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 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
- Texas House Bill 5247 introduced a unified tracker mechanism (UTM) for interim rate adjustments on T&D capital investments, effective June 20, 2025.
- Oncor (80.25% owned by Sempra) expects to qualify for and use the UTM, deferring costs and reducing regulatory lag.
- Use of the UTM is projected to boost Oncor’s earned returns on equity by 50–100 basis points compared to current capital trackers.
- Oncor plans its first comprehensive UTM filing in H1 2026 for eligible T&D investments placed in service after December 31, 2024.
- Sempra affirms its 2025 and 2026 EPS guidance ranges, with UTM impacts expected within those forecasts.
- Sempra Infrastructure executed a non-binding heads of agreement with JERA Co. for a 20-year sale and purchase of 1.5 Mtpa of LNG on an FOB basis from the Port Arthur LNG Phase 2 project in Texas.
- The Phase 2 development is planned to add two liquefaction trains with ~13 Mtpa capacity, potentially doubling the facility’s total to ~26 Mtpa, and has secured all key permits.
- The U.S. Department of Energy authorized exports under the project in May 2025, and the Federal Energy Regulatory Commission granted approval in September 2023.
- Port Arthur LNG Phase 1 is under construction, with Train 1 and Train 2 slated for commercial operation in 2027 and 2028, respectively.
- Southern California Gas Company, an indirect subsidiary of Sempra, closed a public offering of $600M 5.450% Series DDD Bonds (due 2035) and $500M 6.000% Series EEE Bonds (due 2055) on May 16, 2025.
- The bonds were issued under an existing Indenture (dated October 1, 1940) with supplemental indentures, ensuring they are legally valid and binding under California law.
- Sempra's Board of Directors approved initiating the sale process for Ecogas México and its 70% interest in Sempra Infrastructure Partners as part of a strategic portfolio realignment.
- The divestiture includes the sale of assets held by Ecogas and a Minority Interest Sale with rights for KKR and ADIA, expected to be completed over 12–18 months pending pricing, regulatory, and contractual conditions.
- Proceeds from these transactions will be recycled into Sempra’s five-year capital campaign to fund growth in its Texas and California utilities, enhancing long-term shareholder value.
- The company plans to sell a minority interest in Sempra Infrastructure, following previous similar transactions to bolster its capital position.
- San Diego Gas & Electric, a subsidiary of Sempra, closed the public offering of $850,000,000 in 5.400% First Mortgage Bonds, Series CCCC, due 2035 on March 28, 2025.
- The bonds, registered under Form S-3, carry a 5.400% interest rate with semiannual payments beginning October 15, 2025, and mature on April 15, 2035.
- The offering was executed under the Seventy-Seventh Supplemental Indenture, detailing the bond's issuance terms, redemption features, and associated security arrangements.
- San Diego Gas & Electric Company, an indirect subsidiary of Sempra, entered into an underwriting agreement to issue and sell $850 million of 5.400% First Mortgage Bonds, Series CCCC, due 2035.
- The Bonds will be offered at a public offering price of 99.720% of the aggregate principal amount, with multiple underwriters including CIBC World Markets Corp., Morgan Stanley & Co. LLC, TD Securities (USA) LLC, and U.S. Bancorp Investments, Inc. .
- The filing confirms that related documents such as the Underwriting Agreement and Prospectus have been duly incorporated and filed with the SEC, supporting the transaction’s execution .