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Sempra Reports Third-Quarter 2025 Results

Advances 45% Equity Sale at Sempra Infrastructure Partners Expect 30%+ Increase in Oncor's 5-Year Capital Plan SAN DIEGO, Nov. 5, 2025 /PRNewswire/ -- Sempra (NYSE: SRE) today reported third-quarter 2025 earnings, prepared in accordance with Generally Accepted Accounting Principles (GAAP), of $77 million or $0.12 per diluted share, compared to third-quarter 2024 GAAP earnings of $638 million or $1.00 per diluted share. On an adjusted basis, third-quarter 2025 earnings were $728 million or $1.11 per diluted share, compared to $566 million or $0.89 per diluted share in 2024. "We are pleased with another solid quarter of financial performance," said Jeffrey W. Martin, chairman and CEO of Sempra. "We continue to make significant progress on our near-term value creation initiatives and we are pleased with our year-to-date financial results." Sempra's GAAP earnings for the first nine months of 2025 were $1.444 billion, or $2.21 per diluted share, compared with GAAP earnings of $2.152 billion, or $3.38 per diluted share, in the first nine months of 2024. Adjusted earnings for the first nine months of 2025 were $2.253 billion, or $3.45 per diluted share, compared to $1.987 billion, or $3.12 per diluted share, in the first nine months of 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 third-quarter and first nine months of 2025 and 2024. (Dollars and shares in millions, except EPS) Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 GAAP Earnings $ 77 $ 638 $ 1,444 $ 2,152 Impact from regulatory disallowances — — 25 — Impact from foreign currency and inflation on monetary positions in Mexico 32 (67) 121 (178) Net unrealized losses (gains) on derivatives 26 (5) 36 13 Net unrealized losses on interest rate swaps related to Port Arthur LNG Phase 1 project 1 — 9 — Tax items related to assets held for sale 514 — 540 — Impact from foreign tax credit valuation allowance related to TCJA 78 — 78 — Adjusted Earnings (1) $ 728 $ 566 $ 2,253 $ 1,987 Diluted Weighted-Average Common Shares Outstanding 654 638 653 637 GAAP EPS $ 0.12 $ 1.00 $ 2.21 $ 3.38 Adjusted EPS (1) $ 1.11 $ 0.89 $ 3.45 $ 3.12 (1) See Table A for information regarding non-GAAP financial measures. Update on Value Creation Initiatives During the quarter, Sempra announced a strategic transaction to sell a 45% equity interest in Sempra Infrastructure Partners (SI Partners) to affiliates of KKR. The sale directly supports Sempra's five value creation initiatives, which were designed to simplify Sempra's business model, efficiently fund a record capital campaign and improve financial strength. The transaction is expected to close in Q2 – Q3 2026, subject to necessary regulatory and other approvals and other closing conditions. With respect to the planned sale of Ecogas México, S. de R.L. de C.V., the sales process continues to advance with strong interest from strategic and financial buyers. Sempra Texas Oncor Electric Delivery Company LLC (Oncor) continues to advance critical transmission and distribution infrastructure projects to increase electric reliability in Texas. In fact, the company expects to be responsible for more than half of the investment for the Electric Reliability Council of Texas, Inc. (ERCOT) 765-kV Strategic Transmission Expansion Plan — supporting current energy needs as well as future growth across the state. Together with new capital investments on its distribution grid, these investments support Oncor's expectation of higher levels of capital spending. Building on its $36 billion 2025-2029 base capital plan, the company now anticipates more than a 30% increase in its roll-forward 2026-2030 base capital plan. In the third quarter of 2025, Oncor built, rebuilt, or upgraded approximately 660 circuit miles of transmission and distribution lines and increased premises by nearly 16,000, reflecting ongoing population and business growth across North Texas. At quarter-end, Oncor's active large commercial and industrial interconnection queue included over 600 requests — an increase of about 60% as compared to the same time last year. These include approximately 210 gigawatts from data centers and over 16 gigawatts of load from other industrial sectors, signaling broad-based growth across Oncor's service territory. Oncor's pending base rate review continues to advance. In September, the administrative law judge assigned to Oncor's base rate review approved a settlement agreement among the parties relating to interim rates that provides, if the proceeding is still pending on January 1, 2026, Oncor will be able to surcharge (or refund) final approved rates back to that date. In advance of the scheduled hearing on the merits in mid-November, Oncor continues to engage in settlement discussions with parties. Sempra California In September, California enacted Senate Bill 254, establishing an up to $18 billion continuation account to strengthen the state wildfire fund's long-term stability and improve liquidity for future claims. This important development enhances financial protections for the state's investor-owned electric utilities, supporting San Diego Gas & Electric Company's (SDGE) mission to deliver safe, reliable energy to consumers as affordably as possible. As part of broader modernization efforts, SDGE and Southern California Gas Company (SoCalGas) are pursuing California Public Utilities Commission approval for cost-saving measures to enhance affordability. SDGE is proposing to discontinue select energy efficiency programs to lower administrative expenses, while SoCalGas plans to close its remaining branch offices and transition to a digital-first service model. Together, these actions are projected to save customers over $300 million between 2026 and 2031. Sempra Infrastructure During the third quarter, Sempra Infrastructure reached a final investment decision to advance the development, construction and operation of Port Arthur LNG Phase 2. Phase 2 is subscribed with long-term offtake under 20-year sales and purchase agreements. With the start of construction on Port Arthur LNG Phase 2, Sempra Infrastructure is advancing six major projects, including key LNG developments on North America's Pacific and Gulf Coasts. Earnings Guidance Sempra is updating its full-year 2025 GAAP earnings-per-common-share (EPS) guidance range of $3.05 to $3.45, reflecting actual results through the third quarter, affirming its full-year 2025 adjusted EPS guidance range of $4.30 to $4.70, and affirming its full-year 2026 EPS guidance range of $4.80 to $5.30. The company is also affirming its guidance to the high-end or above its projected long-term EPS compound annual growth rate of 7% to 9% for 2025 through 2029. 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 logging onto the Investors section of the company's website, sempra.com/investors. The webcast will be available on replay a few hours after its conclusion at sempra.com/investors. About Sempra Sempra is a leading North American energy infrastructure company focused on delivering energy to nearly 40 million consumers. As owner of one of the largest energy networks on the continent, Sempra is electrifying and improving the energy resilience of some of the world's most significant economic markets, including California, Texas, Mexico and global energy markets. The company is recognized as a leader in sustainable business practices and for its high-performance culture focused on safety and operational excellence, as demonstrated by Sempra's inclusion in the Dow Jones Sustainability Index North America. More information about Sempra is available at sempra.com and on social media @Sempra. 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, 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), Comisión Nacional de Energía, 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 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 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 San Diego Gas & Electric Company's (SDG&E) and Southern California Gas Company's (SoCalGas) customer rates and their cost of capital and on SDG&E's, SoCalGas' and Sempra Infrastructure's ability to pass through higher costs to customers due to (i) volatility in inflation, interest rates and commodity prices and the imposition of tariffs, (ii) with respect to SDG&E's and SoCalGas' businesses, the cost of meeting the demand for lower carbon and reliable energy in California, and (iii) with respect to Sempra Infrastructure's business, volatility in 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, 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. SEMPRA Table A CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in millions, except per share amounts; shares in thousands) Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 REVENUES Utilities: Natural gas $ 1,363 $ 1,195 $ 5,195 $ 4,798 Electric 1,260 1,069 3,350 3,269 Energy-related businesses 528 512 1,408 1,360 Total revenues 3,151 2,776 9,953 9,427 EXPENSES AND OTHER INCOME Utilities: Cost of natural gas (210) (99) (886) (790) Cost of electric fuel and purchased power (122) 18 (265) (227) Energy-related businesses cost of sales (117) (134) (321) (297) Operation and maintenance (1,349) (1,326) (3,931) (3,871) Depreciation and amortization (662) (614) (1,955) (1,811) Franchise fees and other taxes (194) (175) (555) (515) Other income, net 49 65 199 194 Interest income 17 17 65 47 Interest expense (403) (328) (1,195) (944) Income before income taxes and equity earnings 160 200 1,109 1,213 Income tax (expense) benefit (482) 105 (711) 63 Equity earnings 472 454 1,190 1,235 Net income 150 759 1,588 2,511 Earnings attributable to noncontrolling interests (55) (110) (103) (325) Preferred deemed dividends (11) — (11) — Preferred dividends (7) (11) (29) (33) Preferred dividends of subsidiary — — (1) (1) Earnings attributable to common shares $ 77 $ 638 $ 1,444 $ 2,152 Basic earnings per common share (EPS): Earnings $ 0.12 $ 1.01 $ 2.21 $ 3.40 Weighted-average common shares outstanding 652,948 633,752 652,538 633,342 Diluted EPS: Earnings $ 0.12 $ 1.00 $ 2.21 $ 3.38 Weighted-average common shares outstanding 654,009 638,061 653,420 636,566 SEMPRA Table A (Continued) RECONCILIATION OF SEMPRA ADJUSTED EARNINGS TO SEMPRA GAAP EARNINGS Sempra 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 September 30, 2025: $(32) million impact from foreign currency and inflation on our monetary positions in Mexico $(26) million net unrealized losses on commodity derivatives $(1) 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) $(514) million net income tax expense as a result of management's decision to classify Sempra Infrastructure Partners, LP (SI Partners) as held for sale, which such amounts could change in future periods until the date of sale: $(705) million income tax expense to adjust deferred income tax liabilities primarily related to the outside basis differences in our investment in SI Partners $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 Tax Cut and Jobs Act of 2017 (TCJA) Three months ended September 30, 2024: $67 million impact from foreign currency and inflation on our monetary positions in Mexico $5 million net unrealized gains on commodity derivatives Nine months ended September 30, 2025: $(25) million impact from regulatory disallowances related to the recovery of coronavirus disease 2019 (COVID-19) costs at Sempra California $(121) million impact from foreign currency and inflation on our monetary positions in Mexico $(36) million net unrealized losses on commodity derivatives $(9) million net unrealized losses on interest rate swaps related to the PA LNG Phase 1 project $(540) million net income tax expense as a result of management's decision to classify 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: $(705) million income tax expense to adjust deferred income tax liabilities primarily related to the outside basis differences in our investment in SI Partners $(26) 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 TCJA Nine months ended September 30, 2024: $178 million impact from foreign currency and inflation on our monetary positions in Mexico $(13) million net unrealized losses on commodity derivatives 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 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. The table below reconciles for historical periods these non-GAAP financial measures 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 amount Income tax expense (benefit) (1) Non-controlling interests Earnings Diluted EPS Pretax amount Income tax (benefit) expense (1) Non-controlling interests Earnings Diluted EPS Three months ended September 30, 2025 Three months ended September 30, 2024 Sempra GAAP Earnings and GAAP EPS $ 77 $ 0.12 $ 638 $ 1.00 Excluded items: Impact from foreign currency and inflation on monetary positions in Mexico $ 3 $ 45 $ (16) 32 0.04 $ (22) $ (78) $ 33 (67) (0.10) Net unrealized losses (gains) on commodity derivatives 49 (5) (18) 26 0.04 (11) 2 4 (5) (0.01) Net unrealized losses on interest rate swaps related to PA LNG Phase 1 project 4 — (3) 1 — — — — — — Tax items related to assets held for sale — 514 — 514 0.79 — — — — — Impact from foreign tax credit valuation allowance related to TCJA — 78 — 78 0.12 — — — — — Sempra Adjusted Earnings and Adjusted EPS $ 728 $ 1.11 $ 566 $ 0.89 Weighted-average common shares outstanding, diluted 654,009 638,061 Nine months ended September 30, 2025 Nine months ended September 30, 2024 Sempra GAAP Earnings and GAAP EPS $ 1,444 $ 2.21 $ 2,152 $ 3.38 Excluded items: Impact from regulatory disallowances $ 36 $ (11) $ — 25 0.04 $ — $ — $ — — — Impact from foreign currency and inflation on monetary positions in Mexico 25 157 (61) 121 0.18 (52) (211) 85 (178) (0.28) Net unrealized losses on commodity derivatives 72 (14) (22) 36 0.06 24 (3) (8) 13 0.02 Net unrealized losses on interest rate swaps related to PA LNG Phase 1 project 60 (3) (48) 9 0.01 — — — — — Tax items related to assets held for sale — 552 (12) 540 0.83 — — — — — Impact from foreign tax credit valuation allowance related to TCJA — 78 — 78 0.12 — — — — — Sempra Adjusted Earnings and Adjusted EPS $ 2,253 $ 3.45 $ 1,987 $ 3.12 Weighted-average common shares outstanding, diluted 653,420 636,566 (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) RECONCILIATION OF SEMPRA 2025 ADJUSTED EPS GUIDANCE RANGE TO SEMPRA 2025 GAAP EPS GUIDANCE RANGE Sempra 2025 Adjusted EPS Guidance Range of $4.30 to $4.70 excludes items (after the effects of income taxes and, if applicable, NCI) as follows: $(25) million impact from regulatory disallowances related to the recovery of COVID-19 costs at Sempra California $(121) million impact from foreign currency and inflation on our monetary positions in Mexico $(36) million net unrealized losses on commodity derivatives $(9) million net unrealized losses on interest rate swaps related to the PA LNG Phase 1 project $(540) 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: $(705) million income tax expense to adjust deferred income tax liabilities primarily related to the outside basis differences in our investment in SI Partners $(26) 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 TCJA Sempra 2025 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 net unrealized gains and losses on commodity and interest rate derivatives for the nine months ended September 30, 2025, 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. This non-GAAP financial measure does not contemplate the anticipated impacts of the proposed sale of Ecogas and the planned sale of a portion of our equity interest in SI Partners, which combined are expected to be accretive. We expect to complete the sales in the second or third quarter of 2026. Sempra 2025 Adjusted EPS Guidance Range should not be considered an alternative to Sempra 2025 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. The table below reconciles Sempra 2025 Adjusted EPS Guidance Range to Sempra 2025 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 2025 Sempra GAAP EPS Guidance Range $ 3.05 to $ 3.45 Excluded items: Impact from regulatory disallowances 0.04 0.04 Impact from foreign currency and inflation on monetary positions in Mexico 0.19 0.19 Net unrealized losses on commodity derivatives 0.06 0.06 Net unrealized losses on interest rate swaps related to PA LNG Phase 1 project 0.01 0.01 Tax items related to assets held for sale 0.83 0.83 Impact from foreign tax credit valuation allowance related to TCJA 0.12 0.12 Sempra Adjusted EPS Guidance Range $ 4.30 to $ 4.70 Weighted-average common shares outstanding, diluted (millions) 654 SEMPRA Table B CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in millions) September 30, December 31, 2025 2024 (1) ASSETS Current assets: Cash and cash equivalents $ 5 $ 1,565 Restricted cash 2 21 Accounts receivable – trade, net 1,409 1,983 Accounts receivable – other, net 200 397 Due from unconsolidated affiliates — 13 Income taxes receivable 79 90 Inventories 565 559 Prepaid expenses 247 255 Regulatory assets 500 60 Fixed-price contracts and other derivatives 35 91 Greenhouse gas allowances 200 217 Assets held for sale 28,465 — Other current assets 19 34 Total current assets 31,726 5,285 Other assets: Restricted cash — 3 Regulatory assets 4,298 3,937 Greenhouse gas allowances 1,237 845 Nuclear decommissioning trusts 897 875 Dedicated assets in support of certain benefit plans 585 585 Deferred income taxes 19 172 Right-of-use assets – operating leases 1,219 1,177 Investment in Oncor Holdings 17,038 15,400 Other investments 144 2,534 Goodwill — 1,602 Other intangible assets — 292 Wildfire fund 250 262 Other long-term assets 1,155 1,749 Total other assets 26,842 29,433 Property, plant and equipment, net 48,351 61,437 Total assets $ 106,919 $ 96,155 (1) Derived from audited financial statements. SEMPRA Table B (Continued) CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in millions) September 30, December 31, 2025 2024 (1) LIABILITIES, CONTINGENTLY REDEEMABLE NONCONTROLLING INTEREST, AND EQUITY Current liabilities: Short-term debt $ 1,833 $ 2,016 Accounts payable – trade 1,301 2,238 Accounts payable – other 219 208 Due to unconsolidated affiliates 17 — Dividends and interest payable 910 773 Accrued compensation and benefits 486 558 Regulatory liabilities 4 141 Mandatorily redeemable preferred stock 900 — Current portion of long-term debt and finance leases 1,875 2,274 Greenhouse gas obligations 200 217 Liabilities held for sale 11,175 — Other current liabilities 1,068 1,251 Total current liabilities 19,988 9,676 Long-term debt and finance leases 28,985 31,558 Deferred credits and other liabilities: Due to unconsolidated affiliates — 352 Regulatory liabilities 4,027 3,817 Greenhouse gas obligations 947 506 Pension and other postretirement benefit plan obligations, net of plan assets 127 168 Deferred income taxes 6,105 5,845 Asset retirement obligations 3,781 3,737 Deferred credits and other 2,740 2,708 Total deferred credits and other liabilities 17,727 17,133 Contingently redeemable noncontrolling interest 1,933 — Equity: Sempra shareholders' equity 31,152 31,222 Preferred stock of subsidiary 20 20 Other noncontrolling interests 7,114 6,546 Total equity 38,286 37,788 Total liabilities, contingently redeemable noncontrolling interest, and equity $ 106,919 $ 96,155 (1) Derived from audited financial statements. SEMPRA Table C CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in millions) Nine months ended September 30, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 1,588 $ 2,511 Adjustments to reconcile net income to net cash provided by operating activities 1,593 583 Net change in working capital components (745) 55 Distributions from investments 828 654 Changes in other noncurrent assets and liabilities, net 112 (261) Net cash provided by operating activities 3,376 3,542 CASH FLOWS FROM INVESTING ACTIVITIES Expenditures for property, plant and equipment (7,201) (5,765) Expenditures for investments (1,492) (588) Purchases of nuclear decommissioning and other trust assets (746) (658) Proceeds from sales of nuclear decommissioning and other trust assets 831 704 Other 3 11 Net cash used in investing activities (8,605) (6,296) CASH FLOWS FROM FINANCING ACTIVITIES Common dividends paid (1,195) (1,121) Preferred dividends paid (22) (22) Issuances of common stock 26 26 Repurchases of common stock (58) (41) Issuances of debt (maturities greater than 90 days) 8,892 6,437 Payments on debt (maturities greater than 90 days) and finance leases (4,142) (2,216) Decrease in short-term debt, net (170) (929) Advances from unconsolidated affiliates 96 85 Contributions from contingently redeemable noncontrolling interest, net of transaction costs 3,212 — Proceeds from investor equity subscription 106 — Contributions from noncontrolling interests 137 1,121 Distributions to noncontrolling interests (131) (235) Other (90) (39) Net cash provided by financing activities 6,661 3,066 Effect of exchange rate changes on cash, cash equivalents and restricted cash 4 (11) Increase in cash, cash equivalents and restricted cash 1,436 301 Cash, cash equivalents and restricted cash, January 1 1,589 389 Cash, cash equivalents and restricted cash, September 30 $ 3,025 $ 690 SEMPRA Table D SEGMENT EARNINGS (LOSSES) AND CAPITAL EXPENDITURES (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 EARNINGS (LOSSES) ATTRIBUTABLE TO COMMON SHARES Sempra California $ 370 $ 247 $ 1,353 $ 1,145 Sempra Texas Utilities 306 261 660 646 Sempra Infrastructure (580) 230 (362) 652 Segment earnings attributable to common shares 96 738 1,651 2,443 Parent and other (19) (100) (207) (291) Sempra earnings attributable to common shares $ 77 $ 638 $ 1,444 $ 2,152 CAPITAL EXPENDITURES FOR PROPERTY, PLANT AND EQUIPMENT Sempra California $ 1,019 $ 1,117 $ 3,334 $ 3,329 Sempra Infrastructure 1,541 816 3,863 2,433 Segment totals 2,560 1,933 7,197 5,762 Parent and other 1 2 4 3 Total Sempra $ 2,561 $ 1,935 $ 7,201 $ 5,765 CAPITAL EXPENDITURES FOR INVESTMENTS Sempra Texas Utilities $ 519 $ 193 $ 1,490 $ 578 Sempra Infrastructure 1 8 2 10 Total Sempra $ 520 $ 201 $ 1,492 $ 588 SEMPRA Table E OTHER OPERATING STATISTICS Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 UTILITIES Sempra California Gas sales (Bcf) (1) 56 54 247 254 Transportation (Bcf) (1) 141 157 386 419 Total deliveries (Bcf) (1) 197 211 633 673 Total gas customer meters (thousands) 7,126 7,107 Electric sales (millions of kWhs) (1) 820 857 2,145 2,453 Community Choice Aggregation and Direct Access (millions of kWhs) 3,751 3,962 10,287 10,023 Total deliveries (millions of kWhs) (1) 4,571 4,819 12,432 12,476 Total electric customer meters (thousands) 1,545 1,529 Oncor Electric Delivery Company LLC (Oncor) (2) Total deliveries (millions of kWhs) 50,761 46,208 131,993 123,864 Total electric customer meters (thousands) 4,100 4,027 Ecogas Natural gas sales (Bcf) 1 1 3 3 Natural gas customer meters (thousands) 168 162 ENERGY-RELATED BUSINESSES Sempra Infrastructure Termoeléctrica de Mexicali (millions of kWhs) 1,001 1,081 2,479 2,711 Wind and solar (millions of kWhs) (1) 643 687 2,231 2,294 (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. SEMPRA Table F STATEMENTS OF OPERATIONS DATA BY SEGMENT (Dollars in millions) Sempra California Sempra Texas Utilities (1) Sempra Infrastructure Consolidating Adjustments, Parent & Other Total Three months ended September 30, 2025 Revenues $ 2,613 $ 555 $ (17) $ 3,151 Depreciation and amortization (591) (69) (2) (662) Interest income 2 10 5 17 Interest expense (2) (234) (16) (153) (403) Income tax benefit (expense) 128 (792) 182 (482) Equity earnings $ 307 165 472 Earnings attributable to noncontrolling interests (55) (55) Other segment items (3) (1,548) (1) (378) (34) (1,961) Earnings (losses) attributable to common shares $ 370 $ 306 $ (580) $ (19) $ 77 Three months ended September 30, 2024 Revenues $ 2,256 $ 538 $ (18) $ 2,776 Depreciation and amortization (536) (76) (2) (614) Interest income 4 7 6 17 Interest expense (213) — (115) (328) Income tax benefit 37 43 25 105 Equity earnings $ 263 191 454 Earnings attributable to noncontrolling interests (110) (110) Other segment items (3) (1,301) (2) (363) 4 (1,662) Earnings (losses) attributable to common shares $ 247 $ 261 $ 230 $ (100) $ 638 (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, operation and maintenance expense (O&M), franchise fees and other taxes, and other income (expense), net, for Sempra California; O&M, interest expense, and income tax expense for Sempra Texas Utilities related to activities at the holding company; and cost of natural gas, energy-related businesses cost of sales, O&M, franchise fees and other taxes, and other income (expense), net, for Sempra Infrastructure. SEMPRA Table F (Continued) STATEMENTS OF OPERATIONS DATA BY SEGMENT (Dollars in millions) Sempra California Sempra Texas Utilities (1) Sempra Infrastructure Consolidating Adjustments, Parent & Other Total Nine months ended September 30, 2025 Revenues $ 8,504 $ 1,511 $ (62) $ 9,953 Depreciation and amortization (1,727) (223) (5) (1,955) Interest income 7 34 24 65 Interest expense (2) (687) (87) (421) (1,195) Income tax benefit (expense) 63 (1,045) 271 (711) Equity earnings $ 665 525 1,190 Earnings attributable to noncontrolling interests (103) (103) Other segment items (3) (4,807) (5) (974) (14) (5,800) Earnings (losses) attributable to common shares $ 1,353 $ 660 $ (362) $ (207) $ 1,444 Nine months ended September 30, 2024 Revenues $ 8,022 $ 1,466 $ (61) $ 9,427 Depreciation and amortization (1,585) (221) (5) (1,811) Interest income 12 19 16 47 Interest expense (627) — (317) (944) Income tax (expense) benefit (90) 67 86 63 Equity earnings $ 652 583 1,235 Earnings attributable to noncontrolling interests (325) (325) Other segment items (3) (4,587) (6) (937) (10) (5,540) Earnings (losses) attributable to common shares $ 1,145 $ 646 $ 652 $ (291) $ 2,152 (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, O&M, franchise fees and other taxes, other income (expense), net, and preferred dividends for Sempra California; O&M, interest expense, and income tax expense for Sempra Texas Utilities related to activities at the holding company; and cost of natural gas, energy-related businesses cost of sales, O&M, franchise fees and other taxes, and other income (expense), net, for Sempra Infrastructure. SOURCE Sempra

Form 10-Q - 2025

Sempra to Report Third-Quarter 2025 Earnings November 5

SAN DIEGO, Oct. 15, 2025 /PRNewswire/ -- Sempra (NYSE: SRE) plans to release its third-quarter 2025 earnings by 8 a.m. ET on Wednesday, November 5. Jeffrey W. Martin, chairman and CEO, Karen Sedgwick, executive vice president and chief financial officer, and other senior leaders from across the company will host a conference call at 12 p.m. ET on Wednesday, November 5. Investors, media, analysts and the public may listen to a live webcast of the conference call by registering on Sempra's Investors site, part of the company's website, and clicking on the appropriate link. An accompanying slide presentation detailing the earnings results will be published to the Investors site prior to market open on Wednesday, November 5. For those unable to attend the live webcast, it will be available on replay a few hours after its conclusion. About Sempra Sempra is a leading North American energy infrastructure company focused on delivering energy to nearly 40 million consumers. As owner of one of the largest energy networks on the continent, Sempra is electrifying and improving the energy resilience of some of the world's most significant economic markets, including California, Texas, Mexico and global energy markets. The company is recognized as a leader in sustainable business practices and for its high-performance culture focused on safety and operational excellence, as demonstrated by Sempra's inclusion in the Dow Jones Sustainability Index North America. More information about Sempra is available at sempra.com and on social media @Sempra. SOURCE Sempra

Sempra to Participate in the Wolfe Research Utilities, Midstream & Clean Energy Conference 2025

SAN DIEGO, Sept. 26, 2025 /PRNewswire/ -- Sempra (NYSE: SRE) today announced that company management will participate in the Wolfe Research Utilities, Midstream & Clean Energy Conference 2025. Jeffrey W. Martin, chairman and CEO of Sempra, Karen Sedgwick, executive vice president and CFO of Sempra, Justin Bird, executive vice president of Sempra and CEO of Sempra Infrastructure, and Allen Nye, CEO of Oncor Electric Delivery Company LLC, will meet with investors during the conference. Martin will deliver a keynote presentation on Sept. 30, 2025, at 12 p.m. EST, highlighting Sempra's previously announced capital recycling transaction and strategic reinvestment of proceeds into its utility-focused capital campaign. About Sempra Sempra is a leading North American energy infrastructure company focused on delivering energy to nearly 40 million consumers. As owner of one of the largest energy networks on the continent, Sempra is electrifying and improving the energy resilience of some of the world's most significant economic markets, including California, Texas, Mexico and global energy markets. The company is recognized as a leader in sustainable business practices and for its high-performance culture focused on safety and operational excellence, as demonstrated by Sempra's inclusion in the Dow Jones Sustainability Index North America. More information about Sempra is available at sempra.com and on social media @Sempra. SOURCE Sempra

Power Your Career

Are you looking for the direct path to your finance or accounting career? At Sempra and SDG&E, we provide the resources and opportunity to transfrom bright students into confident, well-rounded, valuable employees with a strong network of accounting and finance connections.

Sempra Announces Strategic Transactions Advancing Goal of Building Leading U.S. Utility Growth Business

Agreement to Sell 45% of Sempra Infrastructure Partners for $10 billion in cash Accretive Transaction Improves Sempra's Financial Strength Efficiently Funds 2025–2029 Capital Plan without Equity Issuances Reached Final Investment Decision for Port Arthur LNG Phase 2 Hosting Conference Call at 11 a.m. EST SAN DIEGO, Sept. 23, 2025 /PRNewswire/ -- Sempra (NYSE: SRE) today announced several strategic actions that advance Sempra's corporate strategy. The company is executing on five value creation initiatives designed to simplify Sempra's business model, improve financial performance and reduce risk. The company expects these initiatives to strengthen its ability to deliver improved earnings growth while driving enhanced benefits for customers and communities across its service territories. "The transactions announced today further Sempra's corporate strategy by advancing the company's capital recycling program and transition to a leading U.S. utility growth business," said Jeffrey W. Martin, chairman and CEO of Sempra. Sale of Equity Stake in Sempra Infrastructure Partners Sempra announced that it has agreed to sell a 45% equity interest in Sempra Infrastructure Partners, one of North America's leading energy infrastructure platforms, to affiliates of KKR, a leading global investment firm, with Canada Pension Plan Investment Board (CPP Investments). Subject to adjustments, the transaction proceeds of $10 billion implies an equity value of $22.2 billion and an enterprise value of $31.7 billion for Sempra Infrastructure Partners. Before adjustments, Sempra is expected to receive 47% of the cash at close, 41% by year-end 2027 and the balance approximately seven years after closing. This schedule helps Sempra generate attractive post-closing interest income as it efficiently reinvests proceeds over time in capital expenditures at its U.S. utilities. The transaction is expected to close in Q2 – Q3 2026, subject to necessary regulatory and other approvals and closing conditions. Upon closing, a KKR-led consortium will become the majority owner of Sempra Infrastructure Partners, holding a 65% equity stake, while Sempra will retain a 25% interest alongside Abu Dhabi Investment Authority's (ADIA) existing 10% stake. Under the terms of the agreement, Sempra and ADIA will have certain minority rights in Sempra Infrastructure Partners. "The transaction announced today underscores our commitment to extend our strategic partnership with KKR, with whom we have a shared vision of improving America's position as a global leader in LNG exports," said Martin. "It also directly supports our five value creation initiatives designed to simplify our business, efficiently fund strong utility growth in Texas and California and improve our financial strength." "Over the past four years, we have developed a close relationship with the Sempra Infrastructure Partners team and a deep understanding of their business," said Raj Agrawal, Global Head of Real Assets at KKR. "We are excited to grow this strategic partnership and are pleased to welcome CPP Investments alongside us as we work to expand Sempra Infrastructure Partners' assets to help meet growing global demand for energy." The transaction also helps strengthen Sempra's credit profile, deconsolidates Sempra Infrastructure Partners, improves Sempra's business mix with a goal of approximately 95% earnings from regulated U.S. utilities and eliminates the need for equity issuances in the previously announced 2025-2029 capital plan. Key expected benefits from the transaction announced today: Sharpens focus on building a leading U.S. utility growth business Reduces business risk by lowering exposure to non-utility investments Strengthens balance sheet Improves credit profile and FFO-to-debt Adds five-year average annual accretion of $0.20 of earnings per common share (EPS) starting in 2027 Highlights value of LNG franchise Eliminates planned common equity needs in previously announced 2025 – 2029 capital plan Port Arthur Phase 2 Final Investment Decision Sempra also announced today that Sempra Infrastructure Partners has reached a final investment decision to advance the development, construction and operation of Port Arthur LNG Phase 2. This new phase will include two natural gas liquefaction trains, one LNG storage tank and associated facilities with a nameplate capacity of approximately 13 million tonnes per annum (Mtpa ) of U.S.-produced LNG . Incremental project capital expenditures at Phase 2 are estimated at $12 billion , plus an approximate $2 billion payment for shared common facilities, with commercial operations expected in 2030 and 2031 for Trains 3 and 4, respectively. Funding for Phase 2 is supported by an equity investment led by Blackstone Credit & Insurance, together with an investor consortium including KKR, Apollo-managed funds and Private Credit at Goldman Sachs Alternatives. Together these investors have acquired a 49.9% minority equity interest for $7 billion. Sempra Infrastructure Partners has retained a 50.1% majority stake in the project. In addition to securing 100% equity financing, Sempra Infrastructure Partners has contracted with global engineering, construction and project management firm Bechtel Energy Inc., which has received full notice to proceed for the project. Bechtel's continued involvement from Phase 1 into Phase 2 is expected to drive favorable economics and help mitigate execution risk by leveraging efficiencies and learnings across phases. Phase 2 is subscribed with long-term offtake under 20-year sales and purchase agreements with strategic partner ConocoPhillips as anchor, and high-quality counterparties EQT, JERA Co. Inc. and Sempra Infrastructure Partners. Consistent with industry practice, Sempra Infrastructure Partners expects to enter into additional offtake agreements from time to time to enhance the overall economic value of the project. Earnings Guidance Sempra is updating its full-year 2025 EPS guidance range prepared in accordance with Generally Accepted Accounting Principles (GAAP) to $3.29 to $3.69 , reflecting actual results through the second quarter and certain estimated tax impacts related to the equity sale transaction announced today that are expected to be recognized in the third quarter, and affirming its full-year 2025 adjusted EPS guidance range of $4.30 to $4.70 . With the Sempra Infrastructure Partners equity sale transaction expected to close in Q2 — Q3 of 2026, Sempra is affirming its full-year 2026 adjusted EPS guidance range of $4.80 to $5.30 . The company is also affirming its guidance to the high-end or above its projected long-term EPS compound annual growth rate of 7% to 9% for 2025 through 2029. Sempra intends to provide an update to its five-year capital plan during its fourth-quarter earnings call in February 2026 , subject to completion of the base rate review at Oncor . Non-GAAP Financial Measures Non-GAAP financial measures include Sempra's adjusted EPS guidance ranges and net debt, which is used in the calculation of implied enterprise value. See Table A for additional information regarding these non-GAAP financial measures. Conference Call Information and Additional Details Sempra is holding a conference call to discuss these transactions today, Sept. 23 at 11 a.m. EST with the company's senior management. Access is available by logging onto the Investors section of the company's website, sempra.com/investors. Supplemental materials that will be discussed during the call are available at the same website location where you can find a more detailed description of the anticipated transaction proceeds and the closing and other adjustments. A replay of the webcast will be available on Sempra's website a few hours after the completion of the broadcast. Transactions Advisors BofA Securities is serving as financial advisor to Sempra on the referenced Sempra Infrastructure Partners equity sale transaction, while Sullivan & Cromwell LLP is serving as legal advisor to Sempra on both transactions described herein. Citi is serving as financial advisor and Simpson Thacher is serving as legal advisor to KKR. Kirkland & Ellis LLP is serving as legal advisor to CPP Investments. For the Port Arthur Phase 2 project, Goldman Sachs & Co. LLC acted as exclusive Structuring Agent for Sempra Infrastructure Partners. Sullivan & Cromwell LLP and Baker Botts LLP served as legal counsel to Sempra Infrastructure Partners. About Sempra Sempra is an energy infrastructure company with one of the largest energy networks in North America. Through its operations in California, Texas and beyond, Sempra is electrifying and improving the energy resilience of some of the world's most significant economic markets and delivering everyday energy to nearly 40 million consumers. 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 Dow Jones Sustainability Index North America. More information 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: counterparty risk with respect to closing and post-closing payments; the ability to satisfy the conditions to closing, including the receipt of regulatory and other approvals; the ability to achieve the anticipated benefits of the transactions described herein; the effects on such transactions of industry, market, economic, political or regulatory conditions outside of Sempra's control; the effects on such transactions of disruptions to Sempra Infrastructure's businesses; transaction costs and purchase price adjustments; transaction-related tax and accounting impacts; the diversion of management time on transaction-related issues; California wildfires, including potential liability for damages regardless of fault and any inability to recover all or a substantial portion of costs from insurance, the wildfire fund established by California Assembly Bill 1054, rates from customers or a combination thereof; decisions, 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), Comisión Nacional de Energía, 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, including risks related to (i) being able to make a 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; 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 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 Sempra Infrastructure's ability to pass through higher costs to customers due to volatility in inflation, interest rates, foreign currency exchange rates and commodity prices and the imposition of tariffs; 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 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 capacity, including disruptions caused by failures in the transmission grid or pipeline and storage systems or limitations on the injection and withdrawal of natural gas from storage facilities; and other uncertainties, some of which are difficult to predict and beyond our control. These risks and uncertainties are further discussed in the reports that 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, San Diego Gas & Electric Company or Southern California Gas Company, nor are they regulated by the CPUC. SEMPRA Table A SEMPRA ADJUSTED EPS GUIDANCE RANGE Sempra 2025 and 2026 Adjusted EPS Guidance Ranges are non-GAAP financial measures. These non-GAAP financial measures exclude significant items that are generally not related to our ongoing business activities and/or 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 2025 ADJUSTED EPS GUIDANCE RANGE TO SEMPRA 2025 GAAP EPS GUIDANCE RANGE Sempra 2025 Adjusted EPS Guidance Range of $4.30 to $4.70 excludes items (after the effects of income taxes and, if applicable, noncontrolling interests) as follows: $(25) million impact from regulatory disallowances related to the recovery of coronavirus disease 2019 costs at Sempra California for the six months ended June 30, 2025 $(89) million impact from foreign currency and inflation on our monetary positions in Mexico for the six months ended June 30, 2025 $(10) million net unrealized losses on commodity derivatives for the six months ended June 30, 2025 $(8) million net unrealized losses on interest rate swaps related to the Port Arthur LNG liquefaction project (PA LNG Phase 1 project) for the six months ended June 30, 2025 $(526) million tax items related to assets held for sale at Sempra Infrastructure, which such amounts could change in future periods until the dates of sale: $(500) million income tax expense that will be recognized in the third quarter of 2025 to adjust deferred tax liabilities related to our outside basis differences in Sempra Infrastructure Partners, LP (Sempra Infrastructure Partners), changes to state income tax apportionment, and valuation allowances against certain tax attribute carryforwards $(26) million income tax expense that was recognized in the second quarter of 2025 due to the recognition of a Mexican deferred tax liability on our outside basis difference in Ecogas México, S. de R.L. de C.V. (Ecogas) Sempra 2025 Adjusted EPS Guidance Range should not be considered an alternative to Sempra 2025 GAAP EPS Guidance Range. The table below reconciles Sempra 2025 Adjusted EPS Guidance Range to Sempra 2025 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 2025 Sempra GAAP EPS Guidance Range $ 3.29 to $ 3.69 Excluded items: Impact from regulatory disallowances 0.04 0.04 Impact from foreign currency and inflation on monetary positions in Mexico 0.14 0.14 Net unrealized losses on commodity derivatives 0.02 0.02 Net unrealized losses on interest rate swaps related to PA LNG Phase 1 project 0.01 0.01 Tax items related to assets held for sale 0.80 0.80 Sempra Adjusted EPS Guidance Range $ 4.30 to $ 4.70 Weighted-average common shares outstanding, diluted (millions) 654 SEMPRA 2026 ADJUSTED EPS GUIDANCE RANGE We are unable to reconcile Sempra 2026 Adjusted EPS Guidance Range 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 net unrealized gains and losses on commodity derivatives net unrealized gains and losses on interest rate swaps related to the PA LNG Phase 1 project any potential gain from the proposed sale of Ecogas any potential gain from the agreement to sell an equity interest in Sempra Infrastructure Partners to 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 Sempra Infrastructure Partners that is subject to adjustments based on changes in carrying value, foreign exchange rates and inflation until the date of sale SEMPRA Table A (Continued) SEMPRA INFRASTRUCTURE PARTNERS ENTERPRISE VALUE Management and external users, such as industry analysts and investors, use Enterprise Value (EV) as a supplemental measure of valuation of Sempra Infrastructure Partners. EV is calculated using an implied equity value based on transaction proceeds adjusted for Projected Proportionate Net Debt at December 31, 2025, which represents a non-GAAP financial measure. This non-GAAP financial measure should not be considered in isolation or as a substitute for the amount prepared in accordance with GAAP. Projected Proportionate Net Debt includes Sempra Infrastructure Partners' proportionate ownership interest in expected net debt at unconsolidated equity method investees and excludes such amounts attributable to noncontrolling interests. SEMPRA INFRASTRUCTURE PARTNERS – EV (Dollars in billions) Implied equity value based on transaction proceeds $ 22.2 Projected Proportionate Net Debt at December 31, 2025 9.5 Enterprise Value $ 31.7 The table below reconciles Sempra Infrastructure Partners Projected Proportionate Net Debt to, what we consider to be, the most directly comparable measure calculated in accordance with GAAP. SEMPRA INFRASTRUCTURE PARTNERS – PROJECTED PROPORTIONATE NET DEBT (1) (Dollars in billions) Total debt (2) Cash and cash equivalents (3) Net debt At December 31, 2025 Projected – GAAP $ 8.4 $ (0.1) $ 8.3 At unconsolidated entities (4) 4.4 — 4.4 Attributable to NCI owners (5) (3.2) — (3.2) Projected – Proportionate $ 9.6 $ (0.1) $ 9.5 (1) Includes consolidation of Ecogas, which is held for sale, at December 31, 2025. (2) Includes short-term and long-term debt. (3) Excludes restricted cash. (4) Represents Sempra Infrastructure Partners' proportionate ownership interest at unconsolidated equity method investees. (5) Represents NCI's proportionate ownership interest. SOURCE Sempra

Sempra Declares Common and Preferred Dividends

SAN DIEGO, Sept. 17, 2025 /PRNewswire/ -- Sempra (NYSE: SRE) today announced that its board of directors has declared a $0.645 per share quarterly dividend on the company's common stock, which is payable Oct. 15, 2025, to common stock shareholders of record at the close of business on Oct. 1, 2025. Sempra's board of directors also declared a semi-annual dividend of $24.375 per share on the company's 4.875% Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock, Series C (the "Series C preferred stock"), which is payable Oct. 15, 2025, to Series C preferred stock shareholders of record at the close of business on Oct. 1, 2025. Sempra will redeem all of the outstanding shares of Series C preferred stock on Oct. 15, 2025, in accordance with the terms of such security and the redemption notice delivered to holders and dated Sept. 10, 2025. No further dividends on the Series C preferred stock will be declared or accrue after the redemption date. About SempraSempra is a leading North American energy infrastructure company focused on delivering energy to nearly 40 million consumers. As owner of one of the largest energy networks on the continent, Sempra is electrifying and improving the energy resilience of some of the world's most significant economic markets, including California, Texas, Mexico and global energy markets. The company is recognized as a leader in sustainable business practices and for its high-performance culture focused on safety and operational excellence, as demonstrated by Sempra's inclusion in the Dow Jones Sustainability Index North America. More information about Sempra is available at sempra.com and on social media @Sempra. SOURCE Sempra

San Diego Gas & Electric to Develop New Electric Transmission Line in Southern California

SAN DIEGO, Aug. 29, 2025 – San Diego Gas & Electric Company (SDG&E) today announced it will build, own and operate a new 500-kV transmission line running between the existing Imperial Valley Substation and the border of San Diego and Orange Counties. According to the California Independent System Operator (CAISO), this new project is essential for California to achieve its ambitious carbon reduction goals and the resilience and modernization of the electrical grid in Southern California by offering a new, critical pathway in a currently constrained area. Increasing transmission capacity across the region will help reduce unnecessary costs of congestion, integrate more clean energy, and expand access to resources in the Imperial Valley and the Southwest. “We are proud to undertake a project that is so vital to California’s customers. We must continue to strengthen our energy grid to meet the growing demand for electricity in the Southern California region and to advance the state’s clean energy goals – all while keeping affordability front and center,” said SDG&E President Scott Crider. “We will work closely with customers and communities through a robust stakeholder engagement process to ensure this critical line gets built responsibly.” This transmission pathway was recognized in CAISO’s 2022-2023 Transmission Plan, which identified the need for 45 transmission projects throughout the state, including this project. Costs to build and upgrade high-voltage transmission lines (200kV or higher) that provide statewide benefits are proportionately distributed among all California customers within CAISO’s Balancing Authority Area and governed by the Federal Regulatory Energy Commission. This is important because the costs of building transmission projects are shared across California, helping to limit the estimated cost impact on SDG&E customers to approximately 9%, based on current data. SDG&E is well positioned to deliver this project, backed by a proven track record in developing critical energy infrastructure – from large-scale transmission lines to advanced battery storage systems. The company will also integrate its nationally recognized wildfire safety program into the project. This award-winning initiative has helped prevent a catastrophic utility-caused wildfire for nearly 18 years, underscoring SDG&E’s commitment to safety and resilience. Importantly, SDG&E will begin an extensive community engagement process where the public will have multiple opportunities to submit feedback on ways to ensure the project is built responsibly as part of the state and federal permitting process. Construction on the transmission line is expected to begin in 2029, with a target in-service date of 2032, subject to obtaining necessary state and federal agency approvals and permits. # # # About SDG&E SDG&E is an innovative energy delivery company that provides clean, safe and reliable energy to better the lives of the people it serves in San Diego and southern Orange counties. The company is committed to creating a sustainable future by increasing energy delivered from low or zero-carbon sources; accelerating the adoption of electric vehicles; and investing in innovative technologies to ensure the reliable operation of the region's infrastructure for generations to come. SDG&E is a recognized leader in its industry and community, as demonstrated by being named Corporate Partner of the Year at the San Diego Business Journal’s Nonprofit & Corporate Citizenship Awards and receiving PA Consulting's ReliabilityOne ® Award for Outstanding Reliability Performance for 18 consecutive years. SDG&E is a subsidiary of Sempra (NYSE: SRE), a leading North American energy infrastructure company. For more information, visit SDGEnews.com or connect with SDG&E on social media @SDGE. ### 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,” “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, rates from customers or a combination thereof; 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. Federal Energy Regulatory Commission, U.S. Internal Revenue Service and other regulatory bodies and (ii) U.S. and states, counties, cities and other jurisdictions therein where we do business; the success of business development efforts and construction projects, including risks related to (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 electric power, natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid or pipeline and storage systems or limitations on the injection and withdrawal of natural gas from storage facilities; and other uncertainties, some of which are difficult to predict and beyond our control. These risks and uncertainties are further discussed in the reports that the company has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC’s website, www.sec.gov, and on Sempra’s website, www.sempra.com. Investors should not rely unduly on any forward-looking statements. Sempra Infrastructure, Sempra Infrastructure Partners, Sempra Texas, Sempra Texas Utilities, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.P.I. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company or Southern California Gas Company, nor are they regulated by the CPUC.

SoCalGas Declares Preferred Dividends

LOS ANGELES, Aug. 28, 2025 /PRNewswire/ -- The board of directors of Southern California Gas Company (SoCalGas) has declared regular quarterly dividends for the preferred series stock of the company as follows: SoCalGas: Preferred Stock $0.375 per share Preferred Stock, Series A $0.375 per share The dividends are payable on October 15, 2025, to shareholders of record on September 10, 2025. About SoCalGas SoCalGas is the largest gas distribution utility in the United States, serving more than 21 million consumers across approximately 24,000 square miles of Central and Southern California. Our mission is: Safe, Reliable, and Affordable energy delivery today. Ready for tomorrow. SoCalGas is a recognized leader in the energy industry and has been named Corporate Member of the Year by the Los Angeles Chamber of Commerce for its volunteer leadership in the communities it serves. SoCalGas is a subsidiary of Sempra (NYSE: SRE), a leading North American energy infrastructure company. For more information, visit SoCalGas.com/newsroom or connect with SoCalGas on social media @SoCalGas. SOURCE Southern California Gas Company

Sempra Infrastructure and EQT Announce Long-Term LNG Supply Agreement from Port Arthur LNG Phase 2

HOUSTON and PITTSBURGH, Aug. 27, 2025 /PRNewswire/ -- Sempra Infrastructure, a subsidiary of Sempra (NYSE: SRE), and EQT Corporation (NYSE: EQT) today announced a 20-year definitive sales and purchase agreement (SPA) for the supply of 2 million tonnes per annum (Mtpa) of liquefied natural gas (LNG) offtake from the Port Arthur LNG Phase 2 development project in Jefferson County, Texas. Pursuant to the SPA, EQT will purchase the LNG on a free-on-board basis at a price indexed to Henry Hub. "Advancing the Port Arthur LNG Phase 2 project with EQT reflects our mutual commitment to helping ensure U.S. natural gas projects continue to support local economic development and provide global markets with a stable, long-term supply of LNG," said Justin Bird, CEO of Sempra Infrastructure. "This development project can help fortify America's position as a leading energy exporter, which is a shared goal of EQT and Sempra Infrastructure." "This agreement underscores EQT's role in unleashing U.S. LNG that enhance global energy security while driving progress toward lower-carbon solutions," said Toby Z. Rice, president and CEO of EQT. "We are proud to partner with Sempra Infrastructure on this critical project, helping further the quest to ensure American energy dominance." The Port Arthur LNG Phase 2 development project is strategically positioned to help meet global energy demand and has attracted strong interest from prospective LNG buyers. In July 2025, Sempra Infrastructure signed a definitive 20-year SPA with JERA Co., Inc. for 1.5 Mtpa of LNG offtake. Earlier this month, Sempra Infrastructure expanded its strategic alliance with ConocoPhillips with a 20-year SPA for 4 Mtpa of LNG offtake from the proposed project. Future phases are also in the early development stage. In September 2023, the Federal Energy Regulatory Commission granted project approval, followed by an export authorization from the U.S. Department of Energy in May 2025, allowing LNG exports to countries without a free-trade agreement with the United States. All major permits for the Port Arthur LNG Phase 2 development project have been secured. Further advancing the project, Sempra Infrastructure also previously announced that Bechtel had been selected to deliver the engineering, procurement and construction of the Port Arthur LNG Phase 2 facility. With continued momentum in the project's development, Sempra Infrastructure continues to target making a final investment decision on the Port Arthur LNG Phase 2 project in 2025. Port Arthur LNG Phase 2 is expected to include two liquefaction trains capable of producing approximately 13 Mtpa of LNG, which could increase the total liquefaction capacity of the Port Arthur LNG facility from approximately 13 Mtpa for Phase 1 to up to approximately 26 Mtpa. Port Arthur LNG Phase 1, which is currently under construction, is expected to achieve commercial operations in 2027 and 2028 for trains 1 and 2, respectively. The development of the Port Arthur LNG Phase 2 project remains subject to various risks and uncertainties, including completing the required commercial agreements, securing and/or maintaining all necessary permits, obtaining financing and reaching a final investment decision, among other factors. About Sempra Infrastructure Sempra Infrastructure, headquartered in Houston, is focused on delivering energy for a better world by developing, building, operating and investing in modern energy infrastructure, such as LNG, energy networks and low-carbon solutions that are expected to play a crucial role in the energy systems of the future. Through the combined strength of its assets in North America, Sempra Infrastructure is connecting customers to safe and reliable energy and advancing energy security. Sempra Infrastructure is a subsidiary of Sempra (NYSE: SRE), a leading North American energy infrastructure company. For more information, visit semprainfrastructure.com or connect with Sempra Infrastructure on social media @SempraInfra. About EQT Corporation EQT Corporation is a premier, vertically integrated American natural gas company with production and midstream operations focused in the Appalachian Basin. We are dedicated to responsibly developing our world-class asset base and being the operator of choice for our stakeholders. By leveraging a culture that prioritizes operational efficiency, technology and sustainability, we seek to continuously improve the way we produce environmentally responsible, reliable and low-cost energy. We have a longstanding commitment to the safety of our employees, contractors and communities and to the reduction of our overall environmental footprint. Our values are evident in the way we operate and in how we interact each day — trust, teamwork, heart and evolution are at the center of all we do. Cautionary Statements Regarding Forward-Looking Statements Sempra Infrastructure Forward-Looking Statements 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," "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, denials or revocations of permits, consents, approvals or other authorizations, and other actions, including the failure to honor contracts and commitments, by the (i) U.S. Department of Energy, Comisión Nacional de Energía, 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, including risks related to (i) being able to make a 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; changes to our capital expenditure plans and their potential impact on 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 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 our ability to pass through higher costs to customers due to volatility in inflation, interest and foreign currency exchange rates and commodity prices and the imposition of tariffs; 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, 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. EQT Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Statements that do not relate strictly to historical or current facts are forward-looking. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the plans and expectations associated with EQT Corporation's (EQT) SPA with Sempra Infrastructure for the supply of LNG offtake from the Port Arthur LNG Phase 2 development project, including the proposed timing of in-service of the Port Arthur LNG Phase 2 facility, the final scope, infrastructure, and available liquefaction capacity at such facility, and whether the project will be completed at all – all of which could impact whether EQT will be able to purchase the volume of LNG offtake set forth in the SPA, if at all. The forward-looking statements included in this press release involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. EQT has based these forward-looking statements on current expectations and assumptions about future events, taking into account all information currently known by EQT. While EQT considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond EQT's control. These risks and uncertainties include, but are not limited to, volatility of commodity prices; the costs and results of drilling and operations; uncertainties about estimates of reserves, identification of drilling locations and the ability to add proved reserves in the future; the assumptions underlying production forecasts; the quality of technical data; EQT's ability to appropriately allocate capital and other resources among its strategic opportunities; access to and cost of capital; EQT's hedging and other financial contracts; inherent hazards and risks normally incidental to drilling for, producing, transporting, storing and processing natural gas, natural gas liquids and oil; operational risks and hazards incidental to the gathering, transmission and storage of natural gas as well as unforeseen interruptions; cyber security risks and acts of sabotage; availability and cost of drilling rigs, completion services, equipment, supplies, personnel, oilfield services and pipe, sand and water required to execute EQT's exploration and development plans, including as a result of inflationary pressures or tariffs; risks associated with operating primarily in the Appalachian Basin; the ability to obtain environmental and other permits and the timing thereof; construction, business, economic, competitive, regulatory, judicial, environmental, political and legal uncertainties related to the development and construction by EQT or its joint ventures of pipeline and storage facilities and transmission assets and the optimization of such assets; EQT's ability to renew or replace expiring gathering, transmission or storage contracts at favorable rates, on a long-term basis or at all; risks relating to EQT's joint venture arrangements; government regulation or action, including regulations pertaining to methane and other greenhouse gas emissions; negative public perception of the fossil fuels industry; increased consumer demand for alternatives to natural gas; environmental and weather risks, including the possible impacts of climate change; and disruptions to EQT's business due to recently completed or pending divestitures, acquisitions and other significant strategic transactions. These and other risks and uncertainties are described under the "Risk Factors" section and elsewhere in EQT's Annual Report on Form 10-K for the year ended December 31, 2024 and other documents EQT subsequently files from time to time with the Securities and Exchange Commission. In addition, EQT may be subject to currently unforeseen risks that may have a materially adverse impact on it. Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by law, EQT does not intend to correct. Media Contact: Hilary Katulak Sempra Infrastructure media@sempraglobal.com Amy Rogers EQT Corporation arogers@eqt.com Financial Contact: Jenell McKay Sempra (877) 736-7727 investor@sempra.com Cameron Horwitz EQT Corporation (412) 445-8454 Cameron.horwitz@eqt.com SOURCE EQT Corporation

Sempra and ConocoPhillips Extend Partnership with Offtake Agreement for Port Arthur LNG Phase 2

SAN DIEGO, Aug. 21, 2025 /PRNewswire/ -- Sempra (NYSE: SRE) today announced that its subsidiary, Sempra Infrastructure, and ConocoPhillips (NYSE: COP) have signed a definitive 20-year sale and purchase agreement (SPA) for 4 million tonnes per annum (Mtpa) of LNG offtake from the Port Arthur LNG Phase 2 development project in Jefferson County, Texas. "The role of U.S. LNG in meeting the energy security needs of America's allies continues to grow," said Jeffrey W. Martin, chairman and CEO of Sempra. "That is why we are excited to extend our partnership with ConocoPhillips to expand the Port Arthur LNG facility. This next phase reflects both companies' shared view of the opportunity to connect American producers of natural gas with growing markets overseas, while also driving economic growth and job creation here at home." "ConocoPhillips is pleased to extend our partnership with Sempra Infrastructure to Port Arthur LNG Phase 2, where we will be a major offtaker," said Ryan Lance, chairman and chief executive officer of ConocoPhillips. "This SPA advances our global LNG portfolio strategy as we build a flexible and reliable LNG supply network to meet growing energy demand." Sempra Infrastructure and ConocoPhillips initiated their strategic alliance with the Port Arthur LNG Phase 1 project, where ConocoPhillips holds a 30% equity stake and has secured 5 Mtpa in offtake capacity for 20 years. Port Arthur LNG Phase 1, currently under construction, consists of two LNG storage tanks and liquefaction trains 1 and 2, which are expected to achieve commercial operations in 2027 and 2028, respectively. Similarly, the Port Arthur LNG Phase 2 development project is expected to include two liquefaction trains capable of producing approximately 13 Mtpa of LNG, increasing the total liquefaction capacity of the Port Arthur LNG facility from approximately 13 Mtpa for Phase 1 to up to approximately 26 Mtpa. Future phases of Port Arthur LNG are also in the early development stage. The Port Arthur LNG Phase 2 development project is strategically positioned and continues to attract strong interest. In July 2025, Sempra Infrastructure entered into a definitive 20-year SPA with JERA Co. Inc. for 1.5 Mtpa of LNG offtake on a free-on-board basis from the proposed project, subject to making a positive final investment decision and customary closing conditions. There has also been notable progress in permitting. In September 2023, the Federal Energy Regulatory Commission granted project approval, followed by an export authorization from the U.S. Department of Energy in May 2025, allowing LNG exports to countries without a free-trade agreement with the United States. All major permits for the Phase 2 development project have been secured. Further advancing the project, Sempra Infrastructure previously announced that Bechtel had been selected to deliver the engineering, procurement and construction of the Port Arthur LNG Phase 2 facility. The development of the Port Arthur LNG Phase 2 project remains subject to various risks and uncertainties, including completing the required commercial agreements, securing and/or maintaining all necessary permits, obtaining financing and reaching a final investment decision, among other factors. With momentum in the project's development, Sempra continues to target making a financial investment decision on Phase 2 in 2025. Finally, today's announcement is another example of Sempra's execution and steady progress on its five value creation initiatives for 2025, reflecting another important step in continuing to unlock value in the LNG franchise. These efforts position Sempra to drive future growth and deliver long-term value to shareholders and enhanced benefits to consumers. About Sempra Sempra is a leading North American energy infrastructure company focused on delivering energy to nearly 40 million consumers. As owner of one of the largest energy networks on the continent, Sempra is electrifying and improving the energy resilience of some of the world's most significant economic markets, including California, Texas, Mexico and global energy markets. The company is recognized as a leader in sustainable business practices and for its high-performance culture focused on safety and operational excellence, as demonstrated by Sempra's inclusion in the Dow Jones Sustainability Index North America. More information about Sempra is available at sempra.com and on social media @Sempra. 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," "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, rates from customers or a combination thereof; 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), Comisión Nacional de Energía, 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, including risks related to (i) being able to make a 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; 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 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 San Diego Gas & Electric Company's (SDG&E) and Southern California Gas Company's (SoCalGas) customer rates and their cost of capital and on SDG&E's, SoCalGas' and Sempra Infrastructure's ability to pass through higher costs to customers due to (i) volatility in inflation, interest rates and commodity prices and the imposition of tariffs, (ii) with respect to SDG&E's and SoCalGas' businesses, the cost of meeting the demand for lower carbon and reliable energy in California , and (iii) with respect to Sempra Infrastructure's business, volatility in 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, 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 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. SOURCE Sempra

Sempra Reports Second-Quarter 2025 Results

SAN DIEGO, Aug. 7, 2025 /PRNewswire/ -- Sempra (NYSE: SRE) today reported second-quarter 2025 earnings, prepared in accordance with Generally Accepted Accounting Principles (GAAP), of $461 million or $0.71 per diluted share, compared to second-quarter 2024 GAAP earnings of $713 million or $1.12 per diluted share. On an adjusted basis, second-quarter 2025 earnings were $583 million or $0.89 per diluted share, compared to $567 million or $0.89 per diluted share in 2024. "We are pleased to report another solid quarter," said Jeffrey W. Martin, chairman and CEO of Sempra. "We remain focused on the disciplined execution of our value creation initiatives for 2025, with a view toward continuing to rotate capital into a more utility-centric business model." 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 second-quarter 2025 and 2024. ‌ (Dollars and shares in millions, except EPS) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 ‌ GAAP Earnings $ 461 $ 713 $ 1,367 $ 1,514 Impact from regulatory disallowances 25 — 25 — Impact from foreign currency and inflation on monetary positions in Mexico 97 (152) 89 (111) Net unrealized (gains) losses on derivatives (25) 6 10 18 Net unrealized (gains) losses on interest rate swaps related to Port Arthur LNG Phase 1 project (1) — 8 — Tax items related to assets held for sale 26 — 26 — Adjusted Earnings (1) $ 583 $ 567 $ 1,525 $ 1,421 ‌ Diluted Weighted-Average Common Shares Outstanding 653 636 653 636 GAAP EPS $ 0.71 $ 1.12 $ 2.09 $ 2.38 Adjusted EPS (1) $ 0.89 $ 0.89 $ 2.34 $ 2.24 ‌ 1) See Table A for information regarding non-GAAP financial measures. Update on Value Creation Initiatives During the quarter, Sempra continued to make steady progress on its five value creation initiatives for 2025. In particular, important progress was made on two transactions that form a part of Sempra's ongoing capital recycling program. On the planned sale of equity at Sempra Infrastructure, the company has extended the right of first offer process under its limited partnership agreement and signed a non-binding letter of intent with KKR. In addition, with respect to the planned sale of Ecogas México, S. de R.L. de C.V., the sales process continues to advance with strong interest from strategic and financial buyers. Both transactions are expected to close in the second or third quarter of 2026. Sempra Texas In the second quarter, the state of Texas concluded its regular biennial legislative session with the passage of new legislation that is expected to help utilities support strong economic growth and increased energy demand across the state. One key example is the Unified Tracker Mechanism introduced through House Bill 5247. For qualifying utilities, this alternative tracker mechanism is expected to reduce the impacts of regulatory lag associated with new capital investment and improve earned returns on equity during periods of higher investment. Oncor Electric Delivery Company LLC (Oncor) has commenced utilizing this alternative tracker mechanism as the company looks to advance critical transmission and distribution infrastructure projects to increase electric reliability. At the end of the second quarter of 2025, Oncor had over 1,120 active transmission point of interconnection requests in queue, split almost evenly between generation and large commercial and industrial customers. This represents a nearly 40% increase in active requests as compared to the end of second-quarter 2024. Additionally, Oncor increased its premises served by almost 20,000 in the second quarter and built, rebuilt or upgraded nearly 600 circuit miles of transmission and distribution power lines. In light of the continued expected growth across its service territory and other drivers, Oncor filed a request for a comprehensive base rate review with the Public Utility Commission of Texas. This review is intended to support Oncor's continued delivery of safe, reliable electric service to more than 13 million Texans—and to help meet the needs of the state's growing population. In addition, the filed rate request is intended to recover storm-related costs and adjust for higher interest expense and cost inflation, while also updating Oncor's capital structure to support higher levels of capital investment in the coming years. Oncor expects a final order to be issued in its base rate review proceeding in the first quarter of 2026. Sempra California Sempra California is a dual-utility platform focused on connecting roughly 25 million consumers to safe, reliable and affordable energy. In May, the California Independent System Operator finalized its 2024 – 2025 Transmission Plan, awarding an estimated $600 million of projects to San Diego Gas & Electric Company (SDGE) with a view toward supporting local load growth and evolving grid conditions. Throughout the quarter, SDGE and Southern California Gas Company (SoCalGas) advanced strategic programs to help meet growing demand and modernize their energy networks, investing over $1.2 billion of capital during the period. In addition, both companies are executing on a series of initiatives to lower costs and improve productivity, including an effort by SDGE to save customers nearly $300 million between 2026 and 2031 by phasing out certain non-economic regulatory programs, pending California Public Utilities Commission approval. Sempra Infrastructure Throughout the quarter, Sempra Infrastructure continued to make progress on five significant construction projects, including infrastructure projects on both the Pacific and Gulf Coasts of North America. Also, during the second quarter, Sempra Infrastructure's Port Arthur LNG Phase 2 development project received its non-FTA export authorization from the U.S. Department of Energy, which allows the export of up to approximately 13.5 million tonnes per annum (Mtpa) of U.S.-produced LNG. In July, Sempra Infrastructure executed a 20-year sale and purchase agreement with JERA Co. Inc. for the supply of 1.5 Mtpa of LNG offtake from Phase 2 of the development project. Sempra continues to target making a financial investment decision on Phase 2 in 2025. Earnings Guidance Sempra is updating its full-year 2025 GAAP earnings-per-common-share (EPS) guidance range of $4.05 to $4.45, reflecting actual results through the second quarter, affirming its full-year 2025 adjusted EPS guidance range of $4.30 to $4.70, and affirming its full-year 2026 EPS guidance range of $4.80 to $5.30. The company is also affirming its guidance to the high-end or above its projected long-term EPS compound annual growth rate of 7% to 9% for 2025 through 2029. 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 logging onto the Investors section of the company's website, sempra.com/investors. The webcast will be available on replay a few hours after its conclusion at sempra.com/investors. About Sempra Sempra is a leading North American energy infrastructure company focused on delivering energy to nearly 40 million consumers. As owner of one of the largest energy networks on the continent, Sempra is electrifying and improving the energy resilience of some of the world's most significant economic markets, including California, Texas, Mexico and global energy markets. The company is recognized as a leader in sustainable business practices and for its high-performance culture focused on safety and operational excellence, as demonstrated by Sempra's inclusion in the Dow Jones Sustainability Index North America. More information about Sempra is available at sempra.com and on social media @Sempra. 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," "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, rates from customers or a combination thereof; 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), Comisión Nacional de Energía, 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, including risks related to (i) being able to make a 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; 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 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 San Diego Gas & Electric Company's (SDG&E) and Southern California Gas Company's (SoCalGas) customer rates and their cost of capital and on SDG&E's, SoCalGas' and Sempra Infrastructure's ability to pass through higher costs to customers due to (i) volatility in inflation, interest rates and commodity prices and the imposition of tariffs, (ii) with respect to SDG&E's and SoCalGas' businesses, the cost of meeting the demand for lower carbon and reliable energy in California, and (iii) with respect to Sempra Infrastructure's business, volatility in 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, 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 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. SEMPRA Table A ‌ CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in millions, except per share amounts; shares in thousands) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 ‌ REVENUES Utilities: Natural gas $ 1,470 $ 1,494 $ 3,832 $ 3,603 Electric 1,031 1,144 2,090 2,200 Energy-related businesses 499 373 880 848 Total revenues 3,000 3,011 6,802 6,651 ‌ EXPENSES AND OTHER INCOME Utilities: Cost of natural gas (183) (137) (676) (691) Cost of electric fuel and purchased power (91) (156) (143) (245) Energy-related businesses cost of sales (85) (54) (204) (163) Operation and maintenance (1,239) (1,333) (2,582) (2,545) Depreciation and amortization (653) (603) (1,293) (1,197) Franchise fees and other taxes (165) (156) (361) (340) Other income, net 59 30 150 129 Interest income 14 17 48 30 Interest expense (359) (311) (792) (616) Income before income taxes and equity earnings 298 308 949 1,013 Income tax (expense) benefit (172) 130 (229) (42) Equity earnings 393 433 718 781 Net income 519 871 1,438 1,752 Earnings attributable to noncontrolling interests (46) (146) (48) (215) Preferred dividends (11) (11) (22) (22) Preferred dividends of subsidiary (1) (1) (1) (1) Earnings attributable to common shares $ 461 $ 713 $ 1,367 $ 1,514 ‌ Basic earnings per common share (EPS): Earnings $ 0.71 $ 1.13 $ 2.10 $ 2.39 Weighted-average common shares outstanding 652,664 633,450 652,330 633,135 ‌ Diluted EPS: Earnings $ 0.71 $ 1.12 $ 2.09 $ 2.38 Weighted-average common shares outstanding 653,224 636,279 653,123 635,817 SEMPRA Table A (Continued) RECONCILIATION OF SEMPRA ADJUSTED EARNINGS TO SEMPRA GAAP EARNINGS Sempra 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 June 30, 2025: $(25) million impact from regulatory disallowances related to the recovery of coronavirus disease 2019 (COVID-19) costs at Sempra California $(97) million impact from foreign currency and inflation on our monetary positions in Mexico $25 million net unrealized gains on commodity derivatives $1 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) $(26) million income tax expense in 2025 due to the recognition of a Mexican deferred tax liability on our outside basis difference in Ecogas México, S. de R.L. de C.V. (Ecogas) as a result of management's decision to hold the asset for sale Three months ended June 30, 2024: $152 million impact from foreign currency and inflation on our monetary positions in Mexico $(6) million net unrealized losses on commodity derivatives Six months ended June 30, 2025: $(25) million impact from regulatory disallowances related to the recovery of COVID-19 costs at Sempra California $(89) million impact from foreign currency and inflation on our monetary positions in Mexico $(10) million net unrealized losses on commodity derivatives $(8) million net unrealized losses on interest rate swaps related to the PA LNG Phase 1 project $(26) million income tax expense in 2025 due to the recognition of a Mexican deferred tax liability on our outside basis difference in Ecogas as a result of management's decision to hold the asset for sale Six months ended June 30, 2024: $111 million impact from foreign currency and inflation on our monetary positions in Mexico $(18) million net unrealized losses on commodity derivatives 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 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. The table below reconciles for historical periods these non-GAAP financial measures 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 amount Income tax (benefit) expense (1) Non- controlling interests Earnings Diluted EPS Pretax amount Income tax benefit (1) Non- controlling interests Earnings Diluted EPS Three months ended June 30, 2025 Three months ended June 30, 2024 ‌ Sempra GAAP Earnings and GAAP EPS $ 461 $ 0.71 $ 713 $ 1.12 Excluded items: Impact from regulatory disallowances $ 36 $ (11) $ — 25 0.04 $ — $ — $ — — — Impact from foreign currency and inflation on monetary positions in Mexico 24 122 (49) 97 0.14 (37) (186) 71 (152) (0.24) Net unrealized (gains) losses on commodity derivatives (46) 6 15 (25) (0.04) 12 (2) (4) 6 0.01 Net unrealized gains on interest rate swaps related to PA LNG Phase 1 project (9) 1 7 (1) — — — — — — Tax items related to assets held for sale — 38 (12) 26 0.04 — — — — — Sempra Adjusted Earnings and Adjusted EPS $ 583 $ 0.89 $ 567 $ 0.89 Weighted-average common shares outstanding, diluted 653,224 636,279 ‌ Six months ended June 30, 2025 Six months ended June 30, 2024 ‌ Sempra GAAP Earnings and GAAP EPS $ 1,367 $ 2.09 $ 1,514 $ 2.38 Excluded items: Impact from regulatory disallowances $ 36 $ (11) $ — 25 0.04 $ — $ — $ — — — Impact from foreign currency and inflation on monetary positions in Mexico 22 112 (45) 89 0.14 (30) (133) 52 (111) (0.17) Net unrealized losses on commodity derivatives 23 (9) (4) 10 0.02 35 (5) (12) 18 0.03 Net unrealized losses on interest rate swaps related to PA LNG Phase 1 project 56 (3) (45) 8 0.01 — — — — — Tax items related to assets held for sale — 38 (12) 26 0.04 — — — — — Sempra Adjusted Earnings and Adjusted EPS $ 1,525 $ 2.34 $ 1,421 $ 2.24 ‌ Weighted-average common shares outstanding, diluted 653,123 635,817 (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) RECONCILIATION OF SEMPRA 2025 ADJUSTED EPS GUIDANCE RANGE TO SEMPRA 2025 GAAP EPS GUIDANCE RANGE Sempra 2025 Adjusted EPS Guidance Range of $4.30 to $4.70 excludes items (after the effects of income taxes and, if applicable, NCI) as follows: $(25) million impact from regulatory disallowances related to the recovery of COVID-19 costs at Sempra California $(89) million impact from foreign currency and inflation on our monetary positions in Mexico $(10) million net unrealized losses on commodity derivatives $(8) million net unrealized losses on interest rate swaps related to the PA LNG Phase 1 project $(26) million income tax expense in 2025 due to the recognition of a Mexican deferred tax liability on our outside basis difference in Ecogas as a result of management's decision to hold the asset for sale Sempra 2025 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 net unrealized gains and losses on commodity and interest rate derivatives for the six months ended June 30, 2025, 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. This non-GAAP financial measure does not contemplate the anticipated impacts of the proposed sale of Ecogas and the proposed sale of an equity interest in Sempra Infrastructure Partners, which combined, are expected to be accretive. Sempra 2025 Adjusted EPS Guidance Range should not be considered an alternative to Sempra 2025 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. The table below reconciles Sempra 2025 Adjusted EPS Guidance Range to Sempra 2025 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 2025 Sempra GAAP EPS Guidance Range $ 4.05 to $ 4.45 Excluded items: Impact from regulatory disallowances 0.04 0.04 Impact from foreign currency and inflation on monetary positions in Mexico 0.14 0.14 Net unrealized losses on commodity derivatives 0.02 0.02 Net unrealized losses on interest rate swaps related to PA LNG Phase 1 project 0.01 0.01 Tax items related to assets held for sale 0.04 0.04 Sempra Adjusted EPS Guidance Range $ 4.30 to $ 4.70 Weighted-average common shares outstanding, diluted (millions) 654 SEMPRA Table B ‌ CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in millions) June 30, December 31, 2025 2024 (1) ‌ ASSETS Current assets: Cash and cash equivalents $ 155 $ 1,565 Restricted cash 25 21 Accounts receivable – trade, net 1,612 1,983 Accounts receivable – other, net 433 397 Due from unconsolidated affiliates 3 13 Income taxes receivable 148 90 Inventories 625 559 Prepaid expenses 157 255 Regulatory assets 343 60 Fixed-price contracts and other derivatives 142 91 Greenhouse gas allowances 217 217 Assets held for sale 273 — Other current assets 36 34 Total current assets 4,169 5,285 ‌ Other assets: Restricted cash 3 3 Regulatory assets 4,196 3,937 Greenhouse gas allowances 1,229 845 Nuclear decommissioning trusts 878 875 Dedicated assets in support of certain benefit plans 591 585 Deferred income taxes 159 172 Right-of-use assets – operating leases 1,152 1,177 Investment in Oncor Holdings 16,402 15,400 Other investments 2,586 2,534 Goodwill 1,602 1,602 Other intangible assets 279 292 Wildfire fund 255 262 Other long-term assets 1,604 1,749 Total other assets 30,936 29,433 Property, plant and equipment, net 64,802 61,437 Total assets $ 99,907 $ 96,155 (1) Derived from audited financial statements. SEMPRA Table B (Continued) ‌ CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in millions) June 30, December 31, 2025 2024 (1) ‌ LIABILITIES AND EQUITY Current liabilities: Short-term debt $ 2,282 $ 2,016 Accounts payable – trade 2,026 2,238 Accounts payable – other 265 208 Due to unconsolidated affiliates 8 — Dividends and interest payable 818 773 Accrued compensation and benefits 402 558 Regulatory liabilities 54 141 Current portion of long-term debt and finance leases 1,372 2,274 Greenhouse gas obligations 217 217 Other current liabilities 1,163 1,251 Total current liabilities 8,607 9,676 ‌ Long-term debt and finance leases 34,936 31,558 ‌ Deferred credits and other liabilities: Due to unconsolidated affiliates 359 352 Regulatory liabilities 3,906 3,817 Greenhouse gas obligations 879 506 Pension and other postretirement benefit plan obligations, net of plan assets 163 168 Deferred income taxes 6,161 5,845 Asset retirement obligations 3,848 3,737 Deferred credits and other 2,752 2,708 Total deferred credits and other liabilities 18,068 17,133 Equity: Sempra shareholders' equity 31,697 31,222 Preferred stock of subsidiary 20 20 Other noncontrolling interests 6,579 6,546 Total equity 38,296 37,788 Total liabilities and equity $ 99,907 $ 96,155 (1) Derived from audited financial statements. SEMPRA Table C ‌ CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in millions) Six months ended June 30, 2025 2024 ‌ CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 1,438 $ 1,752 Adjustments to reconcile net income to net cash provided by operating activities 797 540 Net change in working capital components (498) (99) Distributions from investments 516 405 Changes in other noncurrent assets and liabilities, net 13 (78) Net cash provided by operating activities 2,266 2,520 ‌ CASH FLOWS FROM INVESTING ACTIVITIES Expenditures for property, plant and equipment (4,640) (3,830) Expenditures for investments (972) (387) Purchases of nuclear decommissioning and other trust assets (531) (401) Proceeds from sales of nuclear decommissioning and other trust assets 580 442 Other — 8 Net cash used in investing activities (5,563) (4,168) ‌ CASH FLOWS FROM FINANCING ACTIVITIES Common dividends paid (787) (741) Preferred dividends paid (22) (22) Issuances of common stock 19 18 Repurchases of common stock (58) (40) Issuances of debt (maturities greater than 90 days) 5,458 3,812 Payments on debt (maturities greater than 90 days) and finance leases (3,411) (1,197) Increase (decrease) in short-term debt, net 682 (817) Advances from unconsolidated affiliates 44 45 Contributions from noncontrolling interests 83 786 Distributions to noncontrolling interests (91) (203) Other (26) (23) Net cash provided by financing activities 1,891 1,618 ‌ Effect of exchange rate changes on cash, cash equivalents and restricted cash 1 (8) ‌ Less: Increase in cash held for sale (1) — ‌ Decrease in cash, cash equivalents and restricted cash (1,406) (38) Cash, cash equivalents and restricted cash, January 1 1,589 389 Cash, cash equivalents and restricted cash, June 30 $ 183 $ 351 SEMPRA Table D ‌ SEGMENT EARNINGS (LOSSES) AND CAPITAL EXPENDITURES (Dollars in millions) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 EARNINGS (LOSSES) ATTRIBUTABLE TO COMMON SHARES Sempra California $ 259 $ 316 $ 983 $ 898 Sempra Texas Utilities 208 202 354 385 Sempra Infrastructure 72 291 218 422 Segment earnings attributable to common shares 539 809 1,555 1,705 Parent and other (78) (96) (188) (191) Sempra earnings attributable to common shares $ 461 $ 713 $ 1,367 $ 1,514 CAPITAL EXPENDITURES FOR PROPERTY, PLANT AND EQUIPMENT Sempra California $ 1,221 $ 1,069 $ 2,315 $ 2,212 Sempra Infrastructure 1,081 827 2,322 1,617 Segment totals 2,302 1,896 4,637 3,829 Parent and other 2 1 3 1 Total Sempra $ 2,304 $ 1,897 $ 4,640 $ 3,830 CAPITAL EXPENDITURES FOR INVESTMENTS Sempra Texas Utilities $ 485 $ 192 $ 971 $ 385 Sempra Infrastructure 1 2 1 2 Total Sempra $ 486 $ 194 $ 972 $ 387 SEMPRA Table E ‌ OTHER OPERATING STATISTICS ‌ Three months ended June 30, Six months ended or at June 30, 2025 2024 2025 2024 ‌ UTILITIES Sempra California Gas sales (Bcf) (1) 75 78 191 200 Transportation (Bcf) (1) 114 120 245 262 Total deliveries (Bcf) (1) 189 198 436 462 ‌ Total gas customer meters (thousands) 7,135 7,098 ‌ Electric sales (millions of kWhs) (1) 610 661 1,325 1,596 Community Choice Aggregation and Direct Access (millions of kWhs) 3,104 2,892 6,536 6,061 Total deliveries (millions of kWhs) (1) 3,714 3,553 7,861 7,657 ‌ Total electric customer meters (thousands) 1,540 1,525 Oncor Electric Delivery Company LLC (Oncor) (2) Total deliveries (millions of kWhs) 42,226 40,343 81,232 77,656 Total electric customer meters (thousands) 4,084 4,008 ‌ Ecogas Natural gas sales (Bcf) 1 1 2 2 Natural gas customer meters (thousands) 166 160 ‌ ENERGY-RELATED BUSINESSES Sempra Infrastructure Termoeléctrica de Mexicali (millions of kWhs) 776 650 1,478 1,630 Wind and solar (millions of kWhs) (1) 842 888 1,588 1,607 (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. SEMPRA Table F ‌ STATEMENTS OF OPERATIONS DATA BY SEGMENT (Dollars in millions) Sempra California Sempra Texas Utilities (1) Sempra Infrastructure Consolidating Adjustments, Parent & Other Total Three months ended June 30, 2025 ‌ Revenues $ 2,490 $ 530 $ (20) $ 3,000 Depreciation and amortization (574) (78) (1) (653) Interest income 3 5 6 14 Interest expense (2) (228) 6 (137) (359) Income tax (expense) benefit (13) (231) 72 (172) Equity earnings — $ 210 183 — 393 Earnings attributable to noncontrolling interests — — (46) — (46) Other segment items (3) (1,419) (2) (297) 2 (1,716) Earnings (losses) attributable to common shares $ 259 $ 208 $ 72 $ (78) $ 461 ‌ Three months ended June 30, 2024 ‌ Revenues $ 2,625 $ 409 $ (23) $ 3,011 Depreciation and amortization (528) (73) (2) (603) Interest income 5 7 5 17 Interest expense (209) — (102) (311) Income tax (expense) benefit (44) 133 41 130 Equity earnings — $ 204 229 — 433 Earnings attributable to noncontrolling interests — — (146) — (146) Other segment items (3) (1,533) (2) (268) (15) (1,818) Earnings (losses) attributable to common shares $ 316 $ 202 $ 291 $ (96) $ 713 (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, operation and maintenance expense (O&M), franchise fees and other taxes, other income (expense), net, and preferred dividends for Sempra California; O&M and interest expense for Sempra Texas Utilities related to activities at the holding company; and cost of natural gas, energy-related businesses cost of sales, O&M, franchise fees and other taxes, and other income (expense), net, for Sempra Infrastructure. SEMPRA Table F (Continued) ‌ STATEMENTS OF OPERATIONS DATA BY SEGMENT (Dollars in millions) Sempra California Sempra Texas Utilities (1) Sempra Infrastructure Consolidating Adjustments, Parent & Other Total Six months ended June 30, 2025 ‌ Revenues $ 5,891 $ 956 $ (45) $ 6,802 Depreciation and amortization (1,136) (154) (3) (1,293) Interest income 5 24 19 48 Interest expense (2) (453) (71) (268) (792) Income tax (expense) benefit (65) (253) 89 (229) Equity earnings — $ 358 360 — 718 Earnings attributable to noncontrolling interests — — (48) — (48) Other segment items (3) (3,259) (4) (596) 20 (3,839) Earnings (losses) attributable to common shares $ 983 $ 354 $ 218 $ (188) $ 1,367 ‌ Six months ended June 30, 2024 ‌ Revenues $ 5,766 $ 928 $ (43) $ 6,651 Depreciation and amortization (1,049) (145) (3) (1,197) Interest income 8 12 10 30 Interest expense (414) — (202) (616) Income tax (expense) benefit (127) 24 61 (42) Equity earnings — $ 389 392 — 781 Earnings attributable to noncontrolling interests — — (215) — (215) Other segment items (3) (3,286) (4) (574) (14) (3,878) Earnings (losses) attributable to common shares $ 898 $ 385 $ 422 $ (191) $ 1,514 (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, O&M, franchise fees and other taxes, other income (expense), net, and preferred dividends for Sempra California; O&M and interest expense for Sempra Texas Utilities related to activities at the holding company; and cost of natural gas, energy-related businesses cost of sales, O&M, franchise fees and other taxes, and other income (expense), net, for Sempra Infrastructure. SOURCE Sempra

Form 10-Q - 2025

Sempra Infrastructure and JERA Announce Sale and Purchase Agreement for U.S. LNG from Port Arthur LNG Phase 2

HOUSTON, July 31, 2025 /PRNewswire/ -- Sempra Infrastructure, a subsidiary of Sempra (NYSE: SRE), and JERA Co., Inc. (JERA) today announced a 20-year sale and purchase agreement for the supply of 1.5 million tonnes per annum (Mtpa) of liquefied natural gas (LNG) offtake from the Port Arthur LNG Phase 2 development project in Jefferson County, Texas. The LNG will be supplied on a free-on-board basis. This agreement marks a major step forward from the non-binding heads of agreement signed in June 2025 and underscores Sempra Infrastructure and JERA's shared commitment to supporting energy security and a lower carbon future through stable, long-term LNG supply. "This agreement establishes a long-term relationship with JERA and confirms Sempra Infrastructure's commitment to customers in Japan and the greater Asian market and their continued access to affordable and secure U.S. natural gas," said Justin Bird, chief executive officer of Sempra Infrastructure. "We remain focused on advancing our Port Arthur LNG Phase 2 development project to a final investment decision and strengthening the role of the United States as an energy provider of choice for LNG buyers worldwide." Ryosuke Tsugaru, chief low carbon fuel officer for JERA adds, "This agreement marks a significant strategic relationship with Sempra Infrastructure and underscores our commitment to securing a reliable, long-term LNG supply from trusted sources. Aligning with JERA's growth strategy, the addition of flexible and dependable LNG volumes strengthens our overall LNG portfolio and enhances our ability to respond to the evolving global energy landscape while helping to ensure supply stability for Japan and across Asia." The proposed Port Arthur LNG Phase 2 project is competitively positioned and is under active marketing and development. Future phases are also in the early development stage. The project has received all its key permits and is expected to include two liquefaction trains capable of producing approximately 13 Mtpa of LNG, which could increase the total liquefaction capacity of the Port Arthur LNG facility from approximately 13 Mtpa for Phase 1 to up to approximately 26 Mtpa. In September 2023 the project received authorization from the Federal Energy Regulatory Commission. In July 2024, Sempra Infrastructure announced that Bechtel had been selected for a fixed-price engineering, procurement and construction contract for the project. More recently, the project received authorization in May 2025 from the U.S. Department of Energy to export U.S. LNG to countries that do not have a free-trade agreement with the U.S. The Port Arthur LNG Phase 1 project, which is currently under construction, is expected to achieve commercial operation in 2027 and 2028 for trains 1 and 2, respectively. The development of the Port Arthur LNG Phase 2 project remains subject to a number of risks and uncertainties, including completing the required commercial agreements, securing and/or maintaining all necessary permits, obtaining financing and reaching a final investment decision, among other factors. About Sempra Infrastructure Sempra Infrastructure, headquartered in Houston, is focused on delivering energy for a better world by developing, building, operating and investing in modern energy infrastructure, such as LNG, energy networks and low-carbon solutions that are expected to play a crucial role in the energy systems of the future. Through the combined strength of its assets in North America, Sempra Infrastructure is connecting customers to safe and reliable energy and advancing energy security. Sempra Infrastructure is a subsidiary of Sempra (NYSE: SRE), a leading North American energy infrastructure company. For more information, visit semprainfrastructure.com or connect with Sempra Infrastructure on social media @SempraInfra. About JERA JERA is a global energy leader and Japan's largest power generation company focused on providing cutting-edge solutions to the world's energy issues. Established in 2015, the Company produces one-third of Japan's electricity and is one of the largest LNG buyers in the world. JERA has global reach and strength throughout the energy supply chain, from participation in LNG upstream projects and fuel procurement, through fuel transportation to power generation. In support of a responsible energy transition, JERA has committed to achieving net-zero CO₂ emissions from its domestic and overseas businesses by 2050. 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," "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, denials or revocations of permits, consents, approvals or other authorizations, and other actions, including the failure to honor contracts and commitments, by the (i) U.S. Department of Energy, Comisión Nacional de Energía, 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, including risks related to (i) being able to make a 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; changes to our capital expenditure plans and their potential impact on 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 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 our ability to pass through higher costs to customers due to volatility in inflation, interest and foreign currency exchange rates and commodity prices and the imposition of tariffs; 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, 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. SOURCE Sempra Infrastructure

SoCalGas' Energy Efficiency Programs Save Customers More Than $95 Million in 2024

LOS ANGELES, July 30, 2025 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) announced today that its energy efficiency programs helped customers save more than $95 million on their utility bills last year. Customers saved more than 50 million net therms of energy, enough to meet the annual natural gas needs of nearly 125,000 California homes. These efforts also helped avoid more than 260,000 metric tons of CO 2 emissions, or the equivalent of removing over 56,000 cars from the road for a year. "Our energy efficiency programs help give Californians practical ways to lower their energy use and reduce costs," said Andy Carrasco, vice president, communications and regional stakeholder engagement at SoCalGas. "Every therm saved represents a family that can heat their home more affordably, a small business that can run more efficiently or a school that can now spend more on students and less on energy costs." To make energy efficiency upgrades more accessible, SoCalGas has expanded financing through its Marketplace and GoGreen programs, which together helped support nearly $67 million in facility and appliance improvements for homes and small businesses. In addition to energy savings, SoCalGas' programs also help support water conservation through direct installation of high-efficiency water devices. These devices helped save more than one billion gallons of water in 2024 and are expected to help save a total of 11 billion gallons of water over their lifetime. "Thank you to SoCalGas for being a strong community partner," Pasadena Mayor Victor Gordo said. "Helping families and small businesses save energy and money is the kind of partnership that uplifts neighborhoods and builds a stronger, more sustainable community for everyone." SoCalGas currently administers over 70 customer-facing energy-efficiency programs, providing incentives and services to residential, commercial, industrial, agricultural, and public customers. Through direct installations, property assessments, and outreach, the company engaged more than 2 million customers in 2024, while educational programs reached over 30,000 students. In April 2024, SoCalGas was recognized for the second consecutive year with the ENERGY STAR Partner of the Year Award in Washington D.C. and was the only utility in California to be recognized. The following month, SoCalGas received the Organizational Leadership Award from The Climate Registry for its support of California's energy goals. Learn more about SoCalGas' energy efficiency programs and ways to save at https://www.socalgas.com/savings. Read the full report at https://www.socalgas.com/regulatory/efficiency. About SoCalGas SoCalGas is the largest gas distribution utility in the United States, serving more than 21 million consumers across approximately 24,000 square miles of Central and Southern California. Our mission is: Safe, Reliable, and Affordable energy delivery today. Ready for tomorrow. SoCalGas is a recognized leader in the energy industry and has been named Corporate Member of the Year by the Los Angeles Chamber of Commerce for its volunteer leadership in the communities it serves. SoCalGas is a subsidiary of Sempra (NYSE: SRE), a leading North American energy infrastructure company. For more information, visit SoCalGas.com/newsroom or connect with SoCalGas on social media @SoCalGas. 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," "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 (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 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, and Sempra Infrastructure, Sempra Infrastructure Partners, Sempra Texas, Sempra Texas Utilities, Oncor and IEnova are not regulated by the CPUC. SOURCE Southern California Gas Company

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*As of December 31, 2025. Numbers may be approximate.

Sempra Infrastructure Partners and its subsidiaries, and the Sempra Texas utilities (Oncor and Sharyland Utilities) are not the same companies as the Sempra California utilities, SDG&E or SoCalGas, nor are they regulated by the California Public Utilities Commission (CPUC).