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Sempra is a holding company built around utilities in California and Texas. Its California utilities supply most of its revenue: SoCalGas delivers natural gas across much of Southern California and parts of central California, while SDG&E provides electricity and gas in the San Diego area. Households and businesses pay regulated bills for these services. Most SDG&E electricity customers buy their power from other suppliers but still use its delivery network.
The California utilities earn through rates designed to cover reasonable costs and allow a return on their infrastructure investments. Purchased gas costs pass through to customers without markup. Their authorized revenue does not depend directly on sales volumes; regulatory decisions determine which investments and costs they can recover, and recovery can be delayed or denied.
In Texas, Sempra holds an interest in Oncor, which moves electricity over transmission lines and local distribution networks rather than selling electricity itself. Retail electricity providers and other utilities pay for delivery under approved tariffs. Sempra depends on distributions from its subsidiaries and investments for parent-company cash. Rules separating Oncor from Sempra limit Sempra’s control and can restrict those distributions.
Sempra Infrastructure also owns and develops gas pipelines, storage facilities and terminals that turn gas into liquid for export. Customers pay to reserve capacity or buy gas and liquefied natural gas under long-term contracts. Cameron LNG’s operating capacity is fully contracted to affiliates of TotalEnergies, Mitsubishi and Mitsui; Mexican pipeline customers include CFE and PEMEX. Sempra has agreed to sell control of SI Partners, which holds much of this infrastructure business, to KKR while retaining a minority interest, subject to closing conditions.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Sempra’s earnings depend chiefly on California and Texas utility regulation, but also watch KKR, absent from this list, for the planned $9.99 billion infrastructure-stake sale that is central to its capital allocation.
Edison International shares Sempra’s California regulatory and wildfire risks: its SCE supplies and delivers electricity to customers, while Sempra’s California utilities provide electricity and gas. Watch the Eaton fire litigation, where Edison’s cross-complaints name Sempra’s SoCalGas among defendants from whom it seeks damages and indemnity.
PG&E Corporation and Sempra both depend on California regulators allowing their electric and gas utilities to recover infrastructure costs from customer bills. PG&E’s cost-recovery decisions are worth watching alongside Sempra’s: SDG&E’s disallowed wildfire-mitigation costs produced a $464 million after-tax charge in the fourth quarter of 2025.
CenterPoint Energy’s Houston Electric and Sempra’s Oncor both earn by moving electricity through Texas grids under state-approved rates, rather than competing to serve the same territory. Watch Houston Electric’s delivery business and rate decisions as a comparison for Oncor, which collects delivery charges from retail electricity providers and wholesale customers.
Atmos Energy and Sempra’s SoCalGas earn from regulated gas delivery, transportation and storage infrastructure, not primarily from rising gas prices. Atmos’s approved distribution rates show how customer payments cover costs and investment returns; SoCalGas likewise largely passes purchased-gas costs to core customers without markup.
Exelon and Sempra’s Oncor earn from regulated electricity delivery, not from generating power for sale at market prices. Exelon buys electricity for its utility customers but does not generate it; compare its transmission and distribution revenue with Oncor’s delivery fees, rather than treating either as a power producer.
American Electric Power and Sempra both depend on grid investment to grow substantial regulated transmission and distribution businesses paid by electricity customers. AEP also generates and sells power, so its transmission and distribution results are the closer comparison for Sempra’s Oncor.
NiSource and Sempra both earn substantial utility income from supplying customers with gas and electricity under regulated rates. NiSource derives almost all revenue and earnings from these businesses, making its gas-utility results a useful comparison for Sempra’s SoCalGas, whose revenue follows regulatory allowances rather than actual sales volumes.
Xcel Energy and Sempra both depend on approved customer rates to recover investment in regulated electric and gas networks. Xcel supplies electricity and gas to retail and wholesale customers; watch investment recovery in those utility businesses rather than assuming higher sales volumes translate into higher Sempra California revenue.
Duke Energy and Sempra recover electric and gas utility infrastructure investment through approved customer rates, so regulatory returns matter to both. Duke’s Ohio business makes its electricity margin from transmission and distribution, not the purchased power itself—a useful comparison for Sempra’s delivery businesses.
Cheniere Energy competes with Sempra Infrastructure to sell long-term U.S. liquefied natural gas (LNG) export capacity and supplies to global energy companies. Watch its long-term contract terms: customers generally pay a fixed fee even if they cancel cargoes, plus a variable charge largely covering gas and related costs.
Venture Global competes with Sempra Infrastructure to build LNG export projects and secure long-term international buyers. Watch when its sales move from testing-period cargoes to long-term contracts, which generally begin at commercial operation or a firm start date—the same distinction matters for Sempra’s future contracted LNG sales.
Sempra’s Port Arthur LNG depends on ConocoPhillips as an owner, buyer and supply manager: the oil and gas producer co-owns Phase 1 and arranges the gas it will turn into LNG. Its 20-year purchase commitments cover 5 million tonnes a year from Phase 1 and 4 million from Phase 2, making those contracts and feed-gas arrangements concrete points to watch.
TotalEnergies supports Sempra’s LNG business as both co-owner and paying customer at Cameron and ECA, reserving Cameron processing capacity and contracting to buy ECA LNG. Watch its ECA contract, covering about 1.7 million tonnes annually for 20 years: customers had conditional termination rights for delayed commercial operation, though none had notified Sempra of an intent to terminate as of February 26, 2026.
PG&E Corporation earningsPCG
PG&E's report will show how California treats recovery of wildfire-mitigation and other grid costs, a useful comparison for the cost-recovery risk facing Sempra's SDG&E.
Look at how much PG&E’s wildfire-mitigation spending regulators allow it to recover through customer rates, and how much they disallow; compare that with the $464 million after-tax charge SDG&E recorded in the fourth quarter of 2025 for disallowed wildfire-mitigation costs. More recovery at PG&E would show that regulators can allow these costs into rates, but would not guarantee the same treatment for SDG&E. Further disallowances would underline the risk that utilities must bear some of the cost themselves.
CenterPoint Energy, Inc. earningsCNP
CenterPoint's report will show how rates and cost recovery in its Houston electric-delivery business compare with the Texas grid business at Sempra's Oncor.
Look at delivery revenue and rate recovery in CenterPoint’s Houston electric business, alongside Oncor’s model of collecting delivery charges from retail electricity providers and wholesale customers. If CenterPoint’s rates keep pace with costs and investment, that is a constructive comparison for Texas grid investment, though the two utilities serve different territories and have separate rate decisions. If recovery lags costs, it is a reminder that Oncor’s investment does not automatically mean higher returns.
NiSource Inc. earningsNI
NiSource's report offers a read on how a regulated gas utility earns from customer rates and cost recovery, for comparison with Sempra's SoCalGas.
Look at NiSource’s gas-utility earnings and cost recovery, not just gas sales or gas prices. SoCalGas recognizes revenue based on regulator-approved revenue requirements, and actual sales volumes do not change that revenue. If NiSource’s utility earnings strengthen as rates recover costs, that shows how gas-network investment can support regulated income; if earnings weaken, the question is whether recovery is keeping up, not simply how much gas was sold.
Cheniere Energy Inc earningsLNG
Cheniere's report will show whether global buyers keep paying for long-term reserved LNG export capacity, a signal for Sempra Infrastructure's competition for customers.
Check whether Cheniere continues collecting fixed fees under long-term contracts: customers generally pay them even if they cancel cargoes, plus a variable charge that largely covers gas and related costs. Continued fixed-fee collection would show that buyers still value reserved capacity, a constructive comparison for Sempra as it competes for long-term LNG buyers, though its contracts are not necessarily the same. Weaker commitments or collections would point to a harder fight for customers.
TotalEnergies SE earningsTTE
TotalEnergies' report offers a read on whether Sempra's LNG project co-owner and customer continues to support its long-term buying arrangements.
Watch what TotalEnergies says about long-term LNG buying and the ECA project. It has a 20-year ECA LNG contract for about 1.7 million tonnes a year; continued support for the buying arrangement would reinforce Sempra’s customer base. If delays arise or conditional termination rights are exercised, those contracted sales would be at risk.
Sempra earningsThis company
Sempra's report will show whether earnings from its regulated California and Texas utilities are growing enough to offset swings in its LNG and other infrastructure businesses.
Read earnings from Sempra California and Sempra Texas Utilities alongside Sempra Infrastructure’s result. The utilities recover network costs and investment through approved rates; Infrastructure earnings also depend on projects and long-term contracts. If both utility segments grow and Infrastructure improves, earnings are coming from a broader base. If the utilities stall while Infrastructure losses deepen, project volatility is outweighing growth in the regulated businesses.
ConocoPhillips earningsCOP
ConocoPhillips' report will show whether its gas-supply role and LNG purchase commitments remain aligned for Sempra's Port Arthur project.
Look for updates on ConocoPhillips’ gas-supply arrangements and long-term purchase commitments for Port Arthur: 5 million tonnes a year from Phase 1 and 4 million from Phase 2. If supply arrangements and purchase commitments remain aligned, the project has a clearer feed-gas and buyer base. If supply is constrained or commitments change, Sempra faces more uncertainty about gas for the plant or sales of its LNG.
