Southern California Gas Stock Earnings Reports

Sempra reported strong Q1 2026 results and reiterated full-year guidance, while advancing key strategic initiatives focused on utility investment and balance-sheet strengthening. Management deployed $3 billion of T&D investment in Q1 toward a 2026 target of approximately $13 billion and highlighted Oncor regulatory wins (PUCT base-rate settlement with a 9.75% authorized ROE, 43.5% equity layer, and ability to surcharge prior-period differences) and a new annual UTM filing process to reduce regulatory lag. SDG&E filed a FERC settlement framework that could raise its authorized ROE to ~10.28% pending FERC approval. Sempra Infrastructure made progress on LNG projects (Cimarron COD declared; ECA LNG startup with first LNG expected next month; Port Arthur on schedule) and continues toward closing the SI Partners transaction in 2026 to recycle capital into the utilities. Management affirmed 2026 adjusted EPS guidance of $4.80–$5.30 and 2027 guidance of $5.10–$5.70, and reiterated a long-term EPS growth target of 7–9%. Oncor remains a major growth driver with large-load (data-center) load submissions totaling ~127 GW in its RTP filing and a $47.5 billion capital plan plus an identified ~$10 billion of incremental capex opportunity, largely in Texas. Management emphasized supply‑chain and labor actions to de‑risk execution, the plan to simplify Sempra into a utilities‑focused company (capital recycling including Ecogas sale), and the expectation of credit‑profile improvements post-close and following construction milestones.