Sempra (SRE)

Sempra reported earnings attributable to common shares, the profit left for shareholders, of $796 million for the three months ended June 30, 2026, up from $461 million a year earlier 1. Sempra Texas Utilities earned $346 million, up from $208 million, as its Oncor stake produced higher equity earnings 1. Sempra Infrastructure earned $230 million, up from $72 million, helped by a tax benefit and lower depreciation after SI Partners and Ecogas were classed as held for sale 1.

In September 2025 Sempra agreed to sell a 45% stake in SI Partners to KKR Partners for $9.99 billion, subject to adjustments 1. The company now expects the sale to close near the end of the third quarter of 2026 1. Closing would cut its ownership of SI Partners from 70% to 25% 1.

Sempra's board named Justin Bird as chief financial officer, effective on or around the closing of that sale 3.

Sempra was formed in 1998 when Enova and Pacific Enterprises, the holding companies of San Diego Gas & Electric (SDG&E) and Southern California Gas (SoCalGas), combined 2. SDG&E began operations in 1881 and SoCalGas in 1867 2. It later grew into Texas through an 80.25% interest in the Oncor power-grid company and a 50% interest in Sharyland Utilities 2.

Earnings attributable to common shares fell from $3,030 million in 2023 to $2,817 million in 2024 and $1,796 million in 2025 2. The 2025 drop came from three places 2.

First, Sempra California earned $418 million less, a fall of 23%, mainly because of a $432 million charge for regulators disallowing costs from 2019 through 2024 2. A disallowance means the regulator refuses to let the utility recover a cost through customer rates 2.

Second, Sempra Infrastructure lost $160 million after earning $911 million, mainly from $703 million of income tax expense booked when management decided to sell SI Partners and Ecogas 2. A $445 million swing from currency and inflation effects in Mexico also hurt 2.

Third, Sempra Texas Utilities was the bright spot: earnings rose $80 million, or 10%, on higher equity earnings from Oncor Holdings 2.

Sempra sold a 49.9% stake in the second phase of Port Arthur LNG to Blackstone 2. SI Partners then made a final investment decision and told builder Bechtel to proceed 2. It invested $12.6 billion in capital projects in 2025 and agreed in December to sell Ecogas for 9.0 billion Mexican pesos, about $500 million 2.

Sempra California

SDG&E sells electricity and natural gas in San Diego County and part of Orange County, to a population of about 3.6 million for power and 3.3 million for gas, across roughly 4,100 square miles 2. SoCalGas delivers natural gas to about 21.3 million people over roughly 24,000 square miles of Southern and central California 2. Both are regulated utilities, so the state's regulators set what they may charge 2.

Changes in what the two utilities pay for gas and power are recovered in rates, so they do not move earnings 1. In the second quarter Sempra California earned $297 million against $259 million a year before 1.

Sempra Texas Utilities

Sempra owns Oncor Holdings outright, and Oncor Holdings owns 80.25% of Oncor, the electricity delivery utility for Dallas, Fort Worth and much of Texas; TTI owns the other 19.75% 2. Oncor's lines run through over 120 counties and more than 400 towns and cities, and it had about 5,600 employees at the end of 2025 2. Sempra does not control Oncor, because ring-fencing rules keep it separate from its owners 2.

The annual report says data centers are expected to drive rising electric demand in Oncor's area and call for rapid growth in its grid 2.

Sempra Infrastructure

Sempra Infrastructure builds and runs energy assets in the United States and Mexico, with a focus on liquefied natural gas (LNG), which is gas chilled into a liquid for shipping 2. Its holding company, SI Partners, is owned 70% by Sempra, 20% by KKR Pinnacle and 10% by ADIA 2.

SI Partners owns 50.2% of the Cameron LNG export plant in Louisiana, whose three trains have a combined nameplate capacity of 13.9 million tonnes a year 2. It owns 50.1% of Port Arthur LNG phase two, in which Blackstone holds 49.9%, with about 13 million tonnes a year planned 2. Customers signed for phase two include ConocoPhillips for 4 million tonnes a year over 20 years 2.

Lawsuits and fire claims

Plaintiffs in the Palisades fire case, over the January 2025 Los Angeles fire, named nineteen defendants including SoCalGas and Sempra 1. On 15 July 2026 the court dismissed Sempra but not SoCalGas and struck the demand for punitive damages against SoCalGas 1. In the Eaton fire litigation, Edison filed cross-complaints in January 2026 naming SoCalGas among more than a dozen defendants 1.

People

On 6 July 2026 the board named Justin Bird, who ran Sempra Infrastructure, as chief financial officer 3. He takes over from Karen Sedgwick, who becomes chief executive of SoCalGas 3.

The umbrella, in words

Sempra owns SDG&E and SoCalGas outright, its two California utilities 1. It owns a 100% equity interest in Oncor Holdings, which holds 80.25% of Oncor, and a 50% interest in Sharyland Holdings 12. It owns 70% of SI Partners, with KKR Pinnacle holding 20% and ADIA 10%, and a sale of part of that stake to KKR Partners is pending 21.

The company expects the SI Partners sale to close near the end of the third quarter of 2026 1. SI Partners expects to finish the Ecogas sale in August 2026 for 9.0 billion Mexican pesos 1.

Sempra expects capital spending of about $11.3 billion in 2026, up from the $8.6 billion it estimated earlier, mostly because it keeps more of SI Partners' spending for longer 1.

On 15 June 2026 SDG&E and SoCalGas filed 2028 general rate case applications, asking regulators to set what they may charge 4. SDG&E asked for $3,760 million of revenue for 2028 and SoCalGas $5,096 million 4. They asked for a proposed decision by the end of 2027, with new rates from January 2028 4.

The company expects the first and second Port Arthur trains to start commercial operations at or near the end of 2027 and in 2028, and the third and fourth in 2030 and 2031 2.