Welcome to our dedicated page for Sempra news (Ticker: SRE), a resource for investors and traders seeking the latest updates and insights on Sempra stock.
Sempra (NYSE: SRE), headquartered in San Diego, is a prominent Fortune 500 energy services holding company. It boasts a substantial revenue of over $11 billion in 2014 and a workforce of 17,000 employees serving more than 32 million consumers globally. Sempra operates through its diverse subsidiaries, including San Diego Gas & Electric Co. and Southern California Gas Co., providing natural gas and electricity to over 20 million people in California. It also holds a significant 80% stake in Oncor, servicing 10 million customers in Texas.
Sempra's infrastructure initiatives extend across North America, where it owns and operates liquefied natural gas (LNG) facilities and energy assets in Mexico. Recent financial performance highlights include 2023 GAAP earnings of $3.03 billion, a significant increase from $2.09 billion in 2022. This growth is attributed to robust business strategies and a five-year capital plan of approximately $48 billion, focusing heavily on California and Texas markets.
Three growth platforms stand out: Sempra California, focusing on energy reliability and sustainability with major projects like 200 megawatts of utility-owned battery storage; Sempra Texas, witnessing substantial investment in infrastructure to support economic growth; and Sempra Infrastructure, emphasizing LNG production with projects like Cameron LNG Phase 1 and Energía Costa Azul LNG Phase 1. Additionally, Sempra is exploring hydrogen and carbon capture technologies to meet global energy demands.
Notable achievements include recognition for sustainability and innovation, evidenced by awards like Fast Company's
Sempra LNG has appointed Lisa Glatch as its new president and chief operating officer, effective immediately. Previously the chief operating officer, Glatch's promotion comes as the company focuses on expanding its liquefied natural gas (LNG) business globally. Under her leadership, Sempra LNG aims to advance its projects, including the Energía Costa Azul facility in Mexico and progress on Cameron LNG, which has recently commenced commercial operations. Glatch brings over 30 years of experience in project management and energy market operations.
Southern California Gas Co. (SoCalGas) announced the launch of its Restaurant Recovery Program to support Black-owned restaurants impacted by COVID-19 in Los Angeles County and the Inland Empire. The Vermont Slauson Economic Development Corporation will administer the program, distributing grants between $1,000 and $5,000 for payroll, sanitation, and upgrades. The initiative coincides with Black Restaurant Week, promoting economic relief and community support. SoCalGas has pledged over $2.5 million for COVID-19 recovery efforts and aims to be the cleanest gas utility in North America by replacing 20% of natural gas supply with renewable sources by 2030.
On August 11, 2020, Southern California Gas Co. (SoCalGas) marked National 811 Day, emphasizing the importance of contacting 811 prior to any excavation projects. This service connects excavators with utility companies to prevent accidental damage to underground lines, thereby protecting public safety. SoCalGas reported nearly 3,000 underground infrastructure damages in the past year, emphasizing that contacting 811 reduces the risk of accidents by 99%. The company also launched a 'Dig It to Win It' contest to promote safe digging practices.
Southern California Gas Co. (SoCalGas) is awarding $150,000 in Climate Adaptation & Resiliency Grants to support municipalities in enhancing climate resilience against risks like wildfires and floods. Each of the three selected cities will receive $50,000 to aid in developing plans that address climate vulnerabilities, particularly in disadvantaged communities. Applications are accepted until September 30, 2020. The grants, funded by shareholders, aim to foster collaboration among local governments and utility companies, without impacting gas bills.
Sempra LNG announced that the Cameron LNG export facility in Hackberry, Louisiana, has commenced full commercial operations, enhancing Sempra's LNG business in North America. The facility has shipped nearly 100 cargoes, totaling over 6 million tonnes of LNG. This milestone will enable run-rate earnings under tolling agreements, expected to generate approximately $12 billion in cash flows over a 20-year period. Development of Cameron LNG Phase 2 is underway, with all offtake capacity secured, though project completion remains subject to risks.
Sempra Energy (SRE) reported a significant increase in second-quarter 2020 earnings, posting $2.239 billion or $7.61 per diluted share, compared to $354 million or $1.26 per share in Q2 2019. Adjusted earnings also rose to $485 million ($1.65/share) from $309 million ($1.10/share) year-over-year. The company completed the sale of its South American businesses, generating approximately $8.3 billion in total proceeds. Sempra is set to invest a record $32 billion in capital from 2020-2024, focusing on safety and reliability improvements in its utility businesses.
On August 4, 2020, the board of directors of Southern California Gas Co. (SoCalGas) announced the declaration of regular quarterly dividends for its preferred series stock. Shareholders will receive a dividend of $0.375 per share for both the preferred stock and Series A preferred stock. The dividends are payable on October 15, 2020, to shareholders of record by September 10, 2020. SoCalGas, a subsidiary of Sempra Energy, serves 21.8 million customers across 24,000 square miles in California, focusing on renewable energy initiatives.
On August 4, 2020, Southern California Gas Co. (SoCalGas) announced a partnership with Goodwill Southern California to promote energy efficiency programs for qualifying customers. The Energy Savings Assistance (ESA) program and the California Alternate Rates for Energy (CARE) bill discount program aim to help customers save on their bills, potentially exceeding $800 annually. With over 1.5 million current CARE participants, the initiative extends critical support amid the economic impact of COVID-19. SoCalGas will distribute information through participating Goodwill stores and provide services to enhance home energy efficiency.
Oncor Electric Delivery Company plans to release its Q2 2020 results on August 5, just before Sempra Energy's second quarter conference call. Investors can access Oncor's earnings release on oncor.com. The conference call will occur at 12 p.m. ET on the same date and will cover Oncor's operational and financial performance. A slide presentation will be available beforehand, and a replay will follow shortly after. Oncor's Q2 2020 report will be filed with the SEC after the call and can also be found on its website.
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