SRE - Earnings call transcript Q1 2022

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day, ladies and gentlemen. Welcome to the Sempra first quarter earnings call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Mr. Donovan. ahead. go Please

Glen Donovan

section. and Call. everyone, slide Sempra's Quarter the First is Good live welcome webcast Earnings Investors under website A on and of XXXX available morning, our to this presentation teleconference

today, Bird, We President have several President Vice Officer Trevor Martin, Affairs of Vice our and Officer; Senior Chief Chief Chief Chief Khan, Sagara, Faisel Vice Infrastructure; Sempra and and Accounting Allen Executive Officer; President; Executive of Executive Lisa of and President, Officer Chief including Alexander, Executive Group President, Chief Infrastructure; Senior with Chief Officer. of and Senior management Sempra Chairman Mihalik, Peter and Officer Financial Jeff Kevin team Wall, members and Executive Controller Vice us Justin Vice Nye, Financial Sustainability Officer; President Oncor; Corporate

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

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

statements revise presentation of these the let me not With the May also obligation Jeff. assume that turn ended to to forward-looking it's hand like to forward-looking And update statements in also the to We company and any XX-Q or the any speak call today, the to XX, X, March please mention that, encourage to over future. Slide you only does of in note I'd XXXX. XXXX. our this quarter X, important review that for contained

Jeffrey Martin

us in providing investment today. GRC preparing a SoCalGas Against on energy our all month, Sempra focused T&D is for markets. economic filings Glen, core environment, consumers. remains thank and reliable joining company both to strategy challenging of our this focused the its and submit at later our cleaner safe, SDG&E and you, Thank XX you to million California backdrop executing on

to case service on Sempra from its Turning territory and executing and the to solution. T&D Texas, Gulf the highlighted recent is on Pacific Infrastructure, to and X-year in demographic record the events uniquely plans later of a plan Oncor Sempra that's well And strong month. growth support across this investments at sources to platform its of directly capital to is they're for Infrastructure positioned and cleaner be rate in energy its customers to reliable file focused infrastructure critical part export positioned access Europe have tragic Coast secure LNG unfolding need to Asia. Ukraine developing The

advantages helped our board us to with remaining for our in Our continuing our full quarter we've first morning, and We're year each of our plan our results. quarter for per affirming range allocation XXXX of also focused capital EPS share our our value billion, XXXX together turn repurchases million Sempra's program, Also results. utility to and we now taken strategic Earlier part markets returned $X.XX. our commitment slide. our investing the owners of $XXX the months, the strategically X to in returning one record financial which capital we X repurchases, key reported highlight as the share I'd businesses In in deliver our strategy across T&D authorization. and like portfolio. guidance to under bases while earnings $XXX strategy. to and highly serve strong systems of is briefly XXXX. guidance growing share and in shareholders United another North North of $XX form X X-year T&D energy to last has of America's existing America investing consumer quarter platforms our million positioned growth to in in this growth disciplined of dividend our adjusted to modernize infrastructure largest contiguous completed in of of capital drive adjusted some the the of Please range on demonstrates and of April, attractive next platforms are EPS the expand Shifting States.

energy in critical advancing position investments cleaner helps global momentum strong energy to evolve. and safety, the reliability create as Our for continues market

We future. Please our our energy Lisa over the turn slide play next will of provide an the platforms also role turn the an important call systems to on I'll building practices. believe sustainable the to where update business to in

Lisa Alexander

macroeconomic trends. portfolio enhancing cleaner is our Among climate increasingly diversified forms and resilience new safety, Sustainability to we that Corporate XXth and with year. allocation factors, our including capital investments our our policy I'm our on aligned long-term market of of Thanks, Throughout focused practices, and report, business pleased Sustainability is our affordability in Jeff. we've support and sustained and to that the central strategy other you'll share examples recently consecutive infrastructure issued performance. sustainable for energy. how capturing see corporate strategy, Report annual

safety road neutrality other enhanced the One couple in contractor and reflected demonstrates important business. a reporting operational collaboration changing which report ensure the on helping goal safety is improvements for and position to work decarbonization the foundational constantly state to environment. California, note of track We slide. net our are address the a reporting SDG&E our our align excellence. essential light zero, highlights ESG to We're in needs of of path this our and as continue key from to leader metrics. its helping to the on the appreciate the Recently, map by issued and of deliver key also to It's our report its reach XXXX. the is continuing A stakeholders of to evolving that employee ESG of carbon

a time injury. million lost For example, worked recently hours ECA LNG surpassed without X

top priority, customer affordability and transition. necessary help and people while and unwavering to affordability to energy mitigate values our approach our our just commitment right maintain across is to operating Additionally, striving investing in of risks doing operations. business infrastructure the championing This thing, investing enable we're a underscores another in of the our safety

of of among excellence. report and corporate a have experience and The operational other oversight our energy Directors. we our history by Board's transition highlights Board skills Finally, and, and sound cybersecurity, demonstrated areas, governance

practices at corporate our where each provide with With over financial Dow to Jones we've sector, of of the the Sustainability named a the Please recognized turn next our hand of in call strength sustainability X the been sustainable it North Index. to very And shared has the businesses recognized. employees. heart World purpose the our all stakeholders. Our I'll Notably, business experts so list clear XX,XXX I'm slide, and years. updates. to the American been for effort business work company be provides sense to proud by are the collective of from strategy, utility only we and in to including consecutive our for our Trevor

Trevor Mihalik

Hardening completion made positive Forest making of which companies. at a We system electric reliable. California, the and solid number our Fire developments Safety operating example of is Lisa. each about of safer progress of with Cleveland the its and we're Thanks, an quarter National commitment SDG&E's first Project, SDG&E's Beginning in with excited more to

XXXX. by cleaner SDG&E standard the would step Next, Against procurement a be for on I'd like procurement that filed in natural with cost SoCalGas XXXX. natural of rates to to goal return, statewide to continues its significant gas capital in their which effective California's gas decision each delivery to by of toward fuels This decision core of role XX% for remind gas an February, California. In in future as the both and April, of issued renewable we applications it XXXX important their update utilities investor-owned of SoCalGas natural the XXXX gas state, establishing authorized you backdrop, reaffirms XXXX. and view and of own of renewable its through the execute in CPUC a customers renewable targets

a expect We year-end. decision by

for of application SDG&E's XXXX, this off-cycle decision year. a expect cost later we Regarding capital

on cost appendix. capital of please filings, to the the refer For more information

increase its economic quarter XXXX, the interconnection while new continued compared of the terms highlighting our It's utilities clean regulatory requirements to year safety was advance growth for revenue both approximately connecting in requests territory. territory look CPUC cases service general Oncor transmission to the XXXX. considerations, file new has goals. Among This these population and stakeholders note focus experience also in XXXX rapid quarter with development of to their authorized a and and requests rate commission a in the in with to Texas. state's the all of to working first of strong by Oncor's XXXX, important interconnections, that commercial the Oncor on in our first their Additionally, Shifting through to important first the other the for We proceedings. as continues record for quarter. looking new to XX% investments, active XX,XXX increases service forward demonstrated will new energy plan it in to on and growth XXXX. the with update weeks premises coming filings in reliability

$X.X an approved billion its XXXX $X Board billion. Oncor's plan month, last update to Additionally, capital from Directors to of

Oncor's in the case investments capital in expansion. plan transmission month. Commission While Oncor later Also of another Texas, Texas Board service robust approval the approves of to annual and economic cost capital of is Public example the Utilities in October, filing also plans to recovery of for rate support growth approval XXXX its off-cycle the file typically transmission received of its Oncor this March, distribution driving this its with investments.

that Now on investments is the new Infrastructure, let's energy shift Sempra making support to which critical focused transition.

of Infrastructure is North integration from energy the and Europe Gulf the markets. Coasts to working As growing business Furthermore, cross-border infrastructure strategy, in directly U.S.-Mexico Pacific and customers Asia. supports our part LNG of export American to this Sempra

reached are II, develop of stage our progressing now important the As towards of milestones effort part a commercial of the project. to we've LNG number and Cameron permitting engineering and Phase successfully

compared of X a X we provide gas Phase share the of in would HOA emissions drives. If arrangements reminder, fourth month, and selling trains. framework As gas as through These approved, summary, fully an investment of greenhouse for LNG as partners electric increased an our previous Sempra existing the debottlenecking to from turbines taking the to In project estimated in production train design. to the and activities single advance last long-term filed the in Also, train would commercial final amendment to purchase we with under capital-efficient transition with its capacity signed it contracted X FERC a and with Cameron a parties. the more to from this January, development under reduction development contemplates the agreements project. well XX% Phase prior the be third a LNG offtake decision. to arrangement, proposed reaching sale agreements Infrastructure result Cameron

evaluate and FID to definition, project. we schedule process, better have selected competitive the in us process contract. We in to cost summer process fixed-price will In of and a contractors FEED rigorous detailed taking to allow this FEED expected plan which run a X execution, is The believe addition, the result which conclude intended of EPC thereafter. strong we in FEED for and to turnkey culminate is a would XXXX, scope,

to we project receive broadened potentially participate TotalEnergies Vista and as explore MOU the the Pacifico X/X Next, continue strategy, America. renewable contemplates TotalEnergies alliance our advance in The we North in market to the opportunities LNG that of Pacifico offtake project with to project equity. develop to dual LNG and advance would our Vista

market continuing LNG. Given active Arthur demand projects, discussions LNG Port the for increasing participants with around we're to have

work at to the permitting XX.X Arthur targeted have approximately of total design As a advanced capacity reminder, Port has proposed Mtpa. is and facility and

primarily increase the Sempra million $XXX of of net earnings Partners' performance slide. was Sempra quarter, closing The to period that, operating second consumption higher in to our ADIA $XX share. margin, SDG&E. and stop million, of our Lastly, were and and turn to interest our This the the and capital in an $XX record earnings higher $XXX at strength of transportation of on energy from an and summarize, by of expenses Sempra to concludes $X.XX of increase can conditions. in next GAAP net $X.XX subject capital We'll same XXXX your at our XXXX and future. continue year. earnings GAAP adjustments last of or Texas turn of: increases as million we'll items: strategy million updates plan by variance to higher the Partners, adjusted remarks. customary attributable the adjusted To invested first explained the This this Please highly of capital, higher key income. to We're the due of for Please close sale basis, per in Sempra $XX $X.X or to of noncontrolling and share. million ownership compares year equity in an share. $X.XX increased million to XX% we slide. Infrastructure, Please On prepared $XX the to a quarter next quarter networks $XX per take our Utilities, ownership of This the slide. the invest remainder financial consisting be earnings at a Infrastructure in net about following to turn earnings quarter, or to operating subsidiaries $XXX primarily pleased $XX to our first decrease Infrastructure this quarter first the of interest, $X.XX the base and to million quarter lower per interest help approximately Infrastructure increase Sempra reported million earnings With terminal focused we morning, questions. due throughout the remain our now million to IEnova, the at expect higher quarter Sempra or the revenues Infrastructure; CPUC this of compares reflect customer XXXX build customer rate growth; in at Earlier to interest earnings the result continued first we've XXXX earnings executing program offset share. adjusted of XXXX to first next compared $XXX million in per billion

Operator

Pourreza take with We'll Shar Partners. first Guggenheim our Instructions]. [Operator question from

Shahriar Pourreza

updates? the starting the the of the latest expect? the on the we the Jeff, Cameron LNG limiting kind line Does last of Just timing off risk? further this of eliminate today. some elaborate was Can potential Is should FID you element X time piece. updates with just maybe part Obviously, update delay engineering future

Jeffrey Martin

may I've some feedback that for there make portions some Shar, the the got that thank you need question. from read. I script other been to have of sure investors we

come okay? to second clean script, give up we'll question, to Just your the me X and back

Shahriar Pourreza

Sure.

Jeffrey Martin

the XX GRC company Sempra for investment remains energy is The the reliable part later I'd like to providing T&D to safe, a to of challenging at cleaner our SoCalGas review strategy executing our focused economic our California against million community on on month, environment, its is SDG&E both submit focused in and filings and backdrop investment markets. this core preparing consumers.

and positioned later service that's uniquely plans infrastructure on to its export unfolding on they're strong a executing Ukraine X-year recent its platform access sources customers to Infrastructure case plan record highlighted Turning Coasts Oncor Europe secure the in T&D positioned in support capital The critical is focused of Pacific developing to rate growth and tragic solution. reliable investments LNG across Infrastructure, is and need cleaner part energy, file Sempra directly to its demographic for be events from At and territory the this the Sempra Asia. well of Texas, have to to month. to Gulf

across drive completed share in our billion, systems helped to X another authorization. results. strategy million energy our financial Board each repurchases infrastructure quarter continuing very America's and North of X-year existing deliver expand investing capital modernize T&D us Our April, of $XXX growth and in platforms strong of we plan is to $XX Also under our of has record

to earnings quarter our per a guidance investing dividend strategy. XXXX in returned results. adjusted with and of our our to as our form XXXX. the shareholders to for reported we've last on year Earlier in first EPS together for our EPS $XXX adjusted XXXX morning, and $X.XX. commitment guidance allocation which, full our taken X capital range part of returning growing demonstrates remaining We're range disciplined owners million also while repurchases, Shifting of our the program, share of we capital Now businesses quarter share our months, to in value focused affirming this

very read morning. Look, we Based this made with these to So be today on ability project's earlier about about excited to of And want the the forward. should in Phase project. we're together was nature Cameron you, you. There of confidence the move remarks gives to turning X that lot more I a first activity question, the quarter flurry a Shar. think us remarks agree that back with I

scope, definitive the additional goal the in it business what putting is over all refer a will help The golf better the when not by that oftentimes just project, golf, X basically and upfront the lowest in long the project XX it we've the difference. us poor that the this to rounds comes planning I competitive is makes time EPC of probably for And the engineering years. around XX on together a to use been when is score. X will estimated Shar, play And tremendous hours. have executing a run. possible improve We shoot goal LNG we of amount to metaphor, and improve have detail contractors, in to And

we're together So work that right the of in EPC will estimating now, XXXX. that, come summer

FID. take we'll thereafter, soon And

go So the takeaway more lot execution we've our the last forward that increased as quarter. in has I probability to think and the is, project plans, key you detail significantly really a described, added this

Shahriar Pourreza

more and sort Port has, demand I prepared issues be FIDs? Pacifico the with remarks, overseas ever Vista I happening than importantly, highlighted is the just, stages, and the permitting in engineering future development projects? market capacity, of -- to in the maybe now starting then Maybe given for sort to the your off address in our relatively given mean, right? I pipeline? viewpoint, this more means Perfect. deliver of move you terms Perfect. you address able Jeff, project Arthur, to of optionality And can there demand more it would mean, just in you of history just mean, setting the ability the for advanced faster lastly,

Jeffrey Martin

great a it's Yes, question.

pieces we've last XX think you a and start But And delivering helpful few take Slide very those shot tons the Justin, walk the per we're through been if of let I at X LNG U.S. to the in for on to has the and start that say markets, to of who often the opportunity. discussed the one you give at LNG. me development it a our try is in And wave of X what here. have for properly of risk following they pass what in that developers marketplace. audience for that And to up U.S. LNG forward just this second Shar, forecast we're me to annum of pull functioning would the overview our middle top just when be seeing couple Let the development will a tend it community capacity you your of entire million both I'll company new pipeline. And like do, be years, I'd to a and XX you by quick macro of of then it necessary Justin. to have environment I'll decade.

tragic with sanctions Russia seeing the what Ukraine, considerations. war we're case, that's In several think the against this I today. in highlights

be would to feet replace million Russian capacity you about to per that day XX Europe. required of per and be tons XXX than to from being annum capacity, cubic That gas. asked supply double. of today, were that more if of convert Europe million you that that's all And new First, would benefits

LNG the in of existing All United States are on table plans the the community.

it a highlights component to of that couple clear energy clean a thought as future. So about is I toward takeaway a is security is transitioning foundational a energy

to and prices that's the and European in for markets record showing over finally, short strong strip term, emphasize term, LNG forward that long curve. Asia Asia, a the up LNG. want I net in The the all in the takeaway And is clearly prices and #X remains second growth are continues clearly market medium of -- across growth U.S. foreign near

high commercial to these of believe market and overview I Justin, With you to in And we in through the is mind, and actively both why mind, in let's Asian number buyers, underway. give don't a the last quarter. U.S. best considerations why development the announcements community pursuing Slide walk of we're that's markets, XX comprehensive European a we've had arrangements with that's needs if just and respond both and the have the position LNG of

Justin Bird

Jeff. you, Shar. Thank Thanks,

FID X Jeff's expected quarter. X, proud Diego, per at say that very That we're projects project pleased of echo tonnes to brownfield this thoughts, operations doing a is volumes project great we've we're and X Phase Cameron job over Technip again, just XXXX. in of the progress with over we time last is off, on located and the million only First time. is made our south San in take Phase budget. the annum producing significant on ECA LNG XXX% on to is there. to

mentioned LNG in We're Lisa begin XXXX. have proud the over producing track hours million of on safety prepared record. very of our incident. by end we to remarks, X without remain her And safety As work achieved recordable a we

Again, Turning additional the about X next debottlenecking in from cost the Cameron. approximately comes additional market. train. the which an comes expansion X of brownfield exciting We from very advantage and to one at Phase Mtpa, project, approximate talk real X

of mentioned that milestones calls. X the all on progress made have prior We in I

give On schedule shows has assessment hopefully that the December, issue quarter would in environmental first the an permit of in published the to us XXXX. permitting front, FERC expect a which they

with our HOA announced the and development On partners. side, commercial project agreement we a an

marketing making expect in and that take, we in we should volumes the quarter. that progress progress are will We those on next

have definition FID. engineering think are a the and work And that to to Jeff take as in ensure do process. side, that process enough be competitive will expect engineering completed we the we FEED running scope On mentioned, And Jeff we we mentioned, summer. that as

to Moving Vista Pacifico. next

CFE tonnes strategic X/X support up And Here, project's of we with MOU alliance recently per in at looking broadening the and project annum. announced million potentially natural with to the a our with Pacific largest is the who the we're of offtake as signed gas a of and Asia. X Phase targeting advantage a to an has I. to equity in stake. early-stage project million but a Port portfolio XX.X tonnes outlet per again, our strong annum Still minority Total, project competitive U.S. Arthur, in

we're As in not number and significant you mentioned, Also and seeing because Port million list, status, optimize interest advancing close on scale off-takers. to partners ECA that again, its is talked to the design that permitting XX at renewed advanced the tonnes in think about this a make And We is and and on that of bring opportunities we're Arthur, to we're X. there looking a the project gas of a Jeff commercial will sense. which, included is discussions of with in key Phase project. working

been So tremendous quarter. think a it's again, I

LNG. on tremendous line very I'm what proud they've that business made and have of achieved. progress We

Operator

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

Durgesh Chopra

of stake That's over dollars of few of X, further question. And consider opportunity, of obviously, of robust then billions robust we to would SIP kind just level? about fund minority Maybe of the equity the should a probably minimum about we this Trevor's interest this projects Sempra my be is as But which here. one thinking equity years? think the financing is clearly project Just debt, bucket. next and -- order sell-down in at maybe these pipeline part you multiples projects, in of LNG part

Jeffrey Martin

start I'll you, of Thank your one question Durgesh. with first. part And

our and if noncore assets. that, share you've down you CAGR years, successful of back the XX the structure in And was X, under growing an been we've reshuffled last formed X simplify our investment-grade do And to at X for unregulated value we a reason in Sempra months, capital there XX%. the Infrastructure think I was consolidated business earnings model, and the platform. And in and go business sold us per bring do with sheet owners. we balance last over really portfolio, the highlighting to our a thought create seen cash view opportunity consolidate those we things: flows diversify an toward one

equity the in that at notched billion we've $XX So an value. ADIA roughly transaction

Faisel, of your balance consider in sheet. with CFO of now, sell-downs, could think perhaps And that of Sempra to on a that own ADIA forward we always first our with I happy of thought you IEnova benefits as own terms business to work and us. it we're of right look Board we slate sheet But of business. have the would front Directors is In We're the happy Infrastructure, in an self-funded. XX% one give financing, such be terms that. in of of opportunities deal helpful, I'd projects very and we forward. business them example before optimize now to the is continue wonderful of But that as get done platform consolidating with like very the these at And go an time, X LNG current how you establish going platforms, to about we'll our of to investment-grade balance financing growth

Faisel Khan

Thanks, sure. Jeff. Yes,

sort past you'll recall these finance talked sources or sort we've potential that I in of capital about levers of all of that we the So pull the projects. think to in can

So of need. foremost, Partner XX% first supply high and areas Finance counterparties. to contracts as we capital capital, I these the Project basically talked look with one that. is we're about can signing of XX% PF mean, key we've we the creditworthy XX-year at

ECA. execute with at us Cameron and on seen that You've

flows about, definitely assets. sell-down just an to talked to cash what retained off flows, of can think capital. projects, the applied into these about that equity earnings be about some retained another think the strong for slug our you Those XX% So of if cash pulls equity back project. have needs And we of in XX% Jeff then our you existing when

partners capital with also ability our calls. We have work to in the

sources of So diverse I have a capital of to these into think projects. we pull lot

capacity other an with our you about amortizing remember, project as thing, at if so has financing The debt partners, just to give at you think how the project. looking Cameron we we're that example of Cameron, this

capacity that, year. is so we through creating go sheet itself, each balance And in as

roughly, of us it, capacity basis that so the $X.X proportional being amortized So is on gives expansion. finance create go billion almost in ability us, there debt to debt and the a call to and

lot capital gives got could that different of at an we in ownership just but suffice say, example, XX% we've Sempra So pull areas and still you Infrastructure. maintain of a to

Jeffrey Martin

Faisel. you, Thank

Durgesh Chopra

In question, The that is to with offshore talked dropping Maybe follow-up. talk is of bit? renewable the like quick projects. you kind utilities for obviously, a that reason including guys Total, can offshore. sort about one of why little your their Just one peers' your pursuing just, in opportunities, ask market MOU I you

just curious you offshore, any can offshore? as And that targeting to there? what So provide? domestic color Is you're international other

Jeffrey Martin

you Sure. this it will response. and frame Justin the specific pass to I for for

recall built is in And a X,XXX-megawatt you roughly that we know As and well. on transacted a this renewables of business that growth we portfolio we XXXX very, very XXXX.

renewable rates. very, Sempra's space on can perspective. the Our very market focus business a from types is selective margin-constrained we of right in where hurdle produce is the opportunities This think we

could us. we it and has you sure why do partners. positive MOU your business that be billion Clean So as pursue And our utility growth. business, Justin, talk first way program, a Justin's a a we we'll we the $XX making But opportunity with funding capital dollars maybe, our about selective Total think capital-efficient renewable about in very and the opportunities about go inside do for into Power

Justin Bird

well Yes. the America, Pacifico, at and Durgesh. and there thanks aspects. certain the Yes, our Total's asking ISO for really potential California. some would is as opportunity Vista other covered of as X looking at wind One that Total one Total could offshore again, X, Mexico to were service that in covered renewable look service us for North Thank renewable opportunities participation Cal their in future projects you, covers with in MOU question, the

opportunities as first it So a broad other areas. our And hope of alliance We relationship. looking the with to it's great part are we're beyond these Total, in really, at. strategic LNG look, expand

them we to I that value potentially look would partner into project we clearly, renewable Mexico, they bring and to the can California. think So in a see in

Durgesh Chopra

it. Got

Coast East than and -- ahead, sorry, more go Mexico is this the like Sounds in California Jeff. were

Jeffrey Martin

was It's that's your say California, Mexico-focused. I going summary No, of accurate. you, to thank but

Operator

from Steve Wolfe We'll take next Fleishman with question our Research.

Steven Fleishman

go to follow-up But just Cameron. on LNG you again. all the ask won't projects I through a

lines the So expansion, are in realistic the first, then of debottlenecking time full for time -- realistic kind start-up? of for for both what terms the lines and

Jeffrey Martin

Sure. Justin. to I'll pass that

You your response. can provide

Justin Bird

Yes.

So Steve. thanks,

through on with that partners. the debottlenecking, of changes our be remember, series debottlenecking the working we time. over So we may are engineering make a process And

that. that engineering, through we're So working

perhaps is about, and to optimizing out for expect not existing then Really, those interfering to summer, finding late cost-effective approximate kind production, the time and line then things We of that or with that, we'll continue one, to that through more. that the one increase fall, capacity really figure bringing on. that ways

for are terms think where that's that FID. move period. then when period, to of toward to again, kind of we And as X, going see, it's X-year X- a And outline typical I Train we periods to Phase we get then In gave you we Cameron be detailed X. construction that the the

part of why we do summer, think the mentioned, of frankly, of its work, definitely the Jeff reduce doing let work work we're will the and, scope costs. through FEED is course on the better the increased get the of that we to going run that we're certainty sense process, plans, timing and execution As

Jeffrey Martin

of projects that take neighborhood ongoing a of targeting per with something construction, construction, million-tonne debottlenecking, clarify and start between projects XXXX. it XXXX the XX-month we're that because be X in have point tend And which only expect that XXXX, to up so FID. conducted periods these for to show the the benefit secondly, concurrent would you'd you, Justin The Steve, will across of annum multiple window see XX-month for accurately, series conveyed is that to to a once I you are that too,

Steven Fleishman

forward just some kind that? the $X some buybacks that of buyback on last so I call, Is think, done you a moving had And on about XXXX? how of billion the should have been in the relative this I to, update, think of placeholder

Jeffrey Martin

I $XXX January taking December share call, had would say XXXX. roughly you X%. as million sure. over in on the cited the committed part we terms Steve, at XX% completed Yes, the growth we our to I to EPS. rate XXXX grown you'll years, call to a that, about repurchases of of back, earlier and in we've X of recall And of that of of QX X% EPS that last long-term in

I growing between at But as billion nothing say reaffirming and program, end expectation $XX that Trevor's And $X and share my $XXX comfortable great quite comfortable this QX our our forward forecast. to our with the has term is long brought before excited key quite I'm we point, these shareholders a we return to So perspective be it X%. X% amount. that view to targeted of share to are simply call relates capital just dividend repurchase from we're on takeaway We've the our would would repurchases, that this XXXX. business changed executing we value the The is way indicated way. complete And that Steve, together along periodic of perspective million from billion program. we

Steven Fleishman

just to And follow-up one great. That's that question.

lot the from certain to $XXX, Or cash at view So you any stock messaging a much at around? any this there take just have actually your done a then a even sitting is just million look And was at the lower stock had is a last even higher you if price, value. just hey, more And you buybacks, great. of at just -- was that, that. it $XXX when which from I'm wondering price. bought of there's Or message you that,

Jeffrey Martin

was you thought that you last to peers. about relative our we where at program. our income QX. discounted some No, the work year, the as QX been peer time I this And of we we view back dollars our different to peer put there's And repurchase we that's we've one a were last fairly when at our unique grow QX, to our deeply the back at of we a group year, moment QX in in to And trading undervalued were trading recall look were very and in of reasons in price if have a at and consistent QX, group rate growth in think we share ability in of as this we're clear a just than faster in very message. combination, We think QX, business stock story.

this strong group stock should a or marketplace trade to reasons that's view in there's repurchase program. So the of this team consistent better. with we're our the peer on one And the that continue management very going share comfortable

Operator

We'll take from next Credit with Campanella our Suisse. question Nicholas

Nicholas Campanella

just had So momentum you're there. have just working to various just sure be some purchase And a just project best competitors through the you term? priorities hate on it stuff. -- I Cameron's prioritized, know we agreements. projects wanted products lot we right signing in make where but you I at to the just -- looking LNG we just what and now? We've be of feel belabor should for seen I where your And had near looking out and further you the terms multiple the do should that I at in right of announcements --

Jeffrey Martin

color. mind providing Yes. Thank don't you we additional for the question and

recently get QX of that to all and We've of Phase project understand just would business X. lot and I -- largest for what I'm on done. execute XXXX. convey really management Board been to decades ECA takes we team on But the number project at very Phase today important our that X in to one, pleased to projects. we our X is in it Directors this moving this ones capital existing ECA I of underway and got think the I progress want we think really, campaign, that I focus that forward is, a of made we've close our it's our

project. priority that FID So execute our on is on we top to existing took the that

or advantage marketplace. truly calls the earnings Secondly, about last in It spent we a Cameron has cost a talking in the lot X expansion. X of airtime

way. clearly that, I the ability Europe. -- time X track strong record the So million balance Pacifico to being with Arthur. marketplace it's effectively, I work and very, very that And convey and and train in a world Port think not one basically always golf tonnes a gave is race. the LNG, value particularly backdrop But we to all on the And poor and right against things that a to in want different this analogy earlier, beyond disciplined. we think that are focused has record a short is the then always opportunities thing We around looking of a doing I a company are per annum and there's from a Vista sheet a add of want in at lot a lot debottlenecking, remarkable our moment at customers but strong the is there's opportunity the with of standpoint,

from investors. to we a it speed have marketplace. the we in flows unique risk-adjusted and about to We can think executing right the cash perspective, don't with we deliver deliberation about but our think best So that from values we a make position sure think it the

of substantially the have to by expect we great or construction focus program, project the on QX. indicated so execute partners. expansion our we end that toward existing that So we with of fully a run is sure right earlier, group now, contracted and Cameron headlong And making as Justin

Nicholas Campanella

business helpful. Jeff, That's strategy a like, guess question. it. Got and of I just mix broader kind

over years X You ago. X to took

That about inorganic the today? specifically? the infrastructure. lot portfolio that to from just there be American a it's talked guess And stock's North re-pivoting I company in You about complete, are like an you responded. how you Are businesses to the want bigger seems now perspective, thinking

Jeffrey Martin

Sure.

here are was LNG California and So circling Texas, that figure with in GRC you you right around $X right? -- the the I half earlier we've there's Board strategy you of our good discussions with think our some feel this about in growth had in balance think scale, sheet. our was of we Clean realized pandemic first very the going in XXXX, a value programs no together comment that have IEnova early Directors, that as an think I'll the I made tell putting of about of the investment-grade platforms. question of one very the we company Energy about and billion X move with transition, our the sector EBITDA of in that And observations forward

to the we're of markets scale. together growth, put we've been is benefiting the one in experiencing and that right at we're best things are think I now businesses from So X able tremendous

bullish as a we we're and accomplish, program, across you when rate, think think now, can our growth view X% and got scale We've position of to about right table. long-term take discipline, billion the we have all inorganic out we I And a can job off going what is outperform. have in around that to opportunities, and to position $XX of market those capital that I and came a these with So we execute really effectively be with think X% to areas. our very X we it's the

Operator

take with our Jeremy next Tonet JPMorgan. question from We'll

Jeremy Tonet

month guess, market before I kind LNG what to or Global improving code. of We've market of so outlined wondering, XX-, see get where today out you market market X Schneider that Is it the side that come for little the the security sign I over seeing of want contracts. as you that the energy contract long-term a in and given XX-year kind here, in your contract just guys transfer Venture -- we're seen you these versus is wanted could. energy months there. if depth there? the see for lengths We was back thoughts, profile that risk needs past recent to do How just ZIP of same I want bit Mtpa there on that saw you want? more, the the Just depth to And in get you there? do the

Jeffrey Martin

I update question which just Europe. remarks, gas community I LNG seeing what in back to the required is exceed can a that to of just which magnitude Asia see you're type the Maybe, and Justin, how of earlier everyone pass conversations new tender. can even returned will my But is what on we've cubic in larger I'll you net I'll position the And one in what of per it Yes, a contract there's comment X is of provide. said to quick can that things been feet make terms U.S. no But of the billion forecasting, of is short out opportunity. number now a day capacity Justin. this significant is them

the you impacts to the environment markets, opportunity at the be on if can there's Justin, pricing opportunity to of term a LNG the long color But provide think a near both you and for that And have and having. tenured conversations maybe little I you're more term demand real So going longer in facilities. look contracts. bit

Justin Bird

Yes. Sempra, we around which, Jeremy, long-term counterparties. we of contracts Thanks, Yes. the Jeff. point, with at that yes, types look creditworthy the to conversations for having are are again, is your

shift been There are think I accurate. in the you a the market dramatic has in recent days.

significant seen of contracts. a we've long-term Specifically, amount

think -- one in in well, You around February, X recently, there's I March in there's been I and saw most think one April.

the So And yes, long willing both renewed parties you and parties, are forwards, in are And seeing in to go a seeing term. TTF that interest definite volatility of you're having. lot high we the JKM. the conversations those frankly, given are a

Jeremy Tonet

that's helpful. it, Got

future with of So the that sufficient signed forward we the point? seeing types are be this you out I for guys would to those at moving are contracts guess, there, the project underpin, type

Jeffrey Martin

that's Yes, correct.

Justin Bird

Correct.

Jeremy Tonet

offshore towards pivot okay. it, to want the a for And here. Got wind moment maybe then just

Just how your to that, that the into fits how about think portfolio, projects. queue of

this see priority Just to a want high how point? at that of is

Jeffrey Martin

of our it's priorities. lowest I would one say

Jeremy Tonet

RNG also key state's goals. here. Got And it. some Thinking That's the efforts pump ongoing competition one, if I helpful. just could. and are seemingly the last about There

versus in Just electrification decarbonizing balance point? think RNG the of at wondering you California about this how

Jeffrey Martin

on and folks some bullish on maritime to hard heavy decarbonize very, you the the inside opportunities Yes, around to get clean on transportation, for we orderly I place chance Allen company Nye the toward increasing of industry, of I largely the are in society, Texas I and be KWs. our really tell uses great some electrifications also that a of you taking American view large-scale energy. lot marketplace. you got we're resources. requirement there think But in what to heavy transition question. there's aviation are focused hope of areas of that electrification. would green we is update molecules that both some an tell going we've way But in a green we I will And very

convergence California, molecules there's help electrification. But and need recognition really growing trend across for market toward that be power the a in some between all there's regulator by electrification the green strong So that of a to to there's decarbonize. going to participants and

example. as I taking a on for the an natural of view tremendous renewable credit commission a So think deserves amount forward-looking gas,

well being a closer targets of years we may that screen radar set on XX%, our of by ever time that now RNG. before customers regulator. served for like progress over in And core You XXXX recall the position. X XX% feel this that great was for a to And up came ago, to we they've target over we're that our adopted

around we our And at in think XXXX. expectations customers end the core of at out some continue X% to be we I optimistic against of executing of came penetration about regulators. the our

cleaner tandem So work in going forward. and expect role we electrification, firmly a believe for to and there's molecules for both those we see both cleaner of

Operator

from next take our We'll Crowdell question Anthony with Mizuho.

Anthony Crowdell

want still a X make is projects understand fully, self-funding platform? accelerated to platform LNG maybe just even model Hopefully though is funding growth or potential have that for ones. accelerate, the growth One the easy been sure is to LNG I I

Jeffrey Martin

the COVID one which couple environment goes to think together be lessons morning, IG an stitched it was putting And we businesses It need X And we think to what I've of the scale together comments sure I of think model. is importance a great more we from economic with balance of the self-funding platforms back about a all this X sheet. those even across important and scale. accomplish will when was

flows gave to was using platform, some of cash examples it's how equity, finance. self-funded to intention expect Faisel internally clear project-level generated and and do that we Our a make project sure

Anthony Crowdell

then I mostly maybe the Sempra's years, X a California hopefully, on should the transitioned to questions I or bad that of business, on more were lastly, a of over just has the the easy Infrastructure. or maybe questions that think an bad And Sempra or questions where smaller or work done Sempra it call, of thing? say there the Is has follow-up. related that business business. management to If core good Is piece Great. Texas, good last you the Sempra that Do that of the most probably all they're like smallest thing? view the as overall

Jeffrey Martin

I think it's a positive.

why. and exceed Roughly comes utility best number States, of So the some rate billion LNG what our of network our $XX the a growth energy platforms that's Zero business, solutions Justin's mix end to expectations explain some off our business. grow portfolio. provide chance to to of the additive Net our X% me really unique at and has opportunity. Clean this from to ability X-year XX% our grow But faster inside we think grow at time our Infrastructure, basically right? all we the going and where right? last in really base than is a moment across ability to forecasted Let in platforms turns how X United year Power our Sempra of business are at we're in So business, That a ability plan earnings a basically remarkable we to forward

Sempra Texas of portfolio people's So they growth bond-like the a California platform, got portfolio past. lot on to platform We've we but rely our talked to execute a in lot and our very returns Infrastructure. from a our in strong exceed about is our expectations opportunity their across how going

Anthony Crowdell

company think, And lastly, in just years, America, Texas. investing then been when on Sempra described selling Jeff, has the South I the you transition over Great. the

going contiguous. the word important is forward? towards the that mentioned You How platform Sempra

Jeffrey Martin

And different fail lot contiguous They're all benefits how sector as way strategy efficiencies at important. sure technology jurisdictions, remember, is, broadly the have in to and their across we synergies businesses. of think longer focus the tell diversification. we may think do That's really best different in markets the Sempra, risk M&A all a things to to results I'll we of And discipline is extracting helpful. businesses to of our case, years company contiguous. the a one X ago, process platform in make X requirement. parent But XX XX across actually value you, but of they limited way were the I platforms and or diversify markets, having people that our we You the a it the about no most to go is are the view a help extract of from drive In was in lot our deeper platforms. people, on to is the they're and manage that

to the #X, by you want risk-adjusted think sure those and in We us fifth #XX moved allocation great we're to do we as extract in world, largest fundamentals, is to want California market #XX XXXX to from forecasted want Texas the in when the be regulatory marketplaces. understand opportunities the that all to Mexico that what capital putting make relationships have markets. to we is in a strategy the to together world, economy and So #X best has want and we currently those allows about

that at time over managers. So because grown of It's EPS of right industry in better same decades we've X%. And the we're we're X that's about grown talked the I've has CAGR in is, because last at the a before X% things not business an one just the this over period market.

committed believe. of a on focus this each is winning and contiguity and markets our our in of of that -- part core deep to is being we efficiencies strategy, part extracting So --

Anthony Crowdell

good a quarter. Congrats on

Operator

question Levine next our from Ryan take with We'll Citi.

Ryan Levine

scale influence Vista factors the of What Pacifico an sizing from perspective? and Mtpa

Jeffrey Martin

export how In Mexico, move couple along I to Mexico would we both Thank you. a of topic common the really was the Kerry Vista weeks they of Pacifico have of their the with which of they to value really particularly status about X, they Pacifico. that ago to to we're high both City. natural dinner excited conversation, faster Phase Ryan, the say under ECA resource a but just in exporter sulfur Vista at support sure and also and some resources, make opportunity President that we same that want of -- gas, Mexico of the raise I had pace. able a of Pacifico. leveraged understand can straight And LNG. is Vista marquee construction, John being through shot Permian their We've oil, as They have systems an pipeline different X and

inside how maybe you So forward. that to across of pleased I'm talk have going at But support capacity can support the project the with Vista thinking we type Pacifico. Justin, of about government the Mexico about you're

Justin Bird

Permian. gas Pacifico Yes. mentioned, the will from really, Jeff as Ryan, Vista source

rate gas phases the additional capacity. clearly much delivered economics. we also it be We're X around But sizing of be in gas design there. development. revolves Some how can stage optimizing looking It we transportation as at get early at the again, the do what could of that

the to We will size returns. risk-adjusted optimize best for -- the create

Ryan Levine

debt, plans. rate curious thinking fixed nature. in looks how different then both in managing businesses? then structure capital And financing on floating one to But these as like is portfolio about your your the or current you're debt of It most grow current rate and more more you look

Jeffrey Martin

across And enterprise, Ryan? talking LNG or the more side the you're are you about focused on

Ryan Levine

be other there within but is exposure division, in that helpful. the would extent More the to SIP,

Jeffrey Martin

Sure. Faisel, please take that.

Faisel Khan

looking rate Yes. -- have don't it so was a across debt that floating of to $X tremendous rate is exposure. But of lot sort close of debt of when debt we've Infrastructure at and amount the we've Sure. some to you're fixed roughly floating Ryan, billion, Sempra proportional a fixed. we swapped of actually rate don't that

really you've a impact seen line. -- rates, bottom haven't we think move as to the and the So seen interest in I big

as between position. we move the now, pretty with So in we'll we is balance look fixed, I projects, forward what but floating a good right feel our see think we're to like and

Ryan Levine

swaps do to the those in to next the lock years. expire the fixed of some think I hedges Is continue [indiscernible] intention rate? few to in

Faisel Khan

have have what at -- a amortizing we is think proportional Infrastructure, Sempra debt so I I we of Cameron a mentioned on so lot basis.

We our with. also joint have pipelines amortizing debt. have in we have Those also the Mexico, venture ones that agreements

So naturally, as what's off, going rolls debt to that happen those swaps is expire.

not have the security. tenor probably that, -- kind don't -- that's any rate But for we that's there's floating the swapped of So of the seeing. debt of sort than what other you're during

Operator

our Dumoulin-Smith America. take Julien next with Bank from of We'll question

Julien Dumoulin-Smith

quick question here. a just Jeff,

benefits just -- cognizant back to and thought there you perspective, Port electric speak focused a at not? Obviously from of mean, on permitting well, that here. that do do on the basically, How to the decisions the where stand? on as asset think Going to from to I look back Arthur, you is perspective? just line the that. about or that desirable you electric given it an bit go opportunity pivot and GHG is means And sort maybe you to what a time considering contracting of could other little your --

Jeffrey Martin

Right.

did caused the greenhouse at with our to to partners was we for things Cameron, concert footprint us looking X. move by recall drive our overall us Phase shift opportunities an way Arthur. gas of to analogy, at at of electric filings We're lower You one Cameron, at our and things for Port that in at Cameron to just look similarly very

Port Arthur of and it's number almost the fully every currently. degree has is, scale think unique the I across that aspect one, the permitted at of one development advantages

Phase be proceed part And we've the would X have that So we Phase X, will currently LNG. level probably at in think electric Port interest filed. the as of we expectation given I would Arthur of be

Julien Dumoulin-Smith

similar 'XX. Phase with Arthur And FERC offer that on to you'd you there? Obviously, line this X? kind need that into Any time pushing work it. updates side, like on engineering the you've Got the CX considering time don't got line of Port

Jeffrey Martin

We in solid put it's get be very call, this that can that project if a cash counterparties that high. out interest the I expectation project for approach we And currently different committed we're take haven't it Arthur. box the to But at time in risk-adjusted with disciplined. and is FID XX conversations project really X I could Port to forward we times move again, measured on an with that and a related internally really of said or are think X having our really, very more would flows, I've say than type line.

Julien Dumoulin-Smith

Sorry, little question. you Jeff. seriously. too it. I much. I mean in Quick if bit know there: detail, mean, chomping for here, didn't I Jeff, quickly get succeed throw I to could to it at all last the we're last I Oncor. push

have talked Prospects it that here. you on years. You enough filing context haven't the We over remarkably done want later in talk this however here, well to about about the there settlement all of pre-settling, month?

Jeffrey Martin

Sure.

might comment that think had the we think lot a out know and I visibility remarkably an we're that. seeing on you maybe be into positive growth of Allen can if little I press of bit case this give the opportunity, tracked there. I me, put rate allow release they a a

Trevor I me We I more pleased growth meeting. and just the been system. Dallas they're it Board before start could for not of the week nature in Oncor saying, on pass seeing their Allen, last the were Let to by with comprehensive have

perhaps As the they'd you on the walk Allen, know you settlement, the raised things. from to folks think people, in growth. the tradition been system say $X a as towards you to strong filings be helpful look maybe then like billion question is how program growth to could tape. Maybe because about There tape They think further I Oncor $X.X And at the through which could has some Texas about would and Julien's fight about comment from their this. do of your we market, in we you're seeing examples regulatory XXXX the don't at billion. capital get X right

Allen Nye

in Jeff, Yes, described on out early to. talked we Glad it real I which, we're for increase thanks still we're and increase of is our you premise kind growth XX,XXX the question. new active from well. put release think now seeing, it about a sure. growth, Julien, our premises it Trevor we new growth POIs, but requests. press today. press requests, then in as XX% The in transmission perspective, XX% right seeing release, that quarter. this What in But put X%

month transmission the to and XXX Jeff, about we're the a at of peaked think Basin, West on exceeded very you to electrification now the kind 'XX. yet, weather about Texas a interconnection, bit see Stanton March, of about haven't Midland corresponding I is serve right what thing don't our In XXX we're our it zone, Far lot point at growth that we're continues every What POI, seeing strong already now. West that -- as haven't And which loop seeing, megawatts. and loop Delaware new as a before then talked to is which is and it, strong. another system has Loop, We've have the megawatts, little really talked talked the on. a in we months Culberson demand also Loop, you Texas, we're there that just known right system strong we we're December XXXX we continuing I of which really in in serves XXXX, out transmission be across in So well. seeing mentioned demand our for

that lot So a of electrification of existing facilities. is

many I of think the be customers looking their our next phase really electrifying at that will are entire on -- processes.

CapEx out X you Board additional driving That this that million And $XXX there Jeff, our X-year with did over Trevor point, on still the at what's a strong so plan. your still XX ago. to and us really coming. of We're is that's growth, weeks and and couple

country, forward, we're our extrapolate can you outlook think get $XXX X-year seeing changing on not and now hard upward addition. a and in that think, October we're are addition has we not coming at $XXX pull in hardening fairly on in really our That's over some going million taking of have October. added a which that. as Board that to well. there here, the October. to we, increasing, Texas, of been But in things there's or But years That, opportunities fact number that have into consistent that's to I you if until pressure out that even CapEx like number look growth and some be I around may CapEx about million think resiliency utilities We the out other the we

about this think and have down I've and the Julien, can commission. we story in do history do on comments. work year. our appreciate background a being been XX to CapEx again and your with question the this we specifically, growth everything tradition years of we'll the to with kind parties here these couldn't seeing agree of almost more. around now, for I we're that's So I And a able to. to I that that business the

kind us quarter end which we early, think is We quarter. said unless XX, we are our or going I of to our file May rates this the I'm that of first new of in -- settle end Q, third beginning quarter, case fourth -- around puts in sorry,

I have think very a strong we case.

we have think story. we're work company. We're the We state. good I really what We good do a a asked to. with

very very we in good have we I reliable have the IOU from low-cost and with are provider regulators. operations, think our and relationships perspective. stakeholders with strong reputation our state We safe operations And a the an

And some our haven't and is these doing already are parties. the and to give to we ERCOT to yet. And we've us works done had so Obviously, past, us that things what in We've all try opportunities those for parties some state and market. we're now. benefits something with which the discussions that going case do amicable the work with filed reach

to have And a case. our intervenes it. looking But who you believe And good and before guide, things People strong as intervenor history it's to see always do obviously, who work come optimistic you we'll and we'll try a these they a have So and you but with of parties in the do. forward all what presenting know up hearing. with, case. a see testimony, intervenes I'm around try to take. to what see as we'll and have for settle case. we as time think always extent the can and We're discovery positions time then I and it's the what we'll can they I

Jeffrey Martin

Thank you, Allen.

Allen Nye

bet. You

Operator

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

Michael Lapides

response Congrats getting FEED year. just start there redo a next of study to on on or or year. of the re-up good back middle the a X kind a On reevaluate questions having and Cameron,

is I say given point And the Cameron happening to do et how at in given Just that things inflation, the going expansion both think in time inflation, certainty you you this all of macro environment the terms but cost? updated study, the actually materials, have curious, FEED labor cetera? what honestly, much -- in with commodity/goods

Jeffrey Martin

okay? on X-limit take our Michael, LNG our question we going because of your to long-standing relationship, call, we're but question a for have just usually eighth

Michael Lapides

Sounds great, it. I'll take

Jeffrey Martin

This Cameron. in I'm got We've of we a something lot you. started But lot definitive isn't on done. been XX joking work the we've a done last with months. that's

that years. a several has work benefited lot done In Arthur last was the Cameron fact, Port the at over of from

So shape of in cost we're of in of business. terms that the understanding great our structure

the sure a us seeing in got clear want that sure that you're what a of the make need to we do to We key execute make there's schedule, think I have well. is can we've process. competitive so all understanding milestones that we place

executed have work shot execute execution a plan. detailed we to Cameron of better additional Phase is to part think really how have we X a this X. desire I exceedingly Cameron than clean Phase And our

more read this and additional the more confidence to in months. in the made value dramatically only this So and earlier, the the detail more adds X up gone this the level comment work, of of into has value And it commercial X I the our is, to project. way I I think, would the importantly, schedule viability last or project project

Michael Lapides

team? planning, of Allen. for curious, Allen. demand the Got into projection it. think planning, of by just what kind X.X for system Actually, be your And team's it your multiyear do is that's then reliability, you planning planning, baked X Allen, growth questions may that in kind

Allen Nye

what growth for? multiyear asking is Sorry, demand Michael. you're The

Michael Lapides

Yes.

Allen Nye

Yes, X.X% Yes. about consumption.

Michael Lapides

don't interesting And or or docket Got it, right curious, it, at now what crypto and data okay. just about underway centers what's proceeding, even call happening with talking to there's know an ERCOT both I a mines. X And in the months. in demand, of the gigawatt market front meter like, behind gigawatts XX-something X a of some in that incremental is meter to some XX the next,

that also broader through ripples projection you just how cetera. system that but curious both X.X% regulation, think market et Just reliability, demand needs,

Allen Nye

those of it's I'll lot being you, I this around. I ERCOT of we and like probably are it's load, commission Michael, what And I right? good I'm customers tell a encouraged And see I'm type numbers look you would big glad, I load. spend to with new it. you, really and we'd a we customers. question. seeing interesting thrown time are like going Yes, at that tell very expect Now because a can like on the

reflected think if a us we obviously, and yet, a to thing. operate customers they I the been high it in, CapEx, coming out have the for important lot discussions amount an and require, great of those they coming generation some see that reflected integrate state. on some XX-, electrons with mean, in Sherman, system it's to think, I require, is plant still very And of rapidly. depending that's customers get of the the of large hasn't state wanting the have different, customers, not of is it. in come. publicly seeing results we're online Samsung is data and How into And obviously, Board a good crypto issue to of announced, But on And which level that are But center-related. going at large our manifests, also it our a But a what so is again, that seeing Taylor, been are the right? XXX-, we number those. POI transmission numbers. I will, looking or of TI XXX-megawatt on October those And actually plant of lot we in

manufacturing very manifest I a it's load because very think rapidly, like can It's interesting a building it facility. not right?

can quickly. put crypto You facility a very up

market quickly. conditions And quickly also so then get you ability potentially that our change. to if to can move And you impacts

they're looking we're it looking a an and closely only well it's as it. And operation And not would the what obviously so ERCOT. but and from issue important glad think at I state, very it CapEx overall for I'm perspective at do to

Jeffrey Martin

about it's of at was that also saw which doubled in time, years, X a in settled to billion. what and would forward to back last last at has new the meeting and us, Allen described we of today, November around all At this Allen some of And X-year adding rate Board resiliency program add we're XXXX. had of looking and they upon go billion. given spending and that, prospect the make I that week's last is what think obsolescence feedback has in to meeting all earlier, time we But growth. Trevor of more different and Allen the which based sure I Michael, load now capital continuing, $X.X case, can done that around these load a growth the idea $XX the been And is integrate that that loads.

Oncor great of settled, they the thesis solid into you, layer we that and their basic increased XX% being and right capital of think markets case. running Michael, That's we're program. the be your get is way and headed good really So great at equity growth hoping and outperform XX.X% to will rate toward markets, regulatory going around a reasons I prosecuting at good they've one team spending. case be as in is their this be think I'll rate a I October, not that, And jurisdictions been example. his looking a would with instead here, my running to great tell only is peers, And Allen are

Operator

next our take We'll Associates. Patterson, Paul Glenrock question from

Paul Patterson

potential talked natural I I big and by gas you there's it. about But guys and manufacturers this missed I of guys pretty pretty way as gas. So about dynamic. given this the impact of in a raised sort it. apologize And look on And a this LNG off outlook price detailed you robust picture sure. a question, way, perennially, and for have big I'm and if you guys but know, also you it exports concern And at obviously, a sell that's it's natural LNG's

supply So there's the prices. potential in relation to increases, et cetera for

see LNG you and needs this you outlook you was me? wondering what have this everything sort you LNG gas all and the long-term do prices of guys and on you outlook you Do that the be impact in just the think on U.S., what's follow -- see supply, when domestic natural -- see? opportunity, I robust So given would

Jeffrey Martin

gas -- marketplace you've lot we we oil that a demand around Bcf Europe marketplace, obviously, going electricity as got markets. both natural X.X even the lot the And across a I Paul, Look, marketplace of have forces of margin say export got it's about to XX XX And and and for the Mexico. world. LNG been great like in X.X a and moving some a in this on Markets Bcf also gas there's question. for would to markets per that export electricity. But or you've day supply

the Europe is, markers to TTF So that's see Hub price on has of Bcf interesting for about had in XX a Henry at or And day. per you relative usually what's natural been lot volatility a relative gas -- has JKM. basis, not

lot So been to see market the X and forces of necessary to to long from demand. And over hasn't the continue oil think you're delivery. as going come to raise in years of rates in term, sector remember, gas the there new sources back of meet and continue investment last a production I

next something natural that you can't closely. being the both level forecast. a Asia and I the would the of we're might give States, we to the good to and study over growing reference. United resources for for to. a States United best Europe. There is resource It's DOE United So States' I the to you you that and But definitive ability confident meet for about these demand in years, the a follow XX very gas about analysis, supply positioned different In talk that DOE refer markets be the they

Paul Patterson

I've still think if the with that more thought it maybe. haven't seen I everything things, one talking understand this those it's we're much robust pretty if are and you just it looked that -- you you But given if -- same I pretty intact think, assumptions a much, wondering you think about. while, think apply in I outlook you that I even correctly, but that, was I at those potential see?

Jeffrey Martin

projects, because at I think T&D that I we're fair. that's various folks also focused, we don't as I'd X fair, risk and was commodity project. an also look at Cameron at remember, index. Phase any -- because remind where project I you're a take and tolling think selling would that's an index you're these And launching we you a is ECA LNG buying

of the sure got good do contracts I of sure tends terms and taking make credit described. that picture, So study, terms with commodity conclusion in not to long-term shielding larger you're make counterparties you projects, you to the you But indicate you which refer is in DOE just the you that way risk. macroeconomic you would our

Operator

conference remarks. session. this concludes gentlemen, I'd and closing additional Ladies this back At Martin to like any today's question-and-answer or the time, to for turn Mr.

Jeffrey Martin

any stop look all Feel I seeing free, AGA to to and forward want additional upcoming our you today's for Florida Look, thank this today's at just custom, the per out everyone in concludes joining with and to call. IR to team We month. this Conference reach call. questions, later

Operator

concludes gentlemen, your appreciate today's conference. and this Ladies We participation.

You may now disconnect.

Sempra (SRE) 6 May 222022 Q1 Earnings call transcript