Sempra Reports 2024 Financial and Business Results

Raises Five-Year Capital Plan to $56B Targets 2025 FID for Port Arthur LNG Phase 2 Adjusts 2025 EPS Guidance to $4.30 to $4.70 Issues 2026 EPS Guidance of $4.80 to $5.30 Increases Long-Term EPS Growth Rate to 7% to 9% , /PRNewswire/ -- Sempra (NYSE: SRE) today reported full-year 2024 earnings, prepared in accordance with Generally Accepted Accounting Principles (GAAP), of $2.82 billion or $4.42 per diluted share, compared to full-year 2023 GAAP earnings of $3.03 billion or $4.79 per diluted share. On an adjusted basis, the company's full-year 2024 earnings were $2.97 billion or $4.65 per diluted share, compared to $2.92 billion or $4.61 per diluted share in 2023. Sempra Financial Highlights "With the reset of our guidance in 2025, we are setting a new foundation for a decisive decade of growth," said Jeffrey W. Martin, chairman and CEO of Sempra. "We are also announcing a record five-year capital plan of $56 billion and raising the company's long-term EPS growth rate to 7%-9%. Over half of planned capital expenditures are earmarked for Texas, where significant new investments are needed to expand and modernize the energy grid. This is consistent with Sempra's 2030 aspirations of producing over 50% of its earnings from the State of Texas." The company also reported fourth-quarter 2024 GAAP earnings of $665 million or $1.04 per diluted share, compared to fourth-quarter 2023 GAAP earnings of $737 million or $1.16 per diluted share. On an adjusted basis, the company's fourth-quarter 2024 earnings were $960 million or $1.50 per diluted share, compared to $719 million or $1.13 per diluted share in fourth-quarter 2023. The reported financial results reflect certain significant items as described on an after-tax basis in the following table of GAAP earnings, reconciled to adjusted earnings, for the fourth quarter and full-year 2024 and 2023. (Dollars and shares in millions, except EPS) Three months ended December 31, Years ended December 31, 2024 2023 2024 2023 GAAP Earnings $ 665 $ 737 $ 2,817 $ 3,030 Impact from regulatory disallowances 104 — 104 — Retroactive impact of 2024 General Rate Case Final Decision for the first nine months of 2024 (22) — — — Equity losses from write-off of rate base disallowances resulting from Public Utility Commission of Texas' final order in Oncor Electric Delivery Company LLC's comprehensive base rate review — — — 44 Impact from foreign currency and inflation on monetary positions in Mexico (84) 69 (262) 235 Net unrealized losses (gains) on derivatives 13 (47) 26 (366) Net unrealized (gains) losses on interest rate swaps related to Port Arthur LNG Phase 1 project (30) — (30) 17 Impact from foreign tax credit valuation allowance 330 — 330 — Earnings from investment in RBS Sempra Commodities LLP (16) (40) (16) (40) Adjusted Earnings(1) $ 960 $ 719 $ 2,969 $ 2,920 Diluted Weighted-Average Common Shares Outstanding 641 634 638 633 GAAP EPS $ 1.04 $ 1.16 $ 4.42 $ 4.79 Adjusted EPS(1) $ 1.50 $ 1.13 $ 4.65 $ 4.61 1) See Table A for information regarding non-GAAP financial measures. Progress at Sempra's Three Growth PlatformsSempra's three growth platforms – Sempra California, Sempra Texas and Sempra Infrastructure – deliver energy to nearly 40 million consumers across some of the world's most significant economic markets."Last year we made great strides in improving safety, operations and customer service across all three business lines," said Martin. "Building out the scope and scale of our business means continued investments in innovation and technology to drive value to our customers in the form of improved safety, service quality, and affordability."Sempra Texas Led by Oncor Electric Delivery Company LLC (Oncor), Sempra Texas is executing on a significant growth campaign in the country's fastest growing energy market. Oncor's new five-year capital plan of $36 billion represents a 50% increase over last year's five-year plan, driven by a portfolio of diverse investment opportunities across both geography and customer mix. Oncor is contemplating filing a comprehensive base rate review later this year.In 2024, Oncor invested close to $4.7 billion to support the growing needs of its customers. Over $2 billion of transmission projects were placed into service by Oncor in 2024, including placement of over 75 substation projects and over 45 switching station projects. In 2024, Oncor built, rebuilt or upgraded approximately 4,300 miles of transmission and distribution lines. In 2024, Oncor saw a 27% increase in new transmission interconnection requests as compared to 2023, the majority of which are from large commercial and industrial customers. At the end of 2024, Oncor had a diverse set of large commercial and industrial customers representing 137 gigawatts of potential load active in its interconnection queue, representing an approximate 250% increase from 2023. Oncor's first System Resiliency Plan (SRP) was approved by the Public Utility Commission of Texas (PUCT) in November. Under the SRP, Oncor plans to invest nearly $3 billion of capital expenditures and over $500 million in incremental operations and maintenance expenses, with the majority of the spend to occur between the years 2025 through 2027, to help reduce the impact and duration of severe weather outages and address other physical and cybersecurity improvements to the electric grid.Sempra CaliforniaServing roughly 25 million consumers, Sempra California is a dual-utility platform focused on connecting people to safe, reliable and cleaner energy. In 2024, demand for electricity reached an all-time high of 5,032 megawatts in San Diego Gas & Electric's (SDGE) service territory, highlighting the growing importance of continued investments in the energy grid to deliver new sources of energy to the California market.In 2024, SDGE opened a new state-of-the-art Wildfire and Climate Resiliency Center dedicated to risk mitigation and enhancing the company's capabilities in wildfire and climate resilience, representing Sempra California's continued focus on extending its position as a leader in community safety through proactive mitigation of wildfire risk.In December, Sempra California's regulated utilities received a final decision from the California Public Utilities Commission (CPUC) on their general rate cases, which improves visibility to utility investments through 2027. Also in December, the CPUC determined that maintaining natural gas storage levels at Southern California Gas Company's Aliso Canyon storage facility is currently critical for the continued reliability of California's electric grid and natural gas system, as well as consumer affordability.Sempra Infrastructure In 2024, Sempra Infrastructure reached commercial operations on both the Gasoducto Rosarito pipeline expansion and Topolobampo Terminal and made progress advancing five significant construction projects while further strengthening its ability to capitalize on growing demand for cleaner and more secure energy in global markets.Cameron LNG Phase 1 continues to deliver superior production of liquefied natural gas (LNG) and loaded nearly 200 cargoes in 2024. As the company executes the ongoing development and construction of its LNG portfolio, Energía Costa Azul LNG Phase 1 continues to target the start-up of commercial operations in spring of 2026, and construction at Port Arthur LNG Phase 1 remains on time and on budget. The Port Arthur LNG Phase 2 development project is receiving strong commercial interest. Sempra Infrastructure continues to hold substantial, active discussions with world-class companies for participation in the Phase 2 project, which is already anchored by a non-binding HOA for LNG offtake and a proposed equity investment with a subsidiary of Saudi Aramco, as well as a fixed-price engineering, procurement and construction contract with Bechtel Energy. The company is targeting a final investment decision in 2025, pending the execution of definitive commercial agreements, obtaining permits and securing financing, among other factors.Capital Plan GrowthSempra is forecasting a company-record five-year 2025-2029 capital plan of approximately $56 billion, which represents a 16% increase from its prior plan, with over 90% of projected capital expenditures focused on regulated utility investments in Texas and California."Our team is excited about our new five-year capital plan, which is designed to help meet the energy needs of customers today and tomorrow, while significantly expanding our projected utility rate base by roughly 10% annually," said Karen Sedgwick, executive vice president and chief financial officer of Sempra. "When considering the long-term trends in Sempra's core markets, we are confident there will be significant opportunities to deploy incremental capital through the end of the decade and beyond."Earnings GuidanceDue to recent and planned regulatory matters and the backdrop of a higher-cost environment, Sempra is revising its full-year 2025 earnings-per-common share (EPS) guidance range to $4.30 to $4.70. Sempra is also issuing full-year 2026 EPS guidance of $4.80 to $5.30. Using 2025 as the foundation for the company's future growth, 2026 guidance represents a 12% year-over-year increase from the midpoint of 2025 guidance. The company is also increasing its projected long-term EPS growth rate to 7% to 9%.Common and Preferred Dividends Sempra's board of directors declared a $0.645 per share quarterly dividend on the company's common stock, which is payable April 15, 2025, to common stock shareholders of record at the close of business on March 20, 2025. The declared quarterly dividend represents an increase of the company's common stock dividend to $2.58 per share, on an annualized basis, from $2.48 per share in 2024.Additionally, Sempra's board of directors declared a semi-annual dividend of $24.375 per share on the company's 4.875% Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock, Series C. The preferred stock dividends will be payable April 15, 2025, to preferred stock shareholders of record at the close of business on April 1, 2025.Non-GAAP Financial MeasuresNon-GAAP financial measures include Sempra's adjusted earnings and adjusted EPS. See Table A for additional information regarding these non-GAAP financial measures.Internet BroadcastSempra 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 SempraSempra is a leading North American energy infrastructure company focused on delivering energy to nearly 40 million consumers. As owner of one of the largest energy networks on the continent, Sempra is electrifying and improving the energy resilience of some of the world's most significant economic markets, including California, Texas, Mexico and global energy markets. The company is recognized as a leader in sustainable business practices and for its high-performance culture focused on safety and operational excellence, as demonstrated by Sempra's inclusion in the Dow Jones Sustainability Index North America. More information about Sempra is available at sempra.com and on social media @Sempra.This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions about the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed or implied in any forward-looking statement. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise.In this press release, forward-looking statements can be identified by words such as "believe," "expect," "intend," "anticipate," "contemplate," "plan," "estimate," "project," "forecast," "envision," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "in process," "construct," "develop," "opportunity," "preliminary," "initiative," "target," "outlook," "optimistic," "poised," "positioned," "maintain," "continue," "progress," "advance," "goal," "aim," "commit," or similar expressions, or when we discuss our guidance, priorities, strategies, goals, vision, mission, projections, intentions or expectations.Factors, among others, that could cause actual results and events to differ materially from those expressed or implied in any forward-looking statement include: California wildfires, including potential liability for damages regardless of fault and any inability to recover all or a substantial portion of costs from insurance, the wildfire fund established by California Assembly Bill 1054, rates from customers or a combination thereof; decisions, denials of cost recovery, audits, investigations, inquiries, ordered studies, regulations, denials or revocations of permits, consents, approvals or other authorizations, renewals of franchises, and other actions, including the failure to honor contracts and commitments, by the (i) California Public Utilities Commission (CPUC), Comisión Reguladora de Energía, U.S. Department of Energy, U.S. Federal Energy Regulatory Commission, U.S. Internal Revenue Service, Public Utility Commission of Texas and other regulatory bodies and (ii) U.S., Mexico and states, counties, cities and other jurisdictions therein and in other countries where we do business; the success of business development efforts, construction projects, acquisitions, divestitures, and other significant transactions, including risks related to (i) being able to make a final investment decision, (ii) completing construction projects or other transactions on schedule and budget, (iii) realizing anticipated benefits from any of these efforts if completed, (iv) obtaining third-party consents and approvals and (v) third parties honoring their contracts and commitments; changes to our capital expenditure plans and their potential impact on rate base or other growth; litigation, arbitration, property disputes and other proceedings, and changes (i) to laws and regulations, including those related to tax and the energy industry in Mexico, (ii) due to the results of elections, and (iii) in trade and other foreign policy, including the imposition of tariffs by the U.S. and foreign countries; cybersecurity threats, including by state and state-sponsored actors, of ransomware or other attacks on our systems or the systems of third parties with which we conduct business, including the energy grid or other energy infrastructure; the availability, uses, sufficiency, and cost of capital resources and our ability to borrow money or otherwise raise capital on favorable terms and meet our obligations, which can be affected by, among other things, (i) actions by credit rating agencies to downgrade our credit ratings or place those ratings on negative outlook, (ii) instability in the capital markets, and (iii) fluctuating interest rates and inflation; the impact on affordability of San Diego Gas & Electric Company's (SDG&E) and Southern California Gas Company's (SoCalGas) customer rates and their cost of capital and on SDG&E's, SoCalGas' and Sempra Infrastructure's ability to pass through higher costs to customers due to (i) volatility in inflation, interest rates and commodity prices, (ii) with respect to SDG&E's and SoCalGas' businesses, the cost of meeting the demand for lower carbon and reliable energy in California, and (iii) with respect to Sempra Infrastructure's business, volatility in foreign currency exchange rates; the impact of climate policies, laws, rules, regulations, trends and required disclosures, including actions to reduce or eliminate reliance on natural gas, increased uncertainty in the political or regulatory environment for California natural gas distribution companies, the risk of nonrecovery for stranded assets, and uncertainty related to emerging technologies; weather, natural disasters, pandemics, accidents, equipment failures, explosions, terrorism, information system outages or other events, such as work stoppages, that disrupt our operations, damage our facilities or systems, cause the release of harmful materials or fires or subject us to liability for damages, fines and penalties, some of which may not be recoverable through regulatory mechanisms or insurance or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power, natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid or pipeline and storage systems or limitations on the injection and withdrawal of natural gas from storage facilities; Oncor Electric Delivery Company LLC's (Oncor) ability to reduce or eliminate its quarterly dividends due to regulatory and governance requirements and commitments, including by actions of Oncor's independent directors or a minority member director; and other uncertainties, some of which are difficult to predict and beyond our control. These risks and uncertainties are further discussed in the reports that Sempra has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on Sempra's website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.Sempra Infrastructure, Sempra Infrastructure Partners, Sempra Texas, Sempra Texas Utilities, Oncor and Infraestructura Energética Nova, S.A.P.I. de C.V. (IEnova) are not the same companies as the California utilities, SDG&E or SoCalGas, and Sempra Infrastructure, Sempra Infrastructure Partners, Sempra Texas, Sempra Texas Utilities, Oncor and IEnova are not regulated by the CPUC.None of the website references in this press release are active hyperlinks, and the information contained on, or that can be accessed through, any such website is not, and shall not be deemed to be, part of this document. SEMPRA Table A CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in millions, except per share amounts; shares in thousands) Three months endedDecember 31, Years ended December 31, 2024 2023 2024(1) 2023(1) REVENUES Utilities: Natural gas $ 2,343 $ 1,935 $ 7,141 $ 9,495 Electric 1,027 1,003 4,296 4,334 Energy-related businesses 388 553 1,748 2,891 Total revenues 3,758 3,491 13,185 16,720 EXPENSES AND OTHER INCOME Utilities: Cost of natural gas (342) (465) (1,132) (3,719) Cost of electric fuel and purchased power (18) 10 (245) (375) Energy-related businesses cost of sales (83) (111) (380) (548) Operation and maintenance (1,465) (1,500) (5,336) (5,458) Depreciation and amortization (626) (576) (2,437) (2,227) Franchise fees and other taxes (178) (168) (693) (677) Other (expense) income, net (58) 56 136 131 Interest income 14 29 61 89 Interest expense (105) (314) (1,049) (1,309) Income before income taxes and equity earnings 897 452 2,110 2,627 Income tax (expense) benefit (282) 9 (219) (490) Equity earnings 374 395 1,609 1,481 Net income 989 856 3,500 3,618 Earnings attributable to noncontrolling interests (313) (108) (638) (543) Preferred dividends (11) (11) (44) (44) Preferred dividends of subsidiary — — (1) (1) Earnings attributable to common shares $ 665 $ 737 $ 2,817 $ 3,030 Basic earnings per common share (EPS): Earnings $ 1.05 $ 1.17 $ 4.44 $ 4.81 Weighted-average common shares outstanding 635,144 631,284 633,795 630,296 Diluted EPS: Earnings $ 1.04 $ 1.16 $ 4.42 $ 4.79 Weighted-average common shares outstanding 641,395 634,228 637,943 632,733 (1) Derived from audited financial statements. SEMPRATable A (Continued)RECONCILIATION OF SEMPRA ADJUSTED EARNINGS TO SEMPRA GAAP EARNINGSSempra Adjusted Earnings and Adjusted EPS exclude items (after the effects of income taxes and, if applicable, noncontrolling interests (NCI)) in 2024 and 2023 as follows:Three months ended December 31, 2024: $(104) million impact from regulatory disallowances at Sempra California consisting of: $(89) million charge from the Federal Energy Regulatory Commission (FERC) order finding that the Electric Transmission Owner Formula Rate, effective June 1, 2019 (TO5), adder refund provision has been triggered, requiring Sempra California to refund customers the California Independent System Operator (California ISO) adder retroactively from June 1, 2019 $(15) million impairment from disallowed capital costs in the 2024 General Rate Case Final Decision (2024 GRC FD) $22 million impact from the retroactive application of the 2024 GRC FD for the first nine months of 2024 at Sempra California $84 million impact from foreign currency and inflation on our monetary positions in Mexico $(13) million net unrealized losses on commodity derivatives $30 million net unrealized gains on interest rate swaps related to the initial phase of the Port Arthur LNG liquefaction project (PA LNG Phase 1 project) $(330) million income tax expense in 2024 from changes to a valuation allowance against foreign tax credits that were carried forward from the implementation of the Tax Cuts and Jobs Act of 2017 (TCJA) $16 million equity earnings from investment in RBS Sempra Commodities LLP from the substantial dissolution of the partnership Three months ended December 31, 2023: $(69) million impact from foreign currency and inflation on our monetary positions in Mexico $47 million net unrealized gains on commodity derivatives $40 million equity earnings from investment in RBS Sempra Commodities LLP based on a legal settlement Year ended December 31, 2024: $(104) million impact from regulatory disallowances at Sempra California consisting of: $(89) million charge from the FERC order finding that the TO5 adder refund provision has been triggered, requiring Sempra California to refund customers the California ISO adder retroactively from June 1, 2019 $(15) million impairment from disallowed capital costs in the 2024 GRC FD $262 million impact from foreign currency and inflation on our monetary positions in Mexico $(26) million net unrealized losses on commodity derivatives $30 million net unrealized gains on interest rate swaps related to the PA LNG Phase 1 project $(330) million income tax expense in 2024 from changes to a valuation allowance against foreign tax credits that were carried forward from the implementation of the TCJA $16 million equity earnings from investment in RBS Sempra Commodities LLP from the substantial dissolution of the partnership Year ended December 31, 2023: $(44) million equity losses from investment in Oncor Electric Delivery Holdings Company LLC (Oncor Holdings) related to a write-off of rate base disallowances resulting from the Public Utility Commission of Texas' (PUCT) final order in Oncor Electric Delivery Company LLC's (Oncor) comprehensive base rate review $(235) million impact from foreign currency and inflation on our monetary positions in Mexico $366 million net unrealized gains on commodity derivatives $(17) million net unrealized losses on a contingent interest rate swap related to the PA LNG Phase 1 project $40 million equity earnings from investment in RBS Sempra Commodities LLP based on a legal settlement Sempra Adjusted Earnings and Adjusted EPS are non-GAAP financial measures (GAAP represents generally accepted accounting principles in the United States of America). These non-GAAP financial measures exclude significant items that are generally not related to our ongoing business activities and/or are infrequent in nature. These non-GAAP financial measures also exclude the impact from foreign currency and inflation on our monetary positions in Mexico and net unrealized gains and losses on commodity and interest rate derivatives, which we expect to occur in future periods, and which can vary significantly from one period to the next. Exclusion of these items is useful to management and investors because it provides a meaningful comparison of the performance of Sempra's business operations to prior and future periods. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles for historical periods these non-GAAP financial measures to Sempra GAAP Earnings and GAAP EPS, which we consider to be the most directly comparable financial measures calculated in accordance with GAAP. SEMPRATable A (Continued) RECONCILIATION OF ADJUSTED EARNINGS TO GAAP EARNINGS AND ADJUSTED EPS TO GAAP EPS (Dollars in millions, except per share amounts; shares in thousands) Pretax amount Income tax (benefit) expense(1) Non-controlling interests Earnings Diluted EPS Pretax amount Income tax expense (benefit)(1) Non-controlling interests Earnings Diluted EPS Three months ended December 31, 2024 Three months ended December 31, 2023 Sempra GAAP Earnings and GAAP EPS $ 665 $ 1.04 $ 737 $ 1.16 Excluded items: Impact from regulatory disallowances $ 140 $ (36) $ — 104 0.16 $ — $ — $ — — — Retroactive impact of 2024 GRC FD for the first nine months of 2024 (30) 8 — (22) (0.03) — — — — — Impact from foreign currency and inflation on monetary positions in Mexico 2 (125) 39 (84) (0.13) 22 80 (33) 69 0.10 Net unrealized losses (gains) on commodity derivatives 27 (5) (9) 13 0.02 (92) 16 29 (47) (0.07) Net unrealized gains on interest rate swaps related to PA LNG Phase 1 project (212) 11 171 (30) (0.05) — — — — — Impact from foreign tax credit valuation allowance — 330 — 330 0.52 — — — — — Earnings from investment in RBS Sempra Commodities LLP (19) 3 — (16) (0.03) (40) — — (40) (0.06) Sempra Adjusted Earnings and Adjusted EPS $ 960 $ 1.50 $ 719 $ 1.13 Weighted-average common shares outstanding, diluted 641,395 634,228 Year ended December 31, 2024 Year ended December 31, 2023 Sempra GAAP Earnings and GAAP EPS $ 2,817 $ 4.42 $ 3,030 $ 4.79 Excluded items: Impact from regulatory disallowances $ 140 $ (36) $ — 104 0.16 $ — $ — $ — — — Equity losses from write-off of rate base disallowances resulting from PUCT's final order in Oncor's comprehensive base rate review — — — — — — — — 44 0.07 Impact from foreign currency and inflation on monetary positions in Mexico (50) (336) 124 (262) (0.41) 62 283 (110) 235 0.36 Net unrealized losses (gains) on commodity derivatives 51 (8) (17) 26 0.04 (722) 144 212 (366) (0.58) Net unrealized (gains) losses on interest rate swaps related to PA LNG Phase 1 project (212) 11 171 (30) (0.05) 33 (6) (10) 17 0.03 Impact from foreign tax credit valuation allowance — 330 — 330 0.52 — — — — — Earnings from investment in RBS Sempra Commodities LLP (19) 3 — (16) (0.03) (40) — — (40) (0.06) Sempra Adjusted Earnings and Adjusted EPS $ 2,969 $ 4.65 $ 2,920 $ 4.61 Weighted-average common shares outstanding, diluted 637,943 632,733 (1) Except for adjustments that are solely income tax, income taxes on pretax amounts were primarily calculated based on applicable statutory tax rates. We record equity losses from our investment in Oncor Holdings net of income tax. We did not record an income tax expense for the equity earnings from our investment in RBS Sempra Commodities LLP in 2023 because, even though a portion may be deductible under United Kingdom tax law, it is not probable that the deduction will reduce United Kingdom taxes. SEMPRA Table B CONSOLIDATED BALANCE SHEETS (Dollars in millions) December 31, 2024(1) 2023(1) ASSETS Current assets: Cash and cash equivalents $ 1,565 $ 236 Restricted cash 21 49 Accounts receivable – trade, net 1,983 2,151 Accounts receivable – other, net 397 561 Due from unconsolidated affiliates 13 31 Income taxes receivable 90 94 Inventories 559 482 Prepaid expenses 255 273 Regulatory assets 60 226 Fixed-price contracts and other derivatives 91 122 Greenhouse gas allowances 217 1,189 Other current assets 34 56 Total current assets 5,285 5,470 Other assets: Restricted cash 3 104 Regulatory assets 3,937 3,771 Greenhouse gas allowances 845 301 Nuclear decommissioning trusts 875 872 Dedicated assets in support of certain benefit plans 585 549 Deferred income taxes 172 129 Right-of-use assets – operating leases 1,177 723 Investment in Oncor Holdings 15,400 14,266 Other investments 2,534 2,244 Goodwill 1,602 1,602 Other intangible assets 292 318 Wildfire fund 262 269 Other long-term assets 1,749 1,603 Total other assets 29,433 26,751 Property, plant and equipment, net 61,437 54,960 Total assets $ 96,155 $ 87,181 (1) Derived from audited financial statements. SEMPRA Table B (Continued) CONSOLIDATED BALANCE SHEETS (Dollars in millions) December 31, 2024(1) 2023(1) LIABILITIES AND EQUITY Current liabilities: Short-term debt $ 2,016 $ 2,342 Accounts payable – trade 2,238 2,211 Accounts payable – other 208 224 Due to unconsolidated affiliates — 5 Dividends and interest payable 773 691 Accrued compensation and benefits 558 526 Regulatory liabilities 141 553 Current portion of long-term debt and finance leases 2,274 975 Greenhouse gas obligations 217 1,189 Other current liabilities 1,251 1,374 Total current liabilities 9,676 10,090 Long-term debt and finance leases 31,558 27,759 Deferred credits and other liabilities: Due to unconsolidated affiliates 352 307 Regulatory liabilities 3,817 3,739 Greenhouse gas obligations 506 — Pension and other postretirement benefit plan obligations, net of plan assets 168 407 Deferred income taxes 5,845 5,254 Asset retirement obligations 3,737 3,642 Deferred credits and other 2,708 2,329 Total deferred credits and other liabilities 17,133 15,678 Equity: Sempra shareholders' equity 31,222 28,675 Preferred stock of subsidiary 20 20 Other noncontrolling interests 6,546 4,959 Total equity 37,788 33,654 Total liabilities and equity $ 96,155 $ 87,181 (1) Derived from audited financial statements. SEMPRA Table C CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in millions) Years ended December 31, 2024(1) 2023(1) CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 3,500 $ 3,618 Adjustments to reconcile net income to net cash provided by operating activities 926 853 Net change in working capital components (462) 1,429 Distributions from investments 1,093 912 Changes in other noncurrent assets and liabilities, net (150) (594) Net cash provided by operating activities 4,907 6,218 CASH FLOWS FROM INVESTING ACTIVITIES Expenditures for property, plant and equipment (8,215) (8,397) Expenditures for investments (988) (382) Distributions from investments 9 — Purchases of nuclear decommissioning and other trust assets (889) (610) Proceeds from sales of nuclear decommissioning and other trust assets 942 661 Other 23 12 Net cash used in investing activities (9,118) (8,716) CASH FLOWS FROM FINANCING ACTIVITIES Common dividends paid (1,499) (1,483) Preferred dividends paid (44) (44) Issuances of common stock, net 1,219 145 Repurchases of common stock (43) (32) Issuances of debt (maturities greater than 90 days) 8,674 7,669 Payments on debt (maturities greater than 90 days) and finance leases (3,339) (6,294) (Decrease) increase in short-term debt, net (557) 552 Advances from unconsolidated affiliates 85 31 Proceeds from sales of noncontrolling interests, net — 1,219 Distributions to noncontrolling interests (297) (730) Contributions from noncontrolling interests 1,235 1,570 Termination of interest rate and settlement of cross-currency swaps 46 (99) Other (56) (85) Net cash provided by financing activities 5,424 2,419 Effect of exchange rate changes on cash, cash equivalents and restricted cash (13) 6 Increase (decrease) in cash, cash equivalents and restricted cash 1,200 (73) Cash, cash equivalents and restricted cash, January 1 389 462 Cash, cash equivalents and restricted cash, December 31 $ 1,589 $ 389 (1) Derived from audited financial statements. SEMPRA Table D SEGMENT EARNINGS (LOSSES) AND CAPITAL EXPENDITURES (Dollars in millions) Three months ended December 31, Years ended December 31, 2024 2023 2024(1) 2023(1) EARNINGS (LOSSES) ATTRIBUTABLE TO COMMON SHARES Sempra California $ 701 $ 500 $ 1,846 $ 1,747 Sempra Texas Utilities 135 146 781 694 Sempra Infrastructure 259 131 911 877 Segment earnings attributable to common shares 1,095 777 3,538 3,318 Parent and other (430) (40) (721) (288) Sempra earnings attributable to common shares $ 665 $ 737 $ 2,817 $ 3,030 CAPITAL EXPENDITURES FOR PROPERTY, PLANT AND EQUIPMENT Sempra California $ 1,424 $ 1,216 $ 4,753 $ 4,560 Sempra Infrastructure 1,026 1,107 3,459 3,832 Segment totals 2,450 2,323 8,212 8,392 Parent and other — — 3 5 Total Sempra $ 2,450 $ 2,323 $ 8,215 $ 8,397 CAPITAL EXPENDITURES FOR INVESTMENTS Sempra Texas Utilities $ 398 $ 97 $ 976 $ 367 Sempra Infrastructure 2 4 12 15 Total Sempra $ 400 $ 101 $ 988 $ 382 (1) Derived from audited financial statements. SEMPRA Table D (Continued) RECONCILIATION OF SEMPRA'S CAPITAL PLAN TO PROJECTED FUTURE CAPITAL EXPENDITURES (Dollars in billions) Sempra California Sempra Texas Utilities Sempra Infrastructure Total Sempra Capital Plan for 2025 – 2029(1) Projected future capital expenditures for PP&E and investments – GAAP $ 22.4 $ 8.1 $ 10.9 $ 41.4 Capital expenditures to unconsolidated entities(2) — (8.1) — (8.1) Capital expenditures at unconsolidated entities(3) — 29.1 0.1 29.2 Capital expenditures attributable to NCI owners(4) — — (7.0) (7.0) Capital Plan $ 22.4 $ 29.1 $ 4.0 $ 55.5 Percentage of projected future capital expenditures for PP&E and investments – GAAP 54 % 20 % 26 % 100 % Percentage of Capital Plan 40 % 53 % 7 % 100 % Capital Plan for 2024 – 2028(1) Projected future capital expenditures for PP&E and investments – GAAP $ 24.1 $ 3.4 $ 12.9 $ 40.4 Capital expenditures to unconsolidated entities(2) — (3.4) — (3.4) Capital expenditures at unconsolidated entities(3) — 19.5 0.1 19.6 Capital expenditures attributable to NCI owners(4) — — (8.6) (8.6) Capital Plan $ 24.1 $ 19.5 $ 4.4 $ 48.0 Percentage of projected future capital expenditures for PP&E and investments – GAAP 60 % 8 % 32 % 100 % Percentage of Capital Plan 50 % 41 % 9 % 100 % Projected future capital expenditures for PP&E and investments growth rate – GAAP (2024 – 2028 to 2025 – 2029) 2 % Capital Plan growth rate (2024 – 2028 to 2025 – 2029) 16 % (1) All projects in progress and future projects are subject to a number of risks and uncertainties. Sempra's Capital Plan and expectations regarding potential increases to its capital requirements are based on a number of assumptions, the failure of which to be accurate could materially impact Sempra's actual Capital Plan. Sempra's Capital Plan is considered by management to be an operating measure. (2) Represents Sempra's projected future capital contributions to unconsolidated equity method investees. (3) Represents Sempra's proportionate ownership interest in projected capital expenditures at unconsolidated equity method investees. (4) Represents NCI's proportionate ownership interest in projected capital expenditures at Sempra and at unconsolidated equity method investees. SEMPRA Table E OTHER OPERATING STATISTICS Three months ended December 31, Years ended or at December 31, 2024 2023 2024 2023 UTILITIES Sempra California Gas sales (Bcf)(1) 95 89 349 369 Transportation (Bcf)(1) 141 150 560 588 Total deliveries (Bcf)(1) 236 239 909 957 Total gas customer meters (thousands) 7,132 7,078 Electric sales (millions of kWhs)(1) 754 974 3,207 4,619 Community Choice Aggregation and Direct Access (millions of kWhs) 3,461 3,227 13,484 12,228 Total deliveries (millions of kWhs)(1) 4,215 4,201 16,691 16,847 Total electric customer meters (thousands) 1,532 1,517 Oncor(2) Total deliveries (millions of kWhs) 38,827 35,906 162,691 156,477 Total electric customer meters (thousands) 4,046 3,969 Ecogas México, S. de R.L. de C.V. Natural gas sales (Bcf) 1 1 4 4 Natural gas customer meters (thousands) 163 157 ENERGY-RELATED BUSINESSES Sempra Infrastructure Termoeléctrica de Mexicali (millions of kWhs) 964 1,064 3,675 3,086 Wind and solar (millions of kWhs)(1) 594 610 2,888 3,135 (1) Includes intercompany sales. (2) Includes 100% of the electric deliveries and customer meters of Oncor, in which we hold an indirect 80.25% interest through our investment in Oncor Holdings. SEMPRA Table F STATEMENTS OF OPERATIONS DATA BY SEGMENT (Dollars in millions) Three months ended December 31, 2024 Sempra California Sempra Texas Utilities(1) SempraInfrastructure Segment Totals Consolidating Adjustments, Parent & Other Total Revenues $ 3,360 $ 416 $ 3,776 $ (18) $ 3,758 Depreciation and amortization (548) (76) (624) (2) (626) Interest income 2 6 8 6 14 Interest expense(2) (221) 243 22 (127) (105) Income tax (expense) benefit (94) 97 3 (285) (282) Equity earnings — $ 136 219 355 19 374 Earnings attributable to noncontrolling interests — — (313) (313) — (313) Other segment items(3) (1,798) (1) (333) (2,132) (23) (2,155) Earnings (losses) attributable to common shares $ 701 $ 135 $ 259 $ 1,095 $ (430) $ 665 Three months ended December 31, 2023 Sempra California Sempra Texas Utilities(1) Sempra Infrastructure Segment Totals Consolidating Adjustments, Parent & Other Total Revenues $ 2,920 $ 586 $ 3,506 $ (15) $ 3,491 Depreciation and amortization (502) (71) (573) (3) (576) Interest income 5 18 23 6 29 Interest expense(2) (205) (2) (207) (107) (314) Income tax benefit (expense) 95 (118) (23) 32 9 Equity earnings — $ 148 207 355 40 395 Earnings attributable to noncontrolling interests — — (108) (108) — (108) Other segment items(3) (1,813) (2) (381) (2,196) 7 (2,189) Earnings (losses) attributable to common shares $ 500 $ 146 $ 131 $ 777 $ (40) $ 737 (1) Substantially all earnings attributable to common shares are from equity earnings. (2) Sempra Infrastructure includes net unrealized gains (losses) from undesignated interest rate swaps related to the PA LNG Phase 1 project. (3) Includes cost of natural gas, cost of electric fuel and purchased power, operation and maintenance expense (O&M), franchise fees and other taxes, and other income (expense), net, for Sempra California; O&M, interest expense, and income tax (expense) benefit for Sempra Texas Utilities related to activities at the holding company; and cost of natural gas, energy-related businesses cost of sales, O&M, franchise fees and other taxes, and other income (expense), net, for Sempra Infrastructure. SEMPRA Table F (Continued) STATEMENTS OF OPERATIONS DATA BY SEGMENT (Dollars in millions) Year ended December 31, 2024(1) Sempra California Sempra Texas Utilities(2) Sempra Infrastructure Segment Totals Consolidating Adjustments, Parent & Other Total Revenues $ 11,382 $ 1,882 $ 13,264 $ (79) $ 13,185 Depreciation and amortization (2,133) (297) (2,430) (7) (2,437) Interest income 14 25 39 22 61 Interest expense(3) (848) 243 (605) (444) (1,049) Income tax (expense) benefit (184) 164 (20) (199) (219) Equity earnings — $ 788 802 1,590 19 1,609 Earnings attributable to noncontrolling interests — — (638) (638) — (638) Other segment items(4) (6,385) (7) (1,270) (7,662) (33) (7,695) Earnings (losses) attributable to common shares $ 1,846 $ 781 $ 911 $ 3,538 $ (721) $ 2,817 Year ended December 31, 2023(1) Sempra California Sempra Texas Utilities(2) SempraInfrastructure Segment Totals Consolidating Adjustments, Parent & Other Total Revenues $ 13,761 $ 3,071 $ 16,832 $ (112) $ 16,720 Depreciation and amortization (1,937) (281) (2,218) (9) (2,227) Interest income 24 43 67 22 89 Interest expense(3) (782) (129) (911) (398) (1,309) Income tax benefit (expense) 31 (673) (642) 152 (490) Equity earnings — $ 701 740 1,441 40 1,481 Earnings attributable to noncontrolling interests — — (543) (543) — (543) Other segment items(4) (9,350) (7) (1,351) (10,708) 17 (10,691) Earnings (losses) attributable to common shares $ 1,747 $ 694 $ 877 $ 3,318 $ (288) $ 3,030 (1) Derived from audited financial statements. (2) Substantially all earnings attributable to common shares are from equity earnings. (3) Sempra Infrastructure includes net unrealized gains (losses) from undesignated interest rate swaps related to the PA LNG Phase 1 project. (4) Includes cost of natural gas, cost of electric fuel and purchased power, O&M, franchise fees and other taxes, other income (expense), net, and preferred dividends for Sempra California; O&M, interest expense, and income tax (expense) benefit for Sempra Texas Utilities related to activities at the holding company; and cost of natural gas, energy-related businesses cost of sales, O&M, franchise fees and other taxes, and other income (expense), net, for Sempra Infrastructure. SOURCE Sempra WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

Sempra Reports 2024 Financial and Business Results

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