Welcome to our dedicated page for Sempra Energy news (Ticker: SRE), a resource for investors and traders seeking the latest updates and insights on Sempra Energy stock.
Sempra (NYSE: SRE) generates frequent news as a North American energy infrastructure company with major regulated utilities and large-scale energy projects. Public announcements often highlight developments at its California utilities, San Diego Gas & Electric Company (SDG&E) and Southern California Gas Company (SoCalGas), as well as at its Texas affiliate Oncor Electric Delivery Company LLC and its LNG-focused Sempra Infrastructure businesses.
Investors following SRE news can expect regular updates on quarterly earnings, dividend declarations, regulatory proceedings and capital plans. Recent press releases have covered common and preferred dividend announcements, detailed quarterly financial results, and guidance updates. Sempra also issues news about strategic transactions, such as the agreement to sell a 45% equity interest in Sempra Infrastructure Partners to a KKR-led consortium, which is designed to support its utility-focused capital campaign and adjust its business mix.
Subsidiary-level news is also significant. SDG&E has reported recognition for reliability performance in the Western Region and described investments in grid enhancements, safety programs and wildfire mitigation. SoCalGas issues releases on preferred stock dividends and provides background on its role as a large gas distribution utility in Central and Southern California. Oncor regularly reports its quarterly results, capital spending plans and progress on major transmission and distribution projects across Texas.
News related to Sempra Infrastructure often focuses on LNG projects, including final investment decisions, long-term offtake agreements and investor equity arrangements for projects such as Port Arthur LNG Phase 2. Together, these updates give readers insight into how Sempra manages regulatory issues, funds large capital programs and advances energy infrastructure projects. This page aggregates such company and subsidiary announcements so readers can review the latest SRE-related developments in one place.
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.
San Diego Gas & Electric (SDG&E) revealed that it contributed $2.4 billion to the economy in 2022 by purchasing goods and services, with $964 million or 39.75% directed towards diverse suppliers. This amount significantly surpasses the 22% goal set by the California Public Utilities Commission. Local companies in the San Diego region received $470 million, while 87% of diverse suppliers are based in California. SDG&E's supplier diversity program is integral to its mission of promoting diversity, equity, and inclusion, and significantly enhances local economic growth.
San Diego Gas & Electric (SDG&E) has intensified its support for customers facing financial challenges due to inflation and COVID-19 repercussions. Since 2020, SDG&E has facilitated approximately $140 million in debt relief through various state and federal programs. Currently, about one-third of its customers benefit from assistance programs, including the CARE and FERA programs, which provide significant bill discounts. Additionally, SDG&E has announced $16 million in new relief and community assistance funding, including a $10 million program targeting local nonprofits. Customer bills are also alleviated by the California Climate Credit, providing credits for natural gas and electricity.
Oncor Electric Delivery Company reported a net income of $905 million for the twelve months ended December 31, 2022, an increase of $135 million from $770 million in 2021. This growth was fueled by higher revenues due to increased customer consumption and base transmission rates. However, Q4 2022 net income fell to $164 million, down from $175 million in Q4 2021, primarily due to rising operational costs. Oncor's regulatory base rate review is ongoing, with a potential $251 million annual revenue increase at stake. Despite challenges, Oncor connected 64,000 new premises and achieved significant safety improvements, showcasing growth in Texas's expanding job market.
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.
San Diego Gas & Electric (SDG&E) announced $16 million in shareholder funding for customer bill assistance and community support due to rising natural gas prices. The funding includes a new $10 million initiative for local nonprofits and an increase to the Neighbor-to-Neighbor program from $3 million to $6 million, allowing qualifying customers to receive up to $600 annually. SDG&E emphasizes its commitment to supporting vulnerable populations, including those experiencing financial hardships. The initiative aligns with efforts to address the financial strain on families and promote community resilience amid economic challenges.
Southern California Gas Co. (SOCGP) announced a historic $10 million funding initiative to aid customers facing financial challenges due to soaring gas prices this winter. This includes a $5 million contribution to the Gas Assistance Fund, expanding support for thousands of low-income customers. Additionally, $4 million will be dedicated to reviving the Fueling Our Communities program, which provides free meals to those in need, and $1 million will support small restaurant owners through the Restaurants Care Resilience Fund.
The company’s efforts aim to alleviate hardships exacerbated by high gas prices and inflation in Southern California.
Sempra Foundation has announced a $1.1 million donation to Fundación Mozcalti to enhance energy access and reduce emissions for indigenous communities in location value="LC/mx"Mexico. The initiative aims to install cleaner cookstoves and other clean energy assets, benefiting over 40,000 people across more than 60 communities. This follows a previous partnership that resulted in the installation of 2,400 cookstoves. Additional projects include biodigesters and solar energy systems to improve water access in areas like location value="LS/mx.mo"Morelos. The foundation's commitment was recently recognized with the Empresa Socialmente Responsable award.
SoCalGas announced a significant drop in natural gas prices, aligning closer to 2022 figures after unprecedented spikes in January. Contributing factors include improved weather conditions and reduced demand. The restoration of out-of-state pipeline service is poised to boost supply capacity by up to 500 million cubic feet per day. However, natural gas markets remain volatile, influenced by weather changes and ongoing maintenance updates. SoCalGas will file March procurement prices with the California Public Utilities Commission, reflecting the costs incurred for residential and business customers. Customers will see a $50.77 credit on their bills due to accelerated California Climate Credit.