Sempra Energy Financial Highlights Q2-2022
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
Six months ended
June 30,
June 30,
2022
2021
2022
2021
$
183
$
53
$
278
$ 255
14
72
89
69
19
58
70
87
$ 216 $ 183
$ 437 $ 411
Q2-2022 adjusted earnings are higher than Q2-2021 adjusted earnings primarily due to:
$33M higher earnings from asset and supply optimization primarily driven by changes in natural gas prices offset by
lower volumes,
•
$16M higher equity earnings from Cameron LNG JV primarily from higher maintenance revenues,
•
$13M favorable U.S. tax impact from converting SI Partners from corporation to partnership in October 2021,
•
•
•
$11M higher transportation revenues primarily driven by higher rates,
$8M higher earnings from the renewables business primarily due to renewable assets placed in service in January
2022 and higher transmission rates, and
$7M primarily due to start of commercial operations of the Mexico City terminal in July 2021, partially offset by
$61M higher earnings attributable to NCI consisting of 1) $54M increase as result of decrease in our ownership interest
in SI Partners net of increase in our ownership interest in IEnova, and 2) $7M primarily due to increase in SI Partners
subsidiaries' net income,
$8M lower net income tax benefit primarily from remeasurement of certain deferred income taxes and outside
basis differences in JV investments
1.
See Appendix for information regarding Adjusted Earnings, which represents a non-GAAP financial measure.
SEMPRA
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