South Calif Gas Stock Price, News & Analysis

On April 24, 2023, Southern California Gas Company (SOCGP) announced an additional $200,000 in grants through its SoCal Climate Champions Grant program, aimed at supporting innovative climate solutions in California. Five non-profit organizations will receive $40,000 each to advance local projects promoting climate resilience and clean energy as part of the company's ASPIRE 2045 sustainability strategy. Since its inception, the grant program has awarded $600,000 in total, with another $400,000 available for this year’s applications running until June 23. Key projects include community composting initiatives and sustainable agricultural practices to reduce greenhouse gas emissions.

SoCalGas has announced the opening of applications for the 2023 Restaurants Care Resilience Fund, providing $5,000 grants to 177 independent restaurants in its service area. This initiative, which runs from April 15 to May 7, is part of a larger commitment where SoCalGas donated $1 million earlier this year, raising the total fund to $2.1 million. The Resilience Fund aims to assist restaurants with technology adoption, equipment upgrades, and employee retention. Since 2021, the fund has awarded 788 grants, with a significant portion benefiting women and minority-owned businesses in California. The company's funding aligns with its broader ASPIRE 2045 sustainability goals, which include investing $50 million in underserved communities over five years.

San Diego Gas & Electric (SDG&E) is applying for up to $100 million in federal funds from the Department of Energy to support wildfire hardening initiatives around Tribal lands. If awarded, this grant would be matched by an additional $100 million from SDG&E, totaling $200 million for these efforts. The funding aims to improve energy infrastructure and enhance safety by undergrounding 64 miles of power lines and covering 6 miles with protected conductors, benefiting 10 Tribal communities. Pending approval from the California Public Utilities Commission, construction is expected between 2024 and 2026. SDG&E is also pursuing additional funding through various legislative measures to reduce customer costs amid a changing climate.

The Greater Los Angeles African American Chamber of Commerce (GLAAACC) honored SoCalGas with the 'Utility of the Year' award at its 29th Annual Economic Awards Dinner. SoCalGas has notably increased its supplier spending with African American-owned businesses by over 50% in two years, totaling $134 million spent with 71 firms in 2022. The company exceeded the California Public Utilities Commission's diverse spending goals for the 30th consecutive year, with over $1 billion spent on diverse businesses. SoCalGas aims for 45% of its supplier spend to be with diverse businesses by 2025, continuing its commitment to economic inclusion.

Southern California Gas Co. (OTC-PINK:SOCGP) has exceeded the California Public Utilities Commission's diverse spending goal for the 30th consecutive year, sourcing nearly 43% of its goods and services from minority, women, service-disabled veteran, and LGBT-owned businesses in 2022. The company engaged with 578 diverse businesses, spending over $1 billion. SoCalGas aims to reach 45% diverse spending by 2025 as part of its ASPIRE 2045 sustainability strategy. Over six years, it has spent approximately $5 billion with diverse enterprises. CEO Scott Drury was recognized as CEO Diversity Champion for his leadership in advancing diversity and inclusion in contracting.

Sempra (NYSE: SRE) announced that its subsidiary, Sempra Infrastructure Partners, has made a final investment decision for the Port Arthur LNG Phase 1 project in Jefferson County, Texas. The project involves a joint venture with ConocoPhillips (NYSE: COP) and KKR's equity participation. A $6.8 billion non-recourse debt financing has been secured, and a final notice to proceed has been issued to Bechtel for construction. The facility aims for a nameplate capacity of approximately 13 million tonnes per annum, with long-term contracts already signed for 10.5 million tonnes. Expected commercial operations are in 2027 and 2028.

Sempra reported fourth-quarter 2022 earnings of $438 million or $1.39 per diluted share, down from $604 million or $1.90 in Q4 2021. Adjusted earnings for Q4 2022 were $743 million or $2.35 per diluted share, up from $688 million or $2.16 the previous year. The full-year 2022 GAAP earnings were $2.09 billion or $6.62 per share compared to $1.25 billion or $4.01 in 2021. Sempra reaffirmed its 2023 EPS guidance of $8.60 to $9.20 and long-term growth rate of 6-8%. The company declared a quarterly dividend of $1.19 and is targeting a final investment decision for its Port Arthur LNG Phase 1 project by Q1 2023.