Sempra Reports Second-Quarter 2024 Earnings Results
Oncor reaches settlement in principle on
"At Sempra, we are pleased with the strength of our financial performance through the first half of the year," said Jeffrey W. Martin, chairman and CEO of Sempra. "Our company is well-positioned for continued growth across each of our business platforms, which are benefitting from ongoing electrification, economic development, and demand for safe, reliable and cleaner energy."
Sempra's GAAP earnings for the first six months of 2024 were
The reported financial results reflect certain significant items as described on an after-tax basis in the following table of GAAP earnings, reconciled to adjusted earnings, for the second quarter and first six months of 2024 and 2023.
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(Dollars and shares in millions, except EPS) |
Three months ended |
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Six months ended |
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2024 |
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2023 |
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2024 |
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2023 |
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GAAP Earnings |
$ 713 |
|
$ 603 |
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|
Equity losses from write-off of rate base disallowances resulting from Public Utility |
— |
|
— |
|
— |
|
44 |
|
|
Impact from foreign currency and inflation on monetary positions in |
(152) |
|
93 |
|
(111) |
|
202 |
|
|
Net unrealized losses (gains) on derivatives |
6 |
|
(102) |
|
18 |
|
(319) |
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|
Net unrealized losses on contingent interest rate swap related to initial phase of the Port |
— |
|
— |
|
— |
|
17 |
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Adjusted Earnings(1) |
$ 567 |
|
$ 594 |
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Diluted Weighted-Average Common Shares Outstanding |
636 |
|
632 |
|
636 |
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632 |
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GAAP EPS |
$ 1.12 |
|
$ 0.95 |
|
$ 2.38 |
|
$ 2.49 |
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Adjusted EPS(1) |
$ 0.89 |
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$ 0.94 |
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$ 2.24 |
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$ 2.40 |
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(1) See Table A for information regarding non-GAAP financial measures. |
Sempra California
The focus at the company's
The
In July,
Under
Yesterday,
Broad expansion and load growth across the service territory of Oncor continues driving new investment opportunities. In addition to building new energy infrastructure to meet demand related to artificial intelligence and data centers, load growth is also coming from a wide range of industries across the state, including new and expanded commercial and industrial facilities, electrification of oil and gas operations, manufacturing and residential.
At the end of second-quarter 2024, Oncor had 814 active generation and large commercial and industrial transmission point-of-interconnection requests in queue, representing a 13% increase as compared to the end of second-quarter 2023 and demonstrating the growing demand for new infrastructure in Oncor's service territory. Oncor placed into service 25 load-serving substation projects and 175 circuit miles of new or upgraded high-voltage transmission lines in second-quarter 2024, outpacing the 9 load-serving substations and 24 circuit miles placed into service in first-quarter 2024.
Strong global demand for cleaner and more secure energy continues to support
Port Arthur LNG Phase 1 is under construction while the proposed Phase 2 expansion project is making steady progress. In June,
Construction at Energía Costa Azul LNG Phase 1 is approximately 85% complete but in recent months has experienced labor and productivity challenges. Mechanical completion and first LNG are expected to occur in 2025, with timing of commercial operations under the sales and purchase agreements targeted for spring 2026.
Earnings Guidance
Sempra is updating its full-year 2024 GAAP earnings-per-common share (EPS) guidance range to
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
About Sempra
Sempra (NYSE: SRE) is a leading North American energy infrastructure company focused on delivering energy to nearly 40 million consumers. As owner of one of the largest energy networks on the continent, Sempra is electrifying and improving the energy resilience of some of the world's most significant economic markets, including
###
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," "envision," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "in process," "construct," "develop," "opportunity," "preliminary," "initiative," "target," "outlook," "optimistic," "poised," "positioned," "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:
These risks and uncertainties are further discussed in the reports that Sempra has filed with the
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 |
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Table A |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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(Dollars in millions, except per share amounts; shares in thousands) |
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Three months ended |
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Six months ended |
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2024 |
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2023 |
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2024 |
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2023 |
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REVENUES |
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Utilities: |
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|
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|
|
|
||||||||||||||||
Natural gas |
$ |
1,494 |
|
|
$ |
1,660 |
|
|
$ |
3,603 |
|
|
$ |
6,072 |
|
||||||||
Electric |
1,144 |
|
|
1,054 |
|
|
2,200 |
|
|
2,081 |
|
||||||||||||
Energy-related businesses |
373 |
|
|
621 |
|
|
848 |
|
|
1,742 |
|
||||||||||||
Total revenues |
3,011 |
|
|
3,335 |
|
|
6,651 |
|
|
9,895 |
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EXPENSES AND OTHER INCOME |
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Utilities: |
|
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|
|
|
|
|
||||||||||||||||
Cost of natural gas |
(137) |
|
|
(311) |
|
|
(691) |
|
|
(2,994) |
|
||||||||||||
Cost of electric fuel and purchased power |
(156) |
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|
(88) |
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|
(245) |
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|
(202) |
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Energy-related businesses cost of sales |
(54) |
|
|
(81) |
|
|
(163) |
|
|
(274) |
|
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Operation and maintenance |
(1,333) |
|
|
(1,366) |
|
|
(2,545) |
|
|
(2,575) |
|
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Depreciation and amortization |
(603) |
|
|
(549) |
|
|
(1,197) |
|
|
(1,088) |
|
||||||||||||
Franchise fees and other taxes |
(156) |
|
|
(148) |
|
|
(340) |
|
|
(340) |
|
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Other income, net |
30 |
|
|
31 |
|
|
129 |
|
|
72 |
|
||||||||||||
Interest income |
17 |
|
|
17 |
|
|
30 |
|
|
41 |
|
||||||||||||
Interest expense |
(311) |
|
|
(317) |
|
|
(616) |
|
|
(683) |
|
||||||||||||
Income before income taxes and equity earnings |
308 |
|
|
523 |
|
|
1,013 |
|
|
1,852 |
|
||||||||||||
Income tax benefit (expense) |
130 |
|
|
(175) |
|
|
(42) |
|
|
(551) |
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Equity earnings |
433 |
|
|
388 |
|
|
781 |
|
|
607 |
|
||||||||||||
Net income |
871 |
|
|
736 |
|
|
1,752 |
|
|
1,908 |
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Earnings attributable to noncontrolling interests |
(146) |
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|
(121) |
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|
(215) |
|
|
(313) |
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Preferred dividends |
(11) |
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|
(11) |
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(22) |
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|
(22) |
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Preferred dividends of subsidiary |
(1) |
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|
(1) |
|
|
(1) |
|
|
(1) |
|
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Earnings attributable to common shares |
$ |
713 |
|
|
$ |
603 |
|
|
$ |
1,514 |
|
|
$ |
1,572 |
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Basic earnings per common share (EPS): |
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Earnings |
$ |
1.13 |
|
|
$ |
0.96 |
|
|
$ |
2.39 |
|
|
$ |
2.50 |
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Weighted-average common shares outstanding |
633,450 |
|
|
630,014 |
|
|
633,135 |
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|
629,926 |
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Diluted EPS: |
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Earnings |
$ |
1.12 |
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|
$ |
0.95 |
|
|
$ |
2.38 |
|
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$ |
2.49 |
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Weighted-average common shares outstanding |
636,279 |
|
|
632,121 |
|
|
635,817 |
|
|
632,185 |
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SEMPRA
Table A (Continued)
RECONCILIATION OF SEMPRA ADJUSTED EARNINGS TO SEMPRA GAAP EARNINGS
Sempra Adjusted Earnings and Adjusted EPS exclude items (after the effects of income taxes and, if applicable, noncontrolling interests (NCI)) in 2024 and 2023 as follows:
Three months ended
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$152 million impact from foreign currency and inflation on our monetary positions inMexico -
$(6) million net unrealized losses on commodity derivatives
Three months ended
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$(93) million impact from foreign currency and inflation on our monetary positions inMexico -
$102 million net unrealized gains on commodity derivatives
Six months ended
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$111 million impact from foreign currency and inflation on our monetary positions inMexico -
$(18) million net unrealized losses on commodity derivatives
Six months ended
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$(44) million equity losses from investment inOncor Electric Delivery Holdings Company LLC (Oncor Holdings ) related to a write-off of rate base disallowances resulting from thePublic Utility Commission of Texas' (PUCT) final order inOncor Electric Delivery Company LLC's (Oncor) comprehensive base rate review -
$(202) million impact from foreign currency and inflation on our monetary positions inMexico -
$319 million net unrealized gains on commodity derivatives -
$(17) million net unrealized losses on a contingent interest rate swap related to the initial phase of thePort Arthur LNG liquefaction project (PA LNG Phase 1 project)
Sempra Adjusted Earnings and Adjusted EPS are non-GAAP financial measures (GAAP represents generally accepted accounting principles in
SEMPRA
Table A (Continued)
RECONCILIATION OF ADJUSTED EARNINGS TO GAAP EARNINGS AND ADJUSTED EPS TO GAAP EPS |
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(Dollars in millions, except per share amounts; shares in thousands) |
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Pretax amount |
Income tax |
Non-controlling |
Earnings |
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Diluted EPS |
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Pretax amount |
Income tax |
Non-controlling |
Earnings |
|
Diluted EPS |
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Three months ended |
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Three months ended |
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Sempra GAAP Earnings and GAAP EPS |
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$ |
713 |
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$ |
1.12 |
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$ |
603 |
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$ |
0.95 |
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Excluded items: |
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Impact from foreign currency and inflation on |
$ |
(37) |
|
$ |
(186) |
|
$ |
71 |
|
(152) |
|
|
(0.24) |
|
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$ |
18 |
|
$ |
117 |
|
$ |
(42) |
|
93 |
|
|
0.15 |
|
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Net unrealized losses (gains) on commodity |
12 |
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(2) |
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(4) |
|
6 |
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|
0.01 |
|
|
(200) |
|
41 |
|
57 |
|
(102) |
|
|
(0.16) |
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Sempra Adjusted Earnings and Adjusted EPS |
|
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$ |
567 |
|
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$ |
0.89 |
|
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$ |
594 |
|
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$ |
0.94 |
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Weighted-average common shares outstanding, diluted |
|
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636,279 |
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632,121 |
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Six months ended |
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Six months ended |
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Sempra GAAP Earnings and GAAP EPS |
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$ |
1,514 |
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$ |
2.38 |
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|
|
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$ |
1,572 |
|
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$ |
2.49 |
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Excluded items: |
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|
|
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Equity losses from write-off of rate base |
$ |
— |
|
$ |
— |
|
$ |
— |
|
— |
|
|
— |
|
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
44 |
|
|
0.07 |
|
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|
Impact from foreign currency and inflation on |
(30) |
|
(133) |
|
52 |
|
(111) |
|
|
(0.17) |
|
|
43 |
|
252 |
|
(93) |
|
202 |
|
|
0.32 |
|
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|
Net unrealized losses (gains) on commodity |
35 |
|
(5) |
|
(12) |
|
18 |
|
|
0.03 |
|
|
(628) |
|
126 |
|
183 |
|
(319) |
|
|
(0.51) |
|
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Net unrealized losses on contingent interest rate |
— |
|
— |
|
— |
|
— |
|
|
— |
|
|
33 |
|
(6) |
|
(10) |
|
17 |
|
|
0.03 |
|
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Sempra Adjusted Earnings and Adjusted EPS |
|
|
|
$ |
1,421 |
|
|
$ |
2.24 |
|
|
|
|
|
$ |
1,516 |
|
|
$ |
2.40 |
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Weighted-average common shares outstanding, diluted |
|
|
|
|
|
635,817 |
|
|
|
|
|
|
|
632,185 |
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(1) |
Income taxes on pretax amounts were primarily calculated based on applicable statutory tax rates. We record equity losses from our investment in Oncor Holdings net of income tax. |
SEMPRA
Table A (Continued)
RECONCILIATION OF SEMPRA 2024 ADJUSTED EPS GUIDANCE RANGE TO SEMPRA 2024 GAAP EPS GUIDANCE RANGE
Sempra 2024
-
$111 million impact from foreign currency and inflation on our monetary positions inMexico -
$(18) million net unrealized losses on commodity derivatives
Sempra 2024 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
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RECONCILIATION OF ADJUSTED EPS GUIDANCE RANGE TO GAAP EPS GUIDANCE RANGE |
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Full-Year 2024 |
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|
$ |
4.74 |
|
to |
$ |
5.04 |
|
||||
Excluded items: |
|
|
|
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Impact from foreign currency and inflation on monetary positions in |
(0.17) |
|
|
(0.17) |
|
||||||
Net unrealized losses on commodity derivatives |
0.03 |
|
|
0.03 |
|
||||||
|
$ |
4.60 |
|
to |
$ |
4.90 |
|
||||
Weighted-average common shares outstanding, diluted (millions) |
|
|
637 |
|
SEMPRA |
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Table B |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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(Dollars in millions) |
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December 31, |
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ASSETS |
|
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Current assets: |
|
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Cash and cash equivalents |
$ |
228 |
|
|
$ |
236 |
|
||||
Restricted cash |
16 |
|
|
49 |
|
||||||
Accounts receivable – trade, net |
1,552 |
|
|
2,151 |
|
||||||
Accounts receivable – other, net |
441 |
|
|
561 |
|
||||||
Due from unconsolidated affiliates |
7 |
|
|
31 |
|
||||||
Income taxes receivable |
95 |
|
|
94 |
|
||||||
Inventories |
467 |
|
|
482 |
|
||||||
Prepaid expenses |
173 |
|
|
273 |
|
||||||
Regulatory assets |
55 |
|
|
226 |
|
||||||
Fixed-price contracts and other derivatives |
129 |
|
|
122 |
|
||||||
Greenhouse gas allowances |
1,176 |
|
|
1,189 |
|
||||||
Other current assets |
39 |
|
|
56 |
|
||||||
Total current assets |
4,378 |
|
|
5,470 |
|
||||||
|
|
|
|
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Other assets: |
|
|
|
||||||||
Restricted cash |
107 |
|
|
104 |
|
||||||
Regulatory assets |
4,011 |
|
|
3,771 |
|
||||||
Greenhouse gas allowances |
769 |
|
|
301 |
|
||||||
Nuclear decommissioning trusts |
882 |
|
|
872 |
|
||||||
Dedicated assets in support of certain benefit plans |
547 |
|
|
549 |
|
||||||
Deferred income taxes |
134 |
|
|
129 |
|
||||||
Right-of-use assets – operating leases |
711 |
|
|
723 |
|
||||||
Investment in |
14,809 |
|
|
14,266 |
|
||||||
Other investments |
2,405 |
|
|
2,244 |
|
||||||
|
1,602 |
|
|
1,602 |
|
||||||
Other intangible assets |
305 |
|
|
318 |
|
||||||
Wildfire fund |
272 |
|
|
269 |
|
||||||
Other long-term assets |
1,857 |
|
|
1,603 |
|
||||||
Total other assets |
28,411 |
|
|
26,751 |
|
||||||
Property, plant and equipment, net |
57,684 |
|
|
54,960 |
|
||||||
Total assets |
$ |
90,473 |
|
|
$ |
87,181 |
|
|
|
(1) |
Derived from audited financial statements. |
SEMPRA |
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Table B (Continued) |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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(Dollars in millions) |
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December 31, |
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LIABILITIES AND EQUITY |
|
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||||||||
Current liabilities: |
|
|
|
||||||||
Short-term debt |
$ |
2,197 |
|
|
$ |
2,342 |
|
||||
Accounts payable – trade |
1,753 |
|
|
2,211 |
|
||||||
Accounts payable – other |
257 |
|
|
224 |
|
||||||
Due to unconsolidated affiliates |
3 |
|
|
5 |
|
||||||
Dividends and interest payable |
738 |
|
|
691 |
|
||||||
Accrued compensation and benefits |
378 |
|
|
526 |
|
||||||
Regulatory liabilities |
125 |
|
|
553 |
|
||||||
Current portion of long-term debt and finance leases |
1,711 |
|
|
975 |
|
||||||
Greenhouse gas obligations |
1,176 |
|
|
1,189 |
|
||||||
Other current liabilities |
1,202 |
|
|
1,374 |
|
||||||
Total current liabilities |
9,540 |
|
|
10,090 |
|
||||||
|
|
|
|
||||||||
Long-term debt and finance leases |
28,966 |
|
|
27,759 |
|
||||||
|
|
|
|
||||||||
Deferred credits and other liabilities: |
|
|
|
||||||||
Due to unconsolidated affiliates |
302 |
|
|
307 |
|
||||||
Regulatory liabilities |
3,959 |
|
|
3,739 |
|
||||||
Greenhouse gas obligations |
334 |
|
|
— |
|
||||||
Pension and other postretirement benefit plan |
405 |
|
|
407 |
|
||||||
Deferred income taxes |
5,486 |
|
|
5,254 |
|
||||||
Asset retirement obligations |
3,689 |
|
|
3,642 |
|
||||||
Deferred credits and other |
2,373 |
|
|
2,329 |
|
||||||
Total deferred credits and other liabilities |
16,548 |
|
|
15,678 |
|
||||||
Equity: |
|
|
|
||||||||
Sempra shareholders' equity |
29,479 |
|
|
28,675 |
|
||||||
Preferred stock of subsidiary |
20 |
|
|
20 |
|
||||||
Other noncontrolling interests |
5,920 |
|
|
4,959 |
|
||||||
Total equity |
35,419 |
|
|
33,654 |
|
||||||
Total liabilities and equity |
$ |
90,473 |
|
|
$ |
87,181 |
|
|
|
(1) |
Derived from audited financial statements. |
SEMPRA |
|||||||||||
Table C |
|||||||||||
|
|
|
|
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||||||
(Dollars in millions) |
|
|
|
||||||||
|
Six months ended |
||||||||||
|
2024 |
|
2023 |
||||||||
|
|
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
||||||||
Net income |
$ |
1,752 |
|
|
$ |
1,908 |
|
||||
Adjustments to reconcile net income to net cash provided by operating activities |
540 |
|
|
467 |
|
||||||
Net change in working capital components |
(99) |
|
|
1,474 |
|
||||||
Distributions from investments |
405 |
|
|
402 |
|
||||||
Changes in other noncurrent assets and liabilities, net |
(78) |
|
|
(514) |
|
||||||
Net cash provided by operating activities |
2,520 |
|
|
3,737 |
|
||||||
|
|
|
|
||||||||
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
||||||||
Expenditures for property, plant and equipment |
(3,830) |
|
|
(4,282) |
|
||||||
Expenditures for investments |
(387) |
|
|
(184) |
|
||||||
Purchases of nuclear decommissioning and other trust assets |
(401) |
|
|
(322) |
|
||||||
Proceeds from sales of nuclear decommissioning and other trust assets |
442 |
|
|
356 |
|
||||||
Other |
8 |
|
|
11 |
|
||||||
Net cash used in investing activities |
(4,168) |
|
|
(4,421) |
|
||||||
|
|
|
|
||||||||
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
||||||||
Common dividends paid |
(741) |
|
|
(734) |
|
||||||
Preferred dividends paid |
(22) |
|
|
(22) |
|
||||||
Issuances of common stock |
18 |
|
|
— |
|
||||||
Repurchases of common stock |
(40) |
|
|
(31) |
|
||||||
Issuances of debt (maturities greater than 90 days) |
3,812 |
|
|
5,614 |
|
||||||
Payments on debt (maturities greater than 90 days) and finance leases |
(1,197) |
|
|
(3,392) |
|
||||||
Decrease in short-term debt, net |
(817) |
|
|
(388) |
|
||||||
Advances from unconsolidated affiliates |
45 |
|
|
14 |
|
||||||
Proceeds from sale of noncontrolling interests |
— |
|
|
265 |
|
||||||
Distributions to noncontrolling interests |
(203) |
|
|
(252) |
|
||||||
Contributions from noncontrolling interests |
786 |
|
|
543 |
|
||||||
Settlement of cross-currency swaps |
— |
|
|
(99) |
|
||||||
Other |
(23) |
|
|
(61) |
|
||||||
Net cash provided by financing activities |
1,618 |
|
|
1,457 |
|
||||||
|
|
|
|
||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
(8) |
|
|
7 |
|
||||||
|
|
|
|
||||||||
(Decrease) increase in cash, cash equivalents and restricted cash |
(38) |
|
|
780 |
|
||||||
Cash, cash equivalents and restricted cash, |
389 |
|
|
462 |
|
||||||
Cash, cash equivalents and restricted cash, |
$ |
351 |
|
|
$ |
1,242 |
|
SEMPRA |
|||||||||||||||||||||||
Table D |
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||
SEGMENT EARNINGS (LOSSES) AND CAPITAL EXPENDITURES AND INVESTMENTS |
|||||||||||||||||||||||
(Dollars in millions) |
|||||||||||||||||||||||
|
Three months ended |
|
Six months ended |
||||||||||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||||||||||
|
|
||||||||||||||||||||||
Earnings (Losses) Attributable to Common Shares |
|
|
|
|
|||||||||||||||||||
Sempra California |
$ |
316 |
|
|
$ |
339 |
|
|
$ |
898 |
|
|
$ |
957 |
|
||||||||
|
202 |
|
|
160 |
|
|
385 |
|
|
243 |
|
||||||||||||
|
291 |
|
|
208 |
|
|
422 |
|
|
523 |
|
||||||||||||
Parent and other |
(96) |
|
|
(104) |
|
|
(191) |
|
|
(151) |
|
||||||||||||
Total |
$ |
713 |
|
|
$ |
603 |
|
|
$ |
1,514 |
|
|
$ |
1,572 |
|
||||||||
|
|
|
|
|
|
|
|
||||||||||||||||
|
Three months ended |
|
Six months ended |
||||||||||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||||||||||
|
|
||||||||||||||||||||||
Capital Expenditures and Investments |
|
|
|
|
|||||||||||||||||||
Sempra California |
$ |
1,069 |
|
|
$ |
1,118 |
|
|
$ |
2,212 |
|
|
$ |
2,200 |
|
||||||||
|
192 |
|
|
93 |
|
|
385 |
|
|
178 |
|
||||||||||||
|
829 |
|
|
1,340 |
|
|
1,619 |
|
|
2,084 |
|
||||||||||||
Parent and other |
1 |
|
|
— |
|
|
1 |
|
|
4 |
|
||||||||||||
Total |
$ |
2,091 |
|
|
$ |
2,551 |
|
|
$ |
4,217 |
|
|
$ |
4,466 |
|
SEMPRA |
||||||||||||||||||||||||||
Table E |
||||||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
OTHER OPERATING STATISTICS |
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
Three months ended |
|
Six months ended |
|||||||||||||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||||||||||||||
|
|
|
||||||||||||||||||||||||
UTILITIES |
|
|
|
|
|
|
|
|||||||||||||||||||
Sempra California |
|
|
|
|
|
|
|
|||||||||||||||||||
Gas sales (Bcf)(1) |
78 |
|
|
80 |
|
|
200 |
|
|
225 |
|
|||||||||||||||
Transportation (Bcf)(1) |
120 |
|
|
124 |
|
|
262 |
|
|
273 |
|
|||||||||||||||
Total deliveries (Bcf)(1) |
198 |
|
|
204 |
|
|
462 |
|
|
498 |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total gas customer meters (thousands) |
|
|
|
|
7,098 |
|
|
7,056 |
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Electric sales (millions of kWhs)(1) |
661 |
|
|
974 |
|
|
1,596 |
|
|
2,570 |
|
|||||||||||||||
Community Choice Aggregation and Direct Access (millions |
2,892 |
|
|
2,797 |
|
|
6,061 |
|
|
5,529 |
|
|||||||||||||||
Total deliveries (millions of kWhs)(1) |
3,553 |
|
|
3,771 |
|
|
7,657 |
|
|
8,099 |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total electric customer meters (thousands) |
|
|
|
|
1,525 |
|
|
1,511 |
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
Oncor (2) |
|
|
|
|
|
|
|
|||||||||||||||||||
Total deliveries (millions of kWhs) |
40,343 |
|
|
38,056 |
|
|
77,656 |
|
|
72,835 |
|
|||||||||||||||
Total electric customer meters (thousands) |
|
|
|
|
4,008 |
|
|
3,933 |
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
Ecogas México, |
|
|
|
|
|
|
|
|||||||||||||||||||
Natural gas sales (Bcf) |
1 |
|
|
1 |
|
|
2 |
|
|
2 |
|
|||||||||||||||
Natural gas customer meters (thousands) |
|
|
|
|
160 |
|
|
154 |
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
ENERGY-RELATED BUSINESSES |
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
Termoeléctrica de |
650 |
|
|
348 |
|
|
1,630 |
|
|
917 |
|
|||||||||||||||
Wind and solar (millions of kWhs)(1) |
888 |
|
|
886 |
|
|
1,607 |
|
|
1,698 |
|
|
|
(1) |
Includes intercompany sales. |
(2) |
Includes 100% of the electric deliveries and customer meters of Oncor, in which we hold an indirect 80.25% interest through our investment in |
SEMPRA |
||||||||||||||||||||||||||||||||
Table F |
||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
STATEMENTS OF OPERATIONS DATA BY SEGMENT |
||||||||||||||||||||||||||||||||
(Dollars in millions) |
||||||||||||||||||||||||||||||||
Three months ended |
Sempra |
|
Sempra |
|
Sempra |
|
Consolidating |
|
|
Total |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Revenues |
$ |
2,625 |
|
|
$ |
— |
|
|
$ |
409 |
|
|
$ |
(23) |
|
|
|
$ |
3,011 |
|
||||||||||||
Cost of sales and other expenses |
(1,568) |
|
|
(2) |
|
|
(270) |
|
|
4 |
|
|
|
(1,836) |
|
|||||||||||||||||
Depreciation and amortization |
(528) |
|
|
— |
|
|
(73) |
|
|
(2) |
|
|
|
(603) |
|
|||||||||||||||||
Other income (expense), net |
36 |
|
|
— |
|
|
2 |
|
|
(8) |
|
|
|
30 |
|
|||||||||||||||||
Income (loss) before interest and tax(1) |
565 |
|
|
(2) |
|
|
68 |
|
|
(29) |
|
|
|
602 |
|
|||||||||||||||||
Net interest (expense) income |
(204) |
|
|
— |
|
|
7 |
|
|
(97) |
|
|
|
(294) |
|
|||||||||||||||||
Income tax (expense) benefit |
(44) |
|
|
— |
|
|
133 |
|
|
41 |
|
|
|
130 |
|
|||||||||||||||||
Equity earnings |
— |
|
|
204 |
|
|
229 |
|
|
— |
|
|
|
433 |
|
|||||||||||||||||
Earnings attributable to noncontrolling interests |
— |
|
|
— |
|
|
(146) |
|
|
— |
|
|
|
(146) |
|
|||||||||||||||||
Preferred dividends |
(1) |
|
|
— |
|
|
— |
|
|
(11) |
|
|
|
(12) |
|
|||||||||||||||||
Earnings (losses) attributable to common shares |
$ |
316 |
|
|
$ |
202 |
|
|
$ |
291 |
|
|
$ |
(96) |
|
|
|
$ |
713 |
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Three months ended |
Sempra |
|
Sempra |
|
Sempra |
|
Consolidating |
|
|
Total |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Revenues |
$ |
2,700 |
|
|
$ |
— |
|
|
$ |
660 |
|
|
$ |
(25) |
|
|
|
$ |
3,335 |
|
||||||||||||
Cost of sales and other expenses |
(1,735) |
|
|
(2) |
|
|
(270) |
|
|
13 |
|
|
|
(1,994) |
|
|||||||||||||||||
Depreciation and amortization |
(476) |
|
|
— |
|
|
(70) |
|
|
(3) |
|
|
|
(549) |
|
|||||||||||||||||
Other income, net |
23 |
|
|
— |
|
|
3 |
|
|
5 |
|
|
|
31 |
|
|||||||||||||||||
Income (loss) before interest and tax(1) |
512 |
|
|
(2) |
|
|
323 |
|
|
(10) |
|
|
|
823 |
|
|||||||||||||||||
Net interest expense |
(189) |
|
|
— |
|
|
(19) |
|
|
(92) |
|
|
|
(300) |
|
|||||||||||||||||
Income tax benefit (expense) |
17 |
|
|
— |
|
|
(201) |
|
|
9 |
|
|
|
(175) |
|
|||||||||||||||||
Equity earnings |
— |
|
|
162 |
|
|
226 |
|
|
— |
|
|
|
388 |
|
|||||||||||||||||
Earnings attributable to noncontrolling interests |
— |
|
|
— |
|
|
(121) |
|
|
— |
|
|
|
(121) |
|
|||||||||||||||||
Preferred dividends |
(1) |
|
|
— |
|
|
— |
|
|
(11) |
|
|
|
(12) |
|
|||||||||||||||||
Earnings (losses) attributable to common shares |
$ |
339 |
|
|
$ |
160 |
|
|
$ |
208 |
|
|
$ |
(104) |
|
|
|
$ |
603 |
|
|
|
(1) |
Management believes Income (Loss) Before Interest and Tax is a useful measurement of our segments' performance |
SEMPRA |
||||||||||||||||||||||||||||||||
Table F (Continued) |
||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
STATEMENTS OF OPERATIONS DATA BY SEGMENT |
||||||||||||||||||||||||||||||||
(Dollars in millions) |
||||||||||||||||||||||||||||||||
Six months ended |
Sempra |
|
Sempra |
|
Sempra |
|
Consolidating |
|
|
Total |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Revenues |
$ |
5,766 |
|
|
$ |
— |
|
|
$ |
928 |
|
|
$ |
(43) |
|
|
|
$ |
6,651 |
|
||||||||||||
Cost of sales and other expenses |
(3,401) |
|
|
(4) |
|
|
(580) |
|
|
1 |
|
|
|
(3,984) |
|
|||||||||||||||||
Depreciation and amortization |
(1,049) |
|
|
— |
|
|
(145) |
|
|
(3) |
|
|
|
(1,197) |
|
|||||||||||||||||
Other income, net |
116 |
|
|
— |
|
|
6 |
|
|
7 |
|
|
|
129 |
|
|||||||||||||||||
Income (loss) before interest and tax(1) |
1,432 |
|
|
(4) |
|
|
209 |
|
|
(38) |
|
|
|
1,599 |
|
|||||||||||||||||
Net interest (expense) income |
(406) |
|
|
— |
|
|
12 |
|
|
(192) |
|
|
|
(586) |
|
|||||||||||||||||
Income tax (expense) benefit |
(127) |
|
|
— |
|
|
24 |
|
|
61 |
|
|
|
(42) |
|
|||||||||||||||||
Equity earnings |
— |
|
|
389 |
|
|
392 |
|
|
— |
|
|
|
781 |
|
|||||||||||||||||
Earnings attributable to noncontrolling interests |
— |
|
|
— |
|
|
(215) |
|
|
— |
|
|
|
(215) |
|
|||||||||||||||||
Preferred dividends |
(1) |
|
|
— |
|
|
— |
|
|
(22) |
|
|
|
(23) |
|
|||||||||||||||||
Earnings (losses) attributable to common shares |
$ |
898 |
|
|
$ |
385 |
|
|
$ |
422 |
|
|
$ |
(191) |
|
|
|
$ |
1,514 |
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Six months ended |
Sempra |
|
Sempra |
|
Sempra |
|
Consolidating |
|
|
Total |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Revenues |
$ |
8,115 |
|
|
$ |
— |
|
|
$ |
1,856 |
|
|
$ |
(76) |
|
|
|
$ |
9,895 |
|
||||||||||||
Cost of sales and other expenses |
(5,801) |
|
|
(3) |
|
|
(625) |
|
|
44 |
|
|
|
(6,385) |
|
|||||||||||||||||
Depreciation and amortization |
(944) |
|
|
— |
|
|
(139) |
|
|
(5) |
|
|
|
(1,088) |
|
|||||||||||||||||
Other income, net |
43 |
|
|
— |
|
|
13 |
|
|
16 |
|
|
|
72 |
|
|||||||||||||||||
Income (loss) before interest and tax(1) |
1,413 |
|
|
(3) |
|
|
1,105 |
|
|
(21) |
|
|
|
2,494 |
|
|||||||||||||||||
Net interest expense |
(371) |
|
|
— |
|
|
(99) |
|
|
(172) |
|
|
|
(642) |
|
|||||||||||||||||
Income tax (expense) benefit |
(84) |
|
|
— |
|
|
(531) |
|
|
64 |
|
|
|
(551) |
|
|||||||||||||||||
Equity earnings |
— |
|
|
246 |
|
|
361 |
|
|
— |
|
|
|
607 |
|
|||||||||||||||||
Earnings attributable to noncontrolling interests |
— |
|
|
— |
|
|
(313) |
|
|
— |
|
|
|
(313) |
|
|||||||||||||||||
Preferred dividends |
(1) |
|
|
— |
|
|
— |
|
|
(22) |
|
|
|
(23) |
|
|||||||||||||||||
Earnings (losses) attributable to common shares |
$ |
957 |
|
|
$ |
243 |
|
|
$ |
523 |
|
|
$ |
(151) |
|
|
|
$ |
1,572 |
|
|
|
(1) |
Management believes Income (Loss) Before Interest and Tax is a useful measurement of our segments' performance |
View original content to download multimedia:https://www.prnewswire.com/news-releases/sempra-reports-second-quarter-2024-earnings-results-302215025.html
SOURCE Sempra