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Sempra Reports First-Quarter 2022 Earnings Results

SAN DIEGO, May 5, 2022 /PRNewswire/ -- Sempra (NYSE: SRE) (BMV: SRE) today announced first-quarter 2022 earnings of $612 million, or $1.93 per diluted share, compared to first-quarter 2021 earnings of $874 million, or $2.87 per diluted share. On an adjusted basis, the company's first-quarter 2022 earnings were $924 million, or $2.91 per diluted share, compared to $900 million, or $2.95 per diluted share, in 2021. "At Sempra, we understand the importance of energy security as a critical part of the transition to a lower-carbon future. That is why our investments in North American energy networks are designed to improve the safety and reliability of our services for the benefit of our customers and the communities we serve," said Jeffrey W. Martin, chairman and chief executive officer of Sempra. "Also, as first quarter results demonstrate, our track record of operational excellence, commitment to safety and disciplined capital allocation creates the opportunity to deliver another strong year of financial performance." The reported financial results reflect certain significant items as described on an after-tax basis in the following table of GAAP (generally accepted accounting principles in the United States of America) earnings, reconciled to adjusted earnings, for the first quarter of 2022 and 2021. Three months ended March 31, (Dollars and shares in millions, except EPS) 2022 2021 (Unaudited) GAAP Earnings $ 612 $ 874 Impacts Associated with Aliso Canyon Litigation 1 66 - Impact from Foreign Currency and Inflation and Associated Undesignated Derivatives 75 (3) Net Unrealized Losses on Commodity Derivatives 51 29 Deferred Income Tax Expense Associated with the Change in our Indefinite Reinvestment Assertion Related to the Pending Sale of a Non-Controlling Interest to ADIA 120 - Adjusted Earnings 2 $ 924 $ 900 Diluted Weighted-Average Common Shares Outstanding 317 308 GAAP EPS 3,4 $1.93 $2.87 Diluted Weighted-Average Common Shares Outstanding 317 308 Adjusted EPS 2,3,4 $2.91 $2.95 1Related to five property developer claims, four of which were settled in Q1-2022. 2See Table A for information regarding non-GAAP financial measures and descriptions of adjustments. 3For Q1-2021, preferred dividends of $10M are added back to GAAP earnings and adjusted earnings because of the dilutive effect of Series B mandatory convertible preferred stock. 4For Q1-2022, higher weighted-average shares are driven by the IEnova exchange offer, partially offset by share repurchases of $300M in Q4-2021 and $200M in Q1-2022. Sempra California During the quarter, San Diego Gas & Electric Co. (SDG&E) and the U.S. Forest Service announced the completion of the Cleveland National Forest fire hardening and safety project, which is helping to reinforce the San Diego region's community fire safety and electric system hardening efforts. The $700 million project was part of a decade-long collaboration with local, state and federal agencies to improve the fire resistance of electric infrastructure throughout approximately 880 square miles of SDG&E's service territory. Last month, SDG&E and Southern California Gas Co. (SoCalGas) filed their 2023 cost of capital applications to update their cost of capital for 2023 through 2025 and expect a decision later this year. Later this month, both utilities expect to file their general rate cases with the California Public Utilities Commission to update their authorized revenue requirements for 2024 through 2027. Sempra Texas In Texas, Oncor Electric Delivery Company LLC (Oncor) is executing on its five-year capital plan by expanding and modernizing the transmission and distribution infrastructure within its service territory to support strong demographic growth. In the first quarter, Oncor recorded a 78% increase in new transmission point of interconnection requests compared to the prior year. Additionally, during the quarter, Oncor connected approximately 16,000 premises to the grid and upgraded approximately 380 miles of power lines as a result of continued growth in its service territory. In 2021, the Public Utility Commission of Texas (PUCT) approved a request to extend Oncor's rate case filing deadline to June of 2022. Oncor plans to file its rate case with the PUCT later this month. Sempra Infrastructure Sempra Infrastructure is working to expand its North American infrastructure network through the development of its liquefied natural gas (LNG) portfolio that is uniquely positioned to serve customers in both the Pacific and Atlantic markets. The company also is continuing to support growing integration of North American energy markets through its U.S.- Mexico cross-border infrastructure business. To support its growth, the company took steps to advance the development of its Cameron LNG Phase 2 expansion project with its partners at the Cameron LNG joint venture. These include a non-binding Heads of Agreement, which provides the commercial framework for the expansion of the facility by adding a fourth LNG train and also increasing the production capacity of the existing three trains through debottlenecking activities. Furthermore, the company and Cameron LNG entered into a project development agreement, which provides for the management and funding of the ongoing development work that is necessary to prepare for a final investment decision. Concurrent with these activities, Cameron LNG is also conducting a competitive Front-End Engineering Design process. This development work is targeted to be completed in the summer of 2023 and the company expects to be in a position to make a final investment decision thereafter. In March, the company announced a non-binding memorandum of understanding (MOU) with TotalEnergies for the company's Vista Pacífico LNG project under development in Mexico. The referenced MOU for the Vista Pacífico project contemplates TotalEnergies contracting for approximately one-third of the long-term export production, as well as TotalEnergies' participation as a minority equity investor in the project. Sempra expects to close the sale of a non-controlling 10% interest in Sempra Infrastructure Partners to a subsidiary of Abu Dhabi Investment Authority (ADIA) for $1.785 billion in cash in the second quarter, subject to customary closing adjustments and conditions. Upon closing, Sempra will own a 70% controlling interest in Sempra Infrastructure Partners. Sustainable Business Practices Sempra's focus on sustainability is central to its corporate strategy with an unwavering focus on safety, resilience, energy security and climate security. Sempra's newly published 2021 Corporate Sustainability Report highlights the company's commitment to sustainable business practices, including its proactive management of environmental, social and governance risks and opportunities across its three growth platforms. These practices include aligning the company's portfolio with long-term macroeconomic, market and policy trends, strengthening operational excellence by enhancing safety, climate resilience and affordability, and capturing new investments in infrastructure that support increasingly diversified and cleaner forms of energy. Earnings Guidance Sempra is updating its full-year 2022 GAAP earnings per common share (EPS) guidance range to $7.11 to $7.71, affirming its full-year 2022 adjusted EPS guidance range of $8.10 to $8.70, and affirming its full-year 2023 EPS guidance range of $8.60 to $9.20. 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 senior management of the company. Access is available by logging onto the company's website, sempra.com. For those unable to log on to the live webcast, the teleconference will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 3600295. About Sempra Sempra's mission is to be North America's premier energy infrastructure company. The Sempra family of companies have 20,000 talented employees who deliver energy with purpose to nearly 40 million consumers. With more than $72 billion in total assets at the end of 2021, the San Diego-based company is the owner of one of the largest energy networks in North America helping some of the world's leading economies move to cleaner sources of energy. The company is helping to advance the global energy transition through electrification and decarbonization in the markets it serves, including California, Texas, Mexico and the LNG export market. Sempra is consistently recognized as a leader in sustainable business practices and for its long-standing commitment to building a high-performing culture focused on safety, workforce development and training, and diversity and inclusion. Sempra is the only North American utility sector company included on the Dow Jones Sustainability World Index and was also named one of the "World's Most Admired Companies" for 2022 by Fortune Magazine. For additional information about Sempra, please visit Sempra's website at sempra.com and on Twitter @Sempra. This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions with respect to the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed in any forward-looking statements. 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 other factors. In this press release, forward-looking statements can be identified by words such as "believes," "expects," "intends," "anticipates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "in process," "under construction," "in development," "opportunity," "target," "outlook," "maintain," "continue," "goal," "aim," "commit," or similar expressions, or when we discuss our guidance, priorities, strategy, goals, vision, mission, opportunities, projections, intentions or expectations. Factors, among others, that could cause actual results and events to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: California wildfires, including the risks that we may be found liable for damages regardless of fault and that we may not be able to recover all or a substantial portion of costs from insurance, the wildfire fund established by California Assembly Bill 1054, in rates from customers or a combination thereof; decisions, investigations, regulations, issuances or revocations of permits and other authorizations, renewals of franchises, and other actions by (i) the California Public Utilities Commission (CPUC), Comisión Reguladora de Energía, U.S. Department of Energy, U.S. Federal Energy Regulatory Commission, Public Utility Commission of Texas, and other regulatory and governmental bodies and (ii) states, counties, cities and other jurisdictions in the U.S., Mexico and other countries in which we do business; the success of business development efforts, construction projects and acquisitions and divestitures, including risks in (i) the ability to make a final investment decision, (ii) completing construction projects or other transactions on schedule and budget, (iii) the ability to realize anticipated benefits from any of these efforts if completed, and (iv) obtaining the consent or approval of partners or other third parties, including governmental entities and regulatory bodies; the resolution of civil and criminal litigation, regulatory inquiries, investigations and proceedings, arbitrations, and property disputes, including those related to the natural gas leak at Southern California Gas Company's (SoCalGas) Aliso Canyon natural gas storage facility; changes to laws, including changes to certain of Mexico's laws and rules that impact energy supplier permitting, energy contract rates, the electricity industry generally and the ability to import, export, transport and store hydrocarbons; cybersecurity threats, including by state and state-sponsored actors, to the energy grid, storage and pipeline infrastructure, information and systems used to operate our businesses, and confidentiality of our proprietary information and personal information of our customers and employees, including ransomware attacks on our systems and the systems of third-party vendors and other parties with which we conduct business, all of which have become more pronounced due to recent geopolitical events and other uncertainties, such as the war in Ukraine; failure of foreign governments and state-owned entities to honor their contracts and commitments; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook and our ability to borrow on favorable terms and meet our debt service obligations; the impact of energy and climate policies, legislation, rulemaking and disclosures, as well as related goals set, and actions taken by companies in our industry, including actions to reduce or eliminate reliance on natural gas generally and any deterioration of or increased uncertainty in the political or regulatory environment for California natural gas distribution companies and the risk of nonrecovery for stranded assets; the pace of the development and adoption of new technologies in the energy sector, including those designed to support governmental and private party energy and climate goals, and our ability to timely and economically incorporate them into our business; weather, natural disasters, pandemics, accidents, equipment failures, explosions, acts of terrorism, information system outages or other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires or subject us to liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance, may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid or limitations on the withdrawal of natural gas from storage facilities; the impact of the COVID-19 pandemic, including potential vaccination mandates, on capital projects, regulatory approvals and the execution of our operations; the impact at San Diego Gas & Electric Company (SDG&E) on competitive customer rates and reliability due to the growth in distributed and local power generation, including from departing retail load resulting from customers transferring to Community Choice Aggregation and Direct Access, and the risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory and governance requirements and commitments, including by actions of Oncor's independent directors or a minority member director; volatility in foreign currency exchange, inflation and interest rates and commodity prices, including inflationary pressures in the U.S., and our ability to effectively hedge these risks and with respect to inflation and interest rates, the impact on SDG&E's and SoCalGas' cost of capital and the affordability of customer rates; changes in tax and trade policies, laws and regulations, including tariffs, revisions to international trade agreements and sanctions, such as those that have been imposed and that may be imposed in the future in connection with the war in Ukraine, which may increase our costs, reduce our competitiveness, impact our ability to do business with certain current or potential counterparties, or impair our ability to resolve trade disputes; and other uncertainties, some of which may be difficult to predict and are 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, sec.gov, and on Sempra's website, sempra.com. Investors should not rely unduly on any forward-looking statements. Sempra Infrastructure, Sempra Texas, Sempra Mexico, 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, and Sempra Infrastructure, Sempra Texas, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not 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 ENERGY Table A CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in millions, except per share amounts; shares in thousands) Three months ended March 31, 2022 2021 (unaudited) REVENUES Utilities: Natural gas $ 2,320 $ 1,777 Electric 1,117 1,068 Energy-related businesses 383 414 Total revenues 3,820 3,259 EXPENSES AND OTHER INCOME Utilities: Cost of natural gas (802) (349) Cost of electric fuel and purchased power (205) (232) Energy-related businesses cost of sales (135) (109) Operation and maintenance (1,086) (1,001) Aliso Canyon litigation and regulatory matters (92) — Depreciation and amortization (493) (442) Franchise fees and other taxes (162) (153) Other income, net 38 35 Interest income 25 19 Interest expense (243) (259) Income before income taxes and equity earnings 665 768 Income tax expense (334) (158) Equity earnings 326 318 Net income 657 928 Earnings attributable to noncontrolling interests (34) (33) Preferred dividends (11) (21) Earnings attributable to common shares $ 612 $ 874 Basic earnings per common share (EPS): Earnings $ 1.93 $ 2.91 Weighted-average common shares outstanding 316,353 300,905 Diluted EPS: Earnings $ 1.93 $ 2.87 Weighted-average common shares outstanding 317,434 308,458 SEMPRA ENERGY Table A (Continued) RECONCILIATION OF SEMPRA ADJUSTED EARNINGS TO SEMPRA GAAP EARNINGS (Unaudited) Sempra Adjusted Earnings and Adjusted EPS exclude items (after the effects of income taxes and, if applicable, noncontrolling interests (NCI)) in 2022 and 2021 as follows: Three months ended March 31, 2022: $(66) million from impacts associated with Aliso Canyon natural gas storage facility litigation related to five property developer claims, four of which were settled, at Southern California Gas Company (SoCalGas) $(75) million impact from foreign currency and inflation and associated undesignated derivatives $(51) million net unrealized losses on commodity derivatives $(120) million deferred income tax expense associated with the change in our indefinite reinvestment assertion as a result of progress in obtaining regulatory approvals necessary to close the pending sale of NCI to Abu Dhabi Investment Authority (ADIA), which remains subject to the satisfaction of closing conditions Three months ended March 31, 2021: $3 million impact from foreign currency and inflation and associated undesignated derivatives $(29) 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 effects and associated undesignated derivatives and unrealized gains and losses on commodity 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. SEMPRA ENERGY Table A (Continued) RECONCILIATION OF ADJUSTED EARNINGS TO GAAP EARNINGS (Dollars in millions, except per share amounts; shares in thousands) Pretax amount Income tax (benefit)expense (1) Non-controllinginterests Earnings Pretax amount Income tax benefit (1) Non-controllinginterests Earnings Three months ended March 31, 2022 Three months ended March 31, 2021 Sempra GAAP Earnings $ 612 $ 874 Excluded items: Impacts associated with Aliso Canyon litigation $ 92 $ (26) $ — 66 $ — $ — $ — — Impact from foreign currency and inflation and associated undesignated derivatives 25 70 (20) 75 30 (42) 9 (3) Net unrealized losses on commodity derivatives 88 (20) (17) 51 46 (13) (4) 29 Deferred income tax expense associated with the change in our indefinite reinvestment assertion related to the pending sale of NCI to ADIA — 120 — 120 — — — — Sempra Adjusted Earnings $ 924 $ 900 Diluted EPS: Sempra GAAP Earnings $ 612 $ 874 Add back dividends for dilutive series B preferred stock — 10 Sempra GAAP Earnings for GAAP EPS $ 612 $ 884 Weighted-average common shares outstanding, diluted 317,434 308,458 Sempra GAAP EPS $ 1.93 $ 2.87 Sempra Adjusted Earnings $ 924 $ 900 Add back dividends for dilutive series B preferred stock — 10 Sempra Adjusted Earnings for Adjusted EPS $ 924 $ 910 Weighted-average common shares outstanding, diluted 317,434 308,458 Sempra Adjusted EPS $ 2.91 $ 2.95 (1) Except for adjustments that are solely income tax, income taxes on pretax amounts were primarily calculated based on applicable statutory tax rates. SEMPRA ENERGY Table A (Continued) RECONCILIATION OF SEMPRA 2022 ADJUSTED EPS GUIDANCE RANGE TO SEMPRA 2022 GAAP EPS GUIDANCE RANGE (Unaudited) Sempra 2022 Adjusted EPS Guidance Range of $8.10 to $8.70 excludes items (after the effects of income taxes and, if applicable, noncontrolling interests) as follows: $(66) million from impacts associated with Aliso Canyon natural gas storage facility litigation related to five property developer claims, four of which were settled in the three months ended March 31, 2022, at SoCalGas $(75) million impact from foreign currency and inflation and associated undesignated derivatives for the three months ended March 31, 2022 $(51) million net unrealized losses on commodity derivatives for the three months ended March 31, 2022 $(120) million deferred income tax expense associated with the change in our indefinite reinvestment assertion as a result of progress in obtaining regulatory approvals necessary to close the pending sale of NCI to ADIA, which remains subject to the satisfaction of closing conditions Sempra 2022 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 effects and associated undesignated derivatives and unrealized gains and losses on commodity 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. Sempra 2022 Adjusted EPS Guidance Range should not be considered an alternative to Sempra 2022 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 2022 Adjusted EPS Guidance Range to Sempra 2022 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 2022 Sempra GAAP EPS Guidance Range $ 7.11 to $ 7.71 Excluded items: Impacts associated with Aliso Canyon litigation 0.21 0.21 Impact from foreign currency and inflation and associated undesignated derivatives 0.24 0.24 Net unrealized losses on commodity derivatives 0.16 0.16 Deferred income tax expense associated with the change in our indefinite reinvestment assertion related to the pending sale of NCI to ADIA 0.38 0.38 Sempra Adjusted EPS Guidance Range $ 8.10 to $ 8.70 Weighted-average common shares outstanding, diluted (millions) 317 SEMPRA ENERGY Table B CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in millions) March 31,2022 December 31, 2021 (1) (unaudited) ASSETS Current assets: Cash and cash equivalents $ 2,519 $ 559 Restricted cash 14 19 Accounts receivable – trade, net 1,857 2,071 Accounts receivable – other, net 338 398 Due from unconsolidated affiliates 671 23 Income taxes receivable 139 79 Inventories 352 389 Prepaid expenses 239 260 Regulatory assets 127 271 Greenhouse gas allowances 98 97 Other current assets 147 209 Total current assets 6,501 4,375 Other assets: Restricted cash 3 3 Due from unconsolidated affiliates — 637 Regulatory assets 2,349 2,011 Insurance receivable for Aliso Canyon costs 360 360 Greenhouse gas allowances 539 422 Nuclear decommissioning trusts 946 1,012 Dedicated assets in support of certain benefit plans 532 567 Deferred income taxes 148 151 Right-of-use assets – operating leases 595 594 Investment in Oncor Holdings 13,116 12,947 Other investments 1,674 1,525 Goodwill 1,602 1,602 Other intangible assets 363 370 Wildfire fund 324 331 Other long-term assets 1,268 1,244 Total other assets 23,819 23,776 Property, plant and equipment, net 44,602 43,894 Total assets $ 74,922 $ 72,045 (1) Derived from audited financial statements. SEMPRA ENERGY Table B (Continued) CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in millions) March 31,2022 December 31, 2021 (1) (unaudited) LIABILITIES AND EQUITY Current liabilities: Short-term debt $ 2,181 $ 3,471 Accounts payable – trade 1,375 1,671 Accounts payable – other 171 178 Dividends and interest payable 591 563 Accrued compensation and benefits 312 479 Regulatory liabilities 704 359 Current portion of long-term debt and finance leases 298 106 Reserve for Aliso Canyon costs 2,052 1,980 Greenhouse gas obligations 98 97 Other current liabilities 1,218 1,131 Total current liabilities 9,000 10,035 Long-term debt and finance leases 24,416 21,068 Deferred credits and other liabilities: Due to unconsolidated affiliates 309 287 Regulatory liabilities 3,360 3,402 Greenhouse gas obligations 290 225 Pension and other postretirement benefit plan obligations, net of plan assets 704 687 Deferred income taxes 3,948 3,477 Asset retirement obligations 3,417 3,375 Deferred credits and other 1,918 2,070 Total deferred credits and other liabilities 13,946 13,523 Equity: Sempra Energy shareholders' equity 26,114 25,981 Preferred stock of subsidiary 20 20 Other noncontrolling interests 1,426 1,418 Total equity 27,560 27,419 Total liabilities and equity $ 74,922 $ 72,045 (1) Derived from audited financial statements. SEMPRA ENERGY Table C CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in millions) Three months ended March 31, 2022 2021 (unaudited) CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 657 $ 928 Adjustments to reconcile net income to net cash provided by operating activities 705 446 Net change in working capital components 326 84 Insurance receivable for Aliso Canyon costs — 31 Distributions from investments 204 208 Changes in other noncurrent assets and liabilities, net (285) (195) Net cash provided by operating activities 1,607 1,502 CASH FLOWS FROM INVESTING ACTIVITIES Expenditures for property, plant and equipment (1,204) (1,181) Expenditures for investments and acquisitions (85) (115) Purchases of nuclear decommissioning trust assets (242) (288) Proceeds from sales of nuclear decommissioning trust assets 242 288 Advances to unconsolidated affiliates — (8) Distributions from investments — 4 Other (1) (1) Net cash used in investing activities (1,290) (1,301) CASH FLOWS FROM FINANCING ACTIVITIES Common dividends paid (349) (301) Preferred dividends paid — (36) Issuances of common stock 3 — Repurchases of common stock (226) (37) Issuances of debt (maturities greater than 90 days) 4,023 102 Payments on debt (maturities greater than 90 days) and finance leases (1,048) (1,093) (Decrease) increase in short-term debt, net (720) 932 Advances from unconsolidated affiliates 18 20 Proceeds from sales of noncontrolling interests 13 7 Distributions to noncontrolling interests (53) — Contributions from noncontrolling interests 6 — Other (29) (1) Net cash provided by (used in) financing activities 1,638 (407) Effect of exchange rate changes on cash, cash equivalents and restricted cash — (1) Increase (decrease) in cash, cash equivalents and restricted cash 1,955 (207) Cash, cash equivalents and restricted cash, January 1 581 985 Cash, cash equivalents and restricted cash, March 31 $ 2,536 $ 778 SEMPRA ENERGY Table D SEGMENT EARNINGS (LOSSES) AND CAPITAL EXPENDITURES, INVESTMENTS AND ACQUISITIONS (Dollars in millions) Three months ended March 31, 2022 2021 (unaudited) Earnings (Losses) Attributable to Common Shares SDG&E $ 234 $ 212 SoCalGas 334 407 Sempra Texas Utilities 162 135 Sempra Infrastructure 95 202 Parent and other (213) (82) Total $ 612 $ 874 Three months ended March 31, 2022 2021 (unaudited) Capital Expenditures, Investments and Acquisitions SDG&E $ 552 $ 555 SoCalGas 468 459 Sempra Texas Utilities 85 50 Sempra Infrastructure 182 231 Parent and other 2 1 Total $ 1,289 $ 1,296 SEMPRA ENERGY Table E OTHER OPERATING STATISTICS Three months ended March 31, 2022 2021 (unaudited) UTILITIES SDG&E and SoCalGas Gas sales (Bcf) (1) 116 127 Transportation (Bcf) (1) 144 137 Total deliveries (Bcf) (1) 260 264 Total gas customer meters (thousands) 7,013 6,975 SDG&E Electric sales (millions of kWhs) (1) 2,266 3,289 Community Choice Aggregation and Direct Access (millions of kWhs) 1,898 813 Total deliveries (millions of kWhs) (1) 4,164 4,102 Total electric customer meters (thousands) 1,498 1,486 Oncor (2) Total deliveries (millions of kWhs) 33,711 30,677 Total electric customer meters (thousands) 3,848 3,781 Ecogas Natural gas sales (Bcf) 1 1 Natural gas customer meters (thousands) 144 136 ENERGY-RELATED BUSINESSES Power generated and sold Sempra Infrastructure Termoeléctrica de Mexicali (TdM) (millions of kWhs) 524 845 Wind and solar (millions of kWhs) (1)(3) 732 543 (1) Include intercompany sales. (2) Includes 100% of the electric deliveries and customer meters of Oncor Electric Delivery Company LLC (Oncor), in which we hold an indirect 80.25% interest through our investment in Oncor Electric Delivery Holdings Company LLC. (3) Includes 50% of the total power generated and sold at the Energía Sierra Juárez (ESJ) wind power generation facility through March 19, 2021. As of March 19, 2021, ESJ became a wholly owned, consolidated subsidiary of IEnova. SEMPRA ENERGY Table F (Unaudited) STATEMENTS OF OPERATIONS DATA BY SEGMENT (Dollars in millions) Three months ended March 31, 2022 SDG&E SoCalGas Sempra TexasUtilities SempraInfrastructure ConsolidatingAdjustments,Parent & Other Total Revenues $ 1,445 $ 1,993 $ — $ 424 $ (42) $ 3,820 Cost of sales and other expenses (836) (1,290) (2) (279) 17 (2,390) Aliso Canyon litigation and regulatory matters — (92) — — — (92) Depreciation and amortization (239) (187) — (65) (2) (493) Other income (expense), net 34 34 — (16) (14) 38 Income (loss) before interest and tax (1) 404 458 (2) 64 (41) 883 Net interest expense (106) (40) — (6) (66) (218) Income tax expense (64) (84) — (91) (95) (334) Equity earnings, net — — 164 162 — 326 Earnings attributable to noncontrolling interests — — — (34) — (34) Preferred dividends — — — — (11) (11) Earnings (losses) attributable to common shares $ 234 $ 334 $ 162 $ 95 $ (213) $ 612 Three months ended March 31, 2021 SDG&E SoCalGas Sempra TexasUtilities Sempra Infrastructure ConsolidatingAdjustments,Parent & Other Total Revenues $ 1,337 $ 1,508 $ — $ 449 $ (35) $ 3,259 Cost of sales and other expenses (801) (834) (2) (220) 13 (1,844) Depreciation and amortization (213) (173) — (54) (2) (442) Other income (expense), net 35 39 — (44) 5 35 Income (loss) before interest and tax (1) 358 540 (2) 131 (19) 1,008 Net interest expense (101) (39) — (20) (80) (240) Income tax (expense) benefit (45) (94) — (57) 38 (158) Equity earnings, net — — 137 181 — 318 Earnings attributable to noncontrolling interests — — — (33) — (33) Preferred dividends — — — — (21) (21) Earnings (losses) attributable to common shares $ 212 $ 407 $ 135 $ 202 $ (82) $ 874 (1) Management believes Income (Loss) Before Interest and Tax is a useful measurement of our segments' performance because it can be used to evaluate the effectivenessof our operations exclusive of interest and income tax, neither of which is directly relevant to the efficiency of those operations. SOURCE Sempra

A letter from our Chief Sustainability Officer

This past year we advanced Sempra’s strategic initiative known as Leading 2025, with the goal of helping to deliver improved energy security, economic growth and a lower-carbon society by investing in modern energy networks. Our growth platforms — Sempra California, Sempra Texas, and Sempra Infrastructure — are strategically positioned to deliver these opportunities with significant size and scale in key markets, strong recurring cash flows associated with transmission and distribution investments and growth trends requiring continued network expansion. In 2021, we invested over $7 billion in critical energy infrastructure, a record amount for our company, and our adjusted earnings per common share (EPS) were well above our forecasted guidance range. For more information on our 2021 financial performance, please see Sempra’s 2021 Annual Report. Sempra’s focus on our sustainable business practices, however, is not sentimental. Instead, it is central to our strategy, capital allocation and sustained performance. That is why throughout our report, you will see examples of our sustainable business practices, including our proactive management of environmental, social and governance risks and opportunities to drive improvements across a variety of performance criteria and long-term value for shareholders and all our other stakeholders. These practices include: Aligning our portfolio with long-term macroeconomic, market and policy trends ( page 43); Mitigating the risks of our business by enhancing safety, climate resilience and affordability, among other factors (pages 65, 54 and 84); and Capturing new opportunities and activating new value streams through investments in infrastructure supporting increasingly diversified and cleaner forms of energy (page 46 and 47). Importantly, the business case for our sustainable business practices is set forth in a programmatic way in Sempra’s Energy Transition Action Plan Framework. Innovation and technology are central to the company’s business case and underpin our investments in decarbonization, diversification and digitalization of energy networks over the next five, ten and ten-plus years. See page 46 for a summary of the progress we made in 2021. In addition, our Sustainable Financing Framework, introduced in August 2021, outlines the parameters under which we can finance sustainable projects in alignment with our strategy, while also paving the way to expand new ESG financing opportunities. Our sustainable business practices include proactive efforts to seek input and guidance from our stakeholders and in turn, help our stakeholders understand how we continue to improve our business operations. To that end, we regularly look to improve the relevance, transparency and usefulness of our reporting. In this report, we introduce the following enhancements, among others: Dedicated section for our ESG goals and key ESG performance indicators (KPIs) ( pages 18–26); Downloadable tables, graphics and other tools to assist stakeholders with analysis, to be released online; and New trade association climate lobbying disclosure template, developed by Sempra in consultation with shareholders and other key stakeholders that is now adopted by some of the most significant trade associations in the United States ( page 106). Over the past year, our workforce — 20,000 employees strong — worked with great discipline and a laser focus on advancing safe and resilient energy infrastructure with a view toward meeting the evolving needs of our shareholders and all our other stakeholders. Across our companies, we helped lift our communities and delivered energy to help enable the wellbeing and aspirations of the nearly 40 million consumers and thousands of businesses that we have the privilege of serving 24/7/365. Our refreshed brand, introduced last year, affirms our purpose and anchors our high-performance culture, reminding us of our decades-long commitment to serve others, our shared values and our strategic focus on modern, 21st century energy infrastructure. Simply put, sustainability — including our abiding commitment to serving all our stakeholders — is the basis of all we do. At a time of great change globally and at home, Sempra’s North Star has never shined brighter — to deliver energy with purpose. Onward, Lisa Larroque Alexander Senior Vice President, Corporate Affairs and Chief Sustainability Officer

Sempra advances climate action across Mexico

Sempra family of companies supports conservation efforts, and projects to sequester carbon in Mexico alongside Sonoran Institute

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Sempra Announces 2021 Corporate Sustainability Report

Highlighting sustainable business practices Outlining alignment with relevant United Nations Sustainable Development Goals Updating progress on environmental, social and governance practices SAN DIEGO, April 29, 2022 /PRNewswire/ -- Sempra (NYSE: SRE) (BMV: SRE) today released its 2021 Corporate Sustainability Report highlighting the company's sustainable business practices in support of its five-year, $36 billion capital plan to advance new investments in critical energy infrastructure. "As the owner and operator of one of North America's largest energy networks, we have a critical role to play in advancing energy security, future economic growth and the development of a lower-carbon society," said Jeffrey W. Martin, chairman and chief executive officer of Sempra. "This is why our corporate strategy is centered on sustainability, with an unwavering focus on safety, resilience, energy security and climate security, as we help build a healthy economy and better quality of life for those we serve." In addition to providing important updates on the company's environmental, social and governance (ESG) priorities, the 2021 report illustrates Sempra's commitment to sustainable business practices, including how the company is taking steps to: Align its portfolio with long-term macroeconomic, market and policy trends. Strengthen operational excellence by enhancing safety, climate resilience and affordability. Capture new opportunities and activate new value streams through investments in infrastructure to support increasingly diversified and cleaner forms of energy. The report also outlines Sempra's key sustainability pillars and their alignment with relevant United Nation's Sustainable Development Goals. Additionally, the report highlights how Sempra is expanding new ESG financing opportunities through its Sustainable Financing Framework, launched in 2021. The framework outlines the parameters under which the company and its California utilities invest in sustainable projects that are aligned with its business and ESG strategy. View the full report at: sempra.com/sustainability/sustainability-report. "Sempra's focus on sustainability is central to our strategy, capital allocation and sustained performance," said Lisa Alexander, senior vice president of corporate affairs and chief sustainability officer at Sempra. "Throughout our report, you will see examples of our sustainable business practices, including our proactive management of environmental, social and governance risks and opportunities to drive improvements across a variety of performance criteria. Taken together, these efforts benefit all our various stakeholders with the view toward creating sustainable, long-term value for our shareholders." Sempra's sustainability strategy relies on transparent, two-way communication with stakeholders to seek input and guidance and, in turn, help stakeholders understand how the company continues to improve its business operations. The company's three growth platforms — Sempra California, Sempra Texas and Sempra Infrastructure — are well-positioned to play a critical role in delivering lower and zero-carbon energy and sustainable, long-term value for the company's shareholders and other stakeholders. About Sempra Sempra's mission is to be North America's premier energy infrastructure company. The Sempra family of companies have 20,000 talented employees who deliver energy with purpose to nearly 40 million consumers. With more than $72 billion in total assets at the end of 2021, the San Diego-based company is the owner of one of the largest energy networks in North America helping some of the world's leading economies move to cleaner sources of energy. The company is helping to advance the global energy transition through electrification and decarbonization in the markets it serves, including California, Texas, Mexico and the LNG export market. Sempra is consistently recognized as a leader in sustainable business practices and for its long-standing commitment to building a high-performing culture focused on safety, workforce development and training, and diversity and inclusion. Sempra is the only North American utility sector company included on the Dow Jones Sustainability World Index and was also named one of the "World's Most Admired Companies" for 2022 by Fortune Magazine. For additional information about Sempra, please visit Sempra's website at sempra.com and on Twitter @Sempra. This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions with respect to the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed in any forward-looking statements. 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 other factors. In this press release, forward-looking statements can be identified by words such as "believes," "expects," "intends," "anticipates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "in process," "under construction," "in development," "opportunity," "target," "outlook," "maintain," "continue," "goal," "aim," "commit," or similar expressions, or when we discuss our guidance, priorities, strategy, goals, vision, mission, opportunities, projections, intentions or expectations. Factors, among others, that could cause actual results and events to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: California wildfires, including the risks that we may be found liable for damages regardless of fault and that we may not be able to recover all or a substantial portion of costs from insurance, the wildfire fund established by California Assembly Bill 1054, in rates from customers or a combination thereof; decisions, investigations, regulations, issuances or revocations of permits and other authorizations, renewals of franchises, and other actions by (i) the California Public Utilities Commission (CPUC), Comisión Reguladora de Energía, U.S. Department of Energy, U.S. Federal Energy Regulatory Commission, Public Utility Commission of Texas, and other regulatory and governmental bodies and (ii) states, counties, cities and other jurisdictions in the U.S., Mexico and other countries in which we do business; the success of business development efforts, construction projects and acquisitions and divestitures, including risks in (i) the ability to make a final investment decision, (ii) completing construction projects or other transactions on schedule and budget, (iii) the ability to realize anticipated benefits from any of these efforts if completed, and (iv) obtaining the consent or approval of partners or other third parties, including governmental entities and regulatory bodies; the resolution of civil and criminal litigation, regulatory inquiries, investigations and proceedings, arbitrations, and property disputes, including those related to the natural gas leak at Southern California Gas Company's (SoCalGas) Aliso Canyon natural gas storage facility; changes to laws, including proposed changes to the Mexican constitution that could materially limit access to the electric generation market and changes to Mexico's trade rules that could materially limit our ability to import, export, transport and store hydrocarbons; failure of foreign governments and state-owned entities to honor their contracts and commitments; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook and our ability to borrow on favorable terms and meet our debt service obligations; the impact of energy and climate policies, legislation and rulemaking, as well as related goals set, and actions taken, by companies in our industry, including actions to reduce or eliminate reliance on natural gas generally and any deterioration of or increased uncertainty in the political or regulatory environment for California natural gas distribution companies and the risk of nonrecovery for stranded assets; the pace of the development and adoption of new technologies in the energy sector, including those designed to support governmental and private party energy and climate goals, and our ability to timely and economically incorporate them into our business; weather, natural disasters, pandemics, accidents, equipment failures, explosions, acts of terrorism, information system outages or other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires or subject us to liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance, may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid or limitations on the withdrawal of natural gas from storage facilities; the impact of the COVID-19 pandemic, including potential vaccination mandates, on capital projects, regulatory approvals and the execution of our operations; cybersecurity threats to the energy grid, storage and pipeline infrastructure, information and systems used to operate our businesses, and confidentiality of our proprietary information and personal information of our customers and employees, including ransomware attacks on our systems and the systems of third-party vendors and other parties with which we conduct business, all of which may become more pronounced in the event of geopolitical events and other uncertainties, such as the conflict in Ukraine; the impact at San Diego Gas & Electric Company (SDG&E) on competitive customer rates and reliability due to the growth in distributed and local power generation, including from departing retail load resulting from customers transferring to Community Choice Aggregation and Direct Access, and the risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory and governance requirements and commitments, including by actions of Oncor's independent directors or a minority member director; volatility in foreign currency exchange, inflation and interest rates and commodity prices, including inflationary pressures in the U.S., and our ability to effectively hedge these risks and with respect to inflation and interest rates, the impact on SDG&E's and SoCalGas' cost of capital and the affordability of customer rates; changes in tax and trade policies, laws and regulations, including tariffs and revisions to international trade agreements that may increase our costs, reduce our competitiveness, or impair our ability to resolve trade disputes; and other uncertainties, some of which may be difficult to predict and are 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 LNG, 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, and Sempra Infrastructure, Sempra LNG, Sempra Texas Utilities, Oncor and IEnova are not regulated by the CPUC. SOURCE Sempra

Sempra Named to 'America's Best Employers for Diversity' Top 100 List

SAN DIEGO, April 26, 2022 /PRNewswire/ -- Sempra (NYSE: SRE) (BMV: SRE) has been named to the top 100 on Forbes' list of ' America's Best Employers for Diversity' for 2022. This marks the fourth consecutive year that the company has been recognized on the Forbes' list as a top workplace for diversity. Forbes ranked Sempra 92 out of 500 companies this year and second among utility industry employers. "Our strength as a company comes from our high-performance culture, which is fueled by the diverse backgrounds and experiences of our employees," said Mitch Mitchell, senior vice president of diversity and community partnerships for Sempra. "With a business footprint that stretches from Los Angeles to Mexico City and North Texas, our workforce is a mosaic of different cultures, lived experiences and shared values – all of which is focused on meeting the ever-evolving needs of all stakeholders and the communities we serve." Championing Diversity Across its Companies and Communities Sempra is dedicated to building a high-performance culture that empowers its employees by enabling them to reach their full potential while delivering sustainable value that creates a positive impact for its company, customers and all its stakeholders. The company's diverse and inclusive environment also extends to the communities it serves. In 2021, the Sempra family of companies and Sempra Foundation aligned their community investments across four key priorities – climate action, diversity and inclusion, economic prosperity and energy access – investing in more than 1,650 nonprofit organizations, nearly three-quarters of which supported diverse or underserved communities. At its California utilities, San Diego Gas & Electric and Southern California Gas Co., more than $1.9 billion in goods and services were purchased from businesses owned by women, minorities, service-disabled veterans and the LGBTQ+ community in 2021, marking the ninth consecutive year that each company's supplier diversity spending exceeded 40% of total spending on goods and services. Learn more about Sempra's inclusive and high-performance culture in its 2020 Corporate Sustainability Report. Recognizing Leading Diversity Practices Forbes' ranking was determined from an independent survey of 50,000 employees working for major companies in the U.S. Respondents were asked about their employers' diversity practices related to age, gender equality, ethnicity, disability, sexual orientation and general diversity. The ranking also considered diversity among board and executive teams, as well as the most proactive diversity and inclusion initiatives. About Sempra Sempra's mission is to be North America's premier energy infrastructure company. The Sempra family of companies have 20,000 talented employees who deliver energy with purpose to nearly 40 million consumers. With more than $72 billion in total assets at the end of 2021, the San Diego-based company is the owner of one of the largest energy networks in North America helping some of the world's leading economies move to cleaner sources of energy. The company is helping to advance the global energy transition through electrification and decarbonization in the markets it serves, including California, Texas, Mexico and the LNG export market. Sempra is consistently recognized as a leader in sustainable business practices and for its long-standing commitment to building a high-performing culture focused on safety, workforce development and training, and diversity and inclusion. Sempra is the only North American utility sector company included on the Dow Jones Sustainability World Index and was also named one of the "World's Most Admired Companies" for 2022 by Fortune Magazine. For additional information about Sempra, please visit Sempra's website at sempra.com and on Twitter @Sempra. SOURCE Sempra

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SoCalGas Chief Executive Officer Scott Drury Joins Prestigious Wall Street Journal CEO Council

Drury joins influential leaders of companies from 25 different countries LOS ANGELES, April 25, 2022 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced its Chief Executive Officer, Scott Drury, was recently selected to join the Wall Street Journal's CEO Council. The Wall Street Journal CEO Council brings together the most influential decision makers from around the world. Members of the CEO Council represent companies from a cross-section of industries that collectively employ more than 11 million people and generate more than $3 trillion in annual revenue. "At SoCalGas we are leveraging our vast infrastructure, skilled workforce and our relationships with the business, academic, labor, and environmental communities to bring positive and lasting change to the communities we serve and to accelerate the transition to clean energy in California," said Scott Drury, SoCalGas Chief Executive Officer. "It is an honor to serve on the Wall Street Journal CEO Council alongside other top leaders who are working to shape a healthy and prosperous future for people here and around the world." "To tackle big issues from climate change to energy security we need bold, dynamic and inclusive leadership; and that is exactly what Scott Drury brings to the table," said former Governor Gray Davis. Davis is the 2022 Co-Chair of the Southern California Leadership Counsel. "Scott's commitment to sustainability, innovation and community have positioned SoCalGas as a national leader on the path to net zero emissions and have contributed to California's reputation as a forerunner in a clean energy transition." "Under Scott's leadership, SoCalGas is developing real solutions – like the Angeles Link green hydrogen proposal - to decarbonize sectors of the economy that wind and solar can't reach and help to increase the amount of reliable clean energy available in the region," said Supervisor Kathryn Barger, who represents Los Angeles County's Fifth District. "Thanks in part to Scott's efforts, L.A. County is well positioned to continue to grow sustainably without increasing greenhouse gas emissions or jeopardizing grid reliability." Scott Drury became chief executive officer (CEO) of Southern California Gas Company (SoCalGas), a Sempra regulated California utility in 2020. Previously, Drury was the president of San Diego Gas & Electric (SDG&E), another Sempra regulated California utility. Under his leadership, SDG&E made significant strides in modernizing the energy grid to enhance safety and reliability, while providing customers with increasingly sustainable energy choices and creating long-term value for all stakeholders. To learn more, click here. About SoCalGas Headquartered in Los Angeles, SoCalGas® is North America's largest gas distribution utility, serving 21.8 million consumers across 24,000 square miles of Central and Southern California with affordable, reliable, and increasingly renewable gas service. SoCalGas's mission is to build the cleanest, safest and most innovative energy company in America. SoCalGas has committed to the goal of achieving net zero greenhouse gas emissions in its operations and delivery of energy by 2045 while keeping bills affordable for customers. SoCalGas' recent economy-wide technical analysis shows how clean fuels like green hydrogen can help California achieve its net zero goals more affordably and with less risk than other energy pathways. SoCalGas is a subsidiary of Sempra (NYSE: SRE). For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook. SOURCE Southern California Gas Company

Sempra Infrastructure Contributes $50,000 To Enhance Memorial Park Landscape

Over 900 native plants placed by employees during Environmental Champions event honoring Earth Day HOUSTON, April 22, 2022 /PRNewswire/ -- Sempra Infrastructure, a subsidiary of Sempra (NYSE: SRE) (BMV: SRE), announced today a $50,000 contribution to Memorial Park Conservancy in support of the organization's ongoing efforts to enhance environmental infrastructure, stormwater management and establishment of resilient ecologies in Houston's largest urban wilderness and recreation park. "We are excited to continue supporting Memorial Park Conservancy in its beautification and restoration activities for the second year," said Brian Lloyd, regional vice president of external affairs and communications for Sempra Infrastructure. "We are proud to be a part of Memorial Park Conservancy's transformational efforts to restore and build a resilient ecosystem within the park so that everyone can enjoy it for years to come." Additionally, more than 50 employees and their families contributed approximately 100 hours of volunteer service and joined the Park's staff to plant over 900 native grasses and plants to help preserve, restore and enhance the Park during the Environmental Champions event in honor of Earth Day. "Memorial Park Conservancy is proud to work with Sempra Infrastructure, a founding member of our Corporate Partners Program. Its commitment to community and sustainability strengthens our mission of preserving, restoring and enhancing Memorial Park for all Houstonians," said Shellye Arnold, Memorial Park Conservancy President and CEO. "Sempra Infrastructure's dedicated volunteers and financial support make a real and immediate impact." Sempra Infrastructure's participation in this event and the company's contribution are an extension of the ongoing relationship announced last year. In 2021, Sempra and Sempra Infrastructure contributed a total of $150,000 to Memorial Park Conservancy. Located in the heart of Houston and less than five miles from Sempra Infrastructure's new Houston headquarters, Memorial Park spans 1,500 acres. Memorial Park Conservancy's mission is to preserve, restore and enhance the park for the enjoyment of all Houstonians, today and tomorrow. About Sempra Infrastructure Sempra Infrastructure delivers energy for a better world. Through the combined strength of its assets in North America, the company is dedicated to enabling the energy transition and beyond. With a continued focus on sustainability, innovation, world-class safety, championing people, resilient operations and social responsibility, its more than 2,000 employees develop, build and operate clean power, energy networks and LNG and net-zero solutions, that are expected to play a crucial role in the energy systems of the future. For more information about Sempra Infrastructure, please visit www.SempraInfrastructure.com and Twitter. About Memorial Park Conservancy Memorial Park Conservancy is a non-profit organization created to restore, preserve, and enhance Memorial Park for the enjoyment of all Houstonians, today and tomorrow. Now celebrating its 22nd year, the Conservancy's vision is to implement the principles of world-class park management and stewardship in partnership with the Houston community. Memorial Park Conservancy is responsible for managing 1,100 of the Park's 1,500 acres. SOURCE Sempra North American Infrastructure

Sempra advances climate action across California

California’s diverse ecosystems are world-renowned, not only for the beautiful landscapes but also for the land’s contribution to the economic health of the country. The state features nine national parks, over 3,400 miles of coastline, and leads the nation in agricultural production. Sempra has called California home for close to a quarter of a century and has a long history of supporting environmental organizations. Last year, the Sempra family of companies invested $6.6 million in climate action, energy access and environmental initiatives through grants, donations and contributions to environmentally focused third-party organizations. To help maintain the state’s natural beauty and agricultural industry, $4.4 million of the grants focused on helping shape cleaner and more resilient communities across our home state. Learn more about two California-based organizations supported by Sempra that are making a positive impact in the Golden State. Regenerative agriculture White Buffalo Land Trust (WBLT) is directly addressing the climate, biodiversity, public health, and food security challenges we face today through innovation of land stewardship and the redesign of food systems. Regenerative agriculture is a system of farming principles and practices meant to increase biodiversity, enrich soils, improve watersheds, and enhance ecosystem services. A key outcome is the drawdown of excess carbon from the air into the soil. With agriculture and forestry currently contributing nearly one quarter of greenhouse gas emissions worldwide, updated farming methods are more critical than ever. Sempra is supporting the first year of WBLT’s Regenerative Land Stewardship Program. Through the program, leaders, scientists, and practitioners are working to equip land stewards with the knowledge and tools they need to help slow climate impacts and build long term resiliency. Education is taking place through a series of workshops, events and mentoring programs, giving farmers practical skills and a deeper understanding of regenerative principles and techniques. Restorative aquaculture Hubbs-SeaWorld Research Institute (HSWRI) is a non-profit scientific research organization that works to promote a healthier planet through the conservation and renewal of marine life. HSWRI’s team makes a significant effort to keep up with the rapidly changing world, providing innovative scientific solutions to challenges threatening ocean and marine health. Sempra is supporting HSWRI’s Restorative Aquaculture Program, where scientists are studying the environmental healing capacity of native ocean plants and animals. Scientists are learning how organisms can remove nutrients and matter from seawater and how they can work together synergistically. Through this work, they hope to discover ways to mitigate human impacts on the ocean, promote sustainable seafood practices and boost climate resiliency. Climate action drives real impact The unprecedented focus on climate change has compelled people, companies, and even countries to recommit themselves to a cleaner, safer, and healthier planet. At Sempra, we’re no different: we’re working to track and aggregate the impacts associated with the company’s philanthropic investments in climate action. As a result, through investments like these, we’re currently projecting emissions reductions equivalent to removing nearly 210,000 average passenger vehicles from the roads for a full year, based off 2021 investments with data as of March 2022. As Sempra works toward our vision of delivering energy with purpose, we expect to continue to seek opportunities to do the right thing by supporting environmentally focused nonprofit organizations. Keep exploring: find out about our climate initiatives in Mexico and Texas

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Sempra is a leader in developing America’s liquefied natural gas (LNG) export market, building the infrastructure to bring cleaner, more reliable and more affordable energy to the world

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