Sempra operates regulated utilities in the United States and Mexico through three segments: Sempra California, Sempra Texas Utilities, and Sempra Infrastructure. Sempra California provides natural gas and electric services to Southern California and part of central California. Sempra Texas Utilities engages in regulated electricity transmission and distribution. Sempra Infrastructure develops, constructs, operates, and invests in energy infrastructure to enable access to cleaner energy in the United States, Mexico, and internationally. The company was formerly known as Sempra Energy and changed its name to Sempra in May 2023. It was incorporated in 1996 and is headquartered in San Diego, California.
Sempra's LNG growth hits a compressor snag while California wildfire liability risk resurfaces
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ECA LNG Phase 1 first cargo shipped Sempra's ECA LNG plant on Mexico's Pacific coast sent its first cargo, a key step toward full operations. Long-term contracts with TotalEnergies and Mitsui underpin revenue, and the Pacific route cuts shipping time to Asia, supporting future earnings.
This is a new operational milestone that directly supports Sempra's LNG growth story and future cash flow.
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Compressor damage delays ECA LNG commissioning Sempra found damage in refrigerant compressors at ECA LNG Phase 1, pushing substantial completion to the fourth quarter. The delay is a setback, but the company still expects no reduction in planned 2026-2027 earnings, limiting the negative impact.
This is a new operational problem that could delay revenue and adds uncertainty, directly affecting SRE's price.
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Data center power demand forecast raised Goldman Sachs lifted its 2030 data center capacity forecast to 217 GW, naming Sempra among utilities set to benefit from rising power prices and new contracts. More data centers mean more electricity sales for Sempra's regulated utilities.
This is a new analyst forecast that highlights a major demand driver for Sempra's utilities, supporting the bull case.
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California wildfire bill sparks selloff and downgrades California lawmakers introduced a wildfire bill without liability protection for utilities, sending Sempra shares down 3.9% and prompting Mizuho to downgrade the sector. The bill could expose Sempra to large wildfire costs, a real regulatory risk.
This is a new regulatory threat that directly pressures SRE's stock and adds long-term uncertainty.
Q3 2026
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Sempra's LNG growth hits a compressor snag while California wildfire liability risk resurfaces
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ECA LNG Phase 1 first cargo shipped Sempra's ECA LNG plant on Mexico's Pacific coast sent its first cargo, a key step toward full operations. Long-term contracts with TotalEnergies and Mitsui underpin revenue, and the Pacific route cuts shipping time to Asia, supporting future earnings.
This is a new operational milestone that directly supports Sempra's LNG growth story and future cash flow.
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Compressor damage delays ECA LNG commissioning Sempra found damage in refrigerant compressors at ECA LNG Phase 1, pushing substantial completion to the fourth quarter. The delay is a setback, but the company still expects no reduction in planned 2026-2027 earnings, limiting the negative impact.
This is a new operational problem that could delay revenue and adds uncertainty, directly affecting SRE's price.
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Data center power demand forecast raised Goldman Sachs lifted its 2030 data center capacity forecast to 217 GW, naming Sempra among utilities set to benefit from rising power prices and new contracts. More data centers mean more electricity sales for Sempra's regulated utilities.
This is a new analyst forecast that highlights a major demand driver for Sempra's utilities, supporting the bull case.
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California wildfire bill sparks selloff and downgrades California lawmakers introduced a wildfire bill without liability protection for utilities, sending Sempra shares down 3.9% and prompting Mizuho to downgrade the sector. The bill could expose Sempra to large wildfire costs, a real regulatory risk.
This is a new regulatory threat that directly pressures SRE's stock and adds long-term uncertainty.
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Sempra Declares $0.66 Quarterly Dividend, Extending Payout Streak Since 1984
Sempra declared a quarterly dividend of $0.66 per share, payable on 2026-10-15 to shareholders of record before the 2026-09-24 ex-dividend date. The utility has paid dividends without interruption since 1984 and has raised its payout every year since 2000, a streak that earns it dividend aristocrat status. Sempra's 12-month trailing dividend yield is 3.24% and its forward yield is 3.27%, with annual dividend growth of 4.10% over three years, 4.20% over five years and 6.40% over ten years. The payout ratio stands at 0.66 as of 2026-06-30, and GuruFocus ranks the company's profitability and growth 7 out of 10. Offsetting that record, revenue per share has fallen about 5.20% a year over three years, earnings per share about 8.00% a year, and five-year EBITDA growth is negative 8.90%, each trailing a majority of global competitors.
SRE · Capital · Positive Sempra declared a $0.66 quarterly dividend, extending its payout streak since 1984 and its annual dividend increases since 2000.
Sempra Signs Petrobras to 20-Year Port Arthur LNG Deal
Sempra Infrastructure has signed a 20-year sales and purchase agreement with Brazil's Petrobras for approximately 800,000 tonnes per year of liquefied natural gas from the Port Arthur LNG Phase 2 project in Jefferson County, Texas. Petrobras becomes the first South American company in Sempra Infrastructure's LNG customer portfolio. Port Arthur Phase 2 reached a final investment decision in September 2025 and is designed to add roughly 13 million tonnes per annum of liquefaction capacity through two additional trains, with capital spending estimated at around $12 billion plus approximately $2 billion for shared facilities with Phase 1. Trains 3 and 4 are expected to enter commercial service in 2030 and 2031, respectively, and once both phases are operational the Port Arthur complex could have approximately 26 million tonnes per year of LNG production capacity. Sempra had already lined up several major Phase 2 customers ahead of its investment decision, including ConocoPhillips with a 20-year agreement covering 4 Mtpa in August 2025, Japan's JERA with 1.5 Mtpa, and EQT with a 20-year agreement covering 2 Mtpa later that month.
Energy Transition & Power Demand › Natural Gas Value Chain ▲Demand
SRE · Demand · Positive Sempra signed a 20-year 800,000 tpa LNG sales agreement with Petrobras for Port Arthur Phase 2, securing end-customer demand.
PBR · Demand · Positive Petrobras signs a 20-year agreement to buy ~800,000 tonnes per year of LNG from Sempra's Port Arthur Phase 2, securing long-term supply.
NATGAS · Demand · Positive New Petrobras offtake plus Phase 2 FID adds ~13 Mtpa of LNG demand for natural gas feedstock.
Sempra Declares Quarterly Dividend of $0.6575 per Share
Sempra has declared a quarterly dividend of $0.6575 per share on its common stock, payable on October 15, 2026, to shareholders of record at the close of business on September 24, 2026. The announcement was made by the company's board of directors. Sempra, which owns one of the largest energy networks in North America, focuses on electrification and energy resilience in California and Texas. The company is recognized for its responsible business practices and high-performance culture, as reflected in its inclusion in The Wall Street Journal's Management Top 250 and Fortune's World's Most Admired Companies.
California Wildfire Bill Omits Liability Cap, PG&E and Edison Tumble
California utility stocks cratered Monday after state lawmakers advanced an amended wildfire bill that omits liability protections investors had counted on, sending PG&E down 18% to $13.57 and Edison International down 23% to $54.22, its largest single-day decline in over 25 years. The bill, Senate Bill 492, speeds claims payments and allows additional bonds but lacks a $6 billion per-incident cap on wildfire fund withdrawals, a mechanism to replenish the Wildfire Fund, and a proposal barring insurers from suing utilities. Sempra fell just 2% to $82.22 on heavier Texas exposure, while the Utilities Select Sector SPDR ETF dropped only 1%, isolating the selloff as California-specific statute risk. Analysts flagged uncapped tail risk: BMO cut PG&E to Market Perform with a $21 target and raised its liability drag estimate to $10 per share, while Mizuho downgraded both PG&E and Edison International, citing Edison's 30,000 claims in litigation and over $775 million in compensation offers. PG&E said the bill falls short of creating long-term durability for affordable investment, and credit rating downgrades are possible for California investor-owned utilities.
Sempra completes sale of Ecogas Mexico for about $500 million
Sempra has completed the sale of its Ecogas México natural gas distribution business, generating approximately $500 million in U.S. dollar-equivalent proceeds. The divested network serves over 600,000 residential, commercial and industrial customers across the Mexicali, Chihuahua and La Laguna-Durango regions. The transaction advances Sempra's capital recycling program in support of its record five-year capital plan of approximately $65 billion, with more than 95% of planned investments directed toward regulated utility infrastructure. The Ecogas sale complements an agreement to sell a 45% equity interest in Sempra Infrastructure Partners to affiliates of KKR, which is expected to close in the third quarter of 2026. Together, these transactions are expected to support investments in Texas and California while reducing reliance on future common-equity issuances and supporting credit quality.
SRE · Capital · Positive Sempra completes Ecogas sale for ~$500M, advancing capital recycling and supporting its $65B plan.
Sempra Infrastructure Partners · Capital · Positive Sempra Infrastructure Partners is the subject of a 45% equity sale to KKR, expected to close in 2026.
KKR · Capital · Positive KKR's affiliate is buying a 45% stake in Sempra Infrastructure Partners, a strategic investment.
Consumer Watchdog says the utility-funded coalition Wildfire Victims First is using utility-paid spokespeople to push a wildfire bailout in Sacramento. The group says three leaders featured by the coalition represent organizations with significant financial ties to utilities, including $604,757 in combined funding from PG&E, Edison, SDG&E and SoCalGas from 2023 through 2025. IBEW Local 1245 is directly connected to a funder of Wildfire Victims First through a political committee that spent heavily in the 2026 gubernatorial primary, with PG&E contributing $13.575 million and IBEW Local 1245 contributing $150,000. Consumer Watchdog also found that 142 of the 214 organizations in the coalition, or 66%, received a combined $7.3 million from the four utilities over the same period.
EIX · Regulation · Negative Consumer Watchdog alleges Edison is funding a coalition to push a wildfire bailout, potentially leading to regulatory scrutiny.
PCG · Regulation · Negative PG&E is accused of funding a coalition to push a wildfire bailout, which may attract regulatory backlash.
SRE · Regulation · Negative Sempra Energy is implicated in funding a coalition for a wildfire bailout, potentially facing regulatory and public criticism.
Sempra reports higher Q2 2026 earnings and updates full-year guidance
Sempra reported second quarter 2026 results with net income and earnings per share from continuing operations higher than a year ago, while sales stayed broadly flat. The company updated its full-year 2026 GAAP EPS guidance to a range of US$5.02 to US$5.55 and affirmed its 2027 outlook. The most followed valuation narrative points to a fair value of $103.50 per share compared with the latest close at $83.88, suggesting the stock is 19% undervalued, though a separate discounted cash flow model estimates fair value at $46.26, indicating overvaluation. Key swing factors include potential regulatory shifts in California or Texas and earnings sensitivity to long-term LNG demand and policy changes.
Sempra's Earnings Beat Focus May Overshadow Long-Term Risks
Wall Street's earlier expectations for Sempra's August 6 earnings report, including a likely year-over-year earnings increase and potential EPS beat versus consensus, are now a past catalyst for investor attention. The company's investment narrative projects $14.3 billion revenue and $4.1 billion earnings by 2029, requiring 1.8% yearly revenue growth and about a $2.2 billion earnings increase from $1.9 billion today. A key recent development is ERCOT's endorsement of more than US$7 billion of transmission expansions in fast-growing Texas corridors, most of which Oncor is expected to build, tying directly into Sempra's growth catalyst around regulated asset expansion. However, investors should be aware that tighter regulatory shifts or affordability reforms could impact how much of that opportunity reaches shareholders, while Simply Wall St community members offer fair value views ranging from US$46.13 to US$103.50, underscoring very different expectations.
Sempra extends ECA LNG Phase 1 commissioning after compressor damage found
Sempra announced it is extending the commissioning process for its ECA LNG Phase 1 project in Mexico after discovering damage in the refrigerant compressors during planned inspections following the export of the facility's first cargo. The damage was found after the plant was shut down for planned inspections, prompting the extension. Subject to a root cause investigation and remediation work, Sempra expects the project to reach substantial completion in the fourth quarter, with sales under long-term agreements beginning shortly thereafter. Despite the delay, the company said it does not expect a reduction in planned earnings contributions relative to segment guidance ranges for 2026 and 2027. Sempra also noted that construction on Port Arthur LNG Phases 1 and 2 in Texas remains on time and on budget, with both phases expected to add 26 million metric tons per year of new nameplate export capacity to its LNG portfolio.
Goldman Sachs raises global data center capacity forecast to 217 GW by 2030
Goldman Sachs has raised its forecast for worldwide data center capacity to 217 gigawatts by 2030, up from a prior estimate of 168 gigawatts and more than double the 101 gigawatts expected in 2025. The additional 116 gigawatts of capacity would require roughly $6 trillion in capital spending, a level the bank believes can be supported by current hyperscaler investment plans. Goldman favors utilities including FirstEnergy, Xcel Energy, Duke Energy and Sempra, as well as independent power producers Talen Energy, Vistra and NRG Energy, which it expects to benefit from rising power prices and growing data center-related power contracts. Among data center operators, Goldman maintained a Buy rating on Digital Realty, citing persistent supply-demand tightness and AI infrastructure spending. The bank estimates data center capacity will grow at a 17% compound annual rate between 2025 and 2030, with 60% to 70% of new capacity additions located in the United States, and projects global data center power consumption will rise 170% by 2030 compared with 2025 levels.
Energy Transition & Power Demand › Nuclear Generation & Utilities ▲Demand
Energy Transition & Power Demand › Grid, Transmission & Power Equipment ▲Demand
Cloud & Digital Infrastructure › Mega-cap Hyperscalers ▲Capital
VST · Demand · Positive Goldman Sachs expects Vistra to benefit from rising power prices and growing data center-related power contracts.
XEL · Demand · Positive Goldman Sachs expects Xcel Energy to benefit from rising power prices and growing data center-related power contracts.
DUK · Demand · Positive Goldman Sachs expects utilities like Duke Energy to benefit from rising power prices and data center-related power contracts.
FE · Demand · Positive Goldman Sachs expects utilities like FirstEnergy to benefit from rising power prices and data center-related power contracts.
NRG · Demand · Positive Goldman Sachs expects independent power producers like NRG Energy to benefit from rising power prices and data center-related power contracts.
SRE · Demand · Positive Goldman Sachs expects utilities like Sempra to benefit from rising power prices and data center-related power contracts.
Sempra names CFO Karen Sedgwick as new SoCalGas CEO
Sempra has appointed Chief Financial Officer Karen Sedgwick as the next CEO and president of Southern California Gas Co., the nation's largest natural gas distribution utility. Sedgwick, a more than 30-year Sempra veteran, will continue serving on the SoCalGas board. The leadership transition is tied to the expected closing of Sempra's infrastructure transaction in the third quarter of 2026, at which time Bob Patel will become CEO of Sempra Infrastructure. Concurrently, Justin Bird, currently executive vice president of Sempra and CEO of Sempra Infrastructure, will become executive vice president and CFO of Sempra.
Sempra’s ECA LNG Phase 1 ships first cargo from Mexico
Sempra Infrastructure announced that the ECA LNG Phase 1 project in Ensenada, Mexico, has loaded and shipped its first cargo of liquefied natural gas, marking an important milestone toward full commercial operations. Justin Bird, CEO of Sempra Infrastructure, said the company is excited to begin shipping a new and reliable source of natural gas from North America's Pacific Coast to global customers amid increased uncertainty in the LNG trade. Patrick Pouyanné, CEO of TotalEnergies, noted that the project's strategic location provides privileged access to Asian markets and strengthens the quality of TotalEnergies' integrated LNG portfolio in North America, with the company contributing to the ramp-up by exporting the first cargoes.
Energy Transition & Power Demand › Natural Gas Value Chain ▲Supply
SRE · Demand · Positive ECA LNG Phase 1 ships first cargo, marking milestone toward full commercial operations and new revenue stream.
TTE.PA · Demand · Positive TotalEnergies exports first cargoes from ECA LNG, strengthening its integrated LNG portfolio and access to Asian markets.
NATGAS · Supply · Neutral New LNG supply from Mexico's Pacific Coast could increase global LNG supply, potentially pressuring prices, but impact is uncertain.
SDG&E Reports One in Four Customers Now Using Rooftop Solar
San Diego Gas & Electric announced that more than 350,000 residential customers are now generating their own power through rooftop solar, representing over one in four customers and one of the highest adoption rates in the nation. The company has streamlined its interconnection process, enabling customers to complete it in about three days on average, while consistently exceeding state performance benchmarks. SDG&E noted that the growth of rooftop solar and battery storage is transforming the grid to support two-way power flows, with customers both consuming and contributing energy. The utility, which has been named the most reliable electric utility in the West for 20 consecutive years by PA Consulting, emphasized that customers remain connected to the broader grid for reliability when solar generation is low.
Energy Transition & Power Demand › Energy Storage & Grid Flexibility ▲Demand
Energy Transition & Power Demand › Grid, Transmission & Power Equipment ▲Technology
SRE · Demand · Positive SDG&E, a subsidiary of Sempra Energy, reports high rooftop solar adoption, driving demand for grid services and interconnection.
SoCalGas Reports Five-Year Low Natural Gas Costs for Spring 2026
Southern California Gas Company announced that the cost it pays for natural gas on behalf of residential and small business customers across its own and San Diego Gas & Electric service areas reached a five-year low for the March through May 2026 period, averaging 22.8 cents per therm. The billed price declined from 35.7 cents per therm in March to 16.9 cents in April and 15.9 cents in May, a 55% drop over the three months. The company attributed the lower costs to system flexibility including storage and access to multiple supply basins, which enable lower-cost purchases and reduce exposure to price spikes during high demand. The trend aligns with record-low California natural gas spot prices in early 2026, driven partly by higher-than-average storage levels in the Pacific region. SoCalGas passes through the natural gas cost without markup, so lower market prices directly benefit customer bills.
SRE · Pricing · Positive SoCalGas, a Sempra subsidiary, reports a 55% drop in natural gas costs for spring 2026, directly benefiting its customers and potentially improving its competitive position.
SRE · Demand · Positive Lower natural gas costs may reduce customer bills, potentially improving customer satisfaction and regulatory relations for Sempra's utility operations.
NATGAS · Supply · Negative Record-low spot prices and higher storage levels indicate oversupply, putting downward pressure on natural gas futures.
Sempra Named to The Wall Street Journal's Inaugural Best Companies for the Future List
Sempra has been named to The Wall Street Journal's inaugural Best Companies for the Future list, ranking in the top 10% of S&P 500 companies for talent readiness. The ranking, published June 7, 2026, evaluated S&P 500 companies on future readiness across agility, AI readiness, financial fitness, innovation, resilience, and talent readiness. Sempra's standout performance came in talent readiness, where it placed in the top 10% of the S&P 500 and was among the leading utilities for workforce readiness. The company also ranked among the top utilities for agility, scoring in the top 38% for innovation and commitment to new technologies. Chairman and CEO Jeffrey W. Martin said the recognition reflects Sempra's investment in people and its strategy to build America's leading utility growth business.
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