGas to meet rapid changes in demand, support electric generators during peak conditions, and help stabilize prices by reducing reliance on same day market purchases during emergencies.About SoCalGasSoCalGas is the largest gas distribution utility in the United States, serving more than 21 million consumers across approximately 24,000 square miles of Central and Southern California. Our mission is: Safe, Reliable, and Affordable energy delivery today. Ready for tomorrow. SoCalGas is a recognized leader in the energy industry and has been named Corporate Member of the Year by the Los Angeles Chamber of Commerce for its volunteer leadership in the communities it serves. SoCalGas is a subsidiary of Sempra (NYSE: SRE).  For more information, visit SoCalGas.com/newsroom or connect with SoCalGas on social media @SoCalGas. About SDG&ESDG&E is an innovative energy-delivery company that provides clean, safe and reliable energy to better the lives of the people it serves in San Diego and southern Orange counties. The company is committed to creating a sustainable future by increasing energy delivered from low- or zero-carbon sources; accelerating the adoption of electric vehicles; and investing in innovative technologies to ensure the reliable operation of the region's infrastructure for generations to come. SDG&E is a recognized leader in its industry and community, as demonstrated by being named Corporate Partner of the Year at the San Diego Business Journal's Nonprofit & Corporate Citizenship Awards and receiving PA Consulting's ReliabilityOne® Award for Outstanding Reliability Performance for 20 consecutive years. SDG&E is a subsidiary of Sempra (NYSE: SRE). For more information, visit SDGEtoday.com or connect with SDG&E on social media @SDGE. Message Funded by Shareholders.1Analysis is based on daily SoCalGas storage withdrawals as reported on Envoy and a comparison of Henry Hub and SoCal Citygate prices as reported by Natural Gas Intelligence for the time Jan 23, 2026, through Jan 31, 2026. SoCalGas ENVOY is a web-based dashboard that helps businesses manage natural gas supplies, trade pipeline capacity, and enhance gas service selections.2SoCalGas system injections reported on Envoy, and represented purchase price of Henry Hub from April 1, 2025, to Oct. 31, 2025, as reported by EIA's Natural Gas Weekly, and represented potential purchase price of Henry Hub from Jan. 23, 2026, to Jan. 31, 2026, as reported by EIA's Weekly Natural Gas Storage Report.










View original content to download multimedia:https://www.prnewswire.com/news-releases/regional-natural-gas-storage-helped-southern-californians-avoid-over-120-million-in-energy-costs-during-winter-storm-fern-302731986.htmlSOURCE Southern California Gas Company; San Diego Gas & Electric

Original: Regional Natural Gas Storage Helped Southern Californians Avoid Over $120 Million In Energy Costs During Winter Storm Fern

SoCalGas Declares Preferred DividendsMarch 24, 2026 1:56 PM
PR Newswire (US)

LOS ANGELES, March 24, 2026 /PRNewswire/ -- The board of directors of Southern California Gas Company (SoCalGas) has declared regular quarterly dividends for the preferred series stock of the company as follows:SoCalGas:
Preferred Stock$0.375 per sharePreferred Stock, Series A$0.375 per shareThe dividends are payable on July 15, 2026, to shareholders of record on June 10, 2026.About SoCalGas
SoCalGas is the largest gas distribution utility in the United States, serving more than 21 million consumers across approximately 24,000 square miles of Central and Southern California. Our mission is: Safe, Reliable, and Affordable energy delivery today. Ready for tomorrow. SoCalGas is a recognized leader in the energy industry and has been named Corporate Member of the Year by the Los Angeles Chamber of Commerce for its volunteer leadership in the communities it serves. SoCalGas is a subsidiary of Sempra (NYSE: SRE), a leading North American energy infrastructure company. For more information, visit SoCalGas.com/newsroom or connect with SoCalGas on social media @SoCalGas. 





View original content to download multimedia:https://www.prnewswire.com/news-releases/socalgas-declares-preferred-dividends-302723808.htmlSOURCE Southern California Gas Company

Original: SoCalGas Declares Preferred Dividends

ONCOR REPORTS 2025 RESULTS; ANNOUNCES $47.5 BILLION 2026-2030 BASE CAPITAL PLANFebruary 26, 2026 8:00 AM
PR Newswire (US)

DALLAS, Feb. 26, 2026 /PRNewswire/ -- Oncor Electric Delivery Company LLC ("Oncor") today reported net income of $1.07 billion for the twelve months ended December 31, 2025 compared to net income of $968 million in the twelve months ended December 31, 2024. The increase in net income of $102 million was driven by overall higher net revenues primarily attributable to an increase in other regulated revenues recognized related to  the establishment of the Unified Tracker Mechanism ("UTM"), updated interim rates to reflect increases in invested capital, customer growth, and higher annual energy efficiency program performance bonus revenues, partially offset by higher interest expense and depreciation expense associated with increases in invested capital, and higher operation and maintenance expense. Oncor reported net income of $250 million in the three months ended December 31, 2025 compared to net income of $168 million in the three months ended December 31, 2024. This $82 million increase was driven by overall higher net revenues primarily attributable to an increase in other regulated revenues recognized related to  the establishment of the UTM, updated interim rates to reflect increases in invested capital, higher annual energy efficiency program performance bonus revenues, higher customer consumption, primarily attributable to favorable weather, and customer growth, partially offset by higher interest expense and depreciation expense associated with increases in invested capital, and higher operation and maintenance expense. Financial and operational results are provided in Tables A, B, C, D, and E below.







On January 29, 2026, Oncor filed a stipulation in its comprehensive base rate review proceeding, Public Utility Commission of Texas ("PUCT") Docket No. 58306. The stipulation requests PUCT approval of an unopposed comprehensive settlement of all issues in the docket among the parties to the proceeding. The stipulation provides for:An estimated increase of approximately $560 million over Oncor's 2024 test year adjusted annualized revenues (an increase of approximately 8.8%);A regulatory capital structure ratio of 56.5% debt to 43.5% equity;An authorized return on equity of 9.75%, and a 4.94% authorized cost of debt.If approved as requested, Oncor estimates the proposed rates would result in an increase to residential customer bills of 3% per month based on 1,000 kWh/month usage at an average retail electric price of $0.15/kWh. The PUCT Commissioners are expected to rule on the stipulation within the coming months. If approved as requested, Oncor currently expects positive impacts to its future earnings, cash flow, and credit metrics."Customers in Texas continue to call for a record amount of electric infrastructure to meet unprecedented projected load growth, strengthen the grid, and enhance the reliability and resiliency of our entire service territory. Our new $47.5 billion capital plan is designed to provide a historic amount of investment to meet these needs, and we are pleased to have reached a settlement in our rate review that is supportive of this plan. We look forward to the Public Utility Commission of Texas's consideration of the stipulation," said Oncor CEO Allen Nye. "I would also like to thank our team that worked tirelessly and safely through the restoration required by Winter Storm Fern. I know that any amount of time without power during such difficult winter conditions is a hardship on our customers. Oncor prepositioned equipment and more than 10,000 employees and contractors across our system to be able to respond to customer outages as quickly as conditions allowed. We will continue to prepare our system to be resilient against inclement weather."Five-Year Capital Plan
Today, Oncor is announcing a new five-year base capital plan of approximately $47.5 billion for the 2026 to 2030 period, which includes a projected spend of approximately $9 billion in 2026, $10 billion in 2027, $10.1 billion in 2028, $9.4 billion in 2029, and $9 billion in 2030, reflecting Oncor's important role in providing the infrastructure necessary to support expected continued growth and electrification across Texas.Oncor's 2026 through 2030 base capital plan has increased approximately $11.4 billion from the 2025 to 2029 five-year base capital plan arising primarily from the following items:$6 billion for remaining projects in the Permian Basin Reliability Plan ("PBRP") that were not included in the prior five-year capital plan due to pending regulatory approvals;$2 billion for other new transmission projects;$2 billion for distribution upgrades and other capital needs; and$1 billion for transmission projects in the Delaware Basin Load Integration Plan that were not included in the prior five-year base capital plan due to pending regulatory approvals.Notably, Oncor's 2026 through 2030 base capital plan includes only major transmission projects that either (i) have received necessary regulatory approvals or (ii) are part of the PBRP. For large commercial and industrial customers ("LC&I") seeking transmission-level interconnection, such as data centers, the base plan includes only those projects that have achieved certain development milestones.In addition to its base capital plan, Oncor has identified approximately $10 billion in potential incremental capital opportunities over the 2026 through 2030 period. These incremental projects include high-voltage transmission expansions in the Electric Reliability Council of Texas, Inc.'s ("ERCOT") 765-kV Strategic Transmission Expansion Plan ("STEP") primarily outside of the PBRP for which Oncor is responsible (currently estimated by Oncor at $3 billion for the 2026 through 2030 period), additional transmission upgrades currently pending ERCOT approval, and anticipated updates to Oncor's System Resiliency Plan ("SRP") for 2028 through 2030. Incremental capital opportunities also include LC&I interconnection projects that Oncor believes have a strong likelihood of completion but do not have necessary external approvals or where the project scope is still being finalized.Regulatory Update
Oncor plans to make its first UTM filing in the first half of 2026, following the receipt of a final order in its base rate review. The UTM, authorized by Texas House Bill 5247 passed in the 2025 Texas legislative session, combines the existing interim capital tracker mechanisms into a single annual proceeding. The UTM filing allows for recovery of costs recorded to a regulatory asset arising from eligible capital investment. In 2025, Oncor began recognizing revenues associated with qualifying investments for eligible transmission and distribution infrastructure placed in service during calendar year 2025 and plans to seek recovery of these costs in its UTM filing. Additionally, the UTM is expected to benefit residential customers by updating customer allocations annually.In 2025, Oncor filed 16 new Certificate of Convenience and Necessity ("CCN") amendment applications for needed transmission projects and received regulatory approval on 12 applications. Oncor anticipates filing approximately 18 additional CCNs in 2026, including three related to the 765 kV Permian Basin import paths.Strategic Growth and Operational Highlights
Oncor continues to coordinate closely with ERCOT and industry stakeholders to advance extra high-voltage transmission (765 kV) infrastructure that supports regional reliability and long-term economic growth. In December 2025, ERCOT endorsed phase two of STEP, which consists of the non-PBRP projects. In total, Oncor anticipates being responsible for more than half of the investment related to the STEP.In 2025, Oncor built, rebuilt, or upgraded approximately 3,100 circuit miles of transmission and distribution lines and increased its premise count by over 65,000, reflecting ongoing population and business growth in Texas. Active transmission point-of-interconnection ("POI") requests increased 24% year over year. As of February 25, 2026, Oncor held approximately $3.5 billion in customer collateral for active generation and LC&I transmission POI requests. This collateral, which is subject to refund once projects are placed into service or upon certain other conditions, helps reduce the risk of rate payers bearing costs for projects that are cancelled after Oncor has expended funds toward building the infrastructure.As of December 31, 2025, Oncor had 562 active generation POI requests in queue, composed of approximately 48% storage, 40% solar, 8% wind, and 4% gas. In addition, Oncor's active LC&I interconnection queue included 650 requests at the end of 2025. Those requests include approximately 255 gigawatts from data centers and over 18 gigawatts of load from various other industrial sectors, demonstrating broad-based industrial growth within Oncor's service territory. Oncor has currently identified at least 38 gigawatts of large load interconnection requests that meet the 2026 Regional Transmission Plan ("RTP") qualification standards and continues to work diligently with additional customers to determine which projects will be included in Oncor's April 1, 2026 RTP filing to ERCOT.Oncor is deeply engaged with ERCOT stakeholders around the development of a batch study process to review transmission capacity needs for large load interconnections. Oncor continues to advance significant transmission projects necessary to serve new large loads through the ERCOT Regional Planning Group process, which are expected to support approximately 14 gigawatts of new large load.Liquidity 
As of February 25, 2026, Oncor's available liquidity totaled approximately $3.6 billion, consisting of cash on hand and available borrowing capacity under its credit facilities, commercial paper programs, and accounts receivable facility. Oncor anticipates these resources, combined with projected cash flows from operations and future financing activities, will be sufficient to meet capital expenditures, maturities of long-term debt, and other operational needs for at least the next twelve months.Sempra Internet Broadcast Today
Sempra (NYSE: SRE) will broadcast a live discussion of its earnings results over the Internet today at 12 p.m. ET, which will include discussion of 2025 results and other information relating to Oncor. Oncor executives will also participate in the broadcast. Access to the broadcast is available by logging onto the Investors section of Sempra's website, sempra.com/investors. Prior to the conference call, an accompanying slide presentation will be posted on sempra.com/investors. For those unable to participate in the live webcast, it will be available on replay a few hours after its conclusion at sempra.com/investors.Annual Report on Form 10-K
Oncor's Annual Report on Form 10-K for the year ended December 31, 2025 will be filed with the U.S. Securities and Exchange Commission after Sempra's conference call and once filed, will be available on Oncor's website, oncor.com. The annual financial statements of Oncor Electric Delivery Holdings Company LLC (which holds 80.25% of Oncor's outstanding equity interests and is indirectly wholly owned by Sempra) for the year ended December 31, 2025 will be included as an exhibit to Sempra's Annual Report on Form 10-K for the year ended December 31, 2025.About Oncor
Headquartered in Dallas, Oncor is a regulated electricity transmission and distribution business that uses superior asset management skills to provide reliable electricity delivery to consumers. Oncor (together with its subsidiaries) operates the largest transmission and distribution system in Texas, delivering electricity to more than 4.1 million homes and businesses and operating more than 145,000 circuit miles of transmission and distribution lines in Texas. While Oncor is owned by two investors (indirect majority owner, Sempra, and minority owner, Texas Transmission Investment LLC), Oncor is managed by its Board of Directors, which is comprised of a majority of disinterested directors.Oncor Electric Delivery Company LLCTable A – Statements of Consolidated Income (Three Months Periods Unaudited)














Three Months Ended December 31,
Twelve Months Ended
December 31,


2025
2024
2025
2024


(U.S. dollars in millions)
Operating revenues
$1,731
$1,472
$6,778
$6,082Operating expenses:











Wholesale transmission service

381

341

1,475

1,394Operation and maintenance

419

361

1,542

1,293Depreciation and amortization

307

273

1,184

1,060Provision in lieu of income taxes

55

36

229

208Taxes other than amounts related to income taxes

147

140

590

571Total operating expenses

1,309

1,151

5,020

4,526Operating income

422

321

1,758

1,556Other (income) and deductions – net

(38)

(18)

(99)

(63)Non-operating benefit in lieu of income taxes

-

(1)

(1)

(2)Interest expense and related charges

210

172

788

653Net income
$250
$168
$1,070
$968

















 Oncor Electric Delivery Company LLCTable B – Statements of Consolidated Cash Flows

Twelve Months Ended December 31,

2025
2024

(U.S. dollars in millions)Cash flows – operating activities:





Net income
$1,070
$968Adjustments to reconcile net income to cash provided by operating activities:





Depreciation and amortization, including regulatory amortization

1,358

1,233Provision in lieu of deferred income taxes – net

213

155Other – net 

-

1Changes in operating assets and liabilities:





Accounts receivable

(82)

(29)Inventories

(228)

(121)Accounts payable – trade

76

78Regulatory assets – recoverable SRP

(183)

(1)Regulatory assets – recoverable UTM

(104)

-Regulatory assets – self-insurance reserve costs incurred

(171)

(327)Regulatory under/over recoveries – net

66

15Customer deposits

400

86Pension and OPEB plans

(155)

(56)Interest accruals

67

32Other – assets

(147)

(176)Other – liabilities

160

129Cash provided by operating activities

2,340

1,987Cash flows – financing activities:





Issuances of senior secured notes

3,466

1,992Repayments of senior secured notes

(524)

(500)Borrowings under term loan credit agreements

925

-Borrowings under AR Facility

835

900Repayments under AR Facility

(510)

(900)Borrowings under $500M Credit Facility

-

500Repayments under $500M Credit Facility

-

(20)Payment for senior secured notes extinguishment

(441)

-Net change in short-term borrowings

(594)

312Capital contributions from members

2,504

1,211Distributions to members

(792)

(753)Debt discount, premium, financing and reacquisition costs – net

(44)

(24)Cash provided by financing activities

4,825

2,718Cash flows – investing activities:





Capital expenditures

(6,761)

(4,683)Sales tax audit settlement refund

9

56Other – net 

44

33Cash used in investing activities

(6,708)

(4,594)Net change in cash, cash equivalents and restricted cash

457

111Cash, cash equivalents and restricted cash – beginning balance

262

151Cash, cash equivalents and restricted cash – ending balance
$719
$262 Oncor Electric Delivery Company LLCTable C – Consolidated Balance Sheets

At December 31,

2025
2024

(U.S. dollars in millions)ASSETSCurrent assets:





Cash and cash equivalents
$87
$36Restricted cash, current

11

20Accounts receivable – net

1,048

970Amounts receivable from members related to income taxes

48

30Materials and supplies inventories – at average cost

690

462Prepayments and other current assets

140

124Total current assets

2,024

1,642Restricted cash, noncurrent

621

206Investments and other property

203

183Property, plant and equipment – net

37,834

31,769Goodwill

4,740

4,740Regulatory assets

2,049

1,671Right-of-use operating lease assets

265

209Other noncurrent assets

59

31Total assets
$47,795
$40,451






LIABILITIES AND MEMBERSHIP INTERESTSCurrent liabilities:





Short-term borrowings
$-
$594Accounts payable – trade

1,332

770Amounts payable to members related to income taxes

31

29Accrued taxes other than amounts related to income

296

274Accrued interest

216

149Operating lease and other current liabilities

409

367Total current liabilities

2,284

2,183Long-term debt, noncurrent

19,043

15,234Liability in lieu of deferred income taxes

2,841

2,552Regulatory liabilities

3,034

2,973Employee benefit plan obligations

1,275

1,384Operating lease obligations

239

193Other noncurrent obligations

711

302Total liabilities

29,427

24,821Commitments and contingencies





Membership interests:





Capital account – number of units outstanding 2025 and 2024 – 635,000,000

18,596

15,814Accumulated other comprehensive loss

(228)

(184)Total membership interests

18,368

15,630Total liabilities and membership interests
$47,795
$40,451 Oncor Electric Delivery Company LLCTable D – Operating StatisticsMixed Measures








Twelve Months Ended December 31,
%

2025
2024
ChangeReliability statistics (a):





System Average Interruption Duration Index (SAIDI) (non-storm)
78.1
74.7
4.6System Average Interruption Frequency Index (SAIFI) (non-storm)
1.1
1.1
0.0Customer Average Interruption Duration Index (CAIDI) (non-storm)
70.4
69.8
0.9






Electricity points of delivery (end of period and in thousands):





Electricity distribution points of delivery (based on number of active meters)
4,111
4,046
1.6 















Three Months Ended
December 31,
Increase
Twelve Months Ended
December 31,
Increase

2025
2024
(Decrease)
2025
2024
(Decrease)Residential system weighted weather data
(b):











Cooling degree days
174
187
(13)
1,884
2,071
(187)Heating degree days
199
150
49
788
610
178














Three Months Ended
December 31,
%
Twelve Months Ended
December 31,
%

2025
2024
Change
2025
2024
ChangeOperating statistics:











Electric energy volumes (gigawatt-hours)











Residential
9,745
9,331
4.4
47,312
46,444
1.9Commercial, industrial, small business and
other
31,037
29,496
5.2
125,463
116,247
7.9Total electric energy volumes
40,782
38,827
5.0
172,775
162,691
6.2




















__________(a)   SAIDI is the average number of minutes electric service is interrupted per consumer in a twelve-month period. SAIFI is the average number of electric service interruptions per consumer in a twelve-month period. CAIDI is the average duration in minutes per electric service interruption in a twelve-month period. In each case, Oncor's non-storm reliability performance reflects electric service interruptions of one minute or more per customer. Each of these results excludes outages during significant storm events.(b)   Degree days are measures of how warm or cold it is throughout Oncor's service territory. A degree day compares the average of the hourly outdoor temperatures during each day to a 65° Fahrenheit standard temperature. The more extreme the outside temperature, the higher the number of degree days. A high number of degree days generally results in higher levels of energy use for space cooling or heating. Oncor Electric Delivery Company LLCTable E – Operating Revenues (Three Months Period Unaudited)


Three Months Ended
December 31,
$
Twelve Months Ended
December 31,
$

2025
2024
Change
2025
2024
Change

(U.S. dollars in millions)Operating revenues

















Revenues contributing to earnings:

















Revenues from contracts with customers

















Distribution base revenues

















Residential (a)
$343
$311
$32
$1,613
$1,477
$136LC&I (b)

348

323

25

1,390

1,283

107Other (c)

32

32

-

128

125

3Total distribution base revenues (d)

723

666

57

3,131

2,885

246Transmission base revenues (TCOS revenues)

















Billed to third-party wholesale customers

279

263

16

1,091

1,050

41Billed to REPs serving Oncor distribution
customers, through TCRF

155

143

12

605

574

31Total TCOS revenues

434

406

28

1,696

1,624

72Other miscellaneous revenues

24

22

2

96

95

1Total revenues from contracts with
customers

1,181

1,094

87

4,923

4,604

319Other regulated revenues

















SRP revenues (e)

69

1

68

180

1

179UTM revenues (f)

49

-

49

104

-

104Energy efficiency program performance bonus
revenues

33

17

16

33

17

16Total other regulated revenues

151

18

133

317

18

299Total revenues contributing to earnings

1,332

1,112

220

5,240

4,622

618


















Revenues collected for pass-through expenses:

















TCRF – third-party wholesale transmission
service

381

341

40

1,475

1,394

81EECRF and other revenues

18

19

(1)

63

66

(3)Total revenues collected for pass-through
expenses

399

360

39

1,538

1,460

78Total operating revenues
$1,731
$1,472
$259
$6,778
$6,082
$696____________(a)   Distribution base revenues from residential customers are generally based on actual monthly consumption (kWh). On a weather-normalized basis, distribution base revenues from residential customers increased 7.4% in the three months ended December 31, 2025 as compared to the three months ended December 31, 2024 and increased 9.2% in the twelve months ended December 31, 2025 as compared to the twelve months ended December 31, 2024.(b)   Depending on size and annual load factor, distribution base revenues from LC&I customers are generally based either on actual monthly demand (kilowatts) or the greater of actual monthly demand (kilowatts) or 80% of peak monthly demand during the prior 11 months.(c)   Includes distribution base revenues from small business customers whose billing is generally based on actual monthly consumption (kWh), lighting sites and other miscellaneous distribution base revenues.(d)   The 8.6% increase in distribution base revenues in the three months ended December 31, 2025 as compared to the three months ended December 31, 2024 (7.1% increase on a weather-normalized basis) primarily due to incremental distribution cost recovery factor ("DCRF") rates to reflect increases in invested capital, higher customer consumption and customer growth. The 8.5% increase in distribution base revenues in the twelve months ended December 31, 2025 as compared to the twelve months ended December 31, 2024 (8.5% increase on a weather-normalized basis) primarily reflects updated interim DCRF rates implemented to reflect increases in invested capital, customer growth, and higher customer consumption.(e)   Includes revenues recognized for recoverable costs associated with distribution related SRP, including operations and maintenance expenses, depreciation expenses, carrying costs on unrecovered balances and related taxes.(f)     Includes revenues recognized for recoverable costs associated with UTM eligible transmission and distribution capital investments put into service after December 31, 2024 through December 31, 2025, including depreciation expenses, carrying costs on unrecovered balances and related taxes.

Forward-Looking Statements
This news release contains forward-looking statements relating to Oncor within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. All statements, other than statements of historical facts, that are included in this news release, as well as statements made in presentations, in response to questions or otherwise, that address activities, events or developments that Oncor expects or anticipates to occur in the future, including such matters as projections, capital allocation, future capital expenditures, business strategy, competitive strengths, goals, future acquisitions or dispositions, development or operation of facilities, market and industry developments and the growth of Oncor's business and operations (often, but not always, through the use of words or phrases such as "intends," "plans," "will likely result," "expects," "expected to," "will continue," "is anticipated," "estimated," "forecast," "should," "projection," "target," "goal," "objective" and "outlook"), are forward-looking statements. Although Oncor believes that in making any such forward-looking statement its expectations are based on reasonable assumptions, any such forward-looking statement involves risks, uncertainties and assumptions. Factors that could cause Oncor's actual results to differ materially from those projected in such forward-looking statements include: legislation, governmental policies and orders, and regulatory actions; legal and administrative proceedings and settlements, including the exercise of equitable powers by courts; ERCOT protocols, rules, policies, regulations, guidelines, directives, and orders applicable to Oncor's business; weather conditions and other natural phenomena, including severe weather events, natural disasters or wildfires; cyber-attacks on Oncor or Oncor's third-party vendors; changes in expected ERCOT and service territory growth; changes in, or cancellations of, anticipated projects, including customer requested interconnection projects; physical attacks on Oncor's system, acts of sabotage, wars, terrorist activities, wildfires, fires, explosions, natural disasters, hazards customary to the industry, or other emergency events; Oncor's ability to obtain adequate insurance on reasonable terms and the possibility that it may not have adequate insurance to cover all losses incurred by Oncor or third-party liabilities; adverse actions by credit rating agencies; health epidemics and pandemics, including their impact on Oncor's business and the economy in general; interrupted or degraded service on key technology platforms, facilities failures, or equipment interruptions; economic conditions, including the impact of a recessionary environment, inflation, foreign policy, and global trade restrictions; supply chain disruptions, including as a result of tariffs, volatile commodity prices, global trade disruptions, competition for goods and services, and service provider availability; unanticipated changes in electricity demand in ERCOT or Oncor's service territory; ERCOT grid needs and ERCOT market conditions, including insufficient electricity generation within the ERCOT market or disruptions at power generation facilities that supply power within the ERCOT market; changes in business strategy, development plans or vendor relationships; changes in interest rates, foreign currency exchange rates, or rates of inflation; significant changes in operating expenses, liquidity needs and/or capital expenditures; inability of various counterparties to meet their financial and other obligations to Oncor, including failure of counterparties to timely perform under agreements; general industry and ERCOT trends; significant decreases in demand or consumption of electricity delivered by Oncor, including as a result of increased consumer use of third-party distributed energy resources or other technologies; changes in technology used by and services offered by Oncor; changes in employee and contractor labor availability and cost; significant changes in Oncor's relationship with its employees, and the potential adverse effects if labor disputes or grievances were to occur; changes in assumptions used to estimate costs of providing employee benefits, including pension and other postretirement employee benefits, and future funding requirements related thereto; significant changes in accounting policies or critical accounting estimates material to Oncor; commercial bank and financial market conditions, macroeconomic conditions, access to capital, the cost of such capital, and the results of financing and refinancing efforts, including availability of funds and the potential impact of any disruptions in U.S. or foreign capital and credit markets; financial market volatility and the impact of volatile financial markets on investments, including investments held by Oncor's pension and other postretirement employee benefit plans; circumstances which may contribute to future impairment of goodwill, intangible or other long-lived assets; Oncor's adoption and deployment of artificial intelligence; financial and other restrictions under Oncor's debt agreements; Oncor's ability to generate sufficient cash flow to make interest payments on its debt instruments; and Oncor's ability to effectively execute its operational and financing strategy.Further discussion of risks and uncertainties that could cause actual results to differ materially from management's current projections, forecasts, estimates and expectations is contained in filings made by Oncor with the U.S. Securities and Exchange Commission. Specifically, Oncor makes reference to the section entitled "Risk Factors" in its annual and quarterly reports. Any forward-looking statement speaks only as of the date on which it is made, and, except as may be required by law, Oncor undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for Oncor to predict all of them; nor can it assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. As such, you should not unduly rely on such forward-looking statements.The information contained on, or that can be accessed through, any website referenced in this press release, is not, and shall not be deemed to be, part of this document.



View original content to download multimedia:https://www.prnewswire.com/news-releases/oncor-reports-2025-results-announces-47-5-billion-2026-2030-base-capital-plan-302697739.htmlSOURCE Oncor Electric Delivery Company LLC

Original: ONCOR REPORTS 2025 RESULTS; ANNOUNCES $47.5 BILLION 2026-2030 BASE CAPITAL PLAN

Sempra Reports 2025 Financial and Business ResultsFebruary 26, 2026 7:55 AM
PR Newswire (US)

Posts Strong 2025 Financial ResultsAnnounces 2026 Value Creation InitiativesRaises Five-Year Capital Plan to $65BIssues Robust 2030 EPS Outlook SAN DIEGO, Feb. 26, 2026 /PRNewswire/ -- Sempra (NYSE: SRE) today reported full-year 2025 earnings, prepared in accordance with Generally Accepted Accounting Principles (GAAP), of $1.80 billion or $2.75 per diluted share, compared to full-year 2024 GAAP earnings of $2.82 billion or $4.42 per diluted share. On an adjusted basis, the company's full-year 2025 earnings were $3.07 billion or $4.69 per diluted share, compared to $2.97 billion or $4.65 per diluted share in 2024. "In addition to posting strong financial results, we took important steps in 2025 to simplify our business, improve capital efficiency and strengthen our balance sheet," said Jeffrey W. Martin, chairman and CEO of Sempra. "Taken together, these considerations support an improved outlook for future earnings growth through the end of the decade."The company also reported fourth-quarter 2025 GAAP earnings of $352 million or $0.54 per diluted share, compared to fourth-quarter 2024 GAAP earnings of $665 million or $1.04 per diluted share. On an adjusted basis, the company's fourth-quarter 2025 earnings were $841 million or $1.28 per diluted share, compared to $960 million or $1.50 per diluted share in fourth-quarter 2024.The reported financial results reflect certain significant items as described on an after-tax basis in the following table of GAAP earnings, reconciled to adjusted earnings, for the fourth quarter and full-year 2025 and 2024.










(Dollars and shares in millions, except EPS)Three months ended
December 31,
Years ended December 31,

2025
2024
2025
2024





GAAP Earnings$             352
$             665
$         1,796
$         2,817

Impact from regulatory disallowances432
104
457
104

Impact of Track 2 FD for the first nine months of 202528
—
—
—

Retroactive impact of 2024 GRC FD for the first nine months of 2024—
(22)
—
—

Impact from foreign currency and inflation on monetary positions in Mexico59
(84)
180
(262)

Net unrealized losses on derivatives7
13
43
26

Net unrealized gains on interest rate swaps related to Port Arthur LNG
Phase 1 project(9)
(30)
—
(30)

Tax items related to assets held for sale(28)
—
512
—

Impact from foreign tax credit valuation allowance related to TCJA—
330
78
330

Earnings from investment in RBS Sempra Commodities LLP—
(16)
—
(16)

Adjusted Earnings(1)$             841
$             960
$         3,066
$         2,969











Diluted Weighted-Average Common Shares Outstanding655
641
654
638

GAAP EPS$           0.54
$           1.04
$           2.75
$           4.42

Adjusted EPS(1)$           1.28
$           1.50
$           4.69
$           4.65










(1) See Table A for information regarding non-GAAP financial measures.2025 Accomplishments 
In 2025, Sempra announced an enterprise-wide campaign centered on five strategic initiatives intended to create long-term value for shareholders by simplifying its business model, concentrating investments in its utilities, modernizing operations and enhancing safety and service quality for customers.Sempra successfully invested approximately $13 billion to modernize energy infrastructure, allocated primarily to its Texas and California utilities. Sempra Texas is also benefiting from improving financial returns, driven by greater capital efficiency at Oncor Electric Delivery Company LLC (Oncor), following implementation of the new Unified Tracker Mechanism in 2025.To unlock value in its liquified natural gas (LNG) franchise, Sempra entered into a strategic transaction to sell a 45% equity stake in Sempra Infrastructure Partners (SI Partners) to KKR affiliates for $10 billion. As part of Sempra's broader capital-recycling program, SI Partners entered into a definitive agreement in Q4 2025 to sell Ecogas México, S. de R.L. de C.V. (Ecogas), the fifth largest distribution network in Mexico, for approximately $500 million U.S. dollar-equivalent, resulting in a strong valuation. Both transactions are expected to close Q2 to Q3 of 2026 and are subject to price adjustments, approvals and closing conditions.Sempra also advanced community safety and operational excellence in 2025, including supporting regulatory improvements such as California Senate Bill 254, which strengthened the long-term stability of the state's wildfire fund and improved liquidity for claims. Also, San Diego Gas & Electric earned the ReliabilityOne® Award for Outstanding Reliability Performance in the Western Region for the 20th consecutive year, highlighting the company's commitment to operational excellence, system modernization and grid hardening.2026 to 2030 Plan
Building on the strong foundation set in 2025, Sempra is now advancing a set of complementary initiatives in 2026 to support earnings growth and drive enhanced benefits for customers and communities across its service territories.  Sempra's 2026 Value Creation Initiatives:Investing nearly $13B to modernize and expand energy infrastructure and deliver improved financial returnsEfficiently sourcing capital for utility growth, including closing the SI Partners transaction and deconsolidating its debtSimplifying Sempra's business model through capital recycling, including closing the Ecogas transactionExecuting Fit for 2026 to continue modernizing operations, improving cost structure and advancing our mission of building America's leading utility growth businessImproving community safety and operational excellence with new innovations targeting improved service quality and affordabilitySempra is also excited to announce a company-record, five-year 2026-2030 capital plan of approximately $65 billion, up from the 2025-2029 plan of $56 billion, with over 95% of projected capital expenditures focused on regulated utility investments in Texas and California. Consistent with the commitments made in 2025, the company expects to continue prioritizing the allocation of capital over the next five years to a growing portfolio of investment opportunities in Texas. In addition to the referenced $65 billion capital plan, Sempra also identified an additional $9 billion of potential incremental capital expenditures through 2030 with the majority intended to support Oncor's continued expansion of its electrical grid.The company's 2026 – 2030 Plan is expected to provide the following key benefits:Executing $65B capital plan focused on growing utility investmentTargeting 11% rate base compound annual growth rate (CAGR) and roughly 95% regulated earnings mixImproving balance sheet strength with near-term path to better credit metricsEliminating need to issue common equity to fund base capital planTargeting 2 – 4% annual dividend increases across the plan periodPursuing $9B of incremental capital opportunities beyond base capital plan"The strength of Sempra's execution in 2025, backed by a portfolio of new investment opportunities principally led by Oncor, has improved our expectation of long-term value creation," said Martin. "That is why we believe Sempra continues to be a great place to work and grow as we invest for the future."Earnings Guidance and 2030 Outlook
Today, Sempra is affirming its full-year 2026 adjusted earnings-per-common share (EPS) guidance range of $4.80 to $5.30, which is not reconcilable to full-year 2026 GAAP EPS guidance range for the reasons described in Table A. Sempra is also announcing a full-year 2027 EPS guidance range of $5.10 to $5.70. In addition, Sempra is issuing full-year 2030 Outlook in an EPS range of $6.70 to $7.50.Common Dividend
Sempra's board of directors declared a $0.6575 per share quarterly dividend on the company's common stock, which is payable April 15, 2026, to common stock shareholders of record at the close of business on March 19, 2026. The declared quarterly dividend represents an increase of the company's common stock dividend to $2.63 per share, on an annualized basis, from $2.58 per share in 2025.Non-GAAP Financial Measures
Non-GAAP financial measures include Sempra's adjusted earnings, adjusted EPS and adjusted EPS guidance range. See Table A for additional information regarding these non-GAAP financial measures.Internet Broadcast
Sempra will broadcast a live discussion of its earnings results over the internet today at 12 p.m. ET with the company's senior management. Access is available by visiting the Investors section of the company's website at sempra.com/investors. The webcast will be available on replay a few hours after its conclusion at sempra.com/investors.About Sempra
Sempra's mission is to build America's leading utility growth business. As owner of one of the largest energy networks on the continent, Sempra is electrifying and improving energy resilience in California and Texas, the two largest economies in the U.S. The company is recognized as a leader in responsible business practices and for its high-performance culture focused on safety and operational excellence, as demonstrated by Sempra's inclusion in The Wall Street Journal's Management Top 250 and Fortune's World's Most Admired Companies. More information about Sempra is available at sempra.com and on social media @sempra.This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions about the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed or implied in any forward-looking statement. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise.In this press release, forward-looking statements can be identified by words such as "believe," "expect," "intend," "anticipate," "contemplate," "plan," "estimate," "project," "forecast," "envision," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "in process," "construct," "develop," "opportunity," "preliminary," "pro forma," "strategic," "initiative," "target," "outlook," "optimistic," "poised," "positioned," "maintain," "continue," "progress," "advance," "goal," "aim," "commit," or similar expressions, or when we discuss our guidance, priorities, strategies, goals, vision, mission, projections, intentions or expectations.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 and the wildfire fund continuation account established by California Senate Bill 254, rates from customers or a combination thereof; decisions, disallowances or denials of cost recovery, audits, investigations, inquiries, ordered studies, regulations, denials or revocations of permits, consents, approvals or other authorizations, renewals of franchises, and other actions, including the failure to honor contracts and commitments, by the (i) Comisión Nacional de Energía, California Public Utilities Commission (CPUC), U.S. Department of Energy, U.S. Federal Energy Regulatory Commission, U.S. Internal Revenue Service, Public Utility Commission of Texas and other regulatory bodies and (ii) U.S., Mexico and states, counties, cities and other jurisdictions therein and in other countries where we do business; the success of business development efforts, construction projects, acquisitions, divestitures, and other significant transactions such as the planned sale of a portion of our equity interest in Sempra Infrastructure Partners, including risks related to, as applicable, (i) being able to reach a positive final investment decision, (ii) negotiating pricing and other terms in definitive contracts, (iii) completing construction projects or other transactions on schedule and budget, (iv) realizing anticipated benefits from any of these efforts if completed, (v) obtaining regulatory and other approvals and (vi) third parties honoring their contracts and commitments, including with respect to closing or post-closing payments; changes to our capital expenditure plans and their potential impact on rate base or other growth; changes, due to evolving economic, political and other factors, to (i) trade and other foreign policy, including the imposition of tariffs by the U.S. and foreign countries, and (ii) laws and regulations, including those related to tax and the energy industry in the U.S. and Mexico; litigation, arbitration, property disputes and other proceedings; cybersecurity threats, including by nation-state actors, of ransomware or other attacks on our systems, the energy grid or our other infrastructure, or the systems of third parties with which we conduct business; the availability, uses, sufficiency, and cost of capital resources and our ability to borrow money or otherwise raise capital on favorable terms and meet our obligations, which can be affected by, among other things, (i) actions by credit rating agencies to downgrade our credit ratings or place those ratings on negative outlook, (ii) instability in the capital markets, and (iii) fluctuating interest rates and inflation; the impact of efforts to increase affordability of U.S. utility customer rates on our ability to obtain cost recovery from applicable regulators, our capital expenditure and other growth plans and our ability to advance statewide policies; the impact on affordability of customer rates, cost of capital and operating margin due to (i) volatility in inflation, interest rates, commodity prices, tariff rates, and foreign currency exchange rates and (ii) with respect to SDG&E's and SoCalGas' businesses, the cost of meeting the demand for lower carbon and reliable energy in California; the impact of climate policies, laws, rules, regulations, trends and required disclosures, including actions to reduce or eliminate reliance on natural gas, increased uncertainty in the political or regulatory environment for California natural gas distribution companies, the risk of nonrecovery for stranded assets, and uncertainty related to emerging technologies; weather, natural disasters, pandemics, accidents, equipment failures, explosions, terrorism, information system outages or other events, such as work stoppages, that disrupt our operations, damage our facilities or systems, cause the release of harmful materials or fires or subject us to liability for damages, fines and penalties, some of which may not be recoverable through regulatory mechanisms or insurance or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power, natural gas and natural gas storage and transportation capacity, including disruptions caused by failures in the transmission grid or pipeline and storage systems or limitations on the injection and withdrawal of natural gas from storage facilities; Oncor Electric Delivery Company LLC's (Oncor) ability to reduce or eliminate its quarterly dividends due to regulatory and governance requirements and commitments, including by actions of Oncor's independent directors or a minority member director; and other uncertainties, some of which are difficult to predict and beyond our control. These risks and uncertainties are further discussed in the reports that Sempra has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on Sempra's website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.Sempra Infrastructure, Sempra Infrastructure Partners, Sempra Texas, Sempra Texas Utilities, Oncor and Infraestructura Energética Nova, S.A.P.I. de C.V. (IEnova) are not the same companies as the California utilities, SDG&E or SoCalGas, nor are they regulated by the CPUC.None of the website references in this press release are active hyperlinks, and the information contained on, or that can be accessed through, any such website is not, and shall not be deemed to be, part of this document.SEMPRATable A







CONSOLIDATED STATEMENTS OF OPERATIONS(Dollars in millions, except per share amounts; shares in thousands)







Three months endedDecember 31,
Years ended December 31,
2025
2024
2025(1)
2024(1)







REVENUES






Utilities:






Natural gas$         2,124
$         2,343
$         7,319
$         7,141Electric1,202
1,027
4,552
4,296Energy-related businesses423
388
1,831
1,748Total revenues3,749
3,758
13,702
13,185







EXPENSES AND OTHER INCOME






Utilities:






Cost of natural gas(396)
(342)
(1,282)
(1,132)Cost of electric fuel and purchased power(120)
(18)
(385)
(245)Energy-related businesses cost of sales(46)
(83)
(367)
(380)Operation and maintenance(1,350)
(1,465)
(5,281)
(5,336)Regulatory disallowances(651)
—
(651)
—Depreciation and amortization(608)
(626)
(2,563)
(2,437)Franchise fees and other taxes(189)
(178)
(744)
(693)Other (expense) income, net(30)
(58)
169
136Interest income38
14
103
61Interest expense(337)
(105)
(1,532)
(1,049)Income before income taxes and equity earnings60
897
1,169
2,110Income tax benefit (expense)10
(282)
(701)
(219)Equity earnings414
374
1,604
1,609Net income484
989
2,072
3,500Earnings attributable to noncontrolling interests(135)
(313)
(238)
(638)Losses attributable to contingently redeemable noncontrolling interest3
—
3
—Preferred deemed dividends—
—
(11)
—Preferred dividends—
(11)
(29)
(44)Preferred dividends of subsidiary—
—
(1)
(1)Earnings attributable to common shares$            352
$            665
$         1,796
$         2,817







Basic earnings per common share (EPS):






Earnings $           0.54
$           1.05
$           2.75
$           4.44Weighted-average common shares outstanding653,170
635,144
652,697
633,795







Diluted EPS:






Earnings$           0.54
$           1.04
$           2.75
$           4.42Weighted-average common shares outstanding655,040
641,395
653,826
637,943(1)        Derived from audited financial statements. SEMPRA
Table A (Continued)Sempra Adjusted Earnings, Adjusted EPS and Adjusted EPS Guidance Range are non-GAAP financial measures (GAAP represents generally accepted accounting principles in the United States of America). These non-GAAP financial measures exclude significant items that are generally not related to our ongoing business activities and/or are infrequent in nature. These non-GAAP financial measures also exclude the impact from foreign currency and inflation on our monetary positions in Mexico and net unrealized gains and losses on commodity and interest rate derivatives, which we expect to occur in future periods, and which can vary significantly from one period to the next. Exclusion of these items is useful to management and investors because it provides a meaningful comparison of the performance of Sempra's business operations to prior and future periods. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. RECONCILIATION OF SEMPRA ADJUSTED EARNINGS AND ADJUSTED EPS TO SEMPRA GAAP EARNINGS AND GAAP EPSSempra Adjusted Earnings and Adjusted EPS exclude items (after the effects of income taxes and, if applicable, noncontrolling interests (NCI)) in 2025 and 2024 as follows:Three months ended December 31, 2025:$(432) million charge from regulatory disallowances related to 2019 through 2024 associated with the final decision (FD) in our 2024 General Rate Case (2024 GRC) Track 2 request (Track 2 FD) at Sempra California$(28) million charge from regulatory disallowances related to the first nine months of 2025 associated with the Track 2 FD at Sempra California$(59) million impact from foreign currency and inflation on our monetary positions in Mexico$(7) million net unrealized losses on commodity derivatives$9 million net unrealized gains on interest rate swaps related to the initial phase of the Port Arthur LNG liquefaction project (PA LNG Phase 1 project)$28 million net income tax benefit as a result of management's decision to classify Sempra Infrastructure Partners, LP (SI Partners) and Ecogas México, S. de R.L. de C.V. (Ecogas) as held for sale, which such amounts could change in future periods until the dates of sale:$16 million income tax benefit to adjust a Mexican deferred tax liability on our outside basis difference in Ecogas$12 million income tax benefit to adjust deferred income tax liabilities primarily related to the outside basis differences in our investment in SI PartnersThree months ended December 31, 2024:$(104) million impact from regulatory disallowances at Sempra California consisting of:$(89) million charge from the Federal Energy Regulatory Commission (FERC) order finding that the Electric Transmission Owner Formula Rate, effective June 1, 2019 through May 31, 2025 (TO5), adder refund provision had been triggered, requiring Sempra California to refund customers the California Independent System Operator (California ISO) adder retroactively from June 1, 2019$(15) million impairment from disallowed capital costs in the 2024 GRC FD$22 million retroactive impact from the 2024 GRC FD for the first nine months of 2024 at Sempra California$84 million impact from foreign currency and inflation on our monetary positions in Mexico$(13) million net unrealized losses on commodity derivatives$30 million net unrealized gains on interest rate swaps related to the PA LNG Phase 1 project$(330) million income tax expense from changes to a valuation allowance against foreign tax credits that were carried forward from the implementation of the Tax Cuts and Jobs Act of 2017 (TCJA)$16 million equity earnings from investment in RBS Sempra Commodities LLP from the substantial dissolution of the partnershipYear ended December 31, 2025:$(457) million impact from regulatory disallowances at Sempra California consisting of:$(432) million charge from regulatory disallowances related to 2019 through 2024 associated with the Track 2 FD$(25) million charge related to the recovery of coronavirus disease 2019 costs$(180) million impact from foreign currency and inflation on our monetary positions in Mexico$(43) million net unrealized losses on commodity derivatives$(512) million net income tax expense as a result of management's decision to classify SI Partners and Ecogas as held for sale, which such amounts could change in future periods until the dates of sale:$(693) million income tax expense to adjust deferred income tax liabilities primarily related to the outside basis differences in our investment in SI Partners$(10) million income tax expense due to the recognition of a Mexican deferred tax liability on our outside basis difference in Ecogas$191 million net income tax benefit from changes to a valuation allowance against certain tax credit carryforwards offset by changes in state income tax apportionment$(78) million income tax expense from changes to a valuation allowance against foreign tax credits that were carried forward from the implementation of the TCJAYear ended December 31, 2024:$(104) million impact from regulatory disallowances at Sempra California consisting of:$(89) million charge from the FERC order finding that the TO5 adder refund provision had been triggered, requiring Sempra California to refund customers the California ISO adder retroactively from June 1, 2019$(15) million impairment from disallowed capital costs in the 2024 GRC FD$262 million impact from foreign currency and inflation on our monetary positions in Mexico$(26) million net unrealized losses on commodity derivatives$30 million net unrealized gains on interest rate swaps related to the PA LNG Phase 1 project$(330) million income tax expense from changes to a valuation allowance against foreign tax credits that were carried forward from the implementation of the TCJA$16 million equity earnings from investment in RBS Sempra Commodities LLP from the substantial dissolution of the partnershipThe table below reconciles for historical periods Sempra Adjusted Earnings and Adjusted EPS to Sempra GAAP Earnings and GAAP EPS, which we consider to be the most directly comparable financial measures calculated in accordance with GAAP.RECONCILIATION OF ADJUSTED EARNINGS TO GAAP EARNINGS AND ADJUSTED EPS TO GAAP EPS(Dollars in millions, except per share amounts; shares in thousands)




Pretax
amountIncome
tax (benefit)
expense(1)Non-controlling
interestsEarnings
Diluted
EPS
Pretax
amountIncome
tax (benefit)
expense(1)Non-controlling
interestsEarnings
Diluted
EPS
Three months ended December 31, 2025
Three months ended December 31, 2024















Sempra GAAP Earnings and GAAP EPS


$        352
$       0.54



$        665
$       1.04Excluded items:













Impact from regulatory disallowances$        605$      (173)$          —432
0.66
$        140$        (36)$          —104
0.16
Impact of Track 2 FD for the first nine months of 202541(13)—28
0.04
————
—
Retroactive impact of 2024 GRC FD
for the first nine months of 2024————
—
(30)8—(22)
(0.03)
Impact from foreign currency and inflation
on monetary positions in Mexico583(29)59
0.08
2(125)39(84)
(0.13)
Net unrealized losses on commodity derivatives13(2)(4)7
0.01
27(5)(9)13
0.02
Net unrealized gains on interest rate swaps
related to PA LNG Phase 1 project(57)345(9)
(0.01)
(212)11171(30)
(0.05)
Tax items related to assets held for sale—(36)8(28)
(0.04)
————
—
Impact from foreign tax credit valuation allowance related to TCJA————
—
—330—330
0.52
Earnings from investment in RBS Sempra
Commodities LLP————
—
(19)3—(16)
(0.03)Sempra Adjusted Earnings and Adjusted EPS


$        841
$       1.28



$        960
$       1.50














Weighted-average common shares outstanding, diluted




655,040





641,395
















Year ended December 31, 2025
Year ended December 31, 2024















Sempra GAAP Earnings and GAAP EPS


$     1,796
$       2.75



$     2,817
$       4.42Excluded items:













Impact from regulatory disallowances$        641$      (184)$          —457
0.70
$        140$        (36)$          —104
0.16
Impact from foreign currency and inflation
on monetary positions in Mexico30240(90)180
0.27
(50)(336)124(262)
(0.41)
Net unrealized losses on commodity derivatives85(16)(26)43
0.07
51(8)(17)26
0.04
Net unrealized losses (gains) on interest rate swaps
related to PA LNG Phase 1 project3—(3)—
—
(212)11171(30)
(0.05)
Tax items related to assets held for sale—516(4)512
0.78
————
—
Impact from foreign tax credit valuation allowance related to TCJA—78—78
0.12
—330—330
0.52
Earnings from investment in RBS Sempra
Commodities LLP————
—
(19)3—(16)
(0.03)Sempra Adjusted Earnings and Adjusted EPS


$     3,066
$       4.69



$     2,969
$       4.65














Weighted-average common shares outstanding, diluted




653,826





637,943
(1)  Except for adjustments that are solely income tax and tax related to outside basis differences, income taxes on pretax amounts were primarily calculated based on applicable statutory tax rates. SEMPRA
Table A (Continued)SEMPRA 2026 ADJUSTED EPS GUIDANCE RANGEWe are unable to reconcile Sempra 2026 Adjusted EPS Guidance Range (a non-GAAP financial measure) of $4.80 to $5.30 to Sempra 2026 GAAP EPS Guidance Range, which we consider to be the most directly comparable financial measure calculated in accordance with GAAP, because we cannot reasonably estimate the forward-looking amount or range of amounts of reasonably estimable GAAP amounts for, or the probable significance of, each of the following future events:impact from foreign currency and inflation on our monetary positions in Mexico and associated undesignated derivativesnet unrealized gains and losses on commodity and interest rate derivativesany potential gain from the agreement to sell Ecogas to Gas Natural del Noroeste S.A. de C.V. that was entered into in December 2025, as the purchase price is subject to closing adjustments, post-closing adjustments, and tax items related to our outside basis difference in Ecogas, all of which are subject to adjustments based on changes in carrying value, foreign exchange rates and inflation until the date of saleany potential gain from the agreement to sell an equity interest in SI Partners to the KKR Partners that was entered into in September 2025, as the purchase price is subject to closing adjustments, post-closing adjustments, and tax items related to our outside basis difference in SI Partners, all of which are subject to adjustments based on changes in carrying value, foreign exchange rates and inflation until the date of sale SEMPRATable B



CONSOLIDATED BALANCE SHEETS(Dollars in millions)



December 31,
2025(1)
2024(1)



ASSETS


Current assets:


Cash and cash equivalents$                 29
$            1,565Restricted cash2
21Accounts receivable – trade, net1,767
1,983Accounts receivable – other, net157
397Due from unconsolidated affiliates—
13Income taxes receivable71
90Inventories561
559Regulatory assets761
60Greenhouse gas allowances203
217Assets held for sale31,024
—Other current assets262
380Total current assets34,837
5,285



Other assets:


Restricted cash—
3Regulatory assets3,868
3,937Greenhouse gas allowances1,221
845Nuclear decommissioning trusts899
875Dedicated assets in support of certain benefit plans                                                                                                                            605
585Deferred income taxes10
172Right-of-use assets – operating leases1,262
1,177Investment in Oncor Holdings17,472
15,400Other investments147
2,534Goodwill—
1,602Other intangible assets—
292Wildfire fund246
262Other long-term assets1,300
1,749Total other assets27,030
29,433Property, plant and equipment, net49,011
61,437Total assets$       110,878
$          96,155(1)        Derived from audited financial statements. SEMPRATable B (Continued)



CONSOLIDATED BALANCE SHEETS(Dollars in millions)



December 31,
2025(1)
2024(1)



LIABILITIES, CONTINGENTLY REDEEMABLE NONCONTROLLING INTEREST, AND EQUITY


Current liabilities:


Short-term debt$            4,166
$            2,016Accounts payable – trade1,461
2,238Accounts payable – other203
208Due to unconsolidated affiliates8
—Dividends and interest payable770
773Accrued compensation and benefits521
558Regulatory liabilities3
141Current portion of long-term debt and finance leases1,876
2,274Greenhouse gas obligations203
217Liabilities held for sale11,704
—Other current liabilities979
1,251Total current liabilities21,894
9,676



Long-term debt and finance leases28,979
31,558



Deferred credits and other liabilities:


Due to unconsolidated affiliates —
352Regulatory liabilities 4,250
3,817Greenhouse gas obligations957
506Pension and other postretirement benefit plan obligations, net of plan assets                                                                                  124
168Deferred income taxes6,127
5,845Asset retirement obligations3,743
3,737Deferred credits and other2,805
2,708Total deferred credits and other liabilities18,006
17,133



Contingently redeemable noncontrolling interest3,206
—



Equity:


Sempra shareholders' equity31,594
31,222Preferred stock of subsidiary20
20Other noncontrolling interests7,179
6,546Total equity38,793
37,788Total liabilities, contingently redeemable noncontrolling interest, and equity$       110,878
$          96,155(1)        Derived from audited financial statements. SEMPRATable C



CONSOLIDATED STATEMENTS OF CASH FLOWS(Dollars in millions)



Years ended December 31,
2025(1)
2024(1)

CASH FLOWS FROM OPERATING ACTIVITIES


Net income $             2,072
$             3,500Adjustments to reconcile net income to net cash provided by operating activities2,348
926Net change in working capital components(1,255)
(462)Distributions from investments1,120
1,093Changes in other noncurrent assets and liabilities, net280
(150)Net cash provided by operating activities4,565
4,907



CASH FLOWS FROM INVESTING ACTIVITIES


Expenditures for property, plant and equipment(10,612)
(8,215)Expenditures for investments (2,015)
(988)Distributions from investments—
9Purchases of nuclear decommissioning and other trust assets(1,031)
(889)Proceeds from sales of nuclear decommissioning and other trust assets1,098
942Other23
23Net cash used in investing activities(12,537)
(9,118)



CASH FLOWS FROM FINANCING ACTIVITIES


Common dividends paid(1,603)
(1,499)Preferred dividends paid(40)
(44)Redemption of preferred stock(900)
—Issuances of common stock, net32
1,219Repurchases of common stock(58)
(43)Issuances of debt (maturities greater than 90 days)11,282
8,674Payments on debt (maturities greater than 90 days) and finance leases (5,220)
(3,339)Increase (decrease) in short-term debt, net1,262
(557)Advances from unconsolidated affiliates 150
85Contributions from contingently redeemable noncontrolling interest, net of transaction costs                                                          5,294
—Proceeds from investor equity subscription106
—Contributions from noncontrolling interests327
1,235Distributions to noncontrolling interests(609)
(297)Termination of interest rate swaps—
46Other(93)
(56)Net cash provided by financing activities9,930
5,424



Effect of exchange rate changes on cash, cash equivalents and restricted cash5
(13)



Increase in cash, cash equivalents and restricted cash1,963
1,200Cash, cash equivalents and restricted cash, January 11,589
389Cash, cash equivalents and restricted cash, December 31$             3,552
$             1,589(1)        Derived from audited financial statements. SEMPRATable D







SEGMENT EARNINGS (LOSSES) AND CAPITAL EXPENDITURES(Dollars in millions)
Three months ended
December 31,
Years ended December 31,
2025
2024
2025(1)
2024(1)EARNINGS (LOSSES) ATTRIBUTABLE TO COMMON SHARES



Sempra California$               75
$             701
$         1,428
$          1,846Sempra Texas Utilities201
135
861
781Sempra Infrastructure202
259
(160)
911   Segment earnings attributable to common shares478
1,095
2,129
3,538Parent and other(126)
(430)
(333)
(721)   Sempra earnings attributable to common shares $             352
$             665
$         1,796
$          2,817CAPITAL EXPENDITURES FOR PROPERTY, PLANT AND EQUIPMENT                                        






Sempra California$          1,209
$          1,424
$         4,543
$          4,753Sempra Infrastructure2,200
1,026
6,063
3,459   Segment totals3,409
2,450
10,606
8,212Parent and other2
—
6
3   Total Sempra$          3,411
$          2,450
$       10,612
$          8,215CAPITAL EXPENDITURES FOR INVESTMENTS






Sempra Texas Utilities$             523
$             398
$         2,013
$             976Sempra Infrastructure—
2
2
12   Total Sempra$             523
$             400
$         2,015
$             988(1)        Derived from audited financial statements. SEMPRATable D (Continued)




RECONCILIATION OF SEMPRA'S CAPITAL PLAN TO PROJECTED FUTURE CAPITAL EXPENDITURES(Dollars in billions)
SempraCaliforniaSempra Texas UtilitiesSempraInfrastructureTotal Sempra
Capital Plan for 2026 – 2030(1)Projected future capital expenditures for PP&E and investments – GAAP$           23.5$           11.1$             4.1$           38.7Capital expenditures to unconsolidated entities(2)—(11.1)(2.6)(13.7)Capital expenditures at unconsolidated entities(3)—38.22.740.9Capital expenditures attributable to NCI owners(4)——(1.0)(1.0)   Capital Plan$           23.5$           38.2$             3.2$           64.9




Percentage of projected future capital expenditures for PP&E and investments
– GAAP61 %29 %10 %100 %Percentage of Capital Plan36 %59 %5 %100 %





Capital Plan for 2025 – 2029(1)Projected future capital expenditures for PP&E and investments – GAAP$           22.4$             8.1$           10.9$           41.4Capital expenditures to unconsolidated entities(2)—(8.1)—(8.1)Capital expenditures at unconsolidated entities(3)—29.10.129.2Capital expenditures attributable to NCI owners(4)——(7.0)(7.0)   Capital Plan$           22.4$           29.1$             4.0$           55.5




Percentage of projected future capital expenditures for PP&E and investments
– GAAP54 %20 %26 %100 %Percentage of Capital Plan40 %53 %7 %100 %




Projected future capital expenditures for PP&E and investments growth rate – GAAP (2025 – 2029 to 2026 – 2030)                                                         (7) %Capital Plan growth rate (2025 – 2029 to 2026 – 2030)


17 %







Total Sempra


Capital Plan for 2026(1)Projected future capital expenditures for PP&E and investments – GAAP

$                                      8.6Capital expenditures to unconsolidated entities(2)

(2.8)Capital expenditures at unconsolidated entities(3)

7.9Capital expenditures attributable to NCI owners(4)

(1.0)   Capital Plan

$                                    12.7  (1)?   All projects in progress and future projects are subject to a number of risks and uncertainties. Sempra's Capital Plan and expectations regarding potential 
increases to its capital requirements are based on a number of assumptions, the failure of which to be accurate could materially impact Sempra's actual
Capital Plan. Sempra's Capital Plan assumes Sempra's 70% consolidated ownership of SI Partners for the first three months of 2026 and 25% thereafter,
which represents Sempra's remaining interest under the equity method upon completion of the sale of a 45% equity interest in SI Partners. Sempra's
Capital Plan is considered by management to be an operating measure.  (2)
Represents Sempra's projected future capital contributions to unconsolidated equity method investees.  (3)
Represents Sempra's proportionate ownership interest in projected capital expenditures at unconsolidated equity method investees.  (4)
Represents NCI's proportionate ownership interest in projected capital expenditures at Sempra and at unconsolidated equity method investees. SEMPRATable E




OTHER OPERATING STATISTICS









Three months endedDecember 31,
Years ended or atDecember 31,
2025
2024
2025
2024


UTILITIES






Sempra California






Gas sales (Bcf)(1)86
95
333
349Transportation (Bcf)(1)119
141
505
560Total deliveries (Bcf)(1)205
236
838
909







Total gas customer meters (thousands)



7,131
7,132








Electric sales (millions of kWhs)(1)740
754
2,885
3,207Community Choice Aggregation and Direct Access (millions of kWhs)                                                                           3,616
3,461
13,903
13,484Total deliveries (millions of kWhs)(1)4,356
4,215
16,788
16,691







Total electric customer meters (thousands)



1,548
1,532







Oncor Electric Delivery Company LLC (Oncor)(2)






Total deliveries (millions of kWhs)40,782
38,827
172,775
162,691Total electric customer meters (thousands)



4,111
4,046







Ecogas






Natural gas sales (Bcf)1
1
4
4Natural gas customer meters (thousands)



169
163







ENERGY-RELATED BUSINESSES






Sempra Infrastructure






Termoeléctrica de Mexicali (millions of kWhs)985
964
3,464
3,675Wind and solar (millions of kWhs)(1)565
594
2,796
2,888  (1) ?     Includes intercompany sales.  (2)
Includes 100% of the electric deliveries and customer meters of Oncor, in which we hold an 80.25% interest through our investment in Oncor Electric
Delivery Holdings Company LLC. 
SEMPRATable F











STATEMENTS OF OPERATIONS DATA BY SEGMENT(Dollars in millions)
Sempra California
Sempra TexasUtilities(1)
SempraInfrastructure
Segment Totals
Consolidating
Adjustments,
Parent & Other
Total
Three months ended December 31, 2025











Revenues$              3,314


$                 454
$              3,768
$                  (19)
$              3,749Operation and maintenance(1,093)


(221)
(1,314)
(36)
(1,350)Depreciation and amortization(605)


(3)
(608)
—
(608)Interest income1


32
33
5
38Interest expense(2)(239)


59
(180)
(157)
(337)Income tax benefit (expense)103


(155)
(52)
62
10Equity earnings

$                 204
210
414


414Earnings attributable to noncontrolling interests



(135)
(135)


(135)Losses attributable to contingently redeemable noncontrolling interest



3
3


3Other segment items(3)(1,406)
(3)
(42)
(1,451)
19
(1,432)Earnings (losses) attributable to common shares$                   75
$                 201
$                 202
$                 478
$               (126)
$                 352












Three months ended December 31, 2024











Revenues$              3,360


$                 416
$              3,776
$                  (18)
$              3,758Operation and maintenance(1,208)


(242)
(1,450)
(15)
(1,465)Depreciation and amortization(548)


(76)
(624)
(2)
(626)Interest income2


6
8
6
14Interest expense(221)


243
22
(127)
(105)Income tax (expense) benefit(94)


97
3
(285)
(282)Equity earnings

$                 136
219
355
19
374Earnings attributable to noncontrolling interests



(313)
(313)


(313)Other segment items(3)(590)
(1)
(91)
(682)
(8)
(690)Earnings (losses) attributable to common shares$                 701
$                 135
$                 259
$              1,095
$               (430)
$                 665(1)?  Substantially all earnings attributable to common shares are from equity earnings.(2)
Sempra Infrastructure includes net unrealized gains (losses) from undesignated interest rate swaps related to the PA LNG Phase 1 project.(3)
Includes cost of natural gas, cost of electric fuel and purchased power, regulatory disallowances, franchise fees and other taxes, and other income (expense), net, for Sempra
California; operation and maintenance (O&M) and income tax (expense) benefit for Sempra Texas Utilities related to activities at the holding company; and cost of natural gas,
energy-related businesses cost of sales, franchise fees and other taxes, and other income (expense), net, for Sempra Infrastructure. 











SEMPRATable F (Continued)











STATEMENTS OF OPERATIONS DATA BY SEGMENT(Dollars in millions)
Sempra California
Sempra TexasUtilities(1)
SempraInfrastructure
Segment Totals
Consolidating Adjustments,
Parent & Other
Total
Year ended December 31, 2025











Revenues$            11,818


$              1,965
$            13,783
$                  (81)
$            13,702Operation and maintenance(4,315)


(865)
(5,180)
(101)
(5,281)Depreciation and amortization(2,332)


(226)
(2,558)
(5)
(2,563)Interest income8


66
74
29
103Interest expense(2)(926)


(28)
(954)
(578)
(1,532)Income tax benefit (expense)166


(1,200)
(1,034)
333
(701)Equity earnings

$                 869
735
1,604


1,604Earnings attributable to noncontrolling interests



(238)
(238)


(238)Losses attributable to contingently redeemable noncontrolling interest



3
3


3Other segment items(3)(2,991)
(8)
(372)
(3,371)
70
(3,301)Earnings (losses) attributable to common shares$              1,428
$                 861
$               (160)
$              2,129
$               (333)
$              1,796












Year ended December 31, 2024











Revenues$            11,382


$              1,882
$            13,264
$                  (79)
$            13,185Operation and maintenance(4,398)


(858)
(5,256)
(80)
(5,336)Depreciation and amortization(2,133)


(297)
(2,430)
(7)
(2,437)Interest income14


25
39
22
61Interest expense(848)


243
(605)
(444)
(1,049)Income tax (expense) benefit (184)


164
(20)
(199)
(219)Equity earnings

$                 788
802
1,590
19
1,609Earnings attributable to noncontrolling interests



(638)
(638)


(638)Other segment items(3)(1,987)
(7)
(412)
(2,406)
47
(2,359)Earnings (losses) attributable to common shares$              1,846
$                 781
$                 911
$              3,538
$               (721)
$              2,817  (1)?     Substantially all earnings attributable to common shares are from equity earnings.  (2)
Sempra Infrastructure includes net unrealized gains (losses) from undesignated interest rate swaps related to the PA LNG Phase 1 project.  (3)
Includes cost of natural gas, cost of electric fuel and purchased power, regulatory disallowances, franchise fees and other taxes, other income (expense), net, and preferred
dividends for Sempra California; O&M, interest expense, and income tax (expense) benefit for Sempra Texas Utilities related to activities at the holding company; and cost
of natural gas, energy-related businesses cost of sales, franchise fees and other taxes, and other income (expense), net, for Sempra Infrastructure. 





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Original: Sempra Reports 2025 Financial and Business Results

ONCOR TO RELEASE 2025 RESULTS FEBRUARY 26February 10, 2026 8:00 AM
PR Newswire (US)

DALLAS, Feb. 10, 2026 /PRNewswire/ -- Oncor Electric Delivery Company LLC ("Oncor") plans to release its fourth quarter and year end 2025 results on February 26, prior to Sempra's (NYSE: SRE) fourth quarter and year end 2025 results conference call. Oncor's earnings release will be available on Oncor's website, oncor.com.







Sempra executives will host a conference call at 12 p.m. ET on Thursday, February 26 that will include discussion of Oncor's fourth quarter and year end 2025 operational and financial results. Investors, media, analysts and the public may listen to a live webcast of the conference call by registering on the Investors section of Sempra's website and clicking on the appropriate link. Prior to the conference call, an accompanying slide presentation will be posted on sempra.com/investors.For those unable to obtain access to the live webcast, it will be available on replay a few hours after its conclusion at sempra.com/investors.Oncor's Annual Report on Form 10-K for the year ended December 31, 2025 will be filed with the U.S. Securities and Exchange Commission after Sempra's conference call and, once filed, will also be available at oncor.com. Headquartered in Dallas, Oncor Electric Delivery Company LLC is a regulated electricity transmission and distribution business that uses superior asset management skills to provide reliable electricity delivery to consumers. Oncor (together with its subsidiaries) operates the largest transmission and distribution system in Texas, delivering electricity to more than 4.1 million homes and businesses and operating more than 145,000 circuit miles of transmission and distribution lines in Texas. While Oncor is owned by two investors (indirect majority owner, Sempra, and minority owner, Texas Transmission Investment LLC), Oncor is managed by its Board of Directors, which is comprised of a majority of disinterested directors.



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Original: ONCOR TO RELEASE 2025 RESULTS FEBRUARY 26

SoCalGas Customers Can Access Safety Information, Energy Assistance, and Reliability Resources at World Ag ExpoFebruary 9, 2026 7:45 AM
PR Newswire (US)

LOS ANGELES, Feb. 9, 2026 /PRNewswire/ -- Customers across the San Joaquin Valley will have access to information about safety, energy affordability, and reliability programs and options during the World Ag Expo, where Southern California Gas Co. (SoCalGas) staff will be available to answer questions and provide customer resources. At the SoCalGas booth, visitors will get information on bill assistance programs, energy efficiency rebates, and pipeline safety tips, including the importance of calling 811 before digging. These resources are designed to help customers stay safe, save money, and make informed energy choices."The World Ag Expo gives us a chance to meet people face-to-face and talk about the things that matter most to them — safety, affordability, and keeping their energy service reliable," said Andy Carrasco, vice president of community and regional stakeholder engagement at SoCalGas. "We're here to listen, answer questions, and share resources that can make a real difference for families and businesses across the San Joaquin Valley."In addition to customer programs, SoCalGas will also showcase onsite microgrid and combined heat and power (CHP) solutions from BSD Builders, Inc. SoCalGas is currently collaborating with the San Diego-based developer that specializes in prime power systems on 10 active development projects designed to facilitate continuous power for critical facilities. These systems can provide on-site power generation with heat recovery and will be fuel-flexible, capable of operating on natural gas, renewable natural gas, or hydrogen, offering businesses a reliable option that complements California's vision for a resilient energy future."Microgrids are no longer just a backup option—they're a cost-effective, dependable solution for businesses that need continuous power," said Jeff Blair, CEO of BSD Builders, Inc. "Our collaboration with SoCalGas can help ensure customers have access to energy solutions that align with State reliability goals and support growth in critical sectors like healthcare, agriculture, and food processing."SoCalGas has exhibited at every World Ag Expo since its inception in 1968, making the company one of the event's longest-standing participants."We are grateful for SoCalGas' long-standing presence at World Ag Expo and their continued involvement over the years," said Jerry Sinift, chief executive officer at International Agri-Center. "Their participation reflects a strong commitment to agriculture and to the communities we serve. Having them at the show each year provides attendees with valuable access to resources, expertise, and support."The SoCalGas booth will be located at the corner of "H" and Median Street. For more information about customer programs and safety resources, visit socalgas.com.About SoCalGasSoCalGas is the largest gas distribution utility in the United States, serving more than 21 million consumers across approximately 24,000 square miles of Central and Southern California. Our mission is: Safe, Reliable, and Affordable energy delivery today. Ready for tomorrow. SoCalGas is a recognized leader in the energy industry and has been named Corporate Member of the Year by the Los Angeles Chamber of Commerce for its volunteer leadership in the communities it serves. SoCalGas is a subsidiary of Sempra (NYSE: SRE), a leading North American energy infrastructure company. For more information, visit SoCalGas.com/newsroom or connect with SoCalGas on social media @SoCalGas. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions about the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed or implied in any forward-looking statement. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise.In this press release, forward-looking statements can be identified by words such as "believe," "expect," "intend," "anticipate," "contemplate," "plan," "estimate," "project," "forecast," "envision," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "in process," "construct," "develop," "opportunity," "preliminary," "pro forma," "strategic," "initiative," "target," "outlook," "optimistic," "poised," "positioned," "maintain," "continue," "progress," "advance," "goal," "aim," "commit," or similar expressions, or when we discuss our guidance, priorities, strategies, goals, vision, mission, projections, intentions or expectations.Factors, among others, that could cause actual results and events to differ materially from those expressed or implied in any forward-looking statement include: decisions, denials of cost recovery, audits, investigations, inquiries, ordered studies, regulations, denials or revocations of permits, consents, approvals or other authorizations, renewals of franchises, and other actions, including the failure to honor contracts and commitments, by the (i) California Public Utilities Commission (CPUC), U.S. Department of Energy, U.S. Internal Revenue Service and other regulatory bodies and (ii) U.S. and states, counties, cities and other jurisdictions therein where we do business; the success of business development efforts and construction projects, including risks related to, as applicable, (i) negotiating pricing and other terms in definitive contracts, (ii) completing construction projects or other transactions on schedule and budget, (iii) realizing anticipated benefits from any of these efforts if completed, (iv) obtaining regulatory and other approvals and (v) third parties honoring their contracts and commitments; changes to our capital expenditure plans and their potential impact on rate base or other growth; changes, due to evolving economic, political and other factors, to (i) trade and other foreign policy, including the imposition of tariffs by the U.S. and foreign countries, and (ii) laws and regulations, including those related to tax; litigation, arbitration, property disputes and other proceedings; cybersecurity threats, including by state and state-sponsored actors, of ransomware or other attacks on our systems or the systems of third parties with which we conduct business, including the energy grid or other energy infrastructure; the availability, uses, sufficiency, and cost of capital resources and our ability to borrow money or otherwise raise capital on favorable terms and meet our obligations, which can be affected by, among other things, (i) actions by credit rating agencies to downgrade our credit ratings or place those ratings on negative outlook, (ii) instability in the capital markets, and (iii) fluctuating interest rates and inflation; the impact on affordability of our customer rates and our cost of capital and on our ability to pass through higher costs to customers due to (i) volatility in inflation, interest rates and commodity prices and the imposition of tariffs and (ii) the cost of meeting the demand for lower carbon and reliable energy in California; the impact of climate policies, laws, rules, regulations, trends and required disclosures, including actions to reduce or eliminate reliance on natural gas, increased uncertainty in the political or regulatory environment for California natural gas distribution companies, the risk of nonrecovery for stranded assets, and uncertainty related to emerging technologies; weather, natural disasters, pandemics, accidents, equipment failures, explosions, terrorism, information system outages or other events, such as work stoppages, that disrupt our operations, damage our facilities or systems, cause the release of harmful materials or fires or subject us to liability for damages, fines and penalties, some of which may not be recoverable through regulatory mechanisms or insurance or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of natural gas and natural gas storage and transportation capacity, including disruptions caused by failures in the pipeline and storage systems or limitations on the injection and withdrawal of natural gas from storage facilities; and other uncertainties, some of which are difficult to predict and beyond our control.These risks and uncertainties are further discussed in the reports that the company has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on Sempra's website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.Sempra Infrastructure, Sempra Infrastructure Partners, Sempra Texas, Sempra Texas Utilities, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.P.I. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company or Southern California Gas Company, nor are they regulated by the CPUC.Message Funded by Ratepayers





View original content to download multimedia:https://www.prnewswire.com/news-releases/socalgas-customers-can-access-safety-information-energy-assistance-and-reliability-resources-at-world-ag-expo-302681792.htmlSOURCE Southern California Gas Company

Original: SoCalGas Customers Can Access Safety Information, Energy Assistance, and Reliability Resources at World Ag Expo

Sempra Ranks Again Among Fortune's Most AdmiredFebruary 5, 2026 6:36 PM
PR Newswire (US)

SAN DIEGO, Feb. 5, 2026 /PRNewswire/ -- Sempra (NYSE: SRE) has once again been named one of Fortune's World's Most Admired Companies, marking the 16th consecutive year the company has been recognized as a global leader with a strong corporate reputation.







"Earning a place on the World's Most Admired Companies list is meaningful recognition of our team's commitment to excellence," said Jeffrey W. Martin, chairman and CEO of Sempra. "We are proud of the consistent strides we have made in investing in leadership and workforce development, which are central to our mission of building America's leading utility growth business. Today, Sempra is a great place to work, grow and help shape the future."Fortune's annual list is developed in partnership with Korn Ferry, surveying executives, directors and analysts who evaluate companies within their industries on nine key attributes, including innovation, quality of management, social responsibility and ability to attract and retain talent.This recognition adds to a series of recent honors highlighting Sempra's strong culture, operational excellence and position as an industry leader. In recent weeks, the company has been named to The Wall Street Journal's Management Top 250, Forbes' America's Best Employers for Company Culture and Newsweek's America's Most Responsible Companies list.About Sempra
Sempra is a leading North American energy infrastructure company focused on delivering energy to nearly 40 million consumers. As owner of one of the largest energy networks on the continent, Sempra is electrifying and improving the energy resilience of some of the world's most significant economic markets, including California, Texas, Mexico and global energy markets. The company is recognized as a leader in sustainable business practices and for its high-performance culture focused on safety and operational excellence, as demonstrated by Sempra's inclusion in the Dow Jones Sustainability Index North America. More information about Sempra is available at sempra.com and on social media @Sempra.










View original content to download multimedia:https://www.prnewswire.com/news-releases/sempra-ranks-again-among-fortunes-most-admired-302680815.htmlSOURCE Sempra

Original: Sempra Ranks Again Among Fortune's Most Admired

SoCalGas Petitions CPUC to Update Hydrogen Blending Demonstration Requirements Based on Global Safety History and ResearchFebruary 4, 2026 7:55 AM
PR Newswire (US)

LOS ANGELES, Feb. 4, 2026 /PRNewswire/ -- Southern California Gas Co. (SoCalGas), along with San Diego Gas & Electric Company and Southwest Gas Corporation, on Tuesday submitted a petition to the California Public Utilities Commission (CPUC) to modify a 2022 decision ordering the California investor-owned gas utilities (IOUs) to develop a demonstration project blending up to 5% hydrogen into natural gas prior to recommending a systemwide clean renewable hydrogen injection standard for medium pressure distribution systems.Because the safety case for low-level blends has been advanced since the CPUC's order, the utilities are asking the agency to remove the requirement to develop the 5% demonstration projects before recommending a systemwide blending standard. The petition does not change the CPUC's requirement for utilities to develop demonstration projects studying blends in the 5%–20% range, which remain an important part of California's long-term decarbonization planning.Since 2022, a significant body of new research, operational data, and real-world experience has emerged. Utilities in America – including in California – and around the world have already demonstrated that blending up to 5% hydrogen into existing natural gas systems can be done safely, reliably, and without modifying customer appliances."Building off what we've learned collectively over the past few years, the CPUC has an opportunity to save ratepayers both money and time as we work to help California scale hydrogen production and decrease carbon emissions," said SoCalGas Vice President of Gas Engineering and System Integrity Amy Kitson. "Hydrogen blending is already being used here in the U.S. and around the world every day to power people's homes and businesses, which has shown us that mixing up to 5% hydrogen can be done safely in medium pressure natural gas systems." "Blending up to 5% hydrogen is a practical, forward-looking step toward decarbonizing our natural gas system," said Sen. Bob Archuleta (D-Pico Rivera). "It leverages existing infrastructure to reduce emissions today while planning for a cleaner energy future.""We should not delay this important step toward making our entire energy system more sustainable and clean," said Jack Brouwer, UCI professor of mechanical and aerospace engineering and director of the UCI-based National Fuel Cell Research Center. "All objective analyses of the energy transition show that use of both the gas and electric systems are required to achieve sustainability, reliability, and lowest cost goals.  Beginning to evaluate the sustainable transformation of the gas system with clean hydrogen blending is important to meet sustainability and cost goals."Hydrogen blending is the practice of mixing hydrogen with natural gas, which the State of California has said could help decarbonize its energy grid. In response to the CPUC's 2022 decision, the state's investor-owned utilities have proposed five hydrogen blending demonstration projects as the state considers a systemwide hydrogen blending standard. SoCalGas currently has proposed two of these hydrogen blending demonstration projects, one of which is designed to blend up to 5% hydrogen and thus would not be completed if the CPUC approves the pending petition for modification.Research, real-world projects demonstrate hydrogen blending effectivenessAdvancements over the past four years, supported by research and real-world demonstrations in the U.S. and other countries, show that low-level hydrogen blends do not harm pipelines and appliances, or impact system safety, enabling the use of existing infrastructure without modification. States like Utah, which have already completed similar demonstration projects, have shown that blending up to 5% hydrogen with natural gas can be done safely and doesn't require any changes to customers' appliances. In addition, Hawai'i Gas has safely been using up to 15% hydrogen in its fuel mix with regular, everyday appliances for more than a half-century, allowing a less carbon intensive fuel mix to power homes and businesses.Several studies have also shown that blends of up to 20% hydrogen can safely power regular everyday household and business appliances, while reducing carbon emissions and potentially even reducing nitrous oxide (NOx) emissions.SoCalGas has been successfully demonstrating the use of hydrogen blending for more than a decade, having completed the first-ever power-to-gas hydrogen blending project in the United States in 2016 at UC Irvine to help power the campus. Since then, the company has also completed a number of demonstration projects, including the development and operation of the [H2] Innovation Experience, North America's first-ever clean renewable hydrogen powered microgrid and home which uses hydrogen blends up to 20% to power its off-the-shelf appliances.For more information about SoCalGas' blending proposals, visit https://www.socalgas.com/h2blending.About SoCalGasSoCalGas is the largest gas distribution utility in the United States, serving more than 21 million consumers across approximately 24,000 square miles of Central and Southern California. Our mission is: Safe, Reliable, and Affordable energy delivery today. Ready for tomorrow. SoCalGas is a recognized leader in the energy industry and has been named Corporate Member of the Year by the Los Angeles Chamber of Commerce for its volunteer leadership in the communities it serves. SoCalGas is a subsidiary of Sempra (NYSE: SRE), a leading North American energy infrastructure company.  For more information, visit SoCalGas.com/newsroom or connect with SoCalGas on social media @SoCalGas. This please release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions about the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed or implied in any forward-looking statement. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise.In this press release, forward-looking statements can be identified by words such as "believe," "expect," "intend," "anticipate," "contemplate," "plan," "estimate," "project," "forecast," "envision," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "in process," "construct," "develop," "opportunity," "preliminary," "pro forma," "strategic," "initiative," "target," "outlook," "optimistic," "poised," "positioned," "maintain," "continue," "progress," "advance," "goal," "aim," "commit," or similar expressions, or when we discuss our guidance, priorities, strategies, goals, vision, mission, projections, intentions or expectations.Factors, among others, that could cause actual results and events to differ materially from those expressed or implied in any forward-looking statement include: decisions, denials of cost recovery, audits, investigations, inquiries, ordered studies, regulations, denials or revocations of permits, consents, approvals or other authorizations, renewals of franchises, and other actions, including the failure to honor contracts and commitments, by the (i) California Public Utilities Commission (CPUC), U.S. Department of Energy, U.S. Internal Revenue Service and other regulatory bodies and (ii) U.S. and states, counties, cities and other jurisdictions therein where we do business; the success of business development efforts and construction projects, including risks related to, as applicable, (i) negotiating pricing and other terms in definitive contracts, (ii) completing construction projects or other transactions on schedule and budget, (iii) realizing anticipated benefits from any of these efforts if completed, (iv) obtaining regulatory and other approvals and (v) third parties honoring their contracts and commitments; changes to our capital expenditure plans and their potential impact on rate base or other growth; changes, due to evolving economic, political and other factors, to (i) trade and other foreign policy, including the imposition of tariffs by the U.S. and foreign countries, and (ii) laws and regulations, including those related to tax; litigation, arbitration, property disputes and other proceedings; cybersecurity threats, including by state and state-sponsored actors, of ransomware or other attacks on our systems or the systems of third parties with which we conduct business, including the energy grid or other energy infrastructure; the availability, uses, sufficiency, and cost of capital resources and our ability to borrow money or otherwise raise capital on favorable terms and meet our obligations, which can be affected by, among other things, (i) actions by credit rating agencies to downgrade our credit ratings or place those ratings on negative outlook, (ii) instability in the capital markets, and (iii) fluctuating interest rates and inflation; the impact on affordability of our customer rates and our cost of capital and on our ability to pass through higher costs to customers due to (i) volatility in inflation, interest rates and commodity prices and the imposition of tariffs and (ii) the cost of meeting the demand for lower carbon and reliable energy in California; the impact of climate policies, laws, rules, regulations, trends and required disclosures, including actions to reduce or eliminate reliance on natural gas, increased uncertainty in the political or regulatory environment for California natural gas distribution companies, the risk of nonrecovery for stranded assets, and uncertainty related to emerging technologies; weather, natural disasters, pandemics, accidents, equipment failures, explosions, terrorism, information system outages or other events, such as work stoppages, that disrupt our operations, damage our facilities or systems, cause the release of harmful materials or fires or subject us to liability for damages, fines and penalties, some of which may not be recoverable through regulatory mechanisms or insurance or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of natural gas and natural gas storage and transportation capacity, including disruptions caused by failures in the pipeline and storage systems or limitations on the injection and withdrawal of natural gas from storage facilities; and other uncertainties, some of which are difficult to predict and beyond our control.These risks and uncertainties are further discussed in the reports that the company has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on Sempra's website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.Sempra Infrastructure, Sempra Infrastructure Partners, Sempra Texas, Sempra Texas Utilities, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.P.I. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company or Southern California Gas Company, nor are they regulated by the CPUC.Message funded by shareholders 





View original content to download multimedia:https://www.prnewswire.com/news-releases/socalgas-petitions-cpuc-to-update-hydrogen-blending-demonstration-requirements-based-on-global-safety-history-and-research-302678691.htmlSOURCE Southern California Gas Company

Original: SoCalGas Petitions CPUC to Update Hydrogen Blending Demonstration Requirements Based on Global Safety History and Research

SoCalGas Declares Preferred DividendsFebruary 3, 2026 1:10 PM
PR Newswire (US)

LOS ANGELES, Feb. 3, 2026 /PRNewswire/ -- The board of directors of Southern California Gas Company (SoCalGas) has declared regular quarterly dividends for the preferred series stock of the company as follows:SoCalGas:
Preferred Stock  $0.375 per sharePreferred Stock, Series A $0.375 per shareThe dividends are payable on April 15, 2026, to shareholders of record on March 10, 2026.About SoCalGas
SoCalGas is the largest gas distribution utility in the United States, serving more than 21 million consumers across approximately 24,000 square miles of Central and Southern California. Our mission is: Safe, Reliable, and Affordable energy delivery today. Ready for tomorrow. SoCalGas is a recognized leader in the energy industry and has been named Corporate Member of the Year by the Los Angeles Chamber of Commerce for its volunteer leadership in the communities it serves. SoCalGas is a subsidiary of Sempra (NYSE: SRE), a leading North American energy infrastructure company.  For more information, visit SoCalGas.com/newsroom or connect with SoCalGas on social media @SoCalGas.





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Original: SoCalGas Declares Preferred Dividends

SRE

I like it

$SRE Sempra Energy posts statement on Cameron development

Sempra Energy (NYSE:SRE) updates on the new Cameron LNG agreement with McDermott and Chiyoda for three liquefaction trains.

"We believe it is reasonable to expect that the overall economics of Cameron LNG will not significantly change as a result of this agreement.

Sempra Energy's projected share of full-year run-rate earnings from the first three trains at Cameron LNG continues to range between $400 million and $450 million annually."

"Cameron LNG Phase 1 is one of five LNG export projects Sempra Energy is developing in North America: Cameron LNG Phase 2, previously authorized by FERC, encompasses up to two additional liquefaction trains and up to two additional LNG storage tanks, Port Arthur LNG in Texas and Energía Costa Azul (NYSE:ECA) LNG Phase 1 and Phase 2 in Mexico."

Sempra Energy (SRE) indirectly owns 50.2% of Cameron LNG.

Are you saying they have net income of $57 million on revenues of $2.7 billion? That seems abysmal.

A visual shock of Sempra Energy Q3 Earnings

Sempra Energy reported a plunge in 3Q17 earnings due to impairment of wildfire regulatory asset and last year's remeasurement gain of equity method investment in IEnova Pipelines.

Net income was $57 million or $0.22 per share from $622 million or $2.46 per share last year. Revenue grew 6% to $2.7 billion. Adjusted EPS increased 2% to $1.04.

A graphical representation of the earnings alphastreet.com/b18f6c58

Heat wave to test Southern California natural gas supplies

The heat wave sweeping the western U.S. will offer the first big test of the summer for the natural gas market in Southern California, where supplies have been limited since the leak at the massive Aliso Canyon storage field.

Regulators have been warning for months that Southern California could be at risk of energy shortages with Sempra Energy’s (SRE -0.3%) Aliso Canyon field largely offline following a leak that was plugged there last year.

Higher prices will be needed to attract gas flows into California as the heat will also boost demand by generators serving customers from west Texas to Arizona, says Genscape's director of its west coast power desk, which is "going to cause some problems with getting gas to units out in Southern California."

The premium for wholesale gas in the Los Angeles area relative to the U.S. benchmark Henry Hub in Louisiana yesterday reached the highest since December 2015.

The FERC approves construction of a pipeline project that will supply natural gas to Sempra Energy's (SRE +0.9%) Cameron LNG export facility in southwest Louisiana

The Cameron Access Project by Columbia Pipeline Group (CPGX -1.6%) and Columbia Pipeline Partners (CPPL -2.3%) involves an investment of ~$310M; construction is expected to begin in spring 2016, with service starting in Q1 2018.

Sempra Energy (NYSE:SRE) says it plans to pursue the formation of an MLP to be called Sempra Partners LP.

Sempra Energy (NYSE:SRE) says it has signed an MOU with Woodside Petroleum (OTCPK:WOPEF, OTCPK:WOPEY) to begin discussions and assessments for the potential development of Sempra LNG's proposed Port Arthur liquefaction project in Port Arthur, Tex.

$SRE DD Notes ~ http://www.ddnotesmaker.com/SRE

bullish

$SRE recent news/filings

## source: finance.yahoo.com

Thu, 18 Dec 2014 18:00:00 GMT ~ SDG&E's Sunrise Powerlink Reaches 1,000 Megawatt Renewable Energy Goal

[PR Newswire] - SAN DIEGO, Dec. 18, 2014 /PRNewswire/ -- San Diego Gas & Electric (SDG&E) announced today that more than 1,000 megawatts (MW) of renewable power is being delivered to the San Diego region made possible by the Sunrise Powerlink transmission line. Before the nearly $1.9 billion infrastructure project was approved, SDG&E pledged that Sunrise would be used to deliver substantial amounts of Imperial Valley renewable power to the California market. The 500-kV Sunrise Powerlink, which was completed in 2012, connects the Imperial Valley Substation in Imperial County to the Sycamore Canyon Substation in San Diego County. The recent addition of the 150-MW Solar Gen 2 Imperial Valley solar project now brings to more than 1,000 MW the total amount of solar and wind power being transmitted to SDG&E customers from the Imperial Valley.

read full: http://finance.yahoo.com/news/sdg-es-sunrise-powerlink-reaches-180000159.html
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Wed, 17 Dec 2014 16:00:00 GMT ~ Sempra U.S. Gas & Power Wins 2014 Platts Global Energy Award

[PR Newswire] - SAN DIEGO, Dec. 17, 2014 /PRNewswire/ -- Sempra U.S. Gas & Power received the Industry Leadership – Electricity Generation award at the 2014 Platts Global Energy Awards this month in New York. Hosted by ...

read full: http://finance.yahoo.com/news/sempra-u-gas-power-wins-160000192.html
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Mon, 15 Dec 2014 21:44:30 GMT ~ Where is Santa rally?


read full: http://finance.yahoo.com/tumblr/blog-where-is-santa-rally-214432485.html
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Mon, 15 Dec 2014 14:23:00 GMT ~ Will Sempra Energy (SRE) Stock React Today to This Analyst Action?


read full: http://www.thestreet.com/story/12985175/1/will-sempra-energy-sre-stock-react-today-to-this-analyst-action.html?puc=yahoo&cm_ven=YAHOO
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Tue, 09 Dec 2014 19:35:13 GMT ~ Sempra Energy Declares Common Dividend

[at noodls] - SAN DIEGO , Dec. 9, 2014 /PRNewswire/ -- The board of directors of Sempra Energy (NYSE:SRE) today declared a quarterly dividend of $0.66 per share of common stock. The current dividend is payable Jan. ...

read full: http://www.noodls.com/view/DC861BBDA42E8CDE77E60A8DC10229A42BD63E89
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$SRE charts

basic chart ## source: stockcharts.com



basic chart ## source: stockscores.com



big daily chart ## source: stockcharts.com



big weekly chart ## source: stockcharts.com


$SRE company information

## source: otcmarkets.com

Link: http://www.otcmarkets.com/stock/SRE/company-info
Ticker: $SRE
OTC Market Place: Not Available
CIK code: 0001032208
Company name: Sempra Energy
Company website: http://www.sempra.com
Incorporated In: CA, USA


$SRE share structure

## source: otcmarkets.com

Market Value: $28,280,628,195 a/o Dec 26, 2014
Shares Outstanding: 246,218,250 a/o Oct 31, 2014
Float: Not Available
Authorized Shares: Not Available
Par Value: No Par Value
$SRE extra dd links

Company name: Sempra Energy
Company website: http://www.sempra.com

## STOCK DETAILS ##
After Hours Quote (nasdaq.com): http://www.nasdaq.com/symbol/SRE/after-hours
Option Chain (nasdaq.com): http://www.nasdaq.com/symbol/SRE/option-chain
Historical Prices (yahoo.com): http://finance.yahoo.com/q/hp?s=SRE+Historical+Prices
Company Profile (yahoo.com): http://finance.yahoo.com/q/pr?s=SRE+Profile
Industry (yahoo.com): http://finance.yahoo.com/q/in?s=SRE+Industry

## COMPANY NEWS ##
Market Stream (nasdaq.com): http://www.nasdaq.com/symbol/SRE/stream
Latest news (otcmarkets.com): http://www.otcmarkets.com/stock/SRE/news - http://finance.yahoo.com/q/h?s=SRE+Headlines

## STOCK ANALYSIS ##
Analyst Research (nasdaq.com): http://www.nasdaq.com/symbol/SRE/analyst-research
Guru Analysis (nasdaq.com): http://www.nasdaq.com/symbol/SRE/guru-analysis
Stock Report (nasdaq.com): http://www.nasdaq.com/symbol/SRE/stock-report
Competitors (nasdaq.com): http://www.nasdaq.com/symbol/SRE/competitors
Stock Consultant (nasdaq.com): http://www.nasdaq.com/symbol/SRE/stock-consultant
Stock Comparison (nasdaq.com): http://www.nasdaq.com/symbol/SRE/stock-comparison
Investopedia (investopedia.com): http://www.investopedia.com/markets/stocks/SRE/?wa=0
Research Reports (otcmarkets.com): http://www.otcmarkets.com/stock/SRE/research
Basic Tech. Analysis (yahoo.com): http://finance.yahoo.com/q/ta?s=SRE+Basic+Tech.+Analysis
Barchart (barchart.com): http://www.barchart.com/quotes/stocks/SRE
DTCC (dtcc.com): http://search2.dtcc.com/?q=Sempra+Energy&x=10&y=8&sp_p=all&sp_f=ISO-8859-1
Spoke company information (spoke.com): http://www.spoke.com/search?utf8=%E2%9C%93&q=Sempra+Energy
Corporation WIKI (corporationwiki.com): http://www.corporationwiki.com/search/results?term=Sempra+Energy&x=0&y=0
WHOIS (domaintools.com): http://whois.domaintools.com/http://www.sempra.com
Alexa (alexa.com): http://www.alexa.com/siteinfo/http://www.sempra.com#
Corporate website internet archive (archive.org): http://web.archive.org/web/*/http://www.sempra.com

## FUNDAMENTALS ##
Call Transcripts (nasdaq.com): http://www.nasdaq.com/symbol/SRE/call-transcripts
Annual Report (companyspotlight.com): http://www.companyspotlight.com/library/companies/keyword/SRE
Income Statement (nasdaq.com): http://www.nasdaq.com/symbol/SRE/financials?query=income-statement
Revenue/EPS (nasdaq.com): http://www.nasdaq.com/symbol/SRE/revenue-eps
SEC Filings (nasdaq.com): http://www.nasdaq.com/symbol/SRE/sec-filings
Edgar filings (sec.gov): http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001032208&owner=exclude&count=40
Latest filings (otcmarkets.com): http://www.otcmarkets.com/stock/SRE/filings
Latest financials (otcmarkets.com): http://www.otcmarkets.com/stock/SRE/financials
Short Interest (nasdaq.com): http://www.nasdaq.com/symbol/SRE/short-interest
Dividend History (nasdaq.com): http://www.nasdaq.com/symbol/SRE/dividend-history
RegSho (regsho.com): http://www.regsho.com/tools/symbol_stats.php?sym=SRE&search=search
OTC Short Report (otcshortreport.com): http://otcshortreport.com/index.php?index=SRE
Short Sales (otcmarkets.com): http://www.otcmarkets.com/stock/SRE/short-sales
Key Statistics (yahoo.com): http://finance.yahoo.com/q/ks?s=SRE+Key+Statistics
Insider Roster (yahoo.com): http://finance.yahoo.com/q/ir?s=SRE+Insider+Roster
Income Statement (yahoo.com): http://finance.yahoo.com/q/is?s=SRE
Balance Sheet (yahoo.com): http://finance.yahoo.com/q/bs?s=SRE
Cash Flow (yahoo.com): http://finance.yahoo.com/q/cf?s=SRE+Cash+Flow&annual

## HOLDINGS ##
Major holdings (cnbc.com): http://data.cnbc.com/quotes/SRE/tab/8.1
Insider transactions (yahoo.com): http://finance.yahoo.com/q/it?s=SRE+Insider+Transactions
Insider transactions (secform4.com): http://www.secform4.com/insider-trading/SRE.htm
Insider transactions (insidercrow.com): http://www.insidercow.com/history/company.jsp?company=SRE
Ownership Summary (nasdaq.com): http://www.nasdaq.com/symbol/SRE/ownership-summary
Institutional Holdings (nasdaq.com): http://www.nasdaq.com/symbol/SRE/institutional-holdings
Insiders (SEC Form 4) (nasdaq.com): http://www.nasdaq.com/symbol/SRE/insider-trades
Insider Disclosure (otcmarkets.com): http://www.otcmarkets.com/stock/SRE/insider-transactions

## SOCIAL MEDIA AND OTHER VARIOUS SOURCES ##
PST (pennystocktweets.com): http://www.pennystocktweets.com/stocks/profile/SRE
Market Watch (marketwatch.com): http://www.marketwatch.com/investing/stock/SRE
Bloomberg (bloomberg.com): http://www.bloomberg.com/quote/SRE:US
Morningstar (morningstar.com): http://quotes.morningstar.com/stock/s?t=SRE
Bussinessweek (businessweek.com): http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=SRE



$SRE DD Notes ~ http://www.ddnotesmaker.com/SRE

~ Tuesday! $SRE ~ Earnings posted, pending or coming soon! In Charts and Links Below!

~ $SRE ~ Earnings expected on Tuesday *
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One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.








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*If the earnings date is in error please ignore error. I do my best.

$70 within sight?
I think so. Actually, I hope so, got a boat load.
Oh S*&%T, now I'm pumping ?
GlTA.

SRE. Sempra is sold on solar
Company expanding Nevada photovoltaic operations

http://www3.signonsandiego.com/stories/2009/apr/16/1b16solar213337-sempra-sold-solar/?uniontrib

By Onell R. Soto


STAFF WRITER
2:00 a.m. April 16, 2009
Sempra Energy unveiled its new solar facility, which uses thin-film technology, outside of Boulder City, Nev. Several measures are being taken to save money in building the facility. (Tiffany Brown / Las Vegas Sun) - Jorge Uribe, a construction supervisor for the project, inspected solar panels at the Boulder City facility. (Sempra)
Sempra Energy says it has proven that it can inexpensively produce solar power and is greatly expanding its photovoltaic power operations in Nevada to supply customers in the Southwest.
“This project will provide the lowest-cost electricity from solar power ever delivered anywhere in the world,” Michael Allman, chief executive of subsidiary Sempra Generation, said yesterday in announcing a nearly five-fold increase in photovoltaic generation.
The San Diego company said that by the end of next year, it will complete construction of a 48-megawatt photovoltaic plant next to two other plants – a 10-megawatt solar facility and a 480-megawatt natural gas generator – that it owns in the desert.
He said the company wants to be the first to own more than 500 megawatts of solar generation. Engineers believe there is the potential for about 300 megawatts of solar next to the gas-fired Mesquite plant it runs west of Phoenix.
Sempra is also working on generating power using large wind turbines in northern Baja.
The Nevada solar plant, to be called Copper Mountain Solar, will power about 30,000 homes at peak production, the company said.
Allman wouldn't say how much the new solar plant will cost to build or how much the electricity it generates will cost. Electricity in California cost, on average, just under 13 cents a kilowatt-hour last year, the federal Energy Information Administration said.
First Solar of Tempe, Ariz., is expected to begin building the 380-acre plant this year. The 10-megawatt plant, which opened last year, took about six months to build.
Allman said costs are low because land is cheap, its nearly 830,000 solar panels will be installed assembly-line style and it is being built next to existing transmission lines. The plant will use thin-film technology, which produces less power per square inch, but is cheaper to manufacture.
The solar power will still be more expensive than the electricity generated by burning natural gas next door, Sempra said.
The company hasn't decided who will receive the power from the new 48-megawatt plant in Boulder City, Nev., about 40 miles southeast of Las Vegas.
It is talking with utilities in California, Nevada and Arizona, where government mandates are requiring that an ever-larger share of electricity comes from sources that don't burn fossil fuel.
Sempra also owns San Diego Gas & Electric, but the utility is operated independently from Sempra Generation. While SDG&E says it is looking to buy solar power, it's unclear whether it would make a deal with its sister company.
Such deals have to be done at arm's length through a bidding process, said SDG&E spokeswoman Jennifer Ramp.
To meet state mandates, SDG&E is counting on receiving 900 megawatts from Stirling Energy Systems of Phoenix. That company is working on a massive solar plant in Imperial County using solar-powered engines – a technology that has never been proven at large scale.
The utility is well behind meeting a state requirement that it get 20 percent of its power from renewable sources by 2010.
“SDG&E needs to get further down the renewable path,” said Mark Bachman, an analyst with Pacific Crest Securities, in San Francisco.
Pacific Gas & Electric in Northern California has a 20-year deal to purchase power from the 10-megawatt plant in Boulder City, where energy zoning has led to the development and planning of large solar plants.
On Tuesday night, Boulder City approved a lease of 1,000 acres to another company, NextLight, for a 100-megawatt photovoltaic plant.
And a Spanish-owned company, Acciona, operates a 68-megawatt solar plant that generates electricity by heating oil that then boils water to run a steam turbine.
In addition, much larger plants are in the works in California, including a 550-megawatt photovoltaic plant being planned for San Luis Obispo County. PG&E will buy power from that plant, also being built by First Solar.
Onell Soto: (619) 293-1280; onell.soto@uniontrib.com

Sempra filled the gap from mid Jan...current short-term chart pattern is bullish...

Double top or inverse head and shoulder pattern forming?

Exemplary Sempra Energy
Sempra Energy (SRE: NYSE)
By Banc of America Securities ($60, Nov. 13, 2007)

WE ARE INITIATING COVERAGE OF Sempra Energy with a Buy rating and $72 price target. Despite its rally from recent lows, we believe Sempra represents a compelling investment opportunity, given its transparent long-term growth opportunity, reduced risk profile and potential to monetize assets through a master limited partnership.

Long-term growth projects are set to drive an earnings-per-share compounded annual growth rate of 7%-8% through 2011. Importantly, we believe a large portion of this growth will come from fairly predictable earnings streams (utilities, pipeline, storage and liquefied natural gas [LNG] receipt terminal fees). In line with our industry thesis, we favor transparent project-driven growth.

Sempra's announced Sempra Commodities joint venture with Royal Bank of Scotland Group (expected to close in the first quarter of 2008) lowers Sempra's risk profile while maintaining significant upside, in our view. Sempra maintains $1.3 billion of regulatory capital in the joint venture, but will no longer need to tie up its balance sheet, enabling it to pursue other shareholder-friendly initiatives (share buyback and dividend increases), while still sharing in most of the Commodities business upside until it almost doubles from 2006 levels.

Moreover, Sempra earns a 15% return per year on its capital. This return is guaranteed and should the commodities business not generate enough earnings in a given year to pay out the 15% return, there is a "catch-up" provision that enables Sempra to recoup that return in the following year in addition to that year's return. We believe the structure of this joint venture greatly improves Sempra's overall risk profile. The 15% return (or $195 million) can almost be viewed as an annuity.

Potential opportunity to drop new projects into a master limited partnership (MLP) can unlock greater value longer term, in our view. We estimate that, over time, this could add $4-$5 to Sempra's share price.


We forecast EPS of $4.04 in 2007 and EPS of $3.85 in 2008. The lower 2008 EPS reflects the new Commodities joint venture, but we expect growth to resume beyond 2008.

Sempra is currently trading at 15.6 times our 2008 EPS estimate. This is toward the higher end of its five-year trading range, but at the low end of its trading range year-to-date. Our price target of $72 implies a forward price-to-earnings multiple of 18.7 times, at the high end of Sempra's historical trading range. We believe this to be appropriate, given its lower-risk-profile post forming the commodities joint venture and transparent project-driven earnings growth.

Sempra is a diversified-energy company that operates two utilities in Southern California, and a power-generation facility. Sempra also develops and operates natural-gas pipelines (has a 25% interest in Rockies Express), storage, and two LNG receipt terminals. Sempra maintains an interest in a commodities marketing and trading joint venture.

-- Elvira Scotto

MarketGrader currently has a HOLD rating on SEMPRA ENERGY (SRE), based on a final overall grade of 58.1 scored by the company's fundamental analysis. SEMPRA ENERGY scores at the 76th percentile among all 5440 U.S. listed equities currently followed by MarketGrader. Our present rating dates to September 6, 2007, when it was upgraded from a SELL. Relative to the Multi-Utilities sub-industry, which is comprised of 32 companies, SEMPRA ENERGY's grade of 58.1 ranks fourth. The industry grade leader is NATIONAL GRID (NGG) with an overall grade of 80.2. The stock has performed poorly in the last six months in relative terms, down 8.89% compared with the Multi-Utilities sub-industry, down 5.43% and the S&P 500 Index, up 7.58%.

Sempra stays strong through
ahead-of-the-curve investments
By JERAN WITTENSTEIN, The Daily Transcript
Friday, July 7, 2006

Eight years ago when Sempra Energy formed, many observers viewed the company as just another utility with aspirations to diversify into energy services.

Today the company has achieved diversification and is now focused on its next goal: investing in the future.

Drawing from a lucrative commodities trading branch and infrastructure operations outside of its utilities, San Diego Gas and Electric and Southern California Gas Co., Sempra (NYSE: SRE) has managed to recruit more than half of its $11.7 billion in 2005 revenues and nearly three quarters of its $920 million net income from outside its core utility business.

But the real story behind Sempra's success rests in its ability to forecast industry trends through internal research and to invest in a "counter-cyclical" manner that has enabled the company to secure profits by investing in assets other energy companies have passed over. Example: In 2002 Sempra bought Twin Oaks, a coal-fired power plant in Texas for $120 million. Earlier this year the company sold the plant for $480 million.

"(Sempra) bought coal-fired plants when nobody wanted them and they sold them when everybody wanted them," said Rebecca Followill, an analyst with Howard Weil Inc.

"One of the things that has made us successful is that we are not absolutely wedded to any of the assets," said Neal Schmale, president and chief operating officer of Sempra. "We've always said that at the right price, anything's for sale."

"When everybody's doing something it ends up being the wrong thing," observed Schmale with a sly smile. Schmale has been with Sempra for eight years, serving as chief financial officer before he assumed his current position the beginning of this year.

A lean man in his late 50s, Schmale articulated the company's position in a calm and thorough manner in his corner office, overlooking San Diego Bay, in Sempra's Ash Street building, in which the energy company occupies all 19 floors. "When we see very low prices that people are forecasting are going to last forever, we will tend to see that as a buying opportunity."

Sempra's playbook appears to have worked well for the Fortune 500 company. It has achieved an average annual earnings growth of more than 17 percent since 1998. Sempra has 14,000 employees worldwide and a market capitalization of $11.85 billion, making it the second largest company based in the San Diego-area after Qualcomm (Nasdaq: QCOM).

Commodity investment key
Part of Sempra's ability to get in on the ground floor of an investment lies in its relationship with Sempra Commodities, the company's marketing and trading branch. Schmale explains that being able to source physical commodities and transact in the natural gas and electrical markets are critical components of Sempra's business. Analysts agree.

"(The sale of Coleto Creek) is an example of how the energy marketing and trading business has strategic values for Sempra," said Sam Brothwell, director of power and gas equity research at Wachovia Securities. "Having that presence in the energy market provides synergy to other pieces of the business."

Another important resource the trading branch adds to Sempra is cash flow. In fact, in 2005 Sempra Commodities reported net income of $460 million, half of Sempra's total $920 million.

Unlike many commodities operations forced out of business after Wall Street became disillusioned with the business following the collapse of Enron -- and its cash cow commodities branch -- Sempra Commodities has managed to turn a profit for 29 consecutive quarters.

"A lot of (Sempra's) competitors had to leave the business. They were able to grow that business as others were getting out of it," said Brothwell.

Sempra's operation managed to be profitable, according to Schmale, because it maintained a short dated book, transacting on futures positions no more than a few years out. He also added that Sempra Commodities trades oil, natural gas, powers and metals, making it diversified and less subject to risk.

But while Sempra Commodities is a major contributor to Sempra's bottom line, according to Brothwell and other analysts, it has had a negative impact on the company's stock price.

"The earnings from the commodities business are inherently more volatile and risky than those that come from the utility," Brothwell said. "Sempra started out as a utility. And I would say its core investor base remains utility investors. Utility investors are looking for stability and predictability in the earnings stream. You don't find that in a commodities business."

Despite outperforming the Dow Jones industrial average by 50 percent over the last five years, Brothwell described Sempra's stock as "languishing." Yet he added that his target price for Sempra shares is "high $40s, low $50s."

Followill said she currently has a Buy rating on Sempra's stock and has set a target price of $55. At close on Thursday, shares of Sempra were trading at $45.99.

Schmale agreed that investors have been skeptical of the commodities business because of problems that competitors were having in the market, but added he thinks those feelings are going away. "At some point in time, people little by little get more comfortable with the business."

Full article

LNG Facilities a key topic of Wall Street Transcript Exploration & Production Issue
Wednesday February 1, 3:35 pm ET


67 WALL STREET, New York--February 1, 2006--The Wall Street Transcript has just published its Integrated Oil & Gas E&P issue, a report offering a timely review of the sector to serious investors and industry executives. This 106-page feature contains an expert roundtable forum of leading industry analysts, 4 interviews with analysts on specific sectors, and industry commentary through in-depth interviews with top management from 20 firms. The issue also contains an "Off-The-Record" Review of management by management. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.
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Topics covered: Outlook for oil and gas prices, Drilling activity outlook, Hedging activity, Management performance, Production-sharing contracts, Mergers & Acquisitions, Reinvestment of capital, Environmental issues, Potential of ANWR, Demand destruction, Natural gas exploration, Geopolitical risk factors, Gulf Coast hurricane impact, Supply and demand for LNG, Pipeline sector.

Companies include: Anadarko Petroleum Corporation (APC), Abraxas Petroleum Corporation (ABP), Apache Corporation (APA), ATP Oil & Gas Corporation (ATPG), Berry Petroleum Company (BRY), BP (BP), Burlington Resources, Inc. (BR), Carrizo Oil & Gas Inc. (CRZO), Deep Well Oil & Gas Inc. (DWOG), Devon Energy Corporation (DVN), ConocoPhillips (COP), Encana Corporation (ECA), Equitable Resources (EQT), ExxonMobil (XOM), Murphy Oil (MUR), Petrohawk Energy (HAWK), Ultra Petroleum (UPL), Houston Exploration (THX), Newfield Exploration Company (NFX), Pioneer Natural Resources (PXD), Energy Partners Ltd. (EPL), Goodrich Petroleum Corporation (GDP), Williams Companies (WMB), Questar (STR), Cheniere Energy (LNG), Sempra (SRE), AGL Resources (ATG), Northwest Natural (NWN), Atmos (ATO), KeySpan (KSE), Chevron (CVX), Arctic National Wildlife Refuge (ANWR), Newfield Exploration Company (NFX), NGAS Resources Inc. (NGAS), Occidental Petroleum (OXY), Peyto Energy Trust (PEY:TSX), Range Resources Corporation (RRC), Swift Energy Company (SFY), Petrel Resources PLC (PET.L), Royale Energy Inc. (ROYL), Western Gas Resources INC. (WGR), Storm Cat Energy Corporation (SCU), Vaalco Energy Inc. (EGY), W&T Offshore Inc. (WTI), Tri-Valley Corporation (TIV), Kinder Morgan (KMI) and McMoRan Exploration (MMR). Analysts Include: Raymond Deacon, Harris Nesbitt Corp.; C. Van Levy, Dahlman Rose & Company, Bruce Lanni, A.G. Edwards & Sons, Inc., Fadel Gheit, Oppenheimer & Co., Faisel Kahn, Citigroup Global Markets, Anatol Feygin, Bank of America Securities.

In the following brief excerpt from the 106 page report, Faisel Kahn discusses the outlook for developing LNG facilities and also the prospects for investors.

TWST: In terms of LNG, is the constraining factor the infrastructure or the availability?

Mr. Khan: The constraining factor is building the liquefaction infrastructure. So the stranded gas is certainly there, but the limiting factor is going to be how fast these countries that own the stranded gas are going to be able to bring those facilities online. And that's basically a choice that they can make at any point in time, and it also might be a way for them to maximize the value of their stranded gas. They won't bring too much supply online all at once because that would drive down the price of LNG. There are enough tankers being built and there are enough proposed regas facilities in the US, Europe and the Far East. So the limiting factor clearly is going to be how fast these countries that own the stranded gas are going to want to develop those reserves.

TWST: And that's a political decision?

Mr. Khan: I think it's economic and somewhat political. I think economic because you don't want to open the spigot too much, otherwise the price will come down. In order to maximize the price of LNG, you want to have an adequate supply of liquefaction in the market, but not an excess amount of supply.

TWST: As you say, the US market is stable and attractive. What's the difficulty of getting the offloading facilities built here?

Mr. Khan: We are seeing new regas facilities being built in the US right now. Right now, Cheniere has two facilities under construction in the Gulf of Mexico, one at Sabine and one at Freeport. You have Sempra that's got a facility under construction in Cameron, Louisiana, and one on the West Coast in Mexico. You also have Exxon Mobil (XOM) that received permission to build a facility in Louisiana, and Occidental (OXY) that's building a facility in Texas. So facilities are being developed and built. The existing facilities in the US along the Eastern Seaboard and in Louisiana are also expanding their current facilities. So I don't think that there is going to be a problem in terms of building these regas facilities in the US. In our models, we are saying that by 2010, the US is going to need about 10 Bcf a day of baseload LNG. We think that by 2010, there will probably be a total of 20 Bcf a day of capacity within the Continental US. So there is more than enough regas capacity for the base amount of LNG demand we need.

TWST: As that builds up and you get some excess out, is that going to put pressure on pricing?

Mr. Khan: You've got 10 Bcf a day of demand for LNG, but you're also competing for some of that LNG demand across the globe. What happens is that you start to look at the highest cost natural gas producer in the US and compare his price to produce domestic gas to LNG prices around the globe. There has to be some equilibrium price that is met between this marginal producer and LNG to meet supply in the US, Europe and the Far East. So if we look at the US, that marginal well is going to be in the Gulf of Mexico. Assuming we get our allocation of global LNG supplies in the US, the US is still going to need to continue to drill for natural gas. You are still going to need to drill for gas in the Gulf of Mexico, and finding and development costs in the Gulf are fairly high. So I think a $5.50 or $6 NYMEX gas price would make sense to continue to produce gas out of the Gulf of Mexico. But to the extent that global prices are volatile, that could have a different impact on overall pricing in the US and abroad. So essentially you could continue to have a volatile pricing environment in the US. If there is not enough LNG across the globe, then the US will end up competing for LNG based on price.

TWST: When you talk with investors at this point, what's the level of interest you're finding in this space?

Mr. Khan: Generally, in our specific space, there seems to be a tremendous amount of renewed interest in this sector. After the merchant energy collapse, a lot of investors had basically ignored these names for a long time. But, most of these companies are still major pipeline companies and given the changing dynamics of flow of natural gas in the US, capital needs to be committed to move more gas out of the Rockies and build more LNG facilities in the Gulf of Mexico. Many of the companies in our sector have tremendous capital expansion programs.

If you look at Sempra, they are building two new LNG terminals with a third one in the permitting stage. They're also building a pipeline from the Rockies all the way to the East Coast and that's a $4.5 billion project. Unlike in the past where earnings were driven through trading and marketing, today earnings are growing through expansion capital on the pipeline system, rate base at the gas and electric utilities, and increased drilling.

TWST: So getting back to basics.

Mr. Khan: Yes. They have been back to basics for a long time now. It's back to basics, but now you've got a growing industry. So if you went back to 2002 through 2004, you had declining capital expansion programs every year in the industry. We went from roughly $4 billion in capital expansion programs on the entire North American pipeline system down to less than $2 billion in 2004. As you look at 2005, 2006, 2007, 2008, all those numbers are in a steep incline right now and that should continue throughout the next decade. You have the Mackenzie pipeline getting built from Northern Canada, an Alaska pipeline getting built, LNG terminals getting built and new Rockies pipelines getting built. There is an enormous amount of capital being deployed to this industry.

The Wall Street Transcript is a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs and research analysts. This 106-page special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online .

The Wall Street Transcript does not endorse the views of any interviewees nor does it make stock recommendations.

For Information on subscribing to The Wall Street Transcript, please call 800/246-7673

SDG&E Asks Regulators to Approve Help for Customers
Wednesday October 12, 3:04 pm ET


SAN DIEGO, Oct. 12, 2005 (PRIMEZONE) -- San Diego Gas & Electric (SDG&E) has asked the California Public Utilities Commission (CPUC) for expedited approval of two new programs to help its customers manage expected record-high natural gas costs this winter. Utilities nationwide are experiencing increased natural gas costs due to a number of market factors including increased demand and tighter supplies.
``We expect that the nationwide increase in natural gas prices will pose a very real hardship for our customers this winter,'' said Anne Smith, senior vice president of customer services for SDG&E. ``We are making these requests to the CPUC so that we can help buffer our customers from these escalating costs.''

In its first filing, SDG&E has asked for approval of new and streamlined procedures this winter to enable more customers to take advantage of special assistance programs. SDG&E is seeking CPUC approval to:


-- Suspend requirements for certain customer documentation in
order to expedite and increase enrollment in the California
Alternate Rates for Energy program (CARE). CARE provides
a 20-percent energy bill discount to income-qualified
customers.

-- Revise CARE income guidelines for seniors and disabled
customers to enable an additional 18,000 customers to
qualify for the CARE discounts.

-- Expand CARE outreach to include a targeted campaign to
enroll eligible customers by phone.

-- Allow for more replacement of low-efficiency natural
gas forced-air furnaces to provide energy and cost savings
for customers eligible for its Energy Team program. The
Energy Team is an energy-efficiency program that provides
weatherization services at no cost to income-qualified
customers.

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In its second filing, SDG&E has asked for CPUC approval of a natural gas hedging plan that will help mitigate the impact of severe price spikes this winter. A portion of this insurance plan will be dedicated to its CARE customers. This hedging insurance plan is needed to help protect customers against price run-ups in the event unforeseen conditions in the market should develop.

Given the urgent need for consumer help, driven by the national rise in natural gas prices, SDG&E has asked the CPUC to consider both filing requests at its upcoming meeting Oct. 27, 2005.

Meanwhile, SDG&E has assembled a comprehensive array of programs and services to help consumers prepare for and manage increases in natural gas prices expected this winter. SDG&E is initiating for the winter flexible credit procedures for low-income customers experiencing difficulties paying their bills, including a no shut-off policy for those customers who make minimum payments and the waiver of certain fees, and increasing its contribution to funds to help needy customers pay bills.

SDG&E continues to urge all customers to conserve the use of energy, and take advantage of all available programs and services it offers to assist customers in managing energy costs this winter. Customers can visit SDG&E's Web site, at http://www.sdge.com for information on energy-efficiency rebates, conservation tips and customer-assistance program eligibility and application information. In addition, customers can call SDG&E at (800) 411-SDGE (7343).

SDG&E is a regulated public utility that provides safe and reliable energy service to 3.3 million consumers through 1.3 million electric meters and more than 800,000 natural gas meters in San Diego and southern Orange counties. The utility's area spans 4,100 square miles. Exceptional customer service is a priority of SDG&E as it seeks to enhance the region's quality of life. SDG&E is a regulated subsidiary of Sempra Energy (NYSE:SRE - News). Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company. To learn more, go to http://www.sdge.com.

New Orleans passes resolution
in support of Crescent City Power

Today, the Board of Commissioners at the Port of New Orleans passed a resolution in support of Crescent City Power, Sempra Generation’s proposed 1,250-megawatt natural gas-fired power project. This endorsement signals support for the project, which will provide the city of New Orleans with a clean, reliable, safe, competitive and cost-effective power option.

“The project will bring many economic benefits to the community,” says Deborah Reyes Castro, project development manager for Crescent City Power. “The plant would employ more than 300 construction workers over two years and up to 35 full-time positions. The company will also pay about $215 million in property taxes during the 30-year life of the project.”

The project would supply enough power for about 750,000 area homes.

Agreements ahead
Generation signed a three-year, property-option agreement with the port in June 2004. The lease will become final once all permits and power-purchase agreements are in place. Generation is also talking with Entergy New Orleans, and the Louisiana Board of Commissioners has urged Entergy New Orleans to think about using Crescent City Power to meet its energy needs.

2008 start date
Generation will build Crescent City Power at the Port of New Orleans, close to the Mississippi River and Intercoastal Waterway. Construction could begin as early as this year, with an operational start date of 2008.

Sempra Mexico Termoelectrica power unit back
Tue May 24, 2005 07:57 AM ET
NEW YORK, May 24 (Reuters) - Sempra Energy's (SRE.N: Quote, Profile, Research) 600-megawatt Termoelectrica de Mexicali natural gas-fired power station in Mexico returned to service by late Monday, the California Independent System Operator said in a report.
The company curtailed the unit by just 13 MW for planned reasons by late Monday after exiting the weekend shutdown.

The Termoelectrica de Mexicali combined-cycle station is located near Mexicali in Baja California about 115 miles east of San Diego. The station, just south of the California border, can supply electricity to customers in both the United States and Mexico.

One MW powers about 800 homes, according to the North American average.

California-based energy company Sempra's unregulated Sempra Generation subsidiary owns and operates the station.

Sempra subsidiaries own and operate more than 3,500 MW of generating capacity, market energy and other commodities around the world, and transmit and distribute electricity (1.3 million) and natural gas (6.2 million) to customers in California.

Press Release Source: Sempra Energy


Southern California Gas Company, SDG&E Declare Preferred Dividends
Monday May 23, 6:00 pm ET


SAN DIEGO, May 23, 2005 (PRIMEZONE) -- The boards of directors of Southern California Gas Company (The Gas Company) and San Diego Gas & Electric (SDG&E) have declared regular quarterly dividends for the preferred and preference series stock of the companies as follows:

Southern California Gas Company:
6% Preferred Series $0.375 per share
6% Series "A" Preferred $0.375 per share

San Diego Gas & Electric:
Cumulative Preferred 5% Series $0.25 per share
Cumulative Preferred 4.60% Series $0.23 per share
Cumulative Preferred 4.50% Series $0.225 per share
Cumulative Preferred 4.40% Series $0.22 per share
Preference Stock (Cumulative) $1.7625 Series $0.440625 per share
Preference Stock (Cumulative) $1.70 Series $0.425 per share
Preference Stock (Cumulative) $1.82 Series $0.455 per share

Each of the dividends is payable on July 15, 2005, to shareholders of record on June 23, 2005.

The Gas Company is the nation's largest natural gas distribution utility, serving 19.5 million consumers through 5.5 million meters. SDG&E is a regulated public utility that provides service to 3.3 million consumers through 1.3 million electric meters and more than 800,000 natural gas meters in San Diego and southern Orange counties.

The Gas Company and SDG&E are regulated subsidiaries of Sempra Energy (NYSE:SRE - News). Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company.

Press Release Source: Southern California Gas Company


The Gas Company Working to Ensure Reliable, Long-Term Gas Supplies at Reasonable Cost
Monday May 23, 4:05 pm ET


LOS ANGELES, May 23, 2005 (PRIMEZONE) -- Ensuring a reliable supply of reasonably priced natural gas continues to be a key goal of Southern California Gas Co. (The Gas Company). With domestic gas production not keeping pace with growing demand for natural gas, Gas Company officials say energy conservation, an increased use of renewable energy resources, and new supplies from non-traditional sources, such as liquefied natural gas (LNG), will be required to meet customers' future energy needs.
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California's long-term economic livelihood will require a growing supply of natural gas. That is because a large number of residents and businesses in the region depend on natural gas to heat their homes and fuel their processes. In fact, the percentage of homes, businesses and electric power plants fueled by natural gas is greater in Southern California than anywhere else in the nation.

The Gas Company believes that customer access to new supply sources and a diverse supply portfolio will increase reliability and competition among suppliers, helping to reduce price volatility and create lower prices for all customers. The Gas Company is working to increase supply diversity and its access to additional gas supply basins in the western United States.

The California Public Utilities Commission last year approved The Gas Company's proposal to establish new receipt points on its extensive pipeline system to accept natural gas supplies from LNG and other new supply sources. Industry experts estimate that the total savings in gas costs for consumers from bringing LNG into the West Coast could be as much as $1 billion a year or more.

With increased reliability and competition, there will be less risk of a supply shortfall or price spikes that might occur if there is an unanticipated supply interruption on an existing pipeline or in an existing supply basin, according to The Gas Company.

The Gas Company is the nation's largest natural gas distribution utility, providing safe and reliable energy to 19.5 million consumers through 5.5 million meters. The company's service territory encompasses approximately 20,000 square miles in most of central and Southern California. The Gas Company strives to provide exceptional customer service to enhance the quality of life in the community. The Gas Company is a regulated subsidiary of Sempra Energy (NYSE:SRE - News). Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company. To learn more, go to http://www.socalgas.com.



Contact:

Error about Coleto Creek getting fixed on Environment Integrity Web site
In a report published not long ago, EnvironmentalIntegrity.org (EI) by mistake ranked Sempra Generation/Carlyle Riverstone's Coleto Creek Power Station as one of the dirtiest power plants in the United States in terms of carbon-dioxide (CO2) emissions. The group will correct the faulty information in its report--and on all materials that follow.

“Coleto Creek Power Station is among the top-performing, baseload, coal-fired power-generating units in Texas,” says Michael Fields, plant manager. “The plant has a long record of environmental achievements, including the U.S. Environmental Protection Agency’s Environmental Excellence Award.”

EI’s calculations for Coleto Creek reflected an error that meant Coleto Creek was erroneously rated first on the Top 50 carbon-dioxide-emission-producing plants list. In fact, the plant should not have been included on the list.

Sempra Generation and Carlyle Riverstone acquired Coleto Creek from AEP in July 2004.

Sempra Generation to acquire
full ownership of El Dorado Energy

Sempra Generation today announced it has entered into an agreement to purchase Reliant Energy’s 50-percent interest in El Dorado Energy, a 480-megawatt (MW) natural gas fired, combined-cycle power plant in Boulder City, Nev., for a total value of $132 million. The payment to Reliant Energy, net of project debt and closing adjustments, is expected to be approximately $75 million.

“The acquisition of the second half of the El Dorado Energy facility is a natural extension for Sempra Generation, because the plant is located in the heart of the southwestern U.S. marketplace, an area where we have an established presence,” said Michael R. Niggli, president of Sempra Generation. “Since El Dorado Energy commenced operations in May 2000, Sempra Generation’s power assets have grown from that initial 240 megawatts to more than 3,800 megawatts in Nevada, Arizona, California, Texas and Mexico.”

Sempra Generation and Reliant Energy originally announced their joint 50-50 ownership in the El Dorado Energy project in 1997.

El Dorado Energy
The plant is located about 40 miles southeast of Las Vegas and has unrestricted access to multiple power markets. In addition to providing clean, efficient energy to the Southwest markets, El Dorado Energy also is equipped with a 100-kilowatt solar field, comprised of 256 panels that track the sun’s path through the Nevada sky.

Sempra Energy Services wins approval
for second White Oak project
Sempra Energy Services was awarded an additional $20 million construction delivery order with the General Services Administration (GSA) to the already existing contract at White Oak, the Food and Drug Administration (FDA) campus located in Silver Spring, Md. Nearly $73.5 million in total payments will be paid to Sempra Energy over the 23-year performance period for this new delivery order.

Second contract
“The General Services Administration is always looking for ways to meet our energy savings goals and to be good stewards of how the agency uses energy." said Harry Debes, GSA project manager. "The second contract with Sempra Energy Services goes a long way in helping GSA meet those goals.”

The new order is the first award made on the Department of Energy’s (DOE) contracts to any energy services company since the Energy Savings Performing Contract (ESPC) authority was reinstated after expiring in 2003. ESPCs allow federal agencies, such as the Department of Health and Human Services (which oversees the FDA) to pay for energy efficiency improvements with the resultant savings.

New construction
The multi-year construction schedule at White Oak will consolidate the majority of the FDA’s research and development offices and 7,600 employees at the 700-acre former Naval facility.

Sempra Energy Services is providing design engineering, construction, financing, and building operations and maintenance for the campus. This includes construction of a central utility plant using energy-saving combined heating and power technology and renewable energy through photovoltaic panels which convert sunlight into electricity.

Sempra Energy Services initial 20-year contract with White Oak will reduce energy, operations, and maintenance costs to the government by about $4 million annually. With the addition of the second contract, annual savings increase by nearly $1.8 million.

White Oak's recognitions
Though only three years into the multi-staged development effort, the White Oak project has already been recognized with an Energy and Water Management Award from the Department of Health and Human Services; a Craftsman Award from the Washington Building Congress; and a Combined Heat and Power Certificate of Recognition from the EPA.

Bank of America: Naming SRE Our Top Pick Ahead of Today's MEDS Conversion
"SRE replaces ATG as our Top Pick, given the ebbing headwind of its mandatory convertible securities, which convert today (5/17/05). While our fundamental view of SRE remains unchanged, we would view any weakness from today's conversion as an ample buying opportunity for investors to build/add to a position in SRE.

"Recall our Buy rating is predicated on SRE's favorable growth opportunities and that it trades at an increasingly unwarranted discount to its peers. We also highlight the company's rapidly subsiding regulatory risks, including the positive conclusion of Phase I of its rate case and the CPUC's favorable ruling in the border price investigation.

"Our target price of $46 assumes a 14x multiple on our FY06 EPS estimate of $3.30, implying a potential return to target of ~24%, including SRE's below average 2.9% dividend yield."

Sempra Pipelines & Storage and ProLiance Transportation and Storage, LLC, the asset development and ownership affiliate of ProLiance Energy, LLC, a natural gas marketing company, announced an agreement to construct, own and operate the Liberty Gas Storage natural gas storage facility presently under development in Calcasieu Parish, La.

Under the terms of the agreement, ProLiance Transportation & Storage will acquire a 25-percent ownership in the project with Sempra Pipelines & Storage retaining 75 percent ownership, along with responsibility for development and operation of the facility.

Additionally, ProLiance Energy has entered into a binding precedent agreement with Liberty that requires both parties to sign a long-term contract for 5 billion cubic feet (Bcf) to 6 Bcf of storage capacity, upon receipt of Liberty Gas Storage’s permit from the Federal Energy Regulatory Commission (FERC).

Partnership with ProLiance
“Working together with ProLiance Transportation & Storage to develop Liberty Gas Storage will enhance the success of the project,” said George Liparidis, president of Sempra Pipelines & Storage. “ProLiance Energy is a substantial purchaser and transporter of natural gas in the Gulf Coast region, and clearly understands the value of well-located, high-deliverability salt-cavern storage.”

Liparidis added that the Liberty project is in a strategic location to serve the gas storage needs off of several existing interstate and intrastate pipelines, and could facilitate future LNG supplies that are expected to be coming into the region in just a few years.

John Talley, president of ProLiance Energy said: “This partnership will unite the strengths of the two companies. Sempra Energy has a proven track record in successful asset development and the Liberty Project will provide an enhancement to ProLiance’s existing gas supply, transportation and storage portfolio that we utilize daily to serve our customer base of utilities, municipals, power generators, and commercial and industrial customers throughout the Midwest and Southeast."

More on Liberty Gas Storage
Liberty Gas Storage will be located near the town of Sulphur, La., and will provide firm storage and related services to customers transporting natural gas on various interstate pipelines in the region, which serves markets in the U.S. Southeast, Midwest and Northeast. Liberty Gas Storage petitioned for authorization from the FERC to construct and operate the facility Mar. 25, 2005.

The facility, which will provide 17 Bcf of working gas capacity for storage, is expected to be in service in the second quarter of 2006. The project also will include surface facilities to allow for a maximum injection of 500 million cubic feet per day and maximum withdrawals of 1 Bcf per day.

Additionally, Liberty Gas Storage will be located near the Cameron and Port Arthur Pipelines, two new pipelines under development by Sempra Pipelines & Storage, connecting area LNG regasification terminals to the interstate gas transmission system. FERC has granted Sempra a 7(c) permit to construct and operate the Cameron Pipeline, which recently concluded an open season to determine market interest.

North Baja Pipeline operators seek shipper interest in expanded pipeline to move LNG into U.S. markets
TransCanada Corp. and Sempra Energy yesterday announced a joint open season to solicit shipper interest in a potential expansion of the current North Baja pipeline system.

FPRIVATE "TYPE=PICT;ALT=Open map in Acrobat reader..."
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The system is comprised of TransCanada’s North Baja Pipeline (NBP), and Gasoducto Bajanorte Pipeline (GB) and Transportadora de Gas Natural de Baja California (TGN), both owned by Sempra Energy. These pipelines now serve natural gas demand in the Southwestern United States and Baja California, Mexico.

Proposed expansion
Shippers already have contracted for capacity to move natural gas from Sempra Energy’s Energía Costa Azul liquefied natural gas (LNG) receipt terminal now under construction in Baja California to downstream markets.

The proposed expansions contemplated by this open season would provide more pipeline capacity for the potential expansion of the Energía Costa Azul terminal or any other LNG terminals planned for the area. The open season will gauge shipper interest in moving volumes away from any other or expanded LNG regasification facilities.

The open season procedures offer a nondiscriminatory means of providing transportation access to markets throughout Baja California and to the Southwestern United States for any added installed regasification capacity. The two owners are working together to jointly market capacity on their respective pipelines. NBP will administer the open season; however, contracts will be executed by each pipeline as required.

Strong open season results expected
“North Baja is ideally situated to play a major role in transporting regasified LNG from an expanded terminal facility into various U.S. markets,” said Jeff Rush, general manager of TransCanada’s GTN and North Baja systems.

“With the high energy demand growth on both sides of the border and the increasing role of LNG, we expect a strong market response to this open season,” said Ryan O’Neal, vice president of Sempra Pipelines & Storage.

Current North Baja pipeline
The current 220-mile North Baja pipeline system, comprised of NBP and GB, went into service in 2002, while TGN went into service in 2000. It begins at an interconnection with El Paso Corp. natural gas pipelines near Ehrenberg, Ariz., and crosses into Southern California before entering the Mexican state of Northern Baja California.

The line parallels the U.S.-Mexico border for 140 miles before reaching an interconnection with TGN near Tijuana, Mexico.

As the result of a prior open season, the operators are getting needed permits and will reverse the flow direction of the pipeline. They will add the needed facilities to transport regasified LNG when the Energía Costa Azul LNG terminal comes online, perhaps as early as 2007.

This information is provided solely for informational purposes. Although Southern California Gas Co. (SoCalGas) and San Diego Gas & Electric (SDG&E) have used reasonable efforts to assure its accuracy, no representation is made that the contents are free from error or suitable for use for any particular purpose. SoCalGas and SDG&E assume no responsibility for use of, or reliance on, this information by any party, and specifically advise such parties to discuss any decisions or actions related hereto with their own advisors and experts.

Prices
According to the Dow Jones Report, May 10, natural gas prices have increased because of high crude oil prices and weather forecasts indicating warming in the Northeast and Midcontinent.

The Associated Press, May 10, reported that world oil prices rose strongly amid forecasts of higher global demand later this year that could outstrip supply despite increased output by the Organization of Petroleum Exporting Countries. Prices were winning support also from concern about supplies of gasoline, as the approaching American driving season put the spotlight on forthcoming US crude inventories data.

According to Department of Energy's Energy Information Administration (EIA), in April, high crude oil prices, combined with the unusually cold March weather for much of the nation, increased heating demand and boosted spot prices for natural gas to levels above $7.00.

The May 10 EIA Short-Term Energy Outlook says that although natural gas storage remains above the 5-year average, high world oil prices, continued strength in the economy, the expectation that Pacific Northwest hydroelectric resources will be well below normal through mid-summer, and limited prospects for growth in domestic natural gas production all support the natural gas price projections.

EIA projects that Henry Hub prices will remain relatively high, with averages of over $7.00 per mcf in 2005 and 2006.

The Dow Jones Report, May 9, reported that Western wholesale spot power prices remain high because of a rise in natural gas prices and nuclear plant outages. In addition, moderate weather prevailed through most of the West otherwise prices would have been higher to reflect normal weather.

The following tables and charts show the current prices and price trends:

Natural Gas Prices ($/mmbtu) California-Arizona border (closest trading hub to Southern California) Henry Hub (Major gas trading center in United States, located in Louisiana) San Juan (One of the producing areas feeding Southern California, located in New Mexico) Rockies (One of the producing areas feeding Southern California, located in Wyoming)

May 10 daily spot-cash gas price* $6.20 $6.69 $5.88 $5.99
Bidweek Gas Price for May** $6.61 $6.77 $6.30 $6.33
Apr. 2005 daily average spot price* $6.70 $7.19 $6.35 $6.49
May 2004 daily average spot price* $5.98 $6.33 $5.45 $5.40
June 2005 future gas price*** $6.28 $6.71 $5.95 $5.96
12-month future average gas price*** $6.94 $6.94 $6.65 $6.58
Sources:
/*Dow Jones, Btu's Daily Gas Wire
**Inside FERC; NGI for Rockies
***NYMEX and Prebon Energy, represents estimation of the market, 05/10/2005
Western Electricity Prices So. Cal. (SP15) On-peak Price ($/MWh) Equivalent gas price at 10,000 HR ($/mmbtu) No. Cal. (NP15) On-peak Price($/MWh) Equivalent gas price at 10,000 HR $/mmbtu)

May 9 daily spot-cash electricity price* $54.52 $5.45 $54.48 $5.45
Apr. 2005 daily average electricity price* $59.18 $5.92 $58.66 $5.87
May 2004 daily average electricity price* $59.43 $5.94 $59.71 $5.97
12 month average future wholesale electricity price** $74.63 $7.46 $71.54 $7.15
Sources:
*Dow Jones, BTU Daily
**Prebon Energy, represents estimation of the market, 05/09/2005
Oil Prices ($/Bbl) West Texas Intermediate (WTI) crude oil
May 9 daily WTI oil price* $52.01
Apr. 2005 daily average price* $53.04
May 2004 daily average price* $40.25
NYMEX crude contract for June** $54.45
Sources:
*Dow Jones
**NYMEX

Wholesale Natural Gas and Electricity Price Comparison


Natural Gas and Electricity Future Price Outlook


NYMEX Crude (Oil) Futures


Oil Prices vs. Natural Gas Prices


Natural gas

Gas demand

... in U.S.
(source: EIA's Short-Term Energy Outlook, May 10, 2005)

Natural gas demand in the U.S. is expected to exhibit an increase of 2.1 percent in 2005.

In 2006, natural gas demand is projected to rise by 2.3 percent due largely to weather-related factors and continued strength in gas-intensive industrial production.

... in Southern California
(source: SoCalGas Preliminary Daily Operating Sheet, as of May 9, 2005)

Southern California Gas Company’s (SoCalGas) May 1-9 daily average total demand is about 3% lower than April's daily average total demand and about the same as May, 2004 usage.

SoCalGas' May daily average demand for gas-fired electricity wholesale generation (EWG) and utility electricity generation (UEG) is about 7% higher than April's EWG/UEG demand and about 24% lower than May, 2004 usage.

Southern California Gas Company’s (SoCalGas) April daily average total demand was about 9% lower than March's daily average total demand and about 4% lower than April, 2004 usage.

SoCalGas' April daily average demand for gas-fired electricity wholesale generation (EWG) and utility electricity generation (UEG) was about 7% lower than March's EWG/UEG demand. SoCalGas' April daily average EWG and UEG demand was about 23% lower than April, 2004 usage mainly due to fewer nuclear plant outages.

Gas supply
National Storage 25.2% above five-year average

EIA's Weekly Natural Gas Storage Report for the week ending Friday, April 29, reported working gas in underground storage increased to 1,455 Bcf. Inventories now stand 25.2 percent above the 5-year average of 1,162 Bcf. Stocks are 238 Bcf higher than last year at this time.

Western storage 14.6% above the five-year average

The same EIA report pegged inventories in the West region at 227 Bcf or 14.6 percent above the 5-year average.

SoCalGas storage levels at 64-percent full
(source: SoCalGas Preliminary Daily Operating Sheet)
As of May 9, 2005, total SoCalGas system storage inventory was 76 Bcf. This is about 22 Bcf higher than storage at the same time last year and about 20 Bcf higher than the prior five-year average levels.

Transwestern Pipeline Expansion start-up
(source: CERA Report, April 25)
The San Juan expansion will provide about 375 million cubic feet per day of additional firm transportation capacity. Transwestern's expansion entails modifications at existing compressor stations and constructing 72.6 miles of underground pipeline from the Blanco Hub located in San Juan County, N.M., to the point of interconnection with Transwestern's mainline. The pipeline expansion went into service May 1.

Production outlook
(source: EIA's Short-Term Energy Outlook, May 10, 2005)
Baker Hughes Inc. announced that the North American rig count for the week ending May 6, 2005 was 1,518. This is 33 higher than the prior week and an increase of 180 from last year's count at the same time.

According to Lehman Brothers, as reported in Platts' Gas Daily, April 26, first-quarter production declined 0.3% from the previous quarter but was down a sharp 4.4% form the same period of 2004.

Domestic natural gas production in 2005 is expected to remain near the 2004 level, despite an expected 13-percent increase in gas-directed drilling.

Electricity

Electricity demand reported in California
On May 10, the CAISO projected the peak load at 28,188 MW. The CAISO calls for a Wednesday peak load of 28,828 MW.

California's electricity situation
This summer, southern California may have possible supply shortages and service disruptions under extreme weather conditions, according to a presentation to FERC by its staff on May 4. The presentation is consistent with the ISO and CEC assessments issued earlier this year.

On May 5, the WECC 2005 Summer Assessment of Loads and Resources said, "Although Southern California is an area of concern this summer, it appears that options are available to meet firm load needs during normal summer conditions, as well as unusually hot weather conditions".

Conservation will be very important this summer.

Projected Power Plant Development
According to the Platts' NewGen, April, 2005, since 2001, 41,300 MW of new plants have been built in the Western United States. 12,600 MW of new plants in the West are currently under construction. 7,300 MW of new plants are located in California.

In Southern California, some of the major new plants include:

Calpine's Pastoria Power Plant, 250 MW - started up in May, another 500 megawatts in June, located in Bakersfield.
SCE's Mountainview Power Plant, 1,100 MW, located in San Bernardino (expected in operation closer to year-end),
LADWP's Haynes Plant, 575 MW new unit, located in Seal Beach (started operation)
City of Burbank's Magnolia Plant, 328 MW, located in Burbank (expected to start up in end of June)
City of Vernon's Malburg Plant, 120 MW, located in City of Vernon (expected in early fall)
Sempra's Palomar Plant, 570 MW, located in Escondido (expected in mid-2006)


Projected Power Plant Development

Power Plant Development Charts...click here to see larger view -- in PowerPoint
[click here to see larger image (PowerPoint, size: 468kb)]

Electricity generation plants' outages reported
On May 10, the Western Electricity Coordinating Council (WECC) reported that 16% percent or 24,476 MW of total WECC electric generation capacity was off-line.

On May 10, the WECC reported that 23 percent or 12,573 MW of total California and Baja California electric generation capacity was off-line. About 12 percent of the capacity off-line (1,547 MW) is served by SoCalGas and San Diego (SDG&E).

Current outages reported by the CA ISO and NRC include:

Mohave coal-fired Unit 1 (130 MW outage) and 2 (60 MW outage), in Nevada, started an unplanned outage on March 8.
Four Corner coal-fired unit 5 (405 MW outage), in New Mexico, reported a planned outage on April 22.
Palo Verde nuclear Unit 2 (1,270 MW outage), in Arizona, started a planned refueling outage on April 2.
Intermountain Power Plant coal-fired Unit 1 (900 MW), in Utah, started a planned outage on May 7.
Columbia Generating nuclear Station (1,158 MW), in Washington started a refueling outage on May 7. The unit should return to service on May 11.
San Onofre nuclear Unit 3 (1,108 MW), in Southern California, was shut down for a maintenance outage on May 5. The unit is now expected to return to service on May 10. The unit will go on line at 20% power (55 MWG) and ramp up at 9% per hour reaching full power on May 11.


Future Nuclear Plant Outages

Unit Plant Location MW Offline Date Offline Date Expected Back Online
Palo Verde Unit 1 Arizona 1270 9/30/2005 11/9/2005
SONGS 2 California 1180 1/3/2006 3/4/2006
SONGS 3 California 1180 4/1/2006 5/1/2006
SONGS 3 California 1180 10/16/2006 12/25/2006
Diablo Canyon Unit 1 California 1100 1/10/2006 2/19/2006
Palo Verde Unit 3 Arizona 1270 3/15/2006 4/24/2006

Electricity transmission facilities out of service
or with limited service reported
On May 10, the Western Electricity Coordinating Council (WECC) reported the following electricity transmission facilities out of service or limited that impact California:




From 0000-1500 the California Oregon Intertie (Path 66 - COI), a major transmission line that moves power from the Northwest to California, is limited to 4,350 MW north to south and 2,450 MW south to north due to outage of the BPA area resources. From 0500-1900 the COI is further limited to 3,000 MW north to south due to the Round Mountain-Table Mountain #2 500-kV line outage.
From 0000-1500 Pacific DC Intertie (Path 65 - PDCI), a major transmission line that moves power from the Northwest to Southern California, is limited to 2,720 MW north to south and 1,904 MW south to north due to BPA area resources. From 0500-1900 Round Mountain-Table Mountain #2 500-kV line is out of service but there is no additional limitation on the PDCI.
From 0000-2400 the Path 44, to San Onofre nuclear plant, is limited to 1,650 MW north to south due to the Mission-Miguel/Miguel-Sycamore Canyon limits.

Oil
Oil prices expected to stay high
(source: EIA's Short-Term Energy Outlook, May 10, 2005)
Monthly average WTI prices are projected to remain above $50 per barrel for the rest of 2005 and 2006.

Several factors have contributed to the recent high crude oil prices and are likely to keep prices at or near present highs:

Worldwide petroleum demand growth is projected to remain robust, despite high oil prices.
Expected growth in non-Organization of Petroleum Exporting Countries (OPEC) supplies is not expected to accommodate worldwide demand growth.
Worldwide spare crude oil production capacity has recently diminished. Only Saudi Arabia has spare production capacity.
Downstream sectors such as refining and shipping are expected to remain tight.
Geo-political risks, such as the continued insurgency in Iraq and political unrest in Nigeria and Venezuela, are expected to keep the uncertainty premium high.

Market Impacts

Hydro
The weighted average runoff forecast for the Western U.S. for Water Year 2005 is 81% of normal. Although this forecast is below average, it is higher than last year's runoff and much higher than the 2001 runoff.

On May 6, the Northwest River Forecast Center's updated runoff forecast was 70% of normal at the Dalles in January through July. Beneficial rains continued during April with warm temperatures. The warm temperatures and rain depleted an already deficient snowpack.

On May 9, the California Department of Water Resources (CDWR) predicted the runoff to be at California rivers 117% of normal in April through July.
Winter storms and the healthy Sierra snowpack they produced should help with hydroelectric power generation in the state this summer, especially in Southern California, utilities say.

On May 1, the Colorado River Basin's inflow for water year 2005 was forecasted to be 134 percent of average by the Colorado Basin River Forecast Center.

Weather
According to the National Weather Service, May 10, 2005, the outlook for May 16-20 called for above normal temperatures for most of the Western states, and mostly normal temperatures for the rest of the nation.

The National Weather Service is forecasting above normal temperatures in the Western U.S. for the period of June to September.

April temperatures were above average for most of the U.S. Heating degrees in Southern California were almost 16% below normal in April.

Economy
Real gross domestic product--the output of goods and services produced by labor and property located in the United States--increased at an annual rate of 3.1 percent in the first quarter of 2005, according to advance estimates released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 3.8 percent.



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Related Info:

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California Independent System Operator (Internet)

DOE Energy Information Administration (Internet)

FERC (Internet)

National Petroleum Council (Internet)

10-Day Temperature Outlook for the U.S. (Internet)

SNOTEL - River Basin Snow Content (Internet)

Northwest River Forecast Center (Internet)

Western Energy Market Update - available only to Sempra utilities and Corporate Center employees (via the CandI intranet)

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