Summary
Sempra Energy (SRE) reported its 2021 annual results, showcasing a robust operational performance across its key segments: Sempra California (SDG&E and SoCalGas), Sempra Texas Utilities (Oncor), and Sempra Infrastructure. The company's strategic focus on optimizing its business model and concentrating on North American energy infrastructure investments is evident. Sempra successfully consolidated its non-utility energy infrastructure assets under SI Partners and continued to advance its clean energy transition initiatives. Despite a significant charge related to the Aliso Canyon leak impacting SoCalGas's earnings, the overall results reflect the company's resilience and diversified business model. Key financial highlights include substantial capital expenditures supporting infrastructure improvements and growth projects. The company also actively managed its capital structure, including debt redemptions and equity transactions, reinforcing its financial flexibility and commitment to shareholder value. Sempra's outlook remains focused on disciplined growth and the safe, reliable delivery of energy to its customers.
Financial Highlights
45 data points| Revenue | $12.86B |
| Interest Expense | $1.20B |
| Net Income | $1.32B |
| EPS (Basic) | $2.01 |
| EPS (Diluted) | $2.01 |
| Shares Outstanding (Basic) | 623.51M |
| Shares Outstanding (Diluted) | 626.07M |
Key Highlights
- 1Sempra reported earnings attributable to common shares of $1,254 million in 2021, a significant decrease from $3,764 million in 2020, primarily due to a $915 million increase in charges related to civil litigation and regulatory matters for the SoCalGas Aliso Canyon leak.
- 2SDG&E's earnings decreased slightly by $5 million to $819 million in 2021 compared to 2020, impacted by a regulatory liability release in the prior year and lower electric transmission margin.
- 3Sempra Texas Utilities reported an increase in earnings of $37 million to $616 million in 2021, driven by higher equity earnings from Oncor Holdings due to rate updates and customer growth.
- 4Sempra Infrastructure's earnings increased by $102 million to $682 million in 2021, primarily due to higher equity earnings from Cameron LNG JV achieving full commercial operations and improved asset and supply optimization.
- 5The company invested $5.6 billion in capital expenditures and investments in 2021, with significant allocation towards Sempra California utilities for infrastructure improvements and wildfire safety.
- 6Sempra Energy has a strategic focus on North America and has simplified its business model, including the consolidation of non-utility energy infrastructure assets under SI Partners.
- 7The company's credit ratings for Sempra, SDG&E, and SoCalGas remained at investment grade levels throughout 2021, with stable or negative outlooks noted by rating agencies.