- Updating 2023 GAAP EPS guidance range and expecting to be at or
above the high-end of full-year 2023 adjusted EPS guidance
range
- Expecting 10% to 20% increase above current five-year
$40 billion capital plan
SAN
DIEGO, Nov. 3, 2023 /PRNewswire/ -- Sempra (NYSE:
SRE) (BMV: SRE) today announced third-quarter 2023 earnings of
$721 million, or $1.14 per diluted share, compared to
third-quarter 2022 earnings of $485
million, or $0.77 per diluted
share. On an adjusted basis, the company's third-quarter 2023
earnings were $685 million or
$1.08 per diluted share, compared to
$622 million, or $0.98 per diluted share, in 2022. Further,
Sempra is updating its full-year 2023 GAAP earnings per common
share (EPS) guidance range to $4.44
to $4.74 and, as a result of the
company's strong business performance and financial results in the
first nine months of the year, expects to be at or above its
full-year 2023 adjusted EPS guidance range of $4.30 to $4.60.
"At Sempra, we are really excited about the growth we see in our
company's future," said Jeffrey W.
Martin, chairman and CEO of Sempra. "Our utilities are
benefiting from serving growing markets with constructive
regulation, while our Sempra Infrastructure business continues to
expand across all three of its business lines, particularly in the
export of U.S. liquefied natural gas."
Sempra's earnings for the first nine months of 2023 were
$2.293 billion, or $3.63 per diluted share, compared with earnings
of $1.656 billion, or $2.62 per diluted share, in the first nine months
of 2022. Adjusted earnings for the first nine months of 2023 were
$2.201 billion, or $3.48 per diluted share, compared to $2.172 billion, or $3.43 per diluted share, in the first nine months
of 2022.
The reported financial results reflect certain significant items
as described on an after-tax basis in the following table of
earnings in conformity with generally accepted accounting
principles in the United States of
America (GAAP), reconciled to adjusted earnings, for the
third quarter and first nine months of 2023 and 2022.
|
|
|
|
|
|
|
|
|
|
|
(Dollars and shares in millions, except
EPS)
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
(Unaudited)
|
|
|
GAAP Earnings
|
$ 721
|
|
$ 485
|
|
$
2,293
|
|
$
1,656
|
|
|
Impact associated with
Aliso Canyon litigation and regulatory matters
|
—
|
|
101
|
|
—
|
|
199
|
|
|
Equity losses from
write-off of rate base disallowances resulting from PUCT's final
order in Oncor's comprehensive base rate review
|
—
|
|
—
|
|
44
|
|
—
|
|
|
Impact from foreign
currency and inflation on monetary positions in Mexico
|
(36)
|
|
(2)
|
|
166
|
|
89
|
|
|
Net unrealized losses
(gains) on derivatives
|
—
|
|
38
|
|
(319)
|
|
108
|
|
|
Net unrealized losses
on contingent interest rate swap related to Port Arthur LNG Phase 1
project
|
—
|
|
—
|
|
17
|
|
—
|
|
|
Deferred income tax
expense associated with change in indefinite reinvestment assertion
related to sale of noncontrolling interest to Abu Dhabi Investment
Authority
|
—
|
|
—
|
|
—
|
|
120
|
|
|
Adjusted Earnings(1)
|
$ 685
|
|
$ 622
|
|
$
2,201
|
|
$
2,172
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
Weighted-Average Common Shares Outstanding
|
632
|
|
632
|
|
632
|
|
633
|
|
|
GAAP EPS
|
$
1.14
|
|
$
0.77
|
|
$
3.63
|
|
$
2.62
|
|
|
Adjusted EPS(1)
|
$
1.08
|
|
$
0.98
|
|
$
3.48
|
|
$
3.43
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
See Table A for information regarding non-GAAP financial
measures and descriptions of adjustments.
|
Sempra intends to roll forward its five-year capital plan on its
fourth-quarter earnings call and expects a potential increase above
its current five-year $40 billion
capital plan, driven by a portfolio of investment opportunities at
its regulated utilities.
Sempra Texas
At Sempra Texas, Oncor Electric Delivery Company LLC (Oncor)
continues to build out one of the largest pure-play transmission
and distribution platforms in America to meet the state's growth in
residential, commercial and industrial sectors. Premise growth in
Oncor's service territory is estimated to be 2%, approximately
double the national average. The Electric Reliability Council of
Texas set 10 peak demand records
this summer and the Oncor team safely maintained grid reliability
while investing in the expansion and modernization of its growing
energy networks.
During the quarter, Oncor connected approximately 20,000 new
premises, bringing its year-to-date new premise count to
approximately 57,000. Across its territory, Oncor built, rebuilt or
upgraded approximately 600 miles of distribution lines and 40 miles
of transmission lines. Additionally, three load-serving substations
were placed into service. Oncor remains on pace to set a company
record for annual new and active generation and retail transmission
point-of-interconnection (POI) requests in the queue with 755
active POI requests at the end of the quarter, representing a 34%
increase over the same period in 2022. As of Sept. 30, 2023, Oncor had 447 active generation
requests, of which approximately 47% were solar, 41% were storage,
9% were wind and 3% were gas.
Texas remains a highly
constructive regulatory environment with, among other important
recent utility legislation, Texas House Bill 2555 creating a path
to enhance grid resiliency and recover costs related to resiliency
measures through rates. In addition, Texas Senate Bill 1015 is expected to reduce
regulatory lag with respect to recovery of distribution investments
through interim distribution cost recovery factor rate
adjustments.
Sempra California
San Diego Gas & Electric Co. (SDGE) and Southern California
Gas Co. (SoCalGas) are advancing California's resiliency and climate goals
through the expansion and modernization of energy networks.
In October, under the California Public Utilities Commission's
(CPUC) cost of capital mechanism, these companies filed to adjust
their respective return on equity and cost of debt rates beginning
in 2024 to account for interest rate changes. The CPUC continues to
advance the 2024 general rate cases of SDGE and SoCalGas, which
focus on delivering cleaner energy, safely and reliably, in
alignment with California's
sustainability goals. The proposed decision is expected to be
issued in the second quarter of 2024 with rates to be retroactively
effective to Jan. 1, 2024.
SDGE requested CPUC approval for 160 megawatts of utility-owned
energy storage to support reliability and submitted bid materials
to the California Independent System Operator for projects
identified in its 2022-2023 Transmission Plan Federal Energy
Regulatory Commission (FERC) 1000 solicitation process.
SoCalGas is working to modernize California's energy networks through
investments in next-generation technologies such as clean hydrogen,
renewable natural gas and fuel cells. Federal, state and local
governments are increasingly recognizing hydrogen's potentially
important role in accelerating energy and climate goals. In
October, the U.S. Department of Energy (DOE) selected California's Alliance for Renewable Clean
Hydrogen Energy Systems, of which SoCalGas is a partner, for up to
$1.2 billion in funding to develop a
regional clean hydrogen hub in California. In August, the state announced the
launch of California's Hydrogen
Market Development Strategy, which aims to employ an
all-of-government approach to building California's renewable hydrogen market.
Sempra Infrastructure
Sempra Infrastructure is focused on delivering energy for a
better world through its high-growth, low-carbon platform. The
company's clean power, energy networks and liquefied natural gas
(LNG) and net-zero businesses are strategically positioned to
support the dual priorities of decarbonization and energy security
for the U.S., Mexico and their
allies.
The Port Arthur energy hub
reached several milestones this past quarter. In September, the
Port Arthur LNG Phase 2 expansion project under development in
Jefferson County, Texas received
FERC approval. With Phase 1 currently under construction, the
development of the proposed Phase 2 project could increase the
total liquefaction capacity of the facility from approximately 13
million tonnes per annum (Mtpa) to up to 26 Mtpa. This news
followed the successful completion of the sale of a 42% indirect,
non-controlling interest in the Port Arthur LNG Phase 1 project to
KKR.
Increasing global interest in lower emissions fuels and the
status of the U.S. as a strong energy partner are creating further
opportunities for Sempra Infrastructure. In August, Sempra
Infrastructure announced a non-binding agreement with Mitsubishi
Corporation and a consortium comprised of Tokyo Gas Company, Ltd.,
Osaka Gas Company, Ltd., and Toho Gas Company, Ltd. to participate
in the evaluation of a proposed project to produce e-natural gas, a
form of carbon recycling, in the U.S. Gulf Coast. If the project is
successful, it would be one of the first links of an international
supply chain of liquefied e-natural gas, a carbon neutral synthetic
gas produced from renewable hydrogen and recycled carbon
dioxide.
Additionally, the DOE selected HyVelocity Gulf Coast Hydrogen
Hub, of which Sempra Infrastructure is a partner, for up to
$1.2 billion in funding to help
advance a network of hydrogen producers, consumers and connective
infrastructure while supporting the production, storage, delivery
and end-use of hydrogen.
Earnings Guidance
Sempra is updating its full-year 2023 GAAP EPS guidance range to
$4.44 to $4.74. As a result of the company's strong
execution and financial results in the first nine months of the
year, Sempra expects to be at or above the high-end of its
full-year 2023 adjusted EPS guidance range of $4.30 to $4.60.
Sempra also is affirming its full-year 2024 EPS guidance range of
$4.55 to $4.90 and affirming its projected long-term
EPS growth rate of 6% to 8%. All share and per share information in
this release, including the guidance ranges, reflects the
two-for-one split of Sempra's common stock in the form of a 100%
stock dividend that was distributed to shareholders on Aug. 21, 2023.
Non-GAAP Financial Measures
Non-GAAP financial measures include Sempra's adjusted earnings,
adjusted EPS, and adjusted EPS guidance range. See Table A for
additional information regarding these non-GAAP financial
measures.
Internet Broadcast
Sempra will broadcast a live discussion of its earnings results
over the internet today at 12 p.m. ET
with the company's senior management. Access is available by
logging onto the company's website, sempra.com. The webcast
will be available on replay a few hours after its conclusion on
sempra.com.
About Sempra
Sempra is a leading North American energy infrastructure company
that helps meet the daily energy needs of nearly 40 million
consumers. As the owner of one of the largest energy networks on
the continent, Sempra is helping to electrify and decarbonize some
of the world's most significant economic markets, including
California, Texas, Mexico
and the LNG export market. The company is also consistently
recognized as a leader in sustainable business practices and for
its long-standing commitment to building a high-performance culture
focused on safety and operational excellence, leadership and
workforce development and diversity and inclusion. In 2022,
Investor's Business Daily named Sempra the top-ranked utility in
the U.S. for environmental, social and governance scores and
financial performance. Sempra was also included on the Dow Jones
Sustainability North America Index for the 12th consecutive year.
More information about Sempra is available at sempra.com and
on social media @Sempra.
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements are based on assumptions about the
future, involve risks and uncertainties, and are not guarantees.
Future results may differ materially from those expressed or
implied in any forward-looking statement. These forward-looking
statements represent our estimates and assumptions only as of the
date of this press release. We assume no obligation to update or
revise any forward-looking statement as a result of new
information, future events or otherwise.
In this press release, forward-looking statements can be
identified by words such as "believe," "expect," "intend,"
"anticipate," "contemplate," "plan," "estimate," "project,"
"forecast," "should," "could," "would," "will," "confident," "may,"
"can," "potential," "possible," "proposed," "in process,"
"construct," "develop," "opportunity," "initiative," "target,"
"outlook," "optimistic," "poised," "maintain," "continue,"
"progress," "advance," "goal," "aim," "commit," or similar
expressions, or when we discuss our guidance, priorities, strategy,
goals, vision, mission, opportunities, projections, intentions or
expectations.
Factors, among others, that could cause actual results and
events to differ materially from those expressed or implied in any
forward-looking statement include: California wildfires, including potential
liability for damages regardless of fault and any inability to
recover all or a substantial portion of costs from insurance, the
wildfire fund established by California Assembly Bill 1054, rates
from customers or a combination thereof; decisions, investigations,
inquiries, regulations, denials or revocations of permits,
consents, approvals or other authorizations, renewals of
franchises, and other actions by the (i) California Public
Utilities Commission (CPUC), Comisión Reguladora de Energía, U.S.
Department of Energy, U.S. Federal Energy Regulatory Commission,
Public Utility Commission of Texas, U.S. Internal Revenue Service and other
governmental and regulatory bodies and (ii) U.S., Mexico and states, counties, cities and other
jurisdictions therein and in other countries where we do business;
the success of business development efforts, construction projects,
acquisitions, divestitures and other significant transactions,
including risks in (i) being able to make a final investment
decision, (ii) completing construction projects or other
transactions on schedule and budget, (iii) realizing anticipated
benefits from any of these efforts if completed, and (iv) obtaining
third-party consents and approvals; macroeconomic trends or other
factors that could change our capital expenditure plans and their
potential impact on rate base or other growth; litigation,
arbitrations, property disputes and other proceedings, and changes
to laws and regulations, including those related to tax and trade
policy and the energy industry in Mexico; cybersecurity threats, including by
state and state-sponsored actors, of ransomware or other attacks on
our systems or the systems of third parties with which we conduct
business, including the energy grid or other energy infrastructure,
all of which continue to become more pronounced; the availability,
uses, sufficiency, and cost of capital resources and our ability to
borrow money or otherwise raise capital on favorable terms and meet
our obligations, including due to (i) actions by credit rating
agencies to downgrade our credit ratings or place those ratings on
negative outlook, (ii) instability in the capital markets, or (iii)
rising interest rates and inflation; failure of foreign
governments, state-owned entities and our counterparties to honor
their contracts and commitments; the impact on affordability of San
Diego Gas & Electric Company's (SDG&E) and Southern
California Gas Company's (SoCalGas) customer rates and their cost
of capital and on SDG&E's, SoCalGas' and Sempra
Infrastructure's ability to pass through higher costs to customers
due to (i) volatility in inflation, interest rates and commodity
prices, (ii) with respect to SDG&E's and SoCalGas' businesses,
the cost of the clean energy transition in California, and (iii) with respect to Sempra
Infrastructure's business, volatility in foreign currency exchange
rates; the impact of climate and sustainability policies, laws,
rules, regulations, disclosures and trends, including actions to
reduce or eliminate reliance on natural gas, increased uncertainty
in the political or regulatory environment for California natural gas distribution companies,
the risk of nonrecovery for stranded assets, and our ability to
incorporate new technologies; weather, natural disasters,
pandemics, accidents, equipment failures, explosions, terrorism,
information system outages or other events that disrupt our
operations, damage our facilities or systems, cause the release of
harmful materials or fires or subject us to liability for damages,
fines and penalties, some of which may not be recoverable through
regulatory mechanisms or insurance or may impact our ability to
obtain satisfactory levels of affordable insurance; the
availability of electric power, natural gas and natural gas storage
capacity, including disruptions caused by failures in the
transmission grid, pipeline system or limitations on the withdrawal
of natural gas from storage facilities; Oncor Electric Delivery
Company LLC's (Oncor) ability to reduce or eliminate its quarterly
dividends due to regulatory and governance requirements and
commitments, including by actions of Oncor's independent directors
or a minority member director; and other uncertainties, some of
which are difficult to predict and beyond our control.
These risks and uncertainties are further discussed in the
reports that Sempra has filed with the U.S. Securities and Exchange
Commission (SEC). These reports are available through the EDGAR
system free-of-charge on the SEC's website, sec.gov, and on
Sempra's website, sempra.com. Investors should not rely unduly
on any forward-looking statements.
Sempra Infrastructure, Sempra Infrastructure Partners, Sempra
Texas, Sempra Texas Utilities, Oncor and Infraestructura Energética
Nova, S.A.P.I. de C.V. (IEnova) are not the same companies as the
California utilities, SDG&E or
SoCalGas, and Sempra Infrastructure, Sempra Infrastructure
Partners, Sempra Texas, Sempra Texas Utilities, Oncor and IEnova
are not regulated by the CPUC.
None of the website references in this press release are
active hyperlinks, and the information contained on, or that can be
accessed through, any such website is not, and shall not be deemed
to be, part of this document.
SEMPRA
|
Table A
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
|
(Dollars in millions, except per share amounts;
shares in thousands)
|
|
|
Three months
ended
September
30,
|
|
Nine months
ended
September
30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(unaudited)
|
REVENUES
|
|
|
|
|
|
|
|
Utilities:
|
|
|
|
|
|
|
|
Natural gas
|
$
|
1,488
|
|
|
$
|
1,587
|
|
|
$
|
7,560
|
|
|
$
|
5,611
|
|
Electric
|
1,250
|
|
|
1,357
|
|
|
3,331
|
|
|
3,663
|
|
Energy-related
businesses
|
596
|
|
|
673
|
|
|
2,338
|
|
|
1,710
|
|
Total
revenues
|
3,334
|
|
|
3,617
|
|
|
13,229
|
|
|
10,984
|
|
|
|
|
|
|
|
|
|
EXPENSES AND OTHER
INCOME
|
|
|
|
|
|
|
|
Utilities:
|
|
|
|
|
|
|
|
Cost of natural
gas
|
(260)
|
|
|
(505)
|
|
|
(3,254)
|
|
|
(1,835)
|
|
Cost of electric fuel
and purchased power
|
(183)
|
|
|
(307)
|
|
|
(385)
|
|
|
(763)
|
|
Energy-related
businesses cost of sales
|
(163)
|
|
|
(340)
|
|
|
(437)
|
|
|
(764)
|
|
Operation and
maintenance
|
(1,383)
|
|
|
(1,206)
|
|
|
(3,958)
|
|
|
(3,454)
|
|
Aliso Canyon litigation
and regulatory matters
|
—
|
|
|
(122)
|
|
|
—
|
|
|
(259)
|
|
Depreciation and
amortization
|
(563)
|
|
|
(506)
|
|
|
(1,651)
|
|
|
(1,500)
|
|
Franchise fees and
other taxes
|
(169)
|
|
|
(162)
|
|
|
(509)
|
|
|
(474)
|
|
Other income (expense),
net
|
3
|
|
|
(40)
|
|
|
75
|
|
|
(3)
|
|
Interest
income
|
19
|
|
|
18
|
|
|
60
|
|
|
58
|
|
Interest
expense
|
(312)
|
|
|
(282)
|
|
|
(995)
|
|
|
(796)
|
|
Income before income
taxes and equity earnings
|
323
|
|
|
165
|
|
|
2,175
|
|
|
1,194
|
|
Income tax benefit
(expense)
|
52
|
|
|
(21)
|
|
|
(499)
|
|
|
(435)
|
|
Equity
earnings
|
479
|
|
|
417
|
|
|
1,086
|
|
|
1,118
|
|
Net income
|
854
|
|
|
561
|
|
|
2,762
|
|
|
1,877
|
|
Earnings attributable
to noncontrolling interests
|
(122)
|
|
|
(65)
|
|
|
(435)
|
|
|
(187)
|
|
Preferred
dividends
|
(11)
|
|
|
(11)
|
|
|
(33)
|
|
|
(33)
|
|
Preferred dividends of
subsidiary
|
—
|
|
|
—
|
|
|
(1)
|
|
|
(1)
|
|
Earnings attributable
to common shares
|
$
|
721
|
|
|
$
|
485
|
|
|
$
|
2,293
|
|
|
$
|
1,656
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share (EPS):
|
|
|
|
|
|
|
|
Earnings
|
$
|
1.14
|
|
|
$
|
0.77
|
|
|
$
|
3.64
|
|
|
$
|
2.63
|
|
Weighted-average common
shares outstanding
|
630,036
|
|
|
629,447
|
|
|
629,963
|
|
|
630,603
|
|
|
|
|
|
|
|
|
|
Diluted EPS:
|
|
|
|
|
|
|
|
Earnings
|
$
|
1.14
|
|
|
$
|
0.77
|
|
|
$
|
3.63
|
|
|
$
|
2.62
|
|
Weighted-average common
shares outstanding
|
632,324
|
|
|
632,175
|
|
|
632,231
|
|
|
632,914
|
|
SEMPRA
Table A (Continued)
RECONCILIATION OF SEMPRA ADJUSTED EARNINGS TO SEMPRA GAAP
EARNINGS (Unaudited)
Sempra Adjusted Earnings and Adjusted EPS exclude items (after
the effects of income taxes and, if applicable, noncontrolling
interests (NCI)) in 2023 and 2022 as follows:
Three months ended September 30,
2023:
- $36 million impact from foreign
currency and inflation on our monetary positions in Mexico
Three months ended September 30,
2022:
- $(101) million impact associated
with Aliso Canyon natural gas storage facility litigation and
regulatory matters at Southern California Gas Company
(SoCalGas)
- $2 million impact from foreign
currency and inflation on our monetary positions in Mexico
- $(38) million net unrealized
losses on commodity derivatives
Nine months ended September 30,
2023:
- $(44) million equity losses from
investment in Oncor Electric Delivery Holdings Company LLC (Oncor
Holdings) related to a write-off of rate base disallowances
resulting from the Public Utility Commission of Texas' (PUCT) final order in Oncor Electric
Delivery Company LLC's (Oncor) comprehensive base rate review
- $(166) million impact from
foreign currency and inflation on our monetary positions in
Mexico
- $319 million net unrealized gains
on commodity derivatives
- $(17) million net unrealized
losses on a contingent interest rate swap related to the initial
phase of the Port Arthur LNG liquefaction project (PA LNG Phase 1
project)
Nine months ended September 30,
2022:
- $(199) million impact associated
with Aliso Canyon natural gas storage facility litigation and
regulatory matters at SoCalGas
- $(89) million impact from foreign
currency and inflation on our monetary positions in Mexico
- $(108) million net unrealized
losses on commodity derivatives
- $(120) million deferred income
tax expense associated with the change in our indefinite
reinvestment assertion as a result of progress in obtaining
regulatory approvals necessary to close the sale of 10% NCI in
Sempra Infrastructure Partners, LP (SI Partners) to Abu Dhabi
Investment Authority (ADIA)
Sempra Adjusted Earnings and Adjusted EPS are non-GAAP financial
measures (GAAP represents generally accepted accounting principles
in the United States of America).
These non-GAAP financial measures exclude significant items that
are generally not related to our ongoing business activities and/or
are infrequent in nature. These non-GAAP financial measures also
exclude the impact from foreign currency and inflation on our
monetary positions in Mexico and
net unrealized gains and losses on commodity derivatives, which we
expect to occur in future periods, and which can vary significantly
from one period to the next. Exclusion of these items is useful to
management and investors because it provides a meaningful
comparison of the performance of Sempra's business operations to
prior and future periods. Non-GAAP financial measures are
supplementary information that should be considered in addition to,
but not as a substitute for, the information prepared in accordance
with GAAP. The table below reconciles for historical periods these
non-GAAP financial measures to Sempra GAAP Earnings and GAAP EPS,
which we consider to be the most directly comparable financial
measures calculated in accordance with GAAP.
RECONCILIATION OF ADJUSTED EARNINGS TO GAAP
EARNINGS
|
(Dollars in millions, except EPS; shares in
thousands)
|
|
|
|
|
Pretax
amount
|
Income tax
(benefit)
expense(1)
|
Non-
controlling
interests
|
Earnings
|
|
Pretax
amount
|
Income tax
(benefit)
expense(1)
|
Non-
controlling
interests
|
Earnings
|
|
Three months ended
September 30, 2023
|
|
Three months ended
September 30, 2022
|
|
|
|
(unaudited)
|
Sempra GAAP
Earnings
|
|
|
|
$
|
721
|
|
|
|
|
|
$
|
485
|
|
Excluded
items:
|
|
|
|
|
|
|
|
|
|
|
Impact associated with
Aliso Canyon litigation and regulatory
matters
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
—
|
|
|
$
|
122
|
|
$
|
(21)
|
|
$
|
—
|
|
101
|
|
|
Impact from foreign
currency and inflation on our monetary
positions in Mexico
|
(3)
|
|
(49)
|
|
16
|
|
(36)
|
|
|
1
|
|
(4)
|
|
1
|
|
(2)
|
|
|
Net
unrealized (gains) losses on commodity derivatives
|
(2)
|
|
2
|
|
—
|
|
—
|
|
|
77
|
|
(17)
|
|
(22)
|
|
38
|
|
Sempra Adjusted
Earnings
|
|
|
|
$
|
685
|
|
|
|
|
|
$
|
622
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS:
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding, diluted
|
|
|
|
632,324
|
|
|
|
|
|
632,175
|
|
|
Sempra
GAAP EPS
|
|
|
|
$
|
1.14
|
|
|
|
|
|
$
|
0.77
|
|
|
Sempra
Adjusted EPS
|
|
|
|
$
|
1.08
|
|
|
|
|
|
$
|
0.98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended
September 30, 2023
|
|
Nine months ended
September 30, 2022
|
|
|
|
(unaudited)
|
Sempra GAAP
Earnings
|
|
|
|
$
|
2,293
|
|
|
|
|
|
$
|
1,656
|
|
Excluded
items:
|
|
|
|
|
|
|
|
|
|
|
Impact associated with
Aliso Canyon litigation and regulatory
matters
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
—
|
|
|
$
|
259
|
|
$
|
(60)
|
|
$
|
—
|
|
199
|
|
|
Equity
losses from a write-off of rate base disallowances
resulting
from the PUCT's final order in Oncor's comprehensive
base
rate review
|
—
|
|
—
|
|
—
|
|
44
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
Impact from foreign
currency and inflation on our monetary
positions
in Mexico
|
40
|
|
203
|
|
(77)
|
|
166
|
|
|
30
|
|
80
|
|
(21)
|
|
89
|
|
|
Net
unrealized (gains) losses on commodity derivatives
|
(630)
|
|
128
|
|
183
|
|
(319)
|
|
|
183
|
|
(42)
|
|
(33)
|
|
108
|
|
|
Net unrealized losses
on a contingent interest rate swap related
to the PA
LNG Phase 1 project
|
33
|
|
(6)
|
|
(10)
|
|
17
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
Deferred income tax
expense associated with the change in our
indefinite reinvestment assertion related to the sale of NCI
to
ADIA
|
—
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
120
|
|
—
|
|
120
|
|
Sempra Adjusted
Earnings
|
|
|
|
$
|
2,201
|
|
|
|
|
|
$
|
2,172
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS:
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding, diluted
|
|
|
|
632,231
|
|
|
|
|
|
632,914
|
|
|
Sempra
GAAP EPS
|
|
|
|
$
|
3.63
|
|
|
|
|
|
$
|
2.62
|
|
|
Sempra
Adjusted EPS
|
|
|
|
$
|
3.48
|
|
|
|
|
|
$
|
3.43
|
|
|
|
(1)
|
Except for adjustments that are solely income tax,
income taxes on pretax amounts were primarily calculated based on
applicable statutory tax rates. We record equity losses for our
investment in Oncor Holdings net of income
tax.
|
SEMPRA
Table A (Continued)
RECONCILIATION OF SEMPRA 2023 ADJUSTED EPS GUIDANCE RANGE TO
SEMPRA 2023 GAAP EPS GUIDANCE RANGE (Unaudited)
Sempra 2023 Adjusted EPS Guidance Range of $4.30 to $4.60
excludes items (after the effects of income taxes and, if
applicable, NCI) as follows:
- $(44) million equity losses from
investment in Oncor Holdings related to a write-off of rate base
disallowances resulting from the PUCT's final order in Oncor's
comprehensive base rate review
- $(166) million impact from
foreign currency and inflation on our monetary positions in
Mexico
- $319 million net unrealized gains
on commodity derivatives
- $(17) million net unrealized
losses on a contingent interest rate swap related to the PA LNG
Phase 1 project
Sempra 2023 Adjusted EPS Guidance is a non-GAAP financial
measure. This non-GAAP financial measure excludes significant items
that are generally not related to our ongoing business activities
and/or infrequent in nature. This non-GAAP financial measure also
excludes the impact from foreign currency and inflation on our
monetary positions in Mexico and
net unrealized gains and losses on commodity derivatives, which we
expect to occur in future periods, and which can vary significantly
from one period to the next. Exclusion of these items is useful to
management and investors because it provides a meaningful
comparison of the performance of Sempra's business operations to
prior and future periods. Sempra 2023 Adjusted EPS Guidance Range
should not be considered an alternative to Sempra 2023 GAAP EPS
Guidance Range. Non-GAAP financial measures are supplementary
information that should be considered in addition to, but not as a
substitute for, the information prepared in accordance with GAAP.
The table below reconciles Sempra 2023 Adjusted EPS Guidance Range
to Sempra 2023 GAAP EPS Guidance Range, which we consider to be the
most directly comparable financial measure calculated in accordance
with GAAP.
RECONCILIATION OF ADJUSTED EPS GUIDANCE RANGE TO GAAP
EPS GUIDANCE RANGE
|
|
|
Full-Year
2023
|
Sempra GAAP EPS
Guidance Range
|
$
|
4.44
|
|
to
|
$
|
4.74
|
|
Excluded
items:
|
|
|
|
Equity losses
from a write-off of rate base disallowances resulting from the
PUCT's final order in Oncor's
comprehensive base rate review
|
0.07
|
|
|
0.07
|
|
Impact from foreign
currency and inflation on our monetary positions in
Mexico
|
0.26
|
|
|
0.26
|
|
Net unrealized gains on
commodity derivatives
|
(0.50)
|
|
|
(0.50)
|
|
Net unrealized losses
on a contingent interest rate swap related to the PA LNG Phase 1
project
|
0.03
|
|
|
0.03
|
|
Sempra Adjusted EPS
Guidance Range
|
$
|
4.30
|
|
to
|
$
|
4.60
|
|
Weighted-average common
shares outstanding, diluted (millions)
|
|
|
632
|
|
|
|
SEMPRA
|
Table B
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE
SHEETS
|
(Dollars in millions)
|
|
|
|
|
September 30,
2023
|
|
December
31,
2022(1)
|
|
(unaudited)
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
1,149
|
|
|
$
|
370
|
|
Restricted
cash
|
238
|
|
|
40
|
|
Accounts receivable –
trade, net
|
1,939
|
|
|
2,635
|
|
Accounts receivable –
other, net
|
498
|
|
|
685
|
|
Due from unconsolidated
affiliates
|
42
|
|
|
54
|
|
Income taxes
receivable
|
72
|
|
|
113
|
|
Inventories
|
451
|
|
|
403
|
|
Prepaid
expenses
|
325
|
|
|
268
|
|
Regulatory
assets
|
190
|
|
|
351
|
|
Fixed-price contracts
and other derivatives
|
201
|
|
|
803
|
|
Greenhouse gas
allowances
|
144
|
|
|
141
|
|
Other current
assets
|
61
|
|
|
49
|
|
Total current
assets
|
5,310
|
|
|
5,912
|
|
|
|
|
|
Other
assets:
|
|
|
|
Restricted
cash
|
104
|
|
|
52
|
|
Regulatory
assets
|
3,277
|
|
|
2,588
|
|
Greenhouse gas
allowances
|
1,219
|
|
|
796
|
|
Nuclear decommissioning
trusts
|
827
|
|
|
841
|
|
Dedicated assets in
support of certain benefit plans
|
513
|
|
|
505
|
|
Deferred income
taxes
|
155
|
|
|
135
|
|
Right-of-use assets –
operating leases
|
721
|
|
|
655
|
|
Investment in Oncor
Holdings
|
14,148
|
|
|
13,665
|
|
Other
investments
|
2,208
|
|
|
2,012
|
|
Goodwill
|
1,602
|
|
|
1,602
|
|
Other intangible
assets
|
324
|
|
|
344
|
|
Wildfire
fund
|
281
|
|
|
303
|
|
Other long-term
assets
|
1,874
|
|
|
1,382
|
|
Total other
assets
|
27,253
|
|
|
24,880
|
|
Property, plant and
equipment, net
|
53,172
|
|
|
47,782
|
|
Total assets
|
$
|
85,735
|
|
|
$
|
78,574
|
|
|
(1) Derived from audited financial
statements.
|
|
|
SEMPRA
|
Table B (Continued)
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
(CONTINUED)
|
(Dollars in millions)
|
|
|
|
|
September 30,
2023
|
|
December
31,
2022(1)
|
|
(unaudited)
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Short-term
debt
|
$
|
1,977
|
|
|
$
|
3,352
|
|
Accounts payable –
trade
|
2,234
|
|
|
1,994
|
|
Accounts payable –
other
|
219
|
|
|
275
|
|
Due to unconsolidated
affiliates
|
5
|
|
|
—
|
|
Dividends and interest
payable
|
734
|
|
|
621
|
|
Accrued compensation
and benefits
|
496
|
|
|
484
|
|
Regulatory
liabilities
|
529
|
|
|
504
|
|
Current portion of
long-term debt and finance leases
|
974
|
|
|
1,019
|
|
Reserve for Aliso
Canyon costs
|
126
|
|
|
129
|
|
Greenhouse gas
obligations
|
144
|
|
|
141
|
|
Other current
liabilities
|
1,327
|
|
|
1,380
|
|
Total current
liabilities
|
8,765
|
|
|
9,899
|
|
|
|
|
|
Long-term debt and
finance leases
|
27,703
|
|
|
24,548
|
|
|
|
|
|
Deferred credits and
other liabilities:
|
|
|
|
Due to unconsolidated
affiliates
|
303
|
|
|
301
|
|
Regulatory
liabilities
|
3,468
|
|
|
3,341
|
|
Greenhouse gas
obligations
|
942
|
|
|
565
|
|
Pension and other
postretirement benefit plan obligations, net of plan
assets
|
309
|
|
|
410
|
|
Deferred income
taxes
|
5,095
|
|
|
4,591
|
|
Asset retirement
obligations
|
3,584
|
|
|
3,546
|
|
Deferred credits and
other
|
2,308
|
|
|
2,117
|
|
Total deferred credits
and other liabilities
|
16,009
|
|
|
14,871
|
|
Equity:
|
|
|
|
Sempra shareholders'
equity
|
28,238
|
|
|
27,115
|
|
Preferred stock of
subsidiary
|
20
|
|
|
20
|
|
Other noncontrolling
interests
|
5,000
|
|
|
2,121
|
|
Total equity
|
33,258
|
|
|
29,256
|
|
Total liabilities and
equity
|
$
|
85,735
|
|
|
$
|
78,574
|
|
|
(1)
Derived from audited financial statements.
|
SEMPRA
|
Table C
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS
|
(Dollars in millions)
|
|
|
|
|
Nine months ended
September 30,
|
|
2023
|
|
2022
|
|
(unaudited)
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
Net income
|
$
|
2,762
|
|
|
$
|
1,877
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities
|
646
|
|
|
1,193
|
|
Reserve for Aliso
Canyon costs
|
(3)
|
|
|
(1,835)
|
|
Net change in other
working capital components
|
1,613
|
|
|
(267)
|
|
Insurance receivable
for Aliso Canyon costs
|
—
|
|
|
350
|
|
Distributions from
investments
|
668
|
|
|
643
|
|
Changes in other
noncurrent assets and liabilities, net
|
(557)
|
|
|
(506)
|
|
Net cash provided by operating
activities
|
5,129
|
|
|
1,455
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
Expenditures for
property, plant and equipment
|
(6,074)
|
|
|
(3,540)
|
|
Expenditures for
investments
|
(281)
|
|
|
(275)
|
|
Purchases of nuclear
decommissioning and other trust assets
|
(462)
|
|
|
(530)
|
|
Proceeds from sales of
nuclear decommissioning and other trust assets
|
503
|
|
|
530
|
|
Repayments of advances
to unconsolidated affiliates
|
—
|
|
|
626
|
|
Other
|
10
|
|
|
6
|
|
Net cash used in investing
activities
|
(6,304)
|
|
|
(3,183)
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
Common dividends
paid
|
(1,109)
|
|
|
(1,070)
|
|
Preferred dividends
paid
|
(22)
|
|
|
(22)
|
|
Issuances of common
stock
|
—
|
|
|
4
|
|
Repurchases of common
stock
|
(32)
|
|
|
(478)
|
|
Issuances of debt
(maturities greater than 90 days)
|
6,911
|
|
|
6,711
|
|
Payments on debt
(maturities greater than 90 days) and finance leases
|
(6,018)
|
|
|
(3,365)
|
|
Increase (decrease) in
short-term debt, net
|
629
|
|
|
(1,438)
|
|
Advances from
unconsolidated affiliates
|
31
|
|
|
28
|
|
Proceeds from sales of
noncontrolling interests
|
1,238
|
|
|
1,732
|
|
Distributions to
noncontrolling interests
|
(289)
|
|
|
(146)
|
|
Contributions from
noncontrolling interests
|
1,036
|
|
|
15
|
|
Settlement of
cross-currency swaps
|
(99)
|
|
|
—
|
|
Other
|
(78)
|
|
|
(35)
|
|
Net cash provided by financing
activities
|
2,198
|
|
|
1,936
|
|
|
|
|
|
Effect of exchange rate
changes on cash, cash equivalents and restricted cash
|
6
|
|
|
(3)
|
|
|
|
|
|
Increase in cash, cash
equivalents and restricted cash
|
1,029
|
|
|
205
|
|
Cash, cash equivalents
and restricted cash, January 1
|
462
|
|
|
581
|
|
Cash, cash equivalents
and restricted cash, September 30
|
$
|
1,491
|
|
|
$
|
786
|
|
SEMPRA
|
Table D
|
|
|
|
|
|
|
|
|
SEGMENT EARNINGS (LOSSES) AND CAPITAL EXPENDITURES
AND INVESTMENTS
|
(Dollars in millions)
|
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(unaudited)
|
Earnings (Losses) Attributable to Common
Shares
|
|
|
|
|
SDG&E
|
$
|
274
|
|
|
$
|
271
|
|
|
$
|
716
|
|
|
$
|
681
|
|
SoCalGas
|
16
|
|
|
(82)
|
|
|
531
|
|
|
339
|
|
Sempra Texas
Utilities
|
305
|
|
|
256
|
|
|
548
|
|
|
604
|
|
Sempra
Infrastructure
|
223
|
|
|
114
|
|
|
746
|
|
|
392
|
|
Parent and
other
|
(97)
|
|
|
(74)
|
|
|
(248)
|
|
|
(360)
|
|
Total
|
$
|
721
|
|
|
$
|
485
|
|
|
$
|
2,293
|
|
|
$
|
1,656
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(unaudited)
|
Capital Expenditures and
Investments
|
|
|
|
|
SDG&E
|
$
|
654
|
|
|
$
|
561
|
|
|
$
|
1,893
|
|
|
$
|
1,651
|
|
SoCalGas
|
490
|
|
|
463
|
|
|
1,451
|
|
|
1,394
|
|
Sempra Texas
Utilities
|
92
|
|
|
85
|
|
|
270
|
|
|
256
|
|
Sempra
Infrastructure
|
652
|
|
|
162
|
|
|
2,736
|
|
|
508
|
|
Parent and
other
|
1
|
|
|
2
|
|
|
5
|
|
|
6
|
|
Total
|
$
|
1,889
|
|
|
$
|
1,273
|
|
|
$
|
6,355
|
|
|
$
|
3,815
|
|
SEMPRA
|
Table E
|
|
|
|
|
|
OTHER OPERATING STATISTICS
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
(unaudited)
|
UTILITIES
|
|
|
|
|
|
|
|
SDG&E and SoCalGas
|
|
|
|
|
|
|
|
Gas
sales (Bcf)(1)
|
55
|
|
|
53
|
|
|
280
|
|
|
240
|
|
Transportation (Bcf)(1)
|
165
|
|
|
180
|
|
|
438
|
|
|
462
|
|
Total deliveries (Bcf)(1)
|
220
|
|
|
233
|
|
|
718
|
|
|
702
|
|
|
|
|
|
|
|
|
|
Total gas customer
meters (thousands)
|
|
|
|
|
7,047
|
|
|
7,031
|
|
|
|
|
|
|
|
|
|
|
SDG&E
|
|
|
|
|
|
|
|
Electric sales (millions of kWhs)(1)
|
1,075
|
|
|
2,121
|
|
|
3,645
|
|
|
6,085
|
|
Community Choice Aggregation and Direct Access (millions of
kWhs)(2)
|
3,472
|
|
|
3,106
|
|
|
9,001
|
|
|
7,135
|
|
Total deliveries (millions of kWhs)(1)
|
4,547
|
|
|
5,227
|
|
|
12,646
|
|
|
13,220
|
|
|
|
|
|
|
|
|
|
Total electric customer
meters (thousands)
|
|
|
|
|
1,515
|
|
|
1,502
|
|
|
|
|
|
|
|
|
|
Oncor(3)
|
|
|
|
|
|
|
|
Total deliveries
(millions of kWhs)
|
47,736
|
|
|
44,040
|
|
|
120,571
|
|
|
115,580
|
|
Total electric customer
meters (thousands)
|
|
|
|
|
3,953
|
|
|
3,881
|
|
|
|
|
|
|
|
|
|
Ecogas
|
|
|
|
|
|
|
|
Natural gas sales
(Bcf)
|
1
|
|
|
1
|
|
|
3
|
|
|
3
|
|
Natural gas customer
meters (thousands)
|
|
|
|
|
155
|
|
|
147
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENERGY-RELATED
BUSINESSES
|
|
|
|
|
|
|
|
Sempra Infrastructure
|
|
|
|
|
|
|
|
Termoeléctrica de
Mexicali (millions of kWhs)
|
1,105
|
|
|
1,019
|
|
|
2,022
|
|
|
2,268
|
|
Wind and solar (millions of kWhs)(1)
|
827
|
|
|
688
|
|
|
2,525
|
|
|
2,347
|
|
|
|
(1)
|
Includes
intercompany sales.
|
(2)
|
Several
jurisdictions in SDG&E's territory have implemented
Community Choice Aggregation, including the City of San Diego in
2022. Additional jurisdictions are in the process of implementing
or considering Community Choice Aggregation.
|
(3)
|
Includes 100% of the
electric deliveries and customer meters of Oncor, in which we
hold an indirect 80.25% interest through our investment in Oncor
Holdings.
|
SEMPRA
|
Table F (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENTS OF OPERATIONS DATA BY
SEGMENT
|
(Dollars in millions)
|
Three months ended September 30,
2023
|
SDG&E
|
|
SoCalGas
|
|
Sempra
Texas
Utilities
|
|
Sempra
Infrastructure
|
|
Consolidating
Adjustments,
Parent &
Other
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
|
1,442
|
|
|
$
|
1,313
|
|
|
$
|
—
|
|
|
$
|
629
|
|
|
$
|
(50)
|
|
|
|
$
|
3,334
|
|
Cost of sales and other
expenses
|
(809)
|
|
|
(1,021)
|
|
|
(2)
|
|
|
(356)
|
|
|
30
|
|
|
|
(2,158)
|
|
Depreciation and
amortization
|
(280)
|
|
|
(211)
|
|
|
—
|
|
|
(71)
|
|
|
(1)
|
|
|
|
(563)
|
|
Other income (expense),
net
|
25
|
|
|
(2)
|
|
|
—
|
|
|
(2)
|
|
|
(18)
|
|
|
|
3
|
|
Income (loss) before
interest and tax(1)
|
378
|
|
|
79
|
|
|
(2)
|
|
|
200
|
|
|
(39)
|
|
|
|
616
|
|
Net interest
expense
|
(119)
|
|
|
(68)
|
|
|
—
|
|
|
(3)
|
|
|
(103)
|
|
|
|
(293)
|
|
Income tax benefit
(expense)
|
15
|
|
|
5
|
|
|
—
|
|
|
(24)
|
|
|
56
|
|
|
|
52
|
|
Equity
earnings
|
—
|
|
|
—
|
|
|
307
|
|
|
172
|
|
|
—
|
|
|
|
479
|
|
Earnings attributable
to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
(122)
|
|
|
—
|
|
|
|
(122)
|
|
Preferred
dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11)
|
|
|
|
(11)
|
|
Earnings (losses)
attributable to common shares
|
$
|
274
|
|
|
$
|
16
|
|
|
$
|
305
|
|
|
$
|
223
|
|
|
$
|
(97)
|
|
|
|
$
|
721
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30,
2022
|
SDG&E
|
|
SoCalGas
|
|
Sempra
Texas
Utilities
|
|
Sempra
Infrastructure
|
|
Consolidating
Adjustments,
Parent &
Other
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
|
1,569
|
|
|
$
|
1,385
|
|
|
$
|
—
|
|
|
$
|
697
|
|
|
$
|
(34)
|
|
|
|
$
|
3,617
|
|
Cost of sales and other
expenses
|
(917)
|
|
|
(1,093)
|
|
|
(1)
|
|
|
(525)
|
|
|
16
|
|
|
|
(2,520)
|
|
Aliso Canyon litigation
and regulatory matters
|
—
|
|
|
(122)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
(122)
|
|
Depreciation and
amortization
|
(247)
|
|
|
(190)
|
|
|
—
|
|
|
(67)
|
|
|
(2)
|
|
|
|
(506)
|
|
Other income (expense),
net
|
12
|
|
|
(43)
|
|
|
—
|
|
|
5
|
|
|
(14)
|
|
|
|
(40)
|
|
Income (loss) before
interest and tax(1)
|
417
|
|
|
(63)
|
|
|
(1)
|
|
|
110
|
|
|
(34)
|
|
|
|
429
|
|
Net interest
expense
|
(111)
|
|
|
(47)
|
|
|
—
|
|
|
(32)
|
|
|
(74)
|
|
|
|
(264)
|
|
Income tax (expense)
benefit
|
(35)
|
|
|
28
|
|
|
(1)
|
|
|
(58)
|
|
|
45
|
|
|
|
(21)
|
|
Equity
earnings
|
—
|
|
|
—
|
|
|
258
|
|
|
159
|
|
|
—
|
|
|
|
417
|
|
Earnings attributable
to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
(65)
|
|
|
—
|
|
|
|
(65)
|
|
Preferred
dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11)
|
|
|
|
(11)
|
|
Earnings (losses)
attributable to common shares
|
$
|
271
|
|
|
$
|
(82)
|
|
|
$
|
256
|
|
|
$
|
114
|
|
|
$
|
(74)
|
|
|
|
$
|
485
|
|
|
|
(1)
|
Management believes Income (Loss) Before Interest and
Tax is a useful measurement of our segments' performance because it
can be used to evaluate the effectiveness of our operations
exclusive of interest and income tax, neither of which is directly
relevant to the efficiency of those
operations.
|
SEMPRA
|
Table F (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENTS OF OPERATIONS DATA BY
SEGMENT
|
(Dollars in millions)
|
Nine months ended September 30,
2023
|
SDG&E
|
|
SoCalGas
|
|
Sempra
Texas
Utilities
|
|
Sempra
Infrastructure
|
|
Consolidating
Adjustments,
Parent &
Other
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
|
4,357
|
|
|
$
|
6,574
|
|
|
$
|
—
|
|
|
$
|
2,485
|
|
|
$
|
(187)
|
|
|
|
$
|
13,229
|
|
Cost of sales and other
expenses
|
(2,555)
|
|
|
(5,137)
|
|
|
(5)
|
|
|
(981)
|
|
|
135
|
|
|
|
(8,543)
|
|
Depreciation and
amortization
|
(810)
|
|
|
(625)
|
|
|
—
|
|
|
(210)
|
|
|
(6)
|
|
|
|
(1,651)
|
|
Other income (expense),
net
|
75
|
|
|
(9)
|
|
|
—
|
|
|
11
|
|
|
(2)
|
|
|
|
75
|
|
Income (loss) before
interest and tax(1)
|
1,067
|
|
|
803
|
|
|
(5)
|
|
|
1,305
|
|
|
(60)
|
|
|
|
3,110
|
|
Net interest
expense
|
(355)
|
|
|
(203)
|
|
|
—
|
|
|
(102)
|
|
|
(275)
|
|
|
|
(935)
|
|
Income tax benefit
(expense)
|
4
|
|
|
(68)
|
|
|
—
|
|
|
(555)
|
|
|
120
|
|
|
|
(499)
|
|
Equity
earnings
|
—
|
|
|
—
|
|
|
553
|
|
|
533
|
|
|
—
|
|
|
|
1,086
|
|
Earnings attributable
to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
(435)
|
|
|
—
|
|
|
|
(435)
|
|
Preferred
dividends
|
—
|
|
|
(1)
|
|
|
—
|
|
|
—
|
|
|
(33)
|
|
|
|
(34)
|
|
Earnings (losses)
attributable to common shares
|
$
|
716
|
|
|
$
|
531
|
|
|
$
|
548
|
|
|
$
|
746
|
|
|
$
|
(248)
|
|
|
|
$
|
2,293
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30,
2022
|
SDG&E
|
|
SoCalGas
|
|
Sempra
Texas
Utilities
|
|
Sempra
Infrastructure
|
|
Consolidating
Adjustments,
Parent &
Other
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
|
4,413
|
|
|
$
|
4,879
|
|
|
$
|
—
|
|
|
$
|
1,810
|
|
|
$
|
(118)
|
|
|
|
$
|
10,984
|
|
Cost of sales and other
expenses
|
(2,599)
|
|
|
(3,504)
|
|
|
(4)
|
|
|
(1,257)
|
|
|
74
|
|
|
|
(7,290)
|
|
Aliso Canyon litigation
and regulatory matters
|
—
|
|
|
(259)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
(259)
|
|
Depreciation and
amortization
|
(730)
|
|
|
(565)
|
|
|
—
|
|
|
(199)
|
|
|
(6)
|
|
|
|
(1,500)
|
|
Other income (expense),
net
|
68
|
|
|
(5)
|
|
|
—
|
|
|
(4)
|
|
|
(62)
|
|
|
|
(3)
|
|
Income (loss) before
interest and tax(1)
|
1,152
|
|
|
546
|
|
|
(4)
|
|
|
350
|
|
|
(112)
|
|
|
|
1,932
|
|
Net interest
expense
|
(330)
|
|
|
(131)
|
|
|
—
|
|
|
(61)
|
|
|
(216)
|
|
|
|
(738)
|
|
Income tax (expense)
benefit
|
(141)
|
|
|
(75)
|
|
|
(1)
|
|
|
(219)
|
|
|
1
|
|
|
|
(435)
|
|
Equity
earnings
|
—
|
|
|
—
|
|
|
609
|
|
|
509
|
|
|
—
|
|
|
|
1,118
|
|
Earnings attributable
to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
(187)
|
|
|
—
|
|
|
|
(187)
|
|
Preferred
dividends
|
—
|
|
|
(1)
|
|
|
—
|
|
|
—
|
|
|
(33)
|
|
|
|
(34)
|
|
Earnings (losses)
attributable to common shares
|
$
|
681
|
|
|
$
|
339
|
|
|
$
|
604
|
|
|
$
|
392
|
|
|
$
|
(360)
|
|
|
|
$
|
1,656
|
|
|
|
(1)
|
Management believes Income (Loss) Before Interest and
Tax is a useful measurement of our segments' performance because it
can be used to evaluate the effectiveness of our operations
exclusive of interest and income tax, neither of which is directly
relevant to the efficiency of those
operations.
|
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SOURCE Sempra