- Raises Five-Year Capital Plan to $56B
- Targets 2025 FID for Port Arthur LNG Phase 2
- Adjusts 2025 EPS Guidance to $4.30 to $4.70
- Issues 2026 EPS Guidance of $4.80 to $5.30
- Increases Long-Term EPS Growth Rate to 7% to 9%
SAN
DIEGO, Feb. 25, 2025 /PRNewswire/ -- Sempra
(NYSE: SRE) today reported full-year 2024 earnings, prepared in
accordance with Generally Accepted Accounting Principles (GAAP), of
$2.82 billion or $4.42 per diluted share, compared to full-year
2023 GAAP earnings of $3.03 billion
or $4.79 per diluted share. On an
adjusted basis, the company's full-year 2024 earnings were
$2.97 billion or $4.65 per diluted share, compared to $2.92 billion or $4.61 per diluted share in 2023.
"With the reset of our guidance in 2025, we are setting a new
foundation for a decisive decade of growth," said Jeffrey W. Martin, chairman and CEO of Sempra.
"We are also announcing a record five-year capital plan of
$56 billion and raising the company's
long-term EPS growth rate to 7%-9%. Over half of planned capital
expenditures are earmarked for Texas, where significant new investments are
needed to expand and modernize the energy grid. This is consistent
with Sempra's 2030 aspirations of producing over 50% of its
earnings from the State of
Texas."
The company also reported fourth-quarter 2024 GAAP earnings of
$665 million or $1.04 per diluted share, compared to
fourth-quarter 2023 GAAP earnings of $737
million or $1.16 per diluted
share. On an adjusted basis, the company's fourth-quarter 2024
earnings were $960 million or
$1.50 per diluted share, compared to
$719 million or $1.13 per diluted share in fourth-quarter
2023.
The reported financial results reflect certain significant items
as described on an after-tax basis in the following table of GAAP
earnings, reconciled to adjusted earnings, for the fourth quarter
and full-year 2024 and 2023.
|
|
|
|
|
|
|
|
|
|
|
(Dollars and shares in millions, except
EPS)
|
Three months
ended
December 31,
|
|
Years
ended
December
31,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
|
|
|
GAAP Earnings
|
$ 665
|
|
$ 737
|
|
$
2,817
|
|
$
3,030
|
|
|
Impact from regulatory
disallowances
|
104
|
|
—
|
|
104
|
|
—
|
|
|
Retroactive impact of
2024 General Rate Case Final Decision for the first nine months of
2024
|
(22)
|
|
—
|
|
—
|
|
—
|
|
|
Equity losses from
write-off of rate base disallowances resulting from Public
Utility
Commission of Texas' final order in Oncor
Electric Delivery Company LLC's
comprehensive base rate review
|
—
|
|
—
|
|
—
|
|
44
|
|
|
Impact from foreign
currency and inflation on monetary positions in Mexico
|
(84)
|
|
69
|
|
(262)
|
|
235
|
|
|
Net unrealized losses
(gains) on derivatives
|
13
|
|
(47)
|
|
26
|
|
(366)
|
|
|
Net unrealized (gains)
losses on interest rate swaps related to Port Arthur LNG Phase 1
project
|
(30)
|
|
—
|
|
(30)
|
|
17
|
|
|
Impact from foreign tax
credit valuation allowance
|
330
|
|
—
|
|
330
|
|
—
|
|
|
Earnings from
investment in RBS Sempra Commodities LLP
|
(16)
|
|
(40)
|
|
(16)
|
|
(40)
|
|
|
Adjusted Earnings(1)
|
$ 960
|
|
$ 719
|
|
$
2,969
|
|
$
2,920
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
Weighted-Average Common Shares Outstanding
|
641
|
|
634
|
|
638
|
|
633
|
|
|
GAAP EPS
|
$
1.04
|
|
$
1.16
|
|
$
4.42
|
|
$
4.79
|
|
|
Adjusted EPS(1)
|
$
1.50
|
|
$
1.13
|
|
$
4.65
|
|
$
4.61
|
|
|
|
|
|
|
|
|
|
|
|
|
1) See Table A for
information regarding non-GAAP financial measures.
|
Progress at Sempra's Three Growth Platforms
Sempra's
three growth platforms – Sempra California, Sempra Texas and Sempra
Infrastructure – deliver energy to nearly 40 million consumers
across some of the world's most significant economic markets.
"Last year we made great strides in improving safety, operations
and customer service across all three business lines," said Martin.
"Building out the scope and scale of our business means continued
investments in innovation and technology to drive value to our
customers in the form of improved safety, service quality, and
affordability."
Sempra Texas
Led by Oncor Electric Delivery
Company LLC (Oncor), Sempra Texas is executing on a significant
growth campaign in the country's fastest growing energy market.
Oncor's new five-year capital plan of $36
billion represents a 50% increase over last year's five-year
plan, driven by a portfolio of diverse investment opportunities
across both geography and customer mix. Oncor is contemplating
filing a comprehensive base rate review later this year.
In 2024, Oncor invested close to $4.7
billion to support the growing needs of its customers. Over
$2 billion of transmission projects
were placed into service by Oncor in 2024, including placement of
over 75 substation projects and over 45 switching station projects.
In 2024, Oncor built, rebuilt or upgraded approximately 4,300 miles
of transmission and distribution lines. In 2024, Oncor saw a 27%
increase in new transmission interconnection requests as compared
to 2023, the majority of which are from large commercial and
industrial customers. At the end of 2024, Oncor had a diverse set
of large commercial and industrial customers representing 137
gigawatts of potential load active in its interconnection queue,
representing an approximate 250% increase from 2023.
Oncor's first System Resiliency Plan (SRP) was approved by the
Public Utility Commission of Texas
(PUCT) in November. Under the SRP, Oncor plans to invest nearly
$3 billion of capital expenditures
and over $500 million in incremental
operations and maintenance expenses, with the majority of the spend
to occur between the years 2025 through 2027, to help reduce the
impact and duration of severe weather outages and address other
physical and cybersecurity improvements to the electric grid.
Sempra California
Serving roughly 25 million
consumers, Sempra California is a dual-utility platform
focused on connecting people to safe, reliable and cleaner energy.
In 2024, demand for electricity reached an all-time high of 5,032
megawatts in San Diego Gas & Electric's (SDGE) service
territory, highlighting the growing importance of continued
investments in the energy grid to deliver new sources of energy to
the California market.
In 2024, SDGE opened a new state-of-the-art Wildfire and Climate
Resiliency Center dedicated to risk mitigation and enhancing the
company's capabilities in wildfire and climate resilience,
representing Sempra California's continued focus on extending its
position as a leader in community safety through proactive
mitigation of wildfire risk.
In December, Sempra California's regulated utilities received a
final decision from the California Public Utilities Commission
(CPUC) on their general rate cases, which improves visibility to
utility investments through 2027. Also in December, the CPUC
determined that maintaining natural gas storage levels at Southern
California Gas Company's Aliso Canyon storage facility is currently
critical for the continued reliability of California's electric grid and natural gas
system, as well as consumer affordability.
Sempra Infrastructure
In 2024, Sempra Infrastructure reached commercial operations on
both the Gasoducto Rosarito pipeline expansion and Topolobampo
Terminal and made progress advancing five significant construction
projects while further strengthening its ability to capitalize on
growing demand for cleaner and more secure energy in global
markets.
Cameron LNG Phase 1 continues to deliver superior production of
liquefied natural gas (LNG) and loaded nearly 200 cargoes in 2024.
As the company executes the ongoing development and construction of
its LNG portfolio, Energía Costa Azul LNG Phase 1 continues to
target the start-up of commercial operations in spring of 2026, and
construction at Port Arthur LNG Phase 1 remains on time and on
budget.
The Port Arthur LNG Phase 2 development project is receiving
strong commercial interest. Sempra Infrastructure continues to hold
substantial, active discussions with world-class companies for
participation in the Phase 2 project, which is already anchored by
a non-binding HOA for LNG offtake and a proposed equity investment
with a subsidiary of Saudi Aramco, as well as a fixed-price
engineering, procurement and construction contract with Bechtel
Energy. The company is targeting a final investment decision in
2025, pending the execution of definitive commercial agreements,
obtaining permits and securing financing, among other factors.
Capital Plan Growth
Sempra is forecasting a
company-record five-year 2025-2029 capital plan of approximately
$56 billion, which represents a 16%
increase from its prior plan, with over 90% of projected capital
expenditures focused on regulated utility investments in
Texas and California.
"Our team is excited about our new five-year capital plan, which
is designed to help meet the energy needs of customers today and
tomorrow, while significantly expanding our projected utility rate
base by roughly 10% annually," said Karen
Sedgwick, executive vice president and chief financial
officer of Sempra. "When considering the long-term trends in
Sempra's core markets, we are confident there will be significant
opportunities to deploy incremental capital through the end of the
decade and beyond."
Earnings Guidance
Due to recent and planned regulatory
matters and the backdrop of a higher-cost environment, Sempra is
revising its full-year 2025 earnings-per-common share (EPS)
guidance range to $4.30 to
$4.70. Sempra is also issuing
full-year 2026 EPS guidance of $4.80
to $5.30. Using 2025 as the
foundation for the company's future growth, 2026 guidance
represents a 12% year-over-year increase from the midpoint of 2025
guidance. The company is also increasing its projected long-term
EPS growth rate to 7% to 9%.
Common and Preferred Dividends
Sempra's board of
directors declared a $0.645 per share
quarterly dividend on the company's common stock, which is payable
April 15, 2025, to common stock
shareholders of record at the close of business on March 20, 2025. The declared quarterly dividend
represents an increase of the company's common stock dividend to
$2.58 per share, on an annualized
basis, from $2.48 per share in
2024.
Additionally, Sempra's board of directors declared a semi-annual
dividend of $24.375 per share on the
company's 4.875% Fixed-Rate Reset Cumulative Redeemable Perpetual
Preferred Stock, Series C. The preferred stock dividends will be
payable April 15, 2025, to preferred
stock shareholders of record at the close of business on
April 1, 2025.
Non-GAAP Financial Measures
Non-GAAP financial
measures include Sempra's adjusted earnings and adjusted EPS. See
Table A for additional information regarding these non-GAAP
financial measures.
Internet Broadcast
Sempra will broadcast a live
discussion of its earnings results over the internet today at
12 p.m. ET with the company's senior
management. Access is available by logging onto the Investors
section of the company's website, sempra.com/investors. The
webcast will be available on replay a few hours after its
conclusion at sempra.com/investors.
About Sempra
Sempra is a leading North American energy
infrastructure company focused on delivering energy to nearly 40
million consumers. As owner of one of the largest energy networks
on the continent, Sempra is electrifying and improving the energy
resilience of some of the world's most significant economic
markets, including California,
Texas, Mexico and global energy markets. The company
is recognized as a leader in sustainable business practices and for
its high-performance culture focused on safety and operational
excellence, as demonstrated by Sempra's inclusion in the Dow Jones
Sustainability Index North America. More information about Sempra
is available at sempra.com and on social media @Sempra.
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements are based on assumptions about the
future, involve risks and uncertainties, and are not guarantees.
Future results may differ materially from those expressed or
implied in any forward-looking statement. These forward-looking
statements represent our estimates and assumptions only as of the
date of this press release. We assume no obligation to update or
revise any forward-looking statement as a result of new
information, future events or otherwise.
In this press release, forward-looking statements can be
identified by words such as "believe," "expect," "intend,"
"anticipate," "contemplate," "plan," "estimate," "project,"
"forecast," "envision," "should," "could," "would," "will,"
"confident," "may," "can," "potential," "possible," "proposed," "in
process," "construct," "develop," "opportunity," "preliminary,"
"initiative," "target," "outlook," "optimistic," "poised,"
"positioned," "maintain," "continue," "progress," "advance,"
"goal," "aim," "commit," or similar expressions, or when we discuss
our guidance, priorities, strategies, goals, vision, mission,
projections, intentions or expectations.
Factors, among others, that could cause actual results and
events to differ materially from those expressed or implied in any
forward-looking statement include: California wildfires, including potential
liability for damages regardless of fault and any inability to
recover all or a substantial portion of costs from insurance, the
wildfire fund established by California Assembly Bill 1054, rates
from customers or a combination thereof; decisions, denials of cost
recovery, audits, investigations, inquiries, ordered studies,
regulations, denials or revocations of permits, consents, approvals
or other authorizations, renewals of franchises, and other actions,
including the failure to honor contracts and commitments, by the
(i) California Public Utilities Commission (CPUC), Comisión
Reguladora de Energía, U.S. Department of Energy, U.S. Federal
Energy Regulatory Commission, U.S. Internal Revenue Service, Public
Utility Commission of Texas and
other regulatory bodies and (ii) U.S., Mexico and states, counties, cities and other
jurisdictions therein and in other countries where we do business;
the success of business development efforts, construction projects,
acquisitions, divestitures, and other significant transactions,
including risks related to (i) being able to make a final
investment decision, (ii) completing construction projects or other
transactions on schedule and budget, (iii) realizing anticipated
benefits from any of these efforts if completed, (iv) obtaining
third-party consents and approvals and (v) third parties honoring
their contracts and commitments; changes to our capital expenditure
plans and their potential impact on rate base or other growth;
litigation, arbitration, property disputes and other proceedings,
and changes (i) to laws and regulations, including those related to
tax and the energy industry in Mexico, (ii) due to the results of elections,
and (iii) in trade and other foreign policy, including the
imposition of tariffs by the U.S. and foreign countries;
cybersecurity threats, including by state and state-sponsored
actors, of ransomware or other attacks on our systems or the
systems of third parties with which we conduct business, including
the energy grid or other energy infrastructure; the availability,
uses, sufficiency, and cost of capital resources and our ability to
borrow money or otherwise raise capital on favorable terms and meet
our obligations, which can be affected by, among other things, (i)
actions by credit rating agencies to downgrade our credit ratings
or place those ratings on negative outlook, (ii) instability in the
capital markets, and (iii) fluctuating interest rates and
inflation; the impact on affordability of San Diego Gas &
Electric Company's (SDG&E) and Southern California Gas
Company's (SoCalGas) customer rates and their cost of capital and
on SDG&E's, SoCalGas' and Sempra Infrastructure's ability to
pass through higher costs to customers due to (i) volatility in
inflation, interest rates and commodity prices, (ii) with respect
to SDG&E's and SoCalGas' businesses, the cost of meeting the
demand for lower carbon and reliable energy in California, and (iii) with respect to Sempra
Infrastructure's business, volatility in foreign currency exchange
rates; the impact of climate policies, laws, rules, regulations,
trends and required disclosures, including actions to reduce or
eliminate reliance on natural gas, increased uncertainty in the
political or regulatory environment for California natural gas distribution companies,
the risk of nonrecovery for stranded assets, and uncertainty
related to emerging technologies; weather, natural disasters,
pandemics, accidents, equipment failures, explosions, terrorism,
information system outages or other events, such as work stoppages,
that disrupt our operations, damage our facilities or systems,
cause the release of harmful materials or fires or subject us to
liability for damages, fines and penalties, some of which may not
be recoverable through regulatory mechanisms or insurance or may
impact our ability to obtain satisfactory levels of affordable
insurance; the availability of electric power, natural gas and
natural gas storage capacity, including disruptions caused by
failures in the transmission grid or pipeline and storage systems
or limitations on the injection and withdrawal of natural gas from
storage facilities; Oncor Electric Delivery Company LLC's (Oncor)
ability to reduce or eliminate its quarterly dividends due to
regulatory and governance requirements and commitments, including
by actions of Oncor's independent directors or a minority member
director; and other uncertainties, some of which are difficult to
predict and beyond our control.
These risks and uncertainties are further discussed in the
reports that Sempra has filed with the U.S. Securities and Exchange
Commission (SEC). These reports are available through the EDGAR
system free-of-charge on the SEC's website, www.sec.gov, and on
Sempra's website, www.sempra.com. Investors should not rely unduly
on any forward-looking statements.
Sempra Infrastructure, Sempra Infrastructure Partners, Sempra
Texas, Sempra Texas Utilities, Oncor and Infraestructura Energética
Nova, S.A.P.I. de C.V. (IEnova) are not the same companies as the
California utilities, SDG&E or
SoCalGas, 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
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF
OPERATIONS
|
|
(Dollars in millions, except per share amounts;
shares in thousands)
|
|
|
|
|
|
|
|
|
Three months
ended
December 31,
|
|
Years
ended
December
31,
|
|
2024
|
|
2023
|
|
2024(1)
|
|
2023(1)
|
|
|
|
|
|
|
|
|
|
REVENUES
|
|
|
|
|
|
|
|
|
Utilities:
|
|
|
|
|
|
|
|
|
Natural gas
|
$
2,343
|
|
$
1,935
|
|
$
7,141
|
|
$
9,495
|
|
Electric
|
1,027
|
|
1,003
|
|
4,296
|
|
4,334
|
|
Energy-related
businesses
|
388
|
|
553
|
|
1,748
|
|
2,891
|
|
Total
revenues
|
3,758
|
|
3,491
|
|
13,185
|
|
16,720
|
|
|
|
|
|
|
|
|
|
EXPENSES AND OTHER
INCOME
|
|
|
|
|
|
|
|
|
Utilities:
|
|
|
|
|
|
|
|
|
Cost of natural
gas
|
(342)
|
|
(465)
|
|
(1,132)
|
|
(3,719)
|
|
Cost of electric fuel
and purchased power
|
(18)
|
|
10
|
|
(245)
|
|
(375)
|
|
Energy-related
businesses cost of sales
|
(83)
|
|
(111)
|
|
(380)
|
|
(548)
|
|
Operation and
maintenance
|
(1,465)
|
|
(1,500)
|
|
(5,336)
|
|
(5,458)
|
|
Depreciation and
amortization
|
(626)
|
|
(576)
|
|
(2,437)
|
|
(2,227)
|
|
Franchise fees and
other taxes
|
(178)
|
|
(168)
|
|
(693)
|
|
(677)
|
|
Other (expense) income,
net
|
(58)
|
|
56
|
|
136
|
|
131
|
|
Interest
income
|
14
|
|
29
|
|
61
|
|
89
|
|
Interest
expense
|
(105)
|
|
(314)
|
|
(1,049)
|
|
(1,309)
|
|
Income before income
taxes and equity earnings
|
897
|
|
452
|
|
2,110
|
|
2,627
|
|
Income tax (expense)
benefit
|
(282)
|
|
9
|
|
(219)
|
|
(490)
|
|
Equity
earnings
|
374
|
|
395
|
|
1,609
|
|
1,481
|
|
Net income
|
989
|
|
856
|
|
3,500
|
|
3,618
|
|
Earnings attributable
to noncontrolling interests
|
(313)
|
|
(108)
|
|
(638)
|
|
(543)
|
|
Preferred
dividends
|
(11)
|
|
(11)
|
|
(44)
|
|
(44)
|
|
Preferred dividends of
subsidiary
|
—
|
|
—
|
|
(1)
|
|
(1)
|
|
Earnings attributable
to common shares
|
$
665
|
|
$
737
|
|
$
2,817
|
|
$
3,030
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share (EPS):
|
|
|
|
|
|
|
|
|
Earnings
|
$
1.05
|
|
$
1.17
|
|
$
4.44
|
|
$
4.81
|
|
Weighted-average
common shares outstanding
|
635,144
|
|
631,284
|
|
633,795
|
|
630,296
|
|
|
|
|
|
|
|
|
|
Diluted EPS:
|
|
|
|
|
|
|
|
|
Earnings
|
$
1.04
|
|
$
1.16
|
|
$
4.42
|
|
$
4.79
|
|
Weighted-average
common shares outstanding
|
641,395
|
|
634,228
|
|
637,943
|
|
632,733
|
|
(1)
Derived from audited financial statements.
|
SEMPRA
Table A (Continued)
RECONCILIATION OF SEMPRA ADJUSTED EARNINGS TO SEMPRA GAAP
EARNINGS
Sempra Adjusted Earnings and Adjusted EPS exclude items (after
the effects of income taxes and, if applicable, noncontrolling
interests (NCI)) in 2024 and 2023 as follows:
Three months ended December 31,
2024:
- $(104) million impact from
regulatory disallowances at Sempra California consisting of:
-
- $(89) million charge from the
Federal Energy Regulatory Commission (FERC) order finding that the
Electric Transmission Owner Formula Rate, effective June 1, 2019 (TO5), adder refund provision has
been triggered, requiring Sempra California to refund customers the
California Independent System Operator (California ISO) adder
retroactively from June 1, 2019
-
- $(15) million impairment from
disallowed capital costs in the 2024 General Rate Case Final
Decision (2024 GRC FD)
- $22 million impact from the
retroactive application of the 2024 GRC FD for the first nine
months of 2024 at Sempra California
- $84 million impact from foreign
currency and inflation on our monetary positions in Mexico
- $(13) million net unrealized
losses on commodity derivatives
- $30 million net unrealized gains
on interest rate swaps related to the initial phase of the Port
Arthur LNG liquefaction project (PA LNG Phase 1 project)
- $(330) million income tax expense
in 2024 from changes to a valuation allowance against foreign tax
credits that were carried forward from the implementation of the
Tax Cuts and Jobs Act of 2017 (TCJA)
- $16 million equity earnings from
investment in RBS Sempra Commodities LLP from the substantial
dissolution of the partnership
Three months ended December 31,
2023:
- $(69) million impact from foreign
currency and inflation on our monetary positions in Mexico
- $47 million net unrealized gains
on commodity derivatives
- $40 million equity earnings from
investment in RBS Sempra Commodities LLP based on a legal
settlement
Year ended December 31, 2024:
- $(104) million impact from
regulatory disallowances at Sempra California consisting of:
-
- $(89) million charge from the
FERC order finding that the TO5 adder refund provision has been
triggered, requiring Sempra California to refund customers the
California ISO adder retroactively from June
1, 2019
-
- $(15) million impairment from
disallowed capital costs in the 2024 GRC FD
- $262 million impact from foreign
currency and inflation on our monetary positions in Mexico
- $(26) million net unrealized
losses on commodity derivatives
- $30 million net unrealized gains
on interest rate swaps related to the PA LNG Phase 1 project
- $(330) million income tax expense
in 2024 from changes to a valuation allowance against foreign tax
credits that were carried forward from the implementation of the
TCJA
- $16 million equity earnings from
investment in RBS Sempra Commodities LLP from the substantial
dissolution of the partnership
Year ended December 31, 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
- $(235) million impact from
foreign currency and inflation on our monetary positions in
Mexico
- $366 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
- $40 million equity earnings from
investment in RBS Sempra Commodities LLP based on a legal
settlement
Sempra Adjusted Earnings and Adjusted EPS are non-GAAP financial
measures (GAAP represents generally accepted accounting principles
in the United States of America).
These non-GAAP financial measures exclude significant items that
are generally not related to our ongoing business activities and/or
are infrequent in nature. These non-GAAP financial measures also
exclude the impact from foreign currency and inflation on our
monetary positions in Mexico and
net unrealized gains and losses on commodity and interest rate
derivatives, which we expect to occur in future periods, and which
can vary significantly from one period to the next. Exclusion of
these items is useful to management and investors because it
provides a meaningful comparison of the performance of Sempra's
business operations to prior and future periods. Non-GAAP financial
measures are supplementary information that should be considered in
addition to, but not as a substitute for, the information prepared
in accordance with GAAP. The table below reconciles for historical
periods these non-GAAP financial measures to Sempra GAAP Earnings
and GAAP EPS, which we consider to be the most directly comparable
financial measures calculated in accordance with GAAP.
|
SEMPRA
Table A
(Continued)
|
|
|
RECONCILIATION OF ADJUSTED EARNINGS TO GAAP EARNINGS
AND ADJUSTED EPS TO GAAP EPS
|
|
(Dollars in millions, except per share amounts;
shares in thousands)
|
|
|
|
|
|
Pretax
amount
|
Income tax
(benefit)
expense(1)
|
Non-controlling
interests
|
Earnings
|
|
Diluted
EPS
|
|
Pretax
amount
|
Income tax
expense
(benefit)(1)
|
Non-controlling
interests
|
Earnings
|
|
Diluted
EPS
|
|
Three months ended
December 31, 2024
|
|
Three months ended
December 31, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sempra GAAP Earnings
and GAAP EPS
|
|
|
|
$
665
|
|
$ 1.04
|
|
|
|
|
$
737
|
|
$ 1.16
|
|
Excluded
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact from regulatory
disallowances
|
$
140
|
$
(36)
|
$
—
|
104
|
|
0.16
|
|
$
—
|
$
—
|
$
—
|
—
|
|
—
|
|
Retroactive impact of
2024 GRC FD for the first nine months of 2024
|
(30)
|
8
|
—
|
(22)
|
|
(0.03)
|
|
—
|
—
|
—
|
—
|
|
—
|
|
Impact from foreign
currency and inflation on monetary positions in Mexico
|
2
|
(125)
|
39
|
(84)
|
|
(0.13)
|
|
22
|
80
|
(33)
|
69
|
|
0.10
|
|
Net unrealized losses
(gains) on commodity derivatives
|
27
|
(5)
|
(9)
|
13
|
|
0.02
|
|
(92)
|
16
|
29
|
(47)
|
|
(0.07)
|
|
Net unrealized gains on
interest rate swaps related to PA LNG Phase 1 project
|
(212)
|
11
|
171
|
(30)
|
|
(0.05)
|
|
—
|
—
|
—
|
—
|
|
—
|
|
Impact from foreign tax
credit valuation allowance
|
—
|
330
|
—
|
330
|
|
0.52
|
|
—
|
—
|
—
|
—
|
|
—
|
|
Earnings from
investment in RBS Sempra Commodities LLP
|
(19)
|
3
|
—
|
(16)
|
|
(0.03)
|
|
(40)
|
—
|
—
|
(40)
|
|
(0.06)
|
|
Sempra Adjusted
Earnings and Adjusted EPS
|
|
|
|
$
960
|
|
$ 1.50
|
|
|
|
|
$
719
|
|
$ 1.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common
shares outstanding, diluted
|
|
|
|
|
|
641,395
|
|
|
|
|
|
|
634,228
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December
31, 2024
|
|
Year ended December
31, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sempra GAAP Earnings
and GAAP EPS
|
|
|
|
$ 2,817
|
|
$ 4.42
|
|
|
|
|
$ 3,030
|
|
$ 4.79
|
|
Excluded
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact from regulatory
disallowances
|
$
140
|
$
(36)
|
$
—
|
104
|
|
0.16
|
|
$
—
|
$
—
|
$
—
|
—
|
|
—
|
|
Equity losses from
write-off of rate base disallowances resulting from
PUCT's
final order
in Oncor's comprehensive base rate review
|
—
|
—
|
—
|
—
|
|
—
|
|
—
|
—
|
—
|
44
|
|
0.07
|
|
Impact from foreign
currency and inflation on monetary positions in Mexico
|
(50)
|
(336)
|
124
|
(262)
|
|
(0.41)
|
|
62
|
283
|
(110)
|
235
|
|
0.36
|
|
Net unrealized losses
(gains) on commodity derivatives
|
51
|
(8)
|
(17)
|
26
|
|
0.04
|
|
(722)
|
144
|
212
|
(366)
|
|
(0.58)
|
|
Net unrealized (gains)
losses on interest rate swaps related to PA LNG Phase 1
project
|
(212)
|
11
|
171
|
(30)
|
|
(0.05)
|
|
33
|
(6)
|
(10)
|
17
|
|
0.03
|
|
Impact from foreign tax
credit valuation allowance
|
—
|
330
|
—
|
330
|
|
0.52
|
|
—
|
—
|
—
|
—
|
|
—
|
|
Earnings from
investment in RBS Sempra Commodities LLP
|
(19)
|
3
|
—
|
(16)
|
|
(0.03)
|
|
(40)
|
—
|
—
|
(40)
|
|
(0.06)
|
|
Sempra Adjusted
Earnings and Adjusted EPS
|
|
|
|
$ 2,969
|
|
$ 4.65
|
|
|
|
|
$ 2,920
|
|
$ 4.61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common
shares outstanding, diluted
|
|
|
|
|
|
637,943
|
|
|
|
|
|
|
632,733
|
|
(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 from our investment in Oncor
Holdings net of income tax. We did
not record an income
tax expense for the equity earnings from our investment in RBS
Sempra Commodities LLP in 2023 because, even though a portion may
be deductible under United Kingdom tax law, it is not probable that
the deduction
will reduce United
Kingdom taxes.
|
|
SEMPRA
|
|
Table B
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEETS
|
|
(Dollars in millions)
|
|
|
|
|
December
31,
|
|
2024(1)
|
|
2023(1)
|
|
|
|
|
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
1,565
|
|
$
236
|
|
Restricted
cash
|
21
|
|
49
|
|
Accounts receivable –
trade, net
|
1,983
|
|
2,151
|
|
Accounts receivable –
other, net
|
397
|
|
561
|
|
Due from
unconsolidated affiliates
|
13
|
|
31
|
|
Income taxes
receivable
|
90
|
|
94
|
|
Inventories
|
559
|
|
482
|
|
Prepaid
expenses
|
255
|
|
273
|
|
Regulatory
assets
|
60
|
|
226
|
|
Fixed-price contracts
and other derivatives
|
91
|
|
122
|
|
Greenhouse gas
allowances
|
217
|
|
1,189
|
|
Other current
assets
|
34
|
|
56
|
|
Total current
assets
|
5,285
|
|
5,470
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
Restricted
cash
|
3
|
|
104
|
|
Regulatory
assets
|
3,937
|
|
3,771
|
|
Greenhouse gas
allowances
|
845
|
|
301
|
|
Nuclear
decommissioning trusts
|
875
|
|
872
|
|
Dedicated assets in
support of certain benefit plans
|
585
|
|
549
|
|
Deferred income
taxes
|
172
|
|
129
|
|
Right-of-use assets –
operating leases
|
1,177
|
|
723
|
|
Investment in Oncor
Holdings
|
15,400
|
|
14,266
|
|
Other
investments
|
2,534
|
|
2,244
|
|
Goodwill
|
1,602
|
|
1,602
|
|
Other intangible
assets
|
292
|
|
318
|
|
Wildfire
fund
|
262
|
|
269
|
|
Other long-term
assets
|
1,749
|
|
1,603
|
|
Total other
assets
|
29,433
|
|
26,751
|
|
Property, plant and
equipment, net
|
61,437
|
|
54,960
|
|
Total assets
|
$
96,155
|
|
$
87,181
|
|
(1)
Derived from audited financial statements.
|
|
SEMPRA
|
|
Table B (Continued)
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEETS
|
|
(Dollars in millions)
|
|
|
|
|
December
31,
|
|
2024(1)
|
|
2023(1)
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Short-term
debt
|
$
2,016
|
|
$
2,342
|
|
Accounts payable –
trade
|
2,238
|
|
2,211
|
|
Accounts payable –
other
|
208
|
|
224
|
|
Due to unconsolidated
affiliates
|
—
|
|
5
|
|
Dividends and interest
payable
|
773
|
|
691
|
|
Accrued compensation
and benefits
|
558
|
|
526
|
|
Regulatory
liabilities
|
141
|
|
553
|
|
Current portion of
long-term debt and finance leases
|
2,274
|
|
975
|
|
Greenhouse gas
obligations
|
217
|
|
1,189
|
|
Other current
liabilities
|
1,251
|
|
1,374
|
|
Total current
liabilities
|
9,676
|
|
10,090
|
|
|
|
|
|
Long-term debt and
finance leases
|
31,558
|
|
27,759
|
|
|
|
|
|
Deferred credits and
other liabilities:
|
|
|
|
|
Due to unconsolidated
affiliates
|
352
|
|
307
|
|
Regulatory
liabilities
|
3,817
|
|
3,739
|
|
Greenhouse gas
obligations
|
506
|
|
—
|
|
Pension and other
postretirement benefit plan obligations, net of plan
assets
|
168
|
|
407
|
|
Deferred income
taxes
|
5,845
|
|
5,254
|
|
Asset retirement
obligations
|
3,737
|
|
3,642
|
|
Deferred credits and
other
|
2,708
|
|
2,329
|
|
Total deferred credits
and other liabilities
|
17,133
|
|
15,678
|
|
Equity:
|
|
|
|
|
Sempra shareholders'
equity
|
31,222
|
|
28,675
|
|
Preferred stock of
subsidiary
|
20
|
|
20
|
|
Other noncontrolling
interests
|
6,546
|
|
4,959
|
|
Total
equity
|
37,788
|
|
33,654
|
|
Total liabilities and
equity
|
$
96,155
|
|
$
87,181
|
|
(1)
Derived
from audited financial statements.
|
|
SEMPRA
|
|
Table C
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF CASH
FLOWS
|
|
(Dollars in millions)
|
|
|
|
|
Years ended December
31,
|
|
2024(1)
|
|
2023(1)
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
Net income
|
$
3,500
|
|
$
3,618
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities
|
926
|
|
853
|
|
Net change in working
capital components
|
(462)
|
|
1,429
|
|
Distributions from
investments
|
1,093
|
|
912
|
|
Changes in other
noncurrent assets and liabilities, net
|
(150)
|
|
(594)
|
|
Net cash provided by operating
activities
|
4,907
|
|
6,218
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
Expenditures for
property, plant and equipment
|
(8,215)
|
|
(8,397)
|
|
Expenditures for
investments
|
(988)
|
|
(382)
|
|
Distributions from
investments
|
9
|
|
—
|
|
Purchases of nuclear
decommissioning and other trust assets
|
(889)
|
|
(610)
|
|
Proceeds from sales of
nuclear decommissioning and other trust assets
|
942
|
|
661
|
|
Other
|
23
|
|
12
|
|
Net cash used in investing
activities
|
(9,118)
|
|
(8,716)
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
Common dividends
paid
|
(1,499)
|
|
(1,483)
|
|
Preferred dividends
paid
|
(44)
|
|
(44)
|
|
Issuances of common
stock, net
|
1,219
|
|
145
|
|
Repurchases of common
stock
|
(43)
|
|
(32)
|
|
Issuances of debt
(maturities greater than 90 days)
|
8,674
|
|
7,669
|
|
Payments on debt
(maturities greater than 90 days) and finance leases
|
(3,339)
|
|
(6,294)
|
|
(Decrease) increase in
short-term debt, net
|
(557)
|
|
552
|
|
Advances from
unconsolidated affiliates
|
85
|
|
31
|
|
Proceeds from sales of
noncontrolling interests, net
|
—
|
|
1,219
|
|
Distributions to
noncontrolling interests
|
(297)
|
|
(730)
|
|
Contributions from
noncontrolling interests
|
1,235
|
|
1,570
|
|
Termination of interest
rate and settlement of cross-currency swaps
|
46
|
|
(99)
|
|
Other
|
(56)
|
|
(85)
|
|
Net cash provided by financing
activities
|
5,424
|
|
2,419
|
|
|
|
|
|
Effect of exchange rate
changes on cash, cash equivalents and restricted cash
|
(13)
|
|
6
|
|
|
|
|
|
Increase (decrease) in
cash, cash equivalents and restricted cash
|
1,200
|
|
(73)
|
|
Cash, cash equivalents
and restricted cash, January 1
|
389
|
|
462
|
|
Cash, cash equivalents
and restricted cash, December 31
|
$
1,589
|
|
$
389
|
|
(1)
Derived
from audited financial statements.
|
|
SEMPRA
|
|
Table D
|
|
|
|
|
|
|
|
|
|
SEGMENT EARNINGS (LOSSES) AND CAPITAL
EXPENDITURES
|
|
(Dollars in millions)
|
|
Three months
ended
December 31,
|
|
Years
ended
December
31,
|
|
2024
|
|
2023
|
|
2024(1)
|
|
2023(1)
|
|
EARNINGS (LOSSES)
ATTRIBUTABLE TO COMMON SHARES
|
|
|
|
|
|
Sempra
California
|
$
701
|
|
$
500
|
|
$
1,846
|
|
$
1,747
|
|
Sempra Texas
Utilities
|
135
|
|
146
|
|
781
|
|
694
|
|
Sempra
Infrastructure
|
259
|
|
131
|
|
911
|
|
877
|
|
Segment earnings
attributable to common shares
|
1,095
|
|
777
|
|
3,538
|
|
3,318
|
|
Parent and
other
|
(430)
|
|
(40)
|
|
(721)
|
|
(288)
|
|
Sempra earnings
attributable to common shares
|
$
665
|
|
$
737
|
|
$
2,817
|
|
$
3,030
|
|
CAPITAL EXPENDITURES
FOR PROPERTY, PLANT AND EQUIPMENT
|
|
|
|
|
|
|
|
|
Sempra
California
|
$
1,424
|
|
$
1,216
|
|
$
4,753
|
|
$
4,560
|
|
Sempra
Infrastructure
|
1,026
|
|
1,107
|
|
3,459
|
|
3,832
|
|
Segment
totals
|
2,450
|
|
2,323
|
|
8,212
|
|
8,392
|
|
Parent and
other
|
—
|
|
—
|
|
3
|
|
5
|
|
Total Sempra
|
$
2,450
|
|
$
2,323
|
|
$
8,215
|
|
$
8,397
|
|
CAPITAL EXPENDITURES
FOR INVESTMENTS
|
|
|
|
|
|
|
|
|
Sempra Texas
Utilities
|
$
398
|
|
$
97
|
|
$
976
|
|
$
367
|
|
Sempra
Infrastructure
|
2
|
|
4
|
|
12
|
|
15
|
|
Total Sempra
|
$
400
|
|
$
101
|
|
$
988
|
|
$
382
|
|
(1)
Derived
from audited financial statements.
|
|
|
SEMPRA
|
|
Table D (Continued)
|
|
|
|
|
|
|
RECONCILIATION OF SEMPRA'S CAPITAL PLAN TO PROJECTED
FUTURE CAPITAL EXPENDITURES
|
|
(Dollars in billions)
|
|
Sempra
California
|
Sempra
Texas
Utilities
|
Sempra
Infrastructure
|
Total
Sempra
|
|
Capital Plan for 2025
– 2029(1)
|
|
Projected future
capital expenditures for PP&E and investments – GAAP
|
$
22.4
|
$
8.1
|
$
10.9
|
$
41.4
|
|
Capital expenditures to
unconsolidated entities(2)
|
—
|
(8.1)
|
—
|
(8.1)
|
|
Capital expenditures at
unconsolidated entities(3)
|
—
|
29.1
|
0.1
|
29.2
|
|
Capital expenditures
attributable to NCI owners(4)
|
—
|
—
|
(7.0)
|
(7.0)
|
|
Capital Plan
|
$
22.4
|
$
29.1
|
$
4.0
|
$
55.5
|
|
|
|
|
|
|
Percentage of projected
future capital expenditures for PP&E and investments –
GAAP
|
54 %
|
20 %
|
26 %
|
100 %
|
|
Percentage of Capital
Plan
|
40 %
|
53 %
|
7 %
|
100 %
|
|
|
|
|
|
|
Capital Plan for 2024
– 2028(1)
|
|
Projected future
capital expenditures for PP&E and investments – GAAP
|
$
24.1
|
$
3.4
|
$
12.9
|
$
40.4
|
|
Capital expenditures to
unconsolidated entities(2)
|
—
|
(3.4)
|
—
|
(3.4)
|
|
Capital expenditures at
unconsolidated entities(3)
|
—
|
19.5
|
0.1
|
19.6
|
|
Capital expenditures
attributable to NCI owners(4)
|
—
|
—
|
(8.6)
|
(8.6)
|
|
Capital Plan
|
$
24.1
|
$
19.5
|
$
4.4
|
$
48.0
|
|
|
|
|
|
|
Percentage of projected
future capital expenditures for PP&E and investments –
GAAP
|
60 %
|
8 %
|
32 %
|
100 %
|
|
Percentage of Capital
Plan
|
50 %
|
41 %
|
9 %
|
100 %
|
|
|
|
|
|
|
Projected future
capital expenditures for PP&E and investments growth rate –
GAAP (2024 – 2028 to 2025 – 2029)
|
2 %
|
|
Capital Plan growth
rate (2024 – 2028 to 2025 – 2029)
|
|
|
|
16 %
|
|
|
|
(1)
|
All projects in
progress and future projects are subject to a number of risks and
uncertainties. Sempra's Capital Plan and expectations
regarding potential increases to its capital requirements are
based on a number of assumptions, the failure of which to be
accurate could materially
impact Sempra's actual Capital Plan. Sempra's Capital
Plan is considered by management to be an operating
measure.
|
|
(2)
|
Represents Sempra's projected future capital
contributions to unconsolidated equity method
investees.
|
|
(3)
|
Represents Sempra's proportionate ownership
interest in projected capital expenditures at unconsolidated equity
method investees.
|
|
(4)
|
Represents NCI's
proportionate ownership interest in projected capital expenditures
at Sempra and at unconsolidated equity method
investees.
|
|
|
|
SEMPRA
|
|
Table E
|
|
|
|
|
|
|
OTHER OPERATING STATISTICS
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
December
31,
|
|
Years ended or
at
December
31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
|
UTILITIES
|
|
|
|
|
|
|
|
|
Sempra California
|
|
|
|
|
|
|
|
|
Gas sales
(Bcf)(1)
|
95
|
|
89
|
|
349
|
|
369
|
|
Transportation
(Bcf)(1)
|
141
|
|
150
|
|
560
|
|
588
|
|
Total deliveries
(Bcf)(1)
|
236
|
|
239
|
|
909
|
|
957
|
|
|
|
|
|
|
|
|
|
Total gas customer
meters (thousands)
|
|
|
|
|
7,132
|
|
7,078
|
|
|
|
|
|
|
|
|
|
|
Electric sales
(millions of kWhs)(1)
|
754
|
|
974
|
|
3,207
|
|
4,619
|
|
Community Choice
Aggregation and Direct Access (millions of kWhs)
|
3,461
|
|
3,227
|
|
13,484
|
|
12,228
|
|
Total deliveries
(millions of kWhs)(1)
|
4,215
|
|
4,201
|
|
16,691
|
|
16,847
|
|
|
|
|
|
|
|
|
|
Total electric
customer meters (thousands)
|
|
|
|
|
1,532
|
|
1,517
|
|
|
|
|
|
|
|
|
|
Oncor(2)
|
|
|
|
|
|
|
|
|
Total deliveries
(millions of kWhs)
|
38,827
|
|
35,906
|
|
162,691
|
|
156,477
|
|
Total electric
customer meters (thousands)
|
|
|
|
|
4,046
|
|
3,969
|
|
|
|
|
|
|
|
|
|
Ecogas México, S. de R.L. de
C.V.
|
|
|
|
|
|
|
|
|
Natural gas sales
(Bcf)
|
1
|
|
1
|
|
4
|
|
4
|
|
Natural gas customer
meters (thousands)
|
|
|
|
|
163
|
|
157
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENERGY-RELATED
BUSINESSES
|
|
|
|
|
|
|
|
|
Sempra Infrastructure
|
|
|
|
|
|
|
|
|
Termoeléctrica de
Mexicali (millions of kWhs)
|
964
|
|
1,064
|
|
3,675
|
|
3,086
|
|
Wind and solar
(millions of kWhs)(1)
|
594
|
|
610
|
|
2,888
|
|
3,135
|
|
(1)
|
Includes
intercompany sales.
|
|
(2)
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENTS OF OPERATIONS DATA BY
SEGMENT
|
|
(Dollars in millions)
|
|
Three months ended December 31,
2024
|
Sempra
California
|
|
Sempra
Texas
Utilities(1)
|
|
Sempra
Infrastructure
|
|
Segment
Totals
|
|
Consolidating
Adjustments,
Parent &
Other
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
3,360
|
|
|
|
$
416
|
|
$
3,776
|
|
$
(18)
|
|
$
3,758
|
|
Depreciation and
amortization
|
(548)
|
|
|
|
(76)
|
|
(624)
|
|
(2)
|
|
(626)
|
|
Interest
income
|
2
|
|
|
|
6
|
|
8
|
|
6
|
|
14
|
|
Interest
expense(2)
|
(221)
|
|
|
|
243
|
|
22
|
|
(127)
|
|
(105)
|
|
Income tax (expense)
benefit
|
(94)
|
|
|
|
97
|
|
3
|
|
(285)
|
|
(282)
|
|
Equity
earnings
|
—
|
|
$
136
|
|
219
|
|
355
|
|
19
|
|
374
|
|
Earnings attributable
to noncontrolling interests
|
—
|
|
—
|
|
(313)
|
|
(313)
|
|
—
|
|
(313)
|
|
Other segment
items(3)
|
(1,798)
|
|
(1)
|
|
(333)
|
|
(2,132)
|
|
(23)
|
|
(2,155)
|
|
Earnings (losses)
attributable to common shares
|
$
701
|
|
$
135
|
|
$
259
|
|
$
1,095
|
|
$
(430)
|
|
$
665
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31,
2023
|
Sempra
California
|
|
Sempra
Texas
Utilities(1)
|
|
Sempra
Infrastructure
|
|
Segment
Totals
|
|
Consolidating
Adjustments,
Parent & Other
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
2,920
|
|
|
|
$
586
|
|
$
3,506
|
|
$
(15)
|
|
$
3,491
|
|
Depreciation and
amortization
|
(502)
|
|
|
|
(71)
|
|
(573)
|
|
(3)
|
|
(576)
|
|
Interest
income
|
5
|
|
|
|
18
|
|
23
|
|
6
|
|
29
|
|
Interest
expense(2)
|
(205)
|
|
|
|
(2)
|
|
(207)
|
|
(107)
|
|
(314)
|
|
Income tax benefit
(expense)
|
95
|
|
|
|
(118)
|
|
(23)
|
|
32
|
|
9
|
|
Equity
earnings
|
—
|
|
$
148
|
|
207
|
|
355
|
|
40
|
|
395
|
|
Earnings attributable
to noncontrolling interests
|
—
|
|
—
|
|
(108)
|
|
(108)
|
|
—
|
|
(108)
|
|
Other segment
items(3)
|
(1,813)
|
|
(2)
|
|
(381)
|
|
(2,196)
|
|
7
|
|
(2,189)
|
|
Earnings (losses)
attributable to common shares
|
$
500
|
|
$
146
|
|
$
131
|
|
$
777
|
|
$
(40)
|
|
$
737
|
|
(1)
|
Substantially all
earnings attributable to common shares are from equity
earnings.
|
|
(2)
|
Sempra
Infrastructure includes net unrealized gains (losses) from
undesignated interest rate swaps related to the PA LNG Phase 1
project.
|
|
(3)
|
Includes cost of
natural gas, cost of electric fuel and purchased power, operation
and maintenance expense (O&M), franchise fees and other taxes,
and other income (expense), net, for Sempra California; O&M,
interest expense, and income tax (expense) benefit for Sempra Texas
Utilities related to activities at the holding company; and cost of
natural gas, energy-related businesses cost of sales, O&M,
franchise fees and other taxes, and other income (expense), net,
for Sempra Infrastructure.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMPRA
|
|
Table F (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENTS OF OPERATIONS DATA BY
SEGMENT
|
|
(Dollars in millions)
|
|
Year ended December 31,
2024(1)
|
Sempra
California
|
|
Sempra
Texas
Utilities(2)
|
|
Sempra
Infrastructure
|
|
Segment
Totals
|
|
Consolidating
Adjustments,
Parent & Other
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
11,382
|
|
|
|
$
1,882
|
|
$
13,264
|
|
$
(79)
|
|
$
13,185
|
|
Depreciation and
amortization
|
(2,133)
|
|
|
|
(297)
|
|
(2,430)
|
|
(7)
|
|
(2,437)
|
|
Interest
income
|
14
|
|
|
|
25
|
|
39
|
|
22
|
|
61
|
|
Interest
expense(3)
|
(848)
|
|
|
|
243
|
|
(605)
|
|
(444)
|
|
(1,049)
|
|
Income tax (expense)
benefit
|
(184)
|
|
|
|
164
|
|
(20)
|
|
(199)
|
|
(219)
|
|
Equity
earnings
|
—
|
|
$
788
|
|
802
|
|
1,590
|
|
19
|
|
1,609
|
|
Earnings attributable
to noncontrolling interests
|
—
|
|
—
|
|
(638)
|
|
(638)
|
|
—
|
|
(638)
|
|
Other segment
items(4)
|
(6,385)
|
|
(7)
|
|
(1,270)
|
|
(7,662)
|
|
(33)
|
|
(7,695)
|
|
Earnings (losses)
attributable to common shares
|
$
1,846
|
|
$
781
|
|
$
911
|
|
$
3,538
|
|
$
(721)
|
|
$
2,817
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31,
2023(1)
|
Sempra
California
|
|
Sempra Texas
Utilities(2)
|
|
Sempra
Infrastructure
|
|
Segment
Totals
|
|
Consolidating
Adjustments,
Parent & Other
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
13,761
|
|
|
|
$
3,071
|
|
$
16,832
|
|
$
(112)
|
|
$
16,720
|
|
Depreciation and
amortization
|
(1,937)
|
|
|
|
(281)
|
|
(2,218)
|
|
(9)
|
|
(2,227)
|
|
Interest
income
|
24
|
|
|
|
43
|
|
67
|
|
22
|
|
89
|
|
Interest
expense(3)
|
(782)
|
|
|
|
(129)
|
|
(911)
|
|
(398)
|
|
(1,309)
|
|
Income tax benefit
(expense)
|
31
|
|
|
|
(673)
|
|
(642)
|
|
152
|
|
(490)
|
|
Equity
earnings
|
—
|
|
$
701
|
|
740
|
|
1,441
|
|
40
|
|
1,481
|
|
Earnings attributable
to noncontrolling interests
|
—
|
|
—
|
|
(543)
|
|
(543)
|
|
—
|
|
(543)
|
|
Other segment
items(4)
|
(9,350)
|
|
(7)
|
|
(1,351)
|
|
(10,708)
|
|
17
|
|
(10,691)
|
|
Earnings (losses)
attributable to common shares
|
$
1,747
|
|
$
694
|
|
$
877
|
|
$
3,318
|
|
$
(288)
|
|
$
3,030
|
|
(1)
|
Derived from audited
financial statements.
|
|
(2)
|
Substantially all
earnings attributable to common shares are from equity
earnings.
|
|
(3)
|
Sempra
Infrastructure includes net unrealized gains (losses) from
undesignated interest rate swaps related to the PA LNG Phase 1
project.
|
|
(4)
|
Includes cost of
natural gas, cost of electric fuel and purchased power, O&M,
franchise fees and other taxes, other income (expense), net, and
preferred dividends for Sempra California; O&M, interest
expense, and income tax (expense) benefit for Sempra Texas
Utilities related to activities at the holding company; and cost of
natural gas, energy-related businesses cost of sales, O&M,
franchise fees and other taxes, and other income (expense), net,
for Sempra Infrastructure.
|
|
|
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SOURCE Sempra
