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Displaying results 196 - 210 of 1204
Sempra Recognized as Trendsetter for Political Disclosure and Accountability
SAN DIEGO, Nov. 15, 2023 /PRNewswire/ -- Sempra (NYSE: SRE) (BMV: SRE) has been recognized as a Trendsetter for the eighth consecutive year for its civic transparency by the Center for Political Accountability's annual CPA-Zicklin Index of Corporate Political Disclosure and Accountability. The CPA-Zicklin Index, which is produced in conjunction with the Zicklin Center for Business Ethics Research at the University of Pennsylvania's Wharton School, measures political disclosure and accountability policies and practices for election-related spending by S&P 500 and Russell 1000 companies, including political spending policies and board oversight. As a "Trendsetter" in the Index, Sempra scored in the 90 th percentile or higher, well above the 58.3% percent average Index score for all S&P 500 companies in 2023. "Attaining a Trendsetter recognition in the Index underscores Sempra's focus on transparency, responsibility, and rigorous standards of corporate citizenship," said Lisa Larroque Alexander, senior vice president of corporate affairs and chief sustainability officer at Sempra. "We believe that in today's dynamic political landscape, it is not only our privilege but our responsibility to provide shareholders and other stakeholders alike with clarity and accountability regarding our political engagement. We aim to be a leader in this index and set a high bar for corporate political responsibility and exemplary governance." Highlights for Sempra's recognition this year include the following: Sempra received a raw score of 66 out of 70, which equates to an overall score of 94% on the CPA-Zicklin Index. This year, the average overall score for political disclosure and accountability was 58.3% for all S&P 500 companies. Companies that are in or above the 90 th percentile are considered "Trendsetters" and represent models among S&P 500 and Russell 1000 companies for disclosure regarding political policies and spending. "Sempra remains a strong example of how companies should disclose their political practices to manage and mitigate risks for the company and its consumers, but also increase shareholder value," said CPA President Bruce Freed. "We thank Sempra for its commitment to political disclosure and making it a part of its daily activities." In addition to being recognized in this year's CPA-Zicklin Index, Sempra has been named to the FTSE4Good Index Series, DiversityInc's Top Utilities list and Forbes' America's Best Employers for Diversity list, among others. 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. In 2022, 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 social media @Sempra. SOURCE Sempra
Sempra Declares Common Dividend
SAN DIEGO, Nov. 14, 2023 /PRNewswire/ -- Sempra (NYSE: SRE) (BMV: SRE) today announced that its board of directors has declared a $0.595 per share quarterly dividend on the company's common stock, which is payable Jan. 15, 2024, to common stock shareholders of record at the close of business on Dec. 6, 2023. 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. In 2022, 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 social media @Sempra. SOURCE Sempra
SoCalGas Introduces Optional Text Message for Notifications About Natural Gas Commodity Price Increases
Between December 2023 and March 2024, customers who sign up will receive a text message when there is a 20% or more increase in the monthly natural gas commodity cost, which impacts a portion of their bills LOS ANGELES, Nov. 14, 2023 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today introduced an optional customer text message called the Natural Gas Price Notice. Customers who sign up will receive a text message from SoCalGas when there is a 20 percent or more increase in the monthly natural gas commodity cost – which impacts a portion of their bills. The 20 percent or more increase is based on the average of the last three winter (November to March) seasons' monthly natural gas commodity prices. Starting Nov. 14, customers can complete the sign-up form to receive the Natural Gas Price Notices from December 2023 through March 2024, as applicable. "We're excited to be rolling out this new resource for our customers to help them make informed decisions about their energy usage this winter," said Gillian Wright, Senior Vice President and Chief Customer Officer. "While the U.S. Energy Information Administration is predicting a milder winter ahead of us, we continue to encourage customers to take advantage of the tools and options provided by SoCalGas to manage energy consumption and make energy-efficient home improvements to help lower bills." Customers can learn more and sign up for the Natural Gas Price Notice at socalgas.com/NotifyMe or through My Account and will receive a confirmation text message once their sign-up form is submitted. SoCalGas does not set the price for natural gas. Rather, natural gas prices fluctuate based on national and regional markets. SoCalGas purchases natural gas in those markets on behalf of residential and small business customers, and the cost of buying that gas is billed to those customers with no markup, meaning SoCalGas does not earn additional profits from the sale of natural gas or higher supply prices. According to the U.S. Energy Information Administration, a combination of out-of-state natural gas supply constraints, combined with early and persistent cold weather conditions across the West and low storage inventories in the western region, drove up commodity prices last winter. This October, the EIA reported that temperatures were expected to be warmer than last winter, which was unusually cold. In addition to approving SoCalGas' new text message notification, the California Public Utilities Commission (CPUC) voted in August to increase the maximum storage level allowed at the Aliso Canyon Natural Gas Storage Facility from 41.16 billion cubic feet (bcf) to 68.6 bcf, "to enhance energy resiliency and protect ratepayers in Southern California from potential volatile wholesale natural gas prices this upcoming winter." It also voted to lift limits on when Aliso Canyon could be used to meet customer demand. The CPUC also continues to consider a request from SoCalGas to give customers earlier access to state climate credits to assist with winter bills, by accelerating delivery of those credits from April to February. SoCalGas has a suite of programs and services that can help customers manage their natural gas usage to help save energy and money. Eligible customers may sign up for a Level Pay Plan (LPP), for example, which averages their annual natural gas use and costs over 12 months. There are also assistance programs for eligible customers who are experiencing hardships. SoCalGas's Ways to Save tool may also help customers with energy savings options through a personalized savings plan that offers a household energy analysis, customized energy-efficiency recommendations, bill comparisons, and energy usage comparisons that could help save on natural gas bills. Customers can also sign up for weekly Bill Tracker Alerts to monitor natural gas consumption, take steps to reduce usage, avoid bill surprises, and more. For more information about SoCalGas' new Natural Gas Price Notice, visit socalgas.com/NotifyMe. 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 forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions about the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed or implied in any forward-looking statement. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise. In this press release, forward-looking statements can be identified by words such as "believe," "expect," "intend," "anticipate," "contemplate," "plan," "estimate," "project," "forecast," "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: decisions, investigations, inquiries, regulations, denials or revocations of permits, consents, approvals or other authorizations, renewals of franchises, and other actions by the (i) California Public Utilities Commission (CPUC), U.S. Department of Energy, U.S. Internal Revenue Service and other governmental and regulatory bodies and (ii) U.S. and states, counties, cities and other jurisdictions therein where we do business; the success of business development efforts and construction projects, including risks 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 third-party consents and approvals; macroeconomic trends or other factors that could change our capital expenditure plans and their potential impact on rate base or other growth; litigation, arbitrations and other proceedings, and changes to laws and regulations, including those related to tax and trade policy; 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 continue to become more pronounced; the availability, uses, sufficiency, and cost of capital resources and 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, (ii) instability in the capital markets, or (iii) 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; 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 Announces Pricing of Public Offering of Common Stock
SAN DIEGO, Nov. 7, 2023 /PRNewswire/ -- Sempra (NYSE: SRE) (BMV: SRE) today announced that it has priced its registered public offering of 17,142,858 shares of its common stock in connection with the forward sale agreements described below at $70.00 per share. The offering is expected to close on or about November 10, 2023, subject to customary closing conditions. In addition, the underwriters have been granted the option to purchase directly from Sempra up to an additional 2,571,428 shares of its common stock, solely to cover over-allotments, if any. Morgan Stanley and Citigroup are acting as joint bookrunners of the offering and representatives of the underwriters. In connection with the offering, Sempra has entered into forward sale agreements with Morgan Stanley and Citigroup (or their respective affiliates) (in such capacity, the forward purchasers) with respect to 17,142,858 shares of its common stock. In connection with the forward sale agreements, the forward purchasers or their respective affiliates (in such capacity, the forward sellers) are expected to borrow from third parties and sell to the underwriters for resale by such underwriters in the offering an aggregate of 17,142,858 shares of Sempra's common stock. If any forward seller does not deliver and sell all of the shares of Sempra's common stock it is to deliver and sell to the underwriters, Sempra will issue and sell directly to the underwriters the number of shares of its common stock not delivered by the forward seller. Sempra will not receive any proceeds from the sale of common stock borrowed and sold in connection with the forward sale agreements. Instead, subject to its right to elect cash settlement or net share settlement under certain conditions, Sempra intends to deliver, upon physical settlement of such forward sale agreements on one or more dates specified by Sempra occurring no later than December 31, 2024, an aggregate number of shares of its common stock equal to the number of shares borrowed and sold in the offering, in exchange for cash proceeds per share equal to the applicable forward sale price per share, which will initially be equal to the public offering price per share in the offering less the underwriting discount. The initial forward sale price is subject to subsequent adjustment from time to time as provided in the forward sale agreements. Sempra intends to use a substantial portion of any net proceeds from the offering, including the net proceeds it receives from the settlement of the forward sale agreements, for working capital and other general corporate purposes, including to partly finance its long-term capital plan and to repay commercial paper and potentially other indebtedness. The offering is being made pursuant to an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC). The offering is being made only by means of a prospectus supplement and the accompanying base prospectus, copies of which may be obtained by contacting the representatives of the underwriters using the information provided below under "Underwriter Contact Information." An electronic copy of the prospectus supplement, together with the accompanying prospectus, will be available on the SEC's website, www.sec.gov. This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions about the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed or implied in any forward-looking statement. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise. In this press release, forward-looking statements can be identified by words such as "believe," "expect," "intend," "anticipate," "contemplate," "plan," "estimate," "project," "forecast," "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. Such forward-looking statements include, among other things, statements related to Sempra's expectations regarding the completion and timing of its public offering; whether the underwriters exercise their option to purchase additional shares of Sempra's common stock, solely to cover over-allotments, if any; the settlement of the forward sale agreements; and its use of any net proceeds from the offering. Factors, among others, that could cause actual results and events to differ materially from those expressed or implied in any forward-looking statement include: California wildfires, including potential liability for damages regardless of fault and any inability to recover all or a substantial portion of costs from insurance, the wildfire fund established by California Assembly Bill 1054, rates from customers or a combination thereof; decisions, investigations, inquiries, regulations, denials or revocations of permits, consents, approvals or other authorizations, renewals of franchises, and other actions by the (i) 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, U.S. Internal Revenue Service, and other governmental and regulatory bodies and (ii) U.S., Mexico and states, counties, cities and other jurisdictions therein and in other countries where we do business; the success of business development efforts, construction projects, acquisitions, divestitures, and other significant transactions, including risks 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 third-party consents and approvals; macroeconomic trends or other factors that could change our capital expenditure plans and their potential impact on rate base or other growth; litigation, arbitrations, property disputes and other proceedings, and changes to laws and regulations, including those related to tax and trade policy and 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 continue to become more pronounced; the availability, uses, sufficiency, and cost of capital resources and our ability to borrow money or otherwise raise capital on favorable terms and meet our obligations, including due to (i) actions by credit rating agencies to downgrade our credit ratings or place those ratings on negative outlook, (ii) instability in the capital markets, or (iii) 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; and other uncertainties, some of which are difficult to predict and beyond our control. These risks and uncertainties are further discussed in the prospectus supplement and accompanying prospectus for the offering and in the reports that Sempra has filed with the U.S. Securities and Exchange Commission (SEC) that are incorporated by reference therein. These reports are available through the EDGAR system free-of-charge on the SEC's website, sec.gov. 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. Underwriter Contact Information: Morgan Stanley & Co. LLC 180 Varick Street, 2 nd Floor New York, NY 10014 Attn: Prospectus Department Citigroup Global Markets Inc. c/o Broadridge Financial Solutions 1155 Long Island Avenue Edgewood, NY 11717 (Tel: 800-831-9146) SOURCE Sempra
Sempra Announces Proposed Public Offering of Common Stock
SAN DIEGO, Nov. 7, 2023 /PRNewswire/ — Sempra (NYSE: SRE) (BMV: SRE) today announced that it is commencing a registered public offering of $1,000,000,000 of shares of its common stock in connection with the forward sale agreements described below, subject to market and other conditions. Sempra intends to grant the underwriters the option to purchase directly from Sempra up to an additional $150,000,000 of shares of its common stock, solely to cover over-allotments, if any. Morgan Stanley and Citigroup are acting as joint bookrunners of the offering and representatives of the underwriters. In connection with the offering, Sempra expects to enter into forward sale agreements with Morgan Stanley and Citigroup (or their respective affiliates) (in such capacity, the forward purchasers) with respect to $1,000,000,000 of shares of its common stock. In connection with the forward sale agreements, the forward purchasers or their respective affiliates (in such capacity, the forward sellers) are expected to borrow from third parties and sell to the underwriters for resale by such underwriters in the offering an aggregate of $1,000,000,000 of shares of Sempra’s common stock. If any forward seller does not deliver and sell all of the shares of Sempra’s common stock it is to deliver and sell to the underwriters, Sempra will issue and sell directly to the underwriters the number of shares of its common stock not delivered by the forward seller. Sempra will not receive any proceeds from the sale of common stock borrowed and sold in connection with the forward sale agreements. Instead, subject to its right to elect cash settlement or net share settlement under certain conditions, Sempra intends to deliver, upon physical settlement of such forward sale agreements on one or more dates specified by Sempra occurring no later than December 31, 2024, an aggregate number of shares of its common stock equal to the number of shares borrowed and sold in the offering, in exchange for cash proceeds per share equal to the applicable forward sale price per share, which will initially be equal to the public offering price per share in the offering less the underwriting discount. The initial forward sale price is subject to subsequent adjustment from time to time as provided in the forward sale agreements. Sempra intends to use a substantial portion of any net proceeds from the offering, including the net proceeds it receives from the settlement of the forward sale agreements, for working capital and other general corporate purposes, including to partly finance its long-term capital plan and to repay commercial paper and potentially other indebtedness. The offering is being made pursuant to an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC). The offering is being made only by means of a preliminary prospectus supplement and the accompanying base prospectus, copies of which may be obtained by contacting the representatives of the underwriters using the information provided below under "Underwriter Contact Information." An electronic copy of the preliminary prospectus supplement, together with the accompanying prospectus, also is available on the SEC’s website, www.sec.gov. This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities, in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions about the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed or implied in any forward-looking statement. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise. In this press release, forward-looking statements can be identified by words such as "believe," "expect," "intend," "anticipate," "contemplate," "plan," "estimate," "project," "forecast," "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. Such forward-looking statements include, among other things, statements related to Sempra’s expectations regarding the completion, timing and size of its proposed public offering; the grant to the underwriters of an option to purchase additional shares, solely to cover over-allotments, if any; the settlement of the forward sale agreements; and its use of any net proceeds from the offering. Factors, among others, that could cause actual results and events to differ materially from those expressed or implied in any forward-looking statement include: California wildfires, including potential liability for damages regardless of fault and any inability to recover all or a substantial portion of costs from insurance, the wildfire fund established by California Assembly Bill 1054, rates from customers or a combination thereof; decisions, investigations, inquiries, regulations, denials or revocations of permits, consents, approvals or other authorizations, renewals of franchises, and other actions by the (i) 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, U.S. Internal Revenue Service, and other governmental and regulatory bodies and (ii) U.S., Mexico and states, counties, cities and other jurisdictions therein and in other countries where we do business; the success of business development efforts, construction projects, acquisitions, divestitures, and other significant transactions, including risks 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 third-party consents and approvals; macroeconomic trends or other factors that could change our capital expenditure plans and their potential impact on rate base or other growth; litigation, arbitrations, property disputes and other proceedings, and changes to laws and regulations, including those related to tax and trade policy and 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 continue to become more pronounced; the availability, uses, sufficiency, and cost of capital resources and our ability to borrow money or otherwise raise capital on favorable terms and meet our obligations, including due to (i) actions by credit rating agencies to downgrade our credit ratings or place those ratings on negative outlook, (ii) instability in the capital markets, or (iii) 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; and other uncertainties, some of which are difficult to predict and beyond our control. These risks and uncertainties are further discussed in the preliminary prospectus supplement and accompanying prospectus for the offering and in the reports that Sempra has filed with the U.S. Securities and Exchange Commission (SEC) that are incorporated by reference therein. These reports are available through the EDGAR system free-of-charge on the SEC’s website, sec.gov. 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. Underwriter Contact Information: Morgan Stanley & Co. LLC 180 Varick Street, 2nd Floor New York, NY 10014 Attn: Prospectus Department Citigroup Global Markets Inc. c/o Broadridge Financial Solutions 1155 Long Island Avenue Edgewood, NY 11717 Tel: 800-831-9146
Innovative Hybrid Direct Air Capture Technology Pilot Launches as Carbon Management Solutions Scale Up Across the U.S.
SoCalGas contributed approximately $650,000 to the $3.2 million project, which has received funding from the U.S. Department of Energy (DOE) to support innovative carbon removal technologies to help enable a carbon neutral future. LOS ANGELES, Nov. 6, 2023 /PRNewswire/ -- Southern California Gas Company (SoCalGas) announced today that after nearly two years of development, an innovative carbon removal technology called Hybrid Direct Air Capture (HDAC) is being brought online in Bakersfield, CA. This technology is being developed by Los Angeles based startup Avnos, Inc., with a pilot project to demonstrate how the technology removes carbon dioxide from the air and generates water using only electricity. SoCalGas is also partnering with Avnos, Inc. on a larger pilot project designed to demonstrate how this technology could be scaled up 1,000% from its current iteration. "The ability to scale carbon management projects while advancing the underlying technologies could be critical to achieving the state's ambitious goal of sequestering 100 million metric tons of CO 2 by 2045," says Neil Navin, Chief Clean Fuels Officer at SoCalGas. "Carbon management, if developed at scale, could help reduce carbon emissions, improve air quality, and represents a tremendous opportunity for economic development and the creation of high-quality jobs." The technology was conceived at Pacific Northwest National Laboratory (PNNL) and is a hybrid form of Direct Air Capture (DAC) technology designed to simultaneously capture CO2 and water from the air. The two-stage system removes water vapor and then captures CO2 from the dry air stream. It then compresses the CO2, allowing for transport, storage, or utilization, and condenses the water vapor into liquid water for reuse. "Avnos is proud to be at the forefront of this transformative journey, offering potentially scalable solutions that could play a vital role in addressing the pressing challenges of our time," said Will Kain, CEO of Avnos. "SoCalGas has been a tremendous partner and this collaborative milestone is a testament to our commitment to innovation and shared vision for a sustainable, carbon-neutral future. As we witness the utilization of HDAC, we believe it's a significant step towards achieving our ambitious goals for carbon management." Reports from the California Air Resource Board's 2022 Scoping Plan to the International Panel on Climate Change underscore that carbon management could be a critical pathway to decarbonization. The U.S. Department of Energy's (DOE) Carbon Management Pathways to Commercial Liftoff models project that reaching the country's clean energy transition goals would require capturing and storing 400 million to 1.8 billion tonnes of CO2 annually by 2050. Carbon management, along with other cleaner energy tools such as clean hydrogen and renewable natural gas, is a key component to the suite of tools SoCalGas has been developing in support of its overall strategy to reach net-zero greenhouse gas emissions by 2045. For more information about SoCalGas's carbon management efforts, visit http://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 forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions about the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed or implied in any forward-looking statement. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise. In this press release, forward-looking statements can be identified by words such as "believe," "expect," "intend," "anticipate," "contemplate," "plan," "estimate," "project," "forecast," "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: decisions, investigations, inquiries, regulations, denials or revocations of permits, consents, approvals or other authorizations, renewals of franchises, and other actions by the (i) California Public Utilities Commission (CPUC), U.S. Department of Energy, U.S. Internal Revenue Service and other governmental and regulatory bodies and (ii) U.S. and states, counties, cities and other jurisdictions therein where we do business; the success of business development efforts and construction projects, including risks 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 third-party consents and approvals; macroeconomic trends or other factors that could change our capital expenditure plans and their potential impact on rate base or other growth; litigation, arbitrations and other proceedings, and changes to laws and regulations, including those related to tax and trade policy; 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 continue to become more pronounced; the availability, uses, sufficiency, and cost of capital resources and 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, (ii) instability in the capital markets, or (iii) 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; 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 Reports Strong Third-Quarter 2023 Earnings Results
Updating 2023 GAAP EPS guidance range and expecting to be at or above the high-end of full-year 2023 adjusted EPS guidance range Expecting 10% to 20% increase above current five-year $40 billion capital plan SAN DIEGO, Nov. 3, 2023 /PRNewswire/ -- Sempra (NYSE: SRE) (BMV: SRE) today announced third-quarter 2023 earnings of $721 million, or $1.14 per diluted share, compared to third-quarter 2022 earnings of $485 million, or $0.77 per diluted share. On an adjusted basis, the company's third-quarter 2023 earnings were $685 million or $1.08 per diluted share, compared to $622 million, or $0.98 per diluted share, in 2022. Further, Sempra is updating its full-year 2023 GAAP earnings per common share (EPS) guidance range to $4.44 to $4.74 and, as a result of the company's strong business performance and financial results in the first nine months of the year, expects to be at or above its full-year 2023 adjusted EPS guidance range of $4.30 to $4.60. "At Sempra, we are really excited about the growth we see in our company's future," said Jeffrey W. Martin, chairman and CEO of Sempra. "Our utilities are benefiting from serving growing markets with constructive regulation, while our Sempra Infrastructure business continues to expand across all three of its business lines, particularly in the export of U.S. liquefied natural gas." Sempra's earnings for the first nine months of 2023 were $2.293 billion, or $3.63 per diluted share, compared with earnings of $1.656 billion, or $2.62 per diluted share, in the first nine months of 2022. Adjusted earnings for the first nine months of 2023 were $2.201 billion, or $3.48 per diluted share, compared to $2.172 billion, or $3.43 per diluted share, in the first nine months of 2022. The reported financial results reflect certain significant items as described on an after-tax basis in the following table of earnings in conformity with generally accepted accounting principles in the United States of America (GAAP), reconciled to adjusted earnings, for the third quarter and first nine months of 2023 and 2022. (Dollars and shares in millions, except EPS) Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 (Unaudited) GAAP Earnings $ 721 $ 485 $ 2,293 $ 1,656 Impact associated with Aliso Canyon litigation and regulatory matters — 101 — 199 Equity losses from write-off of rate base disallowances resulting from PUCT's final order in Oncor's comprehensive base rate review — — 44 — Impact from foreign currency and inflation on monetary positions in Mexico (36) (2) 166 89 Net unrealized losses (gains) on derivatives — 38 (319) 108 Net unrealized losses on contingent interest rate swap related to Port Arthur LNG Phase 1 project — — 17 — Deferred income tax expense associated with change in indefinite reinvestment assertion related to sale of noncontrolling interest to Abu Dhabi Investment Authority — — — 120 Adjusted Earnings (1) $ 685 $ 622 $ 2,201 $ 2,172 Diluted Weighted-Average Common Shares Outstanding 632 632 632 633 GAAP EPS $ 1.14 $ 0.77 $ 3.63 $ 2.62 Adjusted EPS (1) $ 1.08 $ 0.98 $ 3.48 $ 3.43 (1) See Table A for information regarding non-GAAP financial measures and descriptions of adjustments. Sempra intends to roll forward its five-year capital plan on its fourth-quarter earnings call and expects a potential increase above its current five-year $40 billion capital plan, driven by a portfolio of investment opportunities at its regulated utilities. Sempra Texas At Sempra Texas, Oncor Electric Delivery Company LLC (Oncor) continues to build out one of the largest pure-play transmission and distribution platforms in America to meet the state's growth in residential, commercial and industrial sectors. Premise growth in Oncor's service territory is estimated to be 2%, approximately double the national average. The Electric Reliability Council of Texas set 10 peak demand records this summer and the Oncor team safely maintained grid reliability while investing in the expansion and modernization of its growing energy networks. During the quarter, Oncor connected approximately 20,000 new premises, bringing its year-to-date new premise count to approximately 57,000. Across its territory, Oncor built, rebuilt or upgraded approximately 600 miles of distribution lines and 40 miles of transmission lines. Additionally, three load-serving substations were placed into service. Oncor remains on pace to set a company record for annual new and active generation and retail transmission point-of-interconnection (POI) requests in the queue with 755 active POI requests at the end of the quarter, representing a 34% increase over the same period in 2022. As of Sept. 30, 2023, Oncor had 447 active generation requests, of which approximately 47% were solar, 41% were storage, 9% were wind and 3% were gas. Texas remains a highly constructive regulatory environment with, among other important recent utility legislation, Texas House Bill 2555 creating a path to enhance grid resiliency and recover costs related to resiliency measures through rates. In addition, Texas Senate Bill 1015 is expected to reduce regulatory lag with respect to recovery of distribution investments through interim distribution cost recovery factor rate adjustments. Sempra California San Diego Gas & Electric Co. (SDGE) and Southern California Gas Co. (SoCalGas) are advancing California's resiliency and climate goals through the expansion and modernization of energy networks. In October, under the California Public Utilities Commission's (CPUC) cost of capital mechanism, these companies filed to adjust their respective return on equity and cost of debt rates beginning in 2024 to account for interest rate changes. The CPUC continues to advance the 2024 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 Jan. 1, 2024. SDGE requested CPUC approval for 160 megawatts of utility-owned energy storage to support reliability and submitted bid materials to the California Independent System Operator for projects identified in its 2022-2023 Transmission Plan Federal Energy Regulatory Commission (FERC) 1000 solicitation process. SoCalGas is working to modernize California's energy networks through investments in next-generation technologies such as clean hydrogen, renewable natural gas and fuel cells. Federal, state and local governments are increasingly recognizing hydrogen's potentially important role in accelerating energy and climate goals. In October, the U.S. Department of Energy (DOE) selected California's Alliance for Renewable Clean Hydrogen Energy Systems, of which SoCalGas is a partner, for up to $1.2 billion in funding to develop a regional clean hydrogen hub in California. In August, the state announced the launch of California's Hydrogen Market Development Strategy, which aims to employ an all-of-government approach to building California's renewable hydrogen market. Sempra Infrastructure Sempra Infrastructure is focused on delivering energy for a better world through its high-growth, low-carbon platform. The company's clean power, energy networks and liquefied natural gas (LNG) and net-zero businesses are strategically positioned to support the dual priorities of decarbonization and energy security for the U.S., Mexico and their allies. The Port Arthur energy hub reached several milestones this past quarter. In September, the Port Arthur LNG Phase 2 expansion project under development in Jefferson County, Texas received FERC approval. With Phase 1 currently under construction, the development of the proposed Phase 2 project could increase the total liquefaction capacity of the facility from approximately 13 million tonnes per annum (Mtpa) to up to 26 Mtpa. This news followed the successful completion of the sale of a 42% indirect, non-controlling interest in the Port Arthur LNG Phase 1 project to KKR. Increasing global interest in lower emissions fuels and the status of the U.S. as a strong energy partner are creating further opportunities for Sempra Infrastructure. In August, Sempra Infrastructure announced a non-binding agreement with Mitsubishi Corporation and a consortium comprised of Tokyo Gas Company, Ltd., Osaka Gas Company, Ltd., and Toho Gas Company, Ltd. to participate in the evaluation of a proposed project to produce e-natural gas, a form of carbon recycling, in the U.S. Gulf Coast. If the project is successful, it would be one of the first links of an international supply chain of liquefied e-natural gas, a carbon neutral synthetic gas produced from renewable hydrogen and recycled carbon dioxide. Additionally, the DOE selected HyVelocity Gulf Coast Hydrogen Hub, of which Sempra Infrastructure is a partner, for up to $1.2 billion in funding to help advance a network of hydrogen producers, consumers and connective infrastructure while supporting the production, storage, delivery and end-use of hydrogen. Earnings Guidance Sempra is updating its full-year 2023 GAAP EPS guidance range to $4.44 to $4.74. As a result of the company's strong execution and financial results in the first nine months of the year, Sempra expects to be at or above the high-end of its full-year 2023 adjusted EPS guidance range of $4.30 to $4.60. Sempra also is affirming its full-year 2024 EPS guidance range of $4.55 to $4.90 and affirming its projected long-term EPS growth rate of 6% to 8%. All share and per share information in this release, including the guidance ranges, reflects the two-for-one split of Sempra's common stock in the form of a 100% stock dividend that was distributed to shareholders on Aug. 21, 2023. 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 company's website, sempra.com. The webcast will be available on replay a few hours after its conclusion on sempra.com. 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. In 2022, 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 social media @Sempra. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions about the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed or implied in any forward-looking statement. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise. In this press release, forward-looking statements can be identified by words such as "believe," "expect," "intend," "anticipate," "contemplate," "plan," "estimate," "project," "forecast," "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: 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 the (i) 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, U.S. Internal Revenue Service and other governmental and regulatory bodies and (ii) U.S., Mexico and states, counties, cities and other jurisdictions therein and in other countries where we do business; the success of business development efforts, construction projects, acquisitions, divestitures and other significant transactions, including risks 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 third-party consents and approvals; macroeconomic trends or other factors that could change our capital expenditure plans and their potential impact on rate base or other growth; litigation, arbitrations, property disputes and other proceedings, and changes to laws and regulations, including those related to tax and trade policy and 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 continue to become more pronounced; the availability, uses, sufficiency, and cost of capital resources and our ability to borrow money or otherwise raise capital on favorable terms and meet our obligations, including due to (i) actions by credit rating agencies to downgrade our credit ratings or place those ratings on negative outlook, (ii) instability in the capital markets, or (iii) 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; 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 (unaudited) REVENUES Utilities: Natural gas $ 1,488 $ 1,587 $ 7,560 $ 5,611 Electric 1,250 1,357 3,331 3,663 Energy-related businesses 596 673 2,338 1,710 Total revenues 3,334 3,617 13,229 10,984 EXPENSES AND OTHER INCOME Utilities: Cost of natural gas (260) (505) (3,254) (1,835) Cost of electric fuel and purchased power (183) (307) (385) (763) Energy-related businesses cost of sales (163) (340) (437) (764) Operation and maintenance (1,383) (1,206) (3,958) (3,454) Aliso Canyon litigation and regulatory matters — (122) — (259) Depreciation and amortization (563) (506) (1,651) (1,500) Franchise fees and other taxes (169) (162) (509) (474) Other income (expense), net 3 (40) 75 (3) Interest income 19 18 60 58 Interest expense (312) (282) (995) (796) Income before income taxes and equity earnings 323 165 2,175 1,194 Income tax benefit (expense) 52 (21) (499) (435) Equity earnings 479 417 1,086 1,118 Net income 854 561 2,762 1,877 Earnings attributable to noncontrolling interests (122) (65) (435) (187) Preferred dividends (11) (11) (33) (33) Preferred dividends of subsidiary — — (1) (1) Earnings attributable to common shares $ 721 $ 485 $ 2,293 $ 1,656 Basic earnings per common share (EPS): Earnings $ 1.14 $ 0.77 $ 3.64 $ 2.63 Weighted-average common shares outstanding 630,036 629,447 629,963 630,603 Diluted EPS: Earnings $ 1.14 $ 0.77 $ 3.63 $ 2.62 Weighted-average common shares outstanding 632,324 632,175 632,231 632,914 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 September 30, 2023: $36 million impact from foreign currency and inflation on our monetary positions in Mexico Three months ended September 30, 2022: $(101) million impact associated with Aliso Canyon natural gas storage facility litigation and regulatory matters at Southern California Gas Company (SoCalGas) $2 million impact from foreign currency and inflation on our monetary positions in Mexico $(38) million net unrealized losses on commodity derivatives Nine months ended September 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 $(166) 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) Nine months ended September 30, 2022: $(199) million impact associated with Aliso Canyon natural gas storage facility litigation and regulatory matters at SoCalGas $(89) million impact from foreign currency and inflation on our monetary positions in Mexico $(108) 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 (benefit) expense (1) Non- controlling interests Earnings Pretax amount Income tax (benefit) expense (1) Non- controlling interests Earnings Three months ended September 30, 2023 Three months ended September 30, 2022 (unaudited) Sempra GAAP Earnings $ 721 $ 485 Excluded items: Impact associated with Aliso Canyon litigation and regulatory matters $ — $ — $ — — $ 122 $ (21) $ — 101 Impact from foreign currency and inflation on our monetary positions in Mexico (3) (49) 16 (36) 1 (4) 1 (2) Net unrealized (gains) losses on commodity derivatives (2) 2 — — 77 (17) (22) 38 Sempra Adjusted Earnings $ 685 $ 622 Diluted EPS: Weighted-average common shares outstanding, diluted 632,324 632,175 Sempra GAAP EPS $ 1.14 $ 0.77 Sempra Adjusted EPS $ 1.08 $ 0.98 Nine months ended September 30, 2023 Nine months ended September 30, 2022 (unaudited) Sempra GAAP Earnings $ 2,293 $ 1,656 Excluded items: Impact associated with Aliso Canyon litigation and regulatory matters $ — $ — $ — — $ 259 $ (60) $ — 199 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 40 203 (77) 166 30 80 (21) 89 Net unrealized (gains) losses on commodity derivatives (630) 128 183 (319) 183 (42) (33) 108 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 $ 2,201 $ 2,172 Diluted EPS: Weighted-average common shares outstanding, diluted 632,231 632,914 Sempra GAAP EPS $ 3.63 $ 2.62 Sempra Adjusted EPS $ 3.48 $ 3.43 (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 $4.30 to $4.60 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 $(166) 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 $ 4.44 to $ 4.74 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 0.07 0.07 Impact from foreign currency and inflation on our monetary positions in Mexico 0.26 0.26 Net unrealized gains on commodity derivatives (0.50) (0.50) Net unrealized losses on a contingent interest rate swap related to the PA LNG Phase 1 project 0.03 0.03 Sempra Adjusted EPS Guidance Range $ 4.30 to $ 4.60 Weighted-average common shares outstanding, diluted (millions) 632 SEMPRA Table B CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in millions) September 30, 2023 December 31, 2022 (1) (unaudited) ASSETS Current assets: Cash and cash equivalents $ 1,149 $ 370 Restricted cash 238 40 Accounts receivable – trade, net 1,939 2,635 Accounts receivable – other, net 498 685 Due from unconsolidated affiliates 42 54 Income taxes receivable 72 113 Inventories 451 403 Prepaid expenses 325 268 Regulatory assets 190 351 Fixed-price contracts and other derivatives 201 803 Greenhouse gas allowances 144 141 Other current assets 61 49 Total current assets 5,310 5,912 Other assets: Restricted cash 104 52 Regulatory assets 3,277 2,588 Greenhouse gas allowances 1,219 796 Nuclear decommissioning trusts 827 841 Dedicated assets in support of certain benefit plans 513 505 Deferred income taxes 155 135 Right-of-use assets – operating leases 721 655 Investment in Oncor Holdings 14,148 13,665 Other investments 2,208 2,012 Goodwill 1,602 1,602 Other intangible assets 324 344 Wildfire fund 281 303 Other long-term assets 1,874 1,382 Total other assets 27,253 24,880 Property, plant and equipment, net 53,172 47,782 Total assets $ 85,735 $ 78,574 (1) Derived from audited financial statements. SEMPRA Table B (Continued) CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) (Dollars in millions) September 30, 2023 December 31, 2022 (1) (unaudited) LIABILITIES AND EQUITY Current liabilities: Short-term debt $ 1,977 $ 3,352 Accounts payable – trade 2,234 1,994 Accounts payable – other 219 275 Due to unconsolidated affiliates 5 — Dividends and interest payable 734 621 Accrued compensation and benefits 496 484 Regulatory liabilities 529 504 Current portion of long-term debt and finance leases 974 1,019 Reserve for Aliso Canyon costs 126 129 Greenhouse gas obligations 144 141 Other current liabilities 1,327 1,380 Total current liabilities 8,765 9,899 Long-term debt and finance leases 27,703 24,548 Deferred credits and other liabilities: Due to unconsolidated affiliates 303 301 Regulatory liabilities 3,468 3,341 Greenhouse gas obligations 942 565 Pension and other postretirement benefit plan obligations, net of plan assets 309 410 Deferred income taxes 5,095 4,591 Asset retirement obligations 3,584 3,546 Deferred credits and other 2,308 2,117 Total deferred credits and other liabilities 16,009 14,871 Equity: Sempra shareholders' equity 28,238 27,115 Preferred stock of subsidiary 20 20 Other noncontrolling interests 5,000 2,121 Total equity 33,258 29,256 Total liabilities and equity $ 85,735 $ 78,574 (1) Derived from audited financial statements. SEMPRA Table C CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in millions) Nine months ended September 30, 2023 2022 (unaudited) CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 2,762 $ 1,877 Adjustments to reconcile net income to net cash provided by operating activities 646 1,193 Reserve for Aliso Canyon costs (3) (1,835) Net change in other working capital components 1,613 (267) Insurance receivable for Aliso Canyon costs — 350 Distributions from investments 668 643 Changes in other noncurrent assets and liabilities, net (557) (506) Net cash provided by operating activities 5,129 1,455 CASH FLOWS FROM INVESTING ACTIVITIES Expenditures for property, plant and equipment (6,074) (3,540) Expenditures for investments (281) (275) Purchases of nuclear decommissioning and other trust assets (462) (530) Proceeds from sales of nuclear decommissioning and other trust assets 503 530 Repayments of advances to unconsolidated affiliates — 626 Other 10 6 Net cash used in investing activities (6,304) (3,183) CASH FLOWS FROM FINANCING ACTIVITIES Common dividends paid (1,109) (1,070) Preferred dividends paid (22) (22) Issuances of common stock — 4 Repurchases of common stock (32) (478) Issuances of debt (maturities greater than 90 days) 6,911 6,711 Payments on debt (maturities greater than 90 days) and finance leases (6,018) (3,365) Increase (decrease) in short-term debt, net 629 (1,438) Advances from unconsolidated affiliates 31 28 Proceeds from sales of noncontrolling interests 1,238 1,732 Distributions to noncontrolling interests (289) (146) Contributions from noncontrolling interests 1,036 15 Settlement of cross-currency swaps (99) — Other (78) (35) Net cash provided by financing activities 2,198 1,936 Effect of exchange rate changes on cash, cash equivalents and restricted cash 6 (3) Increase in cash, cash equivalents and restricted cash 1,029 205 Cash, cash equivalents and restricted cash, January 1 462 581 Cash, cash equivalents and restricted cash, September 30 $ 1,491 $ 786 SEMPRA Table D SEGMENT EARNINGS (LOSSES) AND CAPITAL EXPENDITURES AND INVESTMENTS (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 (unaudited) Earnings (Losses) Attributable to Common Shares SDG&E $ 274 $ 271 $ 716 $ 681 SoCalGas 16 (82) 531 339 Sempra Texas Utilities 305 256 548 604 Sempra Infrastructure 223 114 746 392 Parent and other (97) (74) (248) (360) Total $ 721 $ 485 $ 2,293 $ 1,656 Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 (unaudited) Capital Expenditures and Investments SDG&E $ 654 $ 561 $ 1,893 $ 1,651 SoCalGas 490 463 1,451 1,394 Sempra Texas Utilities 92 85 270 256 Sempra Infrastructure 652 162 2,736 508 Parent and other 1 2 5 6 Total $ 1,889 $ 1,273 $ 6,355 $ 3,815 SEMPRA Table E OTHER OPERATING STATISTICS Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 (unaudited) UTILITIES SDG&E and SoCalGas Gas sales (Bcf) (1) 55 53 280 240 Transportation (Bcf) (1) 165 180 438 462 Total deliveries (Bcf) (1) 220 233 718 702 Total gas customer meters (thousands) 7,047 7,031 SDG&E Electric sales (millions of kWhs) (1) 1,075 2,121 3,645 6,085 Community Choice Aggregation and Direct Access (millions of kWhs) (2) 3,472 3,106 9,001 7,135 Total deliveries (millions of kWhs) (1) 4,547 5,227 12,646 13,220 Total electric customer meters (thousands) 1,515 1,502 Oncor (3) Total deliveries (millions of kWhs) 47,736 44,040 120,571 115,580 Total electric customer meters (thousands) 3,953 3,881 Ecogas Natural gas sales (Bcf) 1 1 3 3 Natural gas customer meters (thousands) 155 147 ENERGY-RELATED BUSINESSES Sempra Infrastructure Termoeléctrica de Mexicali (millions of kWhs) 1,105 1,019 2,022 2,268 Wind and solar (millions of kWhs) (1) 827 688 2,525 2,347 (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 September 30, 2023 SDG&E SoCalGas Sempra Texas Utilities Sempra Infrastructure Consolidating Adjustments , Parent & Other Total Revenues $ 1,442 $ 1,313 $ — $ 629 $ (50) $ 3,334 Cost of sales and other expenses (809) (1,021) (2) (356) 30 (2,158) Depreciation and amortization (280) (211) — (71) (1) (563) Other income (expense), net 25 (2) — (2) (18) 3 Income (loss) before interest and tax (1) 378 79 (2) 200 (39) 616 Net interest expense (119) (68) — (3) (103) (293) Income tax benefit (expense) 15 5 — (24) 56 52 Equity earnings — — 307 172 — 479 Earnings attributable to noncontrolling interests — — — (122) — (122) Preferred dividends — — — — (11) (11) Earnings (losses) attributable to common shares $ 274 $ 16 $ 305 $ 223 $ (97) $ 721 Three months ended September 30, 2022 SDG&E SoCalGas Sempra Texas Utilities Sempra Infrastructure Consolidating Adjustments, Parent & Other Total Revenues $ 1,569 $ 1,385 $ — $ 697 $ (34) $ 3,617 Cost of sales and other expenses (917) (1,093) (1) (525) 16 (2,520) Aliso Canyon litigation and regulatory matters — (122) — — — (122) Depreciation and amortization (247) (190) — (67) (2) (506) Other income (expense), net 12 (43) — 5 (14) (40) Income (loss) before interest and tax (1) 417 (63) (1) 110 (34) 429 Net interest expense (111) (47) — (32) (74) (264) Income tax (expense) benefit (35) 28 (1) (58) 45 (21) Equity earnings — — 258 159 — 417 Earnings attributable to noncontrolling interests — — — (65) — (65) Preferred dividends — — — — (11) (11) Earnings (losses) attributable to common shares $ 271 $ (82) $ 256 $ 114 $ (74) $ 485 (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) Nine months ended September 30, 2023 SDG&E SoCalGas Sempra Texas Utilities Sempra Infrastructure Consolidating Adjustments, Parent & Other Total Revenues $ 4,357 $ 6,574 $ — $ 2,485 $ (187) $ 13,229 Cost of sales and other expenses (2,555) (5,137) (5) (981) 135 (8,543) Depreciation and amortization (810) (625) — (210) (6) (1,651) Other income (expense), net 75 (9) — 11 (2) 75 Income (loss) before interest and tax (1) 1,067 803 (5) 1,305 (60) 3,110 Net interest expense (355) (203) — (102) (275) (935) Income tax benefit (expense) 4 (68) — (555) 120 (499) Equity earnings — — 553 533 — 1,086 Earnings attributable to noncontrolling interests — — — (435) — (435) Preferred dividends — (1) — — (33) (34) Earnings (losses) attributable to common shares $ 716 $ 531 $ 548 $ 746 $ (248) $ 2,293 Nine months ended September 30, 2022 SDG&E SoCalGas Sempra Texas Utilities Sempra Infrastructure Consolidating Adjustments, Parent & Other Total Revenues $ 4,413 $ 4,879 $ — $ 1,810 $ (118) $ 10,984 Cost of sales and other expenses (2,599) (3,504) (4) (1,257) 74 (7,290) Aliso Canyon litigation and regulatory matters — (259) — — — (259) Depreciation and amortization (730) (565) — (199) (6) (1,500) Other income (expense), net 68 (5) — (4) (62) (3) Income (loss) before interest and tax (1) 1,152 546 (4) 350 (112) 1,932 Net interest expense (330) (131) — (61) (216) (738) Income tax (expense) benefit (141) (75) (1) (219) 1 (435) Equity earnings — — 609 509 — 1,118 Earnings attributable to noncontrolling interests — — — (187) — (187) Preferred dividends — (1) — — (33) (34) Earnings (losses) attributable to common shares $ 681 $ 339 $ 604 $ 392 $ (360) $ 1,656 (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. SOURCE Sempra
Sempra employees and Sempra Foundation give back to veterans
U.S. Army veterans receive support from energy infrastructure employer, Sempra, and their employees with over $200K in donations, including support for the Warriors to Work program
Sempra Foundation grants focused on improving quality of life, resilience
Energy transition company, Sempra, supports the arts, education, diverse employees, children, and anti-poverty efforts with Sempra Foundation
Restaurants Encouraged to Apply for $5,000 Grant through California Restaurant Foundation's Resilience Fund, Made Possible by SoCalGas
88 Restaurants across SoCalGas' Service Area will receive grants to support technology adoption, equipment upgrades, employee onboarding and retention, or unforeseen hardships LOS ANGELES, Oct. 26, 2023 /PRNewswire/ -- Beginning today, independent restaurants can apply for a $5,000 grant from the California Restaurant Foundation's (CRF) Restaurants Care® Resilience Fund. Earlier this year, Southern California Gas Co. (SoCalGas) donated $1 million to the Resilience Fund, bringing it to $2.1 million—the largest fund to date since the program's inception in 2021. Grants will be awarded to 182 California restaurants, including 88 in SoCalGas' service area, and funds may be used for technology adoption, equipment upgrades, employee onboarding and retention, or unforeseen hardships. "For the third consecutive year, SoCalGas is supporting the California Restaurant Foundation's Restaurants Care Resilience Fund to provide grants to independent restaurants. These restaurants play a vital role in our local communities, and the foundation's grants bolster and maintain the livelihoods of local restaurant proprietors, their staff, and their establishments," said David Barrett, SoCalGas senior vice president, general counsel, and California Restaurant Foundation board member. This is the second round of grants in 2023, made possible through donations from SoCalGas, the PG&E Corporation Foundation (PG&E Foundation), and San Diego Gas and Electric (SDG&E). The first round of 2023 Restaurants Care® Resilience Fund grants were distributed in June and restaurants that submitted applications in the spring but who were not funded do not need to reapply to be considered for this round of grants. Resilience Fund applications are open October 25 through November 8, 2023. Eligibility is open to California restaurants located in the utility companies' service areas, must be open for at least one year, have up to five units, have annual revenue of up to $3 million, with special consideration for those owned by women or people of color. Applications can be found at www.restaurantscare.org/resilience. "SoCalGas has provided invaluable and unwavering support for the Restaurants Care Resilience Fund since its inception in 2021, which has led to hundreds of independent restaurant owners across Southern California fortifying their businesses for the long haul," said Alycia Harshfield, Executive Director of California Restaurant Foundation. "We are thrilled to open applications for the second time this year and again offer $5,000 grants to owners looking to enhance their restaurants via technology adoption, equipment upgrades, employee onboarding and retention, or overcoming unforeseen hardships." Since its inception, the Resilience Fund has awarded over 1,100 grants to independently owned restaurants across California. Among them, 68% were women-owned, and 83% were owned by people of color. "With the grant we received this summer from SoCalGas, will were able to purchase a standing fryer, refrigerator, and sandwich bar. We've been able to make food more efficiently, keep our ingredients fresher, and have provided our customers a better dining experience," said Stacy Davis from Stacy's Kitchen in Blythe, California. In addition to providing financial support to restaurants through the foundation, SoCalGas offers programs and services to help business customers select energy-efficient equipment. Restaurant owners can schedule a 'Try Before You Buy' demo with natural gas cooking equipment before purchasing, request a no-cost energy survey to be conducted by a utility expert, and obtain information on rebates and incentives for eligible energy efficient natural gas cooking equipment, water heating, heat recovery products, and energy-efficient upgrade installation. SoCalGas' support of the California Restaurant Fund is part of the company's ASPIRE 2045 sustainability goals, which include a plan to invest $50 million to drive positive change in diverse and underserved communities across five years. 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 21.8 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 company in America. In support of that mission, SoCalGas is committed to the goal of achieving 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 dairy farms, 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 holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on X (@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. About the California Restaurant Foundation (CRF): California is home to more than 90,000 eating and drinking places that ring up more than $72 billion in sales and employ more than 1.6 million workers, making restaurants an indisputable driving force in the state's economy. The California Restaurant Foundation is a non-profit that empowers and invests in California's restaurant workforce. Founded in 1981, CRF supports the restaurant community through relief grants for restaurant workers facing a hardship, job and life skills training for 13,500 high school students each year, and scholarships. For more information visit www.calrestfoundation.org. MEDIA CONTACT Denise CamposOffice of Media and Public Information(213) 244-2442 dcampos@socalgas.com SOURCE Southern California Gas Company
SoCalGas Joins Center for Transportation and the Environment to Reduce Emissions with Innovative Hydrogen Fuel Cell Electric Delivery Vans
Retrofitted hydrogen fuel cell electric vans project could help reduce greenhouse gas emissions ONTARIO, Calif., Oct. 19, 2023 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) and the Center for Transportation and the Environment (CTE) have deployed the first of a planned 15 hydrogen fuel cell electric vehicle (FCEV) medium-duty delivery vans, as part of their collaborative effort to replace diesel-powered vehicles and reduce greenhouse gas emissions. SoCalGas' support and funding of the project are aimed to help propel ongoing advancements toward the commercialization of zero-emission, medium-duty vehicles and potentially assist companies in decarbonizing their fleets. A leading courier service is driving these hydrogen FCEV vans to facilitate package deliveries in underserved communities within the Inland Empire. The project team successfully retrofitted and converted diesel delivery vans to a hybrid electric drive, incorporating on-board hydrogen storage and a fuel cell range extender. Frequent stops made during deliveries allow the onboard hydrogen system to recharge the battery, extending the vehicle range and allowing the courier service to meet their route range requirements. The pilot project aims to demonstrate the potential of hydrogen FCEV vans for delivery operations. It is being developed in partnership with Accelera by Cummins, Unique Electric Solutions (UES), and the University of Texas - Center for Electromechanics (CEM) and is backed by U.S. Department of Energy's Hydrogen and Fuel Cell Technologies Office (HFTO) , South Coast Air Quality Management District (South Coast AQMD), California Energy Commission (CEC), and California Air Resources Board (CARB). This project was supported by the "California Climate Investments" (CCI) program. "This project is a successful private, public partnership that showcases green technology and environmental stewardship," said Wayne Nastri, South Coast AQMD Executive Officer. "With every package delivered using these emission free vans, we are closer to reducing air pollution in our communities." "Collaborative efforts among companies and organizations are essential to help achieve California's climate goals and this innovative project exemplifies such cooperation," said Neil Navin, Chief Clean Fuels Officer at SoCalGas. "The integration of hydrogen storage, fuel cell technology, battery packs, and power electronics is designed to ensure sufficient vehicle power, maintain cargo capacity and weight limitations, all while upholding a zero-emission standard." "We couldn't be more excited to see years of hard work and development come to fruition by putting these clean trucks into service. This achievement wouldn't have been possible without the support of our sponsors and dedication of our partners. Through this type of technology demonstration and advancement we believe we will continue to drive the industry towards clean transportation solutions," said Jason Hanlin, CTE's Director of Technology Development. The delivery vans benefit from easy access to a public hydrogen fueling station in Ontario, which serves as a refueling point for the retrofitted vans. These vans serve a high concentration of disadvantaged communities, and their conversion to the use of hydrogen FCEVs could help mitigate localized pollution concerns associated with package delivery. The project team will continue to monitor the results of emissions reductions during this pilot project, providing valuable insight for similar initiatives. CTE's broader efforts have assisted nearly 100 transit agencies that have either deployed or will deploy more than 700 zero-emission buses and has managed or participated in almost 40 major projects across the country, helping agencies prepare strategic plans to shift their full fleet of vehicles to zero-emission. While CTE's work has helped accelerate the shift toward zero-emissions transportations, SoCalGas is also helping to lead the charge. The company's focus on sustainability was notably recognized last year when it received the Leading Private Fleet Award at the Advanced Clean Transportation Expo. This honor acknowledges SoCalGas' efforts towards executing its ASPIRE 2045 sustainability strategy, which includes working to replace 50% of its over-the-road fleet with clean fuel vehicles by 2025 and operate a zero-emission fleet by 2035. Currently, a third of SoCalGas' fleet operates on clean fuels. Integral to the utility's sustainability strategy, SoCalGas continues to foster collaborations with other companies within its Research, Development, and Demonstration (RD&D) portfolio designed to forge new pathways for decarbonization and spur innovation towards achieving net-zero emissions. Learn more about SoCalGas' RD&D portfolio here. 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. About CTE The Center for Transportation and the Environment is a 501(c)(3) nonprofit organization with a mission to improve the health of our climate and communities by bringing people together to develop and commercialize clean, efficient, and sustainable transportation technologies. CTE collaborates with federal, state, and local governments, fleets, and vehicle technology manufacturers to complete our mission. Learn more at www.cte.tv. 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
Sempra CSO: Decarbonization, resilience and affordability are the future of energy
Decarbonizing economies with modernized energy transmission & distribution infrastructure was discussed in an interview with Sempra CSO and ESG Advisory at NYSE
Sempra to Report Third-Quarter 2023 Earnings November 3
SAN DIEGO, Oct. 17, 2023 /PRNewswire/ -- Sempra (NYSE: SRE) (BMV: SRE) plans to release its third-quarter 2023 earnings by 7 a.m. ET on Friday, November 3. Sempra executives will conduct a conference call at 12 p.m. ET, Friday, November 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 Friday, November 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 social media @Sempra. SOURCE Sempra
How can hydrogen help decarbonize economies?
Sempra energy networks positioned to develop clean hydrogen economy in California and Texas, as hubs proposed by the US DOE for $7B investment.
U.S. Department of Energy Makes Historic Award for a Regional Clean Hydrogen Hub in California
LOS ANGELES, Oct. 13, 2023 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today issued the following statement in support of the U.S. Department of Energy's decision to award California up to $1.2 billion for a regional clean hydrogen hub [1]. SoCalGas is a proud partner of the Alliance for Renewable Clean Hydrogen Energy Systems (ARCHES), the statewide public-private partnership and the organizer for California's Department of Energy clean hydrogen hub application: "The Department of Energy's visionary investment in a California hydrogen hub is a watershed moment for a clean hydrogen economy," said SoCalGas President Maryam Brown. "The DOE's investment demonstrates the essential role that clean hydrogen will play in accelerating California's energy goals, growing California's clean energy workforce, and improving our environment, air quality, and the lives of millions of Californians. "Working with ARCHES and state policymakers in support of California's clean energy and climate goals is a central focus of SoCalGas. Our company's mission is to build the cleanest, safest, and most innovative energy infrastructure company in America, and SoCalGas' Angeles Link project could deliver clean renewable hydrogen in an amount equivalent to almost 25% of the natural gas SoCalGas delivers today. This could displace a billion gallons of diesel fuel burned annually, allow conversion of natural gas plants, and eliminate nitrous oxide (NO X) and carbon dioxide (CO 2) in an amount equivalent to taking 3.1 million cars off the road annually." Background on Angeles Link Angeles Link would be, as envisioned, the nation's largest clean renewable hydrogen energy pipeline system. Angeles Link could support the addition and integration of more renewable electricity resources like solar and wind to the grid and would significantly reduce greenhouse gas emissions from electric generation, industrial processes, heavy-duty trucks, and other hard-to-electrify sectors of the Southern and Central California economy. Over time and combined with other clean energy projects, Angeles Link could also help reduce natural gas demand served by the Aliso Canyon natural gas storage facility, facilitating its ultimate retirement. Angeles Link could also help advance California's and the region's climate and clean air goals while continuing reliable and affordable energy services. Hydrogen is increasingly recognized as a critical element of successful decarbonization. When coupled with renewable energy, clean hydrogen could help facilitate a globally scalable, resilient, and carbon free energy system. SoCalGas is working to shape California's 21st century energy system through investments in clean hydrogen, renewable natural gas, fuel cells, and carbon management. 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 . 1 The foregoing award is preliminary and subject to change based on award negotiations between ARCHES [the grant recipient] and DOE. 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

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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).