We make statements in this report that constitute
forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995.
Forward-looking statements are based on assumptions with
respect to the future, involve risks and uncertainties,
and are not guarantees. Future results may differ
materially from those expressed in any forward-looking
statements. These forward-looking statements represent our
estimates and assumptions only as of the filing date of
the Annual Report on Form 10-K included herein. We assume
no obligation to update or revise any forward-looking
statement as a result of new information, future events or
other factors.
In this report, forward-looking statements can be
identified by words such as “believes,”
“expects,” “anticipates,”
“plans,” “estimates,”
“projects,” “forecasts,”
“should,” “could,”
“would,” “will,”
“confident,” “may,”
“can,” “potential,”
“possible,” “proposed,” “in
process,” “under construction,”
“in development,” “target,”
“outlook,” “maintain,”
“continue,” or similar expressions, or when we
discuss our guidance, priorities, strategy, goals, vision,
mission, opportunities, projections, intentions or
expectations.
Factors, among others, that could cause actual results and
events to differ materially from those described in any
forward-looking statements include risks and uncertainties
relating to: California wildfires, including the risks
that we may be found liable for damages regardless of
fault and that we may not be able to recover costs from
insurance, the wildfire fund established by California
Assembly Bill 1054 or in rates from customers; decisions,
investigations, regulations, issuances or revocations of
permits and other authorizations, renewals of franchises,
and other actions by (i) the Comisión Federal de
Electricidad, California Public Utilities Commission
(CPUC), U.S. Department of Energy, Public Utility
Commission of Texas, and other regulatory and governmental
bodies and (ii) states, counties, cities and other
jurisdictions in the U.S., Mexico and other countries in
which we do business; the success of business development
efforts, construction projects and major acquisitions and
divestitures, including risks in (i) the ability to make a
final investment decision, (ii) completing construction
projects or other transactions on schedule and budget,
(iii) the ability to realize anticipated benefits from any
of these efforts if completed, and (iv) obtaining the
consent of partners or other third parties; the resolution
of civil and criminal litigation, regulatory inquiries,
investigations and proceedings, and arbitrations,
including, among others, those related to the natural gas
leak at Southern California Gas Company’s (SoCalGas)
Aliso Canyon natural gas storage facility; the impact of
the COVID-19 pandemic on our capital projects, regulatory
approval processes, supply chain, liquidity and execution
of operations; actions by credit rating agencies to
downgrade our credit ratings or to place those ratings on
negative outlook and our ability to borrow on favorable
terms and meet our substantial debt service obligations;
moves to reduce or eliminate reliance on natural gas and
the impact of volatility of oil prices on our businesses
and development projects; weather, natural disasters,
pandemics, accidents, equipment failures, explosions, acts
of terrorism, computer system outages and other events
that disrupt our operations, damage our facilities and
systems, cause the release of harmful materials, cause
fires and subject us to liability for property damage or
personal injuries, fines and penalties, some of which may
not be covered by insurance (including costs in excess of
applicable policy limits), may be disputed by insurers or
may otherwise not be recoverable through regulatory
mechanisms or may impact our ability to obtain
satisfactory levels of affordable insurance; the
availability of electric power and natural gas and natural
gas storage capacity, including disruptions caused by
failures in the transmission grid, limitations on the
withdrawal of natural gas from storage facilities, and
equipment failures; cybersecurity threats to the energy
grid, storage and pipeline infrastructure, the information
and systems used to operate our businesses, and the
confidentiality of our proprietary information and the
personal information of our customers and employees;
expropriation of assets, failure of foreign governments
and state-owned entities to honor their contracts, and
property disputes; the impact at San Diego Gas &
Electric Company (SDG&E) on competitive customer rates
and reliability due to the growth in distributed and local
power generation, including from departing retail load
resulting from customers transferring to Direct Access and
Community Choice Aggregation, and the risk of nonrecovery
for stranded assets and contractual obligations; Oncor
Electric Delivery Company LLC’s (Oncor) ability to
eliminate or reduce its quarterly dividends due to
regulatory and governance requirements and commitments,
including by actions of Oncor’s independent
directors or a minority member director; volatility in
foreign currency exchange and interest rates and commodity
prices and our ability to effectively hedge these risks;
changes in tax and trade policies, laws and regulations,
including tariffs and revisions to international trade
agreements that may increase our costs, reduce our
competitiveness, or impair our ability to resolve trade
disputes; and other uncertainties, some of which may be
difficult to predict and are beyond our control.
We caution you not to rely unduly on any forward-looking
statements. You should review and consider carefully the
risks, uncertainties, and other factors that affect our
business as described herein and in other reports that we
file with the Securities and Exchange Commission.
Sempra North American Infrastructure, Sempra LNG, Sempra
Mexico, Sempra Texas Utilities, Oncor and Infraestructura
Energética Nova, S.A.B. de C.V. (IEnova) are not
the same companies as the California utilities, SDG&E
or SoCalGas, and Sempra North American Infrastructure,
Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor
and IEnova are not regulated by the CPUC.
