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Published: 2023-11-03 00:00:00 ET
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sre-20230930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549 
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period endedSeptember 30, 2023
 or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period fromto

Commission File No.Exact Name of Registrant as Specified in its Charter,
Address of Principal Executive Office and Telephone Number		State of IncorporationI.R.S. Employer Identification No.Former name, former address and former fiscal year, if changed since last report
1-14201SEMPRA
Sempra logo.jpg
California33-0732627No change
488 8th Avenue
San Diego, California 92101
(619) 696-2000
1-03779SAN DIEGO GAS & ELECTRIC COMPANY
SDGE_tm_rgb_c_v12-19.jpg
California95-1184800No change
8330 Century Park Court
San Diego, California 92123
(619) 696-2000
1-01402SOUTHERN CALIFORNIA GAS COMPANY
SoCalGas.jpg
California95-1240705No change
555 West 5th Street
Los Angeles, California 90013
(213) 244-1200
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
SEMPRA:
Common Stock, without par valueSRENew York Stock Exchange
5.75% Junior Subordinated Notes Due 2079, $25 par valueSREANew York Stock Exchange
SAN DIEGO GAS & ELECTRIC COMPANY:
None
SOUTHERN CALIFORNIA GAS COMPANY:
None
1

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Sempra
Yes
☒
No
☐
San Diego Gas & Electric Company
Yes
☒
No
☐
Southern California Gas Company
Yes
☒
No
☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Sempra
Yes
☒
No
☐
San Diego Gas & Electric Company
Yes
☒
No
☐
Southern California Gas Company
Yes
☒
No
☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Sempra:
☒ Large Accelerated Filer
☐ Accelerated Filer
☐ Non-accelerated Filer
☐ Smaller Reporting Company
☐ Emerging Growth Company
San Diego Gas & Electric Company:
☐ Large Accelerated Filer
☐ Accelerated Filer
☒ Non-accelerated Filer
☐ Smaller Reporting Company
☐ Emerging Growth Company
Southern California Gas Company:
☐ Large Accelerated Filer
☐ Accelerated Filer
☒ Non-accelerated Filer
☐ Smaller Reporting Company
☐ Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Sempra
Yes
☐
No
☐
San Diego Gas & Electric Company
Yes
☐
No
☐
Southern California Gas Company
Yes
☐
No
☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Sempra
Yes
☐
No
☒
San Diego Gas & Electric Company
Yes
☐
No
☒
Southern California Gas Company
Yes
☐
No
☒
Indicate the number of shares outstanding of each of the issuers’ classes of common stock, as of the latest practicable date.
Common stock outstanding on October 31, 2023:
Sempra
629,328,058 shares
San Diego Gas & Electric CompanyWholly owned by Enova Corporation, which is wholly owned by Sempra
Southern California Gas CompanyWholly owned by Pacific Enterprises, which is wholly owned by Sempra
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TABLE OF CONTENTS
 Page
  
PART I – FINANCIAL INFORMATION 
Item 1.
Item 2.
Item 3.
Item 4.
  
PART II – OTHER INFORMATION 
Item 1.
Item 1A.
Item 5.
Item 6.
  
This combined Form 10-Q is separately filed by Sempra, San Diego Gas & Electric Company and Southern California Gas Company. Information contained herein relating to any one of these individual reporting entities is filed by such entity on its own behalf. Each such reporting entity makes statements herein only as to itself and its consolidated entities and makes no statement whatsoever as to any other entity.
You should read this report in its entirety as it pertains to each respective reporting entity. No one section of the report deals with all aspects of the subject matter. A separate Part I – Item 1 is provided for each reporting entity, except for the Notes to Condensed Consolidated Financial Statements, which are combined for all of the reporting entities. All Items other than Part I – Item 1 are combined for the three reporting entities.
None of the website references in this report are active hyperlinks, and the information contained on or that can be accessed through any such website is not and shall not be deemed to be part of or incorporated by reference in this report or any other document that we file with or furnish to the SEC.

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The following terms and abbreviations appearing in this report have the meanings indicated below.
GLOSSARY
ABCalifornia Assembly Bill
ADIABlack Silverback ZC 2022 LP (assignee of Black River B 2017 Inc.), a wholly owned affiliate of Abu Dhabi Investment Authority
AFUDCallowance for funds used during construction
Annual ReportAnnual Report on Form 10-K for the year ended December 31, 2022
AOCIaccumulated other comprehensive income (loss)
AROasset retirement obligation
ASEAAgencia de Seguridad, Energía y Ambiente (Mexico’s National Agency for Industrial Safety and Environmental Protection)
ASRaccelerated share repurchase
Bcfbillion cubic feet
BechtelBechtel Energy Inc. (formerly known as Bechtel Oil, Gas and Chemicals, Inc.)
bpsbasis points
Cameron LNG JVCameron LNG Holdings, LLC
Cameron LNG Phase 1 facilityCameron LNG JV liquefaction facility
Cameron LNG Phase 2 projectCameron LNG JV liquefaction expansion project
CCACommunity Choice Aggregation
CCMcost of capital adjustment mechanism
CFEComisión Federal de Electricidad (Mexico’s Federal Electricity Commission)
CFINCameron LNG FINCO, LLC, a wholly owned and unconsolidated affiliate of Cameron LNG JV
ConocoPhillipsConocoPhillips Company
COVID-19coronavirus disease 2019
CPUCCalifornia Public Utilities Commission
CREComisión Reguladora de Energía (Mexico’s Energy Regulatory Commission)
CRRcongestion revenue right
DOEU.S. Department of Energy
ECA LNGECA LNG Phase 1 and ECA LNG Phase 2, collectively
ECA LNG Phase 1ECA LNG Holdings B.V.
ECA LNG Phase 2ECA LNG II Holdings B.V.
ECA Regas FacilityEnergía Costa Azul, S. de R.L. de C.V. LNG regasification facility
EcogasEcogas México, S. de R.L. de C.V.
EdisonSouthern California Edison Company, a subsidiary of Edison International
EFHEnergy Future Holdings Corp. (renamed Sempra Texas Holdings Corp.)
EPCengineering, procurement and construction
EPSearnings per common share
ETReffective income tax rate
Exchange ActSecurities Exchange Act of 1934, as amended
FEEDfront-end engineering design
FERCFederal Energy Regulatory Commission
FitchFitch Ratings, Inc.
FTAFree Trade Agreement
GCIMGas Cost Incentive Mechanism
GHGgreenhouse gas
GRCGeneral Rate Case
HOAHeads of Agreement
IEnovaInfraestructura Energética Nova, S.A.P.I. de C.V.
IMGInfraestructura Marina del Golfo
INEOSINEOS Energy Trading LTD., a subsidiary of INEOS Ltd.
IOUinvestor-owned utility
IRAInflation Reduction Act of 2022
IRSU.S. Internal Revenue Service
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GLOSSARY (CONTINUED)
ISOIndependent System Operator
JVjoint venture
KKR DenaliKKR Denali Holdco LLC, an affiliate of Kohlberg Kravis Roberts & Co. L.P.
KKR PinnacleKKR Pinnacle Investor L.P. (as successor-in-interest to KKR Pinnacle Aggregator L.P.), an affiliate of Kohlberg Kravis Roberts & Co. L.P.
LA Superior CourtLos Angeles County Superior Court
Leakthe leak at the SoCalGas Aliso Canyon natural gas storage facility injection-and-withdrawal well, SS25, discovered by SoCalGas on October 23, 2015
LNG liquefied natural gas
MD&AManagement’s Discussion and Analysis of Financial Condition and Results of Operations
MMBtumillion British thermal units (of natural gas)
Moody’sMoody’s Investors Service, Inc.
MOUMemorandum of Understanding
Mtpamillion tonnes per annum
MWhmegawatt hour
NCInoncontrolling interest(s)
NDTnuclear decommissioning trusts
O&Moperation and maintenance expense
OCIother comprehensive income (loss)
OEISOffice of Energy Infrastructure Safety
OIIOrder Instituting Investigation
OncorOncor Electric Delivery Company LLC
Oncor HoldingsOncor Electric Delivery Holdings Company LLC
ORLENPolski Koncern Naftowy Orlen S.A. (formerly Polish Oil & Gas Company)
OSCOrder to Show Cause
PA LNG Phase 1 projectinitial phase of the Port Arthur LNG liquefaction project
PA LNG Phase 2 projectsecond phase of the Port Arthur LNG liquefaction project
PBOPpostretirement benefits other than pension
Port Arthur LNGPort Arthur LNG, LLC, an indirect subsidiary of SI Partners that owns the PA LNG Phase 1 project
PP&Eproperty, plant and equipment
PPApower purchase agreement
PUCTPublic Utility Commission of Texas
RBSThe Royal Bank of Scotland plc
RBS SEERBS Sempra Energy Europe
RBS Sempra CommoditiesRBS Sempra Commodities LLP
ROEreturn on equity
RSUrestricted stock unit
S&PS&P Global Ratings, a division of S&P Global Inc.
SBCalifornia Senate Bill
SDG&ESan Diego Gas & Electric Company
SDSRASenior Debt Service Reserve Account
SECU.S. Securities and Exchange Commission
SEDSafety and Enforcement Division of the CPUC
SEDATUSecretaría de Desarrollo Agrario, Territorial y Urbano (Mexico’s agency in charge of agriculture, land and urban development)
Sempra CaliforniaSan Diego Gas & Electric Company and Southern California Gas Company, collectively
SENERSecretaría de Energía de México (Mexico’s Ministry of Energy)
series C preferred stockSempra’s 4.875% fixed-rate reset cumulative redeemable perpetual preferred stock, series C
SI PartnersSempra Infrastructure Partners, LP, the holding company for most of Sempra’s subsidiaries not subject to California or Texas utility regulation
SoCalGasSouthern California Gas Company
SOFRSecured Overnight Financing Rate
SONGSSan Onofre Nuclear Generating Station
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GLOSSARY (CONTINUED)
SPAsale and purchase agreement
Support Agreementsupport agreement, dated July 28, 2020 and amended on June 29, 2021, among Sempra and Sumitomo Mitsui Banking Corporation
TAGTAG Norte Holding, S. de R.L. de C.V.
TdMTermoeléctrica de Mexicali
Technip EnergiesTP Oil & Gas Mexico, S. De R.L. De C.V., an affiliate of Technip Energies N.V.
TO5Electric Transmission Owner Formula Rate, effective June 1, 2019
U.S. GAAPgenerally accepted accounting principles in the United States of America
VIEvariable interest entity
Wildfire Fundthe fund established pursuant to AB 1054
Wildfire LegislationAB 1054 and AB 111

References in this report to “we,” “our,” “us,” “our company” and “Sempra” are to Sempra and its consolidated entities, collectively, unless otherwise stated or indicated by the context. All references in this report to our reportable segments are not intended to refer to any legal entity with the same or similar name.
Throughout this report, we refer to the following as Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements when discussed together or collectively:
▪the Condensed Consolidated Financial Statements and related Notes of Sempra;
▪the Condensed Financial Statements and related Notes of SDG&E; and
▪the Condensed Financial Statements and related Notes of SoCalGas.
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INFORMATION REGARDING FORWARD-LOOKING STATEMENTS
This report 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 the filing date of this report. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise.
Forward-looking statements can be identified by words such as “believe,” “expect,” “intend,” “anticipate,” “contemplate,” “plan,” “estimate,” “project,” “forecast,” “should,” “could,” “would,” “will,” “confident,” “may,” “can,” “potential,” “possible,” “proposed,” “in process,” “construct,” “develop,” “opportunity,” “initiative,” “target,” “outlook,” “optimistic,” “poised,” “maintain,” “continue,” “progress,” “advance,” “goal,” “aim,” “commit,” 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 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, rates from customers or a combination thereof
▪decisions, investigations, inquiries, regulations, denials or revocations of permits, consents, approvals or other authorizations, renewals of franchises, and other actions by the (i) CPUC, CRE, DOE, FERC, PUCT, IRS and other governmental and 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, including risks in (i) being able to make a final investment decision, (ii) completing construction projects or other transactions on schedule and budget, (iii) realizing anticipated benefits from any of these efforts if completed, and (iv) obtaining third-party consents and approvals
▪macroeconomic trends or other factors that could change our capital expenditure plans and their potential impact on rate base or other growth
▪litigation, arbitrations, property disputes and other proceedings, and changes to laws and regulations, including those related to tax and trade policy and the energy industry in Mexico
▪cybersecurity threats, including by state and state-sponsored actors, of ransomware or other attacks on our systems or the systems of third parties with which we conduct business, including the energy grid or other energy infrastructure, all of which continue to become more pronounced
▪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, including due to (i) actions by credit rating agencies to downgrade our credit ratings or place those ratings on negative outlook, (ii) instability in the capital markets, or (iii) rising interest rates and inflation
▪failure of foreign governments, state-owned entities and our counterparties to honor their contracts and commitments
▪the impact on affordability of SDG&E’s and SoCalGas’ customer rates and their cost of capital and on SDG&E’s, SoCalGas’ and Sempra Infrastructure’s ability to pass through higher costs to customers due to (i) volatility in inflation, interest rates and commodity prices, (ii) with respect to SDG&E’s and SoCalGas’ businesses, the cost of the clean energy transition in California, and (iii) with respect to Sempra Infrastructure’s business, volatility in foreign currency exchange rates
▪the impact of climate and sustainability policies, laws, rules, regulations, disclosures and trends, 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 our ability to incorporate new technologies
▪weather, natural disasters, pandemics, accidents, equipment failures, explosions, terrorism, information system outages or other events 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 capacity, including disruptions caused by failures in the transmission grid, pipeline system or limitations on the withdrawal of natural gas from storage facilities
▪Oncor’s 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
▪other uncertainties, some of which are difficult to predict and beyond our control
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We caution you not to rely unduly on any forward-looking statements. You should review and carefully consider the risks, uncertainties and other factors that affect our businesses as described herein, in our Annual Report and in other reports we file with the SEC.
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PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

SEMPRA
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in millions, except per share amounts; shares in thousands)
 Three months ended September 30,Nine months ended September 30,
 2023202220232022
 (unaudited)
REVENUES 
Utilities:
Natural gas
$1,488 $1,587 $7,560 $5,611 
Electric
1,250 1,357 3,331 3,663 
Energy-related businesses596 673 2,338 1,710 
Total revenues3,334 3,617 13,229 10,984 
EXPENSES AND OTHER INCOME 
Utilities: 
Cost of natural gas(260)(505)(3,254)(1,835)
Cost of electric fuel and purchased power(183)(307)(385)(763)
Energy-related businesses cost of sales(163)(340)(437)(764)
Operation and maintenance(1,383)(1,206)(3,958)(3,454)
Aliso Canyon litigation and regulatory matters— (122)— (259)
Depreciation and amortization(563)(506)(1,651)(1,500)
Franchise fees and other taxes(169)(162)(509)(474)
Other income (expense), net
3 (40)75 (3)
Interest income19 18 60 58 
Interest expense(312)(282)(995)(796)
Income before income taxes and equity earnings323 165 2,175 1,194 
Income tax benefit (expense)
52 (21)(499)(435)
Equity earnings479 417 1,086 1,118 
Net income
854 561 2,762 1,877 
Earnings attributable to noncontrolling interests
(122)(65)(435)(187)
Preferred dividends(11)(11)(33)(33)
Preferred dividends of subsidiary— — (1)(1)
Earnings attributable to common shares
$721 $485 $2,293 $1,656 
Basic EPS:
Earnings
$1.14 $0.77 $3.64 $2.63 
Weighted-average common shares outstanding630,036 629,447 629,963 630,603 
Diluted EPS:
Earnings
$1.14 $0.77 $3.63 $2.62 
Weighted-average common shares outstanding632,324 632,175 632,231 632,914 
See Notes to Condensed Consolidated Financial Statements.
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SEMPRA
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in millions)
 Sempra shareholders’ equity  
 Pretax
amount		Income tax
benefit (expense)		Net-of-tax
amount		Noncontrolling
interests
(after tax)		Total
 (unaudited)
 Three months ended September 30, 2023 and 2022
2023:     
Net income$680 $52 $732 $122 $854 
Other comprehensive income (loss):     
Foreign currency translation adjustments(5)— (5)(2)(7)
Financial instruments150 (39)111 204 315 
Pension and other postretirement benefits2 (1)1 — 1 
Total other comprehensive income147 (40)107 202 309 
Comprehensive income$827 $12 $839 $324 $1,163 
2022:     
Net income$517 $(21)$496 $65 $561 
Other comprehensive income (loss):    
Foreign currency translation adjustments— — — (1)(1)
Financial instruments60 (15)45 21 66 
Pension and other postretirement benefits2 — 2 — 2 
Total other comprehensive income62 (15)47 20 67 
Comprehensive income$579 $(36)$543 $85 $628 
 Nine months ended September 30, 2023 and 2022
2023:     
Net income$2,826 $(499)$2,327 $435 $2,762 
Other comprehensive income (loss):     
Foreign currency translation adjustments16 — 16 6 22 
Financial instruments158 (43)115 206 321 
Pension and other postretirement benefits(8)(2)(10)— (10)
Total other comprehensive income166 (45)121 212 333 
Comprehensive income2,992 (544)2,448 647 3,095 
Preferred dividends of subsidiary(1)— (1)— (1)
Comprehensive income, after preferred
dividends of subsidiary
$2,991 $(544)$2,447 $647 $3,094 
2022:    
Net income$2,125 $(435)$1,690 $187 $1,877 
Other comprehensive income (loss):     
Foreign currency translation adjustments5 — 5 — 5 
Financial instruments227 (56)171 56 227 
Pension and other postretirement benefits15 (2)13 — 13 
Total other comprehensive income247 (58)189 56 245 
Comprehensive income2,372 (493)1,879 243 2,122 
Preferred dividends of subsidiary(1)— (1)— (1)
Comprehensive income, after preferred
dividends of subsidiary
$2,371 $(493)$1,878 $243 $2,121 
See Notes to Condensed Consolidated Financial Statements.
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SEMPRA
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
September 30,December 31,
 2023
2022(1)
 (unaudited) 
ASSETS  
Current assets:  
Cash and cash equivalents$1,149 $370 
Restricted cash238 40 
Accounts receivable – trade, net1,939 2,635 
Accounts receivable – other, net498 685 
Due from unconsolidated affiliates42 54 
Income taxes receivable72 113 
Inventories451 403 
Prepaid expenses325 268 
Regulatory assets190 351 
Fixed-price contracts and other derivatives201 803 
Greenhouse gas allowances144 141 
Other current assets61 49 
Total current assets5,310 5,912 
Other assets:  
Restricted cash104 52 
Regulatory assets3,277 2,588 
Greenhouse gas allowances1,219 796 
Nuclear decommissioning trusts827 841 
Dedicated assets in support of certain benefit plans513 505 
Deferred income taxes155 135 
Right-of-use assets – operating leases721 655 
Investment in Oncor Holdings14,148 13,665 
Other investments2,208 2,012 
Goodwill1,602 1,602 
Other intangible assets324 344 
Wildfire fund281 303 
Other long-term assets1,874 1,382 
Total other assets27,253 24,880 
Property, plant and equipment:  
Property, plant and equipment70,348 63,893 
Less accumulated depreciation and amortization(17,176)(16,111)
Property, plant and equipment, net53,172 47,782 
Total assets$85,735 $78,574 
(1)    Derived from audited financial statements.
See Notes to Condensed Consolidated Financial Statements.
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SEMPRA
CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(Dollars in millions)
September 30,December 31,
 2023
2022(1)
 (unaudited) 
LIABILITIES AND EQUITY  
Current liabilities:  
Short-term debt$1,977 $3,352 
Accounts payable – trade2,234 1,994 
Accounts payable – other219 275 
Due to unconsolidated affiliates5 — 
Dividends and interest payable734 621 
Accrued compensation and benefits496 484 
Regulatory liabilities529 504 
Current portion of long-term debt and finance leases974 1,019 
Reserve for Aliso Canyon costs126 129 
Greenhouse gas obligations144 141 
Other current liabilities1,327 1,380 
Total current liabilities8,765 9,899 
Long-term debt and finance leases27,703 24,548 
Deferred credits and other liabilities:  
Due to unconsolidated affiliates 303 301 
Regulatory liabilities 3,468 3,341 
Greenhouse gas obligations942 565 
Pension and other postretirement benefit plan obligations, net of plan assets309 410 
Deferred income taxes5,095 4,591 
Asset retirement obligations3,584 3,546 
Deferred credits and other2,308 2,117 
Total deferred credits and other liabilities16,009 14,871 
Commitments and contingencies (Note 10)
Equity:  
Preferred stock (50,000,000 shares authorized):
Preferred stock, series C
(900,000 shares outstanding)
889 889 
Common stock (1,125,000,000 shares authorized; 629,328,058 and 628,669,356 shares
outstanding at September 30, 2023 and December 31, 2022, respectively; no par value)
12,038 12,160 
Retained earnings15,371 14,201 
Accumulated other comprehensive income (loss)(60)(135)
Total Sempra shareholders’ equity28,238 27,115 
Preferred stock of subsidiary20 20 
Other noncontrolling interests5,000 2,121 
Total equity33,258 29,256 
Total liabilities and equity$85,735 $78,574 
(1)    Derived from audited financial statements.
See Notes to Condensed Consolidated Financial Statements.
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SEMPRA
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in millions)
 Nine months ended September 30,
 20232022
 (unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES  
Net income $2,762 $1,877 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization1,651 1,500 
Deferred income taxes and investment tax credits234 387 
Equity earnings(1,086)(1,118)
Foreign currency transaction (gains) losses, net(1)18 
Share-based compensation expense53 49 
Fixed-price contracts and other derivatives(580)200 
Bad debt expense368 110 
Other7 47 
Reserve for Aliso Canyon costs(3)(1,835)
Net change in other working capital components1,613 (267)
Insurance receivable for Aliso Canyon costs— 350 
Distributions from investments668 643 
Changes in other noncurrent assets and liabilities, net(557)(506)
Net cash provided by operating activities5,129 1,455 
CASH FLOWS FROM INVESTING ACTIVITIES  
Expenditures for property, plant and equipment(6,074)(3,540)
Expenditures for investments (281)(275)
Purchases of nuclear decommissioning and other trust assets(462)(530)
Proceeds from sales of nuclear decommissioning and other trust assets503 530 
Repayments of advances to unconsolidated affiliates— 626 
Other10 6 
Net cash used in investing activities(6,304)(3,183)
CASH FLOWS FROM FINANCING ACTIVITIES
Common dividends paid(1,109)(1,070)
Preferred dividends paid(22)(22)
Issuances of common stock— 4 
Repurchases of common stock(32)(478)
Issuances of debt (maturities greater than 90 days)6,911 6,711 
Payments on debt (maturities greater than 90 days) and finance leases (6,018)(3,365)
Increase (decrease) in short-term debt, net629 (1,438)
Advances from unconsolidated affiliates 31 28 
Proceeds from sales of noncontrolling interests1,238 1,732 
Distributions to noncontrolling interests(289)(146)
Contributions from noncontrolling interests1,036 15 
Settlement of cross-currency swaps(99)— 
Other(78)(35)
Net cash provided by financing activities2,198 1,936 
Effect of exchange rate changes on cash, cash equivalents and restricted cash6 (3)
Increase in cash, cash equivalents and restricted cash1,029 205 
Cash, cash equivalents and restricted cash, January 1462 581 
Cash, cash equivalents and restricted cash, September 30$1,491 $786 
See Notes to Condensed Consolidated Financial Statements.
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SEMPRA
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(Dollars in millions)
 Nine months ended September 30,
 20232022
 (unaudited)
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION  
Interest payments, net of amounts capitalized$836 $732 
Income tax payments, net of refunds162 241 
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES  
Repayment of advances from unconsolidated affiliate in lieu of distribution$36 $32 
Accrued capital expenditures1,200 738 
Increase in finance lease obligations for investment in PP&E47 33 
(Decrease) increase in ARO for investment in PP&E(15)49 
Preferred dividends declared but not paid22 22 
Common dividends declared but not paid374 360 
Contributions from NCI200 — 
Sale of NCI post-closing adjustment payable11 — 
See Notes to Condensed Consolidated Financial Statements.
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SEMPRA
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Dollars in millions)
 Preferred stockCommon stockRetained earningsAccumulated
other
comprehensive
 income (loss)		Sempra
shareholders'
equity		Non-
controlling
interests		Total equity
(unaudited)
Three months ended September 30, 2023
Balance at June 30, 2023$889 $12,044 $15,024 $(121)$27,836 $3,178 $31,014 
Net income732 732 122 854 
Other comprehensive income107 107 202 309 
Share-based compensation expense22 22 22 
Dividends declared:
Series C preferred stock ($12.19/share)
(11)(11)(11)
Common stock ($0.60/share)
(374)(374)(374)
Repurchases of common stock(1)(1)(1)
Noncontrolling interest activities:
Contributions(11)(11)507 496 
Distributions(37)(37)
Sales(16)(46)(62)1,048 986 
Balance at September 30, 2023$889 $12,038 $15,371 $(60)$28,238 $5,020 $33,258 
 Three months ended September 30, 2022
Balance at June 30, 2022$889 $12,121 $13,998 $(167)$26,841 $2,212 $29,053 
Net income496 496 65 561 
Other comprehensive income47 47 20 67 
Share-based compensation expense17 17 17 
Dividends declared:
Series C preferred stock ($12.19/share)
(11)(11)(11)
Common stock ($0.57/share)
(360)(360)(360)
Issuances of common stock1 1 1 
Repurchases of common stock(2)(2)(2)
Noncontrolling interest activities:
Contributions2 2 
Distributions(40)(40)
Sale1 1 1 
Balance at September 30, 2022$889 $12,138 $14,123 $(120)$27,030 $2,259 $29,289 
See Notes to Condensed Consolidated Financial Statements.
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SEMPRA
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONTINUED)
(Dollars in millions)
 Preferred stockCommon stockRetained earningsAccumulated
other
comprehensive
income (loss)		Sempra
shareholders'
equity		Non-
controlling
interests		Total
equity
(unaudited)
Nine months ended September 30, 2023
Balance at December 31, 2022$889 $12,160 $14,201 $(135)$27,115 $2,141 $29,256 
Net income2,327 2,327 435 2,762 
Other comprehensive income121 121 212 333 
Share-based compensation expense53 53 53 
Dividends declared:
Series C preferred stock ($36.57/share)
(33)(33)(33)
Common stock ($1.79/share)
(1,123)(1,123)(1,123)
Preferred dividends of subsidiary(1)(1)(1)
Repurchases of common stock(32)(32)(32)
Noncontrolling interest activities:
Contributions(145)(145)1,236 1,091 
Distributions(289)(289)
Sales2 (46)(44)1,285 1,241 
Balance at September 30, 2023$889 $12,038 $15,371 $(60)$28,238 $5,020 $33,258 
 Nine months ended September 30, 2022
Balance at December 31, 2021$889 $11,862 $13,548 $(318)$25,981 $1,438 $27,419 
Net income1,690 1,690 187 1,877 
Other comprehensive income189 189 56 245 
Share-based compensation expense49 49 49 
Dividends declared:
Series C preferred stock ($36.57/share)
(33)(33)(33)
Common stock ($1.72/share)
(1,081)(1,081)(1,081)
Preferred dividends of subsidiary(1)(1)(1)
Issuances of common stock4 4 4 
Repurchases of common stock(478)(478)(478)
Noncontrolling interest activities:
Contributions15 15 
Distributions(146)(146)
Sale701 9 710 709 1,419 
Balance at September 30, 2022$889 $12,138 $14,123 $(120)$27,030 $2,259 $29,289 
See Notes to Condensed Consolidated Financial Statements.
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SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED STATEMENTS OF OPERATIONS
(Dollars in millions)
 Three months ended September 30,Nine months ended September 30,
 2023202220232022
 (unaudited)
Operating revenues:    
Electric$1,254 $1,360 $3,343 $3,672 
Natural gas188 209 1,014 741 
Total operating revenues1,442 1,569 4,357 4,413 
Operating expenses:    
Cost of electric fuel and purchased power200 316 442 806 
Cost of natural gas45 65 462 260 
Operation and maintenance463 439 1,364 1,256 
Depreciation and amortization280 247 810 730 
Franchise fees and other taxes101 97 287 277 
Total operating expenses1,089 1,164 3,365 3,329 
Operating income353 405 992 1,084 
Other income, net25 12 75 68 
Interest income7 2 12 3 
Interest expense(126)(113)(367)(333)
Income before income taxes259 306 712 822 
Income tax benefit (expense)15 (35)4 (141)
Net income/Earnings attributable to common shares$274 $271 $716 $681 
See Notes to Condensed Financial Statements.
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SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in millions)
 Pretax
amount
Income tax
benefit (expense)
Net-of-tax
amount
 (unaudited)
 Three months ended September 30, 2023 and 2022
2023:   
Net income/Comprehensive income$259 $15 $274 
2022:   
Net income$306 $(35)$271 
Other comprehensive income (loss):   
Pension and other postretirement benefits1 — 1 
Total other comprehensive income1 — 1 
Comprehensive income$307 $(35)$272 
 Nine months ended September 30, 2023 and 2022
2023:   
Net income/Comprehensive income$712 $4 $716 
2022:   
Net income$822 $(141)$681 
Other comprehensive income (loss):
Pension and other postretirement benefits1 — 1 
Total other comprehensive income1 — 1 
Comprehensive income$823 $(141)$682 
See Notes to Condensed Financial Statements.
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SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED BALANCE SHEETS
(Dollars in millions)
September 30,December 31,
 2023
2022(1)
 (unaudited) 
ASSETS  
Current assets:  
Cash and cash equivalents$246 $7 
Accounts receivable – trade, net952 799 
Accounts receivable – other, net155 110 
Due from unconsolidated affiliates8 — 
Inventories147 134 
Prepaid expenses196 179 
Regulatory assets15 247 
Fixed-price contracts and other derivatives86 113 
Greenhouse gas allowances22 22 
Other current assets27 19 
Total current assets1,854 1,630 
Other assets:  
Regulatory assets1,694 1,219 
Greenhouse gas allowances251 196 
Nuclear decommissioning trusts827 841 
Right-of-use assets – operating leases364 281 
Wildfire fund281 303 
Other long-term assets143 146 
Total other assets3,560 2,986 
Property, plant and equipment:  
Property, plant and equipment30,304 28,574 
Less accumulated depreciation and amortization(7,216)(6,768)
Property, plant and equipment, net 23,088 21,806 
Total assets$28,502 $26,422 
(1)    Derived from audited financial statements.
See Notes to Condensed Financial Statements.
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SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED BALANCE SHEETS (CONTINUED)
(Dollars in millions)
 September 30,December 31,
2023
2022(1)
 (unaudited) 
LIABILITIES AND EQUITY  
Current liabilities:  
Short-term debt$— $205 
Accounts payable854 744 
Due to unconsolidated affiliates49 135 
Interest payable111 63 
Accrued compensation and benefits138 140 
Accrued franchise fees103 120 
Regulatory liabilities300 110 
Current portion of long-term debt and finance leases 441 489 
Greenhouse gas obligations22 22 
Asset retirement obligations110 98 
Other current liabilities330 193 
Total current liabilities2,458 2,319 
Long-term debt and finance leases 9,453 8,497 
Deferred credits and other liabilities:  
Regulatory liabilities2,417 2,298 
Greenhouse gas obligations130 81 
Pension obligation, net of plan assets27 42 
Deferred income taxes2,596 2,540 
Asset retirement obligations772 789 
Deferred credits and other966 789 
Total deferred credits and other liabilities6,908 6,539 
Commitments and contingencies (Note 10)
Shareholder's equity:  
Preferred stock (45,000,000 shares authorized; none issued)
— — 
Common stock (255,000,000 shares authorized; 116,583,358 shares outstanding;
no par value)
1,660 1,660 
Retained earnings8,030 7,414 
Accumulated other comprehensive income (loss)(7)(7)
Total shareholder’s equity9,683 9,067 
Total liabilities and shareholder's equity$28,502 $26,422 
(1)    Derived from audited financial statements.
See Notes to Condensed Financial Statements.
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SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in millions)
 Nine months ended September 30,
 20232022
 (unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES  
Net income$716 $681 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization810 730 
Deferred income taxes and investment tax credits(56)91 
Bad debt expense94 46 
Other(30)(23)
Net change in working capital components269 57 
Changes in noncurrent assets and liabilities, net(319)(214)
Net cash provided by operating activities1,484 1,368 
CASH FLOWS FROM INVESTING ACTIVITIES  
Expenditures for property, plant and equipment(1,893)(1,651)
Purchases of nuclear decommissioning trust assets(391)(530)
Proceeds from sales of nuclear decommissioning trust assets437 530 
Other9 8 
Net cash used in investing activities(1,838)(1,643)
CASH FLOWS FROM FINANCING ACTIVITIES
Common dividends paid(100)(100)
Issuances of debt (maturities greater than 90 days)1,389 1,395 
Payments on debt (maturities greater than 90 days) and finance leases(479)(416)
Decrease in short-term debt, net(205)(401)
Debt issuance costs(12)(9)
Net cash provided by financing activities593 469 
Increase in cash and cash equivalents239 194 
Cash and cash equivalents, January 17 25 
Cash and cash equivalents, September 30$246 $219 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION  
Interest payments, net of amounts capitalized$315 $303 
Income tax payments, net of refunds— 68 
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES  
Accrued capital expenditures$237 $236 
Increase in finance lease obligations for investment in PP&E7 12 
Increase in ARO for investment in PP&E13 1 
See Notes to Condensed Financial Statements.
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SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDER’S EQUITY
(Dollars in millions)
 Common
stock		Retained
earnings		Accumulated
other
comprehensive
income (loss)		Total
shareholder's
equity
(unaudited)
Three months ended September 30, 2023
Balance at June 30, 2023$1,660 $7,856 $(7)$9,509 
Net income274 274 
Common stock dividends declared ($0.86/share)
(100)(100)
Balance at September 30, 2023$1,660 $8,030 $(7)$9,683 
Three months ended September 30, 2022
Balance at June 30, 2022$1,660 $7,009 $(10)$8,659 
Net income271 271 
Other comprehensive income1 1 
Common stock dividends declared ($0.86/share)
(100)(100)
Balance at September 30, 2022$1,660 $7,180 $(9)$8,831 
 Nine months ended September 30, 2023
Balance at December 31, 2022$1,660 $7,414 $(7)$9,067 
Net income716 716 
Common stock dividends declared ($0.86/share)
(100)(100)
Balance at September 30, 2023$1,660 $8,030 $(7)$9,683 
Nine months ended September 30, 2022
Balance at December 31, 2021$1,660 $6,599 $(10)$8,249 
Net income681 681 
Other comprehensive income1 1 
Common stock dividends declared ($0.86/share)
(100)(100)
Balance at September 30, 2022$1,660 7,180 $(9)$8,831 
See Notes to Condensed Financial Statements.
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SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED STATEMENTS OF OPERATIONS
(Dollars in millions)
 Three months ended September 30,Nine months ended September 30,
2023202220232022
 (unaudited)
Operating revenues$1,313 $1,385 $6,574 $4,879 
Operating expenses: 
Cost of natural gas224 441 2,855 1,577 
Operation and maintenance733 590 2,073 1,746 
Aliso Canyon litigation and regulatory matters— 122 — 259 
Depreciation and amortization211 190 625 565 
Franchise fees and other taxes64 62 209 181 
Total operating expenses1,232 1,405 5,762 4,328 
Operating income (loss)81 (20)812 551 
Other expense, net(2)(43)(9)(5)
Interest income2 3 7 4 
Interest expense(70)(50)(210)(135)
Income (loss) before income taxes11 (110)600 415 
Income tax benefit (expense)5 28 (68)(75)
Net income (loss)16 (82)532 340 
Preferred dividends— — (1)(1)
Earnings (losses) attributable to common shares$16 $(82)$531 $339 
See Notes to Condensed Financial Statements.
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SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in millions)
 Pretax
amount		Income tax
benefit (expense)		Net-of-tax
amount
 (unaudited)
 Three months ended September 30, 2023 and 2022
2023:   
Net income$11 $5 $16 
Other comprehensive income (loss):
Pension and other postretirement benefits1 (1)— 
Total other comprehensive income1 (1)— 
Comprehensive income$12 $4 $16 
2022:   
Net loss$(110)$28 $(82)
Other comprehensive income (loss):
Pension and other postretirement benefits1 — 1 
Total other comprehensive income1 — 1 
Comprehensive loss$(109)$28 $(81)
Nine months ended September 30, 2023 and 2022
2023:   
Net income$600 $(68)$532 
Other comprehensive income (loss):
Financial instruments1 — 1 
Pension and other postretirement benefits2 (1)1 
Total other comprehensive income3 (1)2 
Comprehensive income$603 $(69)$534 
2022:   
Net income$415 $(75)$340 
Other comprehensive income (loss):
Financial instruments1 — 1 
Pension and other postretirement benefits2 — 2 
Total other comprehensive income3 — 3 
Comprehensive income$418 $(75)$343 
See Notes to Condensed Financial Statements.
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SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED BALANCE SHEETS
(Dollars in millions)
 September 30,December 31,
2023
2022(1)
 (unaudited) 
ASSETS  
Current assets:  
Cash and cash equivalents$26 $21 
Accounts receivable – trade, net665 1,295 
Accounts receivable – other, net71 293 
Due from unconsolidated affiliates1 77 
Inventories260 159 
Regulatory assets172 104 
Greenhouse gas allowances114 111 
Other current assets82 69 
Total current assets1,391 2,129 
Other assets:  
Regulatory assets1,505 1,291 
Greenhouse gas allowances850 551 
Right-of-use assets – operating leases32 42 
Other long-term assets606 583 
Total other assets2,993 2,467 
Property, plant and equipment:  
Property, plant and equipment26,401 25,058 
Less accumulated depreciation and amortization(7,716)(7,308)
Property, plant and equipment, net18,685 17,750 
Total assets$23,069 $22,346 
(1)    Derived from audited financial statements.
See Notes to Condensed Financial Statements.
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SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED BALANCE SHEETS (CONTINUED)
(Dollars in millions)
 September 30,December 31,
2023
2022(1)
 (unaudited) 
LIABILITIES AND SHAREHOLDERS’ EQUITY  
Current liabilities:  
Short-term debt$420 $900 
Accounts payable – trade570 953 
Accounts payable – other177 176 
Due to unconsolidated affiliates38 36 
Accrued compensation and benefits217 209 
Regulatory liabilities229 394 
Current portion of long-term debt and finance leases523 318 
Reserve for Aliso Canyon costs126 129 
Greenhouse gas obligations114 111 
Asset retirement obligations66 68 
Other current liabilities505 429 
Total current liabilities2,985 3,723 
Long-term debt and finance leases6,291 5,780 
Deferred credits and other liabilities:  
Regulatory liabilities1,051 1,043 
Greenhouse gas obligations748 443 
Pension obligation, net of plan assets198 277 
Deferred income taxes1,469 1,306 
Asset retirement obligations2,726 2,675 
Deferred credits and other370 401 
Total deferred credits and other liabilities6,562 6,145 
Commitments and contingencies (Note 10)
Shareholders’ equity:  
Preferred stock (11,000,000 shares authorized; 862,043 shares outstanding)
22 22 
Common stock (100,000,000 shares authorized; 91,300,000 shares outstanding; no par value)
2,316 2,316 
Retained earnings4,915 4,384 
Accumulated other comprehensive income (loss)(22)(24)
Total shareholders’ equity7,231 6,698 
Total liabilities and shareholders’ equity$23,069 $22,346 
(1)    Derived from audited financial statements.
See Notes to Condensed Financial Statements.
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SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in millions)
 Nine months ended September 30,
 20232022
 (unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES  
Net income$532 $340 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization625 565 
Deferred income taxes and investment tax credits79 77 
Bad debt expense272 60 
Other(9)(9)
Reserve for Aliso Canyon costs(3)(1,835)
Net change in other working capital components2 98 
Insurance receivable for Aliso Canyon costs— 350 
Changes in other noncurrent assets and liabilities, net(234)(408)
Net cash provided by (used in) operating activities1,264 (762)
CASH FLOWS FROM INVESTING ACTIVITIES  
Expenditures for property, plant and equipment(1,451)(1,394)
Net cash used in investing activities(1,451)(1,394)
CASH FLOWS FROM FINANCING ACTIVITIES
Preferred dividends paid(1)(1)
Equity contribution from Sempra— 650 
Issuances of debt (maturities greater than 90 days)997 1,497 
Payments on debt (maturities greater than 90 days) and finance leases(1,115)(10)
Increase in short-term debt, net320 42 
Debt issuance costs(9)(6)
Net cash provided by financing activities192 2,172 
Increase in cash and cash equivalents5 16 
Cash and cash equivalents, January 121 37 
Cash and cash equivalents, September 30$26 $53 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION  
Interest payments, net of amounts capitalized$183 $123 
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES  
Accrued capital expenditures$253 $235 
Increase in finance lease obligations for investment in PP&E40 21 
(Decrease) increase in ARO for investment in PP&E(28)48 
See Notes to Condensed Financial Statements.
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SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Dollars in millions)
 Preferred
stock		Common
stock		Retained
earnings		Accumulated
other
comprehensive
income (loss)		Total
shareholders’
equity
(unaudited)
Three months ended September 30, 2023
Balance at June 30, 2023$22 $2,316 $4,899 $(22)$7,215 
Net income
16 16 
Dividends declared:
Preferred stock ($0.38/share)
— — 
Balance at September 30, 2023$22 $2,316 $4,915 $(22)$7,231 
Three months ended September 30, 2022
Balance at June 30, 2022$22 $1,816 $4,206 $(29)$6,015 
Net loss
(82)(82)
Other comprehensive income1 1 
Dividends declared:
Preferred stock ($0.38/share)
— — 
Equity contribution from Sempra500 500 
Balance at September 30, 2022$22 $2,316 $4,124 $(28)$6,434 
 Nine months ended September 30, 2023
Balance at December 31, 2022$22 $2,316 $4,384 $(24)$6,698 
Net income532 532 
Other comprehensive income2 2 
Dividends declared:
Preferred stock ($1.13/share)
(1)(1)
Balance at September 30, 2023$22 $2,316 $4,915 $(22)$7,231 
Nine months ended September 30, 2022
Balance at December 31, 2021$22 $1,666 $3,785 $(31)$5,442 
Net income
340 340 
Other comprehensive income3 3 
Dividends declared:
Preferred stock ($1.13/share)
(1)(1)
Equity contribution from Sempra650 650 
Balance at September 30, 2022$22 $2,316 $4,124 $(28)$6,434 
See Notes to Condensed Financial Statements.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1. GENERAL INFORMATION AND OTHER FINANCIAL DATA
PRINCIPLES OF CONSOLIDATION
Sempra
Effective May 12, 2023, our company changed its legal name from Sempra Energy to Sempra. Sempra’s Condensed Consolidated Financial Statements include the accounts of Sempra, a California-based holding company, and its consolidated entities. We have four separate reportable segments, which we discuss in Note 11. All references in these Notes to our reportable segments are not intended to refer to any legal entity with the same or similar name.
SDG&E
SDG&E’s common stock is wholly owned by Enova Corporation, which is a wholly owned subsidiary of Sempra.
SoCalGas
SoCalGas’ common stock is wholly owned by Pacific Enterprises, which is a wholly owned subsidiary of Sempra.
BASIS OF PRESENTATION
This is a combined report of Sempra, SDG&E and SoCalGas. We provide separate information for SDG&E and SoCalGas as required. We have eliminated intercompany accounts and transactions within Sempra’s consolidated financial statements.
We have prepared our Condensed Consolidated Financial Statements in conformity with U.S. GAAP and in accordance with the interim period reporting requirements of Form 10-Q and applicable rules of the SEC. The financial statements reflect all adjustments that are necessary for a fair presentation of the results for the interim periods. These adjustments are only of a normal, recurring nature. Results of operations for interim periods are not necessarily indicative of results for the entire year or for any other period. We evaluated events and transactions that occurred after September 30, 2023 through the date the financial statements were issued and, in the opinion of management, the accompanying statements reflect all adjustments necessary for a fair presentation.
All December 31, 2022 balance sheet information in the Condensed Consolidated Financial Statements has been derived from our audited 2022 Consolidated Financial Statements in the Annual Report. Certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the interim period reporting provisions of U.S. GAAP and the SEC.
We describe our significant accounting policies in Note 1 of the Notes to Consolidated Financial Statements in the Annual Report and the impact of the adoption of new accounting standards on those policies in Note 2 below. We follow the same accounting policies for interim period reporting purposes.
The information contained in this report should be read in conjunction with the Annual Report.
Regulated Operations
SDG&E, SoCalGas and Sempra Infrastructure’s natural gas distribution utility, Ecogas, prepare their financial statements in accordance with the provisions of U.S. GAAP governing rate-regulated operations. We discuss revenue recognition and the effects of regulation at our utilities in Notes 3 and 4 below and in Notes 1, 3 and 4 of the Notes to Consolidated Financial Statements in the Annual Report.
Our Sempra Texas Utilities segment is comprised of our equity method investments in holding companies that own interests in regulated electric transmission and distribution utilities in Texas.
Certain business activities at Sempra Infrastructure are regulated by the CRE and the FERC and meet the regulatory accounting requirements of U.S. GAAP. Pipeline projects currently under construction that meet the regulatory accounting requirements of U.S. GAAP record the impact of AFUDC related to equity. We discuss AFUDC below and in Note 1 of the Notes to Consolidated Financial Statements in the Annual Report.
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CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash equivalents are highly liquid investments with original maturities of three months or less at the date of purchase.
Restricted cash includes:
▪for Sempra Infrastructure, funds held as collateral in lieu of a customer’s letters of credit associated with its LNG storage and regasification agreement; funds denominated in U.S. dollars and Mexican pesos to pay for rights-of-way and other costs pursuant to trust agreements related to pipeline projects; and certain funds at Port Arthur LNG for which withdrawals and usage are dictated by its debt agreements
▪for Parent and other, funds held in a delisting trust for the purpose of purchasing the remaining publicly owned IEnova shares
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on Sempra’s Condensed Consolidated Balance Sheets to the sum of such amounts reported on Sempra’s Condensed Consolidated Statements of Cash Flows.
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
(Dollars in millions)
 September 30,
2023		December 31,
2022
Cash and cash equivalents$1,149 $370 
Restricted cash, current238 40 
Restricted cash, noncurrent104 52 
Total cash, cash equivalents and restricted cash on the Condensed Consolidated Statements of
Cash Flows
$1,491 $462 

CREDIT LOSSES
We are exposed to credit losses from financial assets measured at amortized cost, including trade and other accounts receivable, amounts due from unconsolidated affiliates, our net investment in sales-type leases and a note receivable. We are also exposed to credit losses from off-balance sheet arrangements through Sempra’s guarantee related to Cameron LNG JV’s SDSRA, which we discuss in Note 5.
We regularly monitor and evaluate credit losses and record allowances for expected credit losses, if necessary, for trade and other accounts receivable using a combination of factors, including past-due status based on contractual terms, trends in write-offs, the age of the receivables and customer payment patterns, historical and industry trends, counterparty creditworthiness, economic conditions and specific events, such as bankruptcies, pandemics and other factors. We write off financial assets measured at amortized cost in the period in which we determine they are not recoverable. We record recoveries of amounts previously written off when it is known that they will be recovered.
In the first quarter of 2022, SDG&E and SoCalGas received $63 million and $79 million, respectively, on behalf of their customers from the California Department of Community Services and Development under the 2021 California Arrearage Payment Program and applied the amounts directly to eligible customer accounts to reduce past due balances. In June 2022, AB 205 was approved establishing, among other things, the 2022 California Arrearage Payment Program. In December 2022, SDG&E and SoCalGas received funding of $51 million and $59 million, respectively, related to this program and, in January 2023, applied the amounts directly to eligible customer accounts to reduce past due balances.
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As a result of the impact and duration of suspending collections processes during the COVID-19 pandemic, the implementation of programs such as the Arrearage Management Plan, and higher winter season customer billings, certain SDG&E and SoCalGas customers exhibit slower payment and higher levels of nonpayment than has been the case historically. This in turn has resulted in an increase in provisions for expected credit losses in the nine months ended September 30, 2023 for both companies, even as collections processes resume and past due payments potentially begin increasing. SDG&E and SoCalGas have regulatory mechanisms to recover credit losses and thus record changes in the allowances for credit losses related to Accounts Receivable – Trade that are probable of recovery in regulatory accounts. We discuss regulatory accounts in Note 4 of the Notes to Consolidated Financial Statements in the Annual Report and herein.
Changes in allowances for credit losses for trade receivables and other receivables are as follows:
CHANGES IN ALLOWANCES FOR CREDIT LOSSES
(Dollars in millions)
20232022
Sempra:
Allowances for credit losses at January 1$181 $136 
Provisions for expected credit losses374 111 
Write-offs (74)(57)
Allowances for credit losses at September 30$481 $190 
SDG&E:
Allowances for credit losses at January 1$78 $66 
Provisions for expected credit losses96 51 
Write-offs(34)(30)
Allowances for credit losses at September 30$140 $87 
SoCalGas:
Allowances for credit losses at January 1$98 $69 
Provisions for expected credit losses276 58 
Write-offs(40)(27)
Allowances for credit losses at September 30$334 $100 

Allowances for credit losses related to trade receivables and other receivables are included in the Condensed Consolidated Balance Sheets as follows:
ALLOWANCES FOR CREDIT LOSSES
(Dollars in millions)
September 30,December 31,
20232022
Sempra:
Accounts receivable – trade, net$432 $140 
Accounts receivable – other, net48 40 
Other long-term assets1 1 
Total allowances for credit losses$481 $181 
SDG&E:
Accounts receivable – trade, net$113 $52 
Accounts receivable – other, net26 25 
Other long-term assets1 1 
Total allowances for credit losses$140 $78 
SoCalGas:
Accounts receivable – trade, net$312 $83 
Accounts receivable – other, net22 15 
Total allowances for credit losses$334 $98 
As we discuss below in “Note Receivable,” we have an interest-bearing promissory note due from KKR Pinnacle. On a quarterly basis, we evaluate credit losses and record allowances for expected credit losses on this note receivable, including compounded interest and unamortized transaction costs, based on published default rate studies, the maturity date of the instrument and an internally developed credit rating. At September 30, 2023 and December 31, 2022, $6 million and $7 million, respectively, of expected credit losses are included in Other Long-Term Assets on Sempra’s Condensed Consolidated Balance Sheets.
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As we discuss in Note 5, Sempra provided a guarantee for the benefit of Cameron LNG JV related to amounts withdrawn by Sempra Infrastructure from the SDSRA. On a quarterly basis, we evaluate credit losses and record liabilities for expected credit losses on this off-balance sheet arrangement based on external credit ratings, published default rate studies and the maturity date of the arrangement. At both September 30, 2023 and December 31, 2022, $6 million of expected credit losses are included in Deferred Credits and Other on Sempra’s Condensed Consolidated Balance Sheets.
INVENTORIES
The components of inventories are as follows:
INVENTORY BALANCES
(Dollars in millions)
 SempraSDG&ESoCalGas
 September 30,
2023		December 31,
2022		September 30,
2023		December 31,
2022		September 30,
2023		December 31,
2022
Natural gas$160 $106 $1 $1 $144 $74 
LNG9 62 — — — — 
Materials and supplies282 235 146 133 116 85 
Total$451 $403 $147 $134 $260 $159 

NOTE RECEIVABLE
In November 2021, Sempra loaned $300 million to KKR Pinnacle in exchange for an interest-bearing promissory note that is due in full no later than October 2029 and bears compound interest at 5% per annum, which may be paid quarterly or added to the outstanding principal at the election of KKR Pinnacle. At September 30, 2023 and December 31, 2022, Other Long-Term Assets includes $328 million and $316 million, respectively, of outstanding principal, compounded interest and unamortized transaction costs, net of allowance for credit losses, on Sempra’s Condensed Consolidated Balance Sheets.

WILDFIRE FUND
In July 2019, the Wildfire Legislation was signed into law to address certain issues related to catastrophic wildfires in the State of California and their impact on electric IOUs. We discuss the Wildfire Legislation further in Note 1 of the Notes to Consolidated Financial Statements in the Annual Report.
In October 2023, the OEIS approved SDG&E’s 2023 Wildfire Mitigation Plan, which is effective until the OEIS approves a new plan.
SDG&E submitted its request to the OEIS for its annual wildfire safety certification in September 2023. OEIS has until December 2023 to issue the certification or provide written notice explaining why additional time is needed. SDG&E’s existing certification remains valid until this pending request is resolved.

CAPITALIZED FINANCING COSTS
Capitalized financing costs include capitalized interest costs and AFUDC related to both debt and equity financing of construction projects. We capitalize interest costs incurred to finance capital projects and interest at equity method investments that have not commenced planned principal operations.
The table below summarizes capitalized financing costs, comprised of AFUDC and capitalized interest.
CAPITALIZED FINANCING COSTS
(Dollars in millions)
Three months ended September 30,Nine months ended September 30,
 2023202220232022
Sempra$128 $65 $311 $182 
SDG&E28 30 90 84 
SoCalGas20 19 55 54 
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PROPERTY, PLANT AND EQUIPMENT
Sempra Infrastructure’s Sonora natural gas pipeline consists of two segments, the Sasabe-Puerto Libertad-Guaymas segment and the Guaymas-El Oro segment. Each segment has its own service agreement with the CFE. Following the start of commercial operations of the Guaymas-El Oro segment, Sempra Infrastructure reported damage to the pipeline in the Yaqui territory that has made that section inoperable since August 2017. Discussions with the CFE regarding the future of the pipeline are ongoing and the parties are working on restarting service on the pipeline, including the potential re-routing of a portion of the pipeline. If the parties do not agree on a definitive arrangement to re-route a portion of the pipeline or the parties do not agree on a new service start date, Sempra Infrastructure retains the right to terminate the contract and seek to recover its reasonable and documented costs and lost profits. At September 30, 2023, Sempra Infrastructure had $411 million in PP&E, net, related to the Guaymas-El Oro segment of the Sonora pipeline.

VARIABLE INTEREST ENTITIES
We consolidate a VIE if we are the primary beneficiary of the VIE. Our determination of whether we are the primary beneficiary is based on qualitative and quantitative analyses, which assess:
▪the purpose and design of the VIE;
▪the nature of the VIE’s risks and the risks we absorb;
▪the power to direct activities that most significantly impact the economic performance of the VIE; and
▪the obligation to absorb losses or the right to receive benefits that could be significant to the VIE.
We will continue to evaluate our VIEs for any changes that may impact our determination of whether an entity is a VIE and if we are the primary beneficiary.
SDG&E
SDG&E’s power procurement is subject to reliability requirements that may require SDG&E to enter into various PPAs that include variable interests. SDG&E evaluates the respective entities to determine if variable interests exist and, based on the qualitative and quantitative analyses described above, if SDG&E, and indirectly Sempra, is the primary beneficiary.
SDG&E has agreements under which it purchases power generated by facilities for which it supplies all of the natural gas to fuel the power plant (i.e., tolling agreements). SDG&E’s obligation to absorb natural gas costs may be a significant variable interest. In addition, SDG&E has the power to direct the dispatch of electricity generated by these facilities. Based on our analysis, the ability to direct the dispatch of electricity may have the most significant impact on the economic performance of the entity owning the generating facility because of the associated exposure to the cost of natural gas, which fuels the plants, and the value of electricity produced. To the extent that SDG&E (1) is obligated to purchase and provide fuel to operate the facility, (2) has the power to direct the dispatch, and (3) purchases all of the output from the facility for a substantial portion of the facility’s useful life, SDG&E may be the primary beneficiary of the entity owning the generating facility. SDG&E determines if it is the primary beneficiary in these cases based on a qualitative approach in which it considers the operational characteristics of the facility, including its expected power generation output relative to its capacity to generate and the financial structure of the entity, among other factors. If SDG&E determines that it is the primary beneficiary, SDG&E and Sempra consolidate the entity that owns the facility as a VIE.
In addition to tolling agreements, other variable interests involve various elements of fuel and power costs, and other components of cash flows expected to be paid to or received by our counterparties. In most of these cases, the expectation of variability is not substantial, and SDG&E generally does not have the power to direct activities, including the operation and maintenance activities of the generating facility, that most significantly impact the economic performance of the other VIEs. If our ongoing evaluation of these VIEs were to conclude that SDG&E becomes the primary beneficiary and consolidation by SDG&E becomes necessary, the effects could be significant to the financial position and liquidity of SDG&E and Sempra.
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SDG&E determined that none of its PPAs and tolling agreements resulted in SDG&E being the primary beneficiary of a VIE at September 30, 2023 and December 31, 2022. PPAs and tolling agreements that relate to SDG&E’s involvement with VIEs are primarily accounted for as finance leases. The carrying amounts of the assets and liabilities under these contracts are included in PP&E, net, and finance lease liabilities with balances of $1,174 million and $1,194 million at September 30, 2023 and December 31, 2022, respectively. SDG&E recovers costs incurred on PPAs, tolling agreements and other variable interests through CPUC-approved long-term power procurement plans. SDG&E has no residual interest in the respective entities and has not provided or guaranteed any debt or equity support, liquidity arrangements, performance guarantees or other commitments associated with these contracts other than the purchase commitments described in Note 16 of the Notes to Consolidated Financial Statements in the Annual Report. As a result, SDG&E’s potential exposure to loss from its variable interest in these VIEs is not significant.
Sempra Texas Utilities
Oncor Holdings is a VIE. Sempra is not the primary beneficiary of this VIE because of the structural and operational ring-fencing and governance measures in place that prevent us from having the power to direct the significant activities of Oncor Holdings. As a result, we do not consolidate Oncor Holdings and instead account for our ownership interest as an equity method investment. See Note 6 of the Notes to Consolidated Financial Statements in the Annual Report for additional information about our equity method investment in Oncor Holdings and restrictions on our ability to influence its activities. Our maximum exposure to loss, which fluctuates over time, from our interest in Oncor Holdings does not exceed the carrying value of our investment, which was $14,148 million and $13,665 million at September 30, 2023 and December 31, 2022, respectively.
Sempra Infrastructure
Cameron LNG JV
Cameron LNG JV is a VIE principally due to contractual provisions that transfer certain risks to customers. Sempra is not the primary beneficiary of this VIE because we do not have the power to direct the most significant activities of Cameron LNG JV, including LNG production and operation and maintenance activities at the liquefaction facility. Therefore, we account for our investment in Cameron LNG JV under the equity method. The carrying value of our investment, including amounts recognized in AOCI related to interest-rate cash flow hedges at Cameron LNG JV, was $989 million at September 30, 2023 and $886 million at December 31, 2022. Our maximum exposure to loss, which fluctuates over time, includes the carrying value of our investment and our obligation under the SDSRA, which we discuss in Note 5.
CFIN
As we discuss in Note 5, in July 2020, Sempra entered into a Support Agreement for the benefit of CFIN, which is a VIE. Sempra is not the primary beneficiary of this VIE because we do not have the power to direct the most significant activities of CFIN, including modification, prepayment, and refinance decisions related to the financing arrangement with external lenders and Cameron LNG JV’s four project owners as well as the ability to determine and enforce remedies in the event of default. The conditional obligations of the Support Agreement represent a variable interest that we measure at fair value on a recurring basis (see Note 8). Sempra’s maximum exposure to loss under the terms of the Support Agreement is $979 million.
ECA LNG Phase 1
ECA LNG Phase 1 is a VIE because its total equity at risk is not sufficient to finance its activities without additional subordinated financial support. We expect that ECA LNG Phase 1 will require future capital contributions or other financial support to finance the construction of the facility. Sempra is the primary beneficiary of this VIE because we have the power to direct the activities related to the construction and future operation and maintenance of the liquefaction facility. As a result, we consolidate ECA LNG Phase 1. Sempra consolidated $1,430 million and $1,099 million of assets at September 30, 2023 and December 31, 2022, respectively, consisting primarily of PP&E, net, attributable to ECA LNG Phase 1 that could be used only to settle obligations of this VIE and that are not available to settle obligations of Sempra, and $924 million and $685 million of liabilities at September 30, 2023 and December 31, 2022, respectively, consisting primarily of long-term debt, accounts payable and short-term debt attributable to ECA LNG Phase 1 for which creditors do not have recourse to the general credit of Sempra. Additionally, as we discuss in Note 6, IEnova and TotalEnergies SE have provided guarantees for 83.4% and 16.6%, respectively, of the loan facility supporting construction of the liquefaction facility.
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Port Arthur LNG
Port Arthur LNG is a VIE because its total equity at risk is not sufficient to finance its activities without additional subordinated financial support. We expect that Port Arthur LNG will require future capital contributions or other financial support to finance the construction of the PA LNG Phase 1 project. Sempra is the primary beneficiary of this VIE because we have the power to direct the activities related to the construction and future operation and maintenance of the liquefaction facility. As a result, we consolidate Port Arthur LNG. Sempra consolidated $3,830 million of assets at September 30, 2023 consisting primarily of PP&E, net, other long-term assets and restricted cash attributable to Port Arthur LNG that could be used only to settle obligations of this VIE and that are not available to settle obligations of Sempra, and $788 million of liabilities at September 30, 2023 consisting primarily of accounts payable and long-term debt attributable to Port Arthur LNG for which creditors do not have recourse to the general credit of Sempra.

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PENSION AND PBOP
Net Periodic Benefit Cost
The following tables provide the components of net periodic benefit cost. The components of net periodic benefit cost, other than the service cost component, are included in the Other Income (Expense), Net, table below.
NET PERIODIC BENEFIT COST – SEMPRA
(Dollars in millions)
 PensionPBOP
 Three months ended September 30,
 2023202220232022
Service cost$25 $27 $3 $4 
Interest cost39 29 9 7 
Expected return on assets(42)(46)(17)(16)
Amortization of:  
Prior service cost (credit)2 3 (1)(1)
Actuarial loss (gain)3 8 (5)(4)
Net periodic benefit cost (credit)27 21 (11)(10)
Regulatory adjustments30 87 10 10 
Total expense (income) recognized$57 $108 $(1)$— 
 Nine months ended September 30,
 2023202220232022
Service cost$82 $110 $10 $17 
Interest cost118 88 28 21 
Expected return on assets(127)(137)(52)(48)
Amortization of:    
Prior service cost (credit)4 8 (2)(2)
Actuarial loss (gain)7 19 (17)(11)
Net periodic benefit cost (credit)84 88 (33)(23)
Regulatory adjustments88 84 32 23 
Total expense (income) recognized$172 $172 $(1)$— 
NET PERIODIC BENEFIT COST – SDG&E
(Dollars in millions)
 PensionPBOP
 Three months ended September 30,
 2023202220232022
Service cost$8 $8 $1 $1 
Interest cost10 7 2 1 
Expected return on assets(9)(13)(2)(2)
Amortization of:  
Actuarial loss (gain)2 — — (1)
Net periodic benefit cost (credit)11 2 1 (1)
Regulatory adjustments3 24 (1)1 
Total expense recognized$14 $26 $— $— 
 Nine months ended September 30,
 2023202220232022
Service cost$24 $28 $2 $4 
Interest cost30 20 6 4 
Expected return on assets(29)(35)(6)(7)
Amortization of:  
Actuarial loss (gain)4 1 (1)(2)
Net periodic benefit cost (credit)29 14 1 (1)
Regulatory adjustments11 26 (1)1 
Total expense recognized$40 $40 $— $— 
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NET PERIODIC BENEFIT COST – SOCALGAS
(Dollars in millions)
 PensionPBOP
 Three months ended September 30,
 2023202220232022
Service cost$15 $16 $2 $3 
Interest cost24 20 7 5 
Expected return on assets(29)(30)(14)(13)
Amortization of:  
Prior service cost (credit)1 2 (1)(1)
Actuarial loss (gain)1 6 (5)(3)
Net periodic benefit cost (credit)12 14 (11)(9)
Regulatory adjustments27 63 11 9 
Total expense recognized$39 $77 $— $— 
 Nine months ended September 30,
 2023202220232022
Service cost$49 $72 $7 $13 
Interest cost75 61 21 16 
Expected return on assets(89)(94)(44)(40)
Amortization of:   
Prior service cost (credit)3 6 (2)(2)
Actuarial loss (gain)1 14 (15)(9)
Net periodic benefit cost (credit)39 59 (33)(22)
Regulatory adjustments77 58 33 22 
Total expense recognized$116 $117 $— $— 

DEDICATED ASSETS IN SUPPORT OF CERTAIN BENEFITS PLANS
In support of its Supplemental Executive Retirement, Cash Balance Restoration and Deferred Compensation Plans, Sempra maintains dedicated assets, including a Rabbi Trust and investments in life insurance contracts, which totaled $513 million and $505 million at September 30, 2023 and December 31, 2022, respectively.

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COMPREHENSIVE INCOME
The following tables present the changes in AOCI by component and amounts reclassified out of AOCI to net income, after amounts attributable to NCI.
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT(1)
(Dollars in millions)
 Foreign
currency
translation
adjustments		Financial
instruments		Pension
and PBOP		Total
AOCI
 Three months ended September 30, 2023 and 2022
Sempra:
Balance at June 30, 2023$(38)$14 $(97)$(121)
OCI before reclassifications(5)116 — 111 
Amounts reclassified from AOCI(2)
— (51)1 (50)
Net OCI(2)
(5)65 1 61 
Balance at September 30, 2023$(43)$79 $(96)$(60)
   
Balance at June 30, 2022$(65)$(30)$(72)$(167)
OCI before reclassifications
— 40 — 40 
Amounts reclassified from AOCI
— 5 2 7 
Net OCI
— 45 2 47 
Balance at September 30, 2022$(65)$15 $(70)$(120)
SDG&E:
Balance at June 30, 2023 and September 30, 2023
$(7)$(7)
Balance at June 30, 2022$(10)$(10)
Amounts reclassified from AOCI1 1 
Net OCI
1 1 
Balance at September 30, 2022$(9)$(9)
SoCalGas:
Balance at June 30, 2023 and September 30, 2023
$(11)$(11)$(22)
Balance at June 30, 2022$(12)$(17)$(29)
Amounts reclassified from AOCI
— 1 1 
Net OCI— 1 1 
Balance at September 30, 2022$(12)$(16)$(28)
(1)    All amounts are net of income tax, if subject to tax, and after NCI.
(2)    Total AOCI includes ($46) of financial instruments associated with sale of NCI to KKR Denali, which we discuss below in “Other Noncontrolling Interests – Sempra Infrastructure.” This transaction did not impact the Condensed Consolidated Statement of Comprehensive Income (Loss).
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CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT(1) (CONTINUED)
(Dollars in millions)
 Foreign
currency
translation
adjustments		Financial
instruments		Pension
and PBOP		Total
AOCI
 Nine months ended September 30, 2023 and 2022
Sempra:
Balance at December 31, 2022$(59)$10 $(86)$(135)
OCI before reclassifications16 129 (13)132 
Amounts reclassified from AOCI(2)
— (60)3 (57)
Net OCI(2)
16 69 (10)75 
Balance at September 30, 2023$(43)$79 $(96)$(60)
   
Balance at December 31, 2021$(79)$(156)$(83)$(318)
OCI before reclassifications
4 151 7 162 
Amounts reclassified from AOCI(3)
10 20 6 36 
Net OCI(3)
14 171 13 198 
Balance at September 30, 2022$(65)$15 $(70)$(120)
SDG&E:
Balance at December 31, 2022 and September 30, 2023
$(7)$(7)
Balance at December 31, 2021$(10)$(10)
Amounts reclassified from AOCI
1 1 
Net OCI1 1 
Balance at September 30, 2022$(9)$(9)
SoCalGas:
Balance at December 31, 2022$(12)$(12)$(24)
Amounts reclassified from AOCI1 1 2 
Net OCI1 1 2 
Balance at September 30, 2023$(11)$(11)$(22)
Balance at December 31, 2021$(13)$(18)$(31)
Amounts reclassified from AOCI
1 2 3 
Net OCI1 2 3 
Balance at September 30, 2022$(12)$(16)$(28)
(1)    All amounts are net of income tax, if subject to tax, and after NCI.
(2)    Total AOCI includes ($46) of financial instruments associated with sale of NCI to KKR Denali, which we discuss below in “Other Noncontrolling Interests – Sempra Infrastructure.” This transaction did not impact the Condensed Consolidated Statement of Comprehensive Income (Loss).
(3)    Total AOCI includes $9 of foreign currency translation adjustments associated with sale of NCI to ADIA, which we discuss below in “Other Noncontrolling Interests – Sempra Infrastructure.” This transaction did not impact the Condensed Consolidated Statement of Comprehensive Income (Loss).

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RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
(Dollars in millions)
Details about AOCIAmounts reclassified
from AOCI		 Affected line item on Condensed
Consolidated Statements of Operations
 Three months ended September 30,  
 20232022 
Sempra:   
Financial instruments:   
Interest rate instruments
$1 $2 Interest Expense
Interest rate instruments
(12)1 
Equity Earnings(1)
Foreign exchange instruments(1)— Other Income (Expense), Net
Foreign exchange instruments(1)— 
Equity Earnings
Interest rate and foreign exchange instruments— 3 Other Income (Expense), Net
Total, before income tax
(13)6  
 2 (2)Income Tax Benefit (Expense)
Total, net of income tax
(11)4  
 6 1 Earnings Attributable to Noncontrolling Interests
Total, net of income tax and after NCI$(5)$5  
Pension and PBOP(2):
   
Amortization of actuarial loss$1 $2 Other Income (Expense), Net
Amortization of prior service cost1 1 Other Income (Expense), Net
Total, before income tax
2 3 
 (1)(1)Income Tax Benefit (Expense)
Total, net of income tax
$1 $2  
Total reclassifications for the period, net of income
 tax and after NCI
$(4)$7  
SDG&E:   
Pension and PBOP(2):
Amortization of actuarial loss$— $1 Other Income, Net
Total reclassifications for the period, net of income
 tax
$— $1  
SoCalGas:   
Pension and PBOP(2):
   
Amortization of prior service cost$— $1 Other Expense, Net
Total reclassifications for the period, net of income
 tax
$— $1 
(1)    Equity earnings at our foreign equity method investees are recognized after tax.
(2)    Amounts are included in the computation of net periodic benefit cost (see “Net Periodic Benefit Cost” above).
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RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (CONTINUED)
(Dollars in millions)
Details about AOCIAmounts reclassified
from AOCI		Affected line item on Condensed
Consolidated Statements of Operations
Nine months ended September 30,
20232022
Sempra:
Foreign currency translation adjustments$— $1 Operation and Maintenance
Financial instruments:
Interest rate instruments$1 $1 Interest Expense
Interest rate instruments(33)28 
Equity Earnings(1)
Foreign exchange instruments— (2)Revenues: Energy-Related Businesses
1 1 Other Income (Expense), Net
Foreign exchange instruments1 (1)
Equity Earnings(1)
Interest rate and foreign exchange instruments(1)(1)Interest Expense
(6)(3)Other Income (Expense), Net
Total, before income tax
(37)23 
5 (7)Income Tax Benefit (Expense)
Total, net of income tax
(32)16 
18 4 Earnings Attributable to Noncontrolling Interests
Total, net of income tax and after NCI$(14)$20 
Pension and PBOP(2):
  
Amortization of actuarial loss$2 $6 Other Income (Expense), Net
Amortization of prior service cost2 3 Other Income (Expense), Net
Total, before income tax
4 9 
(1)(3)Income Tax Benefit (Expense)
Total, net of income tax
$3 $6 
Total reclassifications for the period, net of income
 tax and after NCI
$(11)$27 
SDG&E:  
Pension and PBOP(2):
Amortization of actuarial loss$— $1 Other Income, Net
Total reclassifications for the period, net of income
 tax
$— $1  
SoCalGas:   
Financial instruments:
Interest rate instruments$1 $1 Interest Expense
Pension and PBOP(2):
   
Amortization of actuarial loss$— $1 Other Expense, Net
Amortization of prior service cost1 1 Other Expense, Net
Total, net of income tax$1 $2 
Total reclassifications for the period, net of income
 tax
$2 $3 
(1)    Equity earnings at our foreign equity method investees are recognized after tax.
(2)    Amounts are included in the computation of net periodic benefit cost (see “Net Periodic Benefit Cost” above).

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SHAREHOLDERS’ EQUITY AND NONCONTROLLING INTERESTS
Sempra Common Stock
On May 12, 2023, Sempra’s shareholders approved an amendment to Sempra’s Articles of Incorporation to increase the number of authorized shares of Sempra’s common stock from 750,000,000 to 1,125,000,000.
Sempra Common Stock Split in the Form of a Stock Dividend
On August 2, 2023, Sempra’s board of directors declared a two-for-one split of Sempra’s common stock in the form of a 100% stock dividend for shareholders of record at the close of business on August 14, 2023. Each such shareholder of record received one additional share of Sempra common stock for every then-held share of Sempra common stock, which was distributed after the close of trading on August 21, 2023. Sempra’s common stock began trading on a post-split basis effective August 22, 2023. Sempra’s common stock continues to have no par value with 1,125,000,000 authorized shares.
All shares and per share information related to issued and outstanding common stock and outstanding equity awards with respect to common stock have been retroactively adjusted to reflect the stock split and are presented on a post-split basis herein.
Sempra Common Stock Repurchases
In the nine months ended September 30, 2023 and 2022, we repurchased 411,447 shares for $32 million and 404,806 shares for $28 million, respectively, of our common stock from long-term incentive plan participants to satisfy minimum statutory tax withholding requirements in connection with the vesting of RSUs and exercise of stock options.
On January 11, 2022, we entered into an ASR program under which we prepaid $200 million to repurchase shares of our common stock in a share forward transaction. A total of 2,945,512 shares were purchased under this program at an average price of $67.90 per share. The total number of shares purchased was determined by dividing the $200 million purchase price by the arithmetic average of the volume-weighted average trading prices of shares of our common stock during the valuation period of January 12, 2022 through February 11, 2022, minus a fixed discount. The ASR program was completed on February 11, 2022.
On April 6, 2022, we entered into an ASR program under which we prepaid $250 million to repurchase shares of our common stock in a share forward transaction. A total of 2,943,914 shares were purchased under this program at an average price of $84.92 per share. The total number of shares purchased was determined by dividing the $250 million purchase price by the arithmetic average of the volume-weighted average trading prices of shares of our common stock during the valuation period of April 7, 2022 through April 25, 2022, minus a fixed discount. The ASR program was completed on April 25, 2022.
Other Noncontrolling Interests
The following table provides information about NCI held by others in subsidiaries or entities consolidated by us and recorded in Other Noncontrolling Interests in Total Equity on Sempra’s Condensed Consolidated Balance Sheets.
OTHER NONCONTROLLING INTERESTS
(Dollars in millions)
 Percent ownership held by noncontrolling interests Equity held by
noncontrolling interests
 September 30,
2023		December 31,
2022		September 30,
2023		December 31,
2022
Sempra Infrastructure:    
SI Partners30.0 %30.0 %$4,011 $2,060 
SI Partners subsidiaries(1)
0.1 - 42.0
0.1 - 16.6
989 61 
Total Sempra  $5,000 $2,121 
(1)    SI Partners has subsidiaries with NCI held by others. Percentage range reflects the highest and lowest ownership percentages among these subsidiaries.
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Sempra Infrastructure
Sale of NCI to KKR Denali. In September 2023, an indirect subsidiary of SI Partners completed the sale of an indirect 42% NCI in the PA LNG Phase 1 project to KKR Denali for aggregate cash consideration of approximately $984 million, including its pro rata equity share of development costs incurred prior to the closing that exceeded $439 million, subject to customary post-closing adjustments. As a result of this sale, we recorded a $1.1 billion increase in equity held by NCI and a decrease in Sempra’s shareholders’ equity of $56 million, including $11 million in transaction costs and net of a $22 million tax benefit.
At the closing of the sale of NCI to KKR Denali, the associated limited liability company agreement was amended and restated to include KKR Denali as a member of such company and to set forth certain governance and other agreements with respect to the funding of the PA LNG Phase 1 project. Pursuant to the limited liability company agreement, (i) the indirect subsidiary of SI Partners (a) is the managing member; (b) exclusively holds the right to make decisions with respect to certain expansions, such as the potential PA LNG Phase 2 project; (c) has certain rights to preferential distributions from specified revenues and expansion true-up payments; and (d) through a parent entity that is a subsidiary of Sempra, bears a disproportionately higher allocation of certain capital contribution commitments in certain budgetary overrun scenarios, and (ii) KKR Denali has certain investor protection voting rights. The indirect subsidiary of SI Partners and KKR Denali have also made capital contribution commitments to fund their respective equity share of the equity funding amount of anticipated development costs of the PA LNG Phase 1 project, except in those certain budget overrun scenarios discussed above.
Upon closing the sale of NCI to KKR Denali, Sempra holds an indirect interest in the PA LNG Phase 1 project of 19.6%.
Sale of NCI to ConocoPhillips Affiliate. In March 2023, an indirect subsidiary of SI Partners completed the sale of an indirect 30% NCI in the PA LNG Phase 1 project to an affiliate of ConocoPhillips for aggregate cash consideration of $254 million, subject to customary post-closing adjustments. As a result of this sale, we recorded a $234 million increase in equity held by NCI and an increase in Sempra’s shareholders’ equity of $12 million, net of $3 million in transaction costs and $5 million in tax expense.
At the closing of the sale of NCI to the ConocoPhillips affiliate, the associated limited liability company agreement was amended and restated to include the ConocoPhillips affiliate as a member of such company and to set forth certain governance and other agreements with respect to the funding of the PA LNG Phase 1 project. Pursuant to the limited liability company agreement, such company will generally be managed by a board of managers, initially constituting three representatives appointed by the indirect subsidiary of SI Partners and two representatives appointed by the ConocoPhillips affiliate.
The indirect subsidiary of SI Partners and the ConocoPhillips affiliate have made certain customary capital contribution commitments to fund their respective pro rata equity share of the total anticipated capital calls for the equity portion of the anticipated development costs of the PA LNG Phase 1 project. In addition, both SI Partners and ConocoPhillips provided guarantees relating to their respective affiliate’s commitment to make its pro rata equity share of capital contributions to fund 110% of the development budget of the PA LNG Phase 1 project, in an aggregate amount of up to $9.0 billion. SI Partners’ guarantee covers 70% of this amount plus enforcement costs of its guarantee.
Sale of NCI to ADIA. In June 2022, Sempra and ADIA consummated the transaction contemplated under a purchase and sale agreement dated December 21, 2021 (the ADIA Purchase Agreement). Pursuant to the ADIA Purchase Agreement, ADIA acquired Class A Units representing a 10% NCI in SI Partners for a purchase price of $1.7 billion. Following the closing of the transaction, Sempra, KKR Pinnacle and ADIA directly or indirectly own 70%, 20%, and 10%, respectively, of the outstanding Class A Units of SI Partners, which excludes the non-voting Sole Risk Interests held only by Sempra. As a result of this sale to ADIA, we recorded a $709 million increase in equity held by NCI and an increase in Sempra’s shareholders’ equity of $710 million, net of $12 million in transaction costs and $300 million in tax impacts. Transaction costs include $10 million paid to ADIA for reimbursement of certain expenses that ADIA incurred in connection with closing the transaction.
Contributions from NCI. In October 2021, KKR Pinnacle acquired a 20% NCI in SI Partners. Under the limited partnership agreement that governs our and KKR Pinnacle’s respective rights and obligations in respect of our and their ownership interests in SI Partners, KKR Pinnacle was entitled to a $200 million credit from Sempra to be applied to capital calls once an LNG project reached a positive final investment decision and met certain projected internal rates of return. In the three months and nine months ended September 30, 2023, KKR Pinnacle used $14 million and $200 million, respectively, of this credit to fund its share of contributions to SI Partners. As a result, we recorded a $200 million increase in equity held by NCI and a decrease in Sempra’s shareholders’ equity of $145 million, net of a tax benefit.

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SEMPRA EARNINGS PER COMMON SHARE
Basic EPS is calculated by dividing earnings attributable to common shares by the weighted-average number of common shares outstanding for the period. Diluted EPS includes the potential dilution of common stock equivalent shares that could occur if securities or other contracts to issue common stock were exercised or converted into common stock.
EARNINGS PER COMMON SHARE COMPUTATIONS
(Dollars in millions, except per share amounts; shares in thousands)
 Three months ended September 30,Nine months ended September 30,
 2023202220232022
Numerator:    
Earnings attributable to common shares$721 $485 $2,293 $1,656 
Denominator:    
Weighted-average common shares outstanding for basic EPS(1)
630,036 629,447 629,963 630,603 
Dilutive effect of stock options and RSUs(2)
2,288 2,728 2,268 2,311 
Weighted-average common shares outstanding for diluted EPS632,324 632,175 632,231 632,914 
EPS:
Basic$1.14 $0.77 $3.64 $2.63 
Diluted$1.14 $0.77 $3.63 $2.62 
(1)    Includes 716 and 803 fully vested RSUs held in our Deferred Compensation Plan for the three months ended September 30, 2023 and 2022, respectively, and 716 and 805 of such RSUs for the nine months ended September 30, 2023 and 2022, respectively. These fully vested RSUs are included in weighted-average common shares outstanding for basic EPS because there are no conditions under which the corresponding shares will not be issued.
(2)    Due to market fluctuations of both Sempra common stock and the comparative indices used to determine the vesting percentage of our total shareholder return performance-based RSUs, which we discuss in Note 10 of the Notes to Consolidated Financial Statements in the Annual Report, dilutive RSUs may vary widely from period-to-period.

The potentially dilutive impact from stock options and RSUs is calculated under the treasury stock method. Under this method, proceeds based on the exercise price and unearned compensation are assumed to be used to repurchase shares on the open market at the average market price for the period, reducing the number of potential new shares to be issued and sometimes causing an antidilutive effect. The computation of diluted EPS for the three months and nine months ended September 30, 2023 excludes 624,242 and 470,804 potentially dilutive shares, respectively, and the computation of diluted EPS for the three months and nine months ended September 30, 2022 excludes no potentially dilutive shares and 230,752 potentially dilutive shares, respectively, because to include them would be antidilutive for the period. However, these shares could potentially dilute basic EPS in the future.
Pursuant to Sempra’s share-based compensation plans, the Compensation and Talent Development Committee of Sempra’s board of directors granted 326,574 nonqualified stock options, 661,620 performance-based RSUs and 272,729 service-based RSUs in the nine months ended September 30, 2023, primarily in January.
We discuss share-based compensation plans and related awards and the terms and conditions of Sempra’s equity securities further in Notes 10, 13 and 14 of the Notes to Consolidated Financial Statements in the Annual Report.

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TRANSACTIONS WITH AFFILIATES
We summarize amounts due from and to unconsolidated affiliates at Sempra, SDG&E and SoCalGas in the following table.
AMOUNTS DUE FROM (TO) UNCONSOLIDATED AFFILIATES
(Dollars in millions)
 September 30,
2023		December 31,
2022
Sempra:  
Tax sharing arrangement with Oncor Holdings$34 $41 
Various affiliates8 13 
Total due from unconsolidated affiliates – current$42 $54 
Sempra Infrastructure(1):
TAG Pipelines Norte, S. de R.L. de C.V. – 5.5% Note due January 9, 2024
$(5)$— 
Total due to unconsolidated affiliates – current$(5)$— 
Sempra Infrastructure(1):
TAG Pipelines Norte, S. de R.L. de C.V.:
5.5% Note due January 9, 2024
$— $(40)
5.5% Note due January 14, 2025
(24)(23)
5.5% Note due July 16, 2025
(22)(21)
5.5% Note due January 14, 2026
(20)(19)
5.5% Note due July 14, 2026
(11)(11)
5.5% Note due January 19, 2027
(14)— 
5.5% Note due July 21, 2027
(17)— 
TAG – 5.74% Note due December 17, 2029
(195)(187)
Total due to unconsolidated affiliates – noncurrent$(303)$(301)
SDG&E:  
SoCalGas$8 $— 
Total due from unconsolidated affiliates – current$8 $— 
Sempra $(38)$(49)
SoCalGas— (72)
Various affiliates(11)(14)
Total due to unconsolidated affiliates – current$(49)$(135)
Income taxes due (to) from Sempra(2)
$(43)$10 
SoCalGas:  
SDG&E$— $72 
Various affiliates1 5 
Total due from unconsolidated affiliates – current$1 $77 
Sempra$(30)$(36)
SDG&E(8)— 
Total due to unconsolidated affiliates – current$(38)$(36)
Income taxes due to Sempra(2)
$(6)$(16)
(1)     U.S. dollar-denominated loans at fixed interest rates. Amounts include principal balances plus accumulated interest outstanding.
(2)    SDG&E and SoCalGas are included in the consolidated income tax return of Sempra, and their respective income tax expense is computed as an amount equal to that which would result from each company having always filed a separate return. Amounts include current and noncurrent income taxes due to/from Sempra.
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The following table summarizes income statement information from unconsolidated affiliates.
INCOME STATEMENT IMPACT FROM UNCONSOLIDATED AFFILIATES
(Dollars in millions)
 Three months ended September 30,Nine months ended September 30,
 2023202220232022
Sempra:    
Revenues$10 $10 $34 $32 
Interest income— 2 — 16 
Interest expense3 4 11 12 
SDG&E:    
Revenues$5 $4 $15 $12 
Cost of sales25 17 82 67 
SoCalGas:
Revenues$29 $24 $91 $73 
Cost of sales(1)
2 (1)37 (5)
(1)     Includes net commodity costs from natural gas transactions with unconsolidated affiliates.
Guarantees
Sempra provided guarantees related to Cameron LNG JV’s SDSRA and CFIN’s Support Agreement, which remain outstanding. We discuss these guarantees in Note 5 below and in Note 6 of the Notes to Consolidated Financial Statements in the Annual Report.

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OTHER INCOME (EXPENSE), NET
Other Income (Expense), Net, consists of the following:
OTHER INCOME (EXPENSE), NET   
(Dollars in millions)   
 Three months ended September 30,Nine months ended September 30,
 2023202220232022
Sempra:    
Allowance for equity funds used during construction$35 $35 $105 $104 
Investment losses, net(1)
(19)(13)(2)(60)
Gains (losses) on interest rate and foreign exchange instruments, net
1 (3)5 2 
Foreign currency transaction (losses) gains, net(2)
(3)4 1 (18)
Non-service components of net periodic benefit cost
(28)(77)(79)(45)
Interest on regulatory balancing accounts, net19 7 56 12 
Sundry, net(2)7 (11)2 
Total$3 $(40)$75 $(3)
SDG&E:    
Allowance for equity funds used during construction$21 $22 $67 $64 
Non-service components of net periodic benefit cost
(5)(17)(14)(8)
Interest on regulatory balancing accounts, net10 5 31 9 
Sundry, net(1)2 (9)3 
Total$25 $12 $75 $68 
SoCalGas:   
Allowance for equity funds used during construction$14 $14 $38 $40 
Non-service components of net periodic benefit cost
(22)(58)(60)(32)
Interest on regulatory balancing accounts, net9 2 25 3 
Sundry, net(3)(1)(12)(16)
Total$(2)$(43)$(9)$(5)
(1)    Represents net investment losses on dedicated assets in support of our executive retirement and deferred compensation plans. These amounts are offset by corresponding changes in compensation expense related to the plans, recorded in O&M on the Condensed Consolidated Statements of Operations.
(2)    Includes losses of $11 in the nine months ended September 30, 2022 from translation to U.S. dollars of a Mexican peso-denominated loan to IMG, which are offset by corresponding amounts included in Equity Earnings on the Condensed Consolidated Statement of Operations.

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INCOME TAXES
We provide our calculations of ETRs in the following table.
INCOME TAX (BENEFIT) EXPENSE AND EFFECTIVE INCOME TAX RATES
(Dollars in millions)
Three months ended September 30,Nine months ended September 30,
2023202220232022
Sempra:
Income tax (benefit) expense
$(52)$21 $499 $435 
Income before income taxes and equity earnings
$323 $165 $2,175 $1,194 
Equity earnings, before income tax(1)
133 134 418 436 
Pretax income
$456 $299 $2,593 $1,630 
Effective income tax rate(11)%7 %19 %27 %
SDG&E:
Income tax (benefit) expense
$(15)$35 $(4)$141 
Income before income taxes$259 $306 $712 $822 
Effective income tax rate(6)%11 %(1)%17 %
SoCalGas:
Income tax (benefit) expense
$(5)$(28)$68 $75 
Income (loss) before income taxes
$11 $(110)$600 $415 
Effective income tax rate(45)%25 %11 %18 %
(1)    We discuss how we recognize equity earnings in Note 6 of the Notes to Consolidated Financial Statements in the Annual Report.

Sempra, SDG&E and SoCalGas record income taxes for interim periods utilizing a forecasted ETR anticipated for the full year. Unusual and infrequent items and items that cannot be reliably estimated are recorded in the interim period in which they occur, which can result in variability in the ETR.
For SDG&E and SoCalGas, the CPUC requires flow-through rate-making treatment for the current income tax benefit or expense arising from certain property-related and other temporary differences between the treatment for financial reporting and income tax, which will reverse over time. Under the regulatory accounting treatment required for these flow-through temporary differences, deferred income tax assets and liabilities are not recorded to deferred income tax expense, but rather to a regulatory asset or liability, which impacts the ETR. As a result, changes in the relative size of these items compared to pretax income, from period to period, can cause variations in the ETR. The following items are subject to flow-through treatment:
▪repairs expenditures related to a certain portion of utility plant fixed assets
▪the equity portion of AFUDC, which is non-taxable
▪a portion of the cost of removal of utility plant assets
▪utility self-developed software expenditures
▪depreciation on a certain portion of utility plant assets
▪state income taxes
AFUDC related to equity recorded for regulated construction projects at Sempra Infrastructure has similar flow-through treatment.
Under the IRA, beginning in 2023, the scope of projects eligible for investment tax credits was expanded to include standalone energy storage projects. The IRA also provided an election that prospectively permits investment tax credits related to standalone energy storage projects to be returned to utility customers over a period that is shorter than the life of the applicable asset. Under this election, SDG&E recorded a regulatory liability to offset these investment tax credits, which reduced SDG&E’s and Sempra’s ETR in 2023.
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In April 2023, the IRS issued Revenue Procedure 2023-15, which provides a safe harbor method of accounting for gas repairs expenditures. As a result of this Revenue Procedure, SoCalGas updated its assessment of prior years’ unrecognized income tax benefits and, in the nine months ended September 30, 2023, recorded an income tax benefit of $43 million for previously unrecognized income tax benefits pertaining to gas repairs expenditures. SoCalGas recorded an associated regulatory liability for the portion that will benefit customers in the future. We are assessing the potential future impacts of this Revenue Procedure.
In the nine months ended September 30, 2022, we recognized income tax expense of $120 million for a deferred income tax liability related to outside basis differences in our foreign subsidiaries that we had previously considered to be indefinitely reinvested.
NOTE 2. NEW ACCOUNTING STANDARDS
There are no recent accounting pronouncements that have had or may have a significant effect on our results of operations, financial condition, cash flows and/or disclosures.

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NOTE 3. REVENUES
We discuss revenue recognition for revenues from contracts with customers and from sources other than contracts with customers in Note 3 of the Notes to Consolidated Financial Statements in the Annual Report.
The following table disaggregates our revenues from contracts with customers by major service line and market and provides a reconciliation to total revenues by segment. The majority of our revenue is recognized over time.
DISAGGREGATED REVENUES
(Dollars in millions)
SDG&ESoCalGasSempra InfrastructureConsolidating adjustments and Parent
and other		Sempra
Three months ended September 30, 2023
By major service line:
Utilities$1,438 $1,120 $18 $(35)$2,541 
Energy-related businesses— — 369 (16)353 
Revenues from contracts with customers$1,438 $1,120 $387 $(51)$2,894 
By market:
Gas$182 $1,120 $234 $(30)$1,506 
Electric1,256 — 153 (21)1,388 
Revenues from contracts with customers$1,438 $1,120 $387 $(51)$2,894 
Revenues from contracts with customers$1,438 $1,120 $387 $(51)$2,894 
Utilities regulatory revenues4 193 — — 197 
Other revenues— — 242 1 243 
Total revenues$1,442 $1,313 $629 $(50)$3,334 
 Nine months ended September 30, 2023
By major service line:
Utilities$4,603 $6,252 $67 $(107)$10,815 
Energy-related businesses— — 916 (56)860 
Revenues from contracts with customers$4,603 $6,252 $983 $(163)$11,675 
By market:
Gas$988 $6,252 $605 $(95)$7,750 
Electric3,615 — 378 (68)3,925 
Revenues from contracts with customers$4,603 $6,252 $983 $(163)$11,675 
Revenues from contracts with customers$4,603 $6,252 $983 $(163)$11,675 
Utilities regulatory revenues(246)322 — — 76 
Other revenues— — 1,502 (24)1,478 
Total revenues$4,357 $6,574 $2,485 $(187)$13,229 
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DISAGGREGATED REVENUES (CONTINUED)
(Dollars in millions)
SDG&ESoCalGasSempra InfrastructureConsolidating adjustments and Parent
and other		Sempra
Three months ended September 30, 2022
By major service line:
Utilities$1,383 $1,214 $19 $(29)$2,587 
Energy-related businesses— — 532 (13)519 
Revenues from contracts with customers$1,383 $1,214 $551 $(42)$3,106 
By market:
Gas$175 $1,214 $379 $(30)$1,738 
Electric1,208 — 172 (12)1,368 
Revenues from contracts with customers$1,383 $1,214 $551 $(42)$3,106 
Revenues from contracts with customers$1,383 $1,214 $551 $(42)$3,106 
Utilities regulatory revenues186 171 — — 357 
Other revenues— — 146 8 154 
Total revenues$1,569 $1,385 $697 $(34)$3,617 
 Nine months ended September 30, 2022
By major service line:
Utilities$4,134 $4,473 $67 $(85)$8,589 
Energy-related businesses— — 1,281 (42)1,239 
Revenues from contracts with customers$4,134 $4,473 $1,348 $(127)$9,828 
By market:
Gas$664 $4,473 $948 $(75)$6,010 
Electric3,470 — 400 (52)3,818 
Revenues from contracts with customers$4,134 $4,473 $1,348 $(127)$9,828 
Revenues from contracts with customers$4,134 $4,473 $1,348 $(127)$9,828 
Utilities regulatory revenues279 406 — — 685 
Other revenues— — 462 9 471 
Total revenues$4,413 $4,879 $1,810 $(118)$10,984 
REVENUES FROM CONTRACTS WITH CUSTOMERS
Remaining Performance Obligations
For contracts greater than one year, at September 30, 2023, we expect to recognize revenue related to the fixed fee component of the consideration as shown below. Sempra’s remaining performance obligations primarily relate to capacity agreements for natural gas storage and transportation at Sempra Infrastructure and transmission line projects at SDG&E. SoCalGas did not have any remaining performance obligations at September 30, 2023.
REMAINING PERFORMANCE OBLIGATIONS(1)
(Dollars in millions)
Sempra SDG&E
2023 (excluding first nine months of 2023)$85 $1 
2024300 4 
2025338 4 
2026365 4 
2027365 4 
Thereafter4,077 59 
Total revenues to be recognized
$5,530 $76 
(1)    Excludes intercompany transactions.
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Contract Liabilities from Revenues from Contracts with Customers
Activities within Sempra’s and SDG&E’s contract liabilities are presented below. There were no contract liabilities at SoCalGas in the nine months ended September 30, 2023 or 2022. Sempra Infrastructure recorded a contract liability for funds held as collateral in lieu of a customer’s letters of credit associated with its LNG storage and regasification agreement.
CONTRACT LIABILITIES
(Dollars in millions)
20232022
Sempra:
Contract liabilities at January 1$(252)$(278)
Revenue from performance obligations satisfied during reporting period9 129 
Payments received in advance(21)(105)
Contract liabilities at September 30(1)
$(264)$(254)
SDG&E:
Contract liabilities at January 1$(79)$(83)
Revenue from performance obligations satisfied during reporting period3 3 
Contract liabilities at September 30(2)
$(76)$(80)
(1)     Balances at September 30, 2023 include $9 in Other Current Liabilities and $255 in Deferred Credits and Other.
(2)     Balances at September 30, 2023 include $4 in Other Current Liabilities and $72 in Deferred Credits and Other.
Receivables from Revenues from Contracts with Customers
The table below shows receivable balances associated with revenues from contracts with customers on the Condensed Consolidated Balance Sheets.
RECEIVABLES FROM REVENUES FROM CONTRACTS WITH CUSTOMERS
(Dollars in millions)
September 30, 2023December 31, 2022
Sempra:
Accounts receivable – trade, net(1)
$1,780 $2,291 
Accounts receivable – other, net15 25 
Due from unconsolidated affiliates – current(2)
5 9 
Other long-term assets(3)
1 9 
Total$1,801 $2,334 
SDG&E:
Accounts receivable – trade, net(1)
$952 $799 
Accounts receivable – other, net13 12 
Due from unconsolidated affiliates – current(2)
6 2 
Other long-term assets(3)
1 6 
Total$972 $819 
SoCalGas:
Accounts receivable – trade, net$665 $1,295 
Accounts receivable – other, net2 13 
Other long-term assets(3)
— 3 
Total$667 $1,311 
(1)     At September 30, 2023 and December 31, 2022, includes $201 and $72, respectively, of receivables due from customers that were billed on behalf of CCAs, which are not included in revenues.
(2)     Amount is presented net of amounts due to unconsolidated affiliates on the Condensed Consolidated Balance Sheets, when right of offset exists.
(3)     In connection with the COVID-19 pandemic and at the direction of the CPUC, SDG&E and SoCalGas enrolled residential and small business customers with past-due balances in long-term repayment plans.
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NOTE 4. REGULATORY MATTERS
We discuss regulatory matters in Note 4 of the Notes to Consolidated Financial Statements in the Annual Report and provide updates to those discussions and information about new regulatory matters below. With the exception of regulatory balancing accounts, we generally do not earn a return on our regulatory assets until such time as a related cash expenditure has been made. Upon the occurrence of a cash expenditure associated with a regulatory asset, the related amounts are recoverable through a regulatory account mechanism for which we earn a return authorized by applicable regulators, which generally approximates the three-month commercial paper rate. The periods during which we recognize a regulatory asset while we do not earn a return vary by regulatory asset.
REGULATORY ASSETS (LIABILITIES)
(Dollars in millions)
September 30,
2023		December 31,
2022
 
SDG&E:  
Fixed-price contracts and other derivatives$(10)$(110)
Deferred income taxes recoverable in rates518 296 
Pension and PBOP plan obligations
(2)11 
Removal obligations(2,382)(2,248)
Environmental costs105 107 
Sunrise Powerlink fire mitigation123 123 
Regulatory balancing accounts(1)(2):
Commodity – electric111 220 
Gas transportation15 60 
Safety and reliability186 107 
Public purpose programs(133)(69)
Wildfire mitigation plan
607 375 
Liability insurance premium
96 99 
Other balancing accounts(338)(50)
Other regulatory assets, net(2)
96 137 
Total SDG&E(1,008)(942)
SoCalGas:  
Deferred income taxes recoverable in rates
244 161 
Pension and PBOP plan obligations
(265)(170)
Employee benefit costs24 24 
Removal obligations(597)(616)
Environmental costs39 38 
Regulatory balancing accounts(1)(2):
Commodity – gas, including transportation(356)(257)
Safety and reliability691 575 
Public purpose programs(149)(158)
Liability insurance premium23 23 
Other balancing accounts519 115 
Other regulatory assets, net(2)
224 223 
Total SoCalGas397 (42)
Sempra Infrastructure:
Deferred income taxes recoverable in rates78 78 
Other regulatory assets3 — 
Total Sempra Infrastructure81 78 
Total Sempra
$(530)$(906)
(1)    At September 30, 2023 and December 31, 2022, the noncurrent portion of regulatory balancing accounts – net undercollected for SDG&E was $842 and $562, respectively, and for SoCalGas was $957 and $692, respectively.
(2)    Includes regulatory assets earning a return authorized by applicable regulators, which generally approximates the three-month commercial paper rate.
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SEMPRA CALIFORNIA
CPUC GRC
The CPUC uses GRCs to set revenues to allow SDG&E and SoCalGas to recover their reasonable operating costs and to provide the opportunity to realize their authorized rates of return on their investments.
In May 2022, SDG&E and SoCalGas filed their 2024 GRC applications requesting CPUC approval of test year revenue requirements for 2024 and attrition year adjustments for 2025 through 2027. SDG&E and SoCalGas requested revenue requirements for 2024 of $3.0 billion and $4.4 billion, respectively. SDG&E and SoCalGas proposed post-test year revenue requirement changes using various mechanisms that are estimated to result in annual increases of approximately 8% to 11% at SDG&E and approximately 6% to 8% at SoCalGas. Intervening parties have proposed various adjustments to SDG&E’s and SoCalGas’ revenue requirement requests. In October 2022, the CPUC issued a scoping ruling that set a schedule for the proceeding, including the expected issuance of a proposed decision in the second quarter of 2024. The CPUC has authorized SDG&E and SoCalGas to recognize the effects of the GRC final decision retroactive to January 1, 2024. In October 2023, SDG&E submitted a separate request with the CPUC in its 2024 GRC describing $2.2 billion in costs to implement its wildfire mitigation plans from 2019 through 2022, and seeking review and recovery of the incremental wildfire mitigation plan costs incurred during that period, totaling $1.5 billion. SDG&E expects to receive a proposed decision on this request in the second half of 2024. SDG&E also expects to submit in mid-2024 a separate request in its 2024 GRC for review and recovery of its wildfire mitigation plan costs incurred in 2023. The results of the GRC may materially and adversely differ from what is contained in the GRC applications.
CPUC Cost of Capital
The CPUC approved the following cost of capital for SDG&E and SoCalGas that became effective on January 1, 2023 and will remain in effect through December 31, 2025, subject to the CCM. The CPUC has issued a ruling to initiate a second phase of this cost of capital proceeding to evaluate potential modifications to the CCM.
CPUC AUTHORIZED COST OF CAPITAL FOR 2023 – 2025
SDG&ESoCalGas
Authorized weightingReturn on
rate base
Weighted
return on
rate base(1)
Authorized weightingReturn on
rate base		Weighted
return on
rate base
45.25 %4.05 %1.83 %Long-Term Debt45.60 %4.07 %1.86 %
2.75 6.22 0.17 Preferred Equity2.40 6.00 0.14 
52.00 9.95 5.17 Common Equity52.00 9.80 5.10 
100.00 %7.18 %100.00 %7.10 %
(1)    Total weighted return on rate base does not sum due to rounding differences.

The CCM was triggered for SDG&E and SoCalGas on September 30, 2023 and, subject to regulatory approval, would increase each of their authorized rates of return effective January 1, 2024 as follows:
PROPOSED CPUC COST OF CAPITAL FOR 2024 – 2025
SDG&ESoCalGas
Authorized weightingReturn on
rate base		Weighted
return on
rate base		Authorized weightingReturn on
rate base		Weighted
return on
rate base
45.25 %4.34 %1.96 %Long-Term Debt45.60 %4.54 %2.07 %
2.75 6.22 0.17 Preferred Equity2.40 6.00 0.14 
52.00 10.65 5.54 Common Equity52.00 10.50 5.46 
100.00 %7.67 %100.00 %7.67 %
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SDG&E
FERC Rate Matters
SDG&E files separately with the FERC for its authorized ROE on FERC-regulated electric transmission operations and assets. SDG&E’s currently effective TO5 settlement provides for a ROE of 10.60%, consisting of a base ROE of 10.10% plus an additional 50 bps for participation in the California ISO (the California ISO adder). If the FERC issues an order ruling that California IOUs are no longer eligible for the California ISO adder, SDG&E would refund the California ISO adder as of the refund effective date (June 1, 2019) if such a refund is determined to be required by the terms of the TO5 settlement. The TO5 term is effective June 1, 2019 and shall remain in effect until terminated by a notice provided at least six months before the end of the calendar year. Following such notice, SDG&E would file an updated rate request with an effective date of January 1 of the following year.
NOTE 5. INVESTMENTS IN UNCONSOLIDATED ENTITIES
We generally account for investments under the equity method when we have significant influence over, but do not have control of, these entities. Equity earnings and losses, both before and net of income tax, are combined and presented as Equity Earnings on the Condensed Consolidated Statements of Operations. See Note 11 for information on equity earnings and losses, both before and net of income tax, by segment. See Note 1 for information on how equity earnings and losses before income taxes are factored into the calculations of our pretax income or loss and ETR.
We provide additional information concerning our equity method investments in Note 6 of the Notes to Consolidated Financial Statements in the Annual Report.
SEMPRA TEXAS UTILITIES
Oncor Holdings
We account for our 100% equity ownership interest in Oncor Holdings, which owns an 80.25% interest in Oncor, as an equity method investment. Due to the ring-fence measures, governance mechanisms and commitments in effect, we do not have the power to direct the significant activities of Oncor Holdings and Oncor. See Note 6 of the Notes to Consolidated Financial Statements in the Annual Report for additional information related to the restrictions on our ability to direct the significant activities of Oncor Holdings and Oncor.
In the nine months ended September 30, 2023 and 2022, Sempra contributed $270 million and $256 million, respectively, to Oncor Holdings, and Oncor Holdings distributed $323 million and $255 million, respectively, to Sempra.
We provide summarized income statement information for Oncor Holdings in the following table.
SUMMARIZED FINANCIAL INFORMATION – ONCOR HOLDINGS
(Dollars in millions)
 Three months ended
September 30,		Nine months ended
September 30,
2023202220232022
Operating revenues$1,592 $1,438 $4,227 $3,980 
Operating expenses(1,007)(929)(3,007)(2,734)
Income from operations585 509 1,220 1,246 
Interest expense(140)(115)(396)(331)
Income tax expense(81)(70)(148)(164)
Net income376 315 672 732 
Noncontrolling interest held by Texas Transmission Investment LLC(75)(62)(135)(146)
Earnings attributable to Sempra(1)
301 253 537 586 
(1)    Excludes adjustments to equity earnings related to amortization of a tax sharing liability associated with a tax sharing arrangement and changes in basis differences in AOCI within the carrying value of our equity method investment.
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SEMPRA INFRASTRUCTURE
Cameron LNG JV
In the nine months ended September 30, 2023 and 2022, Sempra Infrastructure contributed $11 million and $19 million, respectively, to Cameron LNG JV, and Cameron LNG JV distributed $339 million and $388 million, respectively, to Sempra Infrastructure.
Sempra Promissory Note for SDSRA Distribution
Cameron LNG JV’s debt agreements require Cameron LNG JV to maintain the SDSRA, which is an additional reserve account beyond the Senior Debt Service Accrual Account, where funds accumulate from operations to satisfy senior debt obligations due and payable on the next payment date. Both accounts can be funded with cash or authorized investments. In June 2021, Sempra Infrastructure received a distribution of $165 million based on its proportionate share of the SDSRA, for which Sempra provided a promissory note and letters of credit to secure a proportionate share of Cameron LNG JV’s obligation to fund the SDSRA. Sempra’s maximum exposure to loss is replenishment of the amount withdrawn by Sempra Infrastructure from the SDSRA, or $165 million. We recorded a guarantee liability of $22 million in June 2021, with an associated carrying value of $19 million at September 30, 2023, for the fair value of the promissory note, which is being reduced over the duration of the guarantee through Sempra Infrastructure’s investment in Cameron LNG JV. The guarantee will terminate upon full repayment of Cameron LNG JV’s debt, scheduled to occur in 2039, or replenishment of the amount withdrawn by Sempra Infrastructure from the SDSRA.
Sempra Support Agreement for CFIN
In July 2020, CFIN entered into a financing arrangement with Cameron LNG JV’s four project owners and received aggregate proceeds of $1.5 billion from two project owners and from external lenders on behalf of the other two project owners (collectively, the affiliate loans), based on their proportionate ownership interest in Cameron LNG JV. CFIN used the proceeds from the affiliate loans to provide a loan to Cameron LNG JV. The affiliate loans mature in 2039. Principal and interest will be paid from Cameron LNG JV’s project cash flows from its three-train natural gas liquefaction facility. Cameron LNG JV used the proceeds from its loan to return equity to its project owners. Sempra used its $753 million share of the proceeds for working capital and other general corporate purposes, including the repayment of indebtedness.
Sempra Infrastructure’s $753 million proportionate share of the affiliate loans, based on SI Partners’ 50.2% ownership interest in Cameron LNG JV, was funded by external lenders comprised of a syndicate of eight banks (the bank debt) to whom Sempra has provided a guarantee pursuant to a Support Agreement under which:
▪Sempra has severally guaranteed repayment of the bank debt plus accrued and unpaid interest if CFIN fails to pay the external lenders;
▪the external lenders may exercise an option to put the bank debt to Sempra Infrastructure upon the occurrence of certain events, including a failure by CFIN to meet its payment obligations under the bank debt;
▪the external lenders will put some or all of the bank debt to Sempra Infrastructure on the fifth, tenth, or fifteenth anniversary date of the affiliate loans, except the portion of the debt owed to any external lender that has elected not to participate in the put option six months prior to the respective anniversary date;
▪Sempra Infrastructure also has a right to call the bank debt back from, or to refinance the bank debt with, the external lenders at any time; and
▪the Support Agreement will terminate upon full repayment of the bank debt, including repayment following an event in which the bank debt is put to Sempra Infrastructure.
In exchange for this guarantee, the external lenders pay a guarantee fee that is based on the credit rating of Sempra’s long-term senior unsecured non-credit enhanced debt rating, which guarantee fee Sempra Infrastructure recognizes as interest income as earned. Sempra’s maximum exposure to loss is the bank debt plus any accrued and unpaid interest and related fees, subject to a liability cap of 130% of the bank debt, or $979 million. We measure the Support Agreement at fair value, net of related guarantee fees, on a recurring basis (see Note 8). At September 30, 2023, the fair value of the Support Agreement was $18 million, of which $7 million is included in Other Current Assets and $11 million is included in Other Long-Term Assets on Sempra’s Condensed Consolidated Balance Sheet.
TAG
In the nine months ended September 30, 2023 and 2022, TAG distributed $36 million and $32 million, respectively, to Sempra Infrastructure.
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IMG
In the nine months ended September 30, 2023, IMG distributed $6 million to Sempra Infrastructure.
NOTE 6. DEBT AND CREDIT FACILITIES
The principal terms of our debt arrangements are described below and in Note 7 of the Notes to Consolidated Financial Statements in the Annual Report.
SHORT-TERM DEBT
Committed Lines of Credit
At September 30, 2023, Sempra had an aggregate capacity of $9.9 billion under seven primary committed lines of credit, which provide liquidity and support commercial paper programs. Because our commercial paper programs are supported by some of these lines of credit, we reflect the amount of commercial paper outstanding, before reductions of any unamortized discounts, and any letters of credit outstanding as a reduction to the available unused credit capacity in the following table.
COMMITTED LINES OF CREDIT
(Dollars in millions)
September 30, 2023
BorrowerExpiration date of facilityTotal facilityCommercial paper outstandingAmounts outstandingLetters of credit outstandingAvailable unused credit
Sempra
October 2028(1)
$4,000 $(970)$— $— $3,030 
SDG&E
October 2028(1)
1,500 — — — 1,500 
SoCalGas
October 2028(1)
1,200 (421)— — 779 
SI Partners and IEnova
September 2025(2)
500 — (350)— 150 
SI Partners and IEnova
August 2026(3)
1,000 — — — 1,000 
SI Partners and IEnova
August 2028(4)
1,500 — (201)— 1,299 
Port Arthur LNGMarch 2030200 — — (25)175 
Total$9,900 $(1,391)$(551)$(25)$7,933 
(1)    In October 2023, Sempra, SDG&E and SoCalGas each amended their respective credit facility to extend the expiration date from October 2027 to October 2028. Each credit facility will maintain a syndicate of 23 lenders through October 2027, at which time the syndicate of lenders for each credit facility will be reduced to 22 unless a new or existing lender agrees to assume the 23rd lender’s commitment. Such a reduction in lenders would result in a reduction to the available credit capacity to $3,845, $1,442 and $1,153 for Sempra, SDG&E and SoCalGas, respectively, through October 2028.
(2)    In September 2023, the $150 facility was terminated and the $350 facility was amended to increase the commitment to $500, adjust the applicable margin to 80 bps (including credit adjustment spread), and extend the expiration date from September 2023 to September 2025.
(3)    In August 2023, the facility was amended to include IEnova as a co-borrower, adjust the Term SOFR credit adjustment spread to 10 bps in all tenors, and extend the expiration date from November 2024 to August 2026. Additionally, either SI Partners or IEnova has the right to increase the total facility to $1,500, subject to lender approval.
(4)    In August 2023, the facility was amended to extend the expiration date from February 2024 to August 2028.

Sempra, SDG&E and SoCalGas each must maintain a ratio of indebtedness to total capitalization (as defined in each of the applicable credit facilities) of no more than 65% at the end of each quarter. At September 30, 2023, each entity was in compliance with this ratio under its respective credit facility.
SI Partners must maintain a ratio of consolidated adjusted net indebtedness to consolidated earnings before interest, taxes, depreciation and amortization (as defined in each of the applicable credit facilities) of no more than 5.25 to 1.00 at the end of each quarter. At September 30, 2023, SI Partners was in compliance with this ratio.
In March 2023, Port Arthur LNG entered into a seven-year initial working capital facility agreement with a syndicate of lenders expiring in March 2030. The credit facility permits borrowings of up to $200 million, which bear interest by reference to Term SOFR, plus the applicable margin and a credit adjustment spread. The credit facility also provides for the issuance of up to $200 million of letters of credit.
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Uncommitted Line of Credit
ECA LNG Phase 1 has an uncommitted line of credit, which is generally used for working capital requirements, with an aggregate capacity of $200 million of which $37 million was outstanding at September 30, 2023. The amounts outstanding are before reductions of any unamortized discounts. Borrowings can be in U.S. dollars or Mexican pesos. At September 30, 2023, outstanding amounts were borrowed in Mexican pesos and bear interest at a variable rate based on the 28-day Interbank Equilibrium Interest Rate plus 105 bps. In June 2023, the facility was amended to extend the expiration date to August 2024 and replace the London Interbank Offered Rate reference rate plus 105 bps with the SOFR reference rate plus 115 bps. As such, borrowings made in U.S. dollars bear interest at a variable rate based on the one-month or three-month SOFR plus 115 bps.
Uncommitted Letters of Credit
Outside of our domestic and foreign credit facilities, we have bilateral unsecured standby letter of credit capacity with select lenders that is uncommitted and supported by reimbursement agreements. At September 30, 2023, we had $508 million in standby letters of credit outstanding under these agreements.
UNCOMMITTED LETTERS OF CREDIT
(Dollars in millions)
September 30, 2023
Expiration date rangeUncommitted letters of credit outstanding
SDG&EJanuary 2024 - May 2024$15 
SoCalGasMarch 2024 - November 202420 
Sempra InfrastructureOctober 2023 - October 2043307 
Parent and otherMarch 2024 - September 2024166 
Total
$508 
Term Loan
In July 2022, SoCalGas entered into an $800 million, 364-day term loan agreement with a maturity date of July 6, 2023. In August 2022, SoCalGas borrowed $800 million, net of negligible debt issuance costs, under the term loan agreement. The borrowing bore interest at benchmark rates plus 70 bps and was due in full upon maturity. SoCalGas used the proceeds for payment of a portion of the costs relating to litigation pertaining to the Leak. In the second quarter of 2023, SoCalGas repaid the term loan in full.
Weighted-Average Interest Rates
The weighted-average interest rates on all short-term debt were as follows:
WEIGHTED-AVERAGE INTEREST RATES
September 30, 2023December 31, 2022
Sempra5.86 %5.57 %
SDG&E— 4.76 
SoCalGas5.37 4.71 
LONG-TERM DEBT
SDG&E
In March 2023, SDG&E issued $800 million aggregate principal amount of 5.35% first mortgage bonds due in full upon maturity on April 1, 2053 and received proceeds of $783 million (net of debt discount, underwriting discounts and debt issuance costs of $17 million). The first mortgage bonds are redeemable prior to maturity, subject to their terms, and in certain circumstances subject to make-whole provisions. SDG&E used the net proceeds for general corporate purposes, including repayment of commercial paper and other indebtedness.
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In August 2023, SDG&E issued $600 million aggregate principal amount of 4.95% green first mortgage bonds due in full upon maturity on August 15, 2028 and received proceeds of $593 million (net of debt discount, underwriting discounts and debt issuance costs of $7 million). The first mortgage bonds are redeemable prior to maturity, subject to their terms, and in certain circumstances subject to make-whole provisions. SDG&E intends to use the net proceeds to finance or refinance investments in eligible projects that fall into one or more of the following categories: climate change adaptation, clean energy solutions and clean transportation.
SoCalGas
In May 2023, SoCalGas issued $500 million aggregate principal amount of 5.20% first mortgage bonds due in full upon maturity on June 1, 2033 and received proceeds of $495 million (net of debt discount, underwriting discounts and debt issuance costs of $5 million), and $500 million aggregate principal amount of 5.75% first mortgage bonds due in full upon maturity on June 1, 2053 and received proceeds of $493 million (net of debt discount, underwriting discounts and debt issuance costs of $7 million). Each series of first mortgage bonds is redeemable prior to maturity, subject to its terms, and in certain circumstances subject to make-whole provisions. SoCalGas used the net proceeds to repay its $300 million senior unsecured floating rate notes prior to their September 2023 scheduled maturity, a portion of its $800 million term loan and other general corporate purposes.
Sempra
In June 2023, Sempra issued $550 million aggregate principal amount of 5.40% senior unsecured notes due in full upon maturity on August 1, 2026 and received proceeds of $545 million (net of debt discount, underwriting discounts and debt issuance costs of $5 million), and $700 million aggregate principal amount of 5.50% senior unsecured notes due in full upon maturity on August 1, 2033 and received proceeds of $692 million (net of debt discount, underwriting discounts and debt issuance costs of $8 million). Each series of notes is redeemable prior to maturity, subject to its terms, and in certain circumstances subject to make-whole provisions. We used the net proceeds for general corporate purposes, including repayment of commercial paper and other indebtedness.
Sempra Infrastructure
ECA LNG Phase 1
ECA LNG Phase 1 has a five-year loan agreement with a syndicate of seven external lenders that matures in December 2025 for an aggregate principal amount of up to $1.3 billion. IEnova and TotalEnergies SE have provided guarantees for repayment of the loans plus accrued and unpaid interest of 83.4% and 16.6%, respectively. At September 30, 2023 and December 31, 2022, $782 million and $575 million, respectively, of borrowings from external lenders were outstanding under the loan agreement, with a weighted-average interest rate of 8.35% and 7.54%, respectively.
Port Arthur LNG
In March 2023, Port Arthur LNG entered into a term loan facility agreement with a syndicate of lenders for an aggregate principal amount of approximately $6.8 billion. Proceeds from the loans will be used to finance the cost of construction of the PA LNG Phase 1 project. The loans mature on March 20, 2030 and bear interest by reference to Term SOFR, plus the applicable margin and a credit adjustment spread. The applicable margin prior to completion of the PA LNG Phase 1 project (which occurs upon the satisfaction or waiver of a series of customary operational, technical, environmental and social and other tests and conditions that generally would not be fully met until after the commercial operations date) is 2.00% and on completion and thereafter is 2.25%. The principal amounts outstanding on the loans must be repaid in quarterly installments, commencing on the earlier of (i) the first quarterly payment date occurring more than three calendar months following completion of the PA LNG Phase 1 project and (ii) April 20, 2029. Under the terms of the loan agreement, at least 60% of the projected outstanding balance is required to be hedged during construction and over the underlying 20-year notional amortization period. As we discuss in Note 7, Port Arthur LNG entered into hedging instruments in satisfaction of this requirement in March 2023. An upfront equity funding amount of $4.7 billion is required to have been contributed to Port Arthur LNG for construction costs as a condition to the initial advance of term loans under the agreement (other than advances for fees, interest, expenses and certain other specified costs). Port Arthur LNG paid $200 million in debt issuance costs at closing. Additionally, the loan agreement and the related working capital facility agreement that we discuss above require payment of commitment fees calculated at a rate per annum equal to 30% of the applicable margin for Term SOFR loans multiplied by the outstanding debt commitments, and additional administrative fees. At September 30, 2023, $243 million of borrowings were outstanding under the loan agreement, with an all-in weighted-average interest rate of 5.71%.
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In connection with this loan agreement, SI Partners and ConocoPhillips have collectively provided commitments for approximately $2.8 billion in equity funding for the benefit of Port Arthur LNG for their respective affiliate’s share of the equity funding of anticipated construction costs of the PA LNG Phase 1 project in excess of the upfront equity funding amount of $4.7 billion. The amount of each commitment is based on each of SI Partners’ and ConocoPhillips’ proportionate indirect ownership interest in Port Arthur LNG of 70% and 30%, respectively, as of the March 2023 loan agreement. The obligation under these guarantees will be reduced as their respective affiliates fund their direct proportionate interest of capital calls. Such equity funding can be called upon by Port Arthur LNG to fund project costs or, upon the taking of an enforcement action under the terms of Port Arthur LNG’s finance documents, to pay its senior debt obligations.
The pari passu secured obligations under the related finance documents are secured by a first priority lien (subject to customary permitted encumbrances) in substantially all of the assets of Port Arthur LNG, including the equity interests in, and real property
interests of, Port Arthur LNG.
NOTE 7. DERIVATIVE FINANCIAL INSTRUMENTS
We use derivative instruments primarily to manage exposures arising in the normal course of business. Our principal exposures are commodity market risk, benchmark interest rate risk and foreign exchange rate exposures. Our use of derivatives for these risks is integrated into the economic management of our anticipated revenues, anticipated expenses, assets and liabilities. Derivatives may be effective in mitigating these risks (1) that could lead to declines in anticipated revenues or increases in anticipated expenses, or (2) that could cause our asset values to fall or our liabilities to increase. Accordingly, our derivative activity summarized below generally represents an impact that is intended to offset associated revenues, expenses, assets or liabilities that are not included in the tables below.
In certain cases, we apply the normal purchase or sale exception to derivative instruments and have other commodity contracts that are not derivatives. These contracts are not recorded at fair value and are therefore excluded from the disclosures below.
In all other cases, we record derivatives at fair value on the Condensed Consolidated Balance Sheets. We may have derivatives that are (1) cash flow hedges, (2) fair value hedges, or (3) undesignated. Depending on the applicability of hedge accounting and, for SDG&E and SoCalGas and other operations subject to regulatory accounting, the requirement to pass impacts through to customers, the impact of derivative instruments may be offset in OCI (cash flow hedges), on the balance sheet (regulatory offsets), or recognized in earnings (fair value hedges and undesignated derivatives not subject to rate recovery). We classify cash flows from the principal settlements of cross-currency swaps that hedge exposure related to Mexican peso-denominated debt and amounts related to terminations or early settlements of interest rate swaps as financing activities and settlements of other derivative instruments as operating activities on the Condensed Consolidated Statements of Cash Flows.
HEDGE ACCOUNTING
We may designate a derivative as a cash flow hedging instrument if it effectively converts anticipated cash flows associated with revenues or expenses to a fixed dollar amount. We may utilize cash flow hedge accounting for derivative commodity instruments, foreign currency instruments and interest rate instruments. Designating cash flow hedges is dependent on the business context in which the instrument is being used, the effectiveness of the instrument in offsetting the risk of variability of future cash flows of a given revenue or expense item, and other criteria.
ENERGY DERIVATIVES
Our market risk is primarily related to natural gas and electricity price volatility and the specific physical locations where we transact. We use energy derivatives to manage these risks. The use of energy derivatives in our various businesses depends on the particular energy market, and the operating and regulatory environments applicable to the business, as follows:
▪SDG&E and SoCalGas use natural gas derivatives and SDG&E uses electricity derivatives, for the benefit of customers, with the objective of managing price risk and basis risk, and stabilizing and lowering natural gas and electricity costs. These derivatives include fixed-price natural gas and electricity positions, options, and basis risk instruments, which are either exchange-traded or over-the-counter financial instruments, or bilateral physical transactions. This activity is governed by risk management and transacting activity plans limited by company policy. SDG&E’s risk management and transacting activity plans for electricity derivatives are also required to be filed with, and have been approved by, the CPUC. SoCalGas is also subject to certain regulatory requirements and thresholds related to natural gas procurement under the GCIM. Natural gas and electricity derivative activities are recorded as commodity costs that are offset by regulatory account balances and are recovered
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in rates. Net commodity cost impacts on the Condensed Consolidated Statements of Operations are reflected in Cost of Natural Gas or in Cost of Electric Fuel and Purchased Power.
▪SDG&E is allocated and may purchase CRRs, which serve to reduce the regional electricity price volatility risk that may result from local transmission capacity constraints. Unrealized gains and losses do not impact earnings, as they are offset by regulatory account balances. Realized gains and losses associated with CRRs, which are recoverable in rates, are recorded in Cost of Electric Fuel and Purchased Power on the Condensed Consolidated Statements of Operations.
▪Sempra Infrastructure may use natural gas and electricity derivatives, as appropriate, in an effort to optimize the earnings of its assets which support the following businesses: LNG, natural gas pipelines and storage, and power generation. Gains and losses associated with undesignated derivatives are recognized in Energy-Related Businesses Revenues on the Condensed Consolidated Statements of Operations.
▪From time to time, our various businesses, including SDG&E and SoCalGas, may use other derivatives to hedge exposures such as GHG allowances.
The following table summarizes net energy derivative volumes.
NET ENERGY DERIVATIVE VOLUMES
(Quantities in millions)
CommodityUnit of measureSeptember 30, 2023December 31, 2022
Sempra:
Natural gasMMBtu441 254 
ElectricityMWh— 1 
Congestion revenue rightsMWh40 42 
SDG&E:
Natural gasMMBtu16 15 
Congestion revenue rightsMWh40 42 
SoCalGas:
Natural gasMMBtu347 224 
INTEREST RATE DERIVATIVES
We are exposed to interest rates primarily as a result of our current and expected use of financing. SDG&E and SoCalGas, as well as Sempra and its other subsidiaries and JVs, periodically enter into interest rate derivative agreements intended to moderate our exposure to interest rates and to lower our overall costs of borrowing. In addition, we may utilize interest rate swaps, typically designated as cash flow hedges, to lock in interest rates on outstanding debt or in anticipation of future financings.
In December 2022, Sempra Infrastructure entered into an undesignated contingent interest rate swap to lock in interest rates on up to $3.5 billion of the variable rate indebtedness from anticipated future project-level debt financing that would be used to pay for construction costs of the PA LNG Phase 1 project. The contingent interest rate swap had a 25-year tenor, and its settlement was conditional upon the closing of project-level debt financing with respect to the PA LNG Phase 1 project. In March 2023, we closed on the project-level debt financing and, shortly thereafter, paid $14 million to cash settle the contingent interest rate swap.
As we discuss in Note 6, a minimum of 60% of the projected amount of term loans outstanding is required to be hedged under the Port Arthur LNG term loan facility agreement. In March 2023, Port Arthur LNG entered into floating-to-fixed interest rate swaps with 17 counterparties to hedge the variability in cash flows related to the SOFR-based component of interest payments on forecasted loans outstanding under the agreement. The notional amounts of the interest rate swaps generally increase in proportion to the forecasted borrowings up to a maximum amount of $4.2 billion prior to the maturity of the term loans on March 20, 2030. Under the interest rate swaps, which are designated as cash flow hedges, Port Arthur LNG receives interest at Term SOFR and pays interest at a fixed rate of 3.23% based on amortizing notional amounts maturing in 2048.
The following table presents the net notional amounts of our interest rate derivatives, excluding those in our equity method investments and the contingent interest rate swap.
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INTEREST RATE DERIVATIVES
(Dollars in millions)
 September 30, 2023December 31, 2022
 Notional debtMaturitiesNotional debtMaturities
Sempra:    
Cash flow hedges(1)
$4,454 2023-2048$294 2023-2034
(1)    At September 30, 2023 and December 31, 2022, cash flow hedges accrued interest based on a notional of $491 and $294, respectively.
FOREIGN CURRENCY DERIVATIVES
We may utilize cross-currency swaps to hedge exposure related to Mexican peso-denominated debt at our Mexican subsidiaries and JVs. These cash flow hedges exchange our Mexican peso-denominated principal and interest payments into the U.S. dollar and swap Mexican fixed interest rates for U.S. fixed interest rates. From time to time, Sempra Infrastructure and its JVs may use other foreign currency derivatives to hedge exposures related to cash flows associated with revenues from contracts denominated in Mexican pesos that are indexed to the U.S. dollar.
We are also exposed to exchange rate movements at our Mexican subsidiaries and JVs, which have U.S. dollar-denominated cash balances, receivables, payables and debt (monetary assets and liabilities) that give rise to Mexican currency exchange rate movements for Mexican income tax purposes. They also have deferred income tax assets and liabilities denominated in the Mexican peso, which must be translated to U.S. dollars for financial reporting purposes. In addition, monetary assets and liabilities and certain nonmonetary assets and liabilities are adjusted for Mexican inflation for Mexican income tax purposes. We may utilize foreign currency derivatives as a means to manage the risk of exposure to significant fluctuations in our income tax expense and equity earnings from these impacts; however, we generally do not hedge our deferred income tax assets and liabilities or for inflation.
The following table presents the net notional amounts of our foreign currency derivatives, excluding those in our equity method investments.
FOREIGN CURRENCY DERIVATIVES
(Dollars in millions)
 September 30, 2023December 31, 2022
 Notional amountMaturitiesNotional amountMaturities
Sempra:    
Cross-currency swaps$— — $306 2023
Other foreign currency derivatives150 2023-2025111 2023-2024
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FINANCIAL STATEMENT PRESENTATION
The Condensed Consolidated Balance Sheets reflect the offsetting of net derivative positions and cash collateral with the same counterparty when a legal right of offset exists. The following tables provide the fair values of derivative instruments on the Condensed Consolidated Balance Sheets, including the amount of cash collateral receivables that were not offset because the cash collateral was in excess of liability positions.
DERIVATIVE INSTRUMENTS ON THE CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
 September 30, 2023
 
Current assets: Fixed-price contracts and other derivatives(1)
Other long-term assets
Other current
liabilities
Deferred credits and other
Sempra:    
Derivatives designated as hedging instruments:    
Interest rate instruments$15 $363 $— $— 
Foreign exchange instruments— 1 (8)— 
Derivatives not designated as hedging instruments:    
Commodity contracts not subject to rate recovery175 25 (172)(29)
Associated offsetting commodity contracts(166)(22)166 22 
Commodity contracts subject to rate recovery22 15 (171)(6)
Associated offsetting commodity contracts(16)(3)16 3 
Associated offsetting cash collateral— — — 1 
Net amounts presented on the balance sheet30 379 (169)(9)
Additional cash collateral for commodity contracts
not subject to rate recovery
89 — — — 
Additional cash collateral for commodity contracts
subject to rate recovery
82 — — — 
Total(2)
$201 $379 $(169)$(9)
SDG&E:    
Derivatives not designated as hedging instruments:    
Commodity contracts subject to rate recovery$18 $15 $(13)$(4)
Associated offsetting commodity contracts(12)(3)12 3 
Associated offsetting cash collateral— — — 1 
Net amounts presented on the balance sheet6 12 (1)— 
Additional cash collateral for commodity contracts
subject to rate recovery
80 — — — 
Total(2)
$86 $12 $(1)$— 
SoCalGas:    
Derivatives not designated as hedging instruments:    
Commodity contracts subject to rate recovery$4 $— $(158)$(2)
Associated offsetting commodity contracts(4)— 4 — 
Net amounts presented on the balance sheet— — (154)(2)
Additional cash collateral for commodity contracts
subject to rate recovery
2 — — — 
Total$2 $— $(154)$(2)
(1)    Included in Other Current Assets for SoCalGas.
(2)    Normal purchase contracts previously measured at fair value are excluded.
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DERIVATIVE INSTRUMENTS ON THE CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(Dollars in millions)
 December 31, 2022
Current assets: Fixed-price contracts and other derivatives(1)
Other long-term assetsOther current liabilitiesDeferred credits and other
Sempra:    
Derivatives designated as hedging instruments:    
Interest rate instruments$10 $33 $— $— 
Foreign exchange instruments— — (7)(1)
Interest rate and foreign exchange instruments— — (105)— 
Derivatives not designated as hedging instruments:    
Commodity contracts not subject to rate recovery480 133 (399)(132)
Associated offsetting commodity contracts(301)(39)301 39 
Commodity contracts subject to rate recovery138 27 (97)(2)
Associated offsetting commodity contracts(27)(2)27 2 
Interest rate instrument33 — — — 
Net amounts presented on the balance sheet333 152 (280)(94)
Additional cash collateral for commodity contracts
not subject to rate recovery
451 — — — 
Additional cash collateral for commodity contracts
subject to rate recovery
18 — — — 
Total(2)
$802 $152 $(280)$(94)
SDG&E:    
Derivatives not designated as hedging instruments:    
Commodity contracts subject to rate recovery$107 $27 $(13)$(2)
Associated offsetting commodity contracts(12)(2)12 2 
Net amounts presented on the balance sheet95 25 (1)— 
Additional cash collateral for commodity contracts
subject to rate recovery
17 — — — 
Total(2)
$112 $25 $(1)$— 
SoCalGas:    
Derivatives not designated as hedging instruments:    
Commodity contracts subject to rate recovery$31 $— $(84)$— 
Associated offsetting commodity contracts(15)— 15 — 
Net amounts presented on the balance sheet16 — (69)— 
Additional cash collateral for commodity contracts
subject to rate recovery
1 — — — 
Total$17 $— $(69)$— 
(1)    Included in Other Current Assets for SoCalGas.
(2)    Normal purchase contracts previously measured at fair value are excluded.
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The following table includes the effects of derivative instruments designated as cash flow hedges on the Condensed Consolidated Statements of Operations and in OCI and AOCI.
CASH FLOW HEDGE IMPACTS
(Dollars in millions)
Pretax gain (loss)
recognized in OCI		Pretax gain (loss) reclassified
from AOCI into earnings
Three months ended September 30, Three months ended September 30,
 20232022Location20232022
Sempra:     
Interest rate instruments$320 $4 Interest Expense$(1)$(2)
Interest rate instruments32 68 
Equity Earnings(1)
12 (1)
Foreign exchange instruments8 2 
Revenues: Energy-
Related Businesses
— — 
Other Income (Expense), Net1 — 
Foreign exchange instruments7 1 
Equity Earnings(1)
1 — 
Interest rate and foreign
exchange instruments
— — Other Income (Expense), Net— (3)
Total$367 $75  $13 $(6)
 Nine months ended September 30, Nine months ended September 30,
 20232022Location20232022
Sempra:     
Interest rate instruments$337 $39 Interest Expense$(1)$(1)
Interest rate instruments56 212 
Equity Earnings(1)
33 (28)
Foreign exchange instruments— (1)
Revenues: Energy-
Related Businesses
— 2 
Other Income (Expense), Net(1)(1)
Foreign exchange instruments1 (1)
Equity Earnings(1)
(1)1 
Interest rate and foreign
exchange instruments
7 13 Interest Expense1 1 
Other Income (Expense), Net6 3 
Total$401 $262  $37 $(23)
SoCalGas:
Interest rate instruments$— $— Interest Expense$(1)$(1)
(1)    Equity earnings at our foreign equity method investees are recognized after tax.

For Sempra, we expect that net gains before NCI of $48 million, which are net of income tax expense, that are currently recorded in AOCI (with net gains of $22 million attributable to NCI) related to cash flow hedges will be reclassified into earnings during the next 12 months as the hedged items affect earnings. SoCalGas expects that $1 million of losses, net of income tax benefit, that are currently recorded in AOCI related to cash flow hedges will be reclassified into earnings during the next 12 months as the hedged items affect earnings. Actual amounts ultimately reclassified into earnings depend on the interest rates in effect when derivative contracts mature.
For all forecasted transactions, the maximum remaining term over which we are hedging exposure to the variability of cash flows at September 30, 2023 is approximately 24 years for Sempra. The maximum remaining term for which we are hedging exposure to the variability of cash flows at our equity method investees is 16 years.
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The following table summarizes the effects of derivative instruments not designated as hedging instruments on the Condensed Consolidated Statements of Operations.
UNDESIGNATED DERIVATIVE IMPACTS
(Dollars in millions)
  Pretax gain (loss) on derivatives recognized in earnings
  Three months ended
September 30,		Nine months ended
September 30,
 Location2023202220232022
Sempra:     
Commodity contracts not subject
to rate recovery
Revenues: Energy-Related
Businesses
$83 $(227)$785 $(455)
Commodity contracts subject
to rate recovery
Cost of Natural Gas(125)(11)(172)(15)
Commodity contracts subject
to rate recovery
Cost of Electric Fuel
and Purchased Power
23 16 5 10 
Interest rate instrumentInterest Expense— — (47)— 
Total $(19)$(222)$571 $(460)
SDG&E:     
Commodity contracts subject
to rate recovery
Cost of Electric Fuel
and Purchased Power
$23 $16 $5 $10 
SoCalGas:     
Commodity contracts subject
to rate recovery
Cost of Natural Gas$(125)$(11)$(172)$(15)
CREDIT RISK RELATED CONTINGENT FEATURES
For Sempra, SDG&E and SoCalGas, certain of our derivative instruments contain credit limits which vary depending on our credit ratings. Generally, these provisions, if applicable, may reduce our credit limit if a specified credit rating agency reduces our ratings. In certain cases, if our credit ratings were to fall below investment grade, the counterparty to these derivative liability instruments could request immediate payment or demand immediate and ongoing full collateralization.
For Sempra, the total fair value of this group of derivative instruments in a liability position at September 30, 2023 and December 31, 2022 was $160 million and $106 million, respectively. For SoCalGas, the total fair value of this group of derivative instruments in a liability position at September 30, 2023 and December 31, 2022 was $157 million and $69 million, respectively. SDG&E did not have this group of derivative instruments in a liability position at September 30, 2023 or December 31, 2022. At September 30, 2023, if the credit ratings of Sempra or SoCalGas were reduced below investment grade, $160 million and $157 million, respectively, of additional assets could be required to be posted as collateral for these derivative contracts.
For Sempra, SDG&E and SoCalGas, some of our derivative contracts contain a provision that would permit the counterparty, in certain circumstances, to request adequate assurance of our performance under the contracts. Such additional assurance, if needed, is not material and is not included in the amounts above.
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NOTE 8. FAIR VALUE MEASUREMENTS
We discuss the valuation techniques and inputs we use to measure fair value and the definition of the three levels of the fair value hierarchy in Note 1 of the Notes to Consolidated Financial Statements in the Annual Report.
RECURRING FAIR VALUE MEASURES
The three tables below, by level within the fair value hierarchy, set forth our financial assets and liabilities that were accounted for at fair value on a recurring basis at September 30, 2023 and December 31, 2022. We classify financial assets and liabilities in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair-valued assets and liabilities and their placement within the fair value hierarchy. We have not changed the valuation techniques or types of inputs we use to measure recurring fair value since December 31, 2022.
The fair value of commodity derivative assets and liabilities is presented in accordance with our netting policy, as we discuss in Note 7 under “Financial Statement Presentation.”
The determination of fair values, shown in the tables below, incorporates various factors, including but not limited to, the credit standing of the counterparties involved and the impact of credit enhancements (such as cash deposits, letters of credit and priority interests).
Our financial assets and liabilities that were accounted for at fair value on a recurring basis in the tables below include the following:
▪Nuclear decommissioning trusts reflect the assets of SDG&E’s NDT, excluding accounts receivable and accounts payable. A third-party trustee values the trust assets using prices from a pricing service based on a market approach. We validate these prices by comparison to prices from other independent data sources. Securities are valued using quoted prices listed on nationally recognized securities exchanges or based on closing prices reported in the active market in which the identical security is traded (Level 1). Other securities are valued based on yields that are currently available for comparable securities of issuers with similar credit ratings (Level 2).
▪For commodity contracts, interest rate instruments and foreign exchange instruments, we primarily use a market or income approach with market participant assumptions to value these derivatives. Market participant assumptions include those about risk, and the risk inherent in the inputs to the valuation techniques. These inputs can be readily observable, market corroborated, or generally unobservable. We have exchange-traded derivatives that are valued based on quoted prices in active markets for the identical instruments (Level 1). We also may have other commodity derivatives that are valued using industry standard models that consider quoted forward prices for commodities, time value, current market and contractual prices for the underlying instruments, volatility factors, and other relevant economic measures (Level 2). Level 3 recurring items relate to CRRs and long-term, fixed-price electricity positions at SDG&E, as we discuss below in “Level 3 Information – SDG&E.”
▪Rabbi Trust investments include short-term investments that consist of money market and mutual funds that we value using a market approach based on closing prices reported in the active market in which the identical security is traded (Level 1).
▪As we discuss in Note 5, in July 2020, Sempra entered into a Support Agreement for the benefit of CFIN. We measure the Support Agreement, which includes a guarantee obligation, a put option and a call option, net of related guarantee fees, at fair value on a recurring basis. We use a discounted cash flow model to value the Support Agreement, net of related guarantee fees. Because some of the inputs that are significant to the valuation are less observable, the Support Agreement is classified as Level 3, as we describe below in “Level 3 Information – Sempra Infrastructure.”
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RECURRING FAIR VALUE MEASURES – SEMPRA
(Dollars in millions)
 Level 1Level 2Level 3Total
Fair value at September 30, 2023
Assets:    
Nuclear decommissioning trusts:    
Short-term investments, primarily cash equivalents
$21 $3 $— $24 
Equity securities291 4 — 295 
Debt securities:    
Debt securities issued by the U.S. Treasury and other U.S.
government corporations and agencies
27 16 — 43 
Municipal bonds— 260 — 260 
Other securities— 216 — 216 
Total debt securities27 492 — 519 
Total nuclear decommissioning trusts(1)
339 499 — 838 
Short-term investments held in Rabbi Trust62 — — 62 
Interest rate instruments— 378 — 378 
Foreign exchange instruments— 1 — 1 
Commodity contracts not subject to rate recovery— 12 — 12 
Effect of netting and allocation of collateral(2)
89 — — 89 
Commodity contracts subject to rate recovery— — 18 18 
Effect of netting and allocation of collateral(2)
76 — 6 82 
Support Agreement, net of related guarantee fees— — 18 18 
Total$566 $890 $42 $1,498 
Liabilities:    
Foreign exchange instruments$— $8 $— $8 
Commodity contracts not subject to rate recovery— 13 — 13 
Commodity contracts subject to rate recovery2 156 — 158 
Effect of netting and allocation of collateral(2)
(1)— — (1)
Total$1 $177 $— $178 
(1)    Excludes receivables (payables), net.
(2)    Includes the effect of the contractual ability to settle contracts under master netting agreements and with cash collateral, as well as cash collateral not offset.
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RECURRING FAIR VALUE MEASURES – SEMPRA (CONTINUED)
(Dollars in millions)
 Level 1Level 2Level 3Total
Fair value at December 31, 2022
Assets:
Nuclear decommissioning trusts:
Short-term investments, primarily cash equivalents$10 $1 $— $11 
Equity securities293 4 — 297 
Debt securities:
Debt securities issued by the U.S. Treasury and other U.S.
government corporations and agencies
27 13 — 40 
Municipal bonds— 270 — 270 
Other securities— 227 — 227 
Total debt securities27 510 — 537 
Total nuclear decommissioning trusts(1)
330 515 — 845 
Short-term investments held in Rabbi Trust55 — — 55 
Interest rate instruments— 76 — 76 
Commodity contracts not subject to rate recovery— 273 — 273 
Effect of netting and allocation of collateral(2)
451 — — 451 
Commodity contracts subject to rate recovery82 19 35 136 
Effect of netting and allocation of collateral(2)
12 — 6 18 
Support Agreement, net of related guarantee fees— — 17 17 
Total$930 $883 $58 $1,871 
Liabilities:
Foreign exchange instruments$— $8 $— $8 
Interest rate and foreign exchange instruments— 105 — 105 
Commodity contracts not subject to rate recovery— 191 — 191 
Commodity contracts subject to rate recovery— 70 — 70 
Total$— $374 $— $374 
1)    Excludes receivables (payables), net.
(2)    Includes the effect of the contractual ability to settle contracts under master netting agreements and with cash collateral, as well as cash collateral not offset.
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RECURRING FAIR VALUE MEASURES – SDG&E
(Dollars in millions)
Level 1Level 2Level 3Total
 Fair value at September 30, 2023
Assets:    
Nuclear decommissioning trusts:    
Short-term investments, primarily cash equivalents
$21 $3 $— $24 
Equity securities291 4 — 295 
Debt securities:    
Debt securities issued by the U.S. Treasury and other U.S.
government corporations and agencies
27 16 — 43 
Municipal bonds— 260 — 260 
Other securities— 216 — 216 
Total debt securities27 492 — 519 
Total nuclear decommissioning trusts(1)
339 499 — 838 
Commodity contracts subject to rate recovery— — 18 18 
Effect of netting and allocation of collateral(2)
74 — 6 80 
Total$413 $499 $24 $936 
Liabilities:    
Commodity contracts subject to rate recovery$2 $— $— $2 
Effect of netting and allocation of collateral(2)
(1)— — (1)
Total$1 $— $— $1 
 Fair value at December 31, 2022
Assets:    
Nuclear decommissioning trusts:    
Short-term investments, primarily cash equivalents
$10 $1 $— $11 
Equity securities293 4 — 297 
Debt securities:    
Debt securities issued by the U.S. Treasury and other U.S.
government corporations and agencies
27 13 — 40 
Municipal bonds— 270 — 270 
Other securities— 227 — 227 
Total debt securities27 510 — 537 
Total nuclear decommissioning trusts(1)
330 515 — 845 
Commodity contracts subject to rate recovery82 3 35 120 
Effect of netting and allocation of collateral(2)
11 — 6 17 
Total$423 $518 $41 $982 
Liabilities:    
Commodity contracts subject to rate recovery$— $1 $— $1 
Total$— $1 $— $1 
(1)    Excludes receivables (payables), net.
(2)    Includes the effect of the contractual ability to settle contracts under master netting agreements and with cash collateral, as well as cash collateral not offset.
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RECURRING FAIR VALUE MEASURES – SOCALGAS
(Dollars in millions)
Level 1Level 2Level 3Total
 Fair value at September 30, 2023
Assets:    
Effect of netting and allocation of collateral(1)
$2 $— $— $2 
Total$2 $— $— $2 
Liabilities:    
Commodity contracts subject to rate recovery$— $156 $— $156 
Total$— $156 $— $156 
 Fair value at December 31, 2022
Assets:    
Commodity contracts subject to rate recovery$— $16 $— $16 
Effect of netting and allocation of collateral(1)
1 — — 1 
Total$1 $16 $— $17 
Liabilities:    
Commodity contracts subject to rate recovery$— $69 $— $69 
Total$— $69 $— $69 
(1)    Includes the effect of the contractual ability to settle contracts under master netting agreements and with cash collateral, as well as cash collateral not offset.
Level 3 Information
SDG&E
The table below sets forth reconciliations of changes in the fair value of CRRs and long-term, fixed-price electricity positions classified as Level 3 in the fair value hierarchy for Sempra and SDG&E.
LEVEL 3 RECONCILIATIONS(1)
(Dollars in millions)
 Three months ended September 30,
 20232022
Balance at July 1$20 $33 
Realized and unrealized losses(2)(35)
Allocated transmission instruments1 2 
Settlements(1)33 
Balance at September 30$18 $33 
Change in unrealized gains relating to instruments still held at September 30$1 $3 
Nine months ended September 30,
20232022
Balance at January 1$35 $54 
Realized and unrealized losses(10)(58)
Allocated transmission instruments(1)(4)
Settlements(6)41 
Balance at September 30$18 $33 
Change in unrealized losses relating to instruments still held at September 30$(8)$(15)
(1)    Excludes the effect of the contractual ability to settle contracts under master netting agreements.

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Inputs used to determine the fair value of CRRs and fixed-price electricity positions are reviewed and compared with market conditions to determine reasonableness.
CRRs are recorded at fair value based almost entirely on the most current auction prices published by the California ISO, an objective source. Annual auction prices are published once a year, typically in the middle of November, and are the basis for valuing CRRs settling in the following year. For the CRRs settling from January 1 to December 31, the auction price inputs, at a given location, were in the following ranges for the years indicated below:
CONGESTION REVENUE RIGHTS AUCTION PRICE INPUTS
Settlement yearPrice per MWhMedian price per MWh
2023$(3.09)to$10.71 $(0.56)
2022(3.67)to6.96 (0.70)
The impact associated with discounting is not significant. Because these auction prices are a less observable input, these instruments are classified as Level 3. The fair value of these instruments is derived from auction price differences between two locations. Positive values between two locations represent expected future reductions in congestion costs, whereas negative values between two locations represent expected future charges. Valuation of our CRRs is sensitive to a change in auction price. If auction prices at one location increase (decrease) relative to another location, this could result in a significantly higher (lower) fair value measurement. We summarize CRR volumes in Note 7.
Long-term, fixed-price electricity positions in 2022 that were valued using significant unobservable data were classified as Level 3 because the contract terms related to a delivery location or tenor for which observable market rate information was not available. The fair value of the net electricity positions classified as Level 3 was derived from a discounted cash flow model using market electricity forward price inputs. The range and weighted-average price of these inputs at September 30, 2022 were $26.75 to $127.20 and $68.50, respectively. We summarize long-term, fixed-price electricity position volumes in Note 7.
Realized gains and losses associated with CRRs and long-term, fixed-price electricity positions, which are recoverable in rates, are recorded in Cost of Electric Fuel and Purchased Power on the Condensed Consolidated Statements of Operations. Because unrealized gains and losses are recorded as regulatory assets and liabilities, they do not affect earnings.
Sempra Infrastructure
The table below sets forth reconciliations of changes in the fair value of Sempra’s Support Agreement for the benefit of CFIN classified as Level 3 in the fair value hierarchy for Sempra.
LEVEL 3 RECONCILIATIONS
(Dollars in millions)
Three months ended September 30,
 20232022
Balance at July 1$23 $16 
Realized and unrealized (losses) gains(1)
(3)2 
Settlements(2)(2)
Balance at September 30(2)
$18 $16 
Change in unrealized (losses) gains relating to instruments still held at September 30$(2)$2 
Nine months ended September 30,
20232022
Balance at January 1$17 $7 
Realized and unrealized gains(1)
7 16 
Settlements(6)(7)
Balance at September 30(2)
$18 $16 
Change in unrealized gains relating to instruments still held at September 30$7 $15 
(1)    Net gains are included in Interest Income and net losses are included in Interest Expense on Sempra’s Condensed Consolidated Statements of Operations.
(2)    Includes $7 in Other Current Assets and $11 in Other Long-term Assets at September 30, 2023 on Sempra’s Condensed Consolidated Balance Sheet.

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The fair value of the Support Agreement, net of related guarantee fees, is based on a discounted cash flow model using a probability of default and survival methodology. Our estimate of fair value considers inputs such as third-party default rates, credit ratings, recovery rates, and risk-adjusted discount rates, which may be readily observable, market corroborated or generally unobservable inputs. Because CFIN’s credit rating and related default and survival rates are unobservable inputs that are significant to the valuation, the Support Agreement, net of related guarantee fees, is classified as Level 3. We assigned CFIN an internally developed credit rating of A3 and relied on default rate data published by Moody’s to assign a probability of default. A hypothetical change in the credit rating up or down one notch could result in a significant change in the fair value of the Support Agreement.
Fair Value of Financial Instruments
The fair values of certain of our financial instruments (cash, accounts receivable, amounts due to/from unconsolidated affiliates with original maturities of less than 90 days, dividends and accounts payable, short-term debt and customer deposits) approximate their carrying amounts because of the short-term nature of these instruments. Investments in life insurance contracts that we hold in support of our Supplemental Executive Retirement, Cash Balance Restoration and Deferred Compensation Plans are carried at cash surrender values, which represent the amount of cash that could be realized under the contracts. The following table provides the carrying amounts and fair values of certain other financial instruments that are not recorded at fair value on the Condensed Consolidated Balance Sheets.
FAIR VALUE OF FINANCIAL INSTRUMENTS
(Dollars in millions)
 Carrying
amount		Fair value
 Level 1Level 2Level 3Total
September 30, 2023
Sempra:     
Long-term note receivable(1)
$330 $— $— $295 $295 
Long-term amounts due to unconsolidated affiliates308 — 269 — 269 
Total long-term debt(2)
27,657 — 23,765 — 23,765 
SDG&E:     
Total long-term debt(3)
$8,750 $— $7,202 $— $7,202 
SoCalGas:     
Total long-term debt(4)
$6,759 $— $5,953 $— $5,953 
 December 31, 2022
Sempra:     
Long-term note receivable(1)
$318 $— $— $286 $286 
Long-term amounts due to unconsolidated affiliates301 — 263 — 263 
Total long-term debt(2)
24,513 — 21,549 — 21,549 
SDG&E:     
Total long-term debt(3)
$7,800 $— $6,726 $— $6,726 
SoCalGas:     
Total long-term debt(4)
$6,059 $— $5,538 $— $5,538 
(1)    Before allowances for credit losses of $6 and $7 at September 30, 2023 and December 31, 2022, respectively. Excludes unamortized transaction costs of $4 and $5 at September 30, 2023 and December 31, 2022, respectively.
(2)    Before reductions of unamortized discount and debt issuance costs of $326 and $289 at September 30, 2023 and December 31, 2022, respectively, and excluding finance lease obligations of $1,346 and $1,343 at September 30, 2023 and December 31, 2022, respectively.
(3)    Before reductions of unamortized discount and debt issuance costs of $90 and $70 at September 30, 2023 and December 31, 2022, respectively, and excluding finance lease obligations of $1,234 and $1,256 at September 30, 2023 and December 31, 2022, respectively.
(4)    Before reductions of unamortized discount and debt issuance costs of $57 and $48 at September 30, 2023 and December 31, 2022, respectively, and excluding finance lease obligations of $112 and $87 at September 30, 2023 and December 31, 2022, respectively.

We provide the fair values for the securities held in the NDT related to SONGS in Note 9.
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NOTE 9. SAN ONOFRE NUCLEAR GENERATING STATION
We provide below updates to ongoing matters related to SONGS, a nuclear generating facility near San Clemente, California that permanently ceased operations in June 2013, and in which SDG&E has a 20% ownership interest. We discuss SONGS further in Note 15 of the Notes to Consolidated Financial Statements in the Annual Report.
NUCLEAR DECOMMISSIONING AND FUNDING
As a result of Edison’s decision to permanently retire SONGS Units 2 and 3, Edison began the decommissioning phase of the plant. Major decommissioning work began in 2020. We expect the majority of the decommissioning work to be completed around 2030. Decommissioning of Unit 1, removed from service in 1992, is largely complete. The remaining work for Unit 1 will be completed once Units 2 and 3 are dismantled and the spent fuel is removed from the site. The spent fuel is currently being stored on-site, until the DOE identifies a spent fuel storage facility and puts in place a program for the fuel’s disposal. SDG&E is responsible for approximately 20% of the total decommissioning cost.
In accordance with state and federal requirements and regulations, SDG&E has assets held in the NDT to fund its share of decommissioning costs for SONGS Units 1, 2 and 3. Amounts that were collected in rates for SONGS’ decommissioning are invested in the NDT, which is comprised of externally managed trust funds. Amounts held by the NDT are invested in accordance with CPUC regulations. SDG&E classifies debt and equity securities held in the NDT as available-for-sale. The NDT assets are presented on the Sempra and SDG&E Condensed Consolidated Balance Sheets at fair value with the offsetting credits recorded in noncurrent Regulatory Liabilities.
Except for the use of funds for the planning of decommissioning activities or NDT administrative costs, CPUC approval is required for SDG&E to access the NDT assets to fund SONGS decommissioning costs for Units 2 and 3. In December 2022, the CPUC granted SDG&E authorization to access NDT funds of up to $81 million for forecasted 2023 costs.
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The following table shows the fair values and gross unrealized gains and losses for the securities held in the NDT on the Sempra and SDG&E Condensed Consolidated Balance Sheets. We provide additional fair value disclosures for the NDT in Note 8.
NUCLEAR DECOMMISSIONING TRUSTS
(Dollars in millions)
 CostGross
unrealized
gains		Gross
unrealized
losses		Estimated
fair
value
September 30, 2023
Debt securities:    
Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies(1)
$44 $1 $(2)$43 
Municipal bonds(2)
278 — (18)260 
Other securities(3)
234 1 (19)216 
Total debt securities556 2 (39)519 
Equity securities99 201 (5)295 
Short-term investments, primarily cash equivalents24 — — 24 
Receivables (payables), net(11)— — (11)
Total$668 $203 $(44)$827 
December 31, 2022
Debt securities:    
Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies$40 $1 $(1)$40 
Municipal bonds283 1 (14)270 
Other securities248 — (21)227 
Total debt securities571 2 (36)537 
Equity securities111 194 (8)297 
Short-term investments, primarily cash equivalents11 — — 11 
Receivables (payables), net(4)— — (4)
Total$689 $196 $(44)$841 
(1)    Maturity dates are 2023-2054.
(2)    Maturity dates are 2023-2062.
(3)    Maturity dates are 2023-2072.

The following table shows the proceeds from sales of securities in the NDT and gross realized gains and losses on those sales.
SALES OF SECURITIES IN THE NUCLEAR DECOMMISSIONING TRUSTS
(Dollars in millions)
 Three months ended September 30,Nine months ended September 30,
 2023202220232022
Proceeds from sales$143 $133 $437 $530 
Gross realized gains12 2 20 16 
Gross realized losses(3)(3)(9)(14)

Net unrealized gains and losses, as well as realized gains and losses that are reinvested in the NDT, are included in noncurrent Regulatory Liabilities on Sempra’s and SDG&E’s Condensed Consolidated Balance Sheets. We determine the cost of securities in the trusts on the basis of specific identification.
ASSET RETIREMENT OBLIGATION
The present value of SDG&E’s ARO related to decommissioning costs for all three SONGS units was $512 million at September 30, 2023 and is based on a cost study prepared in 2020 that is pending CPUC approval. SDG&E expects to receive a proposed decision in the fourth quarter of 2023.
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NOTE 10. COMMITMENTS AND CONTINGENCIES
LEGAL PROCEEDINGS
We accrue losses for a legal proceeding when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. However, the uncertainties inherent in legal proceedings make it difficult to reasonably estimate the costs and effects of resolving these matters. Accordingly, actual costs incurred may differ materially from amounts accrued, may exceed, and in some cases have exceeded, applicable insurance coverage and could materially adversely affect our business, results of operations, financial condition, cash flows and/or prospects. Unless otherwise indicated, we are unable to reasonably estimate possible losses or a range of losses in excess of any amounts accrued.
At September 30, 2023, loss contingency accruals for legal matters, including associated legal fees and regulatory matters related to the Leak, that are probable and estimable were $203 million for Sempra, including $127 million for SoCalGas. Amounts for Sempra and SoCalGas include $125 million for matters related to the Leak, which we discuss below.
SDG&E
City of San Diego Franchise Agreement
In 2021, two lawsuits were filed in the California Superior Court challenging various aspects of the natural gas and electric franchise agreements granted by the City of San Diego to SDG&E. Both lawsuits ultimately sought to void the franchise agreements. In one of the cases, judgment was granted in favor of SDG&E and the City of San Diego, and the plaintiff in that case has appealed. In the second case, the court ruled in favor of SDG&E and the City of San Diego, upholding all terms of the franchise agreements, except for the two-thirds City Council vote requirement for termination if the City decides to terminate under certain circumstances. Under the court’s ruling, the City can instead terminate on a majority vote, so long as it satisfies repayment provisions under the franchise agreements. This matter is subject to a motion for reconsideration, and subsequently an appeal if not otherwise resolved.
SoCalGas
Aliso Canyon Natural Gas Storage Facility Gas Leak
From October 23, 2015 through February 11, 2016, SoCalGas experienced a natural gas leak from one of the injection-and-withdrawal wells, SS25, at its Aliso Canyon natural gas storage facility in Los Angeles County.
Litigation. In September 2021, SoCalGas and Sempra entered into an agreement with counsel to resolve approximately 390 lawsuits including approximately 36,000 plaintiffs (the Individual Plaintiffs) then pending against SoCalGas and Sempra related to the Leak for a payment of up to $1.8 billion. Over 99% of the Individual Plaintiffs participated and submitted valid releases, and SoCalGas paid $1.79 billion in 2022 under the agreement. The Individual Plaintiffs who have not participated in the settlement (the Remaining Individual Plaintiffs) are able to continue to pursue their claims. In addition, as of October 31, 2023, new lawsuits related to the Leak on behalf of approximately 394 new plaintiffs have been filed against SoCalGas and Sempra since the September 2021 settlement.
The Remaining Individual Plaintiffs’ cases and new plaintiffs’ cases are coordinated before a single court in the LA Superior Court for pretrial management under a consolidated master complaint filed in November 2017, with one plaintiff’s case proceeding under a separate complaint. Both the consolidated master complaint and the separate complaint assert negligence, negligence per se, strict liability, negligent and intentional infliction of emotional distress and fraudulent concealment. The consolidated master complaint asserts additional causes of action for private and public nuisance (continuing and permanent), trespass, inverse condemnation, loss of consortium and wrongful death against SoCalGas and Sempra. The separate complaint asserts an additional cause of action for assault and battery. Both complaints seek compensatory and punitive damages for personal injuries, lost wages and/or lost profits, costs of future medical monitoring, and attorneys’ fees. The consolidated master complaint also seeks property damage and diminution in property value, injunctive relief and civil penalties. In October 2023, the LA Superior Court ordered the cases of 233 Remaining Individual Plaintiffs who did not respond to discovery requests to be dismissed.
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Four shareholder derivative actions were filed alleging breach of fiduciary duties against certain officers and certain directors of Sempra and/or SoCalGas. Three of the four shareholder derivative actions were joined in an Amended Consolidated Shareholder Derivative Complaint filed in the same coordinated proceeding in the LA Superior Court, which was dismissed with prejudice in January 2021, and in June 2023, the Court of Appeal of the State of California Second Appellate District Division Five affirmed the dismissal. Plaintiffs have sought review in the California Supreme Court. The LA Superior Court dismissed the remaining fourth action with prejudice in November 2022. Plaintiffs appealed this dismissal, but in October 2023, abandoned the appeal; as a result, the dismissal is final.
Regulatory Proceeding. In February 2017, the CPUC opened proceeding SB 380 OII to determine the feasibility of minimizing or eliminating the use of the Aliso Canyon natural gas storage facility while still maintaining energy and electric reliability for the region, but excluding issues with respect to air quality, public health, causation, culpability or cost responsibility regarding the Leak. The first phase of the proceeding established a framework for the hydraulic, production cost and economic modeling assumptions for the potential reduction in usage or elimination of the Aliso Canyon natural gas storage facility, as well as evaluating the impacts of reducing or eliminating the Aliso Canyon natural gas storage facility using the established framework and models. The next phase of the proceeding included engaging a consultant to analyze alternative means for meeting or avoiding the demand for the facility’s services if it were eliminated in either the 2027 or 2035 timeframe, and to address potential implementation of alternatives to the Aliso Canyon natural gas storage facility if the CPUC determines that the Aliso Canyon natural gas storage facility should be permanently closed. The CPUC also added all California IOUs as parties to the proceeding and encouraged all load serving entities in the Los Angeles Basin to join the proceeding.
In November 2021, the CPUC issued a decision on the interim range of gas inventory levels at the Aliso Canyon natural gas storage facility, setting an interim range of gas inventory levels of up to 41.16 Bcf. In August 2023, the CPUC issued a decision approving a new interim range of gas inventory levels of up to 68.6 Bcf. The CPUC may issue future changes to this interim range of authorized gas inventory levels before issuing a final decision within the SB 380 OII proceeding.
At September 30, 2023, the Aliso Canyon natural gas storage facility had a net book value of $993 million. If the Aliso Canyon natural gas storage facility were to be permanently closed or if future cash flows from its operation were otherwise insufficient to recover its carrying value, we may record an impairment of the facility, which could be material, or we could incur materially higher than expected operating costs and/or be required to make material additional capital expenditures (any or all of which may not be recoverable in rates), and natural gas reliability and electric generation could be jeopardized.
Regulatory Proceeding – Resolved. In June 2019, the CPUC opened an OII (the Leak OII) to investigate and consider, among other things, whether SoCalGas should be sanctioned for the Leak and what damages, fines or other penalties, if any, should be imposed for any violations, unreasonable or imprudent practices or failure to cooperate sufficiently with SED, as well as to determine the amount of various costs incurred by SoCalGas and other parties in connection with the Leak and the ratemaking treatment or other disposition of such costs. In October 2022, SoCalGas executed a settlement agreement with SED and the Public Advocates Office at the CPUC to resolve all aspects of the Leak OII. The settlement agreement provides for financial penalties, certain costs that SoCalGas will reimburse, a violation of California Public Utilities Code section 451, and that SoCalGas will not seek recovery from ratepayers for costs previously incurred, among other provisions. In September 2023, the CPUC issued a final decision approving the settlement agreement.
Insurance and Accounting and Other Impacts. Since 2015, SoCalGas has incurred significant costs related to the Leak, including costs to defend against and settle civil litigation arising from the Leak. Other than insurance for directors’ and officers’ liability, we have exhausted all of our insurance for this matter. We continue to pursue other sources of insurance coverage for costs related to this matter, but we may not be successful in obtaining additional insurance recovery for any of these costs.
In the three months and nine months ended September 30, 2022, SoCalGas recorded total charges of $122 million ($101 million after tax) and $259 million ($199 million after tax), respectively, in Aliso Canyon Litigation and Regulatory Matters on the SoCalGas and Sempra Condensed Consolidated Statements of Operations related to the litigation and regulatory proceedings associated with the Leak.
At September 30, 2023, $126 million is accrued in Reserve for Aliso Canyon Costs and $3 million is accrued in Deferred Credits and Other on SoCalGas’ and Sempra’s Condensed Consolidated Balance Sheets. These accruals do not include any amounts in excess of what has been estimated to resolve certain matters that we describe above in “Litigation” and “Regulatory Proceeding,” nor any amounts that may be necessary to resolve threatened litigation, other potential litigation or other costs, in each case to the extent it is not possible to predict at this time the outcome of these actions or reasonably estimate the possible costs or a range of possible costs. Further, we are not able to reasonably estimate the possible loss or a range of possible losses in excess of the amounts accrued, which could be significant and could have a material adverse effect on SoCalGas’ and Sempra’s business, results of operations, financial condition, cash flows and/or prospects.
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Sempra Infrastructure
Energía Costa Azul
We describe below certain land disputes and permit challenges affecting our ECA Regas Facility. Certain of these land disputes involve land on which portions of the ECA LNG liquefaction facilities under construction and in development are expected to be situated or on which portions of the ECA Regas Facility that would be necessary for the operation of such ECA LNG liquefaction facilities are situated. One or more unfavorable final decisions on these disputes or challenges could materially adversely affect our existing natural gas regasification operations and proposed natural gas liquefaction projects at the site of the ECA Regas Facility and have a material adverse effect on Sempra’s business, results of operations, financial condition, cash flows and/or prospects.
Land Disputes. Sempra Infrastructure has been engaged in a long-running land dispute with a claimant relating to property adjacent to its ECA Regas Facility that allegedly overlaps with land owned by the ECA Regas Facility (the facility, however, is not situated on the land that is the subject of this dispute), as follows:
▪The claimant to the adjacent property filed complaints in the federal Agrarian Court challenging the refusal of SEDATU in 2006 to issue title to him for the disputed property. In November 2013, the federal Agrarian Court ordered that SEDATU issue the requested title to the claimant and cause it to be registered. Both SEDATU and Sempra Infrastructure challenged the ruling due to lack of notification of the underlying process. In May 2019, a federal court in Mexico reversed the ruling and ordered a retrial, which is pending resolution.
▪In a separate proceeding, the claimant filed suit to reinitiate an administrative procedure at SEDATU to obtain the property title that, as described above, had previously been issued in a ruling by the federal Agrarian Court and subsequently reversed by a federal court in Mexico. In April 2021, the proceeding in the Agrarian Court concluded with the court ordering that the administrative procedure be restarted. The administrative procedure at SEDATU may continue if SEDATU decides to reopen the matter.
In addition, an area of real property on which part of the ECA Regas Facility is situated is subject to a claim in the federal Agrarian Court, in which the plaintiff seeks to annul the property title for a portion of the land on which the ECA Regas Facility is situated and to obtain possession of a different parcel that allegedly overlaps with the site of the ECA Regas Facility. The proceeding, which seeks an order that SEDATU annul the ECA Regas Facility’s competing property title, was initiated in 2006 and, in July 2021, a decision was issued in favor of the ECA Regas Facility. The plaintiff appealed and, in February 2022, the appellate court confirmed the ruling in favor of the ECA Regas Facility and dismissed the appeal. The plaintiff filed a federal appeal against the appellate court ruling. A ruling from the Federal Collegiate Circuit Court is pending.
Environmental and Social Impact Permits. Several administrative challenges are pending before Mexico’s Secretariat of Environment and Natural Resources (the Mexican environmental protection agency) and Federal Tax and Administrative Courts, seeking revocation of the environmental impact authorization issued to the ECA Regas Facility in 2003. These cases generally allege that the conditions and mitigation measures in the environmental impact authorization are inadequate and challenge findings that the activities of the terminal are consistent with regional development guidelines.
In 2018 and 2021, three related claimants filed separate challenges in the federal district court in Ensenada, Baja California in relation to the environmental and social impact permits issued by each of ASEA and SENER to ECA LNG authorizing natural gas liquefaction activities at the ECA Regas Facility, as follows:
▪In the first case, the court issued a provisional injunction against the permits in September 2018. In December 2018, ASEA approved modifications to the environmental permit that facilitate the development of the proposed natural gas liquefaction facility in two phases. In May 2019, the court canceled the provisional injunction. The claimant appealed the court’s decision canceling the injunction but was not successful. The claimant’s underlying challenge to the permits remains pending.
▪In the second case, the initial request for a provisional injunction against the permits was denied. That decision was reversed on appeal in January 2020, resulting in the issuance of a new injunction against the permits that were issued by ASEA and SENER. This injunction has uncertain application absent clarification by the court. The claimants petitioned the court to rule that construction of natural gas liquefaction facilities violated the injunction and, in February 2022, the court ruled in favor of the ECA Regas Facility, holding that the natural gas liquefaction construction activities did not violate the injunction. The claimants appealed this ruling but were not successful. The claimants’ underlying challenge to the permits remains pending.
▪In the third case, a group of residents filed a complaint in June 2021 against various federal and state authorities alleging deficiencies in the public consultation process for the issuance of the permits. The request for an initial injunction was denied. The claimants appealed this ruling but were not successful. The lower court’s ruling was favorable to the ECA Regas Facility, as the court determined that no harm has been caused to the plaintiffs and dismissed the lawsuit. The claimants appealed and the appellate court’s ruling is pending.
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Litigation Related to Regulatory and Other Actions by the Mexican Government
Amendments to Mexico’s Electricity Industry Law. In March 2021, the Mexican government published a decree with amendments to Mexico’s Electricity Industry Law that include some public policy changes, including establishing priority of dispatch for CFE plants over privately owned plants. According to the decree, these amendments were to become effective in March 2021, and SENER, the CRE and Centro Nacional de Control de Energía (Mexico’s National Center for Energy Control) were to have 180 calendar days to modify, as necessary, all resolutions, policies, criteria, manuals and other regulations applicable to the power industry to conform with this decree. However, a Mexican court issued a suspension of the amendments later in March 2021. In April 2022, the Mexican Supreme Court resolved an action of unconstitutionality filed by a group of senators against the amended Electricity Industry Law, but the qualified majority of eight votes out of 11 as is required in matters involving constitutionality was not reached and the proceeding was dismissed, which means that the Mexican Supreme Court did not issue a binding precedent and the amended Electricity Industry Law remains in force. Sempra Infrastructure filed three lawsuits against the amendments to the Electricity Industry Law and, in each of them, Sempra Infrastructure obtained a favorable judgment in the lower courts, which were challenged by the CRE. Final resolution is pending. If the proposed amendments are affirmed by the lower courts or by the Mexican Supreme Court (which in these cases would only require a simple majority vote), the CRE may be required to revoke self-supply permits granted under the former electricity law, which were grandfathered when the new Electricity Industry Law was enacted, under a legal standard that is ambiguous and not well-defined under the law. If such self-supply permits granted under the former electricity law are revoked, it may result in increased costs for Sempra Infrastructure and for its power consumers, adversely affect our ability to develop new projects, result in decreased revenues and cash flows, and negatively impact our ability to recover the carrying values of our investments in Mexico, any of which could have a material adverse effect on Sempra’s business, results of operations, financial condition, cash flows and/or prospects.
Sonora Pipeline – Resolved
Guaymas-El Oro Segment. Sempra Infrastructure’s Sonora natural gas pipeline consists of two segments, the Sasabe-Puerto Libertad-Guaymas segment and the Guaymas-El Oro segment. Each segment has its own service agreement with the CFE. In 2015, the Yaqui tribe, with the exception of some members living in the Bácum community, granted its consent and a right-of-way easement agreement for the construction of the Guaymas-El Oro segment of the Sonora natural gas pipeline that crosses its territory. Representatives of the Bácum community filed a legal challenge in Mexican federal court demanding the right to withhold consent for the project, resulting in a suspension order in 2016 that prohibited construction through the Bácum community territory. Because Sempra Infrastructure did not believe the 2016 suspension order prohibited construction in the remainder of the Yaqui territory, construction was completed, and commercial operations began in May 2017.
Following the start of commercial operations, Sempra Infrastructure reported damage to the Guaymas-El Oro segment in the Yaqui territory that has made that section inoperable since August 2017 and, as a result, Sempra Infrastructure declared a force majeure event. In 2017, an appellate court ruled that the scope of the 2016 suspension order encompassed the wider Yaqui territory, which has prevented Sempra Infrastructure from making repairs to put the pipeline back in service. In July 2019, a federal district court ruled in favor of Sempra Infrastructure and held that the Yaqui tribe was properly consulted and that consent from the Yaqui tribe was properly received. Representatives of the Bácum community appealed this decision, causing the suspension order preventing Sempra Infrastructure from repairing the damage to the Guaymas-El Oro segment to remain in place until the appeals process was exhausted. Following a request by the CFE to dismiss the appeal based on the plan to re-route the portion of the pipeline that is in the Yaqui territory, in December 2022, the court of appeals reversed the federal district court’s ruling and ordered the district court to issue a new ruling that takes into account the planned re-routing of the pipeline. In February 2023, the district court issued a new ruling and resolved to dismiss the case, which was not appealed and, in March 2023, the district court declared that the case was definitively concluded.
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Other Litigation
RBS Sempra Commodities
Sempra holds an equity method investment in RBS Sempra Commodities, a limited liability partnership in the process of being liquidated. In 2015, liquidators filed a claim in the High Court of Justice against RBS (now NatWest Markets plc, our partner in the JV) and Mercuria Energy Europe Trading Limited (the Defendants) on behalf of 10 companies (the Liquidating Companies) that engaged in carbon credit trading via chains that included a company that traded directly with RBS SEE, a subsidiary of RBS Sempra Commodities. The claim alleges that the Defendants’ participation in the purchase and sale of carbon credits resulted in the Liquidating Companies’ carbon credit trading transactions creating a value-added tax liability they were unable to pay, and that the Defendants are liable to provide for equitable compensation due to dishonest assistance and compensation under the U.K. Insolvency Act of 1986. Trial on the matter was held in 2018. In March 2020, the High Court of Justice rendered its judgment mostly in favor of the Liquidating Companies and awarded damages of approximately £45 million (approximately $55 million in U.S. dollars at September 30, 2023), plus costs and interest. In October 2020, the High Court of Justice assessed costs and interest to be approximately £21 million (approximately $26 million in U.S. dollars at September 30, 2023) as of that date, with interest continuing to accrue. The Defendants appealed and, in May 2021, the Court of Appeal set aside the High Court of Justice’s decision and ordered a retrial. In July 2022, the Supreme Court of the U.K. denied the Liquidating Companies application for permission to appeal the Court of Appeal’s decision. No date has been scheduled for the retrial. J.P. Morgan Chase & Co., which acquired RBS SEE and later sold it to Mercuria Energy Group, Ltd., previously notified us that Mercuria Energy Group, Ltd. has sought indemnity for the claim, and J.P. Morgan Chase & Co. has in turn sought indemnity from Sempra and RBS.
Asbestos Claims Against EFH Subsidiaries
Certain EFH subsidiaries that we acquired as part of the merger of EFH with an indirect subsidiary of Sempra were defendants in personal injury lawsuits brought in state courts throughout the U.S. These cases alleged illness or death as a result of exposure to asbestos in power plants designed and/or built by companies whose assets were purchased by predecessor entities to the EFH subsidiaries, and generally assert claims for product defects, negligence, strict liability and wrongful death. They sought compensatory and punitive damages. As of October 31, 2023, two lawsuits are pending. Additionally, approximately 28,000 proofs of claim were filed, but not discharged, in advance of a December 2015 deadline to file a proof of claim in the EFH bankruptcy proceeding on behalf of persons who allege exposure to asbestos under similar circumstances and assert the right to file such lawsuits in the future. The costs to defend or resolve such claims and the amount of damages that may be incurred could have a material adverse effect on Sempra’s results of operations, financial condition, cash flows and/or prospects.
Ordinary Course Litigation
We are also defendants in ordinary routine litigation incidental to our businesses, including personal injury, employment litigation, product liability, property damage and other claims. Juries have demonstrated an increasing willingness to grant large awards, including punitive damages, in these types of cases.

LEASES
We discuss leases further in Note 16 of the Notes to Consolidated Financial Statements in the Annual Report.
Lessee Accounting
We have operating and finance leases for real and personal property (including office space, land, fleet vehicles, machinery and equipment, warehouses and other operational facilities) and PPAs with renewable energy, energy storage and peaker plant facilities.
SDG&E entered into an energy storage agreement that commenced in the second quarter of 2023 and expires in 2033. SDG&E recorded an operating lease right-of-use asset and operating lease liability of $101 million. Undiscounted lease payments are $9 million in 2023, $13 million in each of 2024 through 2027 and $66 million thereafter.
Leases That Have Not Yet Commenced
SDG&E has entered into seven purchased-power contracts, of which SDG&E expects one will commence in the fourth quarter of 2023, two will commence in 2024, three will commence in 2025, and one will commence in 2026. SDG&E expects the future minimum lease payments to be $32 million in 2024, $61 million in 2025, $82 million in 2026, $83 million in 2027 and $919 million thereafter until expiration in 2041.
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Lessor Accounting
Sempra Infrastructure is a lessor for certain of its natural gas and ethane pipelines, compressor stations, liquid petroleum gas storage facilities, a rail facility and refined products terminals, which we account for as operating or sales-type leases.
We provide information below for leases for which we are the lessor.
LESSOR INFORMATION ON THE CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS – SEMPRA
(Dollars in millions)
Three months ended September 30,Nine months ended September 30,
2023202220232022
Sales-type leases:
Interest income$2 $2 $5 $6 
Total revenues from sales-type leases(1)
$2 $2 $5 $6 
Operating leases:
Fixed lease payments$78 $71 $234 $211 
Variable lease payments10 3 26 7 
Total revenues from operating leases(1)
$88 $74 $260 $218 
Depreciation expense$15 $14 $45 $41 
(1)    Included in Revenues: Energy-Related Businesses on the Condensed Consolidated Statements of Operations.

CONTRACTUAL COMMITMENTS
We discuss below significant changes in the first nine months of 2023 to contractual commitments discussed in Note 16 of the Notes to Consolidated Financial Statements in the Annual Report.
Natural Gas Contracts
Sempra Infrastructure’s natural gas contracts and natural gas storage and transportation commitments have increased by approximately $877 million since December 31, 2022 primarily from entering into new storage and transportation contracts in the first nine months of 2023. We expect future payments to decrease by $29 million in 2023, and increase by $38 million in 2024, $35 million in 2025, $33 million in 2026, $30 million in 2027 and $770 million thereafter through expiration in 2059 compared to December 31, 2022.
LNG Purchase Agreement
Sempra Infrastructure has an SPA for the supply of LNG to the ECA Regas Facility. The commitment amount is calculated using a predetermined formula based on estimated forward prices of the index applicable from 2023 to 2029. Although this agreement specifies a number of cargoes to be delivered, under its terms, the supplier may divert certain cargoes, which would reduce amounts paid under the agreement by Sempra Infrastructure. At September 30, 2023, we expect the commitment amount to decrease by $980 million in 2023, $62 million in 2024, $45 million in 2025, $47 million in 2026, $58 million in 2027 and $136 million thereafter (through contract termination in 2029) compared to December 31, 2022, reflecting changes in estimated forward prices since December 31, 2022 and actual transactions for the first nine months of 2023. These LNG commitment amounts are based on the assumption that all LNG cargoes under the agreement are delivered, less those already confirmed to be diverted as of September 30, 2023. Actual LNG purchases in the current and prior years have been significantly lower than the maximum amount provided under the agreement due to the supplier electing to divert cargoes as allowed by the agreement.
Purchased-Power Contracts
SDG&E’s purchased-power contract commitments have increased by approximately $482 million since December 31, 2022 primarily from entering into energy storage, hybrid renewable energy and energy storage, and resource adequacy agreements for the first nine months of 2023. At September 30, 2023, we expect the commitment amount to increase by $14 million in 2023, $3 million in 2024, $13 million in 2025, $32 million in 2026, $33 million in 2027, and $387 million thereafter through expiration in 2042 compared to December 31, 2022.
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ENVIRONMENTAL ISSUES
We disclose any proceeding under environmental laws to which a government authority is a party when the potential monetary sanctions, exclusive of interest and costs, exceed the lesser of $1 million or 1% of current assets, which was $53 million for Sempra, $19 million for SDG&E and $14 million for SoCalGas at September 30, 2023.
NOTE 11. SEGMENT INFORMATION
We have four separately managed reportable segments, as follows:
▪SDG&E provides electric service to San Diego and southern Orange counties and natural gas service to San Diego County.
▪SoCalGas is a natural gas distribution utility, serving customers throughout most of Southern California and part of central California.
▪Sempra Texas Utilities holds our investment in Oncor Holdings, which owns an 80.25% interest in Oncor, a regulated electricity transmission and distribution utility serving customers in the north-central, eastern, western and panhandle regions of Texas; and our indirect, 50% interest in Sharyland Holdings L.P., which owns Sharyland Utilities, L.L.C., a regulated electric transmission utility serving customers near the Texas-Mexico border.
▪Sempra Infrastructure includes the operating companies of our subsidiary, SI Partners, as well as a holding company and certain services companies. Sempra Infrastructure develops, builds, operates and invests in energy infrastructure to help enable the energy transition in North American markets and globally.
We evaluate each segment’s performance based on its contribution to Sempra’s reported earnings and cash flows. SDG&E and SoCalGas operate in essentially separate service territories, under separate regulatory frameworks and rate structures set by the CPUC and, in the case of SDG&E, the FERC.
The cost of common services shared by the business segments is assigned directly or allocated based on various cost factors, depending on the nature of the service provided. Interest income and expense is recorded on intercompany loans. The loan balances and related interest are eliminated in consolidation.
The following tables show selected information by segment from our Condensed Consolidated Statements of Operations, Condensed Consolidated Statements of Cash Flows and Condensed Consolidated Balance Sheets. Amounts labeled as “All other” in the following tables consist primarily of activities of parent organizations.
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SEGMENT INFORMATION   
(Dollars in millions)   
 Three months ended September 30,Nine months ended September 30,
 2023202220232022
REVENUES    
SDG&E$1,442 $1,569 $4,357 $4,413 
SoCalGas1,313 1,385 6,574 4,879 
Sempra Infrastructure629 697 2,485 1,810 
All other— 1 — 1 
Adjustments and eliminations— — (1)— 
Intersegment revenues(1)
(50)(35)(186)(119)
Total$3,334 $3,617 $13,229 $10,984 
DEPRECIATION AND AMORTIZATION  
SDG&E$280 $247 $810 $730 
SoCalGas211 190 625 565 
Sempra Infrastructure71 67 210 199 
All other1 2 6 6 
Total$563 $506 $1,651 $1,500 
INTEREST INCOME    
SDG&E$7 $2 $12 $3 
SoCalGas2 3 7 4 
Sempra Infrastructure4 7 25 37 
All other7 6 17 14 
Intercompany eliminations(1)— (1)— 
Total$19 $18 $60 $58 
INTEREST EXPENSE    
SDG&E$126 $113 $367 $333 
SoCalGas70 50 210 135 
Sempra Infrastructure7 39 127 98 
All other109 81 292 232 
Intercompany eliminations— (1)(1)(2)
Total$312 $282 $995 $796 
INCOME TAX (BENEFIT) EXPENSE  
SDG&E$(15)$35 $(4)$141 
SoCalGas(5)(28)68 75 
Sempra Texas Utilities— 1 — 1 
Sempra Infrastructure24 58 555 219 
All other(56)(45)(120)(1)
Total$(52)$21 $499 $435 
EQUITY EARNINGS    
Equity earnings, before income tax:    
Sempra Texas Utilities$2 $1 $5 $6 
Sempra Infrastructure 131 133 413 430 
133 134 418 436 
Equity earnings, net of income tax:   
Sempra Texas Utilities305 257 548 603 
Sempra Infrastructure41 26 120 79 
346 283 668 682 
Total$479 $417 $1,086 $1,118 
(1)    Revenues for reportable segments include intersegment revenues of $5, $29, and $16 for the three months ended September 30, 2023 and $14, $91, and $81 for the nine months ended September 30, 2023; $4, $24, and $7 for the three months ended September 30, 2022 and $11, $73, and $35 for the nine months ended September 30, 2022 for SDG&E, SoCalGas, and Sempra Infrastructure, respectively.
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SEGMENT INFORMATION (CONTINUED)
(Dollars in millions)
Three months ended September 30,Nine months ended September 30,
2023202220232022
EARNINGS (LOSSES) ATTRIBUTABLE TO COMMON SHARES 
SDG&E$274 $271 $716 $681 
SoCalGas16 (82)531 339 
Sempra Texas Utilities305 256 548 604 
Sempra Infrastructure
223 114 746 392 
All other(97)(74)(248)(360)
Total$721 $485 $2,293 $1,656 
EXPENDITURES FOR PROPERTY, PLANT & EQUIPMENT
SDG&E$1,893 $1,651 
SoCalGas1,451 1,394 
Sempra Infrastructure2,725 489 
All other5 6 
Total$6,074 $3,540 
September 30,
2023		December 31,
2022
ASSETS
SDG&E$28,502 $26,422 
SoCalGas23,069 22,346 
Sempra Texas Utilities14,269 13,781 
Sempra Infrastructure19,722 15,760 
All other1,205 1,376 
Intersegment receivables(1,032)(1,111)
Total$85,735 $78,574 
EQUITY METHOD INVESTMENTS
Sempra Texas Utilities$14,260 $13,772 
Sempra Infrastructure2,096 1,905 
Total$16,356 $15,677 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
This combined MD&A for Sempra, SDG&E and SoCalGas should be read in conjunction with the Condensed Consolidated Financial Statements and the Notes thereto in this report, and the Consolidated Financial Statements and the Notes thereto, “Part I – Item 1A. Risk Factors” and “Part II – Item 7. MD&A” in the Annual Report.
OVERVIEW
Sempra is a California-based holding company with energy infrastructure investments in North America. Our businesses invest in, develop and operate energy infrastructure, and provide electric and gas services to customers.
On August 2, 2023, Sempra’s board of directors declared a two-for-one split of Sempra’s common stock in the form of a 100% stock dividend for shareholders of record at the close of business on August 14, 2023. Sempra’s common stock began trading on a post-split basis effective August 22, 2023. All shares and per share information related to issued and outstanding common stock have been retroactively adjusted to reflect the stock split and are presented on a post-split basis herein.
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We are currently considering a resegmentation in which our SDG&E and SoCalGas segments would be combined into one segment, Sempra California, resulting in three reportable segments. We intend to complete our analysis in the fourth quarter of 2023 and, assuming a positive determination is made, we would implement the resegmentation in our annual report on Form 10-K for the period ending December 31, 2023.
RESULTS OF OPERATIONS
We discuss the following in Results of Operations:
▪Overall results of operations of Sempra;
▪Segment results;
▪Significant changes in revenues, costs and earnings; and
▪Impact of foreign currency and inflation rates on results of operations.

OVERALL RESULTS OF OPERATIONS OF SEMPRA
Sempra’s overall results of operations for the three months (Q3) and nine months (YTD) ended September 30, 2023 and 2022 were as follows:
OVERALL RESULTS OF OPERATIONS OF SEMPRA
(Dollars and shares in millions, except per share amounts)
178179180
Our earnings and diluted EPS were impacted by variances discussed below in “Segment Results.”

SEGMENT RESULTS
This section presents earnings (losses) by Sempra segment, as well as Parent and other, and a related discussion of the changes in segment earnings (losses). Throughout the MD&A, our reference to earnings represents earnings attributable to common shares. Variance amounts presented are the after-tax earnings impact (based on applicable statutory tax rates), unless otherwise noted, and before foreign currency and inflation effects and NCI, where applicable.
SEMPRA EARNINGS (LOSSES) BY SEGMENT 
(Dollars in millions) 
 Three months ended September 30,Nine months ended September 30,
 2023202220232022
SDG&E$274 $271 $716 $681 
SoCalGas16 (82)531 339 
Sempra Texas Utilities305 256 548 604 
Sempra Infrastructure
223 114 746 392 
Parent and other(1)
(97)(74)(248)(360)
Earnings attributable to common shares
$721 $485 $2,293 $1,656 
(1)    Includes intercompany eliminations recorded in consolidation and certain corporate costs.

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SDG&E
The increase in earnings of $3 million (1%) in the three months ended September 30, 2023 compared to the same period in 2022 was primarily due to:
▪$11 million higher electric transmission margin;
▪$8 million higher CPUC base operating margin, net of operating expenses and $6 million from lower authorized cost of capital; and
▪$4 million higher net regulatory interest income; offset by
▪$13 million lower income tax benefit from the resolution of prior year income tax items; and
▪$6 million higher net interest expense.
The increase in earnings of $35 million (5%) in the nine months ended September 30, 2023 compared to the same period in 2022 was primarily due to:
▪$35 million higher CPUC base operating margin, net of operating expenses and $18 million from lower authorized cost of capital;
▪$16 million higher net regulatory interest income;
▪$12 million higher electric transmission margin; and
▪$12 million lower income tax expense primarily from flow-through items and lower associated regulatory revenues in 2022; offset by
▪$20 million higher net interest expense; and
▪$13 million lower income tax benefit from the resolution of prior year income tax items.
SoCalGas
Earnings of $16 million in the three months ended September 30, 2023 compared to losses of $82 million in the same period in 2022 were primarily due to:
▪$101 million charge in 2022 relating to litigation and regulatory matters pertaining to the Leak;
▪$11 million higher income tax benefits primarily from flow-through items; and
▪$4 million higher net regulatory interest income; offset by
▪$15 million higher net interest expense.
The increase in earnings of $192 million in the nine months ended September 30, 2023 compared to the same period in 2022 was primarily due to:
▪$199 million charge in 2022 relating to litigation and regulatory matters pertaining to the Leak;
▪$28 million higher income tax benefits primarily from flow-through items, which includes $25 million related to income tax benefits in 2023 for previously unrecognized income tax benefits pertaining to gas repairs expenditures;
▪$15 million higher net regulatory interest income;
▪$13 million higher regulatory awards approved by the CPUC; and
▪$10 million in penalties in 2022 related to energy efficiency and advocacy OSCs; offset by
▪$52 million higher net interest expense; and
▪$13 million lower CPUC base operating margin, net of operating expenses and $15 million from lower authorized cost of capital.
Sempra Texas Utilities
The increase in earnings of $49 million (19%) in the three months ended September 30, 2023 compared to the same period in 2022 was primarily due to higher equity earnings from Oncor Holdings driven by:
▪higher revenues attributable to:
◦higher customer consumption primarily attributable to weather,
◦updates to transmission billing factors,
◦new base rates implemented in May 2023,
◦interim rate updates to reflect increases in invested capital, and
◦customer growth; offset by
▪higher interest expense and depreciation expense attributable to invested capital; and
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▪higher O&M.
The decrease in earnings of $56 million (9%) in the nine months ended September 30, 2023 compared to the same period in 2022 was primarily due to lower equity earnings from Oncor Holdings driven by:
▪higher interest expense and depreciation expense attributable to invested capital;
▪write-off of rate base disallowances in 2023 resulting from the PUCT’s final order in Oncor’s comprehensive base rate review; and
▪higher O&M; offset by
▪higher revenues attributable to:
◦updates to transmission billing factors,
◦new base rates implemented in May 2023,
◦customer growth, and
◦interim rate updates to reflect increases in invested capital.
Sempra Infrastructure
The increase in earnings of $109 million in the three months ended September 30, 2023 compared to the same period in 2022 was primarily due to:
▪$50 million from asset and supply optimization driven by unrealized gains in 2023 compared to unrealized losses in 2022 on commodity derivatives due to changes in natural gas prices, offset by lower LNG diversion fees;
▪$50 million favorable impact from foreign currency and inflation effects on our monetary positions in Mexico, comprised of a $52 million favorable impact in 2023 compared to a $2 million favorable impact in 2022;
▪$21 million lower net interest expense due to higher capitalization of interest expense on projects under construction, offset by higher interest rates and borrowings on committed lines of credit;
▪$15 million net income tax benefit in 2023 compared to $6 million net income tax expense in 2022 primarily from outside basis differences in JV investments; and
▪$9 million from the transportation business driven by higher equity earnings from new tariffs going into effect in June 2023 for certain pipelines in Mexico; offset by
▪$122 million earnings attributable to NCI in 2023 compared to $65 million earnings attributable to NCI in 2022 primarily due to an increase in SI Partners’ net income.
The increase in earnings of $354 million in the nine months ended September 30, 2023 compared to the same period in 2022 was primarily due to:
▪$657 million from asset and supply optimization driven by unrealized gains in 2023 compared to unrealized losses in 2022 on commodity derivatives due to changes in natural gas prices;
▪$94 million from the transportation business driven by higher equity earnings and revenues, including the cumulative impact of new tariffs going into effect in June 2023 for certain pipelines in Mexico and a customer’s early termination of firm transportation agreements; and
▪$27 million higher net income tax benefit primarily from the remeasurement of certain deferred income taxes and outside basis differences in JV investments; offset by
▪$435 million earnings attributable to NCI in 2023 compared to $187 million earnings attributable to NCI in 2022 primarily due to an increase in SI Partners’ net income and from the sale of a 10% NCI in SI Partners to ADIA in June 2022;
▪$133 million unfavorable impact from foreign currency and inflation effects on our monetary positions in Mexico, comprised of a $244 million unfavorable impact in 2023 compared to a $111 million unfavorable impact in 2022;
▪$30 million higher net interest expense due to $27 million net unrealized losses in 2023 on a contingent interest rate swap related to the PA LNG Phase 1 project and higher interest rates and borrowings on committed lines of credit, offset by higher capitalization of interest expense on projects under construction; and
▪$18 million from the LNG business driven by higher development costs and certain non-capitalized expenses from projects under construction.
Parent and Other
The increase in losses of $23 million (31%) in the three months ended September 30, 2023 compared to the same period in 2022 was primarily due to:
▪$8 million income tax expense in 2023 compared to $23 million income tax benefit in 2022 from the interim period application of an annual forecasted consolidated ETR; and
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▪$22 million higher net interest expense; offset by
▪$23 million income tax benefit in 2023 from the remeasurement of certain deferred income taxes; and
▪$15 million income tax benefit in 2023 from the resolution of prior year income tax items.
The decrease in losses of $112 million (31%) in the nine months ended September 30, 2023 compared to the same period in 2022 was primarily due to:
▪$120 million deferred income tax expense in 2022 associated with the change in our indefinite reinvestment assertion related to our foreign subsidiaries;
▪$44 million lower net investment losses on dedicated assets in support of our employee nonqualified benefit plan and deferred compensation plans;
▪$23 million income tax benefit in 2023 from the remeasurement of certain deferred income taxes; and
▪$15 million income tax benefit in 2023 from the resolution of prior year income tax items; offset by
▪$43 million higher net interest expense;
▪$30 million income tax benefit in 2022 from changes to a valuation allowance against certain tax credit carryforwards; and
▪$24 million lower income tax benefit from the interim period application of an annual forecasted consolidated ETR.

SIGNIFICANT CHANGES IN REVENUES, COSTS AND EARNINGS
This section contains a discussion of the differences between periods in the specific line items of the Condensed Consolidated Statements of Operations for Sempra, SDG&E and SoCalGas.
Utilities Revenues and Cost of Sales
Our utilities revenues include natural gas revenues at SoCalGas and SDG&E and Sempra Infrastructure’s Ecogas and electric revenues at SDG&E. Intercompany revenues included in the separate revenues of each utility are eliminated in Sempra’s Condensed Consolidated Statements of Operations.
SoCalGas and SDG&E currently operate under a regulatory framework that permits:
▪The cost of natural gas purchased for core customers (primarily residential and small commercial and industrial customers) to be passed through to customers in rates substantially as incurred and without markup. The GCIM provides for SoCalGas to share in the savings and/or costs from buying natural gas for its core customers at prices below or above monthly market-based benchmarks. This mechanism permits full recovery of costs incurred when average purchase costs are within a price range around the benchmark price. Any higher costs incurred or savings realized outside this range are shared between core customers and SoCalGas.
▪SDG&E to recover the actual cost incurred to generate or procure electricity based on annual estimates of the cost of electricity supplied to customers. The differences in cost between estimates and actual are recovered or refunded in subsequent periods through rates.
▪SoCalGas and SDG&E to recover certain program expenditures and other costs authorized by the CPUC, herein referred to as “refundable programs.”
Because changes in SoCalGas’ and SDG&E’s cost of natural gas and/or electricity are recovered in rates, changes in these costs are offset in the changes in revenues and therefore do not impact earnings, other than potential impacts related to the GCIM for SoCalGas that we describe above. In addition to the changes in cost or market prices, natural gas or electric revenues recorded during a period are impacted by the difference between customer billings and recorded or CPUC-authorized amounts. These differences are required to be balanced over time, resulting in over- and undercollected regulatory balancing accounts. We discuss balancing accounts and their effects further in Note 4 of the Notes to Condensed Consolidated Financial Statements in this report and in Note 4 of the Notes to Consolidated Financial Statements in the Annual Report.
SoCalGas’ and SDG&E’s revenues are decoupled from, or not tied to, actual sales volumes. SoCalGas recognizes annual authorized revenue for natural gas customers using seasonal factors established in applicable proceedings, resulting in a significant portion of SoCalGas’ earnings being recognized in the first and fourth quarters of each year. SDG&E’s authorized revenue recognition is also impacted by seasonal factors, resulting in higher earnings in the third quarter when electric loads are typically higher than in the other three quarters of the year. We discuss this decoupling mechanism and its effects further in Note 3 of the Notes to Consolidated Financial Statements in the Annual Report.
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The table below summarizes utilities revenues and cost of sales.
UTILITIES REVENUES AND COST OF SALES
(Dollars in millions)
 Three months ended September 30,Nine months ended September 30,
 2023202220232022
Natural gas revenues:
SoCalGas$1,313 $1,385 $6,574 $4,879 
SDG&E188 209 1,014 741 
Sempra Infrastructure
18 19 67 67 
Eliminations and adjustments(31)(26)(95)(76)
Total1,488 1,587 7,560 5,611 
Electric revenues:
SDG&E1,254 1,360 3,343 3,672 
Eliminations and adjustments(4)(3)(12)(9)
Total1,250 1,357 3,331 3,663 
Total utilities revenues$2,738 $2,944 $10,891 $9,274 
Cost of natural gas(1):
SoCalGas$224 $441 $2,855 $1,577 
SDG&E45 65 462 260 
Sempra Infrastructure
4 7 5 21 
Eliminations and adjustments(13)(8)(68)(23)
Total260 505 3,254 1,835 
Cost of electric fuel and purchased power(1):
SDG&E200 316 442 806 
Eliminations and adjustments(17)(9)(57)(43)
Total183 307 385 763 
Total utilities cost of sales
$443 $812 $3,639 $2,598 
(1)     Excludes depreciation and amortization, which are presented separately on the Sempra, SDG&E and SoCalGas Condensed Consolidated Statements of Operations.

Natural Gas Revenues and Cost of Natural Gas
The table below summarizes the average cost of natural gas sold by Sempra California and included in cost of natural gas. The average cost of natural gas sold at each utility is impacted by market prices, as well as transportation, tariff and other charges.
SEMPRA CALIFORNIA AVERAGE COST OF NATURAL GAS
(Dollars per thousand cubic feet)
 Three months ended September 30,Nine months ended September 30,
 2023202220232022
SoCalGas$4.84 $9.46 $12.10 $7.64 
SDG&E6.33 10.20 12.10 7.74 
In the three months ended September 30, 2023, our natural gas revenues decreased by $99 million (6%) to $1.5 billion compared to the same period in 2022 primarily due to:
▪$72 million decrease at SoCalGas, which included:
◦$217 million decrease in cost of natural gas sold, which we discuss below, and
◦$36 million lower non-service components of net periodic benefit cost, which fully offsets in other income (expense), net, offset by
◦$143 million higher revenues associated with refundable programs, which are fully offset in O&M, and
◦$32 million higher CPUC-authorized revenues; and
▪$21 million decrease at SDG&E, which included:
◦$20 million decrease in cost of natural gas sold, which we discuss below, and
◦$7 million lower revenues associated with refundable programs, which are fully offset in O&M, offset by
◦$4 million higher revenues from balanced capital projects.
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In the three months ended September 30, 2023, our cost of natural gas decreased by $245 million (49%) to $260 million compared to the same period in 2022 primarily due to:
▪$217 million decrease at SoCalGas primarily due to lower average natural gas prices; and
▪$20 million decrease at SDG&E, including $27 million from lower average natural gas prices, offset by $7 million from higher volumes driven by weather.
In the nine months ended September 30, 2023, our natural gas revenues increased by $1.9 billion (35%) to $7.6 billion compared to the same period in 2022 primarily due to:
▪$1.7 billion increase at SoCalGas, which included:
◦$1.3 billion increase in cost of natural gas sold, which we discuss below,
◦$284 million higher revenues associated with refundable programs, which are fully offset in O&M,
◦$75 million higher CPUC-authorized revenues,
◦$28 million higher non-service components of net periodic benefit cost, which fully offsets in other income (expense), net,
◦$24 million higher franchise fee revenues, and
◦$18 million higher regulatory awards approved by the CPUC, offset by
◦$26 million lower regulatory revenues in 2023 from the recognition of previously unrecognized income tax benefits pertaining to gas repairs expenditures, which are offset in income tax benefit (expense); and
▪$273 million increase at SDG&E, which included:
◦$202 million increase in cost of natural gas sold, which we discuss below,
◦$28 million higher revenues from balanced capital projects, and
◦$23 million higher revenues associated with refundable programs, which are fully offset in O&M.
In the nine months ended September 30, 2023, our cost of natural gas increased by $1.4 billion to $3.3 billion compared to the same period in 2022 primarily due to:
▪$1.3 billion increase at SoCalGas, including $1.1 billion from higher average natural gas prices and $226 million from higher volumes driven by weather; and
▪$202 million increase at SDG&E, including $167 million from higher average natural gas prices and $35 million from higher volumes driven by weather.
Electric Revenues and Cost of Electric Fuel and Purchased Power
In the three months ended September 30, 2023, our electric revenues decreased by $107 million (8%) to $1.3 billion compared to the same period in 2022 primarily due to a $106 million decrease at SDG&E, which included:
▪$116 million lower cost of electric fuel and purchased power, which we discuss below; and
▪$63 million in 2023 from the recognition of investment tax credits from standalone energy storage projects, which are offset in income tax benefit (expense); offset by
▪$29 million higher revenues from balanced capital projects;
▪$25 million higher revenues associated with refundable programs, which are fully offset in O&M;
▪$22 million higher revenues from transmission operations; and
▪$9 million higher CPUC-authorized revenues.
Our utility cost of electric fuel and purchased power includes utility-owned generation, power purchased from third parties, and net power purchases and sales to/from the California ISO. In the three months ended September 30, 2023, the cost of electric fuel and purchased power decreased by $124 million (40%) to $183 million compared to the same period in 2022 primarily due to a $116 million decrease at SDG&E, which included:
▪$180 million lower purchased power from the California ISO due to lower customer demand from departing load now served by CCAs, and lower market prices; and
▪ $77 million lower utility-owned generation costs; offset by
▪$169 million lower sales to the California ISO due to lower market prices.
In the nine months ended September 30, 2023, our electric revenues decreased by $332 million (9%) to $3.3 billion compared to the same period in 2022 primarily due to a $329 million decrease at SDG&E, which included:
▪$364 million lower cost of electric fuel and purchased power, which we discuss below; and
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▪$165 million in 2023 from the recognition of investment tax credits from standalone energy storage projects, which are offset in income tax benefit (expense); offset by
▪$69 million higher revenues from balanced capital projects;
▪$36 million higher revenues associated with refundable programs, which are fully offset in O&M;
▪$32 million higher CPUC-authorized revenues;
▪$29 million higher revenues from transmission operations; and
▪$10 million higher revenues associated with impacts resulting from changes in tax laws tracked in the income tax expense memorandum account.
In the nine months ended September 30, 2023, the cost of electric fuel and purchased power decreased by $378 million to $385 million compared to the same period in 2022 primarily due to a $364 million decrease at SDG&E, which included:
▪$138 million lower purchased power from the California ISO due to lower customer demand from departing load now served by CCAs, net of higher market prices;
▪$98 million lower purchased power from, net of higher excess capacity sales to, third parties;
▪$55 million higher realized gains on fixed-price natural gas derivative contracts, which are entered into to hedge the cost of electric fuel; and
▪$54 million lower utility-owned generation costs.
Energy-Related Businesses: Revenues and Cost of Sales
The table below shows revenues and cost of sales for our energy-related businesses.
ENERGY-RELATED BUSINESSES: REVENUES AND COST OF SALES
(Dollars in millions)
 Three months ended September 30,Nine months ended September 30,
 2023202220232022
Revenues:  
Sempra Infrastructure
$611 $678 $2,418 $1,743 
Parent and other(1)
(15)(5)(80)(33)
Total revenues$596 $673 $2,338 $1,710 
Cost of sales(2):
  
Sempra Infrastructure
$163 $340 $437 $764 
Total cost of sales$163 $340 $437 $764 
(1)    Includes eliminations of intercompany activity.
(2)    Excludes depreciation and amortization, which are presented separately on Sempra’s Condensed Consolidated Statements of Operations.

In the three months ended September 30, 2023, revenues from our energy-related businesses decreased by $77 million (11%) to $596 million compared to the same period in 2022 primarily due to:
▪$48 million decrease in revenues from asset and supply optimization from contracts to sell natural gas and LNG to third parties, including:
◦$32 million from lower LNG diversion fees, and
◦$11 million primarily driven by $113 million from lower natural gas prices and volumes offset by $2 million unrealized gains in 2023 compared to $76 million unrealized losses in 2022 on commodity derivatives; and
▪$35 million decrease in revenues from TdM mainly due to lower power prices.
In the three months ended September 30, 2023, the cost of sales for our energy-related businesses decreased by $177 million to $163 million compared to the same period in 2022 primarily due to:
▪$151 million driven by lower natural gas purchases related to asset and supply optimization; and
▪$32 million at TdM driven by lower natural gas prices.
In the nine months ended September 30, 2023, revenues from our energy-related businesses increased by $628 million (37%) to $2.3 billion compared to the same period in 2022 primarily due to:
▪$652 million increase in revenues from asset and supply optimization from contracts to sell natural gas and LNG to third parties, including:
◦$720 million primarily driven by $619 million unrealized gains in 2023 compared to $183 million unrealized losses in 2022 on commodity derivatives offset by $72 million from lower natural gas prices, net of higher volumes, offset by
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◦$71 million lower LNG sales; and
▪$35 million higher transportation revenues driven by a customer’s early termination of firm transportation agreements; offset by
▪$40 million decrease in revenues from TdM mainly due to lower power prices and lower volumes from maintenance on a third-party pipeline in 2023 that supplies gas to the plant.
In the nine months ended September 30, 2023, the cost of sales for our energy-related businesses decreased by $327 million (43%) to $437 million compared to the same period in 2022 primarily due to:
▪$355 million decrease driven by lower natural gas and LNG purchases, net of higher prices, related to asset and supply optimization; offset by
▪$20 million increase at TdM driven by higher natural gas prices offset by lower volumes from maintenance on a third-party pipeline in 2023 that supplies gas to the plant.
Operation and Maintenance
In the three months ended September 30, 2023, O&M increased by $177 million (15%) to $1.4 billion compared to the same period in 2022 primarily due to:
▪$143 million increase at SoCalGas due to higher expenses associated with refundable programs, which costs incurred are recovered in revenue; and
▪$24 million increase at SDG&E due to:
◦$18 million higher expenses associated with refundable programs, which costs incurred are recovered in revenue, and
◦$6 million higher non-refundable operating costs.
In the nine months ended September 30, 2023, O&M increased by $504 million (15%) to $4.0 billion compared to the same period in 2022 primarily due to:
▪$327 million increase at SoCalGas due to:
◦$284 million higher expenses associated with refundable programs, which costs incurred are recovered in revenue, and
◦$43 million higher non-refundable operating costs;
▪$108 million increase at SDG&E due to:
◦$59 million higher expenses associated with refundable programs, which costs incurred are recovered in revenue, and
◦$49 million higher non-refundable operating costs; and
▪$71 million increase at Sempra Infrastructure due to:
◦$34 million higher development costs and certain non-capitalized expenses from projects under construction,
◦$13 million higher purchased services, and
◦$12 million higher operating cost due to remeasurement of operating leases at the refined products terminals in 2022.
Aliso Canyon Litigation and Regulatory Matters
In the three months and nine months ended September 30, 2022, SoCalGas recorded charges of $122 million and $259 million, respectively, relating to litigation and regulatory matters pertaining to the Leak.
Other Income (Expense), Net
As part of our central risk management function, we may enter into foreign currency derivatives to hedge SI Partners’ exposure to movements in the Mexican peso from its controlling interest in IEnova. The gains/losses associated with these derivatives are included in other income (expense), net, as described below, and partially mitigate the transactional effects of foreign currency and inflation included in income tax expense for SI Partners’ consolidated entities and in equity earnings for SI Partners’ equity method investments. We discuss policies governing our risk management in “Part II – Item 7A. Quantitative and Qualitative Disclosures About Market Risk” in the Annual Report.
Other income, net, in the three months ended September 30, 2023 was $3 million compared to other expense, net, of $40 million in the same period in 2022 primarily due to:
▪$49 million lower non-service components of net periodic benefit cost, including $12 million at SDG&E and $36 million at SoCalGas; and
▪$12 million higher net interest income on regulatory balancing accounts, including $5 million at SDG&E and $7 million at SoCalGas; offset by
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▪$6 million higher net investment losses on dedicated assets in support of our employee nonqualified benefit plan and deferred compensation plans.
Other income, net, in the nine months ended September 30, 2023 was $75 million compared to other expense, net, of $3 million in the same period in 2022 primarily due to:
▪$58 million lower net investment losses on dedicated assets in support of our employee nonqualified benefit plan and deferred compensation plans;
▪$44 million higher net interest income on regulatory balancing accounts, including $22 million at SDG&E and $22 million at SoCalGas; and
▪$6 million gains in 2023 compared to $16 million losses in 2022 from impacts associated with interest rate and foreign exchange instruments and foreign currency transactions, including:
◦$11 million foreign currency losses in 2022 on a Mexican peso-denominated loan to IMG, which is fully offset in equity earnings, and
◦$1 million gain in 2023 compared to $7 million losses in 2022 on other foreign currency transactional effects; and
▪$10 million in penalties at SoCalGas in 2022 related to energy efficiency and advocacy OSCs; offset by
▪$34 million higher non-service components of net periodic benefit cost, including $6 million at SDG&E and $28 million at SoCalGas.
Interest Expense
In the three months ended September 30, 2023, interest expense increased by $30 million (11%) to $312 million compared to the same period in 2022 primarily due to:
▪$29 million at Parent and other from higher debt balances from debt issuances and higher interest rates and borrowings on commercial paper;
▪$20 million at SoCalGas from higher debt balances from debt issuances and higher interest rates; and
▪$13 million at SDG&E primarily from higher debt balances from debt issuances; offset by
▪$32 million at Sempra Infrastructure primarily due to:
◦$39 million lower interest expense due to higher capitalization of interest expense on projects under construction, offset by
◦$17 million higher interest rates and borrowings on committed lines of credit.
In the nine months ended September 30, 2023, interest expense increased by $199 million (25%) to $995 million compared to the same period in 2022 primarily due to:
▪$75 million at SoCalGas from higher debt balances from debt issuances and higher interest rates;
▪$61 million at Parent and other from higher interest rates and borrowings on commercial paper and higher debt balances from debt issuances;
▪$34 million at SDG&E primarily from higher debt balances from debt issuances; and
▪$29 million at Sempra Infrastructure primarily due to:
◦$61 million higher interest rates and borrowings on committed lines of credit, and
◦$47 million interest expense in 2023 comprised of $33 million net unrealized losses and a $14 million settlement on a contingent interest rate swap related to the PA LNG Phase 1 project that we discuss in Note 7 of the Condensed Consolidated Financial Statements, offset by
◦$65 million lower interest expense due to higher capitalization of interest expense on projects under construction.
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Income Taxes
The table below shows the income tax expense and ETRs for Sempra, SDG&E and SoCalGas.
INCOME TAX (BENEFIT) EXPENSE AND EFFECTIVE INCOME TAX RATES
(Dollars in millions)
Three months ended September 30,Nine months ended September 30,
2023202220232022
Sempra:
Income tax (benefit) expense
$(52)$21 $499 $435 
Income before income taxes and equity earnings$323 $165 $2,175 $1,194 
Equity earnings, before income tax(1)
133 134 418 436 
Pretax income
$456 $299 $2,593 $1,630 
Effective income tax rate(11)%7 %19 %27 %
SDG&E:
Income tax (benefit) expense
$(15)$35 $(4)$141 
Income before income taxes$259 $306 $712 $822 
Effective income tax rate(6)%11 %(1)%17 %
SoCalGas:
Income tax (benefit) expense
$(5)$(28)$68 $75 
Income (loss) before income taxes
$11 $(110)$600 $415 
Effective income tax rate(45)%25 %11 %18 %
(1)    We discuss how we recognize equity earnings in Note 6 of the Notes to Consolidated Financial Statements in the Annual Report.

Under the IRA, beginning in 2023, the scope of projects eligible for investment tax credits was expanded to include standalone energy storage projects. The IRA also provided an election that prospectively permits investment tax credits related to standalone energy storage projects to be returned to utility customers over a period that is shorter than the life of the applicable asset. Under this election, SDG&E recorded a regulatory liability to offset these investment tax credits, which reduced SDG&E’s and Sempra’s ETR in 2023.
In April 2023, the IRS issued Revenue Procedure 2023-15, which provides a safe harbor method of accounting for gas repairs expenditures. As a result of this Revenue Procedure, SoCalGas updated its assessment of prior years’ unrecognized income tax benefits and, in the nine months ended September 30, 2023, recorded an income tax benefit of $43 million for previously unrecognized income tax benefits pertaining to gas repairs expenditures. SoCalGas recorded an associated regulatory liability for the portion that will benefit customers in the future. We are assessing the potential future impacts of this Revenue Procedure.
Sempra
In the three months ended September 30, 2023, Sempra’s income tax benefit compared to income tax expense in the same period in 2022 was primarily due to:
▪$49 million income tax benefit in 2023 compared to $4 million income tax benefit in 2022 from foreign currency and inflation effects on our monetary positions in Mexico;
▪$23 million income tax benefit in 2023 associated with the remeasurement of certain deferred income taxes; and
▪income tax benefit in 2023 from the recognition of investment tax credits from standalone energy storage projects; offset by
▪$21 million income tax benefit in 2022 associated with charges relating to litigation and regulatory matters pertaining to the Leak; and
▪higher pretax income.

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In the nine months ended September 30, 2023, Sempra’s income tax expense increased by $64 million (15%) compared to the same period in 2022 primarily due to:
▪$203 million income tax expense in 2023 compared to $80 million income tax expense in 2022 from foreign currency and inflation effects on our monetary positions in Mexico;
▪$60 million income tax benefit in 2022 associated with charges relating to litigation and regulatory matters pertaining to the Leak;
▪$30 million income tax benefit in 2022 from changes to a valuation allowance against certain tax credit carryforwards;
▪$11 million lower income tax benefit from the remeasurement of certain deferred income taxes; and
▪higher pretax income; offset by
▪$120 million deferred income tax expense in 2022 associated with the change in our indefinite reinvestment assertion related to our foreign subsidiaries;
▪$43 million income tax benefit in 2023 from the recognition of previously unrecognized income tax benefits pertaining to gas repairs expenditures; and
▪income tax benefit in 2023 from the recognition of investment tax credits from standalone energy storage projects.

We discuss the impact of foreign currency exchange rates and inflation on income taxes below in “Impact of Foreign Currency and Inflation Rates on Results of Operations.” See Note 1 of the Notes to Condensed Consolidated Financial Statements in this report and Notes 1 and 8 of the Notes to Consolidated Financial Statements in the Annual Report for further details about our accounting for income taxes and items subject to flow-through treatment.
SDG&E
In the three months and nine months ended September 30, 2023, SDG&E’s income tax benefit compared to income tax expense in the same period in 2022 was primarily due to:
▪income tax benefit in 2023 from the recognition of investment tax credits from standalone energy storage projects; and
▪lower pretax income; offset by
▪$10 million lower income tax benefit from the resolution of prior year income tax items.
SoCalGas
In the three months ended September 30, 2023, SoCalGas’ income tax benefit decreased by $23 million compared to the same period in 2022 primarily due to a $21 million income tax benefit in 2022 associated with charges relating to litigation and regulatory matters pertaining to the Leak.
In the nine months ended September 30, 2023, SoCalGas’ income tax expense decreased by $7 million (9%) compared to the same period in 2022 primarily due to:
▪the recognition of previously unrecognized income tax benefits pertaining to gas repairs expenditures; and
▪lower pretax income in 2023 compared to 2022 (before charges in 2022 relating to litigation and regulatory matters pertaining to the Leak); offset by
▪$60 million income tax benefit in 2022 associated with charges relating to litigation and regulatory matters pertaining to the Leak.
Equity Earnings
In the three months ended September 30, 2023, equity earnings increased by $62 million (15%) to $479 million compared to the same period in 2022 primarily due to:
▪$48 million at Oncor Holdings driven by:
◦higher revenues attributable to higher customer consumption primarily attributable to weather, updates to transmission billing factors, new base rates implemented in May 2023, interim rate updates to reflect increases in invested capital, and customer growth, offset by
◦higher interest expense and depreciation expense attributable to invested capital, and
◦higher O&M;
▪$9 million at TAG mainly due to higher revenues from new tariffs going into effect in June 2023; and
▪$6 million at IMG mainly due to lower income tax expense.
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In the nine months ended September 30, 2023, equity earnings decreased by $32 million (3%) to $1,086 million compared to the same period in 2022 primarily due to:
▪$55 million at Oncor Holdings driven by:
◦higher interest expense and depreciation expense attributable to invested capital,
◦write-off of rate base disallowances in 2023 resulting from the PUCT’s final order in Oncor’s comprehensive base rate review, and
◦higher O&M, offset by
◦higher revenues attributable to updates to transmission billing factors, new base rates implemented in May 2023, customer growth, and interim rate updates to reflect increases in invested capital;
▪$28 million at IMG due to foreign currency effects, including $11 million foreign currency gains in 2022 on IMG’s Mexican peso-denominated loans from its JV owners, which is fully offset in other income (expense), net, and higher interest expense and income tax expense; and
▪$17 million at Cameron LNG JV due to higher project development costs from the proposed Cameron LNG Phase 2 project; offset by
▪$69 million at TAG due to higher revenues, including the cumulative impact of new tariffs going into effect in June 2023, offset by higher income tax expense.
Earnings Attributable to Noncontrolling Interests
In the three months ended September 30, 2023, earnings attributable to NCI increased by $57 million to $122 million compared to the same period in 2022 due to an increase in SI Partners’ net income.
In the nine months ended September 30, 2023, earnings attributable to NCI increased by $248 million to $435 million compared to the same period in 2022 primarily due to:
▪$157 million increase from an increase in SI Partners’ net income; and
▪$91 million increase from a decrease in our ownership interest in SI Partners and SI Partners subsidiaries.

IMPACT OF FOREIGN CURRENCY AND INFLATION RATES ON RESULTS OF OPERATIONS
Because our natural gas distribution utility in Mexico, Ecogas, uses its local currency as its functional currency, revenues and expenses are translated into U.S. dollars at average exchange rates for the period for consolidation in Sempra’s results of operations. We discuss further the impact of foreign currency and inflation rates on results of operations, including impacts on income taxes and related hedging activity, in “Part II – Item 7. MD&A – Impact of Foreign Currency and Inflation Rates on Results of Operations” in the Annual Report.
Foreign Currency Translation
Any difference in average exchange rates used for the translation of income statement activity from year to year can cause a variance in Sempra’s comparative results of operations. In the three months and nine months ended September 30, 2023, the change in our earnings as a result of foreign currency translation rates was higher by $1 million and $3 million, respectively, compared to the same periods in 2022.
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Transactional Impacts
Income statement activities at our foreign operations and their JVs are also impacted by transactional gains and losses, a summary of which is shown in the table below:
TRANSACTIONAL (LOSSES) GAINS FROM FOREIGN CURRENCY AND INFLATION EFFECTS
(Dollars in millions)
 Total reported amountsTransactional (losses) gains included in reported amounts
 Three months ended September 30,
 2023202220232022
Other income (expense), net$3 $(40)$(2)$1 
Income tax benefit (expense)
52 (21)49 4 
Equity earnings479 417 5 (2)
Net income854 561 52 3 
Earnings attributable to noncontrolling interests
(122)(65)(16)(1)
Earnings attributable to common shares721 485 36 2 
 Nine months ended September 30,
 2023202220232022
Other income (expense), net$75 $(3)$6 $(16)
Income tax benefit (expense)
(499)(435)(203)(80)
Equity earnings1,086 1,118 (46)(14)
Net income2,762 1,877 (243)(110)
Earnings attributable to noncontrolling interests
(435)(187)77 21 
Earnings attributable to common shares2,293 1,656 (166)(89)
CAPITAL RESOURCES AND LIQUIDITY
OVERVIEW
Sempra
Liquidity
We expect to meet our cash requirements through cash flows from operations, unrestricted cash and cash equivalents, borrowings under or supported by our credit facilities, other incurrences of debt which may include issuing debt securities and obtaining term loans, and other financing transactions which may include issuing equity securities, distributions from our equity method investments, project financing and funding from minority interest owners. We believe that these cash flow sources, combined with available funds, will be adequate to fund our operations in both the short-term and long-term, including to:
▪finance capital expenditures
▪repay debt
▪fund dividends
▪fund contractual and other obligations and otherwise meet liquidity requirements
▪fund capital contribution requirements
▪fund new business or asset acquisitions or start-ups
Sempra, SDG&E and SoCalGas currently have reasonable access to the money markets and capital markets and are not currently constrained in their ability to borrow money at market rates from commercial banks, under existing revolving credit facilities, through public offerings of debt securities, or through private placements of debt supported by our revolving credit facilities in the case of commercial paper. However, our ability to access these markets or obtain credit from commercial banks outside of our committed revolving credit facilities could become materially constrained if economic conditions worsen or disruptions to or volatility in these markets increase. Debt funding has become less attractive due to the recent rise in both short-term and long-term interest rates. In addition, our financing activities and actions by credit rating agencies, as well as many other factors, could negatively affect the availability and cost of both short-term and long-term debt financing and equity financing. Also, cash flows
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from operations may be impacted by the timing of commencement and completion, and potentially cost overruns, of large projects and other material events, such as the settlement of material litigation. If cash flows from operations were to be significantly reduced or we were unable to borrow or obtain other financing under acceptable terms, we would likely first reduce or postpone discretionary capital expenditures (not related to safety/reliability) and investments in new businesses. We monitor our ability to finance the needs of our operating, investing and financing activities in a manner consistent with our goal to maintain our investment-grade credit ratings.
Available Funds
Our committed lines of credit provide liquidity and support commercial paper. Sempra, SDG&E and SoCalGas each have five-year credit agreements expiring in 2028 and Sempra Infrastructure has four committed lines of credit expiring on various dates from 2025 through 2030, and an uncommitted revolving credit facility expiring in 2024.
AVAILABLE FUNDS AT SEPTEMBER 30, 2023
(Dollars in millions)
 SempraSDG&ESoCalGas
Unrestricted cash and cash equivalents(1)
$1,149 $246 $26 
Available unused credit(2)
8,096 1,500 779 
(1)    Amounts at Sempra include $170 held in non-U.S. jurisdictions. We discuss repatriation in Note 8 of the Notes to Consolidated Financial Statements in the Annual Report.
(2)    Available unused credit is the total available on committed and uncommitted lines of credit that we discuss in Note 6 of the Notes to Condensed Consolidated Financial Statements. Because our commercial paper programs are supported by these lines, we reflect the amount of commercial paper outstanding and any letters of credit outstanding as a reduction to the available unused credit.
Short-Term Borrowings
We use short-term debt primarily to meet liquidity requirements, fund shareholder dividends, and temporarily finance capital expenditures, acquisitions or start-ups. SDG&E and SoCalGas use short-term debt primarily to meet working capital needs or to help fund event-specific costs. Commercial paper, lines of credit and a term loan were our primary sources of short-term debt funding in the first nine months of 2023.
We discuss our short-term debt activities in Note 6 of the Notes to Condensed Consolidated Financial Statements and below in “Sources and Uses of Cash.”
Long-Term Debt Activities
Significant issuances of and payments on long-term debt in the first nine months of 2023 included the following:
LONG-TERM DEBT ISSUANCES AND PAYMENTS
(Dollars in millions)
Issuances:Amount at issuanceMaturity
Sempra 5.40% senior unsecured notes$550 2026
Sempra 5.50% senior unsecured notes700 2033
SDG&E 5.35% first mortgage bonds800 2053
SDG&E 4.95% green first mortgage bonds600 2028
SoCalGas 5.20% first mortgage bonds500 2033
SoCalGas 5.75% first mortgage bonds500 2053
Sempra Infrastructure variable rate notes (ECA LNG Phase 1 project)207 2025
Sempra Infrastructure variable rate notes (PA LNG Phase 1 project)243 2030
Payments:PaymentsMaturity
SDG&E 3.60% first mortgage bonds$450 2023
SoCalGas senior unsecured variable rate notes300 2023
Sempra Infrastructure 6.3% notes (4.124% after cross-currency swap)208 2023
We discuss our long-term debt activities, including the use of proceeds on long-term debt issuances, in Note 6 of the Notes to Condensed Consolidated Financial Statements.
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Credit Ratings
We provide additional information about the credit ratings of Sempra, SDG&E and SoCalGas in “Part I – Item 1A. Risk Factors” and “Part II – Item 2. MD&A – Capital Resources and Liquidity” in the Annual Report.
The credit ratings of Sempra, SDG&E and SoCalGas remained at investment grade levels in the first nine months of 2023.
CREDIT RATINGS AT SEPTEMBER 30, 2023
  
 SempraSDG&ESoCalGas
Moody’sBaa2 with a stable outlookA3 with a stable outlookA2 with a stable outlook
S&PBBB+ with a stable outlookBBB+ with a stable outlookA with a negative outlook
FitchBBB+ with a stable outlookBBB+ with a stable outlookA with a stable outlook
A downgrade of Sempra’s or any of its subsidiaries’ credit ratings or rating outlooks may, depending on the severity, result in the imposition of financial or other burdensome covenants or a requirement for collateral to be posted in the case of certain financing arrangements and may materially and adversely affect the market prices of their equity and debt securities, the rates at which borrowings are made and commercial paper is issued, and the various fees on their outstanding credit facilities. This could make it more costly for Sempra, SDG&E, SoCalGas and Sempra’s other subsidiaries to issue debt securities, to borrow under credit facilities and to raise certain other types of financing.
Sempra has agreed that, if the credit rating of Oncor’s senior secured debt by any of the three major rating agencies falls below BBB (or the equivalent), Oncor will suspend dividends and other distributions (except for contractual tax payments), unless otherwise allowed by the PUCT. Oncor’s senior secured debt was rated A2, A+ and A at Moody’s, S&P and Fitch, respectively, at September 30, 2023.
Loans to/from Affiliates
At September 30, 2023, Sempra had $308 million in loans due to unconsolidated affiliates.
Inflation Reduction Act of 2022
The IRA was signed into law in August 2022. The IRA includes tax credits and other incentives for energy and climate initiatives and introduces a 15% corporate alternative minimum tax on adjusted financial statement income for tax years beginning after December 31, 2022. We do not currently expect the IRA to have a material adverse impact on Sempra’s, SDG&E’s or SoCalGas’ results of operations, financial condition and/or cash flows. We will continue to assess the impacts of the IRA as the U.S. Department of the Treasury and the IRS issue guidance on tax implementation, and the U.S. Environmental Protection Agency and DOE issue guidance on energy and climate initiatives.
Sempra California
SDG&E’s and SoCalGas’ operations have historically provided relatively stable earnings and liquidity. Their future performance and liquidity will depend primarily on the ratemaking and regulatory process, environmental regulations, economic conditions, actions by legislators, litigation and the changing energy marketplace, as well as other matters described in this report. SDG&E and SoCalGas expect that the available unused funds from their credit facilities described above, which also supports their commercial paper programs, cash flows from operations, and other incurrences of debt including issuing debt securities and obtaining term loans will continue to be adequate to fund their respective current operations and planned capital expenditures. SDG&E and SoCalGas manage their capital structures and pay dividends when appropriate and as approved by their respective boards of directors.
As we discuss in Note 4 of the Notes to Condensed Consolidated Financial Statements in this report and in Note 4 of the Notes to Consolidated Financial Statements in the Annual Report, changes in regulatory balancing accounts for significant costs at SDG&E and SoCalGas, particularly a change between over- and undercollected status, may have a significant impact on cash flows. These changes generally represent the difference between when costs are incurred and when they are ultimately recovered or refunded in rates through billings to customers.
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CPUC Cost of Capital
As we discuss in Note 4 of the Notes to the Condensed Consolidated Financial Statements, the CPUC approved the cost of capital for SDG&E and SoCalGas that became effective on January 1, 2023 and will remain in effect through December 31, 2025, subject to the CCM. The CPUC has issued a ruling to initiate a second phase of this cost of capital proceeding to evaluate potential modifications to the CCM.
The CCM applies in the interim years between required cost of capital applications and considers changes in the cost of capital based on changes in interest rates using the applicable utility bond index published by Moody’s (the CCM benchmark rate) for each 12-month period ending September 30 (the measurement period). The CCM benchmark rate is the basis of comparison to determine if the CCM is triggered, which occurs if the change in the applicable Moody’s utility bond index relative to the CCM benchmark rate is larger than plus or minus 1.000% at the end of the measurement period. The index applicable to SDG&E and SoCalGas is based on each utility’s credit rating. For the measurement period that ended on September 30, 2023, SDG&E’s CCM benchmark rate was 4.367% based on Moody’s Baa- utility bond index and SoCalGas’ CCM benchmark rate was 4.074% based on Moody’s A- utility bond index. SDG&E’s and SoCalGas’ average bond index rates for the period from October 1, 2022 through September 30, 2023 were more than 1.000% above their respective CCM benchmark rates, which triggered the CCM. Subject to regulatory approval, the CCM trigger would increase the authorized rate of return for SDG&E to 7.67% (including the cost of debt to 4.34% and return on equity to 10.65%) and increase the authorized rate of return for SoCalGas to 7.67% (including the cost of debt to 4.54% and return on equity to 10.50%), effective January 1, 2024.
SDG&E
Wildfire Fund
The carrying value of SDG&E’s Wildfire Fund asset totaled $310 million at September 30, 2023. We describe the Wildfire Legislation and SDG&E’s commitment to make annual shareholder contributions to the Wildfire Fund through 2028 in Note 1 of the Notes to Consolidated Financial Statements in the Annual Report.
SDG&E is exposed to the risk that the participating California electric IOUs may incur third-party wildfire costs for which they will seek recovery from the Wildfire Fund with respect to wildfires that have occurred since enactment of the Wildfire Legislation in July 2019. In such a situation, SDG&E may recognize a reduction of its Wildfire Fund asset and record an impairment charge against earnings when available coverage is reduced due to recoverable claims from any of the participating IOUs. Pacific Gas and Electric Company has indicated that it will seek reimbursement from the Wildfire Fund for losses associated with the Dixie Fire, which burned from July 2021 through October 2021 and was reported to be the largest single wildfire (measured by acres burned) in California history. If any California electric IOU’s equipment is determined to be a cause of a fire, it could have a material adverse effect on SDG&E’s and Sempra’s financial condition and results of operations up to the carrying value of our Wildfire Fund asset, with additional potential material exposure if SDG&E’s equipment is determined to be a cause of a fire. In addition, the Wildfire Fund could be completely exhausted due to fires in the other California electric IOUs’ service territories, by fires in SDG&E’s service territory or by a combination thereof. In the event that the Wildfire Fund is materially diminished, exhausted or terminated, SDG&E will lose the protection afforded by the Wildfire Fund, and as a consequence, a fire in SDG&E’s service territory could have a material adverse effect on SDG&E’s and Sempra’s results of operations, financial condition, cash flows and/or prospects.
Off-Balance Sheet Arrangements
SDG&E has entered into PPAs and tolling agreements that are variable interests in unconsolidated entities. We discuss variable interests in Note 1 of the Notes to Condensed Consolidated Financial Statements.
SoCalGas
Aliso Canyon Natural Gas Storage Facility Gas Leak
Insurance and Accounting and Other Impacts. Since 2015, SoCalGas has incurred significant costs related to the Leak, including costs to defend against and settle civil litigation arising from the Leak. Other than insurance for directors’ and officers’ liability, we have exhausted all of our insurance for this matter. We continue to pursue other sources of insurance coverage for costs related to this matter, but we may not be successful in obtaining additional insurance recovery for any of these costs.
At September 30, 2023, $126 million is accrued in Reserve for Aliso Canyon Costs and $3 million is accrued in Deferred Credits and Other on SoCalGas’ and Sempra’s Condensed Consolidated Balance Sheets. These accruals do not include any amounts in excess of what has been estimated to resolve certain matters that we describe in “Litigation” and “Regulatory Proceeding” nor any amounts that may be necessary to resolve threatened litigation, other potential litigation or other costs, in each case to the extent it
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is not possible to predict at this time the outcome of these actions or reasonably estimate the possible costs or a range of possible costs. Further, we are not able to reasonably estimate the possible loss or a range of possible losses in excess of the amounts accrued, which could be significant.
An adverse outcome with respect to (i) the unresolved litigation we describe under “Litigation,” (ii) the unresolved SB 380 OII proceeding we describe under “Regulatory Proceeding,” or (iii) threatened or other potential litigation related to the Leak, in each case that we discuss in Note 10 of the Notes to the Condensed Consolidated Financial Statements, could have a material adverse effect on SoCalGas’ and Sempra’s results of operations, financial condition, cash flows and/or prospects.
Natural Gas Storage Operations and Reliability. Natural gas withdrawn from storage is important for service reliability during peak demand periods, including peak electric generation needs in the summer and consumer heating needs in the winter. The Aliso Canyon natural gas storage facility is the largest SoCalGas storage facility and an important component of SoCalGas’ delivery system. In February 2017, the CPUC opened proceeding SB 380 OII to determine the feasibility of minimizing or eliminating the use of the Aliso Canyon natural gas storage facility while still maintaining energy and electric reliability for the region, including considering alternative means for meeting or avoiding the demand for the facility’s services if it were eliminated.
At September 30, 2023, the Aliso Canyon natural gas storage facility had a net book value of $993 million. If the Aliso Canyon natural gas storage facility were to be permanently closed or if future cash flows from its operation were otherwise insufficient to recover its carrying value, we may record an impairment of the facility, which could be material, or we could incur materially higher than expected operating costs and/or be required to make material additional capital expenditures (any or all of which may not be recoverable in rates), and natural gas reliability and electric generation could be jeopardized.
Sempra Texas Utilities
Oncor relies on external financing as a significant source of liquidity for its capital requirements. In the event that Oncor fails to meet its capital requirements, access sufficient capital, or raise capital on favorable terms to finance its ongoing needs, we may elect to make additional capital contributions to Oncor (as our commitments to the PUCT prohibit us from making loans to Oncor), which could be substantial and reduce the cash available to us for other purposes, increase our indebtedness and ultimately materially adversely affect our results of operations, financial condition, cash flows and/or prospects. Oncor’s ability to make distributions may be limited by factors such as its credit ratings, regulatory capital requirements, increases in its capital plan, debt-to-equity ratio approved by the PUCT and other restrictions and considerations. In addition, Oncor will not make distributions if a majority of Oncor’s independent directors or any minority member director determines it is in the best interests of Oncor to retain such amounts to meet expected future requirements.
Capital Structure and Return on Equity
In April 2023, the PUCT issued a final order in Oncor’s comprehensive base rate review. The final order sets Oncor’s authorized ROE at 9.7%, a decrease from its previously authorized ROE of 9.8%, and maintains Oncor’s authorized regulatory capital structure at 57.5% debt to 42.5% equity. The new rates became effective on May 1, 2023. In June 2023, the PUCT issued an order on rehearing in response to the motions for rehearing filed by Oncor and certain intervenor parties in the proceeding. The order on rehearing made certain technical and typographical corrections to the final order but otherwise affirmed the material provisions of the final order and did not require modification of the rates that went into effect on May 1, 2023. In September 2023, Oncor filed an appeal in Travis County District Court seeking judicial review of certain rate base disallowances and related expense effects of those disallowances in the PUCT’s order on rehearing.
Off-Balance Sheet Arrangement
Our investment in Oncor Holdings is a variable interest in an unconsolidated entity. We discuss variable interests in Note 1 of the Notes to Condensed Consolidated Financial Statements.
Sempra Infrastructure
Sempra Infrastructure expects to fund capital expenditures, investments and operations in part with available funds, including existing credit facilities, and cash flows from operations of the Sempra Infrastructure businesses. We expect Sempra Infrastructure will require additional funding for the development and expansion of its portfolio of projects, which may be financed through a combination of funding from the parent and minority interest owners, bank financing, issuances of debt, project financing, partnering in JVs and asset sales.
In the nine months ended September 30, 2023, Sempra Infrastructure distributed $289 million to minority interest owners and minority interest owners contributed $1,236 million to Sempra Infrastructure.
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LNG and Net-Zero Solutions
Cameron LNG Phase 2 Project. Cameron LNG JV is developing a proposed expansion project that would add one liquefaction train with an expected maximum production capacity of approximately 6.75 Mtpa and would increase the production capacity of the existing three trains at the Cameron LNG Phase 1 facility by up to approximately 1 Mtpa through debottlenecking activities. The Cameron LNG JV site can accommodate additional trains beyond the proposed Cameron LNG Phase 2 project.
Cameron LNG JV previously received major permits and FTA and non-FTA approvals associated with the potential expansion that included up to two additional liquefaction trains and up to two additional full containment LNG storage tanks. The non-FTA approval for the proposed Cameron LNG Phase 2 project includes, among other things, a May 2026 deadline to commence commercial exports, for which we expect to request an extension. In March 2023, the FERC approved Cameron LNG JV’s request to amend the permits to allow the use of electric drives, instead of gas turbine drives, which would reduce overall emissions. The amendment also allows the design to be changed from a two-train gas turbine expansion to a one-train electric drive expansion along with other design enhancements that, together, are expected to result in a more cost-effective and efficient facility, while also reducing overall GHG emissions.
Sempra Infrastructure and the other Cameron LNG JV members, namely affiliates of TotalEnergies SE, Mitsui & Co., Ltd. and Japan LNG Investment, LLC, a company jointly owned by Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha, have entered into a non-binding HOA for the potential development of the Cameron LNG Phase 2 project. The non-binding HOA provides a commercial framework for the proposed project, including the contemplated allocation to SI Partners of 50.2% of the fourth train production capacity and 25% of the debottlenecking capacity from the project under tolling agreements. The non-binding HOA contemplates the remaining capacity to be allocated equally to the existing Cameron LNG Phase 1 facility customers. Sempra Infrastructure plans to sell the LNG corresponding to its allocated capacity from the proposed Cameron LNG Phase 2 project under long-term SPAs prior to making a final investment decision. The ultimate participation in and offtake by Sempra Infrastructure, TotalEnergies SE, Mitsui & Co., Ltd. and Japan LNG Investment, LLC remain subject to negotiation and finalization of definitive agreements, among other factors, and the non-binding HOA does not commit any party to enter into definitive agreements with respect to the proposed Cameron LNG Phase 2 project.
Sempra Infrastructure, the other Cameron LNG JV members, and Cameron LNG JV have entered into a Phase 2 Project Development Agreement under which Sempra Infrastructure, subject to certain conditions and ongoing approvals by the Cameron LNG JV board, will manage and lead the Cameron LNG Phase 2 project development work until Cameron LNG JV makes a final investment decision.
In April 2022, Cameron LNG JV, upon the unanimous approval of the Cameron LNG JV board, awarded two FEED contracts, one to Bechtel and the other to a joint venture between JGC America Inc. and Zachry Industrial Inc.
In connection with the execution of the Phase 2 Project Development Agreement and the award of the FEED contracts, the Cameron LNG JV board unanimously approved an expansion development budget to fund, subject to the terms of the Phase 2 Project Development Agreement, development work to prepare for a potential final investment decision.
In July 2023, Cameron LNG JV informed Bechtel that it has been selected to perform additional value engineering work on the proposed Cameron LNG Phase 2 project, which we expect will continue through the end of 2023. The parties are negotiating the terms and conditions of a definitive EPC contract for the project. The current arrangement with Bechtel does not commit any party to enter into a definitive EPC contract or to otherwise participate in the project.
Cameron LNG JV has entered into a non-binding MOU with Entergy Louisiana, LLC, a subsidiary of Entergy Corporation, to negotiate the terms and conditions for a new electric service agreement intended to reduce Cameron LNG JV’s scope 2 emissions from the electricity it purchases from Entergy Louisiana, LLC. The non-binding MOU sets forth a framework for Entergy Louisiana, LLC and Cameron LNG JV to finalize and sign a minimum 20-year agreement for the procurement of new renewable generation resources in Louisiana, subject to the approval of the renewable tariff by the Louisiana Public Service Commission. The ultimate arrangement between Cameron LNG JV and Entergy Louisiana, LLC remains subject to negotiation and finalization of definitive agreements, among other factors, and the non-binding MOU does not commit any party to enter into definitive agreements with respect to the proposed electric services agreement.
Sempra Infrastructure has entered into a non-binding HOA for the negotiation and potential finalization of a definitive 20-year SPA with ORLEN for 2 Mtpa of LNG offtake from the proposed Cameron LNG Phase 2 project. The ultimate participation in and offtake from the proposed project remains subject to negotiation and finalization of a definitive agreement, among other factors, and the non-binding HOA does not commit any party to enter into a definitive agreement with respect to the proposed project. Sempra Infrastructure also entered into a non-binding HOA with Williams for the negotiation of potential LNG offtake from, and feed gas supply to, the PA LNG Phase 2 project and Cameron LNG Phase 2 project that are under development, as well as a
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potential strategic JV related to the existing Cameron Interstate Pipeline and the proposed Port Arthur Pipeline Louisiana Connector. The term of this non-binding HOA ended in March 2023.
Expansion of the Cameron LNG Phase 1 facility beyond the first three trains is subject to certain restrictions and conditions under the JV project financing agreements, including among others, scope restrictions on expansion of the project unless appropriate prior consent is obtained from the existing project lenders. Under the Cameron LNG JV equity agreements, the expansion of the project requires the unanimous consent of all the partners, including with respect to the equity investment obligation of each partner. Working under the framework established in the Phase 2 Project Development Agreement, Sempra Infrastructure and the other Cameron LNG JV members are investing additional time upfront to reduce construction risk and project costs and better optimize the construction schedule. We expect this process to continue through the end of 2023 and expect to be in a position to make a final investment decision in 2024, subject to executing an EPC contract, securing project financing, and extending the commercial export deadline under the project’s non-FTA approval.
Development of the proposed Cameron LNG Phase 2 project is subject to numerous risks and uncertainties, including securing binding customer commitments; reaching unanimous agreement with our partners to proceed; obtaining, modifying and maintaining permits and regulatory approvals; sufficiently reducing construction risks and project costs; securing certain consents under the existing financing agreements and obtaining sufficient new financing; negotiating, completing and maintaining suitable commercial agreements, including definitive EPC, tolling and governance agreements; reaching a positive final investment decision; and other factors associated with this potential investment. For a discussion of these risks, see “Part I – Item 1A. Risk Factors” in the Annual Report.
ECA LNG Phase 1 Project. SI Partners owns an 83.4% interest in ECA LNG Phase 1, and an affiliate of TotalEnergies SE owns the remaining 16.6% interest. ECA LNG Phase 1 is constructing a one-train natural gas liquefaction facility at the site of Sempra Infrastructure’s existing ECA Regas Facility with a nameplate capacity of 3.25 Mtpa and an initial offtake capacity of 2.5 Mtpa. We do not expect the construction or operation of the ECA LNG Phase 1 project to disrupt operations at the ECA Regas Facility. We expect the ECA LNG Phase 1 project to commence commercial operations in the summer of 2025.
We received authorizations from the DOE to export U.S.-produced natural gas to Mexico and to re-export LNG to non-FTA countries from the ECA LNG Phase 1 project. ECA LNG Phase 1 has definitive 20-year SPAs with an affiliate of TotalEnergies SE for approximately 1.7 Mtpa of LNG and with Mitsui & Co., Ltd. for approximately 0.8 Mtpa of LNG.
In February 2020, we entered into an EPC contract with Technip Energies for the ECA LNG Phase 1 project. Since reaching a positive final investment decision with respect to the project in November 2020, Technip Energies has been working to construct the ECA LNG Phase 1 project. We estimate the total price of the EPC contract to be approximately $1.5 billion, with capital expenditures approximating $2 billion including capitalized interest and project contingency. The actual cost of the EPC contract and the actual amount of these capital expenditures may differ substantially from our estimates.
ECA LNG Phase 1 has a five-year loan agreement with a syndicate of seven external lenders that matures in December 2025 for an aggregate principal amount of up to $1.3 billion, of which $782 million was outstanding at September 30, 2023. Proceeds from the loan are being used to finance the cost of construction of the ECA LNG Phase 1 project. We discuss the details of this loan in Note 6 of the Notes to Condensed Consolidated Financial Statements in this report and in Note 7 of the Notes to Consolidated Financial Statements in the Annual Report.
Construction of the ECA LNG Phase 1 project is subject to numerous risks and uncertainties, including maintaining permits and regulatory approvals; construction delays; negotiating, completing and maintaining suitable commercial agreements, including definitive gas supply and transportation agreements; the impact of recent and proposed changes to the law in Mexico; as we discuss in Note 10 of the Notes to Condensed Consolidated Financial Statements, an unfavorable decision on certain property disputes and permit challenges that could materially adversely affect construction of this project; and other factors associated with the project and its construction. An unfavorable outcome with respect to any of these factors could have a material adverse effect on Sempra’s results of operations, financial condition, cash flows and/or prospects, including the impairment of all or a substantial portion of the capital costs invested in the project to date. For a discussion of these risks, see “Part I – Item 1A. Risk Factors” in the Annual Report.
ECA LNG Phase 2 Project. Sempra Infrastructure is developing a second, large-scale natural gas liquefaction project at the site of its existing ECA Regas Facility. We expect the proposed ECA LNG Phase 2 project to be comprised of two trains and one LNG storage tank and produce approximately 12 Mtpa of export capacity. We expect that construction of the proposed ECA LNG Phase 2 project would conflict with the current operations at the ECA Regas Facility, which currently has long-term regasification contracts for 100% of the regasification facility’s capacity through 2028. This makes the decisions on whether, when and how to pursue the proposed ECA LNG Phase 2 project dependent in part on whether the investment in a large-scale liquefaction facility
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would, over the long term, be more beneficial financially than continuing to supply regasification services under our existing contracts.
We received authorizations from the DOE to export U.S.-produced natural gas to Mexico and to re-export LNG to non-FTA countries from the proposed ECA LNG Phase 2 project.
We have non-binding MOUs and/or HOAs with Mitsui & Co., Ltd., TotalEnergies SE, and ConocoPhillips that provide a framework for their potential offtake of LNG from the proposed ECA LNG Phase 2 project and potential acquisition of an equity interest in ECA LNG Phase 2. The ultimate participation in and offtake by these parties remains subject to negotiation and finalization of definitive agreements, among other factors, and the non-binding MOUs and/or HOAs do not commit any party to enter into definitive agreements with respect to the proposed ECA LNG Phase 2 project.
Development of the proposed ECA LNG Phase 2 project is subject to numerous risks and uncertainties, including securing binding customer commitments; obtaining and maintaining permits and regulatory approvals; obtaining financing; negotiating, completing and maintaining suitable commercial agreements, including definitive EPC, equity acquisition, governance, LNG sales, gas supply and transportation agreements; reaching a positive final investment decision; the impact of recent and proposed changes to the law in Mexico; the property disputes and permit challenges that we reference in the ECA LNG Phase 1 project discussion above; and other factors associated with this potential investment. For a discussion of these risks, see “Part I – Item 1A. Risk Factors” in the Annual Report.
PA LNG Phase 1 Project. Since making a positive final investment decision in March 2023, Sempra Infrastructure is constructing a natural gas liquefaction project on a greenfield site that it owns in the vicinity of Port Arthur, Texas, located along the Sabine-Neches waterway. The PA LNG Phase 1 project will consist of two liquefaction trains, two LNG storage tanks, a marine berth and associated loading facilities and related infrastructure necessary to provide liquefaction services with a nameplate capacity of approximately 13 Mtpa and an initial offtake capacity of approximately 10.5 Mtpa. We expect the first and second trains of the PA LNG Phase 1 project to commence commercial operations in 2027 and 2028, respectively.
In April 2019, the FERC approved the siting, construction and operation of the PA LNG Phase 1 project facilities, along with certain natural gas pipelines, including the Port Arthur Pipeline Louisiana Connector and Texas Connector, that could be used to supply feed gas to the liquefaction facility when the project is completed. Sempra Infrastructure received authorizations from the DOE in August 2015 and May 2019 that collectively permit the LNG to be produced from the PA LNG Phase 1 project to be exported to all current and future FTA and non-FTA countries. In June 2023, Port Arthur LNG submitted an amendment to its FERC order requesting authorization to increase its work force and implement a 24-hours-per-day construction schedule in order to further enhance construction efficiency while reducing temporal impacts to the community and environment in the vicinity of the project. If approved, the amendment would also provide the EPC contractor with more optionality to meet or exceed the project’s construction schedule, subject to the timing of FERC approval of the amendment. The FERC has published a schedule that anticipates the issuance of an environmental assessment for the project in December 2023.
Sempra Infrastructure has definitive SPAs for LNG offtake from the PA LNG Phase 1 project with:
▪an affiliate of ConocoPhillips for a 20-year term for 5 Mtpa of LNG, as well as a natural gas supply management agreement whereby an affiliate of ConocoPhillips will manage the feed gas supply requirements for the PA LNG Phase 1 project.
▪RWE Supply & Trading GmbH, a subsidiary of RWE AG, for a 15-year term for 2.25 Mtpa of LNG.
▪INEOS for a 20-year term for approximately 1.4 Mtpa of LNG.
▪ORLEN for a 20-year term for approximately 1 Mtpa of LNG.
▪ENGIE S.A. for a 15-year term for approximately 0.875 Mtpa of LNG.
In February 2020, we entered into an EPC contract, as amended and restated in October 2022, with Bechtel for the PA LNG Phase 1 project. In March 2023, we issued a final notice to proceed under the EPC contract, which has an estimated price of approximately $10.7 billion after change orders. We estimate the capital expenditures for the PA LNG Phase 1 project will be approximately $13 billion including capitalized interest at the project level and project contingency. The actual cost of the EPC contract and the actual amount of these capital expenditures may differ substantially from our estimates.
As we discuss in Note 1 of the Notes to Condensed Consolidated Financial Statements, in March 2023, an indirect subsidiary of SI Partners completed the sale of an indirect 30% NCI in the PA LNG Phase 1 project to an affiliate of ConocoPhillips for aggregate cash consideration of approximately $254 million, subject to customary post-closing adjustments. We used the proceeds from this sale for capital expenditures and other general corporate purposes. In connection with this sale, both SI Partners and ConocoPhillips provided guarantees relating to their respective affiliate’s commitment to make its pro rata equity share of capital contributions to fund 110% of the development budget of the PA LNG Phase 1 project, in an aggregate amount of up to $9.0 billion. SI Partners’ guarantee covers 70% of this amount plus enforcement costs of its guarantee.
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As we discuss in Note 1 of the Notes to Condensed Consolidated Financial Statements, in September 2023, an indirect subsidiary of SI Partners completed the sale of an indirect 42% NCI in the PA LNG Phase 1 project to KKR Denali for aggregate cash consideration of approximately $984 million, including its pro rata equity share of development costs incurred prior to the closing that exceeded $439 million, subject to customary post-closing adjustments. We intend to use the proceeds from this sale for capital expenditures and other general corporate purposes.
Upon closing the sale of NCI to KKR Denali, Sempra holds an indirect interest in the PA LNG Phase 1 project of 19.6%.
As we discuss in Note 6 of the Notes to Condensed Consolidated Financial Statements, in March 2023, Port Arthur LNG entered into a seven-year term loan facility agreement with a syndicate of lenders for an aggregate principal amount of approximately $6.8 billion and an initial working capital facility agreement for up to $200 million. The facilities mature on March 20, 2030. Proceeds from the loans will be used to finance the cost of construction of the PA LNG Phase 1 project. At September 30, 2023, $243 million of borrowings were outstanding under the term loan facility agreement.
Construction of the PA LNG Phase 1 project is subject to numerous risks and uncertainties, including maintaining and modifying permits and regulatory approvals; construction delays; negotiating, completing and maintaining suitable commercial agreements, including definitive gas supply and transportation agreements; and other factors associated with the project and its construction. An unfavorable outcome with respect to any of these factors could have a material adverse effect on Sempra’s results of operations, financial condition, cash flows and/or prospects, including the impairment of all or a substantial portion of the capital costs invested in the project to date. For a discussion of these risks, see “Part I – Item 1A. Risk Factors” in the Annual Report.
PA LNG Phase 2 Project. Sempra Infrastructure is developing a second phase of the natural gas liquefaction project that we expect will be a similar size to the PA LNG Phase 1 project. We are progressing the development of the proposed PA LNG Phase 2 project, while continuing to evaluate overall opportunities to develop the entirety of the Port Arthur site as well as potential design changes that could reduce overall emissions, including a facility design utilizing renewable power sourcing and other technological solutions.
In September 2023, the FERC approved the siting, construction and operation of the proposed PA LNG Phase 2 project, including the potential addition of up to two liquefaction trains. In February 2020, Sempra Infrastructure filed an application with the DOE to permit LNG produced from the proposed PA LNG Phase 2 project to be exported to all current and future FTA and non-FTA countries.
Sempra Infrastructure has entered into a non-binding HOA for the negotiation and potential finalization of a definitive SPA with INEOS for approximately 0.2 Mtpa of LNG offtake from the proposed PA LNG Phase 2 project. The ultimate participation in and offtake from the proposed project remains subject to negotiation and finalization of a definitive agreement, among other factors, and the non-binding HOA does not commit any party to enter into a definitive agreement with respect to the proposed project.
Development of the proposed PA LNG Phase 2 project is subject to numerous risks and uncertainties, including securing binding customer commitments; identifying suitable project and equity partners; obtaining and maintaining permits and regulatory approvals; obtaining financing; negotiating, completing and maintaining suitable commercial agreements, including definitive EPC, equity acquisition, governance, LNG sales, gas supply and transportation agreements; reaching a positive final investment decision; and other factors associated with this potential investment. For a discussion of these risks, see “Part I – Item 1A. Risk Factors” in the Annual Report.
Vista Pacifico LNG Liquefaction Project. Sempra Infrastructure is developing the Vista Pacifico LNG project, a potential natural gas liquefaction, storage, and mid-scale export facility proposed to be located in the vicinity of Topolobampo in Sinaloa, Mexico, under a non-binding MOU with the CFE that contemplates the negotiation of definitive agreements that would cover development of the Vista Pacifico LNG project. The proposed LNG export terminal would be supplied with U.S. natural gas and would use excess natural gas and pipeline capacity on existing pipelines in Mexico with the intent of helping to meet growing demand for natural gas and LNG in the Mexican and Pacific markets.
Sempra Infrastructure received authorization from the DOE to permit the export of U.S.-produced natural gas to Mexico and for LNG produced from the proposed Vista Pacifico LNG facility to be re-exported to all current and future FTA countries and non-FTA countries.
In March 2022, TotalEnergies SE and Sempra Infrastructure entered into a non-binding MOU that contemplates TotalEnergies SE potentially contracting approximately one-third of the long-term export production of the proposed Vista Pacifico LNG project and potentially participating as a minority partner in the project.
The ultimate participation in and offtake from the proposed project remain subject to negotiation and finalization of definitive agreements, among other factors, and the non-binding MOUs do not commit any party to enter into definitive agreements with respect to the project.
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Development of the proposed Vista Pacifico LNG project is subject to numerous risks and uncertainties, including securing binding customer commitments; identifying suitable project and equity partners; obtaining and maintaining permits and regulatory approvals; obtaining financing; negotiating, completing and maintaining suitable commercial agreements, including definitive EPC, equity acquisition, governance, LNG sales, gas supply and transportation agreements; reaching a positive final investment decision; the impact of recent and proposed changes to the law in Mexico; and other factors associated with this potential investment. For a discussion of these risks, see “Part I – Item 1A. Risk Factors” in the Annual Report.
Hackberry Carbon Sequestration Project. Sempra Infrastructure is developing the potential Hackberry Carbon Sequestration project near Hackberry, Louisiana. This proposed project under development is designed to permanently sequester carbon dioxide from the Cameron LNG Phase 1 facility and the proposed Cameron LNG Phase 2 project. In the third quarter of 2021, Sempra Infrastructure filed an application with the EPA for a Class VI carbon injection well to advance this project.
In May 2022, Sempra Infrastructure, TotalEnergies SE, Mitsui & Co., Ltd. and Mitsubishi Corporation signed a Participation Agreement for the development of the proposed Hackberry Carbon Sequestration project. In May 2023, the Participation Agreement was amended and restated in connection with ongoing progress of the work program and budget for the proposed project. The Participation Agreement contemplates that the combined Cameron LNG Phase 1 facility and proposed Cameron LNG Phase 2 project would potentially serve as the anchor source for the capture and sequestration of carbon dioxide by the proposed project. It also provides the basis for the parties to acquire an equity interest by entering into a JV with Sempra Infrastructure for the Hackberry Carbon Sequestration project. In addition to the amended and restated Participation Agreement, in May 2023, Sempra Infrastructure and Cameron LNG JV entered into a non-binding HOA, which sets forth a framework for further development of the Hackberry Carbon Sequestration project.
Development of the proposed Hackberry Carbon Sequestration project is subject to numerous risks and uncertainties, including securing binding customer commitments; obtaining required consents from the Cameron LNG JV members; identifying suitable project and equity partners; obtaining and maintaining permits and regulatory approvals; obtaining financing; negotiating, completing and maintaining suitable commercial agreements, including definitive EPC, equity acquisition and governance agreements; reaching a positive final investment decision; and other factors associated with this potential investment. For a discussion of these risks, see “Part I – Item 1A. Risk Factors” in the Annual Report.
Off-Balance Sheet Arrangements. Our investment in Cameron LNG JV is a variable interest in an unconsolidated entity. We discuss variable interests in Note 1 of the Notes to Condensed Consolidated Financial Statements.
In June 2021, Sempra provided a promissory note, which constitutes a guarantee, for the benefit of Cameron LNG JV with a maximum exposure to loss of $165 million. The guarantee will terminate upon full repayment of Cameron LNG JV’s debt, scheduled to occur in 2039, or replenishment of the amount withdrawn by Sempra Infrastructure from the SDSRA. We discuss this guarantee in Note 5 of the Notes to Condensed Consolidated Financial Statements.
In July 2020, Sempra entered into a Support Agreement, which contains a guarantee and represents a variable interest, for the benefit of CFIN with a maximum exposure to loss of $979 million. The guarantee will terminate upon full repayment of the guaranteed debt by 2039, including repayment following an event in which the guaranteed debt is put to Sempra. We discuss this guarantee in Notes 1, 5 and 8 of the Notes to Condensed Consolidated Financial Statements.
Energy Networks
Sonora Pipeline. Sempra Infrastructure’s Sonora natural gas pipeline consists of two segments, the Sasabe-Puerto Libertad-Guaymas segment and the Guaymas-El Oro segment. Each segment has its own service agreement with the CFE.
A portion of the Guaymas-El Oro segment of the Sonora natural gas pipeline crosses into territory owned by the Yaqui tribe who, with the exception of some members living in the Bácum community, granted its consent and a right-of-way easement agreement for the pipeline in its territory. Following the start of commercial operations of the Guaymas-El Oro segment, Sempra Infrastructure reported damage to the pipeline in the Yaqui territory that has made that section inoperable since August 2017. Legal challenges raised by representatives of the Bácum community, which we discuss in Note 10 of the Notes to Condensed Consolidated Financial Statements, have prevented Sempra Infrastructure from making repairs to put the pipeline back in service. Such legal challenges were definitively resolved in March 2023 based on the agreement by the CFE and Sempra Infrastructure to re-route the portion of the pipeline that is in the Yaqui territory.
Discussions with the CFE regarding the future of the pipeline are ongoing in accordance with a non-binding MOU announced in January 2022 that, among other matters, addresses efforts to proceed with re-routing a portion of the pipeline, which will require either an extension of the service start date, as discussed below, or a separate definitive arrangement between Sempra Infrastructure and the CFE concerning the restarting of service on the pipeline. In July 2022, Sempra Infrastructure and the CFE entered into a Shareholders’ Agreement that establishes a framework for a JV between the parties to work on restarting service on
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the pipeline, including the potential re-routing of a portion of the pipeline. This agreement is subject to a number of conditions to be satisfied before it becomes effective, including regulatory and corporate authorizations.
In September 2019, Sempra Infrastructure and the CFE reached an agreement to modify the tariff structure and extend the term of the contract by 10 years. Under the revised agreement, the CFE will resume making payments only when the damaged section of the Guaymas-El Oro segment of the Sonora pipeline is back in service. If the parties do not agree on a definitive arrangement to re-route a portion of the pipeline or the parties do not agree on a new service start date by November 30, 2023, Sempra Infrastructure retains the right to terminate the contract and seek to recover its reasonable and documented costs and lost profits.
At September 30, 2023, Sempra Infrastructure had $411 million in PP&E, net, related to the Guaymas-El Oro segment of the Sonora pipeline, which could be subject to impairment if Sempra Infrastructure is unable to re-route a portion of the pipeline (which has not been agreed to by the parties, but is subject to negotiation pursuant to a non-binding MOU and a Shareholders’ Agreement, as described above) and resume operations or if Sempra Infrastructure terminates the contract and is unable to obtain recovery, which in each case could have a material adverse effect on Sempra’s business, results of operations, financial condition, cash flows and/or prospects.
Refined Products Terminals. In May 2022, Sempra Infrastructure substantially completed construction of a terminal for the receipt, storage, and delivery of refined products in Topolobampo, at which time commissioning activities commenced. We expect the Topolobampo terminal will commence commercial operations in the first half of 2024, subject to receipt of the CRE’s approval of the regulated rates.
Sempra Infrastructure is also developing terminals for the receipt, storage, and delivery of refined products in the vicinity of Manzanillo and Ensenada.
Development and construction of refined products terminals is subject to a number of risks and uncertainties. For a discussion of these risks and uncertainties, see “Part I – Item 1A. Risk Factors” in the Annual Report.
Port Arthur Pipeline Louisiana Connector. Sempra Infrastructure has begun the procurement and engineering activities related to the construction of the Port Arthur Pipeline Louisiana Connector, a 72-mile pipeline connecting the PA LNG Phase 1 project to Gillis, Louisiana. In April 2019, the FERC approved the siting, construction and operation of the Port Arthur Pipeline Louisiana Connector, which will be used to supply feed gas to the PA LNG Phase 1 project. In July 2023, Sempra Infrastructure filed a limited amendment application with the FERC to implement construction process enhancements and minor modifications to several discrete sections of the Port Arthur Pipeline Louisiana Connector. These modifications are intended to decrease environmental impacts, accommodate landowner routing requests and enhance construction procedures. The FERC has published a schedule that anticipates the issuance of an environmental assessment for the project in February 2024. We expect the Port Arthur Pipeline Louisiana Connector to be ready for service ahead of the PA LNG Phase 1 project’s gas requirements. We estimate the capital expenditures for the project will be approximately $1 billion, including capitalized interest at the project level and project contingency. The actual amount of these capital expenditures may differ substantially from our estimates.
Development and construction of the Port Arthur Pipeline Louisiana Connector is subject to a number of risks and uncertainties. For a discussion of these risks and uncertainties, see “Part I – Item 1A. Risk Factors” in the Annual Report.
Louisiana (LA) Storage. Sempra Infrastructure has begun the procurement and engineering activities related to the construction of LA Storage, a 12.5 Bcf salt dome natural gas storage facility to support the PA LNG Phase 1 project. The construction includes an 11-mile pipeline that will connect to the Port Arthur Pipeline Louisiana Connector. In September 2022, the FERC approved the development of the project. We expect LA Storage to be ready for service in time to support the needs of the PA LNG Phase 1 project. We estimate the capital expenditures for the project will be approximately $300 million, including capitalized interest at the project level and project contingency. The actual amount of these capital expenditures may differ substantially from our estimates.
Development and construction of LA Storage is subject to a number of risks and uncertainties. For a discussion of these risks and uncertainties, see “Part I – Item 1A. Risk Factors” in the Annual Report.
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Legal and Regulatory Matters
See Note 10 of the Notes to Condensed Consolidated Financial Statements in this report and “Part I – Item 1A. Risk Factors” in the Annual Report for discussions of the following legal and regulatory matters affecting our operations in Mexico:
Energía Costa Azul
▪Land Disputes
▪Environmental and Social Impact Permits
One or more unfavorable final decisions on these land disputes or environmental and social impact permit challenges could materially adversely affect our existing natural gas regasification operations and proposed natural gas liquefaction projects at the site of the ECA Regas Facility and have a material adverse effect on Sempra’s business, results of operations, financial condition, cash flows and/or prospects.
Regulatory and Other Actions by the Mexican Government
▪Amendments to Mexico’s Hydrocarbons Law
▪Amendments to Mexico’s Electricity Industry Law
Sempra Infrastructure and other parties affected by these amendments to Mexican law have challenged them by filing amparo and other claims, some of which remain pending. An unfavorable decision on one or more of these amparo or other challenges, the impact of the amendments that have become effective (due to unsuccessful amparo challenges or otherwise), or the possibility of future reforms to the energy industry through additional amendments to Mexican laws, regulations or rules (including through amendments to the constitution) may impact our ability to operate our facilities at existing levels or at all, may result in increased costs for Sempra Infrastructure and its customers, may adversely affect our ability to develop new projects, may result in decreased revenues and cash flows, and may negatively impact our ability to recover the carrying values of our investments in Mexico, any of which may have a material adverse effect on Sempra’s business, results of operations, financial condition, cash flows and/or prospects.

SOURCES AND USES OF CASH
The following tables include only significant changes in cash flow activities for each of our registrants.
CASH FLOWS FROM OPERATING ACTIVITIES
(Dollars in millions)
Nine months ended September 30,SempraSDG&ESoCalGas
2023$5,129 $1,484 $1,264 
20221,455 1,368 (762)
Change$3,674 $116 $2,026 
Lower net decrease in Reserve for Aliso Canyon costs, current and noncurrent, due to $2,089 lower payments offset by $258 lower accruals
$1,831 $1,831 
Change in net margin posted
1,201 $(62)
Change in income taxes receivable/payable, net
371 70 
Higher net income, adjusted for noncash items included in earnings338 466 
Change in accounts receivable
315 (179)242 
Change in net regulatory assets/liabilities, current and noncurrent260 314 (51)
Change in deferred revenue
111 
Higher GHG emission obligations
77 68 
Change in collateral held in lieu of a customer’s letters of credit(76)
Proceeds received in 2022 from insurance receivable for Aliso Canyon costs
(350)(350)
Change in accounts payable
(583)(89)(291)
Change in prepaid expenses
23 
Change in interest payable22 
Change in amounts due to/from unconsolidated affiliates
(91)50 
Other179 108 61 
$3,674 $116 $2,026 
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CASH FLOWS FROM INVESTING ACTIVITIES
(Dollars in millions)
Nine months ended September 30,Sempra SDG&ESoCalGas
2023$(6,304)$(1,838)$(1,451)
2022(3,183)(1,643)(1,394)
Change$(3,121)$(195)$(57)
Increase in capital expenditures$(2,534)$(242)$(57)
Repayment in 2022 of note receivable from IMG (626)
Other39 47 
$(3,121)$(195)$(57)
CASH FLOWS FROM FINANCING ACTIVITIES
(Dollars in millions)
Nine months ended September 30,SempraSDG&ESoCalGas
2023$2,198 $593 $192 
20221,936 469 2,172 
Change$262 $124 $(1,980)
Change in borrowings and repayments of short-term debt, net$2,067 $196 $278 
Higher contributions from NCI1,021 
Lower repurchases of common stock446 
Higher (lower) issuances of short-term debt with maturities greater than 90 days205 (800)
Higher common dividends paid(39)
Settlement of cross-currency swaps(99)
Higher distributions to NCI(143)
Lower proceeds from sales of NCI(494)
Higher payments on long-term debt and finance leases(725)(438)(305)
(Higher) lower payments for commercial paper and other short-term debt with maturities greater than 90 days(1,928)375 (800)
Equity contribution from Sempra in 2022(650)
Higher issuances of long-term debt300 
Other(49)(9)(3)
$262 $124 $(1,980)
Capital Expenditures and Investments
CAPITAL EXPENDITURES AND INVESTMENTS
(Dollars in millions)
Nine months ended September 30,
 20232022
SDG&E$1,893 $1,651 
SoCalGas1,451 1,394 
Sempra Texas Utilities270 256 
Sempra Infrastructure2,736 508 
Parent and other5 6 
Total
$6,355 $3,815 
Having reached a positive final investment decision for the PA LNG Phase 1 project and Oncor having received a final order from the PUCT in its comprehensive base rate review, we have updated our expected capital expenditures and investments from what we disclosed in “Part II – Item 7. MD&A – Capital Resources and Liquidity” in the Annual Report. From 2023 through 2027, we expect to make aggregate capital expenditures and investments of approximately $38.6 billion, subject to the factors described below, which could cause these estimates to vary substantially. Capital expenditure amounts include capitalized interest and AFUDC related to debt.
When (i) including Sempra’s proportionate ownership interest in expected capital expenditures at unconsolidated equity method investees while excluding Sempra’s expected capital contributions to those unconsolidated equity method investees and (ii)
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excluding NCI’s proportionate ownership interest in expected capital expenditures at Sempra and at unconsolidated equity method investees, we expect capital expenditures from 2023 through 2027 to total $40 billion. This $40 billion expectation reflects an increase compared to the aggregate capital expenditures, calculated in the same manner, that we forecasted in 2017 for the period from 2017 through 2021, which was $15 billion. We further expect a 10% to 20% utility-focused increase above this $40 billion amount when we update our capital expenditures plan for 2024 through 2028.
Our utilities represent approximately 90% of this $40 billion capital expenditures plan. We expect this significant capital investment in transmission and distribution improvements at our regulated public utilities to increase our utilities’ rate base, which has grown approximately 3.2 times from 2017 to 2022, based on a rate base of $8.5 billion and $5.5 billion at SDG&E and SoCalGas, respectively, in 2017 compared to $13.8 billion, $10.5 billion, $20.7 billion, and $256 million at SDG&E, SoCalGas, Oncor, and Sharyland Utilities, L.L.C., respectively, in 2022. For SDG&E and SoCalGas, rate base is the value of assets on which SDG&E and SoCalGas are permitted to earn a specified rate of return in accordance with rules set by regulatory agencies, including the CPUC and, for SDG&E, the FERC, which is calculated using a 13-month weighted average in accordance with CPUC methodology as adopted in rate-setting proceedings. For Oncor and Sharyland Utilities, L.L.C., rate base represents the total estimated invested capital, as adjusted in accordance with PUCT rules, at the end of the previous calendar year as reported in the Earnings Monitoring Report filed with the PUCT on an annual basis.
In 2023, we expect to make capital expenditures and investments of approximately $9.4 billion, which is an increase from the $5.7 billion projected in “Part II – Item 7. MD&A – Capital Resources and Liquidity” in the Annual Report. The increase is primarily attributable to an increase of $3.4 billion at Sempra Infrastructure primarily related to the PA LNG Phase 1 project, an increase of $200 million at SDG&E related to energy storage projects and an increase of $100 million at Sempra Texas Utilities. We expect the majority of our capital expenditures and investments in 2023 will relate to construction of the PA LNG Phase 1 project, ECA LNG Phase 1 project and natural gas pipelines at Sempra Infrastructure, and transmission and distribution improvements at our regulated public utilities.
Our level of capital expenditures and investments in the next few years may vary substantially and will depend on, among other things, the cost and availability of financing, regulatory approvals, changes in tax law and business opportunities providing desirable rates of return. See “Part I – Item 1A. Risk Factors” in the Annual Report for a discussion of these and other factors that could affect future levels of our capital expenditures and investments. We intend to finance our capital expenditures in a manner that will maintain our investment-grade credit ratings and capital structure, but there is no guarantee that we will be able to do so.
CRITICAL ACCOUNTING ESTIMATES
Management views certain accounting estimates as critical because their application is the most relevant, judgmental and/or material to our financial position and results of operations, and/or because they require the use of material judgments and estimates. We discuss critical accounting estimates in “Part II – Item 7. MD&A” in the Annual Report.
NEW ACCOUNTING STANDARDS
We discuss any recent accounting pronouncements that have had or may have a significant effect on our financial statements and/or disclosures in Note 2 of the Notes to Condensed Consolidated Financial Statements.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We provide disclosure regarding derivative activity in Note 7 of the Notes to Condensed Consolidated Financial Statements. We discuss our market risk and risk policies in detail in “Part II – Item 7A. Quantitative and Qualitative Disclosures About Market Risk” in the Annual Report.
COMMODITY PRICE RISK
Sempra Infrastructure is exposed to commodity price risk indirectly through its LNG, natural gas pipelines and storage, and power-generating assets. In the first nine months of 2023, a hypothetical 10% change in commodity prices would have resulted in
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a change in the fair value of our commodity-based natural gas and electricity derivatives of $16 million at September 30, 2023 compared to $24 million at December 31, 2022.
The one-day value at risk for SDG&E’s and SoCalGas’ commodity positions were $2 million and $14 million, respectively, at September 30, 2023 compared to $25 million and $2 million, respectively, at December 31, 2022.
INTEREST RATE RISK
The table below shows the nominal amount of our debt:
NOMINAL AMOUNT OF DEBT(1)
(Dollars in millions)
 September 30, 2023December 31, 2022
 SempraSDG&ESoCalGasSempraSDG&ESoCalGas
Short-term:
Sempra California$421 $— $421 $1,105 $205 $900 
Other
1,558 — — 2,247 — — 
Long-term:
Sempra California fixed-rate$15,109 $8,350 $6,759 $13,159 $7,400 $5,759 
Sempra California variable-rate400 400 — 700 400 300 
Other fixed-rate
11,322 — — 10,079 — — 
Other variable-rate
826 — — 575 — — 
(1)    After the effects of interest rate swaps. Before reductions for unamortized discount and debt issuance costs and excluding finance lease obligations.

An interest rate risk sensitivity analysis measures interest rate risk by calculating the estimated changes in earnings attributable to common shares (but disregarding capitalized interest and impacts on equity earnings from debt at our equity method investees) that would result from a hypothetical change in market interest rates. Earnings attributable to common shares are affected by changes in interest rates on short-term debt and variable-rate long-term debt. If weighted-average interest rates on short-term debt outstanding at September 30, 2023 increased or decreased by 10%, the change in earnings attributable to common shares over the 12-month period ending September 30, 2024 would be approximately $7 million. If interest rates increased or decreased by 10% on all variable-rate long-term debt at September 30, 2023, after considering the effects of interest rate swaps, the change in earnings attributable to common shares over the 12-month period ending September 30, 2024 would be approximately $4 million.
FOREIGN CURRENCY EXCHANGE RATE RISK AND INFLATION EXPOSURE
We discuss our foreign currency exchange rate risk and inflation exposure in “Part I – Item 2. MD&A – Impact of Foreign Currency and Inflation Rates on Results of Operations” in this report and in “Part II – Item 7. MD&A – Impact of Foreign Currency and Inflation Rates on Results of Operations” in the Annual Report. At September 30, 2023, there were no significant changes to our exposure to foreign currency exchange rate risk since December 31, 2022.
In 2022 and 2023 to date, SDG&E and SoCalGas have experienced inflationary pressures from increases in various costs, including the cost of natural gas, electric fuel and purchased power, labor, materials and supplies, as well as availability of labor and materials. Sempra Texas Utilities has experienced increased costs of labor and materials and does not have specific regulatory mechanisms that allow for recovery of higher costs due to inflation; rather, recovery is limited to rate updates through capital trackers and base rate reviews, which may result in partial non-recovery due to the regulatory lag. If such costs continue to be subject to significant inflationary pressures and we are not able to fully recover such higher costs in rates or there is a delay in recovery, these increased costs may have a significant effect on Sempra’s, SDG&E’s and SoCalGas’ results of operations, financial condition, cash flows and/or prospects.
Sempra Infrastructure has experienced inflationary pressures from increases in various costs, including the cost of labor, materials and supplies. Sempra Infrastructure generally secures long-term contracts that are U.S. dollar-denominated or referenced and are periodically adjusted for market factors, including inflation, and Sempra Infrastructure generally enters into lump-sum contracts for its large construction projects in which much of the risk during construction is absorbed or hedged by the EPC contractor. If additional costs become subject to significant inflationary pressures, we may not be able to fully recover such higher costs through contractual adjustments for inflation, which may have a significant effect on Sempra’s results of operations, financial condition, cash flows and/or prospects.
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ITEM 4. CONTROLS AND PROCEDURES
EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES
Sempra, SDG&E and SoCalGas maintain disclosure controls and procedures designed to ensure that information required to be disclosed in their respective reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC and is accumulated and communicated to the management of each company, including each respective principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure. In designing and evaluating these controls and procedures, the management of each company recognizes that any system of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives; therefore, the management of each company applies judgment in evaluating the cost-benefit relationship of possible controls and procedures.
Under the supervision and with the participation of the principal executive officers and principal financial officers of Sempra, SDG&E and SoCalGas, each such company’s management evaluated the effectiveness of the design and operation of its disclosure controls and procedures as of September 30, 2023, the end of the period covered by this report. Based on these evaluations, the principal executive officers and principal financial officers of Sempra, SDG&E and SoCalGas concluded that their respective company’s disclosure controls and procedures were effective at the reasonable assurance level as of such date.
INTERNAL CONTROL OVER FINANCIAL REPORTING
There have been no changes in Sempra’s, SDG&E’s or SoCalGas’ internal control over financial reporting during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, any such company’s internal control over financial reporting.
PART II – OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
We are not party to, and our property is not the subject of, any material pending legal proceedings (other than ordinary routine litigation incidental to our businesses) except for the matters (1) described in Notes 9 and 10 of the Notes to Condensed Consolidated Financial Statements in this report and in Notes 15 and 16 of the Notes to Consolidated Financial Statements in the Annual Report, or (2) referred to in “Part I – Item 2. MD&A” in this report or in “Part I – Item 1A. Risk Factors” or “Part II – Item 7. MD&A” in the Annual Report.
ITEM 1A. RISK FACTORS
When evaluating our company and its subsidiaries and any investment in our or their securities, you should consider carefully the risk factors and all other information contained in this report and in the other documents we file with the SEC (including those filed subsequent to this report), including the factors discussed in “Part I – Item 2. MD&A” in this report and “Part I – Item 1A. Risk Factors” and “Part II – Item 7. MD&A” in the Annual Report. Any of the risks and other information discussed in this report or any of the risk factors discussed in “Part I – Item 1A. Risk Factors” or “Part II – Item 7. MD&A” in the Annual Report, as well as additional risks and uncertainties not currently known to us or that we currently deem to be immaterial, could materially adversely affect our results of operations, financial condition, cash flows, prospects and/or the trading prices of our securities or those of our subsidiaries.
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ITEM 5. OTHER INFORMATION
(a)None.
(b)None.
(c)During the most recent fiscal quarter, no Sempra, SDG&E or SoCalGas director or officer, as defined in Rule 16a-1(f) under the Exchange Act, adopted or terminated a Rule 10b5-1 trading arrangement, as defined in Item 408(a) of SEC Regulation S-K, or a non-Rule 10b5-1 trading arrangement, as defined in Item 408(c) of SEC Regulation S-K.

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ITEM 6. EXHIBITS
The exhibits listed below relate to each registrant as indicated. Unless otherwise indicated, the exhibits that are incorporated by reference herein were filed under File Number 1-14201 (Sempra), File Number 1-40 (Pacific Lighting Corporation), File Number 1-03779 (San Diego Gas & Electric Company) and/or File Number 1-01402 (Southern California Gas Company).
EXHIBIT INDEX
Incorporated by Reference
Exhibit NumberExhibit DescriptionFiled or Furnished Herewith Form Exhibit or AppendixFiling Date
EXHIBIT 3 -- ARTICLES OF INCORPORATION AND BYLAWS
Sempra
3.110-K3.102/27/20
3.28-K3.101/09/18
3.38-K3.107/13/18
3.48-K3.106/15/20
3.58-K3.105/16/23
3.68-K3.205/16/23
San Diego Gas & Electric Company
3.710-K3.402/26/15
3.810-Q3.111/02/16
Southern California Gas Company
3.910-K3.0103/28/97
3.108-K3.101/31/17
EXHIBIT 4 -- INSTRUMENTS DEFINING THE RIGHTS OF SECURITY HOLDERS, INCLUDING INDENTURES
Certain instruments defining the rights of holders of long-term debt instruments are not required to be filed or incorporated by reference herein pursuant to Item 601(b)(4)(iii)(A) of SEC Regulation S-K. Each registrant agrees to furnish a copy of such instruments to the SEC upon request.
Sempra / San Diego Gas & Electric Company
4.18-K4.108/11/23
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EXHIBIT INDEX (CONTINUED)
Incorporated by Reference
Exhibit NumberExhibit DescriptionFiled or Furnished Herewith Form Exhibit or AppendixFiling Date
EXHIBIT 10 -- MATERIAL CONTRACTS
Sempra
10.1X
10.2X
EXHIBIT INDEX (CONTINUED)
Exhibit NumberExhibit DescriptionFiled or Furnished Herewith
EXHIBIT 31 -- SECTION 302 CERTIFICATIONS
Sempra
31.1X
31.2X
San Diego Gas & Electric Company
31.3X
31.4X
Southern California Gas Company
31.5X
31.6X
EXHIBIT 32 -- SECTION 906 CERTIFICATIONS
Sempra
32.1X
32.2X
San Diego Gas & Electric Company
32.3X
32.4X
Southern California Gas Company
32.5X
32.6X
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EXHIBIT INDEX (CONTINUED)
Exhibit NumberExhibit DescriptionFiled or Furnished Herewith
EXHIBIT 101 -- INTERACTIVE DATA FILE
101.INSXBRL Instance Document - the instance document does not appear in the Interactive Data file because its XBRL tags are embedded within the Inline XBRL document. X
101.SCHInline XBRL Taxonomy Extension Schema Document.X
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document.X
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document.X
101.LABInline XBRL Taxonomy Extension Label Linkbase Document.X
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document.X
EXHIBIT 104 -- COVER PAGE INTERACTIVE DATA FILE
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

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SIGNATURES
Sempra:
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 SEMPRA,
(Registrant)
  
Date: November 3, 2023By: /s/ Peter R. Wall
 Peter R. Wall
Senior Vice President, Controller and Chief Accounting Officer (Duly Authorized Officer)

San Diego Gas & Electric Company:
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 SAN DIEGO GAS & ELECTRIC COMPANY,
(Registrant)
  
Date: November 3, 2023By: /s/ Valerie A. Bille
 Valerie A. Bille
Vice President, Controller and Chief Accounting Officer (Duly Authorized Officer)
 
Southern California Gas Company:
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 SOUTHERN CALIFORNIA GAS COMPANY,
(Registrant)
  
Date: November 3, 2023By: /s/ Mia L. DeMontigny
 Mia L. DeMontigny
Senior Vice President, Chief Financial Officer and Chief Accounting Officer (Duly Authorized Officer)

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