- Announces 20% Increase in Capital Plan to $48 Billion
- Raises Annualized Common Stock Dividend for 14th
Consecutive Year
- Narrows Full-Year 2024 and Issues 2025 EPS Guidance
Ranges
- Affirms 6-8% Projected Long-Term EPS Growth Rate
SAN
DIEGO, Feb. 27, 2024 /PRNewswire/ -- Sempra
(NYSE: SRE) (BMV: SRE) today reported full-year 2023 earnings,
prepared in accordance with Generally Accepted Accounting
Principles (GAAP), of $3.03 billion
or $4.79 per diluted share, compared
to full-year 2022 GAAP earnings of $2.09
billion or $3.31 per diluted
share. On an adjusted basis, full-year earnings were $2.92 billion or $4.61 per diluted share in both 2023 and
2022.
"Strong business performance in 2023 reflects continued
improvements in our corporate strategy and consistency in
execution," said Jeffrey W. Martin,
chairman and CEO of Sempra. "At Sempra, our goal is to give
investors exposure to attractive growth in the energy
infrastructure sector with the support of a growing dividend and a
management team committed to providing superior, long-term total
returns."
The company also reported fourth-quarter 2023 GAAP earnings of
$737 million or $1.16 per diluted share, compared to
fourth-quarter 2022 GAAP earnings of $438
million or $0.69 per diluted
share. On an adjusted basis, the company's fourth-quarter 2023
earnings were $719 million or
$1.13 per diluted share, compared to
$743 million or $1.17 per diluted share in fourth-quarter
2022.
The reported financial results reflect certain significant items
as described on an after-tax basis in the following table of GAAP
earnings, reconciled to adjusted earnings, for the fourth quarter
and full-year 2023 and 2022.
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(Dollars and shares in millions, except
EPS)
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Three months
ended
December
31,
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Years
ended
December
31,
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2023
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2022
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2023
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2022
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GAAP Earnings
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$ 737
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$ 438
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$
3,030
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$
2,094
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|
Impact associated with
Aliso Canyon litigation and regulatory matters
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—
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—
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—
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|
199
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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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—
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|
—
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44
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|
—
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|
Impact from foreign
currency and inflation on monetary positions in Mexico
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69
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75
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235
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164
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Net unrealized (gains)
losses on commodity derivatives
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(47)
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247
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(366)
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355
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|
Net unrealized (gains)
losses on contingent interest rate swap related to initial phase
of
the Port Arthur LNG liquefaction project
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—
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(17)
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17
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(17)
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Deferred income tax
expense associated with change in indefinite reinvestment
assertion
related to sale of noncontrolling interest to Abu
Dhabi Investment Authority
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—
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—
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—
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120
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Earnings from
investment in RBS Sempra Commodities LLP
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(40)
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—
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(40)
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—
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Adjusted Earnings(1)
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$ 719
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$ 743
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$
2,920
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$
2,915
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Diluted
Weighted-Average Common Shares Outstanding
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634
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632
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633
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633
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GAAP EPS
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$
1.16
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$
0.69
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$
4.79
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$
3.31
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Adjusted EPS(1)
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$
1.13
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$
1.17
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$
4.61
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$
4.61
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1) See Table A
for information regarding non-GAAP financial measures and
descriptions of adjustments.
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Capital Plan Growth
Across North America, the
growing need to connect people to safer, more reliable and cleaner
energy is driving significant investment opportunities in the
transmission and distribution portion of the energy value chain. In
response to this opportunity, Sempra is forecasting a
company-record five-year capital plan of approximately $48 billion, representing a 20% increase from the
previous capital plan. Over 90% of these investments are focused on
Sempra California and Sempra Texas.
"Strong projected growth in Sempra's core markets is driving a
substantial increase in our five-year capital plan," said
Karen Sedgwick, executive vice
president and chief financial officer of Sempra. "Expanding our
capital campaign also supports our confidence in our ability to
deliver sustainable, long-term value for our owners."
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, including California, Texas, Mexico
and global energy markets.
Sempra California
Serving roughly 25 million consumers, Sempra California is a
dual-utility platform focused on connecting people to safer, more
reliable and cleaner energy. In 2023, $4.6
billion was invested in capital projects, including
installing 200 megawatts of new utility-owned battery storage and
microgrids to help enhance grid reliability and strengthen
community resilience.
In California, our regulated
utilities continue to earn recognition for both sustainability and
innovation. In the fourth quarter of 2023, the [H2] Innovation
Experience was named to Fast Company's list of the Next Big Things
in Tech. Sempra California's electric network was recognized by PA
Consulting for Outstanding Grid Sustainability and for Outstanding
Reliability Performance, a reliability distinction it has earned
for 18 years in a row.
Additionally, progress continues with the general rate cases
before the California Public Utilities Commission including
proposed partial settlements reached with certain intervenors. A
proposed decision is scheduled for the second quarter of 2024.
Sempra Texas
Broad economic growth is driving new investment opportunities at
Sempra Texas. In 2023, roughly $3.8
billion of capital was invested by Oncor Electric Delivery
Company LLC (Oncor) to support the growing needs of its customers,
resulting in approximately 12% rate base growth since year-end
2022.
Nearly $1.6 billion of
transmission projects were placed into service by Oncor in 2023,
including placement of over 40 major substations and over 30 major
switching stations and approximately 390 circuit miles of new or
upgraded high-voltage transmission lines. Additionally, in 2023,
Oncor saw a 25% increase in active generation and retail
transmission interconnection requests as compared to 2022. Of the
approximately 480 active generation point of interconnection
requests in the queue at the end of 2023, 46% were solar, 42% were
storage, 9% were wind and 3% were natural gas.
Several constructive legislative and regulatory outcomes were
achieved in 2023 that are expected to support critical new
infrastructure investments in the Texas market, while also improving the
timeliness of capital recovery.
Sempra Infrastructure
Sempra Infrastructure delivered strong financial and operational
performance in 2023, a testament to its effectiveness as a
high-growth, lower-carbon business focused on delivering cleaner
and more secure energy to customers around the world.
Cameron LNG Phase 1 continues to be highly efficient, delivering
excess production and achieving over 700 cargoes loaded since
production began. As the company looks to expand its liquefied
natural gas (LNG) portfolio, significant progress continues at
Energía Costa Azul (ECA) LNG Phase
1 and Port Arthur LNG Phase 1. ECA LNG Phase 1 remains on track for
commercial operations in summer 2025.
In 2023, Sempra Infrastructure made a positive Final Investment
Decision on Port Arthur LNG Phase 1 and project-level financing was
secured. Sempra also closed the sales of indirect non-controlling
interests in the project to ConocoPhillips and KKR.
In addition, Sempra Infrastructure continues to advance
development efforts for its various LNG, hydrogen and carbon
capture projects in response to continued global demand for cleaner
fuels to support the decarbonization of the power sector and
improve energy security.
Earnings Guidance
Sempra is narrowing its full-year 2024 earnings-per-common share
(EPS) guidance range to $4.60 to
$4.90 and announcing a full-year 2025
EPS guidance range of $4.90 to
$5.25, which represents a 7%
year-over-year increase from the midpoint of the full-year 2024 EPS
guidance range. The company is also affirming its projected
long-term EPS growth rate of approximately 6% to 8%.
Common and Preferred Dividends
Sempra's board of directors declared a $0.62 per share quarterly dividend on the
company's common stock, which is payable April 15, 2024, to common stock shareholders of
record at the close of business on March 21,
2024. The declared quarterly dividend represents an increase
of the company's common stock dividend to $2.48 per share, on an annualized basis, from
$2.38 per share in 2023.
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,
2024, to preferred stock shareholders of record at the close
of business on April 1, 2024.
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 market. 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,"
"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, 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 uncertainty related to relevant emerging and
early-stage 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
|
Table A
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CONSOLIDATED STATEMENTS OF
OPERATIONS
|
(Dollars in millions, except per share amounts;
shares in thousands)
|
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Three months ended
December 31,
|
|
Years ended December
31,
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|
|
2023
|
|
2022
|
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2023(1)
|
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2022(1)
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REVENUES
|
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Utilities:
|
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Natural gas
|
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$
|
1,935
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$
|
2,257
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$
|
9,495
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$
|
7,868
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Electric
|
|
1,003
|
|
|
1,120
|
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|
4,334
|
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|
4,783
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Energy-related
businesses
|
|
553
|
|
|
78
|
|
|
2,891
|
|
|
1,788
|
|
Total
revenues
|
|
3,491
|
|
|
3,455
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|
16,720
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|
14,439
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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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(465)
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(768)
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(3,719)
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(2,603)
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Cost of electric fuel
and purchased power
|
|
10
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(174)
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(375)
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(937)
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Energy-related
businesses cost of sales
|
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(111)
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(178)
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(548)
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|
(942)
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Operation and
maintenance
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(1,500)
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|
(1,292)
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|
(5,458)
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|
|
(4,746)
|
|
Aliso Canyon litigation
and regulatory matters
|
|
—
|
|
|
—
|
|
|
—
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(259)
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Depreciation and
amortization
|
|
(576)
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|
(519)
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(2,227)
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(2,019)
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Franchise fees and
other taxes
|
|
(168)
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|
(161)
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(677)
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(635)
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Other income,
net
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|
56
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|
27
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|
131
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24
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Interest
income
|
|
29
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|
17
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|
89
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|
75
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Interest
expense
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(314)
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(258)
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(1,309)
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(1,054)
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Income before income taxes and equity earnings
|
|
452
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|
149
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|
2,627
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|
1,343
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Income tax benefit
(expense)
|
|
9
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|
(121)
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|
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(490)
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|
|
(556)
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Equity
earnings
|
|
395
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|
|
380
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|
|
1,481
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|
|
1,498
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Net income
|
|
856
|
|
|
408
|
|
|
3,618
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|
|
2,285
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(Earnings) losses
attributable to noncontrolling interests
|
|
(108)
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|
41
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|
|
(543)
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|
|
(146)
|
|
Preferred
dividends
|
|
(11)
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|
|
(11)
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(44)
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|
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(44)
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|
Preferred dividends of
subsidiary
|
|
—
|
|
|
—
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|
|
(1)
|
|
|
(1)
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|
Earnings attributable
to common shares
|
|
$
|
737
|
|
|
$
|
438
|
|
|
$
|
3,030
|
|
|
$
|
2,094
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share (EPS):
|
|
|
|
|
|
|
|
|
Earnings
|
|
$
|
1.17
|
|
|
$
|
0.70
|
|
|
$
|
4.81
|
|
|
$
|
3.32
|
|
Weighted-average common
shares outstanding
|
|
631,284
|
|
|
629,476
|
|
|
630,296
|
|
|
630,318
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS:
|
|
|
|
|
|
|
|
|
Earnings
|
|
$
|
1.16
|
|
|
$
|
0.69
|
|
|
$
|
4.79
|
|
|
$
|
3.31
|
|
Weighted-average common
shares outstanding
|
|
634,228
|
|
|
632,295
|
|
|
632,733
|
|
|
632,757
|
|
|
(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) in 2023 and 2022 as follows:
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
Three months ended December 31,
2022:
- $(75) million impact from foreign
currency and inflation on our monetary positions in Mexico
- $(247) million net unrealized
losses on commodity derivatives
- $17 million net unrealized gains
on a contingent interest rate swap related to the proposed initial
phase of the Port Arthur LNG liquefaction project
Year ended December 31, 2023:
- $(44) million equity losses from
investment in Oncor Electric Delivery Holdings Company LLC related
to a write-off of rate base disallowances resulting from the Public
Utility Commission of Texas' final
order in Oncor Electric Delivery Company LLC's 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 initial
phase of the Port Arthur LNG liquefaction project
- $40 million equity earnings from
investment in RBS Sempra Commodities LLP based on a legal
settlement
Year ended December 31, 2022:
- $(199) million impact associated
with Aliso Canyon natural gas storage facility litigation and
regulatory matters at Sempra California
- $(164) million impact from
foreign currency and inflation on our monetary positions in
Mexico
- $(355) million net unrealized
losses on commodity derivatives
- $17 million net unrealized gains
on a contingent interest rate swap related to the proposed initial
phase of the Port Arthur LNG liquefaction project
- $(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%
noncontrolling interest in Sempra Infrastructure Partners, LP to
Abu Dhabi Investment Authority
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMPRA
|
Table A (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF ADJUSTED EARNINGS TO GAAP
EARNINGS
|
(Dollars in millions, except EPS; shares in
thousands)
|
|
|
Pretax
amount
|
Income
tax expense
(benefit)(1)
|
Non-controlling
interests
|
Earnings
|
|
Pretax
amount
|
Income tax
expense
(benefit)(1)
|
Non-controlling
interests
|
Earnings
|
|
Three months ended
December 31, 2023
|
|
Three months ended
December 31, 2022
|
|
|
|
Sempra GAAP
Earnings
|
|
|
|
$
|
737
|
|
|
|
|
|
$
|
438
|
|
Excluded
items:
|
|
|
|
|
|
|
|
|
|
Impact from foreign
currency and inflation on monetary positions in Mexico
|
$
|
22
|
|
$
|
80
|
|
$
|
(33)
|
|
69
|
|
|
$
|
19
|
|
$
|
89
|
|
$
|
(33)
|
|
75
|
|
Net
unrealized (gains) losses on commodity derivatives
|
(92)
|
|
16
|
|
29
|
|
(47)
|
|
|
486
|
|
(96)
|
|
(143)
|
|
247
|
|
Net unrealized gains on contingent interest rate swap
related to proposed initial phase of
the Port Arthur LNG
liquefaction project
|
—
|
|
—
|
|
—
|
|
—
|
|
|
(33)
|
|
6
|
|
10
|
|
(17)
|
|
Earnings from
investment in RBS Sempra Commodities LLP
|
(40)
|
|
—
|
|
—
|
|
(40)
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Sempra Adjusted
Earnings
|
|
|
|
$
|
719
|
|
|
|
|
|
$
|
743
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS:
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding, diluted
|
|
|
|
634,228
|
|
|
|
|
|
632,295
|
|
Sempra
GAAP EPS
|
|
|
|
$
|
1.16
|
|
|
|
|
|
$
|
0.69
|
|
Sempra
Adjusted EPS
|
|
|
|
$
|
1.13
|
|
|
|
|
|
$
|
1.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December
31, 2023
|
|
Year ended December
31, 2022
|
|
|
|
Sempra GAAP
Earnings
|
|
|
|
$
|
3,030
|
|
|
|
|
|
$
|
2,094
|
|
Excluded
items:
|
|
|
|
|
|
|
|
|
|
Impact associated with
Aliso Canyon litigation and regulatory matters
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
—
|
|
|
$
|
259
|
|
$
|
(60)
|
|
$
|
—
|
|
199
|
|
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
|
62
|
|
283
|
|
(110)
|
|
235
|
|
|
49
|
|
169
|
|
(54)
|
|
164
|
|
Net
unrealized (gains) losses on commodity derivatives
|
(722)
|
|
144
|
|
212
|
|
(366)
|
|
|
669
|
|
(138)
|
|
(176)
|
|
355
|
|
Net unrealized losses (gains) on contingent interest rate
swap related to initial phase of
the Port Arthur LNG
liquefaction project
|
33
|
|
(6)
|
|
(10)
|
|
17
|
|
|
(33)
|
|
6
|
|
10
|
|
(17)
|
|
Deferred income tax expense associated with change in
indefinite reinvestment assertion
related to sale of
noncontrolling interest to Abu Dhabi Investment
Authority
|
—
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
120
|
|
—
|
|
120
|
|
Earnings from
investment in RBS Sempra Commodities LLP
|
(40)
|
|
—
|
|
—
|
|
(40)
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Sempra Adjusted
Earnings
|
|
|
|
$
|
2,920
|
|
|
|
|
|
$
|
2,915
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS:
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding,
diluted
|
|
|
|
632,733
|
|
|
|
|
|
632,757
|
|
Sempra GAAP EPS
|
|
|
|
$
|
4.79
|
|
|
|
|
|
$
|
3.31
|
|
Sempra Adjusted EPS
|
|
|
|
$
|
4.61
|
|
|
|
|
|
$
|
4.61
|
|
|
|
(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 Electric
Delivery Holdings
Company LLC net of
income tax. We did not record an income tax expense for the equity
earnings from our investment in RBS Sempra Commodities LLP
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,
|
|
2023(1)
|
|
2022(1)
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
236
|
|
|
$
|
370
|
|
Restricted
cash
|
49
|
|
|
40
|
|
Accounts receivable –
trade, net
|
2,151
|
|
|
2,635
|
|
Accounts receivable –
other, net
|
561
|
|
|
685
|
|
Due from unconsolidated
affiliates
|
31
|
|
|
54
|
|
Income taxes
receivable
|
94
|
|
|
113
|
|
Inventories
|
482
|
|
|
403
|
|
Prepaid
expenses
|
273
|
|
|
268
|
|
Regulatory
assets
|
226
|
|
|
351
|
|
Fixed-price contracts
and other derivatives
|
122
|
|
|
803
|
|
Greenhouse gas
allowances
|
1,189
|
|
|
141
|
|
Other current
assets
|
56
|
|
|
49
|
|
Total current
assets
|
5,470
|
|
|
5,912
|
|
|
|
|
|
Other
assets:
|
|
|
|
Restricted
cash
|
104
|
|
|
52
|
|
Regulatory
assets
|
3,771
|
|
|
2,588
|
|
Greenhouse gas
allowances
|
301
|
|
|
796
|
|
Nuclear decommissioning
trusts
|
872
|
|
|
841
|
|
Dedicated assets in
support of certain benefit plans
|
549
|
|
|
505
|
|
Deferred income
taxes
|
129
|
|
|
135
|
|
Right-of-use assets –
operating leases
|
723
|
|
|
655
|
|
Investment in Oncor
Holdings
|
14,266
|
|
|
13,665
|
|
Other
investments
|
2,244
|
|
|
2,012
|
|
Goodwill
|
1,602
|
|
|
1,602
|
|
Other intangible
assets
|
318
|
|
|
344
|
|
Wildfire
fund
|
269
|
|
|
303
|
|
Other long-term
assets
|
1,603
|
|
|
1,382
|
|
Total other
assets
|
26,751
|
|
|
24,880
|
|
Property, plant and
equipment, net
|
54,960
|
|
|
47,782
|
|
Total assets
|
$
|
87,181
|
|
|
$
|
78,574
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Derived from audited financial
statements
|
|
SEMPRA
|
Table B (Continued)
|
|
|
|
|
CONSOLIDATED BALANCE SHEETS
(CONTINUED)
|
(Dollars in millions)
|
|
|
|
|
December
31,
|
|
2023(1)
|
|
2022(1)
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Short-term
debt
|
$
|
2,342
|
|
|
$
|
3,352
|
|
Accounts payable –
trade
|
2,211
|
|
|
1,994
|
|
Accounts payable –
other
|
224
|
|
|
275
|
|
Due to unconsolidated
affiliates
|
5
|
|
|
—
|
|
Dividends and interest
payable
|
691
|
|
|
621
|
|
Accrued compensation
and benefits
|
526
|
|
|
484
|
|
Regulatory
liabilities
|
553
|
|
|
504
|
|
Current portion of
long-term debt and finance leases
|
975
|
|
|
1,019
|
|
Reserve for Aliso
Canyon costs
|
31
|
|
|
129
|
|
Greenhouse gas
obligations
|
1,189
|
|
|
141
|
|
Other current
liabilities
|
1,343
|
|
|
1,380
|
|
Total current
liabilities
|
10,090
|
|
|
9,899
|
|
|
|
|
|
Long-term debt and
finance leases
|
27,759
|
|
|
24,548
|
|
|
|
|
|
Deferred credits and
other liabilities:
|
|
|
|
Due to unconsolidated
affiliates
|
307
|
|
|
301
|
|
Regulatory
liabilities
|
3,739
|
|
|
3,341
|
|
Greenhouse gas
obligations
|
—
|
|
|
565
|
|
Pension and other
postretirement benefit plan obligations, net of plan
assets
|
407
|
|
|
410
|
|
Deferred income
taxes
|
5,254
|
|
|
4,591
|
|
Asset retirement
obligations
|
3,642
|
|
|
3,546
|
|
Deferred credits and
other
|
2,329
|
|
|
2,117
|
|
Total deferred credits
and other liabilities
|
15,678
|
|
|
14,871
|
|
Equity:
|
|
|
|
Sempra shareholders'
equity
|
28,675
|
|
|
27,115
|
|
Preferred stock of
subsidiary
|
20
|
|
|
20
|
|
Other noncontrolling
interests
|
4,959
|
|
|
2,121
|
|
Total equity
|
33,654
|
|
|
29,256
|
|
Total liabilities and
equity
|
$
|
87,181
|
|
|
$
|
78,574
|
|
|
(1)
Derived from audited financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMPRA
|
Table C
|
|
|
|
|
CONSOLIDATED STATEMENTS OF CASH
FLOWS
|
(Dollars in millions)
|
|
Years ended December
31,
|
|
2023(1)
|
|
2022(1)
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
Net income
|
$
|
3,618
|
|
|
$
|
2,285
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities
|
853
|
|
|
2,025
|
|
Reserve for Aliso
Canyon costs
|
(98)
|
|
|
(1,851)
|
|
Net change in other
working capital components
|
1,527
|
|
|
(1,967)
|
|
Insurance receivable
for Aliso Canyon costs
|
—
|
|
|
360
|
|
Distributions from
investments
|
912
|
|
|
854
|
|
Changes in other
noncurrent assets and liabilities, net
|
(594)
|
|
|
(564)
|
|
Net cash provided by operating
activities
|
6,218
|
|
|
1,142
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
Expenditures for
property, plant and equipment
|
(8,397)
|
|
|
(5,357)
|
|
Expenditures for
investments and acquisitions
|
(382)
|
|
|
(376)
|
|
Proceeds from sale of
assets
|
3
|
|
|
—
|
|
Purchases of nuclear
decommissioning and other trust assets
|
(610)
|
|
|
(700)
|
|
Proceeds from sales of
nuclear decommissioning and other trust assets
|
661
|
|
|
762
|
|
Repayments of advances
to unconsolidated affiliates
|
—
|
|
|
626
|
|
Other
|
9
|
|
|
6
|
|
Net cash used in investing
activities
|
(8,716)
|
|
|
(5,039)
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
Common dividends
paid
|
(1,483)
|
|
|
(1,430)
|
|
Preferred dividends
paid
|
(44)
|
|
|
(44)
|
|
Issuances of common
stock, net
|
145
|
|
|
4
|
|
Repurchases of common
stock
|
(32)
|
|
|
(478)
|
|
Issuances of debt
(maturities greater than 90 days)
|
7,669
|
|
|
9,984
|
|
Payments on debt
(maturities greater than 90 days) and finance leases
|
(6,294)
|
|
|
(4,510)
|
|
Increase (decrease) in
short-term debt, net
|
552
|
|
|
(1,266)
|
|
Advances from
unconsolidated affiliates
|
31
|
|
|
28
|
|
Proceeds from sales of
noncontrolling interests, net
|
1,219
|
|
|
1,732
|
|
Distributions to
noncontrolling interests
|
(730)
|
|
|
(237)
|
|
Contributions from
noncontrolling interests
|
1,570
|
|
|
31
|
|
Settlement of
cross-currency swaps
|
(99)
|
|
|
—
|
|
Other
|
(85)
|
|
|
(35)
|
|
Net cash provided by financing
activities
|
2,419
|
|
|
3,779
|
|
|
|
|
|
Effect of exchange rate
changes on cash, cash equivalents and restricted cash
|
6
|
|
|
(1)
|
|
|
|
|
|
Decrease in cash, cash
equivalents and restricted cash
|
(73)
|
|
|
(119)
|
|
Cash, cash equivalents
and restricted cash, January 1
|
462
|
|
|
581
|
|
Cash, cash equivalents
and restricted cash, December 31
|
$
|
389
|
|
|
$
|
462
|
|
|
(1)
Derived from audited financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMPRA
|
Table D
|
|
|
|
|
|
|
|
|
SEGMENT EARNINGS (LOSSES) AND CAPITAL EXPENDITURES
AND INVESTMENTS
|
(Dollars in millions)
|
|
Three months
ended
December 31,
|
|
Years ended
December 31,
|
|
2023
|
|
2022
|
|
2023(1)
|
|
2022(1)
|
|
|
|
|
|
|
Earnings (Losses) Attributable to Common
Shares
|
|
|
|
|
|
|
|
Sempra
California
|
$
|
500
|
|
|
$
|
494
|
|
|
$
|
1,747
|
|
|
$
|
1,514
|
|
Sempra Texas
Utilities
|
146
|
|
|
132
|
|
|
694
|
|
|
736
|
|
Sempra
Infrastructure
|
131
|
|
|
(82)
|
|
|
877
|
|
|
310
|
|
Parent and
other
|
(40)
|
|
|
(106)
|
|
|
(288)
|
|
|
(466)
|
|
Total
|
$
|
737
|
|
|
$
|
438
|
|
|
$
|
3,030
|
|
|
$
|
2,094
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
December 31,
|
|
Years ended
December 31,
|
|
2023
|
|
2022
|
|
2023(1)
|
|
2022(1)
|
|
|
|
|
|
|
Capital Expenditures and
Investments
|
|
|
|
|
|
|
|
Sempra
California
|
$
|
1,216
|
|
|
$
|
1,421
|
|
|
$
|
4,560
|
|
|
$
|
4,466
|
|
Sempra Texas
Utilities
|
97
|
|
|
90
|
|
|
367
|
|
|
346
|
|
Sempra
Infrastructure
|
1,111
|
|
|
406
|
|
|
3,847
|
|
|
914
|
|
Parent and
other
|
—
|
|
|
1
|
|
|
5
|
|
|
7
|
|
Total
|
$
|
2,424
|
|
|
$
|
1,918
|
|
|
$
|
8,779
|
|
|
$
|
5,733
|
|
|
(1)
Derived from audited financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMPRA
|
|
Table E
|
|
|
|
|
|
|
|
|
|
OTHER OPERATING STATISTICS
|
|
|
|
Three months ended
December 31,
|
|
Years ended or at
December 31,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
UTILITIES
|
|
|
|
|
|
|
|
Sempra California
|
|
|
|
|
|
|
|
Gas sales
(Bcf)(1)
|
89
|
|
|
109
|
|
|
369
|
|
|
349
|
|
Transportation (Bcf)(1)
|
150
|
|
|
163
|
|
|
588
|
|
|
625
|
|
Total
deliveries (Bcf)(1)
|
239
|
|
|
272
|
|
|
957
|
|
|
974
|
|
|
|
|
|
|
|
|
|
Total gas customer
meters (thousands)
|
|
|
|
|
7,078
|
|
|
7,040
|
|
|
|
|
|
|
|
|
|
Electric
sales (millions of kWhs)(1)
|
974
|
|
|
1,715
|
|
|
4,619
|
|
|
7,800
|
|
Community
Choice Aggregation and Direct Access (millions of
kWhs)(2)
|
3,227
|
|
|
2,765
|
|
|
12,228
|
|
|
9,900
|
|
Total
deliveries (millions of kWhs)(1)
|
4,201
|
|
|
4,480
|
|
|
16,847
|
|
|
17,700
|
|
|
|
|
|
|
|
|
|
Total electric customer
meters (thousands)
|
|
|
|
|
1,517
|
|
|
1,504
|
|
|
|
|
|
|
|
|
|
Oncor Electric Delivery Company
LLC(3)
|
|
|
|
|
|
|
|
Total deliveries
(millions of kWhs)
|
35,906
|
|
|
33,680
|
|
|
156,477
|
|
|
149,260
|
|
Total electric
customer meters (thousands)
|
|
|
|
|
3,969
|
|
|
3,896
|
|
|
|
|
|
|
|
|
|
Ecogas México, S. de R.L. de
C.V.
|
|
|
|
|
|
|
|
Natural gas sales
(Bcf)
|
1
|
|
|
1
|
|
|
4
|
|
|
4
|
|
Natural gas
customer meters (thousands)
|
|
|
|
|
157
|
|
|
150
|
|
|
|
|
|
|
|
|
|
|
ENERGY-RELATED
BUSINESSES
|
|
|
|
|
|
|
|
Sempra Infrastructure
|
|
|
|
|
|
|
|
Termoeléctrica de
Mexicali (millions of kWhs)
|
1,064
|
|
|
842
|
|
|
3,086
|
|
|
3,110
|
|
Wind and solar (millions of kWhs)(1)
|
610
|
|
|
640
|
|
|
3,135
|
|
|
2,987
|
|
|
|
(1)
|
Includes
intercompany sales.
|
(2)
|
Several
jurisdictions in Sempra California'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 Electric Delivery
Company LLC, in which we hold an indirect 80.25% interest through
our investment in Oncor Electric Delivery Holdings Company
LLC.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMPRA
|
Table F
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENTS OF OPERATIONS DATA BY
SEGMENT
|
(Dollars in millions)
|
Three months ended December 31,
2023
|
Sempra
California
|
|
Sempra Texas
Utilities
|
|
Sempra
Infrastructure
|
|
Consolidating
Adjustments, Parent &
Other
|
|
|
Total
|
Revenues
|
$
|
2,920
|
|
|
$
|
—
|
|
|
$
|
586
|
|
|
$
|
(15)
|
|
|
|
$
|
3,491
|
|
Cost of sales and other
expenses
|
(1,840)
|
|
|
—
|
|
|
(380)
|
|
|
(14)
|
|
|
|
(2,234)
|
|
Depreciation and
amortization
|
(502)
|
|
|
—
|
|
|
(71)
|
|
|
(3)
|
|
|
|
(576)
|
|
Other income (expense),
net
|
27
|
|
|
—
|
|
|
(1)
|
|
|
30
|
|
|
|
56
|
|
Income (loss) before
interest and tax(1)
|
605
|
|
|
—
|
|
|
134
|
|
|
(2)
|
|
|
|
737
|
|
Net interest (expense)
income
|
(200)
|
|
|
(1)
|
|
|
16
|
|
|
(100)
|
|
|
|
(285)
|
|
Income tax benefit
(expense)
|
95
|
|
|
(1)
|
|
|
(118)
|
|
|
33
|
|
|
|
9
|
|
Equity
earnings
|
—
|
|
|
148
|
|
|
207
|
|
|
40
|
|
|
|
395
|
|
Earnings attributable
to noncontrolling interests
|
—
|
|
|
—
|
|
|
(108)
|
|
|
—
|
|
|
|
(108)
|
|
Preferred
dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
(11)
|
|
|
|
(11)
|
|
Earnings (losses)
attributable to common shares
|
$
|
500
|
|
|
$
|
146
|
|
|
$
|
131
|
|
|
$
|
(40)
|
|
|
|
$
|
737
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31,
2022
|
Sempra
California
|
|
Sempra Texas
Utilities
|
|
Sempra
Infrastructure
|
|
Consolidating
Adjustments, Parent &
Other
|
|
|
Total
|
Revenues
|
$
|
3,358
|
|
|
$
|
—
|
|
|
$
|
109
|
|
|
$
|
(12)
|
|
|
|
$
|
3,455
|
|
Cost of sales and other
expenses
|
(2,158)
|
|
|
(2)
|
|
|
(385)
|
|
|
(28)
|
|
|
|
(2,573)
|
|
Depreciation and
amortization
|
(448)
|
|
|
—
|
|
|
(69)
|
|
|
(2)
|
|
|
|
(519)
|
|
Other income,
net
|
21
|
|
|
—
|
|
|
4
|
|
|
2
|
|
|
|
27
|
|
Income (loss) before
interest and tax(1)
|
773
|
|
|
(2)
|
|
|
(341)
|
|
|
(40)
|
|
|
|
390
|
|
Net interest (expense)
income
|
(175)
|
|
|
—
|
|
|
1
|
|
|
(67)
|
|
|
|
(241)
|
|
Income tax (expense)
benefit
|
(104)
|
|
|
1
|
|
|
(30)
|
|
|
12
|
|
|
|
(121)
|
|
Equity
earnings
|
—
|
|
|
133
|
|
|
247
|
|
|
—
|
|
|
|
380
|
|
Losses attributable to
noncontrolling interests
|
—
|
|
|
—
|
|
|
41
|
|
|
—
|
|
|
|
41
|
|
Preferred
dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
(11)
|
|
|
|
(11)
|
|
Earnings (losses)
attributable to common shares
|
$
|
494
|
|
|
$
|
132
|
|
|
$
|
(82)
|
|
|
$
|
(106)
|
|
|
|
$
|
438
|
|
|
|
(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 (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENTS OF OPERATIONS DATA BY
SEGMENT
|
(Dollars in millions)
|
Year ended December 31,
2023(1)
|
Sempra
California
|
|
Sempra Texas
Utilities
|
|
Sempra
Infrastructure
|
|
Consolidating
Adjustments, Parent &
Other
|
|
|
Total
|
Revenues
|
$
|
13,761
|
|
|
$
|
—
|
|
|
$
|
3,071
|
|
|
$
|
(112)
|
|
|
|
$
|
16,720
|
|
Cost of sales and other
expenses
|
(9,442)
|
|
|
(5)
|
|
|
(1,361)
|
|
|
31
|
|
|
|
(10,777)
|
|
Depreciation and
amortization
|
(1,937)
|
|
|
—
|
|
|
(281)
|
|
|
(9)
|
|
|
|
(2,227)
|
|
Other income,
net
|
93
|
|
|
—
|
|
|
10
|
|
|
28
|
|
|
|
131
|
|
Income (loss) before
interest and tax(2)
|
2,475
|
|
|
(5)
|
|
|
1,439
|
|
|
(62)
|
|
|
|
3,847
|
|
Net interest
expense
|
(758)
|
|
|
(1)
|
|
|
(86)
|
|
|
(375)
|
|
|
|
(1,220)
|
|
Income tax benefit
(expense)
|
31
|
|
|
(1)
|
|
|
(673)
|
|
|
153
|
|
|
|
(490)
|
|
Equity
earnings
|
—
|
|
|
701
|
|
|
740
|
|
|
40
|
|
|
|
1,481
|
|
Earnings attributable
to noncontrolling interests
|
—
|
|
|
—
|
|
|
(543)
|
|
|
—
|
|
|
|
(543)
|
|
Preferred
dividends
|
(1)
|
|
|
—
|
|
|
—
|
|
|
(44)
|
|
|
|
(45)
|
|
Earnings (losses)
attributable to common shares
|
$
|
1,747
|
|
|
$
|
694
|
|
|
$
|
877
|
|
|
$
|
(288)
|
|
|
|
$
|
3,030
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31,
2022(1)
|
Sempra
California
|
|
Sempra Texas
Utilities
|
|
Sempra
Infrastructure
|
|
Consolidating
Adjustments, Parent &
Other
|
|
|
Total
|
Revenues
|
$
|
12,577
|
|
|
$
|
—
|
|
|
$
|
1,919
|
|
|
$
|
(57)
|
|
|
|
$
|
14,439
|
|
Cost of sales and other
expenses
|
(8,188)
|
|
|
(6)
|
|
|
(1,642)
|
|
|
(27)
|
|
|
|
(9,863)
|
|
Aliso Canyon litigation
and regulatory matters
|
(259)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
(259)
|
|
Depreciation and
amortization
|
(1,743)
|
|
|
—
|
|
|
(268)
|
|
|
(8)
|
|
|
|
(2,019)
|
|
Other income (expense),
net
|
84
|
|
|
—
|
|
|
—
|
|
|
(60)
|
|
|
|
24
|
|
Income (loss) before
interest and tax(2)
|
2,471
|
|
|
(6)
|
|
|
9
|
|
|
(152)
|
|
|
|
2,322
|
|
Net interest
expense
|
(636)
|
|
|
—
|
|
|
(60)
|
|
|
(283)
|
|
|
|
(979)
|
|
Income tax (expense)
benefit
|
(320)
|
|
|
—
|
|
|
(249)
|
|
|
13
|
|
|
|
(556)
|
|
Equity
earnings
|
—
|
|
|
742
|
|
|
756
|
|
|
—
|
|
|
|
1,498
|
|
Earnings attributable
to noncontrolling interests
|
—
|
|
|
—
|
|
|
(146)
|
|
|
—
|
|
|
|
(146)
|
|
Preferred
dividends
|
(1)
|
|
|
—
|
|
|
—
|
|
|
(44)
|
|
|
|
(45)
|
|
Earnings (losses)
attributable to common shares
|
$
|
1,514
|
|
|
$
|
736
|
|
|
$
|
310
|
|
|
$
|
(466)
|
|
|
|
$
|
2,094
|
|
|
|
(1)
|
Derived from audited
financial statements.
|
(2)
|
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