Sempra is a leading energy infrastructure company in North America, focusing on investing in and operating energy infrastructure that provides regulated electric and gas services in California and Texas, as well as other energy services globally . The company is structured around three main growth platforms: Sempra California, Sempra Texas, and Sempra Infrastructure, which includes LNG, Energy Networks, and Low-Carbon Solutions . Sempra's strategic investments and diversified business model aim to deliver stable cash flows and increase shareholder value .
- Utilities - Provides regulated electric and gas services in California and Texas, contributing significantly to the company's revenue.
- Sempra Infrastructure - Focuses on long-term contracted cash flows, primarily in the LNG sector, ensuring stability and earnings visibility.
- LNG - Engages in liquefied natural gas operations, offering long-term contracts for energy supply.
- Energy Networks - Develops and operates energy networks to support infrastructure needs.
- Low-Carbon Solutions - Invests in solutions aimed at reducing carbon emissions and promoting sustainability.
- Energy-Related Businesses - Engages in energy derivatives to manage market risks related to natural gas and electricity price volatility .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Jeffrey W. Martin ExecutiveBoard | Chairman, CEO, and President | None | Jeffrey W. Martin has been leading Sempra as CEO since May 2018, Chairman since December 2018, and President since March 2020. He has overseen significant strategic growth and industry leadership. | View Report → |
Karen L. Sedgwick Executive | Executive Vice President and CFO | None | Karen L. Sedgwick became CFO on January 1, 2024, after serving in various leadership roles within Sempra, including Chief Administrative Officer and Chief Human Resources Officer. | |
Peter R. Wall Executive | Senior Vice President, Controller, and CAO | None | Peter R. Wall has been with Sempra since May 2018, serving as Controller and Chief Accounting Officer, and has been involved in financial oversight and compliance. | |
Anya Weaving Board | Director | Board Member at APA Corporation | Anya Weaving joined Sempra's board in March 2025, with a background in investment banking and financial expertise, serving on the Audit and Compensation and Talent Development Committees. | |
Jack T. Taylor Board | Director | Director at Genesis Energy LP, Director at Murphy USA Inc. | Jack T. Taylor has been a director at Sempra since 2013, bringing extensive experience in public accounting and financial expertise from his career at KPMG. | |
Jennifer M. Kirk Board | Director | Global Controller and CAO at Medtronic plc, Board Member at Republic Services | Jennifer M. Kirk joined Sempra's board in June 2024, bringing over 20 years of experience in finance and energy, and serves on the Audit and Safety, Sustainability, and Technology Committees. | |
Richard J. Mark Board | Director | Director at Tenet Healthcare Corporation, Director of the Abraham Lincoln Presidential Library Foundation | Richard J. Mark joined Sempra's board in August 2023, with a background in utility operations and leadership roles at Ameren Illinois Company. |
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With the proposed decision in your General Rate Cases indicating a lower than requested rate base and critical investment areas requiring additional work, how will you ensure that necessary infrastructure investments for safety and reliability are adequately funded if not fully approved?
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Given the reduction of 42 basis points in authorized ROEs and the lower adjustment percentage for future triggers in the California cost of capital proceeding, how do you anticipate this will impact your earnings and future investment plans in California?
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Considering Oncor's anticipated 40-50% increase in its five-year capital plan due to significant new investment opportunities, how do you plan to finance this substantial growth while maintaining your balance sheet strength and credit ratings?
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With the DOE non-FTA export permit for Port Arthur Phase 2 LNG project still pending and expected in the first half of next year, what are the risks of further delays, and how might they impact your timeline and commitments for the project?
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In light of intensifying geopolitical developments and potential increased competition in the LNG export market, how does Sempra Infrastructure plan to secure long-term contracts and maintain its competitive edge in supplying growing demand in Europe and Asia?
Research analysts who have asked questions during SEMPRA earnings calls.
Carly Davenport
Goldman Sachs
4 questions for SRE
Nicholas Campanella
Barclays
3 questions for SRE
Shahriar Pourreza
Guggenheim Partners
3 questions for SRE
David Arcaro
Morgan Stanley
2 questions for SRE
Durgesh Chopra
Evercore ISI
2 questions for SRE
Julien Dumoulin-Smith
Jefferies
2 questions for SRE
Ross Fowler
Bank of America
2 questions for SRE
Steven Fleishman
Wolfe Research
2 questions for SRE
Anthony Crowdell
Mizuho Financial Group
1 question for SRE
Paul Fremont
Ladenburg Thalmann
1 question for SRE
Steve Fleishman
Wolfe Research, LLC
1 question for SRE
Recent press releases and 8-K filings for SRE.
- Sempra agreed to sell 45% of Sempra Infrastructure to KKR for approximately $10 billion, implying a $32 billion EV (13.8× EBITDA); Sempra will retain 25%, deconsolidate the subsidiary, and expects $0.20 annual EPS accretion from 2027, with closing in Q2–Q3 2026.
- Approved FID on Port Arthur LNG Phase 2, targeting trains 3 & 4 in service by 2030/2031, with Sempra’s proportionate interest at 12.5%, incremental capex of $12 billion plus $2 billion for shared facilities, and expected unlevered after-tax returns > 13%.
- Building on over $15 billion raised from Infrastructure equity sales over five years at ~20% CAGR, proceeds will fund Texas utility capex, targeting 95% regulated earnings (excluding parent) and eliminating common equity issuances under the 2025–2029 plan.
- Transaction deconsolidates ~$10 billion of debt, delivers ~90% of cash proceeds within two years, and is expected to improve FFO/debt metrics and lower credit downgrade thresholds.
- Sempra will sell a 45% stake in Sempra Infrastructure Partners for $10 B, implying an equity value of $22.2 B and EV of $31.7 B at 13.8× EV/EBITDA, with the transaction expected to close in Q2–Q3 2026 and deliver $0.20 average EPS accretion annually.
- Proceeds (≈$9.9 B cash at closing plus debt instruments) will eliminate common equity needs in the 2025–2029 capital plan, fund $13 B of priority utility investments, and simplify the business by selling non-core Mexico assets.
- Post-transaction, the regulated business mix is targeted to increase from ~81% to 95%, strengthening the balance sheet and improving FFO-to-debt.
- Sempra affirmed its FY 2025 adjusted EPS guidance of $4.30–$4.70 and FY 2026 guidance of $4.80–$5.30, reinforcing a projected EPS CAGR of 7–9% through 2029.
- Sempra signed a definitive agreement to sell a 45% interest in Sempra Infrastructure to KKR for approximately $10 billion, implying an enterprise value of $32 billion and equity value of $22.2 billion; Sempra will retain a 25% stake and deconsolidate the unit, shifting to equity-method accounting.
- The transaction is projected to be EPS accretive, with an average annual accretion of $0.20 starting in 2027, and delivers nearly half the cash proceeds upfront, with the remainder accruing interest at 7.5% (payable 2027), 8.5% through 2030 and 10% thereafter.
- Sempra Infrastructure achieved FID on Port Arthur LNG Phase 2 (trains 3 & 4), targeting commercial operations in 2030 and 2031; project capex is $12 billion plus $2 billion for shared facilities, with Sempra’s proportionate interest at 12.5% and expected unlevered after-tax returns above 13%.
- The capital recycling advances Sempra’s strategy to derive 95% of earnings from regulated utilities (versus 81% in 2024), fortifies the balance sheet by deconsolidating ~$10 billion of debt, and removes the need for equity issuances under its 2025–2029 plan.
- Sempra agreed to sell a 45% interest in Sempra Infrastructure to KKR for approximately $10 billion, at an implied enterprise value of $32 billion (13.8× EBITDA), retaining a 25% equity stake post-closing.
- The structured deal delivers nearly half the cash proceeds up front, with remaining proceeds accruing interest at 7.5% (payable 2027), 8.5% (through 2030), and 10% thereafter, expects to deliver 90% of cash within two years, and is projected to be accretive by $0.20 EPS annually from 2027; closing is slated for Q2–Q3 2026.
- Through this and prior transactions, Sempra has recycled over $15 billion from Sempra Infrastructure divestitures over five years, achieving a 20% CAGR in franchise equity value and retaining a $5.5 billion residual equity value in the franchise.
- Sempra also took final investment decision on Port Arthur LNG Phase 2, reaffirms its 2025 and 2026 adjusted EPS guidance, and will update its five-year capital plan on the Q4 2025 earnings call.
- Sempra signed a definitive agreement to sell 45% of Sempra Infrastructure to KKR for ~$10 billion, implying an enterprise value of $32 billion at 13.8× EBITDA; Sempra will retain 25% and deconsolidate the business, accounting for it under the equity method.
- The transaction is structured to deliver ~50% cash upfront, with the remainder accruing interest (7.5%–10%) through 2027–2033, and is expected to be EPS-accretive, adding $0.20 annually on average from 2027 on a full-year basis.
- Sempra Infrastructure took a positive final investment decision on Port Arthur LNG Phase 2 (Trains 3&4), committing $12 billion of incremental capex plus $2 billion for shared facilities; Sempra’s pro rata interest is 12.5%, with unlevered after-tax returns above 13%.
- The deal advances Sempra’s goal of shifting to 95% regulated utility earnings (from 81% in 2024), eliminates planned equity issuances under the 2025–2029 plan, and the company reaffirmed its 2025 and 2026 adjusted EPS guidance.
- Sempra to sell 45% stake in Sempra Infrastructure Partners for $10 billion (implying $22.2 billion equity value; enterprise value $31.7 billion), receiving 47% cash at close and retaining 25% interest, closing in Q2–Q3 2026.
- Transaction expected to fund the 2025–2029 capital plan without equity issuances, sharpen focus on regulated utilities (~95% earnings mix), strengthen balance sheet and credit profile, and add $0.20 EPS accretion annually starting in 2027.
- Sempra Infrastructure Partners reaches FID on Port Arthur LNG Phase 2 (two trains; 13 Mtpa capacity; ~$12 billion capex + $2 billion shared facilities), with 49.9% equity sold for $7 billion and commercial operations targeted for 2030–2031.
- Sempra updates 2025 GAAP EPS guidance to $3.29–$3.69, reaffirms adjusted EPS of $4.30–$4.70, and affirms 2026 adjusted EPS guidance of $4.80–$5.30.
- Sempra sold $800 million of 6.375% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2056 at par, with underwriting discounts of $8 million, raising net proceeds of ~$792 million.
- Net proceeds (after underwriting discounts but before ~$1.4 million of offering expenses) will fund the redemption of its 4.875% Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock, Series C, subject to board approval.
- The notes accrue 6.375% interest through April 1, 2031, then reset every five years at the five-year U.S. Treasury rate plus 2.632%, floored at 6.375%.
- Interest is payable semi-annually on April 1 and October 1 (beginning April 1, 2026), and may be deferred for up to 20 consecutive semi-annual periods at the company’s option.
- Sempra may redeem the notes at par around the first reset date or on interest payment dates, and at specified premiums upon certain tax or rating-agency events.
- Sempra Infrastructure and EQT Corporation signed a 20-year SPA for 2 Mtpa of LNG offtake from the Port Arthur LNG Phase 2 project, priced on a Henry Hub index.
- Phase 2 is planned to include two liquefaction trains with a combined capacity of ~13 Mtpa, potentially increasing the facility’s total liquefaction capacity to ~26 Mtpa.
- Sempra Infrastructure has already secured 20-year SPAs totaling 5.5 Mtpa with JERA (1.5 Mtpa) and ConocoPhillips (4 Mtpa), bringing committed offtake to 7.5 Mtpa.
- The project received FERC approval in September 2023 and DOE export authorization in May 2025, with a final investment decision targeted for 2025.
- Sempra Infrastructure and ConocoPhillips signed a definitive 20-year sale and purchase agreement for 4 Mtpa of LNG offtake from the Port Arthur LNG Phase 2 project in Texas.
- Port Arthur LNG Phase 2, subject to FID, will add two liquefaction trains with ~13 Mtpa capacity, doubling total facility output to ~26 Mtpa.
- ConocoPhillips holds a 30% equity stake and secured 5 Mtpa offtake capacity in Port Arthur LNG Phase 1, with trains 1 and 2 targeting commercial operations in 2027 and 2028.
- All major permits are secured—FERC approval in September 2023 and DOE export authorization in May 2025—with Sempra targeting a financial investment decision in 2025.
- Reported Q2 GAAP earnings of $0.71 per share ($461 million) and adjusted EPS of $0.89, matching prior year, and affirmed 2025 EPS guidance of $4.30–4.70 and 2026 guidance of $4.80–5.30
- Maintained a 2025 capital plan of $13 billion, allocating $10 billion to U.S. utilities and deploying over $5 billion in H1 2025
- Entered a nonbinding LOI with KKR for a 15–30% equity sale in Sempra Infrastructure as part of its capital recycling initiatives
- Advanced major projects: ECA LNG Phase I is 94% complete, Port Arthur Phase I over 50% complete, with Phase II permits secured and FID expected in 2025