Sempra Energy Stock Price, News & Analysis

Oncor Electric Delivery Company reported net income of $251 million for Q2 2024, up from $200 million in Q2 2023. The $51 million increase was driven by higher revenues due to updated interim rates, increased transmission billing units, higher customer consumption, and new base rates implemented in May 2023. For the first half of 2024, net income was $476 million, up from $303 million in H1 2023.

Operational highlights include adding 20,000 new premises in Q2 2024 and receiving 98 new transmission point of interconnection requests, a 7% increase year-over-year. Oncor also reached a settlement in principle for its system resiliency plan, which proposes $2.9 billion in capital investment and $520 million in O&M expenses over three years.

As of August 5, 2024, Oncor's available liquidity totaled $2.2 billion.

Sempra (NYSE: SRE) reported second-quarter 2024 GAAP earnings of $713 million, or $1.12 per diluted share, compared to $603 million, or $0.95 per diluted share in Q2 2023. Adjusted earnings were $567 million, or $0.89 per diluted share, compared to $594 million, or $0.94 per diluted share in Q2 2023. For the first six months of 2024, GAAP earnings were $1.514 billion, or $2.38 per diluted share, while adjusted earnings were $1.421 billion, or $2.24 per diluted share. Sempra's subsidiary Oncor reached a settlement in principle on a ~$3B System Resiliency Plan. The company updated its full-year 2024 GAAP EPS guidance to $4.74-$5.04 and affirmed its adjusted EPS guidance of $4.60-$4.90. Sempra also affirmed its 2025 EPS guidance of $4.90-$5.25 and long-term EPS growth rate of 6-8%.

The Latino Restaurant Association (LRA) has announced a new grant program sponsored by SoCalGas, offering $2,500 grants to 35 local restaurant owners in South Fresno, Kings, and Tulare Counties. The initiative aims to support restaurants owned by individuals of Latino heritage or those who have significantly contributed to the Latino community. To qualify, restaurants must meet specific criteria, including owning up to three locations, generating less than $1 million in annual revenue per location, and being in business for over three years.

Grant applications open on July 30, 2024, and close on August 23, 2024. Recipients will be notified by September 2, 2024, with official announcements made on September 9, 2024. The program demonstrates SoCalGas's commitment to supporting diverse, local restaurants and their contributions to the community.

SoCalGas has awarded $314,000 in scholarships to 29 students in Central and Southern California through its Scholarship Program. The program offers $5,000 renewable scholarships for four-year university students, totaling $20,000 over four years, and $1,000 scholarships for community college and trade school students. Additionally, 28 previous recipients will have their scholarships renewed.

Since 2001, SoCalGas has awarded over $3.9 million to 2,355 students. The program evaluates candidates based on academic achievements, community involvement, financial need, and their understanding of sustainable energy in California. It aims to support students in STEM fields, finance, accounting, business administration, and various trades.

This initiative aligns with SoCalGas' ASPIRE 2045 Sustainability Strategy, which includes a $50 million investment over five years to advance diversity and work towards a carbon-neutral future.

Oncor Electric Delivery Company plans to release its second quarter 2024 results on August 6, 2024, before Sempra's (NYSE: SRE) Q2 2024 results conference call. Oncor's earnings release will be available on oncor.com. Sempra executives will host a conference call at 12 p.m. ET on August 6 to discuss Oncor's Q2 2024 operational and financial results.

Investors and the public can access a live webcast of the call by registering on Sempra's website. A slide presentation will be posted before the call, and a replay will be available afterwards. Oncor's Q2 2024 Form 10-Q will be filed with the SEC after Sempra's call and will be accessible on oncor.com.

Sempra (NYSE: SRE) (BMV: SRE) has announced its plans to release second-quarter 2024 earnings on Tuesday, August 6, by 8 a.m. ET. The company will host a conference call at 12 p.m. ET on the same day, featuring Jeffrey W. Martin, chairman and CEO, Karen Sedgwick, executive vice president and CFO, and other senior leaders.

Investors, media, analysts, and the public can access a live webcast of the conference call by registering on Sempra's Investors section of the website. An accompanying slide presentation detailing the earnings results will be available on the Investors site by 8 a.m. ET. For those unable to attend the live webcast, a replay will be available shortly after its conclusion.

Sempra Infrastructure, a Sempra (NYSE: SRE) subsidiary, has signed a fixed-price engineering, procurement and construction (EPC) contract with Bechtel Energy for the Port Arthur LNG Phase 2 project in Texas. This development aims to increase the facility's total liquefaction capacity from 13 Mtpa to 26 Mtpa. The project, which received FERC authorization in September 2023, will include two additional liquefaction trains capable of producing approximately 13 Mtpa of LNG.

The Port Arthur LNG Phase 1 project is currently under construction, with expected commercial operation dates for train 1 and 2 in 2027 and 2028, respectively. Sempra Infrastructure has also signed non-binding agreements with Aramco for a 5 Mtpa LNG purchase and a 25% equity investment in Phase 2, as well as with INEOS for a 0.2 Mtpa offtake capacity.

Southern California Gas Co. (SoCalGas) and EVOLOH, an AEM electrolyzer technology developer, have concluded a joint research project aimed at reducing the capital costs of electrolyzer technology by about 25%. The project achieved a 15% increase in hydrogen production efficiency for EVOLOH's Nautilus™ series electrolyzer stack, also extending its equipment lifetime. This enhancement utilizes readily available materials and a roll-to-roll manufacturing process, enabling a shorter supply chain and lower production costs. The technology will be scaled up at EVOLOH's new manufacturing Center of Excellence in Massachusetts with a target of 3.75GW annual production by 2025 and 15GW by 2027. SoCalGas' RD&D Program funded the project and provided technical assistance.

On June 26, 2024, Aramco and Sempra announced a non-binding Heads of Agreement (HoA) for a 20-year sale and purchase agreement (SPA) for 5.0 million tonnes per annum (Mtpa) of liquefied natural gas (LNG) from the Port Arthur LNG Phase 2 expansion project. Aramco is also set to take a 25% equity stake in this phase. The agreement aims to fulfill the growing global demand for lower-carbon energy. The Port Arthur LNG project, located in Southeast Texas, is part of Sempra's larger Port Arthur Energy Hub and is positioned to enhance global energy security. The Phase 2 expansion is expected to bolster the facility's capacity up to 13 Mtpa, with the potential to further grow into one of the world's largest LNG export facilities.

This strategic move highlights Aramco's intent to diversify into the LNG sector and Sempra's commitment to expanding U.S. natural gas distribution globally. The project stands to play a important role in improving energy security while offering a lower-carbon alternative to coal for electricity production.