SRE - Earnings call transcript Q4 2021

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Operator

Good day and Welcome to the Sempra’s Fourth Quarter 2021 Earnings Call. Today's conference is being recorded. At this time. I would like to turn the conference over to Ms. Nelly Molina. ahead. go Please

Nelly Molina

Investors and call. everyone a Sempra's quarter under fourth presentation Good live welcome webcast Earnings the website our In available and of XXXX is morning on to section. this slide teleconference

We Officer. Mihalik, today, and Jeff us team President including Alexander, President Vice Affairs members and have Chief Officer. Officer. Martin, Corporate Trevor Senior Lisa of Lorac several Executive management with our Chief Executive Chairman Sustainability Chief and Financial Vice

Infrastructure. Sempra Officer Faisel Chief Bird, Sagara, Chief Vice of Justin and Accounting Allen President, Executive Officer of President, Officer Chief Executive Group Chief Infrastructure, Senior Officer. of Khan, Sempra Peter and Executive Financial Kevin Wall, and Controller Vice Nye, President Oncor,

forward-looking Reform the Securities with the from that Before statements the recent our make the Private of statements Act those of in forward-looking we starting, may most The are materially like be today. within projected remind I'd filed meaning differ Litigation to XX-K discussed company's Actual everyone XXXX. actual differ factors results that any results SEC. materially to cause in discussing could we'll

non-GAAP accompany All measures. the reconciliation our earnings-per-share amounts certain shown refer are a Please to basis this that call the measures. and for be presentation GAAP discussing presentation slides diluted to we'll of on in financial a

in December contained that, encourage over also statements Jeff. any in the assume and or I'd XXXX. the XXst, also today, let year-ended slide presentation note Form obligation you to the February not of like as the the please forward-looking to of to forward-looking We call four to revise that hand and to mention important XXXX, these it's turn for review me statements on any our future. speak Report With XX-K does update XXth, to company that only Annual this

Jeff Martin

in our over a share. critical a capital three Board for with share portfolio we $X to increased of in you, our strong delivered full-year of lot moment, of billion invested $X.XX The energy with share, of future. for of Record we $X.XX that shareholders. of XXXX, highlights strength adjusted annualized five-year gives a adjusted today. to platforms, investment an $XX financial billion our approval announcing longstanding with above EPS the per of XX% performance a discuss nearly XXXX the performance. our delivered us Today in of $X.XX well dividend confidence across our some per per our We'll $X.XX record plan you company. together consistent on And thank of In us And return amount opportunities range side, Thank another guidance operating to infrastructure, Nelly. growth to joining all of our we all we're year increased the but by of value Directors commitment utilities. dedicated of earnings

turn our Continued rate range. of Please to long-term issuance slide. in range the full-year full-year finally, XXXX projected And and for confidence we're a EPS EPS X% to EPS guidance of the growth company announcing XXXX the next our X%. guidance

From portfolio our of in years, mind. with Next, to three the in last accomplishments. few I'd highlight a over four we've a like progress great updating standpoint made goals our strategic

and fundamentals markets prioritizing First, strong with constructive regulation.

recycle platform simplified to Second, milestone another and source these to transactions lower deliver strength Sempra's and the this execution. a ability transactions series that and our was underlying our return journey. organic continued form to high a completed business Furthermore, it portfolio synergies. a and while key financial scale of improve growth scale a demonstrate simplifying infrastructure generating growth model financial to over XXXX support All selling business owners. of at of building Sempra capital third, in results. our And with to market and We've utilities. improved culture into performing $X billion interest the to non-controlling highlight capital value cost by of growth

billion safety Moving the on, results and million a over plan a Infrastructure at with utilities. continued strong we a continue on Sempra also construction Advancing deploying at $X had in lost-time standpoint, Sempra, work at From growth and had budget Phase X with over without supporting focus great employee ICA advance our on to LNG our injury. we California capital a X XXXX safety record year. on-time hours

growth the accomplishments consumer highly serve Each to our we strategic largest utility businesses, States. and our growth us scale to growth slide. are where and markets the attractive leadership markets, of of quality execution basis position central and platforms that one of our Please have in United next contiguous Sempra's the across a in capitalize platforms seeing confidence to the is core gives strategically opportunities. the future both turn these we're America, these together, and next in our turn slide. Taken Please in to on North in ability positioned execution.

Our cash with the strong North scale continued trends associated growth risk centered integration the expansion energy cleaner of T&D platforms networks main forms competitive and safety reliability, energy and recurring flows markets, and from and improved advantages: investments, benefit and lower American on markets. of of attractive energy, size to three growth support and positive

the nearly at level, utilities adjusted earnings in of California have growth projects and position development. key Q Sempra renewables currently XXX,XXX growth all well markets billion walk strong growth, in Sempra, significant us ambitious a Our to distribution in in into our while to in XXXX growth on North will miles grow safety, XX% $X.X and the currently potential details consumers. future. the is at for investment our high three by reliability, state's presentation. generated at later our support projected discipline million contracted transition and investment for supported through and Infrastructure platforms we Trevor of assets to projected drivers serving and a under long-term interconnection to full-year investments earnings economic goals, the strong energy continued But nearly America, fully loaded transmission approximately growth These lines, support XX with platforms Texas construction, combined upside in and integrated from

think it's the inflation assets rate constructs, I worth built them, or upcoming of mechanism protections through on majority Finally, such that into as pass-through vast have infrastructure regulatory cases, of form some either our projects. our noting

the to focus Additionally, lower given risk T&D credit, risk space. infrastructure, our chain, value of of traditional the energy strategic it's reduced retail on we commodity extreme the our many generation we exposure, in the Whether investments. believe weather, energy section stranded or exposure

role calls Sustainability for an and on to the progress. Alexander our Officer, this to future our a as on update continue call Please we transition, the Lisa in advance Chief next leader also energy creating our to As opportunity you turn slide. we're

Lisa Alexander

been This areas decarbonization, energy summarized investments to we're a as plan, sustained you business of diversification, and and our has future decarbonize Sempra the part we decades, and making by capabilities, transition two central for operations path key I'm to markets past Sempra's each we enabled serve. a Jeff, action are pleased our technologies on of to digitalization. in new clean Innovation progress. year these Thanks, energy aspirations and in three update great that

approval $XXX examples. In California, storage inaugural expected energy total million few for projects to regulatory SDG&E a three and of secured are in issuance new its XXX green bonds Here completed megawatts.

gas natural over to achieved renewable in core XXXX. deliveries customers SoCalGas Additionally, X%

Oncor of by to transmission excellent bringing connecting and as Texas distribution nearly Oncor Total job is renewables to system energy customers X,XXX approximately XX,XXX renewable doing XXXX, Texas, the cleaner an expanding to connected network. and modernizing Oncor and megawatts generation, of Moving In megawatts. wind connected sources fast solar to

MOU strength across adjusting business an increasingly our think newly business infrastructure. X this to are Investments our cleaner company into entered play reduce next platforms. FERC to to accelerate effectively of and an these updates. Sempra, to company platform revolving renewables, Earlier advancing to markets. filed billion progress has At we opportunities and of capture emissions -carbonized over Across that to the energy. the credit meet performance provide ammonia, slide year help new addition call by create lastly, to and. also while sources Please In on project, help up could Sempra operations, facilities. cleaner drives for company hand intended is in the the demands also at LNG electric new amendment customer Entergy Trevor hydrogen, options energy and with the renewable trends linked turn proposed develop facility a primarily metrics. Infrastructure, de incorporate The and which financial their announced Phase XX% continuing to sustainability LNG global of our Cameron I'll Oncor for a recently tailwind to facility models where its to with And are companies LNG, carbon to to power deployment to consolidated $X with industry,

Trevor Mihalik

with authorized from December, application our differences several memorandum assess later event begin, Thanks, this the decision Also, requirements cost operating a the capital third any final SDG companies. the In filed revenue a capital at this extraordinary memo of Lisa. had the in To of of a to the X, interim In an CPUC scoping January result year. its COVID-XX a expected expected issued quarter, with the as the for cost resulting XXXX, effective CPUC CPUC year. account we've pandemic. XXXX, of decision to later developments positive &E track

and gas view in procurement our standard. through as it a of working forward here is advancing significant CPUC development California. We're renewable excited in the Additionally, the of this fuels cleaner the future step about natural implementation

develop infrastructure serve bold Lastly, Angeles announced SoCalGas new a recently Los hydrogen proposed the system Angeles green vision to basin Link. called a to

grow demonstrating develop largest basins, hub would well and that Infrastructure, generation, second, growth CFP heavy-duty electrify. Texas to the to as record nation's new requests number and discussed processes, project Entergy as delivering to Lisa service this XXXX. help project interconnections earlier transmission California for green advance approximately LNG LNG our grow Atlantic opportunities continuing for the rapid green additional Paz, Oncor Shifting premises to Sur. industrial regasification as with and that the Pacifico the and electric decarbonize a XX,XXX set country's into contemplated, La territory both and be the the As hydrogen we new manufacturing challenging first two largest fully Sempra in Vista signed in hydrogen Oncor Texas. company capability the system sectors MOU of to deliver received other the an system. in Pacific XXXX, are active to jointly Oncor its Baja, Oncor and for MOUs trucking, with to infrastructure connecting to of well, will unique continued in At with

where last Sempra its financing I'd efficiently like flows. Additionally, growth facility issued investment-grade slide Please fourth detail. update a cash On the to bond relating and into month. with intention go inaugural to along All in its generated an of additional to Sempra Infrastructure the credit the quarter established new turn with next internally Infrastructure.

This Here approximately interest the an was making takeaway of billion, XX% and announced enterprise business are audio. Infrastructure is which KKR conditions $X regulatory on is of in Sempra approvals value subject billion an higher the customary we progress to transaction. and valued third-party to that transaction, than closing key our and which sale additional $XX.X the

Please differences California, of at and the memorandum April year's affected continue Sempra, were basis, to or that earnings fourth-quarter in fourth the June respectively, are share. to XXXX to decision GAAP related adjusted tracking million earnings quarter that to We energy to or CPUC Texas regulatory the program $X.XX liabilities compares share. tax Sempra $X.XX the and proceeds This XXXX and utility billion XXXX $XXX due GAAP higher full-year XXXX adjusted On $XXX share. or execute XXXX, morning, supply $XXX XXXX and $XX.XX rate turn our primarily billion, was earnings $X per net key resulted $X.XX The parent achieving to XXXX turn an other commercial increases of This full-year compared per $XXX adjusted the Chilean utilities, million higher primarily sales to or previous earnings offset operations release conversion lower lower to variance the million invested $X earnings earnings volumes. adjusted million per at of next efficiency per growth. from net This $XX Please to gas million expenses were next not prior of fourth share. XXXX $XX due $XXX increased items. This the favorably at CPUC utilities in of quarter from to earnings next $XXX updates reflect base earnings of refunded $X.XXX share. prior operating related lower this fourth to the million billion million were forecasting Please share. expense. and preferred to a in $X.XX in million income This the compares slide. stock supporting or due compares in operating expense Full-year in improvements $X,XXX of of earnings to of preferred of prices compares at customers in million primarily per sheet. or of On XXXX $XXX slide. our charge $XXX quarter SoCalGas, SDG&E X and million of expect lower of $X.XX share. from and in XXXX to Earlier financial LNG XXXX the losses million JV, driven to be in balance to and we GAAP earnings revenues of share. earnings dividends due to Phase due earnings an August customer $X use from to billion natural million by to the Cameron capital, capital of in results. margin, per I'll per SDG&E, XXXX of following $XX lower recorded changes higher review primarily XXXX per and mandatory optimization fund by $X.XX our basis, to at account. was million the in slide where full the $XX full-year asset for higher by to amounts Peruvian the or GAAP $XXX share subject turn repurchases, year interest or earnings

anchored see at announced history, This $X to plan, and our the we of businesses, capital utilities year. increase utility XX% infrastructure nearly continue to in prior robust plan. and the representing of last billion opportunities billion invest in is $XX $XX-billion a largest our We plan five-year over plan capital resulting in total notably investments, by the

and forefront expenditures. For SDG to be planned continue important. &E the reliability at This safety and SoCalGas, is our of

California safety infrastructure, investments our of around investments. and priorities, wildfire along Our centered safety in State's the including regulatory integrity and with technology gas

Additionally, at growth. Oncor, organic strong plan capital addresses the the

interest further demand. the other in rate base in utilities. $XX as for For to driving are continuing to North had billion we the further And grow projected increased base of through Oncor, organic $XX in the tremendous even California in need both to than investments billion Texas XXXX, growing In our America XXXX, slide. as states XXXX growth grew capital by well of $XX billion support turn top-tier our investments California utilities, example, more growth rate the and our adding our any at Please These to in expect to at rate in population next this XXXX. and markets it Texas base. we

total in XX% rate base Notably, rate expect with to growth change base our next projected in provide Just slide, to the common which over issuing we are the mix rate importantly, electric core on we to infrastructure, well-positioned of materially we not next have to additional five trends growing where approximately years, strong Please utility reflects to our to the expected fund as I'll efficiently turn support base. strong details equity. without electrification is markets. supporting continue our the how dedicated opportunities

our at multiple we're As expansive financing we the strategy, to efficiently opportunities we utilities. experiencing fund about growth have that our think

while Over debt-to-capitalization, also capital a XX% us with finishing the past utility rotate strengthening in total few sheet, XX% strong years, FFO an XXXX to you've fund seen balance -to-debt. position growth, the

cash a plan portfolio financial is long-term strong contracts. underpinned regulated are or forward, by operating that returns flows our backed of by Looking

cash and to capital Sempra Infrastructure, by distributions over from XXXX. from is XXXX proceeds Sempra through from the billion utility cash to expected to generated with are plan further Our sales the projected adia combined KKR supported where robust $X provide

target to to utility approximately dividend. Turning allows to the the us XX% to ratio dividend invest XX%, continue of growth payout supporting which we while aggressively a in

external as Please deliver efficient projected a focused expect EPS We slide ranges to growth opportunistic share equity. dividend shareholders this value where rate. see we remain our guidance capital to dividend, financing EPS shareholder the return the strong near-term strategy, long-term turn and and issuing we on time-to-time. discuss I'll delivering without EPS common efficiently from and to to next growth addition repurchases In to way through

plans of addition the billion would to to We This repurchases. guidance continue our of are $X.XX introducing capital we're share. reaffirming and owners to an share, be the $X range The includes form of in XXXX recently returning per repurchases million our guidance XXXX $X.XX $XXX guidance EPS aforementioned range of of to our $X.XX we completed. share per $X.XX EPS to share

our about growth. Now, talk let me longer-term

Our historical X% to in midpoint to across excellence us EPS's X% providing rate is starting us, our XXXX confidence in our This X% Sempra of by plan execution combined by through guidance growth an long-term driven of construction only give at growth in currently projects average at EPS of at capital opportunities is and utilities a operational annual includes growth projected with the growth businesses. of five-year XXXX. the front Infrastructure. an rate-based anchored X.X% our It and continued X%,

Importantly, expansion would and economic guidance capital projected on slide. execution we three projections. energy to make commitment in across our reflecting related and that Sempra Infrastructure to ready consistently, at I'll infrastructure, slide financial driving projects see on turn slide our and storage, we've additional of growth long other executing and and our to opportunities outperform thoughtful A reliability plan. the our historical published through development LNG rate allocation, This and wildfire California disciplined exceeded met are and pipeline of so in EPS how lastly, Please turn a work, currently investments the execution. depiction distribution deliver platforms. next on safety good outside further few Texas, spending incremental transmission vehicle historically electric mitigation, examples a include Please done growth this next And the is ranges. highlight to our where record or incremental track

and summarize markets our commitment a that proposition. financial execution, invested company is investment of in America. me operational have infrastructure some with the in repurchases. transition. well-positioned the last the consistently excellence, in returning energy in the our time shareholders capital to record that of opportunistic and form our about role track future fastest-growing to we building Sempra future dedication energy value in and supporting high-performing Please share of we're turn Let critical dividends growth of economic to We've to discipline, will Overlaid a infrastructure a Bottom line, and in play slide. the excited North disciplined the

the continued to business prioritizing towards Over our and culture performing a strength, high view improve improved a we've model with and markets last years, and fundamentals, regulation our scale, with building strong to constructive update simplifying to results. financial financial four portfolio and deliver execution

to us With position. a stop benefit growth. to strategic we the remarks. allowed our concludes with looking efforts, have take integrated three this and those questions. XXXX in prepared forward, We'll end that, future of platforms your strong it visibility now And With improved

Operator

[Operator question Instructions] Partners. we'll Shahriar from go first take our And you. Thank ahead. Pourreza Please with Guggenheim

Shahriar Pourreza

guys. Hey,

Jeff Martin

Shahriar. morning, Good

Shahriar Pourreza

Morning.

ecoPhase the more color contribution completion a but the utility just networks? X% Any you SIP? do X% a sense in but and earnings there, pretty bit look starting growth drivers renewables the down get good Can So see we bit we growth, off moves energy at growth. -- drilling level a of to the on further your and from on really growth profile, comprehensive Trevor, update maybe more to of as XX, we just Jeff about little as you bifurcating I think elaborate of cadence and as a

Jeff Martin

interesting question, certainly, making think very that for you you're I point. Thank and a

our this we've dedicated can not tell of to is made our the program that year five-year utilities first capital and of is that type prioritization. that You XX%

already the refer it You've capital a XXXX remains is where think $X.X we plan conservatively today, the outlines grow from $XX opportunities where our you fairly is today they're focus to know The the our have and Infrastructure XX, is was seen There be projected, billion that us that priority. that an Shar, company. I billion incremental might on roughly U.S. for projects positive Slide in end so incremental billion of you to about FID as in convention taken certainly which to quite really of about opportunities. $X.X is base basket to we rate for construction. could Sempra of ongoing $XX billion

of our are part think that projections that informs view I fairly our conservative.

Shahriar Pourreza

When contribution you And as is lower that the a utility rent. then X% telling what's in really look disclosures. follow-up that at the SIP on one just buybacks, from up growth, embedded today's

Jeff Martin

that conservative? XX over are X% the I it at is if per have XX our about that look I Well, we you're always growth making of our we or And record last produced to possible track think think point the that X%. projections And you assumptions. earnings share years,

the we conservative. have at have plan clear I forward taken could to Infrastructure cases, we a that prove effectively, confidence X% positive amount range. quite economic fair cases, for your account attrition if you've in rate to approach fairly And account point, that for of have and that future execution execute a X% visibility a and the think have visibility that in that based mechanism we capital we've conservative think of to a got Sempra Texas, we upon for rate You your I But a environment. similar

Shahriar Pourreza

that me, that I it. is other you raise is need just are right? any private lastly flex incremental given Perfect. to to maybe want opportunities fair? just LNG Sheet you sales or just at trajectory the we're $X pursue equity side; super-helpful opportunities; calling just confirm looking more guys on Jeff, is the for SIP, over to the Balance thinking and the see opportunities And up quick incremental as don't about this Got billion, as to -- really you're

Jeff Martin

made point XX% Shar, the I fair. an was remarks, And year in we completely with Trevor It's which his this Yeah. to think FFO finished debt.

We've capital only dollars do of to another got sight support issue XX%.%. Our repurchases of do we not not debt-to-total record here through to around billion share program. a to capitalization XXXX. a parent is equity And line expect

Shahriar Pourreza

Congrats Thank guys. this much, very you Thank on messaging it's a big you. Terrific. change.

Jeff Martin

Shar. a Thanks lot,

Operator

pick will Jeremy from next Tonet with go question We ahead. our JPMorgan. Please

Rich Sunderland

Sunderland on Jeremy. morning. Good Thanks for questions. It's actually taking for Hi. my Rich

Jeff Martin

Rich. Hi,

Rich Sunderland

circling Maybe that if to through buyback parse $XX versus capital, more the just return little billion dig It into 'XX. take I bit the the like you the $X slide billion seems of billion a and around and math back, of that want to $X that think figure. there room dividend, to $XX the within the just billion that reinvest Is incremental case? that? for is of is how still return opportunities the And or tough within you about the plus waterfall

Jeff Martin

I And partners obviously puts there's equity of share something you repurchases. things at variety Sempra but missing a you're distribution one and and is which might takes of our it Yeah, includes does is, also it the there, it to Infrastructure. in include includes be think onto -- dividends

Rich Sunderland

Got That's it. helpful.

Just timing the XXXX. on the real front, repurchases of that through quick

you point well? is Are at programmatic think taking? referenced you I opportunistically some for at that as looking one approach point, something you're the

Jeff Martin

that where certainly that buying about to I about will we the X.X% would this our from X.X, And today it dividend, returning we is time-to-time supplement think we privilege to historically be like shares. investors, programmatic. by say case, back opportunistically capital In yield. which

to opportunity; before an making share a billion do of the have a end dollars we're XXXX. we commitment We purchased

Rich Sunderland

across you LNG, portfolio? the year, just expansion, maybe the still circling Understood. up Thank Cameron are targeting you and more contracting you. then could this just broadly speak environment FID with And to

Jeff Martin

Yeah.

lot this. and clear little today. Justin the to a discussions. some macro of Let I our bit topic be know of to to contract it will provide I'll this a of callers me a the background development of interest pass of do and view portfolio I'll more provide a some

think, markets. that start global energy really just I in territories, we're me saying the Let unchartered with in

saw heading what Natural seeing over Brent $XXX more crude even $XXX we Europe the roughly the five-year United gas. average you $XX, or the yesterday, States look a into pass amount Europe, since below in XXXX. the XX% about in you're barrel, similar Rich spring. passed eight for hasn't futures of times today, Just when and levels at storage in a gas average were they're natural five-year

in So is different supply conversation today our calling more and becoming a Europe. in this and environment we security we're all really to more make of is security can and a forward of is takeaway, energy provide of step that nations One challenging lot That around seeing conversations. OECD [Indiscernible] nations, important. of on sure can security This of they States market and going that law. to developing the lot and I long-term, these rule want and United space LNG overall there's make sure our this into we're its next the a to enter muscle really they you're where contracts mid-term the in all flex And think see conversations. of and a -- seeing People

we some about talk the Justin, perhaps your So negotiations. could contract pipeline in development of

Justin Bird

Jeff. you, Great. And thank Thank you, Rich.

execute seeing our the interest our and Gulf locations, for you're So heightened platform and One, I in two Gulf of Pacific given you're seeing privilege confidence to in Coast Jeff as our facilities. dramatic in think seeing ability I think on think the Pacific our as projects. mentioned, robustness the increase a And things. -- market I we're two, the development LNG market what we view

making FID we're of We're Cameron, expansion. on Vista. of the FERC great making at Cameron, progress given filing Project the also of the speaking in great the we're XXXX. timing permit, to the portion on amendment First, the progress now of first targeting

offtake annum Extremely million of about we're of seeing. We and are per interest. actively tonnes levels marketing XX high

in but production on many great working we've progress of could you time, mistake, take as last in to in now, accelerate soon full on as more we on build. our wish with partners last as supply to XX time So the debottlenecking being know, XXXX, mentioned, as Trevor record I hit our the partners of customers to ECA XXXX, them done them We We working we're COD projects Cameron. make and Also, and on and X. reached give and possible. projects get FID develop, took phase quarter, budget no the of made customers the the November we're with permit, and months safely.

XXXX, ECA and of volumes you to We production. we the expect us end first should LNG full reached of there optimize towards once out expect

in customers So year. Rich, on we to delivering deliver XX% LNG demand or our per and can risk-adjusted think X% market making disciplined superior with to infrastructure. it up growing focused sum you LNG better, shareholders we're really XX-year contracts. to long-term our the LNG about And by is to lastly, us investments we expect returns to grow under should our

Rich Sunderland

you thank there. the for Greg commentary

Justin Bird

Thank you.

Operator

next go with Evercore Durgesh question Please ISI. our take We'll from Chopra ahead.

Durgesh Chopra

of big mix majority The How regulated Thank non-regulated dedicated how about for over increase earnings updated Hey. about Jeff, time. 'XX that evolving picture, we capex taking [Indiscernible]. question. towards versus in thinking in my morning, [Indiscernible] that? of should you think do Or is XXXX here utilities. the to you Any see there? team. Good thoughts from are business what the you

Jeff Martin

Yeah.

call think one the growth you That's be over to we of that the at our end showed things that amount fair of $XX role markets of rate grow the billion. able We to recurring with faster of on the and be X.X arguments $XX is a in that One peers. that to in your grow in $XX materials T&D I excited your capital of business supporting plays than are certainly base five-year flows over that rate times Infrastructure really that where the was recycling is think cash can And years, was And is produce marketplaces today's billion. through time. one reflects about a if that our that and what of period comes regulation, period of that Sempra program important growth. end that XXXX, Today, and good the these our our of by have right U.S. base. going the the addressing nine-year to confidence size higher you focus the four for that benefit utility was of it's continue slides you're billion the last

billion. of the the was business go So back business XXXX, if LNG and at valuing you IEnova $X the market December to timeframe about

have seeing here the of basically We utility. billion our business out that extract of growth support you're $X today to slide ability shows in that our type roughly to a

be have that position have growing. very the we leadership of scale and strong they in three markets would conclusion So I my are very capable think of serve. a them Each platforms

up we've teed really think the ahead. got good this results in thing I years deliver to

Durgesh Chopra

Thank Jeff. helpful, That's it. Got you.

quick there. would upside the the grew? can that on capex That additional to one kind the plan? absorb sheet the additional you you in Would Cameron would need What and Vista Pacifica. LNG capex that of context MOUs of you or think Just the the balance be capex for clarification at equity

Jeff Martin

Right. Yeah.

they growth and they program the investment-grade self-funded business an level. Sempra today this really per capacity. share where Infrastructure about of that's they up with resource things annum and to the we're the balance self-fund partners. set opportunity They at business transaction have can parent equity for was, talked our that. business. tons utilities, a about they $XX sheet we call return on can our support our exciting mandate million of and and dividend equity model a one And when Justin that that project that do our in to their the third-party can can And new They working repurchases also capital their

Sempra side. the on that in instrumental of look LNG that I a one of Trevor been things and oftentimes says flywheel finance growing platform, business success So their to utility and this has is, very to think to them help we'll produces that cash, growth

Durgesh Chopra

it. today. so update guys. the Thank Appreciate much, you Got

Jeff Martin

joining Thank you for us.

Operator

question comes from go with Fleishman ahead. Our Wolfe Research. next Please Steve

Jeff Martin

Good morning, Steve.

Steve Fleishman

here. LNG follow-up Hey, hi. just I afternoon and The guess on Cameron. -- it's a specifically

would in 'XX, half FID first to expansion? get when Cameron do online, you of be If likely

Justin Bird

So which years. would additional to other think think produce tons I remember thing I as an million can debottlenecking, to mentioned, X terms that four the to the second roughly we the incremental come about project online the of we per whole, the Cameron And full would After annum. we're expect train. it as a looking in be accelerate train, that to prior

at Sorry, additional Phase the full train two.

Jeff Martin

of time. think would which is the So to way by about Steve XX-month about period XXXX, fully be a online

great volumes we're looking probably making plan is access within to a point, our have debottlenecking, to five-year from additional period. Justin

Steve Fleishman

to incremental the be would the [Indiscernible] that debottlenecking And Okay. plan,

Jeff Martin

closely. we're That's something correct. It's That's following very important.

Steve Fleishman

Jeff, the been that's Okay. and a better great. out, great. doing growth That's this And you've stock long-term got obviously year, new rate has then

the that likely, all you the SIP. of out to things laid but curious structure way breaking -- you're you is to continue or I'd are the changing be so off Sempra, way were what consider would could if -- make change selling it And this What or more the just i.e. is together SIP path given coming you've today? the

Jeff Martin

we're earlier today's been of combination really but terms share record shareholders. progress U.S. utility platform T&D four-year you years value strategy being about comments, XX% this and able our Steve right? couple our the a is with I capital privileges over the earnings mentioned So while growth, four of think to and give period the per of returning and talking rate be in capital call, in call we've and to last that on what these we've will that a I of about really at pleased focused some very I made over grow fund plans the

pretty So now. us model for going we've got a virtuous right

going our the think I things from or discussion our of XX record that. years, this we're four-year week. it's is was XXXX you an the value I the we the to higher I of this opportunity push three we back a over we're buyback time. meeting can to would billion regular strategy CFO shareholders. five-year a $XX ask we do Board period with how we of not If dividend think adjust and through sheet to the a unlock shares discussed key see We've we of more bashful. Board or last more and the be our a more right And earlier balance to is the single policy, takeaway Sempra when about four One gone But is plan, capital tell have campaign. from Steve, rigorous having can in billion call think now of at going to every you I from lens very met Strategy have

to opportunity and we've that look what program we And capital to number sure is unlock I is opportunities demonstrated priority, think continue for think that. make do to one very value. a So to willingness our a we're funding as attractive a first

Steve Fleishman

Great.

balance on the and Just like. FFO metric I last to question sheet. debt appreciate the the

and Just agencies rating from -- about the have the the have gotten how they comment you plan it? updated are any thinking on

Jeff Martin

Steve. pass I'll for you, that Trevor Thank to commentary.

Trevor Mihalik

Steve, and of we some have gotten Jeff. rating Thanks, agencies highlighted gone and feedback. their Yes, the plan with the

will very capex on to bigger good And to in continue priority year fund to and XX% FFO that the about again, We are the is we way a that we debt continued do But at balance the ended in where we strengthen subsequent weeks it feel the a things. mine they understand here. and sheet, plan. of

Justin Bird

for balance would mention, seeing I and we've last year the think you're probably years, four strengthening Steve, that talked sheet, about I also and benefit. the every

you the XXXX quarter of our when So think finished the debt-to-capitalization acquisition, XX%. the we second about was the about of high completion in watermark Oncor

of we've our of equity layer end XX%. So sickened today. the At XXXX really was the year it

the shareholders share of in So form you're with view balance our seeing for of supporting capital the Fortress repurchases. towards sheet return dividends a and growth both and the us more

Steve Fleishman

update. Great, Thank for you. great. thorough Thank you the

Jeff Martin

Steve Thank you,

Operator

Please go next from Sachs. with We'll our Goldman ahead. take Michael question Lapides

Jeff Martin

Hi Michael.

Michael Lapides

and good going a Congrats on couple of of call questions things on a for a Lots utilities. Jeff. start Curious, exciting XXXX. great on. the Hey, core end-of-year

look is and rate net I if guidance. your which of One base that your income at

California net range. Your mid-single-digit income growth the rate utilities are that

'XX kind base 'XX income but kind 'XX, range. it's rate-based and albeit word a [Indiscernible]. is in of from X% California, different 'XX X% between is little Can Oncor, 'XX, then just it's low that both The base double-digit income driving net of double-digit Mid-single you for just invented the I remind think in for spread and growth, growth the the opposite. big those in a at net [Indiscernible]? and I what's it of but rate rate to years digits us growth and growth

Jeff Martin

me context. little start Let bit just a of with

five five-year they're you're together seeing is think coming case together I rates you along excited reflected and first seen in and us and X% Michael. a growth Texas, to of it's see that two in put in growth about Oncor And portion you long which expect I growing California you're large bit mechanisms overall that rate think over about where improve to organization, I'll standpoint. average, a visibility to we're don't cycle. the about scale recall But base at you step-up reflect year X%. But would utilities come And base three the have new on have clipping over rate you've of into those us they're is And But base little one lag Allen's at of to to terms earnings focus four rate dedicated you numbers, CAGR. period. larger work. rate the rate a things that of that the rate-based that's type cycle. that California, at your In projections and a growing our of quality making time take our roughly point how are should we're X.X%. closer a that's That are you base CAGR. our the or effect, basically of usually going that into or periods year from of differentiation you roughly the point,

Michael Lapides

it. Got

required got this one-year California. where any bunch make. a need some and you Texas this then filing in scenario is on or year. an year. to more you do mean, have to into are a cases is that have to file think And others I And -- you regulatory get There Do kind Okay. but the like there you you in other in in Texas rate incremental the I file taxes. filing deep hopefully feel utilities you're so this of you side, busy Texas could file a delay? of Is taxes have

Jeff Martin

Yeah.

flow prepared comments. But how Allen for here cases for rate second. it you're later team our view timing California, speak about of partner, be of to with that me my But filing. let and remember follow into make to the comments that both year, I this you will Texas, will January XXXX. has I'll those Allen, some Let to couple contextual how just in and Allen case, on that XXXX cases SoCalGas. his In you X, for relative Michael's you I'll prepared case effective think rates a SDG&E to case his and a a Those here going pass in of we're

Allen Nye

Thanks, Michael. Jeff. Yes. Sure,

Just or of we deadline a of set deadline year, we on year. June say, when filing X initially, let me this before our extended got rate-case last

case, it and time. make now, We're have filing. way the obviously run right of at together call what cases filing X. we're looking what we are a for very we outcomes company-specific, putting feel probably think very recently the large other June very you've been. is said a I've company utilities required strong the I'll you, to have So I mid-May or aware tell it your on relate to before They a fact-specific. in have rate what done way strongly, before, down there very over

PUC. relationships and perform connections And these the all about with in cases. the feel good with we your those Your how we very history constituents rate of

IOU a into as cases, I of then And cases I these of well. would if in to we for and any focus run other think rate front going get to case, somebody our be. my file, and think So in the good that's everyone I I my Cap said my opening lawyers think And in and thing comments, you're where -- just the are that'll in a going and I'm really ROE big we're we not rates witnesses, place have add, always is going the structure a experts, only obviously, what can't to Texas. do be lowest

a now are but we and current now, mid-May, the going obviously our on plans. there's right don't where commission right all-in-all, be lot another at about extension. So going think There's at good we feel we're that's we looking to

Michael Lapides

Jeff. Thank it. Allen. Thank you, Got

Jeff Martin

Thank you, Michael.

Operator

Citi, Levine We take with please ahead. go from will next Ryan our question

Ryan Levine

everybody. Hey,

Jeff Martin

Hey, Ryan.

Ryan Levine

in developed of $X quarters? the to in backdrop What's And comparison billion $X.X today billion and Hey. commodity in included light previous contracting the potential Networks to how the with project? environment Energy political is of

Jeff Martin

Thank that for you, Ryan question.

You generation recall pipeline is country a they a overbuilt view at essentially lot of natural replace XXXX, building their plants. reforms their one address is, things the with their CFE. that to a went older through to so network recent that toward the we lot from MOU oil-fired And trying with of plants, a as gas-fired announced their more they've time the

Some capacity of is pipeline unused. that

capital. CSE our And And Pacifico with secondly, service the are there's particularly a utilize is Sonora back where some they we've of the work they've that network, involve of in help MOU reduces for planned that that's important additional into project, Vista that that pipeline things basically to designed one support system the partnership So pipeline their capacity. Baja. is around opportunities bearing which to agreed in the put to got here, us our cost

reminds a gas Tonya Sur up us of things always literally that the is and standpoint is disconnected and Baja One from California Mainland Baja electrical from Mexico.

our position, So as in to up position and pipelines think for and Baja well pipeline our we to this that there in built in be future continued be as will of North the in Electric position renewables, Diego Gas, picked San support we this growth opportunities situation terms sits Baja. where there power

Ryan Levine

for are that. components and you between towards? what And then the of the parent XXXX XXXX your in guiding that you're reduction of Thank costs terms guidance,

Jeff Martin

want don't been managing -- our parent if But year-over-year. I we Trevor, costs of managing additional know things. our SG&A the costs you talked And overall of thing, down how parent overall remarks going we add obvious biggest about we're that when away a some you in tell to in our preferred our any remarks equity The will also if second issue parent. on cost. the for interest I about So number that prepared year-over-year? our is manage the we have

Trevor Mihalik

Jeff. No, Yeah.

much you capital parent driven a losses it. The higher by were think on interest I savings primarily higher plan. touched to pretty less due

Ryan Levine

electric to Okay. battery see outlook, you do me are for And the And California? in recognizing batteries at then filings, last any Mexico? recent regulatory the terms upside question for in of looking you any spending

Jeff Martin

TDM project have We Volta definitely to very adjacent in much Yes. Mexico. a

plans in batteries been that of project out bullish location. second That San the that be can are to a a battery maybe Justin's built to was XXX built over here back combined actually for cycle adjacent Gas that quite and & You batteries it utility. to for when had dedicated you project turn to teams Electric, on they We TDM. may period, contextualize and evaluating remember at Kevin Kevin. the plant XXXX TDM Diego has opportunity megawatt now I'll

Kevin Sagara

Yeah. Thank Ryan. you. Hey,

happy PUC see were earlier the we approved So to this month.

There capital -- different around advice projects new million a investment. there, three lithium-ion. total were of all three $XXX projects storage about megawatts, $XXX ed Our that XXX letter that's energy about million

more and this. going we're of think to I see more

like big with still resources what tremendous going need I the get Thank share energy you. seeing Cal ISO we see and that this think that a study of are lot will did to we're came get built. amount fair And storage like out, a a to our We of here. for more there's

Operator

next Dumoulin-Smith Bank Julien with go of [Indiscernible] question America. from Please ahead.

Jeff Martin

Julien Dumoulin. Hi,

Julien Dumoulin-Smith

on morning, continued good team. Hey, the Congratulations results.

Jeff Martin

Thanks.

Julien Dumoulin-Smith

Absolutely.

with here. with start strategic Just Ryan's the respect to last maybe question, one I'll

As in done you the think about the side, you Sempra Infrastructure have gas-based. lot all a

You you some also, opportunities obviously as gas opportunities of natural into Renewable Western in about perhaps the your was how those right, you specifically do U.S.? across think will, if become located more leaning California, principally. in that here, themselves avail mentioned comments might

Jeff Martin

it also for the of is can a green our kilowatt, will about follow is big be. about is me. opportunity Edison's be how I'll conversation too, that there there's I give thoughts seeing things, there's where mix think I role California, but But in you're see and prideful of conversation follow big the is of one And electrification think the longer can for a call leadership about clean actually to and green fairly a growing couple maybe you areas position I The transition, of one happen to here Julien. you in whether Kevin, form there's fast that and the going and molecule. a role technologies in marketplace the now yesterday a there what no energy of different had fuels we're we

gas core this new XXXX. and mandate in year XXXX. that from completed came this ruling renewable up you of validates to And natural decision the after already yesterday They I X% number will of by that SoCalGas by value XX.X% So had just adjacencies get the existing about think saw system. XX% last committed much very deliveries the to to SoCalGas

the to natural are role gas, renewable hydrogen. big So I think recent These the going our Angeles for be around announcement opportunities. Link of

to us how long a footprint gas color been both And the our innovation provide think some our on at around you're the unregulated give leader in company. opportunities, your side. you've it's lot Kevin, I renewable point, a and of can and going you about Maybe hydrogen. regulated thinking natural

Kevin Sagara

that role I Yeah, around think transition big is what in this got a the before this We around think play clean for state, with see infrastructure standard from And molecules energy and spoken energy I some play this to CPUC idea clean the which project. you that decarbonization big decision its acknowledgment feedback hey, goal. going various we have Julien, the role the you to we've reach around announced that, a an companies’ state about renewable the to gas natural aggressive which this gas in Link. stakeholders by Angeles this this just authorizing transition obviously, utilities, is helping state are saw have the to favorable within

there of all a view a fuels step this the along clean demonstrating state like we lot So as for role it's a that positive and with is electrification. of in

Julien Dumoulin-Smith

see numbers to when here. just material. Maybe if it more Excellent I guys, can curious Got becomes I'm talk it. on

can effectively capital relative ultimately earnings of form an the as it? in but and kind then all if ultimately, is it ability in deployment define maybe that to accretive in what Can used so talk debottlenecking. the delay a XX, how So FID about what's several going going out, LNG buybacks FID just bit you think the new that could understand scenarios to there's funds could the into you As Obviously, be potentially between out today, about here. incremental CAGR? you that can an LNG of and maybe I the opportunity little about versus CAGR talk laid you this you've buybacks different share CAGR recognition play that repurchase or your to assumed

Jeff Martin

a let XXXX try with shot me five $XX don't in billion billion. take back that we'll But program sure answer if get accurately, our and fulsome come it over I it. you've Well, grow from start to the to would a years answer. And seen more I I fact please capital at make about $XX

of seen now the earlier, work. days, XX little share a you've summer growth. the investors of XXXX, backdrop, cornerstone program privilege in us way expect the strong very we're fact a billion where And recently most do bit, very and understand Julien, is So our right? to work. that with balance the in what capital the to and of repurchases we to last sheet that have dollars XXXX, now billion put it our to at dividend of another that and going all the us mentioned put the against our forward three So in of And again, our competitive platforms someone dividend, need return accompanied flexing as between end we a

dividend, about repurchases. of really think return two-pronged juxtapose that capital, it's we when of the opportunity, So share a beside

our forward cause position debt, the comment can about Sempra in about Infrastructure project investment-grade that what's them can this an raise that a made get willingness with bigger level. my given a where the self-funded, be you at a plan to right? certainly prepared in we've Now, can But to think of you your that. the a mandate are variety They've unique money markets, source to capital go do they are is So balance source sheet point, when to demonstrated they they there could I've remarks. things plan, think in earlier we as LNG,

participation about think roughly our at We through XX% Sempra our that as today to sell-down originally project. about Cameron through level of Infrastructure is So Cameron example. at owned equity look XX% today, And XX%.

accretive on to that have disciplined flexibility for business. shareholder. we the Justin's we're these sure a way cash adjust before spend leadership very opportunities under makes is their to those leadership But risk and in LNG of So lot make that Faisel's we Sempra sure a job flows dollars the

Julien Dumoulin-Smith

it. Got Excellent.

specific on buyback that's So number assumed in plan, the is no just per commitment, se? there

Jeff Martin

based we're adjusted what that shareholder repurchases what upon going Total kind identified the us of have opportunistic and now we that and beyond billion we're creates we will share think So around return that front another is best, be programmatically investors? for between to saying in I $X spend XXXX, what's and of think our

Julien Dumoulin-Smith

soon. you Yes, absolutely speak more. congrats a pieces once to moving lot here, thank again and you guys I'll of

Jeff Martin

Julian. it. you, Appreciate Thank

Operator

from Shere ahead. with question go our Craig take Please next will Tuohy We Brothers.

Craig Shere

another on ongoing the Congratulations quarter Hi. growth. good and

Jeff Martin

Thank you Craig.

Craig Shere

global Jeff, the projects. the more you markets opportunities Infrastructure on mentioned energy stressed and and Sempra for related slide uncharted XX

of to for it's end Port some projects, Phase but of the the ECA up certainly more in $X that of accretive ignore But reasons, of overall terms overlap be Arthur and quite and Now, there for seems towards small. various and their projects be can may that billion a to X. security, may decade, energy an FID exactly realize incremental these quite be a additional while perfect global of nothing I in years size. to not two multiple one digest bit construction projects appetite large-scale in of mainly or the they time, storm our same maybe

Does asked two got that part storm And capex decades was what a is that on where then. to get be much? of we're first -- manner. perhaps looking necessarily And a would be help, billion if change? needs that in perfect for augur structural additional I world question SIP, trying big. the different to in you So notice my But at the it of to willing this is is, $XX I'm growth take at

Jeff Martin

you And our been question or and always follower XX characterization the with I markets want what's taking we've because LNG confidence happen set this and what your years. the think is the dialogue and currently a I in forecasted This storm to happiness appreciated have Yeah. don't we needs middle that in globally no for really growing perfect transition, transition, Craig, one need place. of right for decades energy that orderly happen a commitment a But that but and It's you much storm you has an it. fact to long Look, firm been about there this. a perfect to used of predicting compliment question and you a recognition take of a we to over that way. too there's is clean we've the there's five no to reference or certain twice interesting in this

order a which that think a Europe affordable. both to in make so and about important renewable, OECD I think to be very and there and gas, developing a a really you both allows to As transition feedstock with the It markets is strong LNG partner nations, is in natural that is growing way we're role, Asia role very fortuitous position. and going natural is the for

think problem, both responsive. describing Coast, the high-class a set West I assets be Gulf so of can have and the us for a from really you're unique do that we

this long point think about how think and question, be over responsive Now about who for in happen company. how we flexed could of that to we can Craig's the what but suggest you the of term, have a you big be bullish in short-term, maybe could opportunity our and can't Faisel, the that view is very Faisel, it be portfolio. how CFO business, our it Maybe can

Faisel Khan

projects we we if think the have how could do disciplined all obviously, But be Yes, Craig, the it. same about you that to do I time. these all awesome would

to we run we're if that how source about So capital. think going long over the

there. a online, have cash obviously in flows when Phase So we're X at going ECA step-up Infrastructure, Sempra comes to

cash fund So flows growth we projects to generated the future. have in internally very strong

ADIA, level. The source And we second too a part like that. of we it the can pull they KKR be of for is now partners and have projects project capital big capital can at our in also thirdly,

to that done other can do similar too. Cameron, we've at with we projects what So

that future good the of projects, source can we these we as So very think feel about I'd growth. funding we how the say, about into capital

Jeff Martin

a our to If final I'll maybe the our say, be just as necessary. forward and storm think to comment perfect of will across can projects pull support to you're around agencies industry lot government a security And Craig allies. energy improve there as be in I alignment, describing, the helpful of we

Craig Shere

studies so integrated. hope would our One be would

Jeff Martin

agreement. in We're

Craig Shere

Thank you.

Jeff Martin

very much. you Thank

Operator

ahead. from to our Global Securities. with move question next Sibal go Sunil Seaport We Please

Sunil Sibal

Hi. -- And Good folks. morning,

Jeff Martin

morning. Good

Sunil Sibal

for that. XX-year all the has kind we on over a to I It -- seems utilities opened been Considering discussion. couple follow-ups the the curious have taking had of commitments, last that on thanks changes years few that the the was of Actually, again? seeing up clarity. LNG currently, contracts or on so. the are I European just discussions like long-term evolved

Jeff Martin

Sure. are utilities which make They about European pipelines other One several future in ready one, taken counterparties the probably further call are for couple contracting contracts. investments hydrogen, of we are they envisioning with on of the Yes. A really talked along currently? pipeline, you're Number how things and conversation more what is longer-term in having things. nature place. maybe the But States. the companies than in you Justin is have environment and doing that you're United in of just seeing the terms he's recap Justin long-term improvement can taken

Justin Bird

some long-dated Jeff. go reluctance utilities Yeah. been think out Thank you on Yes, really seeing Sunil, you, I on had to the European contracts.

driven a that around was as think well by of the taxonomy, uncertainty questions. related carbon I lot tax as

The given, I I still interest, happening still we're interest a that as in described of But it, markets. particularly talking by that is about we're seeing all described currently we've So million of the some in but affected on in a of clearly the significant the significant forwards some Jeff XX-year think the Europe uptick I'm things and Ukraine. marketing Asia, say in global what's that XX tons seeing in basis. will there, overhang it

Jeff Martin

Thank you, Justin.

Sunil Sibal

partners for And debottlenecking. for Thanks between for your all that. on one capacity the project? clarification that the Cameron that spoken that Is mention in one MTPA then

Jeff Martin

So to off-takers. the that yeah, would current go capacity

earnings represent would basically come sense, a captive of additional for out that volumes. the so And marginal in customers those

Sunil Sibal

seeing? And I the what pretty similar presume to you that Got to Cameron. regards for you contract in And kind give it's construct the us these profile did that, much Could of I it. improvement on of return what sense of are a improvements you contract on with projects. mentioned think question then that last nature directionally we

Jeff Martin

long-dated referring in openness greater seeing, growing Faisel, of of the This you the things think and want to I in you're to increase the we're nature but looking by the Faisel, that Number to seeing in what that market in West Gulf about to you of happen. both X, for and into of role terms the marketplace, the the the customers see enter we're Coast, this calls one we're to is things gas. pass in here to recognition capacity anything contracts. natural and two X, And competition that scarcity growing I'll add that Number Yeah.

Faisel Khan

those mid mean, I we it's is framework, equity laid at. teens in is targeting to allocation high levered Trevor also but his what IRR capital this out look

Sunil Sibal

for Thanks that. it. Got

Jeff Martin

Thanks, Sunil.

Operator

next Please take our go from question Suisse. we'll ahead. Campanella And Credit Nicholas with

Jeff Martin

Nicholas Campanella. Hi,

Nicholas Campanella

Hey, I I long and assumed the terms no the just up. about broader GRC the cycle six know what's talked California team. on CAGR in time talks. eight Hey, of utilities in here. we guess, to coming

about status think You or that? how we should Are of assuming also have you through coming. capital of quo XX/XX, kind just cost

Jeff Martin

of for goes under case the things that years X, then the by into you five-year of will are covered years case the XXXX. Couple and rates be of plan. on in effect of the Two three five January terms or those four rate old

obviously of terms proceeding of following very In cost closely. the we're capital,

been between current impact applies it's $X.X in the range way. think past. apply, mechanisms $X.XX trigger And terms XXXX think as recall forecasting or whether doesn't the is our for the convention in contemplated similar you from either about range mechanism the I has we viewed in having contemplated to use periods, GRC attrition [Indiscernible] substantially then assumption, of future we as and

a for forward. and recently the mechanism Edison And That's plan both average going attrition years. in look PG&E attrition utilities you that across So our proxy our the last over expectation at the five got. mechanisms if good

Nicholas Campanella

question lot. think just 'XX Thanks gave SIP Thanks. more EBITDA 'XX. in to EBITDA, LNG for 'XX the similar change trying to cleanup about one and Great. guidance why for’XX? earnings, a any have here And sorry, Is just perspective, SIP 'XX, you at wouldn't framed from on track reason or EBITDA how there we earnings you an

Trevor Mihalik

-- for amount proportional NCI's see you the assumes in earnings, our So 'XX earnings of the guidance range in there. 'XX, for the and the earnings

seeing to on EBITDA interest. basically you're 'XX, little of there. change the basis, then And non-controlling a roughly why see you That's XX% fairly interest For a shareholders. XX% non-controlling seeing is you're in straightforward. example, 'XX, bit our in a But gross

Justin Bird

we the there, put just with the why reason there 'XX. just largely 'XX It's didn't me nothing we this, in let same. But say to regards put was

Nicholas Campanella

Yeah.

that. the Really it. confirm for Just wanted Thanks appreciate time. to

Jeff Martin

Thank you.

Operator

the And that to back Jeff concludes will today's or conference I question-and-answer session Martin any at for this additional closing turn time. remarks.

Jeff Martin

week the and XXXX all billion the in everyone and the simplified repurchases; in next shareholder-friendly Trevor by New being from at economic many really see chance our we're Suisse our Sure. higher Credit North able that to business $XX We've over team note sure nearly the year CAGR base week number summarize growth years our to I to to also call. last joining we both delivered and three This blended today's adjusted Conference X%. these today consecutive four to XX%. growth. Stanley print are rate results authorized of We by way, with you would with years, that Today the platforms ROE. Justin of wanted In We of another in the those Conference our will Morgan concludes a benefiting posted billion. dividend. Vail slightly We U.S. some XX the EPS America next EPS make in a of IR the summer in biggest includes EPS And the of time of events. we markets and we the a model T&D approximate That about raise This terms was closing XXXX. results record tripled call. And highlights person the $X.XX. there in call. I long-term also rate be we XXth current X% to scale billion and than annual appreciate from took we've to of in attending $X $X they're announced our through X% backed been X% of today, have and York. in hope

Operator

Thank you for your participation.

may You disconnect. now

Sempra (SRE) 25 Feb 222021 Q4 Earnings call transcript