SPOTLIGHT | PORT ARTHUR LNG PHASE 1
SEMPRA INFRASTRUCTURE
(Unaudited, dollars in millions)
Sempra Infrastructure GAAP Earnings
Impact from Foreign Currency and Inflation on our Monetary Positions in Mexico and
Associated Undesignated Derivatives
Net Unrealized Losses on Commodity Derivatives
Sempra Infrastructure Adjusted Earnings¹
Three months ended
September 30,
2021
Nine months ended
September 30,
2021
2022
2022
$ 114
$ 164
$ 392
$ 419
(2)
38
(29)
89
87
40
108
176
$
150
$ 224
$
587 $ 635
Q3-2022 adjusted earnings are lower than Q3-2021 adjusted earnings primarily due to:
•
•
•
$83M higher earnings attributable to NCI consisting of $91M increase as result of a decrease in our ownership interest
in SI Partners offset by an increase in our ownership interest in IEnova partially offset by $8M decrease due to a
decrease in SI Partners subsidiaries' net income,
$11M selling profit on a sales-type lease relating to the commencement of a rail facility lease at the Veracruz terminal
in Q3-2021,
$10M lower earnings from the refined products terminals due to remeasurement of an operating lease, and
$9M lower net income tax benefit primarily from outside basis differences in JV investments, partially offset by
$20M higher earnings from TdM driven by higher power prices,
$12M higher earnings from asset + supply optimization driven by changes in natural gas prices + higher diversion
revenues offset by lower volumes, and
$8M favorable U.S. tax impact in 2022 from converting SI Partners from corporation to partnership in Oct-2021
1.
See Appendix for information regarding non-GAAP financial measures and descriptions of adjustments.
SEMPRA
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