- Reports $3B System Resiliency
Plan Filed at Oncor
- Reaches FID on Cimarrón Wind Farm at Sempra
Infrastructure
SAN
DIEGO, May 7, 2024 /PRNewswire/ -- Sempra (NYSE:
SRE) (BMV: SRE) today reported first-quarter 2024 earnings,
prepared in accordance with generally accepted accounting
principles (GAAP), of $801 million or
$1.26 per diluted share, compared to
first-quarter 2023 GAAP earnings of $969
million or $1.53 per diluted
share. On an adjusted basis, first-quarter 2024 earnings were
$854 million or $1.34 per diluted share, compared to $922 million, or $1.46 per diluted share in 2023.
"At Sempra, we are off to a great start in 2024. We are seeing
strong economic growth in our core markets with increased interest
in renewables, electric vehicles, digital infrastructure and the
continued electrification of the economy," said Jeffrey W. Martin, chairman and CEO of Sempra.
"Our infrastructure-centered strategy has us well positioned to
continue modernizing and expanding the energy grid to help meet the
needs of our customers."
The reported financial results reflect certain significant items
as described on an after-tax basis in the following table of GAAP
earnings, reconciled to adjusted earnings, for first-quarter 2024
and 2023.
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(Dollars and shares
in millions, except EPS)
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Three months
ended March 31,
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2024
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2023
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GAAP
Earnings
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$ 801
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$ 969
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|
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
|
—
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|
44
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|
|
Impact from foreign
currency and inflation on monetary positions in Mexico
|
41
|
|
109
|
|
|
Net unrealized losses
(gains) on derivatives
|
12
|
|
(217)
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|
|
Net unrealized losses
on contingent interest rate swap related to initial phase of the
Port Arthur LNG
liquefaction project
|
—
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17
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Adjusted
Earnings(1)
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$ 854
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$ 922
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Diluted
Weighted-Average Common Shares Outstanding
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635
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632
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GAAP
EPS
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$
1.26
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$
1.53
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Adjusted
EPS(1)
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$
1.34
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$
1.46
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1) See Table
A for information regarding non-GAAP financial
measures.
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Sempra California
Sempra California continues to invest in innovation and
infrastructure to help meet the state's clean energy goals. In
March, Sempra California joined its peers in filing an application
with the California Public Utilities Commission (CPUC) to develop a
series of projects to demonstrate hydrogen blending in the natural
gas system. Hydrogen blending has been identified by California as a key component of its efforts
to achieve the state's decarbonization goals. This application is
an important step toward development of a statewide standard for
hydrogen blending with a view toward accelerating the expansion of
a cleaner, more resilient grid.
Furthering its track record of helping California lead the nation in electric vehicle
adoption, San Diego Gas & Electric Co. recently celebrated the
installation of charging infrastructure to provide reliable and
accessible charging options for medium- to heavy-duty electric
freight trucks crossing the U.S.-Mexico border.
Additionally, the U.S. Environmental Protection Agency
recognized Southern California Gas Co. with an ENERGY STAR Partner
of the Year distinction for exemplary dedication to energy
efficiency programs that help customers save money and reduce
emissions.
Of note, progress also continues with the general rate cases
before the CPUC. A proposed decision is anticipated in
second-quarter 2024 with a final decision expected before year end.
As a result, Sempra California recorded CPUC revenues in
first-quarter 2024 based on 2023 authorized levels.
Sempra Texas
Sempra Texas continues to see broad economic expansion across
its service territory with notable growth in residential,
commercial and industrial development, including the siting and
development of digital infrastructure such as data centers and
microchip and semiconductor manufacturing facilities. Yesterday,
Oncor Electric Delivery Company LLC (Oncor) filed a system
resiliency plan outlining nearly $3
billion of strategic capital investments to be invested over
the next three years in system hardening and grid modernization,
cyber threat prevention, enhanced vegetation management, wildfire
mitigation, new technology and other resiliency measures. These
investments build upon the measures already in place and
represent Oncor's first proposed plan under the new regulatory
framework established by Texas House Bill 2555, which aims to
improve reliability and resiliency for customers and improve the
timeliness of cost recovery for expenditures in approved plans. In
accordance with the referenced law, the Public Utility Commission
of Texas may take up to 180 days
to review the plan, and if approved, Oncor expects to begin
implementing the plan in 2025.
At the end of first-quarter 2024, Oncor had 781 active
generation and large commercial and industrial transmission
point-of-interconnection (POI) requests in queue, representing a
20% increase as compared to the end of first-quarter 2023. In
first-quarter 2024, Oncor placed into service 9 major substations
and 24 circuit miles of new or upgraded high-voltage transmission
lines within the jurisdiction of the Electric Reliability Council
of Texas.
Sempra Infrastructure
Sempra Infrastructure's operational excellence and strong
project development capabilities continue to drive its strategy of
executing on energy infrastructure projects expected to play a
crucial role in the energy systems of the future. This includes
continued development of liquefied natural gas export facilities,
associated pipelines, renewables, carbon capture and energy
networks.
Construction of Energía Costa Azul LNG Phase 1 and Port Arthur
LNG Phase 1 remain on schedule. Energía Costa Azul LNG Phase 1
construction is now over 80% complete and remains on track to
commence commercial operations in summer 2025.
Additionally, Sempra Infrastructure made a positive final
investment decision and began construction of the Cimarrón wind
project, the third phase of the Energía Sierra Juarez (ESJ) wind complex. The total
project is anticipated to provide approximately 320 megawatts of
wind capacity. The Cimarrón project will utilize Sempra
Infrastructure's existing cross-border, high-voltage transmission
line interconnecting the ESJ wind complex directly into the
California Independent System Operator grid to support a 20-year
power purchase agreement with Silicon Valley Power in Santa Clara, Calif. Total capital expenditures
for the project are estimated at $550
million, and the project is expected to commence generating
energy in late 2025.
Earnings Guidance
Sempra is updating its full-year 2024 GAAP earnings per common
share (EPS) guidance range to $4.52
to $4.82 reflecting actual results
through the first quarter, affirming its full-year 2024 adjusted
EPS guidance range of $4.60 to
$4.90, and affirming its full-year
2025 EPS guidance range of $4.90 to
$5.25. The company is also affirming
its projected long-term EPS growth rate of 6% to 8%.
Non-GAAP Financial Measures
Non-GAAP financial measures include Sempra's adjusted earnings,
adjusted EPS and adjusted EPS guidance range. See Table A for
additional information regarding these non-GAAP financial
measures.
Internet Broadcast
Sempra will broadcast a live discussion of its earnings results
over the internet today at 12 p.m. ET
with the company's senior management. Access is available by
logging onto the Investors section of the company's
website, sempra.com/investors. The webcast will be available
on replay a few hours after its conclusion at
sempra.com/investors.
About Sempra
Sempra (NYSE: SRE) 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 and in The Wall Street Journal's
Best Managed Companies. 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, 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, 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, Public
Utility Commission of Texas, U.S.
Internal Revenue Service and other regulatory bodies and (ii) U.S.,
Mexico and states, counties,
cities and other jurisdictions therein and in other countries where
we do business; the success of business development efforts,
construction projects, acquisitions, divestitures, and other
significant transactions, including risks related to (i) being able
to make a final investment decision, (ii) 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;
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; 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; 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 and sustainability
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, 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, 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.
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SEMPRA
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Table A
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CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
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(Dollars in millions, except per share amounts;
shares in thousands)
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Three months ended
March 31,
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2024
|
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2023
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REVENUES
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Utilities:
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Natural gas
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$
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2,109
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$
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4,412
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Electric
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1,056
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|
1,027
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Energy-related
businesses
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475
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1,121
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Total
revenues
|
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3,640
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6,560
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EXPENSES AND OTHER
INCOME
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Utilities:
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Cost of natural
gas
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(554)
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(2,683)
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Cost of electric fuel
and purchased power
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(89)
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(114)
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Energy-related
businesses cost of sales
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(109)
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(193)
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Operation and
maintenance
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(1,212)
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|
(1,209)
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Depreciation and
amortization
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(594)
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(539)
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Franchise fees and
other taxes
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(184)
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(192)
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Other income,
net
|
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|
99
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|
41
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Interest
income
|
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|
|
13
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|
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24
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Interest
expense
|
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|
(305)
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|
|
(366)
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Income before income
taxes and equity earnings
|
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|
705
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|
|
1,329
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Income tax
expense
|
|
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(172)
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|
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(376)
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Equity
earnings
|
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|
348
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|
|
219
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Net income
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881
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|
|
1,172
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Earnings attributable
to noncontrolling interests
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(69)
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(192)
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Preferred
dividends
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(11)
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(11)
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Earnings attributable
to common shares
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$
|
801
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$
|
969
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Basic earnings per
common share (EPS):
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Earnings
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$
|
1.27
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$
|
1.54
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Weighted-average common
shares outstanding
|
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632,821
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|
629,838
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Diluted EPS:
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Earnings
|
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$
|
1.26
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$
|
1.53
|
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Weighted-average common
shares outstanding
|
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635,354
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632,248
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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 March 31,
2024:
- $(41) million impact from foreign
currency and inflation on our monetary positions in Mexico
- $(12) million net unrealized
losses on commodity derivatives
Three months ended March 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
- $(109) million impact from
foreign currency and inflation on our monetary positions in
Mexico
- $217 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)
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)
|
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Pretax
amount
|
Income tax
expense
(benefit)(1)
|
Non-
controlling
interests
|
Earnings
|
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Pretax
amount
|
Income tax
expense
(benefit)(1)
|
Non-
controlling
interests
|
Earnings
|
|
Three months ended
March 31, 2024
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Three months ended
March 31, 2023
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Sempra GAAP
Earnings
|
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$
|
801
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|
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$
|
969
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Excluded
items:
|
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Equity
losses from write-off of rate base disallowances
resulting from
PUCT's final order in
Oncor's comprehensive base rate review
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
—
|
|
|
$
|
—
|
|
$
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—
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$
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—
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44
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Impact from foreign
currency and inflation on monetary positions
in Mexico
|
7
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53
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(19)
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41
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25
|
|
135
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(51)
|
|
109
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Net
unrealized losses (gains) on commodity derivatives
|
23
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(3)
|
|
(8)
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|
12
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|
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(428)
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85
|
|
126
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|
(217)
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Net unrealized losses
on contingent interest rate swap related
to PA LNG Phase 1 project
|
—
|
|
—
|
|
—
|
|
—
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33
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(6)
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|
(10)
|
|
17
|
|
Sempra Adjusted
Earnings
|
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$
|
854
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|
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$
|
922
|
|
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|
|
|
|
|
|
|
|
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Diluted EPS:
|
|
|
|
|
|
|
|
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Weighted-average common shares outstanding, diluted
|
|
|
|
635,354
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|
|
|
|
|
632,248
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|
Sempra
GAAP EPS
|
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|
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$
|
1.26
|
|
|
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$
|
1.53
|
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Sempra
Adjusted EPS
|
|
|
|
$
|
1.34
|
|
|
|
|
|
$
|
1.46
|
|
(1)
|
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.
|
SEMPRA
Table A (Continued)
RECONCILIATION OF SEMPRA 2024 ADJUSTED EPS GUIDANCE RANGE TO
SEMPRA 2024 GAAP EPS GUIDANCE RANGE
Sempra 2024 Adjusted EPS Guidance Range of $4.60 to $4.90
excludes items (after the effects of income taxes and, if
applicable, NCI) as follows:
- $(41) million impact from foreign
currency and inflation on our monetary positions in Mexico
- $(12) million net unrealized
losses on commodity derivatives
Sempra 2024 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 for the
three months ended March 31, 2024,
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 2024 Adjusted EPS
Guidance Range should not be considered an alternative to Sempra
2024 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 2024 Adjusted EPS
Guidance Range to Sempra 2024 GAAP EPS Guidance Range, which we
consider to be the most directly comparable financial measure
calculated in accordance with GAAP.
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RECONCILIATION OF ADJUSTED EPS GUIDANCE RANGE TO GAAP
EPS GUIDANCE RANGE
|
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Full-Year
2024
|
Sempra GAAP EPS
Guidance Range
|
$
|
4.52
|
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to
|
$
|
4.82
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Excluded
items:
|
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|
Impact from foreign
currency and inflation on monetary positions in Mexico
|
0.06
|
|
|
0.06
|
|
Net unrealized losses
on commodity derivatives
|
0.02
|
|
|
0.02
|
|
Sempra Adjusted EPS
Guidance Range
|
$
|
4.60
|
|
to
|
$
|
4.90
|
|
Weighted-average common
shares outstanding, diluted (millions)
|
|
|
637
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMPRA
|
Table B
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE
SHEETS
|
(Dollars in millions)
|
|
|
|
|
March 31,
2024
|
|
December 31,
2023(1)
|
|
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
606
|
|
|
$
|
236
|
|
Restricted
cash
|
121
|
|
|
49
|
|
Accounts receivable –
trade, net
|
2,075
|
|
|
2,151
|
|
Accounts receivable –
other, net
|
552
|
|
|
561
|
|
Due from unconsolidated
affiliates
|
46
|
|
|
31
|
|
Income taxes
receivable
|
79
|
|
|
94
|
|
Inventories
|
458
|
|
|
482
|
|
Prepaid
expenses
|
286
|
|
|
273
|
|
Regulatory
assets
|
52
|
|
|
226
|
|
Fixed-price contracts
and other derivatives
|
124
|
|
|
122
|
|
Greenhouse gas
allowances
|
1,176
|
|
|
1,189
|
|
Other current
assets
|
65
|
|
|
56
|
|
Total current
assets
|
5,640
|
|
|
5,470
|
|
|
|
|
|
Other
assets:
|
|
|
|
Restricted
cash
|
107
|
|
|
104
|
|
Regulatory
assets
|
3,982
|
|
|
3,771
|
|
Greenhouse gas
allowances
|
532
|
|
|
301
|
|
Nuclear decommissioning
trusts
|
886
|
|
|
872
|
|
Dedicated assets in
support of certain benefit plans
|
559
|
|
|
549
|
|
Deferred income
taxes
|
134
|
|
|
129
|
|
Right-of-use assets –
operating leases
|
715
|
|
|
723
|
|
Investment in Oncor
Holdings
|
14,545
|
|
|
14,266
|
|
Other
investments
|
2,235
|
|
|
2,244
|
|
Goodwill
|
1,602
|
|
|
1,602
|
|
Other intangible
assets
|
311
|
|
|
318
|
|
Wildfire
fund
|
262
|
|
|
269
|
|
Other long-term
assets
|
1,776
|
|
|
1,603
|
|
Total other
assets
|
27,646
|
|
|
26,751
|
|
Property, plant and
equipment, net
|
56,318
|
|
|
54,960
|
|
Total assets
|
$
|
89,604
|
|
|
$
|
87,181
|
|
(1)
|
Derived from audited
financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMPRA
|
Table B (Continued)
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
(CONTINUED)
|
(Dollars in millions)
|
|
|
|
|
March 31,
2024
|
|
December 31,
2023(1)
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Short-term
debt
|
$
|
1,659
|
|
|
$
|
2,342
|
|
Accounts payable –
trade
|
1,955
|
|
|
2,211
|
|
Accounts payable –
other
|
234
|
|
|
224
|
|
Due to unconsolidated
affiliates
|
—
|
|
|
5
|
|
Dividends and interest
payable
|
737
|
|
|
691
|
|
Accrued compensation
and benefits
|
376
|
|
|
526
|
|
Regulatory
liabilities
|
952
|
|
|
553
|
|
Current portion of
long-term debt and finance leases
|
593
|
|
|
975
|
|
Greenhouse gas
obligations
|
1,176
|
|
|
1,189
|
|
Other current
liabilities
|
1,382
|
|
|
1,374
|
|
Total current
liabilities
|
9,064
|
|
|
10,090
|
|
|
|
|
|
Long-term debt and
finance leases
|
29,519
|
|
|
27,759
|
|
|
|
|
|
Deferred credits and
other liabilities:
|
|
|
|
Due to unconsolidated
affiliates
|
298
|
|
|
307
|
|
Regulatory
liabilities
|
3,887
|
|
|
3,739
|
|
Greenhouse gas
obligations
|
146
|
|
|
—
|
|
Pension and other
postretirement benefit plan obligations, net of plan
assets
|
431
|
|
|
407
|
|
Deferred income
taxes
|
5,588
|
|
|
5,254
|
|
Asset retirement
obligations
|
3,663
|
|
|
3,642
|
|
Deferred credits and
other
|
2,347
|
|
|
2,329
|
|
Total deferred credits
and other liabilities
|
16,360
|
|
|
15,678
|
|
Equity:
|
|
|
|
Sempra shareholders'
equity
|
29,135
|
|
|
28,675
|
|
Preferred stock of
subsidiary
|
20
|
|
|
20
|
|
Other noncontrolling
interests
|
5,506
|
|
|
4,959
|
|
Total equity
|
34,661
|
|
|
33,654
|
|
Total liabilities and
equity
|
$
|
89,604
|
|
|
$
|
87,181
|
|
(1)
|
Derived from audited
financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMPRA
|
Table C
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS
|
(Dollars in millions)
|
|
|
|
|
Three months ended
March 31,
|
|
2024
|
|
2023
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
Net income
|
$
|
881
|
|
|
$
|
1,172
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities
|
469
|
|
|
357
|
|
Net change in working
capital components
|
319
|
|
|
451
|
|
Distributions from
investments
|
232
|
|
|
199
|
|
Changes in other
noncurrent assets and liabilities, net
|
(50)
|
|
|
(199)
|
|
Net cash provided by operating
activities
|
1,851
|
|
|
1,980
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
Expenditures for
property, plant and equipment
|
(1,933)
|
|
|
(1,830)
|
|
Expenditures for
investments
|
(193)
|
|
|
(85)
|
|
Purchases of nuclear
decommissioning and other trust assets
|
(197)
|
|
|
(181)
|
|
Proceeds from sales of
nuclear decommissioning and other trust assets
|
217
|
|
|
199
|
|
Other
|
(1)
|
|
|
2
|
|
Net cash used in investing
activities
|
(2,107)
|
|
|
(1,895)
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
Common dividends
paid
|
(362)
|
|
|
(360)
|
|
Issuances of common
stock
|
10
|
|
|
—
|
|
Repurchases of common
stock
|
(40)
|
|
|
(31)
|
|
Issuances of debt
(maturities greater than 90 days)
|
2,044
|
|
|
1,986
|
|
Payments on debt
(maturities greater than 90 days) and finance leases
|
(846)
|
|
|
(1,803)
|
|
(Decrease) increase in
short-term debt, net
|
(498)
|
|
|
168
|
|
Advances from
unconsolidated affiliates
|
45
|
|
|
14
|
|
Proceeds from sale of
noncontrolling interests
|
—
|
|
|
265
|
|
Distributions to
noncontrolling interests
|
(111)
|
|
|
(43)
|
|
Contributions from
noncontrolling interests
|
474
|
|
|
97
|
|
Settlement of
cross-currency swaps
|
—
|
|
|
(99)
|
|
Other
|
(16)
|
|
|
(43)
|
|
Net cash provided by financing
activities
|
700
|
|
|
151
|
|
|
|
|
|
Effect of exchange rate
changes on cash, cash equivalents and restricted cash
|
1
|
|
|
5
|
|
|
|
|
|
Increase in cash, cash
equivalents and restricted cash
|
445
|
|
|
241
|
|
Cash, cash equivalents
and restricted cash, January 1
|
389
|
|
|
462
|
|
Cash, cash equivalents
and restricted cash, March 31
|
$
|
834
|
|
|
$
|
703
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMPRA
|
Table D
|
|
|
|
|
|
|
|
|
SEGMENT EARNINGS (LOSSES) AND CAPITAL EXPENDITURES
AND INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
March 31,
|
|
|
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
Earnings (Losses) Attributable to Common
Shares
|
|
|
|
|
|
|
|
Sempra
California
|
|
|
|
|
$
|
582
|
|
|
$
|
618
|
|
Sempra Texas
Utilities
|
|
|
|
|
183
|
|
|
83
|
|
Sempra
Infrastructure
|
|
|
|
|
131
|
|
|
315
|
|
Parent and
other
|
|
|
|
|
(95)
|
|
|
(47)
|
|
Total
|
|
|
|
|
$
|
801
|
|
|
$
|
969
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
March 31,
|
|
|
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
Capital Expenditures and
Investments
|
|
|
|
|
|
|
|
Sempra
California
|
|
|
|
|
$
|
1,143
|
|
|
$
|
1,082
|
|
Sempra Texas
Utilities
|
|
|
|
|
193
|
|
|
85
|
|
Sempra
Infrastructure
|
|
|
|
|
790
|
|
|
744
|
|
Parent and
other
|
|
|
|
|
—
|
|
|
4
|
|
Total
|
|
|
|
|
$
|
2,126
|
|
|
$
|
1,915
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMPRA
|
Table E
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER OPERATING STATISTICS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
March 31,
|
|
|
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
UTILITIES
|
|
|
|
|
|
|
|
Sempra California
|
|
|
|
|
|
|
|
Gas
sales (Bcf)(1)
|
|
|
|
|
122
|
|
|
145
|
|
Transportation (Bcf)(1)
|
|
|
|
|
142
|
|
|
149
|
|
Total deliveries (Bcf)(1)
|
|
|
|
|
264
|
|
|
294
|
|
|
|
|
|
|
|
|
|
|
|
Total gas customer meters (thousands)
|
|
|
|
|
7,089
|
|
|
7,049
|
|
|
|
|
|
|
|
|
|
|
Electric sales (millions of kWhs)(1)
|
|
|
|
|
935
|
|
|
1,596
|
|
Community Choice Aggregation and Direct Access (millions of
kWhs)
|
|
|
|
|
3,169
|
|
|
2,732
|
|
Total deliveries (millions of kWhs)(1)
|
|
|
|
|
4,104
|
|
|
4,328
|
|
|
|
|
|
|
|
|
|
|
|
Total electric customer meters (thousands)
|
|
|
|
|
1,522
|
|
|
1,507
|
|
|
|
|
|
|
|
|
|
Oncor(2)
|
|
|
|
|
|
|
|
Total deliveries
(millions of kWhs)
|
|
|
|
|
37,313
|
|
|
34,779
|
|
Total electric customer
meters (thousands)
|
|
|
|
|
3,988
|
|
|
3,912
|
|
|
|
|
|
|
|
|
|
Ecogas México, S. de R.L. de
C.V.
|
|
|
|
|
|
|
|
Natural gas sales
(Bcf)
|
|
|
|
|
1
|
|
|
1
|
|
Natural gas customer
meters (thousands)
|
|
|
|
|
159
|
|
|
152
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENERGY-RELATED
BUSINESSES
|
|
|
|
|
|
|
|
Sempra Infrastructure
|
|
|
|
|
|
|
|
Termoeléctrica de
Mexicali (millions of kWhs)
|
|
|
|
|
980
|
|
|
569
|
|
Wind and solar (millions of kWhs)(1)
|
|
|
|
|
719
|
|
|
812
|
|
(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 March 31,
2024
|
Sempra
California
|
|
Sempra Texas
Utilities
|
|
Sempra
Infrastructure
|
|
Consolidating
Adjustments,
Parent & Other
|
|
|
Total
|
Revenues
|
$
|
3,141
|
|
|
$
|
—
|
|
|
$
|
519
|
|
|
$
|
(20)
|
|
|
|
$
|
3,640
|
|
Cost of sales and other
expenses
|
(1,833)
|
|
|
(2)
|
|
|
(310)
|
|
|
(3)
|
|
|
|
(2,148)
|
|
Depreciation and
amortization
|
(521)
|
|
|
—
|
|
|
(72)
|
|
|
(1)
|
|
|
|
(594)
|
|
Other income,
net
|
80
|
|
|
—
|
|
|
4
|
|
|
15
|
|
|
|
99
|
|
Income (loss) before
interest and tax(1)
|
867
|
|
|
(2)
|
|
|
141
|
|
|
(9)
|
|
|
|
997
|
|
Net interest (expense)
income
|
(202)
|
|
|
—
|
|
|
5
|
|
|
(95)
|
|
|
|
(292)
|
|
Income tax (expense)
benefit
|
(83)
|
|
|
—
|
|
|
(109)
|
|
|
20
|
|
|
|
(172)
|
|
Equity
earnings
|
—
|
|
|
185
|
|
|
163
|
|
|
—
|
|
|
|
348
|
|
Earnings attributable
to noncontrolling interests
|
—
|
|
|
—
|
|
|
(69)
|
|
|
—
|
|
|
|
(69)
|
|
Preferred
dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
(11)
|
|
|
|
(11)
|
|
Earnings (losses)
attributable to common shares
|
$
|
582
|
|
|
$
|
183
|
|
|
$
|
131
|
|
|
$
|
(95)
|
|
|
|
$
|
801
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31,
2023
|
Sempra
California
|
|
Sempra Texas
Utilities
|
|
Sempra
Infrastructure
|
|
Consolidating
Adjustments,
Parent & Other
|
|
|
Total
|
Revenues
|
$
|
5,415
|
|
|
$
|
—
|
|
|
$
|
1,196
|
|
|
$
|
(51)
|
|
|
|
$
|
6,560
|
|
Cost of sales and other
expenses
|
(4,066)
|
|
|
(1)
|
|
|
(355)
|
|
|
31
|
|
|
|
(4,391)
|
|
Depreciation and
amortization
|
(468)
|
|
|
—
|
|
|
(69)
|
|
|
(2)
|
|
|
|
(539)
|
|
Other income,
net
|
20
|
|
|
—
|
|
|
10
|
|
|
11
|
|
|
|
41
|
|
Income (loss) before
interest and tax(1)
|
901
|
|
|
(1)
|
|
|
782
|
|
|
(11)
|
|
|
|
1,671
|
|
Net interest
expense
|
(182)
|
|
|
—
|
|
|
(80)
|
|
|
(80)
|
|
|
|
(342)
|
|
Income tax (expense)
benefit
|
(101)
|
|
|
—
|
|
|
(330)
|
|
|
55
|
|
|
|
(376)
|
|
Equity
earnings
|
—
|
|
|
84
|
|
|
135
|
|
|
—
|
|
|
|
219
|
|
Earnings attributable
to noncontrolling interests
|
—
|
|
|
—
|
|
|
(192)
|
|
|
—
|
|
|
|
(192)
|
|
Preferred
dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
(11)
|
|
|
|
(11)
|
|
Earnings (losses)
attributable to common shares
|
$
|
618
|
|
|
$
|
83
|
|
|
$
|
315
|
|
|
$
|
(47)
|
|
|
|
$
|
969
|
|
|
|
(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.
|
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SOURCE Sempra