Setting insight into motion
Dear fellow shareholders:
In 2023, we celebrated Sempra’s 25th anniversary, 标志着数十年来为数百万家庭和企业提供的能源服务.
我们的旅程始于1998年南加州两家公用事业公司的合并, 一路走来，我们成功地建立了我们的能力，扩大了我们的业务规模, 同时也赢得了作为可持续商业实践领导者的全国声誉. Importantly, 我们的企业历程还包括为您提供巨额总回报的历史, our shareholders (Fig. 1).
Along this journey, 我们的企业使命是打造北美首屈一指的能源基础设施公司. This is our chosen path for value creation. 它告诉我们的战略和我们如何组织我们的资产, 发展我们的员工并确定投资，以在市场上创造可持续的优势. In execution, we are intent on building leadership positions in some of the largest economic markets in North America and narrowing our focus within the energy value chain to the energy grid, 我们的投资可以从经常性现金流和较少的商品及相关风险中获益.
Delivering Results
Sempra以使命为导向的战略方法帮助该公司在2023年取得了一系列创纪录的财务业绩(见图2). 2 for select results). Moreover, 我们最近宣布了一项创纪录的480亿美元资本计划，以指导我们到2028年的投资战略. 2
This planned level of spending is important because energy infrastructure has never been more relevant — or more needed — to advance global prosperity and wellbeing. It is the combination of our clear strategy and differentiated leadership position that fuels our confidence in our company’s future. With deep appreciation of your trust, expectations and investment in our company, 我很高兴向大家介绍今年的最新进展.
Figure 2
2023 revenue of $16.7 billion
2023 earnings of $3.03 billion or $4.79 per diluted share
Exceeded 预计2023年每股收益将达到高端，并调整每股收益指导区间 3
$50 billion rate base in 2023 4
Affirmed projected long-term EPS growth rate of 6-8% 5
14 consecutive years of dividend increases
$1.3 billion 发行普通股以支持不断增长的资本投资 6
Strength for the Future
In 2023, we continued to execute our corporate strategy — investing in energy networks that power some of the most significant economic markets in the world, including California, Texas and Mexico. 我们强大的执行力和严格的资本管理巩固了我们的市场地位, improved risk profile, 提高现金流的质量和对未来增长的更大的可视性. Also, in 2023 we unlocked new enterprise capacity that is allowing us to leverage innovation and new technologies to better serve customers, 同时提高我们服务的可承受性. Sempra在三个增长平台上取得的成就包括:
Sempra California
Serving roughly 25 million consumers, Sempra California的双用途平台专注于可靠的运行, 安全、有弹性的电网，同时帮助实现加州的清洁能源目标.
通过对若干创新技术试点的测试，电网弹性继续得到优先考虑, 包括车辆到电网的程序和虚拟发电厂, 哪一个在2023年实现了超过25次成功的试点示范. Also, our electric utility business was awarded an estimated $500 million of planned transmission projects to support reliability as part of the California Independent System Operator’s final 2022-2023 transmission plan.
此外，我们的公用事业继续支持低碳能源的市场需求. In 2023, the U.S. 美国能源部(DOE)选择了加州可再生清洁氢能源系统联盟, of which SoCalGas is a partner, for up to $1.20亿美元的资金用于在加州开发一个区域清洁氢中心. 7
Moreover, 加州公用事业委员会(California Public Utilities Commission)对加州能源市场的监管取得了建设性成果. 这两家公司都触发了资本成本机制, benefiting both customers and shareholders. 阿利索峡谷储存设施的授权容量增加了50%以上, 支持系统可靠性和增加可再生集成.
Lastly, 一般费率案件的拟议裁决定于2024年第二季度作出, with rates retroactively effective to January 1, 2024.
Sempra Texas
各行各业和服务领域的广泛经济增长为Sempra Texas带来了新的投资机会. In April 2023, 德克萨斯州公用事业委员会建设性地解决了Oncor的基本费率审查，以支持安全交付, reliable and affordable electricity, 同时也承认该公司谨慎的投资记录.
In summer 2023, 德克萨斯州电力可靠性委员会创下了10项高峰需求记录, 峰值比五年前的峰值高出16%. 这种需求的增长推动了Oncor系统的显著增长和扩展. Nearly $1.2023年有60亿输电项目投入使用, including placement of over 40 major substations and over 30 major switching stations and approximately 390 circuit miles of new or upgraded high-voltage transmission lines. Also in 2023, 与2022年相比，活跃发电和零售输电互连请求增加了25%. Oncor的资本计划将超过240亿美元，用于支持新的投资，以提高系统的可靠性和弹性. 8
德克萨斯州仍然是美国增长最快的市场之一.S. with premise growth double the national average. 国家领导层认识到电网扩张和现代化的必要性，以保持可靠性和提供更清洁的能源. In 2023, several constructive legislative and regulatory outcomes were achieved that are expected to support critical new infrastructure investments in the Texas market, 同时也提高了资金回收的及时性.
Sempra Infrastructure
In 2023, Sempra Infrastructure announced a positive final investment decision for the $13 billion initial phase of the Port Arthur LNG liquefaction project and commenced construction. 该出口设施的设计目标是每年向全球市场输送1300万吨液化天然气, 帮助国外电力部门脱碳，提高美国的能源安全.S. allies. Sempra Infrastructure Partners最终确定其项目级所有权为28%，估计为1美元.74 billion equity contribution.
Cameron LNG一期项目继续保持高效率, 交付多余的产品，自生产开始以来，已完成超过700件货物的装载. 位于下加利福尼亚州的EnergÍa Costa Azul LNG一期项目, Mexico remains under construction, with commercial operations slated for summer 2025.
全球对低排放燃料的兴趣继续创造更多的机会. In August 2023, Sempra Infrastructure announced a non-binding agreement with Mitsubishi Corporation and a consortium comprised of leading Japanese gas utilities to participate in the evaluation of a proposed project in the U.S. Gulf Coast to produce e-natural gas, 一种碳中性的合成气，由可再生氢气和循环利用的二氧化碳产生. If successful, 该项目可能成为国际液化天然气供应链的首批环节之一.
Additionally, 能源部选择了HyVelocity墨西哥湾沿岸氢气中心, of which Sempra Infrastructure is a partner, for up to $1.20亿美元的资金，以帮助推进氢气生产商网络, 消费者和连接的基础设施同时支持生产, storage, delivery and end-use of hydrogen. 7
Looking Ahead
Our progress this year enhanced our capacity to scale our business to meet the ever-increasing global demand for energy infrastructure. 据国际能源署(IEA)称，全球电力需求预计将上升.4% annually over the next several years, driven by an improving economic outlook, 住宅和运输部门正在电气化, 能源密集型产业的显著扩张，如支持人工智能的数据中心. Closer to home, 国际能源署预测，在未来几十年里，将有大约5万亿美元投资于北美的能源网络, 这进一步验证了我们以电网为中心的战略和我们长期投资机会的可持续性.
At Sempra, we are forecasting a diverse, 世代投资机会，加强和发展我们在能源电网的所有权地位, including hardened and smarter networks, 能源储存和微电网，以及创新的软件和传感器，以提高安全性和运行性能. We expect these investments to better support economic growth while also addressing market demand for lower carbon sources of energy.
资金实力是释放这一机会的关键. 森普拉致力于保持其强劲的资产负债表, 减轻债务成本影响，维持公司的投资级信用, 同时审慎投资，扩大公用事业费率基数. 从我们作为北美领先的能源基础设施公司的优势来看, we see a portfolio of new opportunities ahead and will remain committed to disciplined capital allocation to prioritize the return of capital to our owners in the form of a growing dividend and to support our new capital plan.
Values Driven
Sempra’s values — do the right thing, champion people, shape the future — serve as the North Star for our journey. Central to our performance is our more than 20,000名员工围绕为利益相关者服务的共同目标. 他们的热情和毅力每天都激励着我们的领导团队. Our enduring commitment to safety, along with our sharp focus on energy security, reliability and affordability, propel our progress. More broadly, our high-performance culture, 包括我们的利益相关者导向和创新思维, 对股东来说，我们公司差异化财务表现的关键是什么.
I extend my sincere gratitude to each of you for investing in our mission to be North America’s premier energy infrastructure company. Thank you for your confidence in our team. 我们将继续每天努力工作来赢得它.
Continuing the mission,
Jeffrey W. Martin
Chairman and CEO
About Sempra
By the numbers
By the numbers
Sempra是北美领先的能源基础设施公司，致力于为近4000万消费者提供能源. 作为欧洲大陆最大的能源网络之一的所有者, Sempra正在电气化和提高世界上一些最重要的经济市场的能源弹性, including California, Texas, Mexico and global energy markets. The company is recognized as a leader in sustainable business practices and for its high-performance culture focused on safety and operational excellence, as demonstrated by Sempra’s inclusion in the Dow Jones Sustainability Index North America and in The Wall Street Journal’s Best Managed Companies.
Growth Platforms
Sempra California
Sempra California是一个双重用途的平台，提供安全, 为加州南部和中部约2500万消费者提供可靠且日益清洁的能源. With a focus on grid resiliency, 减少排放并将更多的可再生能源整合到他们的网络中, 他们还支持加州的目标，即到2030年，两家公司将有500万辆电动汽车上路. 加州以推进新技术和创新而闻名, 我们加州的公用事业公司正在投资氢的研究, battery storage, predictive technology and other tools designed to reduce the impact of severe weather events and support the state’s ambitious climate goals.
Sempra California
Sempra California是一个双重用途的平台，提供安全, 为加州南部和中部约2500万消费者提供可靠且日益清洁的能源. With a focus on grid resiliency, 减少排放并将更多的可再生能源整合到他们的网络中, 他们还支持加州的目标，即到2030年，两家公司将有500万辆电动汽车上路. 加州以推进新技术和创新而闻名, 我们加州的公用事业公司正在投资氢的研究, battery storage, predictive technology and other tools designed to reduce the impact of severe weather events and support the state’s ambitious climate goals.
Sempra Texas
Sempra Texas includes Oncor, a regulated electric transmission and distribution utility headquartered in Dallas that delivers reliable electricity to a population of approximately 13 million Texans in the rapidly growing state. With more than 143,000 miles of transmission and distribution lines, Sempra Texas是德克萨斯州最大的纯输配电平台, 将整个州的社区与德克萨斯州的各种能源供应连接起来.
Sempra indirectly owns an 80.25% interest in Oncor
Sempra Texas
Sempra Texas includes Oncor, a regulated electric transmission and distribution utility headquartered in Dallas that delivers reliable electricity to a population of approximately 13 million Texans in the rapidly growing state. With more than 143,000 miles of transmission and distribution lines, Sempra Texas是德克萨斯州最大的纯输配电平台, 将整个州的社区与德克萨斯州的各种能源供应连接起来.
Sempra indirectly owns an 80.25% interest in Oncor
Sempra Infrastructure
Sempra Infrastructure, headquartered in Houston, 专注于通过发展为更美好的世界提供能源, building, operating and investing in energy infrastructure, such as LNG, 能源网络和低碳解决方案有望在未来的能源系统中发挥关键作用. 通过其在北美资产的综合实力, Sempra Infrastructure is connecting customers across the globe to modern energy infrastructure to source and transport renewables and natural gas, 同时推进碳封存和清洁氢.
Sempra拥有Sempra Infrastructure Partners 70%的股权, which, together with its operating company subsidiaries, 主要构成Sempra基础设施平台
Sempra Infrastructure
Sempra Infrastructure, headquartered in Houston, 专注于通过发展为更美好的世界提供能源, building, operating and investing in energy infrastructure, such as LNG, 能源网络和低碳解决方案有望在未来的能源系统中发挥关键作用. 通过其在北美资产的综合实力, Sempra Infrastructure is connecting customers across the globe to modern energy infrastructure to source and transport renewables and natural gas, 同时推进碳封存和清洁氢.
Sempra拥有Sempra Infrastructure Partners 70%的股权, which, together with its operating company subsidiaries, 主要构成Sempra基础设施平台
Financial Highlights
Comparative Total Returns
The above graph compares the percentage change in the cumulative total shareholder return on Sempra common stock for the 25-year period ended December 31, 2023, 与同期的S&P 500 Index and the S&P 500 Utilities Index.
这些回报是假设初始投资100美元在我们的普通股，S&P 500 Index and the S&1998年12月31日标普500公用事业指数，并将所有股息再投资.
Consolidated Data
| In millions, except per-share amounts | 2021 | 2022 | 2023 |
|---|---|---|---|
| (1)调整后收益和调整后摊薄每股收益是非公认会计准则财务指标. GAAP是指美国公认会计原则. 见a页的解释和非公认会计准则财务措施的调整. | |||
| Revenues | $12,857 | $14,439 | $16,720 |
| Earnings | $1,254 | $2,094 | $3,030 |
| Adjusted Earnings(1) | $2,637 | $2,915 | $2,920 |
| Earnings Per Common Share | |||
| Basic | $2.01 | $3.32 | $4.81 |
| Diluted | $2.01 | $3.31 | $4.79 |
| Adjusted Diluted(1) | $4.21 | $4.61 | $4.61 |
| Diluted Weighted-Average Number of Common Shares Outstanding | 626.1 | 632.8 | 632.7 |
| Total Assets | $72,045 | $78,574 | $87,181 |
| Dividends Declared Per Common Share | $2.20 | $2.29 | $2.38 |
| Debt-to-Total Capitalization Ratio | 47% | 50% | 48% |
| Book Value Per Common Share | $39.59 | $41.72 | $44.00 |
- These figures compare the percentage change in the cumulative total shareholder return on Sempra common stock for the 25-year period ended December 31, 2023, 与同期的S&P 500 Index and the S&P 500 Utilities Index. 这些回报是假设初始投资100美元在我们的普通股，S&P 500 Index and the S&1998年12月31日标普500公用事业指数，并将所有股息再投资.
- 指森普拉2024 - 2028年的资本计划，其中包括$16.2 billion of Sempra’s proportionate ownership interest in projected capital expenditures at unconsolidated entities while excluding Sempra’s projected capital contributions to those entities, and excludes $8.6 billion of noncontrolling interest’s proportionate ownership interest in projected capital expenditures at Sempra and at unconsolidated entities.
- 调整后每股收益指导范围是非公认会计准则财务指标. GAAP是指美国公认会计原则. 见a页的解释和非公认会计准则财务措施的调整. All share and per share information in this document reflects the two-for-one split of our common stock in the form of a 100% stock dividend that was distributed to shareholders on August 21, 2023.
- 森普拉加州费率基础是圣地亚哥天然气公司所依赖的资产价值 & Electric Co. and Southern California Gas Co. (SoCalGas) are permitted to earn a specific rate of return in accordance with rules set by regulatory agencies and is calculated using a 13-month weighted-average, excluding construction work in progress, 根据加州公用事业委员会在费率制定程序中采用的方法. Sempra Texas的费率基础包括Oncor Electric Delivery Company LLC (Oncor)和Sharyland Utilities的100%, L.L.C. and represents total estimated invested capital, 根据德州公用事业委员会(Public Utilities Commission of Texas, PUCT)的规定进行调整, at the end of the previous calendar year.
- 基于2024年EPS修正指导区间的中点.
- Includes net proceeds received from shares issued under exercise of overallotment option and net proceeds expected to be received through 2024 from assumed physical settlement of forward sale agreements.
- 该奖项是初步的，并可能根据受助人和美国能源部之间的谈判而改变.
- Reflects 100% of Oncor’s 2024 – 2028 capital plan which excludes potential effects from system resiliency plans to be filed for approval by the PUCT.