Efficient Financing & Incremental Investment Opportunities
2-YEAR EARNINGS PROJECTIONS
Adjusted¹
20202,3
Adjusted Guidance¹
20214
Guidance
2022
(Dollars and shares in millions)
Low
High
Low
High
SDG&E5
$
824
$
790
1
$ 840
$
830
$
880
SoCalGas
737
680
720
710
750
Sempra California
1,561
1,470
1,560
1,540
1,630
Sempra Texas
579
620
660
660
700
Sempra Mexico
275
290
310
340
370
Sempra LNG
Sempra Infrastructure6
Parent Interest + Preferred Dividends
Parent Retained Costs
-
Discontinued Operations
308
385
420
325
360
583
675
730
665
730
(448)
(285)
(265)
(215)
(205)
(11)
(60)
(50)
(55)
(45)
78
0
0
0
0
Adjusted Earnings
$
7
Wtd. Avg. diluted common shares outstanding
2,342
3068
$
2,420
-
$
3159
2,635
$
2,595
$
2,810
323
123456
Represents a non-GAAP financial measure. See Appendix for a reconciliation of non-GAAP financial measures.
Amounts have been updated to reflect the impact from foreign currency and inflation and associated undesignated derivatives and net unrealized gains and losses on commodity derivatives.
2020 GAAP Earnings (Losses) for SoCalGas, Sempra Mexico, Sempra LNG, Parent & Other, Discontinued Operations and Sempra Consolidated are $504M, $259M, $320M, $(562)M, $1,840M and $3,764M, respectively.
2021 GAAP Earnings Guidance Range for Sempra Mexico, Sempra LNG, and Sempra Consolidated are $284M - $304M, $365M $400M and $2,394M - $2,609M, respectively.
Does not assume any impacts of a Cost of Capital Mechanism (CCM) trigger.
Sempra Infrastructure transaction included partial year in 2021 and full year in 2022. The ability to complete this transaction is subject to conditions to closing and a number of risks and uncertainties. Please refer to "Risk Factors" in our most
recent Annual Report on Form 10-K and "Capital Resources and Liquidity" in our most recent Quarterly Report on Form 10-Q for a description of the risks and other factors associated with this transaction.
IEnova exchange offer included partial year in 2021 and full year in 2022.
Because the assumed conversion of the Series A preferred stock is dilutive for Adjusted Earnings, 13,417 Series A preferred stock shares are added back to weighted-average common shares outstanding used to calculate Adjusted EPS.
Average common shares reflects the conversion of the mandatory convertible series A preferred stock which converted on January 15, 2021, and series B preferred stock which will automatically convert on the mandatory conversion date of
July 15, 2021. Share conversion rate assumed to be midpoint of conversion rates between the initial and threshold
77
appreciation prices.
7.
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