US Market News
2日前
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
US Market News
1月前
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
US Market News
3月前
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
US Market News
3月前
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
US Market News
4月前
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
US Market News
4月前
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
tp2rla
20年前
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
tp2rla
21年前
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.
_____
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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