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.
Sempra reported second-quarter 2022 earnings of $559 million, or $1.77 per diluted share, up from $424 million and $1.37 a year ago. Adjusted earnings reached $626 million ($1.98 per share), compared to $504 million ($1.63). For the first half, earnings were $1.171 billion or $3.70 per diluted share, down from $1.298 billion ($4.24). Notably, Sempra updated its 2022 GAAP EPS guidance to $6.90 to $7.50, reflecting strong operational execution.
San Diego Gas & Electric (SDG&E) has launched a pioneering vehicle-to-grid (V2G) project, allowing eight electric school buses to supply electricity back to the grid, particularly during peak demand. This initiative, a collaboration with Nuvve and Cajon Valley Union School District, is the first of its kind in Southern California and follows the U.S. Department of Energy’s V2X initiative. With the installation of six 60kW bi-directional chargers, this pilot project aims to enhance energy security while promoting eco-friendly solutions.
Sempra Infrastructure and Entergy Texas have signed a memorandum of understanding (MOU) aimed at accelerating the deployment of renewable energy resources in Southeast Texas. The agreement focuses on developing a renewable electricity plan to enhance power supply resiliency and sustainability goals for both companies. Entergy Texas plans to invest over $2.5 billion by 2024 to promote cleaner energy solutions, including a 20-year power purchase agreement for 150 megawatts of solar energy. This MOU is part of Sempra's broader efforts to integrate renewable energy into its projects across North America.
Sempra Infrastructure and Mexico's CFE have strengthened their collaboration on energy infrastructure projects, particularly the Guaymas-El Oro pipeline and the Vista Pacífico LNG project.
The new agreements facilitate the restoration of pipeline services and outline plans for an LNG terminal in Salina Cruz. These initiatives aim to improve energy security and support economic growth in Mexico's South-Southeast region. However, these agreements are preliminary and subject to feasibility studies, regulatory approvals, and final investment decisions.
Southern California Gas Co. (SoCalGas) announced the successful testing of Kore Infrastructure's carbon-negative waste-to-energy modular system at its Los Angeles facility. This system diverts organic waste from landfills, converting it into carbon-negative hydrogen and renewable natural gas (RNG). SoCalGas invested $1.5 million in the project, enhancing clean energy solutions to reduce greenhouse gas emissions, particularly in transportation. The technology aims to produce 99.999% pure hydrogen suitable for fuel cell vehicles, with potential to process up to 24 tons of organic feedstock daily.
Oncor Electric Delivery Company will announce its second quarter 2022 results on August 4, prior to Sempra's conference call. The call is scheduled for 12 p.m. ET on the same day and will cover Oncor's operational and financial results. Investors and the public can access a live webcast of the call on Sempra's website. An accompanying slide presentation will be available beforehand, and a replay will be accessible after the call. Oncor is a major electricity distributor in Texas, serving over 3.8 million customers.
ConocoPhillips (COP) is expanding its liquefied natural gas (LNG) business by investing in a new LNG facility developed by Sempra Infrastructure in Jefferson County, Texas. Under a Heads of Agreement, ConocoPhillips will acquire a 30% equity stake in Port Arthur Liquefaction Holdings and an LNG offtake of 5 million tonnes per annum. The project is fully permitted and aims for a production capacity of 13.5 million tonnes per annum. This partnership aligns with ConocoPhillips' strategic initiatives to enhance energy security and support a lower-carbon future.
Sempra (NYSE: SRE) will release its second-quarter 2022 earnings on August 4 at 7 a.m. ET. A conference call for investors and analysts is scheduled for 12 p.m. ET on the same day, with a live webcast available on the company's website. A slide presentation detailing the earnings will be posted prior to the call. Sempra is recognized as a leader in energy infrastructure and sustainability, serving nearly 40 million consumers and managing over $72 billion in total assets.
On July 1, 2022, Southern California Gas Co. (SRE) announced expanded eligibility for its Energy Savings Assistance Program. New guidelines raise income limits to 250% of federal poverty levels, allowing more customers to qualify for no-cost energy-efficient home improvements. This change could benefit families earning up to $69,375 annually. The program offers services like furnace repairs and insulation, potentially saving customers up to 20% on their natural gas bills. However, the program's budgets often remain underutilized, with hundreds of millions unspent each year.
Southern California Gas Co. (SoCalGas) announced the awarding of scholarships totaling over $300,000 to 25 students from Central and Southern California. The scholarships, administered through a partnership with Scholarship America, are aimed at minority students majoring in STEM, accounting, and finance. Each scholarship is renewable for up to three years, with recipients evaluated based on academic achievements and community involvement. Since 2001, SoCalGas has awarded over $3 million in scholarships to more than 2,200 students, supporting diversity and education in underserved communities.