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Sempra
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Displaying results 226 - 240 of 1201
Sempra Appoints Richard Mark to Board of Directors
SAN DIEGO, Aug. 17, 2023 /PRNewswire/ -- Sempra (NYSE: SRE) (BMV: SRE) today announced that it has appointed Richard Mark to the company's board of directors effective Aug. 21, 2023. Richard Mark is the former chairman and president of Ameren Illinois. He brings 20 years of experience in electric and gas utility operations, customer service, public policy and regulation, as well as broad knowledge and experience with advanced utility technologies and safety and reliability programs. "Bringing new perspectives into the boardroom is a critical component of our effort to support the company's mission to build the leading energy infrastructure company in North America," said Jeffrey W. Martin, chairman and chief executive officer of Sempra. "Our board of directors embody a diverse set of skills, experiences and perspectives and offer important insights that help guide Sempra's success. Richard's senior executive experience and strong utility background will be a great complement to the board as we advance our corporate strategy and continue to work to improve safety and operations, financial stewardship and long-term shareholder value." Mark, 68, served as chairman and president of Ameren Illinois from 2012 to 2022. He first joined Ameren in 2002, where he held a series of increasingly responsible management positions for both Ameren Missouri and Ameren Illinois, including senior vice president, customer operations, and vice president, governmental policy and consumer affairs. Before joining Ameren, Mark served as president, chief executive officer and chief operating officer of St. Mary's Hospital in East St. Louis, IL. He currently serves on the board of directors of Tenet Healthcare Corporation. Mark holds a bachelor's degree from Iowa State University and a master's degree in management from National Louis University. With the appointment of Mark, Sempra will have 10 directors with five having been newly elected since 2018, reflecting the company's commitment to continue growing and benefitting from fresh insights and perspectives. About Sempra Sempra is a leading North American energy infrastructure company that helps meet the daily energy needs of nearly 40 million consumers. As the owner of one of the largest energy networks on the continent, Sempra is helping to electrify and decarbonize some of the world's most significant economic markets, including California, Texas, Mexico and the LNG export market. The company is also consistently recognized as a leader in sustainable business practices and for its long-standing commitment to building a high-performance culture focused on safety and operational excellence, leadership and workforce development and diversity and inclusion. Investor's Business Daily named Sempra the top-ranked utility in the U.S. for environmental, social and governance scores and financial performance. Sempra was also included on the Dow Jones Sustainability North America Index for the 12th consecutive year. More information about Sempra is available at sempra.com and on Twitter @Sempra. SOURCE Sempra
SoCalGas and Consortium Partners Receive U.S. Department of Energy Award for Regional Direct Air Capture Hub in Kern County
SoCalGas is part of a consortium proposing to develop California's first full-scale direct air capture and storage network of regional hubs The consortium will study the engineering requirements to capture 1 million metric tons of CO 2 per year directly from the air LOS ANGELES, Aug. 11, 2023 /PRNewswire/ -- A consortium that includes Southern California Gas Co. (SoCalGas) today was awarded funding by the U.S. Department of Energy for a proposal to develop California's first full-scale direct air capture and storage network of regional hubs. "This is an important step in our efforts to help California decarbonize and reach net-zero goals. California's transition to net zero will require a broad portfolio of diverse energy sources and decarbonization tools to reduce emissions, including carbon management," said SoCalGas President Maryam Brown. "This project could reduce one million metric tons of carbon dioxide directly from the air each year and aid in a more equitable energy transition. Our research has shown that carbon management, when combined with electrification and clean fuels, delivers the most affordable, resilient and technologically proven path to full carbon neutrality." The U.S. Department of Energy announced that it selected the California Direct Air Capture hub for up to $11.8 million in funding to study a regional carbon management hub in Kern County. This project is among only five projects nationwide – the only projected located in California – to be selected funding to begin designing a carbon capture hub project under the department's $3.5 billion Direct Air Capture Hubs program. A total of 21 projects were selected in the announcement. The California Direct Air Capture hub is made up of a consortium of nearly 40 organizations from across industry, community, tribes, government, technology, national labs, academia, labor, and workforce development. SoCalGas will play an important role in the effort, advancing a Front-End Engineering Design (FEED) study to transport carbon captured from the air to permanent carbon storage in the region. Efforts completed to date reflect that the hub could remove 1 million or more metric tons of CO 2 annually – equivalent to taking more than 220,000 gasoline-powered passenger vehicles off the road each year – in line with the state's 20 million metric ton carbon removal target for 2030 and 100 million metric ton carbon removal target for 2045. The U.S. Department of Energy's stated purpose for the proposed hub funding is to "accelerate the commercialization of CO 2 removal via integrated capture from the atmosphere, processing, transport, and secure geologic storage and/or conversion." In addition to capturing carbon, the DOE suggests potential benefits could also include the removal other air pollutants like particulate matter (PM), nitrogen oxides (NOx) and sulphur oxides (SOx). There is widespread agreement among scientists and policymakers that carbon management will be necessary to achieve a cleaner future. The State of California has signaled that carbon management will be critical to its efforts to reach net-zero by 2045, with Gov. Gavin Newsom writing, "We know from the Intergovernmental Panel on Climate Change that there is no path to carbon neutrality without carbon capture and sequestration." Carbon management, along with other clean energy tools such as hydrogen and renewable natural gas, is a key component of the suite of tools SoCalGas has been developing as part of its overall clean energy strategy to reach-net zero greenhouse gas emissions by 2045. For more information about SoCalGas' carbon management efforts, visit https://www.socalgas.com/carboncapture. About SoCalGas Headquartered in Los Angeles, SoCalGas ® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, and increasingly renewable gas service to over 21 million consumers across 24,000 square miles of Central and Southern California. Gas delivered through the company's pipelines will continue to play a key role in California's clean energy transition—providing electric grid reliability and supporting wind and solar energy deployment. SoCalGas' mission is to build the cleanest, safest and most innovative energy infrastructure company in America. In support of that mission, SoCalGas aspires to achieve net-zero greenhouse gas emissions in its operations and delivery of energy by 2045 and to replacing 20 percent of its traditional natural gas supply to core customers with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for customers. SoCalGas is a subsidiary of Sempra (NYSE: SRE), an energy infrastructure company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook. 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 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 "believes," "expects," "intends," "anticipates," "contemplates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "in process," "construct," "develop," "opportunity," "initiative," "target," "outlook," "optimistic," "poised," "maintain," "continue," "progress," "advance," "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 expressed or implied in any forward-looking statement include risks and uncertainties relating to: decisions, investigations, inquiries, regulations, denials or revocations of permits, consents, approvals or other authorizations, renewals of franchises, and other actions by (i) the California Public Utilities Commission (CPUC), U.S. Department of Energy, and other governmental and regulatory bodies and (ii) the 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 in (i) completing construction projects or other transactions on schedule and budget, (ii) realizing anticipated benefits from any of these efforts if completed, and (iii) obtaining the consent or approval of third parties; litigation, arbitrations and other proceedings, and changes to laws and regulations; 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, all of which have become more pronounced due to recent geopolitical events; our ability to borrow money on favorable terms and meet our obligations, including due to (i) actions by credit rating agencies to downgrade our credit ratings or place those ratings on negative outlook or (ii) rising interest rates and inflation; failure of our counterparties to honor their contracts and commitments; 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 (ii) the cost of the clean energy transition in California; the impact of climate and sustainability policies, laws, rules, regulations, disclosures and trends, 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 our ability to incorporate new technologies; weather, natural disasters, pandemics, accidents, equipment failures, explosions, terrorism, information system outages or other events 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 system or limitations on the withdrawal of natural gas from storage facilities; changes in tax and trade policies, laws and regulations, including tariffs, revisions to international trade agreements and sanctions, any of which may increase our costs, reduce our competitiveness, impact our ability to do business with certain counterparties, or impair our ability to resolve trade disputes; 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 Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the CPUC. SOURCE Southern California Gas Company
SoCalGas Declares Preferred Dividends
LOS ANGELES, Aug. 10, 2023 /PRNewswire/ -- The board of directors of Southern California Gas Co. (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, 2023, to shareholders of record on September 10, 2023. About SoCalGas Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, and increasingly renewable gas service to over 21 million consumers across 24,000 square miles of Central and Southern California. Gas delivered through the company's pipelines will continue to play a key role in California's clean energy transition—providing electric grid reliability and supporting wind and solar energy deployment. SoCalGas' mission is to build the cleanest, safest and most innovative energy infrastructure company in America. In support of that mission, SoCalGas aspires to achieve net-zero greenhouse gas emissions in its operations and delivery of energy by 2045 and to replacing 20 percent of its traditional natural gas supply to core customers with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for customers. SoCalGas is a subsidiary of Sempra (NYSE: SRE), an energy infrastructure company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook. SOURCE Southern California Gas Company
Sempra companies invest more than $2.4 billion in diverse businesses
Sempra develops diverse supplier pool to deliver energy to communities, with almost $1B spend, outreach, and collaboration with 32 orgs
SoCalGas Issues Statement on Gov. Gavin Newsom's Strategy to Develop a Hydrogen Economy of the Future in California
Gov. Newsom's announcement hailed hydrogen as "an essential aspect of how we'll power our future and cut pollution" in the state's efforts to reach net-zero emissions LOS ANGELES, Aug. 9, 2023 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today issued the following statement in response to Gov. Gavin's Newsom announcing a strategy to develop a hydrogen economy in California: "SoCalGas applauds Governor Newsom's announcement today and his strategy to develop a robust hydrogen market," said SoCalGas President Maryam Brown. "Clean, renewable hydrogen will play a critical role in reaching California's ambitious climate goals. California leads the nation in clean energy innovation, and SoCalGas will continue to support those efforts by leveraging its skilled workforce and infrastructure to help the state achieve net-zero emissions." For more information about SoCalGas' hydrogen innovation, visit http://socalgas.com/hydrogen. About SoCalGas Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, and increasingly renewable gas service to over 21 million consumers across 24,000 square miles of Central and Southern California. Gas delivered through the company's pipelines will continue to play a key role in California's clean energy transition—providing electric grid reliability and supporting wind and solar energy deployment. SoCalGas' mission is to build the cleanest, safest and most innovative energy infrastructure company in America. In support of that mission, SoCalGas aspires to achieve net-zero greenhouse gas emissions in its operations and delivery of energy by 2045 and to replacing 20 percent of its traditional natural gas supply to core customers with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for customers. SoCalGas is a subsidiary of Sempra (NYSE: SRE), an energy infrastructure company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook. 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 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 "believes," "expects," "intends," "anticipates," "contemplates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "in process," "construct," "develop," "opportunity," "initiative," "target," "outlook," "optimistic," "poised," "maintain," "continue," "progress," "advance," "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 expressed or implied in any forward-looking statement include risks and uncertainties relating to: decisions, investigations, inquiries, regulations, denials or revocations of permits, consents, approvals or other authorizations, renewals of franchises, and other actions by (i) the California Public Utilities Commission (CPUC), U.S. Department of Energy, and other governmental and regulatory bodies and (ii) the 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 in (i) completing construction projects or other transactions on schedule and budget, (ii) realizing anticipated benefits from any of these efforts if completed, and (iii) obtaining the consent or approval of third parties; litigation, arbitrations and other proceedings, and changes to laws and regulations; 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, all of which have become more pronounced due to recent geopolitical events; our ability to borrow money on favorable terms and meet our obligations, including due to (i) actions by credit rating agencies to downgrade our credit ratings or place those ratings on negative outlook or (ii) rising interest rates and inflation; failure of our counterparties to honor their contracts and commitments; 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 (ii) the cost of the clean energy transition in California; the impact of climate and sustainability policies, laws, rules, regulations, disclosures and trends, 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 our ability to incorporate new technologies; weather, natural disasters, pandemics, accidents, equipment failures, explosions, terrorism, information system outages or other events 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 system or limitations on the withdrawal of natural gas from storage facilities; changes in tax and trade policies, laws and regulations, including tariffs, revisions to international trade agreements and sanctions, any of which may increase our costs, reduce our competitiveness, impact our ability to do business with certain counterparties, or impair our ability to resolve trade disputes; 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 Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the CPUC. SOURCE Southern California Gas Company
SoCalGas Files Application to Develop California's Largest Renewable Natural Gas Pilot Project, Turning Agricultural Waste into Fuel
The pilot project is expected to produce up to 4.5 billion cubic feet of RNG annually from orchard waste, along with almond, pistachio and walnut shells LOS ANGELES, Aug. 8, 2023 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) has filed an application with the California Public Utilities Commission (CPUC) to support the development of a pilot project that would utilize organic waste such as chipped wood, along with nut shells, and turn it into renewable natural gas (RNG). If approved, the project would be the largest RNG project in the state of California, producing up to 4.5 billion cubic feet of fuel each year from 400,000 to 500,000 tons of agricultural waste, some of which would otherwise be burned. It would more than double already historic deliveries of RNG in 2022 from existing projects within SoCalGas's service territory and could deliver carbon-neutral or negative fuel equivalent to taking up to 52,000 gasoline vehicles off the road each year. The project would be developed by San Joaquin Renewables LLC in the City of McFarland. Pursuant to CPUC direction, SoCalGas proposed funding its portion of the project – about $13 million – with cap-and-trade funds. If approved, which could come as soon as May 2024, the project is planned to come online in late 2026. "As the State of California has recognized, renewable natural gas remains a critical tool, along with other decarbonization pathways such as electrification, hydrogen and carbon management, in our efforts to decarbonize our great state," said Neil Navin, Chief Clean Fuels Officer at SoCalGas. "Instead of burning this agricultural waste, this project could produce more RNG annually than the entire state of Hawaii uses each year, putting this waste to good use to help shore up energy reliability and resiliency as we transition to a clean energy economy." "Converting biomass into renewable natural gas provides a sustainable and renewable source of energy from waste material," said T.J. Paskach, President of San Joaquin Renewables. "Additionally, the San Joaquin Renewables facility will help reduce our dependence on fossil fuels, will help clean the air of the Central Valley by producing a carbon negative fuel, and will provide hundreds of high-quality jobs in McFarland." The project will work by using a non-combustion process to turn agricultural waste into a mixture of gases, including hydrogen. The mixture is then cleaned, compressed and is then usable as RNG. In February 2022, the CPUC adopted the Renewable Gas Procurement Standard, which sets goals for the procurement of renewable gas made by capturing methane emitted by organic waste from wastewater treatment plants, dairies, landfills, agricultural waste, and forestry residues. The standard also requires SoCalGas to replace approximately 12.2 percent of the traditional gas it delivers to core customers with renewable natural gas by 2030. The CPUC also required SoCalGas to submit an application proposing at least one gasification or pyrolysis pilot project focused on conversion of woody biomass to biomethane. RNG is a key tool in decarbonizing the gas system as it can be carbon neutral or even negative, depending on its source. RNG, along with carbon management and clean fuels like hydrogen, is one in a suite of tools SoCalGas is utilizing to help achieve its aim to have net-zero greenhouse gas emissions by 2045. More information about SoCalGas' renewable natural gas efforts can be found here: https://socalgas.com/rng. About SoCalGas Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, and increasingly renewable gas service to over 21 million consumers across 24,000 square miles of Central and Southern California. Gas delivered through the company's pipelines will continue to play a key role in California's clean energy transition—providing electric grid reliability and supporting wind and solar energy deployment. SoCalGas' mission is to build the cleanest, safest and most innovative energy infrastructure company in America. In support of that mission, SoCalGas aspires to achieve net-zero greenhouse gas emissions in its operations and delivery of energy by 2045 and to replacing 20 percent of its traditional natural gas supply to core customers with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for customers. SoCalGas is a subsidiary of Sempra (NYSE: SRE), an energy infrastructure company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook. 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 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/presentation/article/report/other name of document]. 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 "believes," "expects," "intends," "anticipates," "contemplates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "in process," "construct," "develop," "opportunity," "initiative," "target," "outlook," "optimistic," "poised," "maintain," "continue," "progress," "advance," "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 expressed or implied in any forward-looking statement include risks and uncertainties relating to: decisions, investigations, inquiries, regulations, denials or revocations of permits, consents, approvals or other authorizations, renewals of franchises, and other actions by (i) the California Public Utilities Commission (CPUC), U.S. Department of Energy, and other governmental and regulatory bodies and (ii) the 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 in (i) completing construction projects or other transactions on schedule and budget, (ii) realizing anticipated benefits from any of these efforts if completed, and (iii) obtaining the consent or approval of third parties; litigation, arbitrations and other proceedings, and changes to laws and regulations; 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, all of which have become more pronounced due to recent geopolitical events; our ability to borrow money on favorable terms and meet our obligations, including due to (i) actions by credit rating agencies to downgrade our credit ratings or place those ratings on negative outlook or (ii) rising interest rates and inflation; failure of our counterparties to honor their contracts and commitments; 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 (ii) the cost of the clean energy transition in California; the impact of climate and sustainability policies, laws, rules, regulations, disclosures and trends, 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 our ability to incorporate new technologies; weather, natural disasters, pandemics, accidents, equipment failures, explosions, terrorism, information system outages or other events 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 system or limitations on the withdrawal of natural gas from storage facilities; changes in tax and trade policies, laws and regulations, including tariffs, revisions to international trade agreements and sanctions, any of which may increase our costs, reduce our competitiveness, impact our ability to do business with certain counterparties, or impair our ability to resolve trade disputes; 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 Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the CPUC. SOURCE Southern California Gas Company
Central California Food Bank Receives $200,000 Donation from SoCalGas to Enhance Healthy Food Distributions for 7,500 Individuals Throughout Central California
The donation from SoCalGas' Fueling Our Communities Initiative will help provide nearly 93,000 meals and support healthy and culturally appropriate food options for Fresno, Kings, and Tulare Counties FRESNO, Calif., Aug. 4, 2023 /PRNewswire/ -- Today, Southern California Gas Co. (SoCalGas) announced a $200,000 community investment grant that will sustain and enhance a select group of Central California Food Bank's School Pantry sites, Neighborhood Markets, and Farmworker Community Program distributions in Fresno, Kings, and Tulare counties. Through the end of 2023, this donation from SoCalGas' Fueling Our Communities initiative will help provide nutritious and culturally appropriate food to families and individuals experiencing food insecurity in underserved communities of Selma, Orange Cove, Pixley, Dinuba, Richgrove, Porterville, Visalia, Corcoran, and Lemoore. Many of Central California's families were negatively impacted by unforeseen economical spikes in food prices, transportation costs, and repercussions of a post-pandemic economy. This community investment grant from SoCalGas will help Central California Food Bank serve 4,590 individuals in Tulare County, 1,020 individuals in Kings County, and 1,530 individuals in Fresno County each month through December 2023. Central California Food Bank is one of several organizations selected from SoCalGas' 12-county service area to receive funding to provide free meals and groceries to low-income families and seniors in need of food support. Central California's Fresno, Kings, and Tulare counties experience some of the highest rates of poverty and hunger in California and encounter multiple barriers to accessing healthy food on a regular basis. "Through this incredible leadership gift, SoCalGas is helping provide culturally appropriate food and increased access to rural and remote communities. We are grateful for this support and look forward to continuing this partnership to positively impact neighbors experiencing hunger," said Kym Dildine, Co-CEO of Central California Food Bank. "Thank you to SoCalGas for their generous contribution to the Central California Food Bank. Their contribution supporting residents experiencing food insecurities demonstrates SoCalGas' commitment to the resiliency of Tulare County," said Tulare County Supervisor Pete Vander Poel. "The investments made through Fueling Our Communities demonstrate SoCalGas' commitment to empowering and investing in the communities across our service areas," said Andy Carrasco, SoCalGas Vice President, Communications, Local Government and Community Affairs. "SoCalGas values its partnership with the Central California Food Bank, as we work together to reduce food insecurity and provide healthy food to families in need." "On behalf of Kings County, I want to express gratitude to SoCalGas for their efforts to feed families in Kings County. Their contribution will go a long way in helping families during trying times in our area," said Kings County Supervisor Richard Valle. The Fueling Our Communities initiative began in 2020 as a collaboration between SoCalGas and five regional nonprofits to provide free meals to individuals impacted by the COVID-19 pandemic. During the program's first summer, SoCalGas and its partners provided more than 140,000 meals to 40,000 individuals from underserved communities across Southern California. With its latest $4 million contribution, SoCalGas aims to significantly expand the Fueling our Communities initiative via new and existing partnerships with food banks and nonprofits with a focus on serving families and seniors in need. Media assets can be found here . About Central California Food Bank Central California Food Bank (CCFB) is the region's largest nonprofit organization focused solely on ending hunger. CCFB has experienced tremendous growth since its beginning in 1992, and now serves at the center of a vast network of more than 230 member partners, including schools, churches, community kitchens and more to provide nutritious food to our neighbors in need throughout Fresno, Madera, Tulare, Kings, and Kern Counties. Through our comprehensive hunger-relief programs and services, we distribute nearly 50 million pounds of food to families in need each year, serving more than 300,000 people each month, including nearly 100,000 children across our service area. For more information about what Central California Food Bank is doing to fight hunger, visit www.ccfoodbank.org. About SoCalGas Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, and increasingly renewable gas service to over 21 million consumers across 24,000 square miles of Central and Southern California. Gas delivered through the company's pipelines will continue to play a key role in California's clean energy transition—providing electric grid reliability and supporting wind and solar energy deployment. SoCalGas' mission is to build the cleanest, safest and most innovative energy infrastructure company in America. In support of that mission, SoCalGas aspires to achieve net-zero greenhouse gas emissions in its operations and delivery of energy by 2045 and to replacing 20 percent of its traditional natural gas supply to core customers with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for customers. SoCalGas is a subsidiary of Sempra (NYSE: SRE), an energy infrastructure company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook. SOURCE Southern California Gas Company
Sempra Reports Second-Quarter 2023 Earnings Results
SAN DIEGO, Aug. 3, 2023 /PRNewswire/ -- Sempra (NYSE: SRE) (BMV: SRE) today announced second-quarter 2023 earnings of $603 million, or $1.91 per diluted share, compared to second-quarter 2022 earnings of $559 million, or $1.77 per diluted share. On an adjusted basis, the company's second-quarter 2023 earnings were $594 million, or $1.88 per diluted share, compared to $626 million, or $1.98 per diluted share, in 2022. "Today, Sempra is continuing its mission to build North America's premier energy infrastructure company, and we take a lot of pride in our progress," said Jeffrey W. Martin, chairman and chief executive officer of Sempra. "We have been successful in simplifying our business model and rotating capital into our three growth platforms — Sempra California, Sempra Texas and Sempra Infrastructure. In combination, these actions have contributed to another strong quarter of financial performance, while also positioning us for continued growth and value creation through the end of the decade." Sempra's earnings for the first six months of 2023 were $1.572 billion, or $4.97 per diluted share, compared with earnings of $1.171 billion, or $3.70 per diluted share, in the first six months of 2022. Adjusted earnings for the first six months of 2023 were $1.516 billion, or $4.80 per diluted share, compared to $1.550 billion, or $4.90 per diluted share, in the first six months of 2022. 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 second quarter and first six months of 2023 and 2022. (Dollars and shares in millions, except EPS) Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 (Unaudited) GAAP Earnings $ 603 $ 559 $ 1,572 $ 1,171 Impact associated with Aliso Canyon litigation — 32 — 98 Equity losses from a write-off of rate base disallowances resulting from the PUCT's final order in Oncor's comprehensive base rate review — — 44 — Impact from foreign currency and inflation on our monetary positions in Mexico 93 16 202 91 Net unrealized (gains) losses on derivatives (102) 19 (319) 70 Net unrealized losses on a contingent interest rate swap related to the Port Arthur LNG Phase 1 project — — 17 — Deferred income tax expense associated with the change in our indefinite reinvestment assertion related to the sale of noncontrolling interest to Abu Dhabi Investment Authority — — — 120 Adjusted Earnings (1) $ 594 $ 626 $ 1,516 $ 1,550 Diluted Weighted-Average Common Shares Outstanding 316 316 316 317 GAAP EPS $ 1.91 $ 1.77 $ 4.97 $ 3.70 Adjusted EPS (1) $ 1.88 $ 1.98 $ 4.80 $ 4.90 1) See Table A for information regarding non-GAAP financial measures and descriptions of adjustments. Sempra California San Diego Gas & Electric Co. (SDGE) and Southern California Gas Co. (SoCalGas) are making critical investments in energy networks to better serve customers, continue to improve operational safety and reliability and help drive electrification and decarbonization across multiple sectors of the state's economy. SDGE was awarded an estimated $500 million of planned transmission projects to support reliability as part of the California Independent System Operator's (CAISO) final 2022-2023 transmission plan. In June, CAISO also initiated a competitive bidding process for several transmission projects to help ensure California can meet growth and future energy demand and add renewable generation to its system, with $2.3 billion of those projects located within SDGE's service territory. In addition, to further bolster reliability and help CAISO store and dispatch clean energy to meet peak demand, SDGE began operations at two new utility-owned energy storage facilities totaling 171 megawatts (MW). SDGE expects to grow its energy storage portfolio to 345 MW by the end of the year — enough to meet more than 15% of its customers' energy demand on a typical day. Additionally, it is important to note that the utility market in California continues to evolve. In SDGE's service territory, for example, more than 80% of its customers in San Diego County are now procuring their electricity supplies from third parties, which has the benefit of allowing the company to focus primarily on developing and operating modern energy networks that more efficiently integrate renewable resources, battery storage, electric vehicle charging stations and other clean technologies. Moreover, SDGE's narrower focus on energy delivery and connecting producers of cleaner energy to customers directly supports the transition to a lower carbon energy system and the state's overall public policy goals. At SoCalGas, the focus remains on safety and affordably supporting reliability and decarbonization using its existing energy network. In connection with Senate Bill 1440, the utility recently launched a request for offers to procure renewable natural gas (RNG) and bio-synthetic natural gas from eligible suppliers. These actions are being taken in accordance with state-mandated targets for approximately 12% utility procurement of biomethane supply from landfills, woody biomass and other agricultural sources by 2030. In 2022, SoCalGas was successful in achieving 5% RNG penetration in core gas deliveries. This supports SoCalGas' goal of reaching 20% RNG throughput for core customers by 2030. The company also released an update to its 2021 Clean Fuels Study, which indicates that meeting the state's decarbonization and reliability goals will require critical new infrastructure investments to facilitate the delivery of cleaner fuels, a considerable scale-up of renewable generation resources and up to 10 gigawatts of electricity fueled by clean hydrogen by 2045. The California Public Utilities Commission continues to advance the ongoing general rate cases of SDGE and SoCalGas, which focus on delivering cleaner energy, safely and reliably, in alignment with California's sustainability goals. The proposed decision is expected to be issued in the second quarter of 2024 with rates to be retroactively effective to January 1 of that year. Sempra Texas In Texas, the 2023 state legislative session closed out with the enactment of several energy reform measures that are expected to strengthen grid resiliency and facilitate new energy infrastructure development across the state. Moreover, the new laws are expected to help improve regulatory certainty regarding recovery of certain utility investments, reduce regulatory lag and shorten certain administrative processing time, which is intended to streamline project development to support increasing demand for electrification and reliability. These positive legislative reforms, coupled with recent regulatory outcomes related to Oncor's base rate review at the Public Utility Commission of Texas, strengthen the company's ability to better serve customers and support critical system growth and expansion. To date, Oncor has made significant progress executing on its more than $19 billion, five-year capital budget, investing in critical transmission and distribution infrastructure projects to support population growth in Texas and increase reliability for the Electric Reliability Council of Texas (ERCOT) market. Throughout the quarter, Oncor continued to experience solid growth in new premises and the construction of new transmission and distribution lines, all while remaining focused on safety and reliability. In the second quarter, Oncor connected 21,000 new premises to the ERCOT grid, constructed or upgraded roughly 575 miles of distribution lines and placed nearly $560 million of projects into service. The company also had approximately 720 active generation and retail transmission point-of-interconnection (POI) requests in queue as of June 30, 2023. Sempra Infrastructure Sempra Infrastructure remains on track to deliver strong financial performance for 2023 as it advances its three integrated business lines: clean power, energy networks and liquefied natural gas (LNG) and net-zero solutions. The company continues to advance its Pacific and Atlantic basin LNG supply strategy. Construction continues according to plan at the Energía Costa Azul LNG Phase 1 project located on the Pacific Coast, which has logged 8 million hours worked with no lost-time incidents and remains on track to reach commercial operations by summer of 2025. In the Atlantic basin, the company is making progress at its proposed Port Arthur energy hub, which is benefiting from the integrated development capabilities of its energy network and LNG business lines. Construction is underway at the Port Arthur LNG Phase 1 project with more than 2.7 million hours of work completed, all without a lost-time incident. Notably, Sempra Infrastructure Partners, LP (Sempra Infrastructure) is announcing today that it expects to finalize its ownership stake in Port Arthur LNG Phase 1 at an indirect ownership of 28%, landing near the high end of the previously shared target ownership of 20% to 30%. The transaction is anticipated to close in the third quarter of this year, subject to regulatory approvals and closing conditions. Another critical component of the proposed Port Arthur energy hub is the development of the 72-mile Louisiana Connector pipeline, which is expected to deliver approximately 2 billion cubic feet per day of natural gas to Port Arthur LNG. Additionally, Sempra Infrastructure has acquired pore space for the proposed Titan Carbon Sequestration project, which is located nearby in Jefferson County, Texas, and is envisioned to capture carbon from the Port Arthur LNG Phase 1 project under construction and potential future phases, as well as potentially from other entities. Finally, the competitive front-end engineering design process on the proposed Cameron LNG Phase 2 project continues. Cameron LNG JV recently informed Bechtel that it had been selected to perform additional value engineering work on the proposed Phase 2 project, and the parties are negotiating the terms and conditions for a definitive engineering, procurement and construction (EPC) contract. Sempra Infrastructure expects this process to continue through the fall, positioning the company to make a final investment decision in 2024 after executing the EPC contract and securing project financing and necessary regulatory approvals. Two-for-One Stock Split Sempra today announced that its Board of Directors has declared a two-for-one stock split in the form of a 100% stock dividend. Each stockholder of record at the close of business on August 14, 2023 will receive one additional share of common stock for every then-held share of common stock, to be distributed after the close of trading on August 21, 2023. The company expects its common stock to begin trading at the split-adjusted price on August 22, 2023. The stock split is intended to make Sempra's common stock more accessible to a broader base of investors and to improve the overall trading volume of such shares due to the increased number of shares outstanding. The split-adjusted price offers an opportunity to appeal to new investors who want to join the company's mission to be North America's premier energy infrastructure company. Earnings Guidance Given the strength of the company's financial performance in the first half of this year, Sempra is updating its full-year 2023 GAAP earnings per common share (EPS) guidance range to $8.78 to $9.38 and affirming its full-year 2023 adjusted EPS guidance range of $8.60 to $9.20. The company is also affirming its full-year 2024 EPS guidance range of $9.10 to $9.80 and its projected long-term EPS growth rate of 6% to 8%. The foregoing GAAP and adjusted EPS guidance ranges will be updated for the aforementioned stock split in the company's third quarter and full year 2023 financial results. 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 that helps meet the daily energy needs of nearly 40 million consumers. As the owner of one of the largest energy networks on the continent, Sempra is helping to electrify and decarbonize some of the world's most significant economic markets, including California, Texas, Mexico and the LNG export market. The company is also consistently recognized as a leader in sustainable business practices and for its long-standing commitment to building a high-performance culture focused on safety and operational excellence, leadership and workforce development and diversity and inclusion. Investor's Business Daily named Sempra the top-ranked utility in the U.S. for environmental, social and governance scores and financial performance. Sempra was also included on the Dow Jones Sustainability North America Index for the 12th consecutive year. More information about Sempra is available 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 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 "believes," "expects," "intends," "anticipates," "contemplates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "in process," "construct," "develop," "opportunity," "initiative," "target," "outlook," "optimistic," "poised," "maintain," "continue," "progress," "advance," "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 expressed or implied in any forward-looking statement include risks and uncertainties relating to: California wildfires, including potential liability for damages regardless of fault and any inability to recover all or a substantial portion of costs from insurance, the wildfire fund established by California Assembly Bill 1054, rates from customers or a combination thereof; decisions, investigations, inquiries, regulations, denials or revocations of permits, consents, approvals or 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 governmental and regulatory bodies and (ii) the 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 and acquisitions and divestitures, including risks in (i) being able to make a final investment decision, (ii) completing construction projects or other transactions on schedule and budget, (iii) realizing anticipated benefits from any of these efforts if completed, and (iv) obtaining the consent or approval of third parties; litigation, arbitrations, property disputes and other proceedings, and changes to laws and regulations, including those related to the energy industry in Mexico; 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, all of which have become more pronounced due to recent geopolitical events; our ability to borrow money on favorable terms and meet our obligations, including due to (i) actions by credit rating agencies to downgrade our credit ratings or place those ratings on negative outlook or (ii) rising interest rates and inflation; failure of foreign governments, state-owned entities and our counterparties to honor their contracts and commitments; 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, (ii) with respect to SDG&E's and SoCalGas' businesses, the cost of the clean energy transition in California, and (iii) with respect to Sempra Infrastructure's business, volatility in foreign currency exchange rates; the impact of climate and sustainability policies, laws, rules, regulations, disclosures and trends, 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 our ability to incorporate new technologies; weather, natural disasters, pandemics, accidents, equipment failures, explosions, terrorism, information system outages or other events 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, pipeline system or limitations on the 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; changes in tax and trade policies, laws and regulations, including tariffs, revisions to international trade agreements and sanctions, any of which may increase our costs, reduce our competitiveness, impact our ability to do business with certain counterparties, or impair our ability to resolve trade disputes; 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, sec.gov, and on Sempra's website, 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, and Sempra Infrastructure, Sempra Infrastructure Partners, Sempra Texas, 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 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, 2023 2022 2023 2022 (unaudited) REVENUES Utilities: Natural gas $ 1,660 $ 1,704 $ 6,072 $ 4,024 Electric 1,054 1,189 2,081 2,306 Energy-related businesses 621 654 1,742 1,037 Total revenues 3,335 3,547 9,895 7,367 EXPENSES AND OTHER INCOME Utilities: Cost of natural gas (311) (528) (2,994) (1,330) Cost of electric fuel and purchased power (88) (251) (202) (456) Energy-related businesses cost of sales (81) (289) (274) (424) Operation and maintenance (1,366) (1,162) (2,575) (2,248) Aliso Canyon litigation and regulatory matters — (45) — (137) Depreciation and amortization (549) (501) (1,088) (994) Franchise fees and other taxes (148) (150) (340) (312) Other income (expense), net 31 (1) 72 37 Interest income 17 15 41 40 Interest expense (317) (271) (683) (514) Income before income taxes and equity earnings 523 364 1,852 1,029 Income tax expense (175) (80) (551) (414) Equity earnings 388 375 607 701 Net income 736 659 1,908 1,316 Earnings attributable to noncontrolling interests (121) (88) (313) (122) Preferred dividends (11) (11) (22) (22) Preferred dividends of subsidiary (1) (1) (1) (1) Earnings attributable to common shares $ 603 $ 559 $ 1,572 $ 1,171 Basic earnings per common share (EPS): Earnings $ 1.91 $ 1.78 $ 4.99 $ 3.71 Weighted-average common shares outstanding 315,007 314,845 314,963 315,595 Diluted EPS: Earnings $ 1.91 $ 1.77 $ 4.97 $ 3.70 Weighted-average common shares outstanding 316,060 315,867 316,092 316,647 SEMPRA 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 2023 and 2022 as follows: Three months ended June 30, 2023: $(93) million impact from foreign currency and inflation on our monetary positions in Mexico $102 million net unrealized gains on commodity derivatives Three months ended June 30, 2022: $(32) million impact associated with Aliso Canyon natural gas storage facility litigation at Southern California Gas Company (SoCalGas) $(16) million impact from foreign currency and inflation on our monetary positions in Mexico $(19) million net unrealized losses on commodity derivatives Six months ended June 30, 2023: $(44) million equity losses from investment in Oncor Electric Delivery Holdings Company LLC (Oncor Holdings) related to a write-off of rate base disallowances resulting from the Public Utility Commission of Texas' (PUCT) final order in Oncor Electric Delivery Company LLC's (Oncor) comprehensive base rate review $(202) million impact from foreign currency and inflation on our monetary positions in Mexico $319 million net unrealized gains on commodity derivatives $(17) million net unrealized losses on a contingent interest rate swap related to the initial phase of the Port Arthur LNG liquefaction project (PA LNG Phase 1 project) Six months ended June 30, 2022: $(98) million impact associated with Aliso Canyon natural gas storage facility litigation at SoCalGas $(91) million impact from foreign currency and inflation on our monetary positions in Mexico $(70) 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 sale of 10% NCI in Sempra Infrastructure Partners, LP (SI Partners) to Abu Dhabi Investment Authority (ADIA) 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 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 (Dollars in millions, except EPS; shares in thousands) Pretax amount Income tax expense (benefit) (1) Non-controlling interests Earnings Pretax amount Income tax (benefit) expense (1) Non-controlling interests Earnings Three months ended June 30, 2023 Three months ended June 30, 2022 (unaudited) Sempra GAAP Earnings $ 603 $ 559 Excluded items: Impact associated with Aliso Canyon litigation $ — $ — $ — — $ 45 $ (13) $ — 32 Impact from foreign currency and inflation on our monetary positions in Mexico 18 117 (42) 93 4 14 (2) 16 Net unrealized (gains) losses on commodity derivatives (200) 41 57 (102) 18 (5) 6 19 Sempra Adjusted Earnings $ 594 $ 626 Diluted EPS: Weighted-average common shares outstanding, diluted 316,060 315,867 Sempra GAAP EPS $ 1.91 $ 1.77 Sempra Adjusted EPS $ 1.88 $ 1.98 Six months ended June 30, 2023 Six months ended June 30, 2022 (unaudited) Sempra GAAP Earnings $ 1,572 $ 1,171 Excluded items: Impact associated with Aliso Canyon litigation $ — $ — $ — — $ 137 $ (39) $ — 98 Equity losses from a write-off of rate base disallowances resulting from the PUCT's final order in Oncor's comprehensive base rate review — — — 44 — — — — Impact from foreign currency and inflation on our monetary positions in Mexico 43 252 (93) 202 29 84 (22) 91 Net unrealized (gains) losses on commodity derivatives (628) 126 183 (319) 106 (25) (11) 70 Net unrealized losses on a contingent interest rate swap related to the PA LNG Phase 1 project 33 (6) (10) 17 — — — — Deferred income tax expense associated with the change in our indefinite reinvestment assertion related to the sale of NCI to ADIA — — — — — 120 — 120 Sempra Adjusted Earnings $ 1,516 $ 1,550 Diluted EPS: Weighted-average common shares outstanding, diluted 316,092 316,647 Sempra GAAP EPS $ 4.97 $ 3.70 Sempra Adjusted EPS $ 4.80 $ 4.90 (1) Except for adjustments that are solely income tax, income taxes on pretax amounts were primarily calculated based on applicable statutory tax rates. We record equity losses for our investment in Oncor Holdings net of income tax. SEMPRA Table A (Continued) RECONCILIATION OF SEMPRA 2023 ADJUSTED EPS GUIDANCE RANGE TO SEMPRA 2023 GAAP EPS GUIDANCE RANGE (Unaudited) Sempra 2023 Adjusted EPS Guidance Range of $8.60 to $9.20 excludes items (after the effects of income taxes and, if applicable, NCI) as follows: $(44) million equity losses from investment in Oncor Holdings related to a write-off of rate base disallowances resulting from the PUCT's final order in Oncor's comprehensive base rate review $(202) million impact from foreign currency and inflation on our monetary positions in Mexico $319 million net unrealized gains on commodity derivatives $(17) million net unrealized losses on a contingent interest rate swap related to the PA LNG Phase 1 project Sempra 2023 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 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 2023 Adjusted EPS Guidance Range should not be considered an alternative to Sempra 2023 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 2023 Adjusted EPS Guidance Range to Sempra 2023 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 2023 Sempra GAAP EPS Guidance Range $ 8.78 to $ 9.38 Excluded items: Equity losses from a write-off of rate base disallowances resulting from the PUCT's final order in Oncor's comprehensive base rate review 0.14 0.14 Impact from foreign currency and inflation on our monetary positions in Mexico 0.64 0.64 Net unrealized gains on commodity derivatives (1.01) (1.01) Net unrealized losses on a contingent interest rate swap related to the PA LNG Phase 1 project 0.05 0.05 Sempra Adjusted EPS Guidance Range $ 8.60 to $ 9.20 Weighted-average common shares outstanding, diluted (millions) 316 SEMPRA Table B CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in millions) June 30, 2023 December 31, 2022 (1) (unaudited) ASSETS Current assets: Cash and cash equivalents $ 1,077 $ 370 Restricted cash 74 40 Accounts receivable – trade, net 1,970 2,635 Accounts receivable – other, net 489 685 Due from unconsolidated affiliates 26 54 Income taxes receivable 74 113 Inventories 383 403 Prepaid expenses 159 268 Regulatory assets 105 351 Fixed-price contracts and other derivatives 256 803 Greenhouse gas allowances 143 141 Other current assets 91 49 Total current assets 4,847 5,912 Other assets: Restricted cash 91 52 Regulatory assets 3,227 2,588 Greenhouse gas allowances 1,045 796 Nuclear decommissioning trusts 863 841 Dedicated assets in support of certain benefit plans 520 505 Deferred income taxes 149 135 Right-of-use assets – operating leases 722 655 Investment in Oncor Holdings 13,869 13,665 Other investments 2,146 2,012 Goodwill 1,602 1,602 Other intangible assets 331 344 Wildfire fund 288 303 Other long-term assets 1,549 1,382 Total other assets 26,402 24,880 Property, plant and equipment, net 51,478 47,782 Total assets $ 82,727 $ 78,574 (1) Derived from audited financial statements. SEMPRA Table B (Continued) CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) (Dollars in millions) June 30, 2023 December 31, 2022 (1) (unaudited) LIABILITIES AND EQUITY Current liabilities: Short-term debt $ 2,512 $ 3,352 Accounts payable – trade 1,790 1,994 Accounts payable – other 234 275 Due to unconsolidated affiliates 5 — Dividends and interest payable 651 621 Accrued compensation and benefits 364 484 Regulatory liabilities 650 504 Current portion of long-term debt and finance leases 924 1,019 Reserve for Aliso Canyon costs 126 129 Greenhouse gas obligations 143 141 Other current liabilities 1,052 1,380 Total current liabilities 8,451 9,899 Long-term debt and finance leases 27,521 24,548 Deferred credits and other liabilities: Due to unconsolidated affiliates 282 301 Regulatory liabilities 3,435 3,341 Greenhouse gas obligations 800 565 Pension and other postretirement benefit plan obligations, net of plan assets 346 410 Deferred income taxes 5,064 4,591 Asset retirement obligations 3,536 3,546 Deferred credits and other 2,278 2,117 Total deferred credits and other liabilities 15,741 14,871 Equity: Sempra shareholders' equity 27,836 27,115 Preferred stock of subsidiary 20 20 Other noncontrolling interests 3,158 2,121 Total equity 31,014 29,256 Total liabilities and equity $ 82,727 $ 78,574 (1) Derived from audited financial statements SEMPRA Table C CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in millions) Six months ended June 30, 2023 2022 (unaudited) CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 1,908 $ 1,316 Adjustments to reconcile net income to net cash provided by operating activities 467 949 Net change in working capital components 1,474 (3) Insurance receivable for Aliso Canyon costs — 16 Distributions from investments 402 403 Changes in other noncurrent assets and liabilities, net (514) (317) Net cash provided by operating activities 3,737 2,364 CASH FLOWS FROM INVESTING ACTIVITIES Expenditures for property, plant and equipment (4,282) (2,361) Expenditures for investments (184) (181) Purchases of nuclear decommissioning and other trust assets (322) (397) Proceeds from sales of nuclear decommissioning and other trust assets 356 397 Other 11 7 Net cash used in investing activities (4,421) (2,535) CASH FLOWS FROM FINANCING ACTIVITIES Common dividends paid (734) (711) Preferred dividends paid (22) (22) Issuances of common stock — 3 Repurchases of common stock (31) (476) Issuances of debt (maturities greater than 90 days) 5,614 4,818 Payments on debt (maturities greater than 90 days) and finance leases (3,392) (1,543) Decrease in short-term debt, net (388) (2,011) Advances from unconsolidated affiliates 14 18 Proceeds from sales of noncontrolling interests 265 1,732 Distributions to noncontrolling interests (252) (106) Contributions from noncontrolling interests 543 13 Settlement of cross-currency swaps (99) — Other (61) (30) Net cash provided by financing activities 1,457 1,685 Effect of exchange rate changes on cash, cash equivalents and restricted cash 7 (2) Increase in cash, cash equivalents and restricted cash 780 1,512 Cash, cash equivalents and restricted cash, January 1 462 581 Cash, cash equivalents and restricted cash, June 30 $ 1,242 $ 2,093 SEMPRA Table D SEGMENT EARNINGS (LOSSES) AND CAPITAL EXPENDITURES AND INVESTMENTS (Dollars in millions) Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 (unaudited) Earnings (Losses) Attributable to Common Shares SDG&E $ 184 $ 176 $ 442 $ 410 SoCalGas 155 87 515 421 Sempra Texas Utilities 160 186 243 348 Sempra Infrastructure 208 183 523 278 Parent and other (104) (73) (151) (286) Total $ 603 $ 559 $ 1,572 $ 1,171 Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 (unaudited) Capital Expenditures and Investments SDG&E $ 615 $ 538 $ 1,239 $ 1,090 SoCalGas 503 463 961 931 Sempra Texas Utilities 93 86 178 171 Sempra Infrastructure 1,340 164 2,084 346 Parent and other — 2 4 4 Total $ 2,551 $ 1,253 $ 4,466 $ 2,542 SEMPRA Table E OTHER OPERATING STATISTICS Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 (unaudited) UTILITIES SDG&E and SoCalGas Gas sales (Bcf) (1) 80 71 225 187 Transportation (Bcf) (1) 124 138 273 282 Total deliveries (Bcf) (1) 204 209 498 469 Total gas customer meters (thousands) 7,056 7,028 SDG&E Electric sales (millions of kWhs) (1) 974 1,698 2,570 3,964 Community Choice Aggregation and Direct Access (millions of kWhs) (2) 2,797 2,131 5,529 4,029 Total deliveries (millions of kWhs) (1) 3,771 3,829 8,099 7,993 Total electric customer meters (thousands) 1,511 1,495 Oncor (3) Total deliveries (millions of kWhs) 38,056 37,829 72,835 71,540 Total electric customer meters (thousands) 3,933 3,867 Ecogas Natural gas sales (Bcf) 1 1 2 2 Natural gas customer meters (thousands) 154 146 ENERGY-RELATED BUSINESSES Sempra Infrastructure Termoeléctrica de Mexicali (millions of kWhs) 348 725 917 1,249 Wind and solar (millions of kWhs) (1) 886 927 1,698 1,659 (1) Includes intercompany sales. (2) Several jurisdictions in SDG&E's territory have implemented Community Choice Aggregation, including the City of San Diego in 2022. Additional jurisdictions are in the process of implementing or considering Community Choice Aggregation. (3) Includes 100% of the electric deliveries and customer meters of Oncor, in which we hold an indirect 80.25% interest through our investment in Oncor Holdings. SEMPRA Table F (Unaudited) STATEMENTS OF OPERATIONS DATA BY SEGMENT (Dollars in millions) Three months ended June 30, 2023 SDG&E SoCalGas Sempra Texas Utilities Sempra Infrastructure Consolidating Adjustments, Parent & Other Total Revenues $ 1,262 $ 1,467 $ — $ 660 $ (54) $ 3,335 Cost of sales and other expenses (709) (1,055) (2) (270) 42 (1,994) Depreciation and amortization (268) (208) — (70) (3) (549) Other income, net 22 1 — 3 5 31 Income (loss) before interest and tax (1) 307 205 (2) 323 (10) 823 Net interest expense (119) (70) — (19) (92) (300) Income tax (expense) benefit (4) 21 — (201) 9 (175) Equity earnings — — 162 226 — 388 Earnings attributable to noncontrolling interests — — — (121) — (121) Preferred dividends — (1) — — (11) (12) Earnings (losses) attributable to common shares $ 184 $ 155 $ 160 $ 208 $ (104) $ 603 Three months ended June 30, 2022 SDG&E SoCalGas Sempra Texas Utilities Sempra Infrastructure Consolidating Adjustments, Parent & Other Total Revenues $ 1,399 $ 1,501 $ — $ 689 $ (42) $ 3,547 Cost of sales and other expenses (846) (1,121) (1) (453) 41 (2,380) Aliso Canyon litigation and regulatory matters — (45) — — — (45) Depreciation and amortization (244) (188) — (67) (2) (501) Other income (expense), net 22 4 — 7 (34) (1) Income (loss) before interest and tax (1) 331 151 (1) 176 (37) 620 Net interest expense (113) (44) — (23) (76) (256) Income tax (expense) benefit (42) (19) — (70) 51 (80) Equity earnings — — 187 188 — 375 Earnings attributable to noncontrolling interests — — — (88) — (88) Preferred dividends — (1) — — (11) (12) Earnings (losses) attributable to common shares $ 176 $ 87 $ 186 $ 183 $ (73) $ 559 (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 effectiveness of our operations exclusive of interest and income tax, neither of which is directly relevant to the efficiency of those operations. SEMPRA Table F (Unaudited) STATEMENTS OF OPERATIONS DATA BY SEGMENT (Dollars in millions) Six months ended June 30, 2023 SDG&E SoCalGas Sempra Texas Utilities Sempra Infrastructure Consolidating Adjustments, Parent & Other Total Revenues $ 2,915 $ 5,261 $ — $ 1,856 $ (137) $ 9,895 Cost of sales and other expenses (1,746) (4,116) (3) (625) 105 (6,385) Depreciation and amortization (530) (414) — (139) (5) (1,088) Other income (expense), net 50 (7) — 13 16 72 Income (loss) before interest and tax (1) 689 724 (3) 1,105 (21) 2,494 Net interest expense (236) (135) — (99) (172) (642) Income tax (expense) benefit (11) (73) —
Investor announcement
Over $300,000 Awarded to College and Trade School Bound Students in Pursuit of Higher Education by SoCalGas Scholarship Program
In a continued effort to advance diversity, equity, and inclusion in the communities SoCalGas serves, the SoCalGas Scholarship Program has awarded more than $3.5 million over the last 22 years to students with an interest in eligible majors such as Science, Technology, Engineering, Math, Finance, Accounting, Business Administration, Plumbing, Electrical HVAC, or Welding. LOS ANGELES, July 27, 2023 /PRNewswire/ -- Southern California Gas Company (SoCalGas) announced today that 29 students in Central and Southern California will receive over $300,000 from the SoCalGas Scholarship Program to pursue higher education at four-year universities, community colleges, and trade schools. This year, 16 students attending four-year universities received $5,000 each and can renew their scholarship to receive a total of $20,000 over the course of four years of study. Thirteen students with plans to attend community colleges and trade schools have received $1,000 each toward eligible programs. Another $75,000 was also renewed to 15 scholarship recipients from 2022. Since the program's inception in 2001, SoCalGas has awarded over $3.5 million in scholarships to 2,326 students. "Creating a diverse workforce starts with investing in a diverse pipeline of interns and entry level applicants, and in many cases that can begin and end with access to higher education." says Andy Carrasco, Vice President of Communications, Local Government, and Community Affairs for SoCalGas. "With 80% of this year's scholarship recipients identifying as Black, Indigenous, and People of Color (BIPOC), SoCalGas aims to remove the traditional barriers of higher education that can prevent students the opportunity to explore their interests in their respective fields of study." The SoCalGas Scholarship Program evaluates students based on their academic achievements, community involvement, financial need, and personal statements discussing sustainable energy in California. In partnership with Scholarship America®, the program is designed to provide direct financial assistance to students in the fields of Science, Technology, Engineering, Math, Finance, Accounting, Business Administration, Plumbing, Electrical HVAC, or Welding across central and southern California. "We applaud the Southern California Gas Company for their unwavering commitment to supporting education and fostering a diverse workforce through their SoCalGas Scholarship Program. By investing in the future of our students, especially those from BIPOC and minority backgrounds, SoCalGas is not only empowering individuals to pursue their passions but also contributing to the growth and prosperity of our community as a whole," says Acquanetta Warren, mayor of Fontana. "We extend our heartfelt gratitude to SoCalGas for their invaluable contributions to shaping a brighter and more inclusive future for Southern California." In June, SoCalGas brought this year's scholarship recipients together for a recognition event where the students learned about SoCalGas' mission, internships, and entry level positions. The students also had the opportunity to network with employees that currently work in their planned field of study. "The SoCalGas Scholarship Program has empowered me to establish my future career as a woman in STEM," said Nicole Lee from Los Angeles. "This scholarship gives me the freedom to study electrical engineering and computer science at Berkeley while providing me with amazing career development resources." "I'm so grateful to be able to attend Riverside City College to study cyber defense thanks in part to the scholarship from SoCalGas," said Henry Yu from San Bernardino. "This program will also give me unique career opportunities to pursue an internship with SoCalGas' IT program." Under the ASPIRE 2045 Sustainability Strategy, SoCalGas plans to invest $50 million into communities the company serves over five years, working to advance racial and gender diversity in the workplace, and take tangible steps towards a carbon neutral future. By providing resources for higher education and career development, SoCalGas aspires to empower the communities it serves and help prepare young leaders for success. About SoCalGasHeadquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, and increasingly renewable gas service to over 21 million consumers across 24,000 square miles of Central and Southern California. Gas delivered through the company's pipelines will continue to play a key role in California's clean energy transition—providing electric grid reliability and supporting wind and solar energy deployment. SoCalGas' mission is to build the cleanest, safest and most innovative energy infrastructure company in America. In support of that mission, SoCalGas aspires to achieve net-zero greenhouse gas emissions in its operations and delivery of energy by 2045 and to replacing 20 percent of its traditional natural gas supply to core customers with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for customers. SoCalGas is a subsidiary of Sempra (NYSE: SRE), an energy infrastructure company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook. 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 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 "believes," "expects," "intends," "anticipates," "contemplates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "in process," "construct," "develop," "opportunity," "initiative," "target," "outlook," "optimistic," "poised," "maintain," "continue," "progress," "advance," "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 expressed or implied in any forward-looking statement include risks and uncertainties relating to: decisions, investigations, inquiries, regulations, issuances or revocations of permits, consents, approvals or other authorizations, renewals of franchises, and other actions by (i) the California Public Utilities Commission (CPUC), U.S. Department of Energy, and other governmental and regulatory bodies and (ii) the U.S. and states, counties, cities and other jurisdictions therein in which we do business; the success of business development efforts and construction projects, including risks in (i) completing construction projects or other transactions on schedule and budget, (ii) realizing anticipated benefits from any of these efforts if completed, and (iii) obtaining the consent or approval of third parties; litigation, arbitrations and other proceedings, and changes to laws and regulations; 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, all of which have become more pronounced due to recent geopolitical events; our ability to borrow money on favorable terms and meet our obligations, including due to (i) actions by credit rating agencies to downgrade our credit ratings or place those ratings on negative outlook or (ii) rising interest rates and inflation; failure of our counterparties to honor their contracts and commitments; 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 (ii) the cost of the clean energy transition in California; the impact of climate and sustainability policies, laws, rules, regulations, disclosures and trends, 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 our ability to incorporate new technologies; weather, natural disasters, pandemics, accidents, equipment failures, explosions, terrorism, information system outages or other events 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 system or limitations on the withdrawal of natural gas from storage facilities; changes in tax and trade policies, laws and regulations, including tariffs, revisions to international trade agreements and sanctions, such as those imposed in connection with the war in Ukraine, any of which may increase our costs, reduce our competitiveness, impact our ability to do business with certain counterparties, or impair our ability to resolve trade disputes; 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 Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the CPUC. SOURCE Southern California Gas Company
Sempra’s mentorship program is shaping the future
Sempra's 20K energy employees supported by mentorship program, with over 800 participants to date, part of Sempra's high performance culture
Sempra to Report Second-Quarter 2023 Earnings August 3
SAN DIEGO, July 17, 2023 /PRNewswire/ -- Sempra (NYSE: SRE) (BMV: SRE) plans to release its second-quarter 2023 earnings by 7 a.m. ET on Thursday, August 3. Sempra executives will conduct a conference call at 12 p.m. ET, Thursday, August 3. Investors, media, analysts and the public may listen to a live webcast of the conference call by registering on the Investors section of the company's website and clicking on the appropriate link. An accompanying slide presentation detailing the earnings results will be published to Sempra's Investors site by 7 a.m. ET on Thursday, August 3. For those unable to obtain access to 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 that helps meet the daily energy needs of nearly 40 million consumers. As the owner of one of the largest energy networks on the continent, Sempra is helping to electrify and decarbonize some of the world's most significant economic markets, including California, Texas, Mexico and the LNG export market. The company is also consistently recognized as a leader in sustainable business practices and for its long-standing commitment to building a high-performance culture focused on safety and operational excellence, leadership and workforce development and diversity and inclusion. Investor's Business Daily named Sempra the top-ranked utility in the U.S. for environmental, social and governance scores and financial performance. Sempra was also included on the Dow Jones Sustainability North America Index for the 12th consecutive year. More information about Sempra is available at sempra.com and on Twitter @Sempra. SOURCE Sempra
Sempra’s sustainable business practices start with employees
Coalition for Clean Air, and SDGE VP of Energy Procurement and Sustainability, Estela de Llanos helps make a difference with clean energy alongside Sempra Foundation
New SoCalGas Analysis Underscores Immediate Need for Clean Fuels Investment to Maintain California's Grid Reliability in Net-Zero Scenario
The analysis indicates that by 2045, considerable renewable generation resources, like wind, solar, and batteries will be needed, including up to 10 more GW of clean renewable hydrogen generation to shore up the 2021 Clean Fuels Study (CFS) electric portfolios. LOS ANGELES, July 11, 2023 /PRNewswire/ -- A new detailed analysis released today by Southern California Gas Company (SoCalGas) further reveals how clean fuels like clean hydrogen and renewable natural gas (RNG) are poised to offer a solution to keep the electric grid reliable as California scales up intermittent renewable resources and electric demand. SoCalGas' The Evolution of Clean Fuels in California Reliability Analysis expands on the company's 2021 Clean Fuels Study (CFS) finding that infrastructure development for the delivery of clean fuels like hydrogen could support critical power generation and drive further adoption of clean fuels solutions for other hard-to-electrify sectors in California. The analysis underscores that by 2045, considerable renewable generation resources, like wind, solar, and batteries will be needed, including up to 10 more GW of clean renewable hydrogen generation to shore up CFS electric portfolios. "Today, natural gas plants are a critical resource for system balancing and to help ensure electric reliability. Our modeling shows that as greater parts of the economy electrify, the resulting increase in electric demand could further strain the state's electric grid during times of high demand," says Jawaad Malik, chief strategy and sustainability officer at SoCalGas. "This updated analysis provides new insights into how California can achieve net-zero emissions in 2045 without sacrificing grid reliability as electric demand grows." By evaluating every hour in a year to model the potential for an electric system outage, the analysis produced more robust results and additional insights into what circumstances can cause the grid to experience periods of strain. "Early investment in clean fuels infrastructure could be key to supporting a reliable and resilient energy grid that is adequately prepared for future conditions," Malik continued. "Due to the long lead times required for infrastructure development, the analysis underscores how the prioritization of immediate investment in the clean fuels network could be vital in helping California reach its long-term energy needs and decarbonization goals." SoCalGas is a leader in sustainability, having been among the first and largest natural gas utilities in the United States to announce its aim to have net-zero greenhouse gas emissions by 2045. The company was awarded the top "Business Transformation Award" at Reuters Events' 2022 Responsible Business Awards for having established truly transformative sustainability priorities with the potential to create impact at scale in the energy sector and beyond. Toward that end, the California Public Utilities Commission (CPUC) approved SoCalGas' request to track costs for advancing the first phase of the Angeles Link project, which could be the nation's largest clean renewable hydrogen pipeline system and support significantly reducing greenhouse gas emissions from heavy-duty trucks, power generation, industrial processes, and other hard-to-electrify sectors of the Southern California economy. Angeles Link, the [H2] Innovation Experience, and more than a dozen hydrogen demonstration projects SoCalGas is currently pioneering, are all part of its ongoing efforts to help accelerate California's energy transition. Read more on how clean fuels infrastructure can help accelerate decarbonization efforts while supporting electric reliability in SoCalGas' The Evolution of Clean Fuels in California Reliability Analysis. For more information about SoCalGas' clean energy innovation, visit https://socalgas.com/cleanfuels. About SoCalGas Headquartered in Los Angeles, SoCalGas ® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, and increasingly renewable gas service to over 21 million consumers across 24,000 square miles of Central and Southern California. Gas delivered through the company's pipelines will continue to play a key role in California's clean energy transition—providing electric grid reliability and supporting wind and solar energy deployment. SoCalGas' mission is to build the cleanest, safest and most innovative energy infrastructure company in America. In support of that mission, SoCalGas aspires to achieve net-zero greenhouse gas emissions in its operations and delivery of energy by 2045 and to replacing 20 percent of its traditional natural gas supply to core customers with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for customers. SoCalGas is a subsidiary of Sempra (NYSE: SRE), an energy infrastructure company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook. 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 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 "believes," "expects," "intends," "anticipates," "contemplates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "in process," "construct," "develop," "opportunity," "initiative," "target," "outlook," "optimistic," "poised," "maintain," "continue," "progress," "advance," "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 expressed or implied in any forward-looking statement include risks and uncertainties relating to: decisions, investigations, inquiries, regulations, issuances or revocations of permits, consents, approvals or other authorizations, renewals of franchises, and other actions by (i) the California Public Utilities Commission (CPUC), U.S. Department of Energy, and other governmental and regulatory bodies and (ii) the U.S. and states, counties, cities and other jurisdictions therein in which we do business; the success of business development efforts and construction projects, including risks in (i) completing construction projects or other transactions on schedule and budget, (ii) realizing anticipated benefits from any of these efforts if completed, and (iii) obtaining the consent or approval of third parties; litigation, arbitrations and other proceedings, and changes to laws and regulations; 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, all of which have become more pronounced due to recent geopolitical events; our ability to borrow money on favorable terms and meet our obligations, including due to (i) actions by credit rating agencies to downgrade our credit ratings or place those ratings on negative outlook or (ii) rising interest rates and inflation; failure of our counterparties to honor their contracts and commitments; 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 (ii) the cost of the clean energy transition in California; the impact of climate and sustainability policies, laws, rules, regulations, disclosures and trends, 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 our ability to incorporate new technologies; weather, natural disasters, pandemics, accidents, equipment failures, explosions, terrorism, information system outages or other events 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 system or limitations on the withdrawal of natural gas from storage facilities; changes in tax and trade policies, laws and regulations, including tariffs, revisions to international trade agreements and sanctions, such as those imposed in connection with the war in Ukraine, any of which may increase our costs, reduce our competitiveness, impact our ability to do business with certain counterparties, or impair our ability to resolve trade disputes; 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 Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the CPUC. SOURCE Southern California Gas Company
SDG&E adds two more energy storage facilities to strengthen summer grid reliability and advance clean energy goals
In recent years, SDG&E has more than doubled its utility-owned energy storage capacity SAN DIEGO, July 6, 2023 /PRNewswire/ -- As part of its commitment to help bolster summer grid reliability and advance California's 100% clean energy goal, San Diego Gas & Electric (SDG&E) has completed two additional utility-owned energy storage facilities totaling 171 megawatts (MW), enough to power almost 130,000 homes for four hours. B-Roll Package + Photos Available for Download Here The 131MW Westside Canal project located in Imperial Valley – home to a high concentration of solar, wind, and geothermal generation facilities – is the largest storage asset in SDG&E's utility-owned energy storage portfolio; the 40MW Fallbrook project, located in Northern San Diego County, is the second largest in its portfolio. SDG&E's energy storage portfolio is expected to reach 345 MW of power capacity by the end of the year, sufficient to meet over 15% of its customers' load on a typical day and 7% on a system peak day. These energy storage assets participate in the energy markets managed by the California Independent System Operator, allowing CAISO to store and dispatch clean energy from the facilities to meet electricity demand as needed. "The beauty of energy storage is it can help California solve two problems simultaneously. It can soak up surplus renewable energy during the day, so solar and wind farms don't have to cut off production when demand on the grid is low," said SDG&E's Vice President of Energy Innovation Miguel Romero. "By extending the availability of clean energy to peak evening hours, energy storage can also help California achieve its clean energy goals by reducing reliance on conventional power plants to meet peak electricity demand." In recent years, as wind and solar generation capacity has soared in California, renewable generation facilities have had to increasingly curtail, or scale back, energy production to keep the grid balanced. At times, California has had to pay neighboring states to take its oversupply of solar energy in order to avoid overloading the grid. In recent years, California has also experienced repeated grid emergencies during record heat waves, which pushed the grid to the brink due to energy demand exceeding supply. "With our state experiencing more frequent climate extremes such as record heat waves and droughts, it is essential to invest in innovations like energy storage to make sure we can continue to power the world's 4 th largest economy reliably," said CAISO President and CEO Elliot Mainzer. "The rapid growth of energy storage in California in recent years gives me optimism about our state's future and its capacity to respond to climate change." Westside Canal consists of more than 800 cubes of stacked lithium-ion batteries which stretch across roughly 16 acres of land. It began commercial operation in June. Like Westside Canal, the Fallbrook energy storage project is also made up of stacks of lithium-ion batteries tightly packed inside metal cubes. The Fallbrook project began commercial operation in May. Both facilities are equipped with safety features, remote monitoring, and automation technologies. When smoke or other anomalies are detected, the units will automatically shut down. The completion of these projects follows two other utility-owned storage projects SDG&E has brought online in recent years. The company finished the Top Gun Energy Storage Facility (30MW) in the Miramar area of San Diego in 2021 and the Kearny Energy Storage Facility (20MW) in the Kearny Mesa area of San Diego in 2022. 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 subsidiary of Sempra (NYSE: SRE). For more information, visit SDGEnews.com or connect with SDG&E on Twitter (@SDGE), Instagram ( @SDGE) and Facebook. 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 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 "believes," "expects," "intends," "anticipates," "contemplates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "in process," "construct," "develop," "opportunity," "initiative," "target," "outlook," "optimistic," "poised," "maintain," "continue," "progress," "advance," "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 expressed or implied in any forward-looking statement include risks and uncertainties relating to: California wildfires, including potential liability for damages regardless of fault and any inability to recover all or a substantial portion of costs from insurance, the wildfire fund established by California Assembly Bill 1054, rates from customers or a combination thereof; decisions, investigations, inquiries, regulations, issuances or revocations of permits, consents, approvals or other authorizations, renewals of franchises, and other actions by (i) the California Public Utilities Commission (CPUC), U.S. Department of Energy, U.S. Federal Energy Regulatory Commission, and other governmental and regulatory bodies and (ii) the U.S. and states, counties, cities and other jurisdictions therein in which we do business; the success of business development efforts and construction projects, including risks in (i) completing construction projects or other transactions on schedule and budget, (ii) realizing anticipated benefits from any of these efforts if completed, and (iii) obtaining the consent or approval of third parties; litigation, arbitrations and other proceedings, and changes to laws and regulations; 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, all of which have become more pronounced due to recent geopolitical events; our ability to borrow money on favorable terms and meet our obligations, including due to (i) actions by credit rating agencies to downgrade our credit ratings or place those ratings on negative outlook or (ii) rising interest rates and inflation; failure of our counterparties to honor their contracts and commitments; 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, (ii) the cost of the energy transition in California, and (iii) departing retail load resulting from additional customers transferring to Community Choice Aggregation and Direct Access; the impact of climate and sustainability policies, laws, rules, regulations, disclosures and trends, 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 our ability to incorporate new technologies; weather, natural disasters, pandemics, accidents, equipment failures, explosions, terrorism, information system outages or other events 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, pipeline system or limitations on the withdrawal of natural gas from storage facilities; changes in tax and trade policies, laws and regulations, including tariffs, revisions to international trade agreements and sanctions, such as those imposed in connection with the war in Ukraine, any of which may increase our costs, reduce our competitiveness, impact our ability to do business with certain counterparties, or impair our ability to resolve trade disputes; 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 San Diego Gas & Electric

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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).