2026 Value
creation initiatives
Driving disciplined growth
Our corporate strategy centers on five value creation initiatives in 2026 designed to continue simplifying our business model, mitigate risk and improve financial strength. We expect these initiatives to enhance our ability to deliver improved earnings growth and drive enhanced benefits for consumers and communities across our service territories.
Five value creation initiatives
We are poised to deliver on a decisive decade of growth through a corporate strategy centered on five value creation initiatives in 2026.
2025 Accomplishments
| Value Creation Initiatives | Accomplishments | |
|---|---|---|
| 1 | Invest $13B prioritizing utility investments and improved returns | ✓ Invested ~$13B CapEx ✓ Increased rate base from $50B to $57B2 ✓ Improved Oncor earned ROE through UTM ✓ Distributed $1.7B common dividends |
| 2 | Unlock value in our LNG franchise | ✓ Signed definitive SI Partners sales agreement ✓ Unlocked $22.2B SI Partners equity valuation3 ✓ Reached FID Port Arthur LNG Phase 2 ✓ Achieved mechanical completion ECA LNG Phase 1 |
| 3 | Sell non-core assets to simplify business and reduce portfolio risk | ✓ Entered definitive Ecogas sales agreement for ~$500M4 |
| 4 | Execute Fit for 2025 to reduce costs and improve productivity | ✓ Modernized workforce composition ✓ Implemented new technologies improving efficiency |
| 5 | Continue community safety and operational excellence | ✓ Secured SB 254 improving utilities' financial backstop ✓ Named most reliable utility for 20th straight year (SDG&E)5 |
Recent news
8/27/25
8/21/25
Recent news
8/27/25
8/21/25
“We expect these initiatives to enhance our ability to deliver improved earnings growth and drive enhanced benefits for customers and communities across our service territories. ”
Jeffrey W. Martin, chairman and CEO of Sempra
- Reflects Sempra’s projected capital investments for 2026 within its 2026 – 2030 capital plan. Our 2026-2030 capital plan (i) includes Sempra's proportionate ownership interest in projected capital expenditures at unconsolidated equity method investees while excluding Sempra's projected future contributions to those equity method investees and (ii) excludes noncontrolling interests' proportionate ownership interest in projected capital expenditures at Sempra and at unconsolidated equity method investees. Our 2026-2030 capital plan reflects our 80.25% ownership of Oncor and our projected 70% ownership of SI Partners through March 31, 2026, and 25% ownership thereafter.
- Sempra California rate base of $29B and $32B for 2024 and 2025, respectively, is the value of assets on which SDGE and SoCalGas are permitted to earn a specified rate of return in accordance with rules set by regulatory agencies and is calculated using a 13-month weighted-average, in accordance with CPUC methodology as adopted in rate-setting proceedings. Sempra Texas rate base of $21B and $25B for 2024 and 2025, respectively, reflects 80.25% of Oncor and 50% of Sharyland and represents total estimated invested capital, as adjusted in accordance with PUCT rules, at the end of the previous calendar year.
- Implied equity value is calculated before purchaser fee reimbursement of $338M, development credit of $340M and other closing and post-closing adjustments.
- Agreement to sell Ecogas for 9B Mexican pesos, or ~$503M USD-equivalent at 12/31/2025, subject to adjustments.
- ReliabilityOne Award for Outstanding Reliability Performance in the Western Region by PA Consulting.
This webpage contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions about the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed or implied in any forward-looking statement. These forward-looking statements represent our estimates and assumptions only as of February 26, 2026. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise.
In this webpage, forward-looking statements can be identified by words such as “believe,” “expect,” “intend,” “anticipate,” “contemplate,” “plan,” “estimate,” “project,” “forecast,” “envision,” “should,” “could,” “would,” “will,” “confident,” “may,” “can,” “potential,” “possible,” “proposed,” “in process,” “construct,” “develop,” “opportunity,” “preliminary,” “pro forma,” “strategic,” “initiative,” “target,” “outlook,” “optimistic,” “poised,” “positioned,” “maintain,” “continue,” “progress,” “advance,” “goal,” “aim,” “commit,” or similar expressions, or when we discuss our guidance, priorities, strategies, goals, vision, mission, projections, intentions or expectations. Factors, among others, that could cause actual results and events to differ materially from those expressed or implied in any forward-looking statement include: California wildfires, including potential liability for damages regardless of fault and any inability to recover all or a substantial portion of costs from insurance, the wildfire fund established by California Assembly Bill 1054 and the wildfire fund continuation account established by California Senate Bill 254, rates from customers or a combination thereof; decisions, disallowances or denials of cost recovery, audits, investigations, inquiries, ordered studies, regulations, denials or revocations of permits, consents, approvals or other authorizations, renewals of franchises, and other actions, including the failure to honor contracts and commitments, by the (i) Comisión Nacional de Energía, California Public Utilities Commission (CPUC), U.S. Department of Energy, U.S. Federal Energy Regulatory Commission, U.S. Internal Revenue Service, Public Utility Commission of Texas and other regulatory bodies and (ii) U.S., Mexico and states, counties, cities and other jurisdictions therein and in other countries where we do business; the success of business development efforts, construction projects, acquisitions, divestitures, and other significant transactions such as the planned sale of a portion of our equity interest in Sempra Infrastructure Partners, including risks related to, as applicable, (i) being able to reach a positive final investment decision, (ii) negotiating pricing and other terms in definitive contracts, (iii) completing construction projects or other transactions on schedule and budget, (iv) realizing anticipated benefits from any of these efforts if completed, (v) obtaining regulatory and other approvals and (vi) third parties honoring their contracts and commitments, including with respect to closing or post-closing payments; changes to our capital expenditure plans and their potential impact on rate base or other growth; changes, due to evolving economic, political and other factors, to (i) trade and other foreign policy, including the imposition of tariffs by the U.S. and foreign countries, and (ii) laws and regulations, including those related to tax and the energy industry in the U.S. and Mexico; litigation, arbitration, property disputes and other proceedings; cybersecurity threats, including by nation-state actors, of ransomware or other attacks on our systems, the energy grid or our other infrastructure, or the systems of third parties with which we conduct business; the availability, uses, sufficiency, and cost of capital resources and our ability to borrow money or otherwise raise capital on favorable terms and meet our obligations, which can be affected by, among other things, (i) actions by credit rating agencies to downgrade our credit ratings or place those ratings on negative outlook, (ii) instability in the capital markets, and (iii) fluctuating interest rates and inflation; the impact of efforts to increase affordability of U.S. utility customer rates on our ability to obtain cost recovery from applicable regulators, our capital expenditure and other growth plans and our ability to advance statewide policies; the impact on affordability of customer rates, cost of capital and operating margin due to (i) volatility in inflation, interest rates, commodity prices, tariff rates, and foreign currency exchange rates and (ii) with respect to SDG&E’s and SoCalGas’ businesses, the cost of meeting the demand for lower carbon and reliable energy in California; the impact of climate policies, laws, rules, regulations, trends and required disclosures, including actions to reduce or eliminate reliance on natural gas, increased uncertainty in the political or regulatory environment for California natural gas distribution companies, the risk of nonrecovery for stranded assets, and uncertainty related to emerging technologies; weather, natural disasters, pandemics, accidents, equipment failures, explosions, terrorism, information system outages or other events, such as work stoppages, that disrupt our operations, damage our facilities or systems, cause the release of harmful materials or fires or subject us to liability for damages, fines and penalties, some of which may not be recoverable through regulatory mechanisms or insurance or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power, natural gas and natural gas storage and transportation capacity, including disruptions caused by failures in the transmission grid or pipeline and storage systems or limitations on the injection and withdrawal of natural gas from storage facilities; Oncor Electric Delivery Company LLC’s (Oncor) ability to reduce or eliminate its quarterly dividends due to regulatory and governance requirements and commitments, including by actions of Oncor’s independent directors or a minority member director; and other uncertainties, some of which are difficult to predict and beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on Sempra’s website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.