South Calif Gas - SOCGP STOCK NEWS

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.

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.

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.

SoCalGas customers will receive a one-time California Climate Credit of $50.77 due to high natural gas prices in January. The California Public Utilities Commission (CPUC) approved this credit to be applied in February or March, depending on billing cycles. This acceleration comes as natural gas prices dropped significantly for February but remain higher than last year. SoCalGas emphasizes conservation and offers assistance programs to help customers manage costs. The company does not profit from increased gas prices, as they buy natural gas at market rates without markup, passing the costs to consumers directly.

The board of directors of Southern California Gas Co. declared quarterly dividends of $0.375 per share for its preferred stock, including Series A, payable on April 15, 2023. Shareholders on record as of March 10, 2023 are eligible. As the largest gas distribution utility in the U.S., SoCalGas serves 21.8 million customers across 24,000 square miles in California, focusing on renewable gas services and aiming for net-zero greenhouse gas emissions by 2045. The company is a subsidiary of Sempra (NYSE: SRE).

Southern California Gas Co. (SOCGP) inaugurated North America's first clean hydrogen microgrid on January 30, 2023, with Lieutenant Governor Eleni Kounalakis. The [H2] Innovation Experience aims to provide renewable energy to over 100 homes continuously for up to seven days. CEO Scott Drury emphasized the project’s role in California's clean energy transition, supporting energy reliability and decarbonization. The microgrid, located in Downey, generates hydrogen from solar energy, adhering to LEED Platinum standards, and powers various household appliances. SoCalGas also aims for net-zero emissions by 2045 through projects like the Angeles Link green hydrogen pipeline.

On January 30, 2023, SoCalGas unveiled the [H2] Innovation Experience in Downey, California. This innovative microgrid utilizes renewable hydrogen to power over 100 homes continuously for up to seven days, showcasing California's commitment to clean energy and decarbonization. The project draws solar energy, converts it into hydrogen for storage, and utilizes it for various household appliances. SoCalGas aims for net-zero greenhouse gas emissions by 2045, bolstered by initiatives like the Angeles Link green hydrogen pipeline. The project has received accolades such as Fast Company's World-Changing Ideas Award for its sustainable vision.