Sempra
40 named things its latest annual report says its results depend on, each in the company's own words. 18 of them are also named by other companies we've read.
Customers
ConocoPhillips
earns from · 5 Mtpa of LNGan affiliate of ConocoPhillips for a 20-year term for 5 Mtpa of LNG, as well as a natural gas supply management agreement whereby an affiliate of ConocoPhillips will manage the feed gas supply requirements for the PA LNG Phase 1 projectBusiness (Item 1)
Shell
earns from · 36% of the terminal’s capacityThe ECA Regas Facility generates revenues from fees under a firm storage and nitrogen injection service agreement with Shell that expires in May 2028 and permits it to use 36% of the terminal’s capacity, with the remaining capacity available for SI Partners’ use.Business (Item 1)
Also named by DINO
TotalEnergies SE
earns from · approximately 1.7 Mtpa of LNGThe ECA LNG Phase 1 project has definitive 20-year SPAs with an affiliate of TotalEnergies SE for approximately 1.7 Mtpa of LNG and with Mitsui & Co., Ltd. for approximately 0.8 Mtpa of LNG.Business (Item 1)
Cameron LNG tolling customers (TotalEnergies, Mitsubishi, Mitsui)
earns from · full nameplate capacityThe Cameron LNG Phase 1 facility has 20-year liquefaction and regasification tolling capacity agreements in place with affiliates of TotalEnergies SE, Mitsubishi Corporation and Mitsui & Co., Ltd., which collectively subscribe for the full nameplate capacity of the three trains at the facility.Business (Item 1)
Data centers
earns fromnamed as a riskData center development in Oncor’s service territory is expected to drive increasing electric demand and require a rapid and significant increase in Oncor’s grid infrastructure.Risk factors (Item 1A)
Also named by AESI, AGX, BKR, BSM, CBRE, CEG, CMI, CNP and 26 more
Comisión Federal de Electricidad (CFE)
earns fromnamed as a riskSI Partners also faces risks related to doing business with PEMEX and the CFE, which are Mexican state-owned enterprises, including their financial solvency and performance of their respective contractual obligations.Risk factors (Item 1A)
Also named by ENB
PEMEX
earns fromnamed as a riskThe TDF pipeline system runs from PEMEX’s Burgos facility in the Mexican state of Tamaulipas, Mexico to SI Partners’ approximately 32,000-barrel LPG storage facility near the city of Monterrey, Mexico and is fully contracted to PEMEX on a firm basis through 2027.Business (Item 1)
Suppliers
Tangguh PSC
depends on · 500 MMcf of natural gas per daySI Partners has an LNG SPA through 2029 with Tangguh PSC for the supply of the equivalent of 500 MMcf of natural gas per day at a price based on the SoCal Border index for natural gas.Business (Item 1)
Partners and platforms
ERCOT
operates in · approximately 90% of the electricity consumption in Texasnamed as a riskA significant portion of Oncor’s five-year capital expenditures plan is attributable to addressing expected growth in ERCOT.Risk factors (Item 1A)
Blackstone
49.9%named as a riskIf the CRNCI becomes redeemable, SI Partners may not have sufficient funds available to fulfill its obligation of redemption to satisfy Blackstone’s redemption right.Risk factors (Item 1A)
Also named by NI
Other companies
Aliso Canyon natural gas storage facility
concentrated in · 63% of SoCalGas’ working natural gas storage capacitynamed as a riskA permanent closure, which could only be achieved through a new CPUC proceeding, could result in an impairment of the facility that could be material, and a closure or significant reduction in authorized capacity could risk energy and electric reliability in the region.Risk factors (Item 1A)
Also named by EIX
San Onofre Nuclear Generating Station (SONGS)
20% ownership interestnamed as a riskSDG&E has a 20% ownership interest in SONGS, which we discuss in Note 15 of the Notes to Consolidated Financial Statements.Risk factors (Item 1A)
Also named by EIX
Oncor Electric Delivery
80.25% interestnamed as a riskAs a result of these measures, we do not control Oncor Holdings or Oncor, and we have limited ability to direct the management, policies and operations of Oncor Holdings and Oncor, including the deployment or disposition of their assets, declarations of dividends or other distributions, strategic planning, risk management, climate-related activities, cybersecurity practices and other important matters.Risk factors (Item 1A)
KKR Partners
$9.99 billionnamed as a riskAs we discuss in Note 6 of the Notes to Consolidated Financial Statements, in September 2025, we entered into an agreement to sell a 45% equity interest in SI Partners to the KKR Partners for $9.99 billion, subject to adjustments.Risk factors (Item 1A)
Port Arthur LNG project
approximately 13 Mtpanamed as a riskfor Sempra and SI Partners, the PA LNG Phase 1 project or PA LNG Phase 2 project experiencing higher construction costs, delays or other challengesRisk factors (Item 1A)
Gas Natural del Noroeste S.A. de C.V.
9.0 billion Mexican pesos (approximately $500 million U.S. dollar-equivalent at December 31, 2025)In December 2025, we entered into an agreement to sell Ecogas, a natural gas regulated distribution utility that we describe below, to Gas Natural del Noroeste S.A. de C.V. for 9.0 billion Mexican pesos (approximately $500 million U.S. dollar-equivalent at December 31, 2025), subject to adjustments.Business (Item 1)
Guaymas-El Oro segment of the Sonora pipeline
named as a risktimely, satisfactory and on-budget completion of construction, which could be negatively affected by engineering problems; stakeholder relations issues, such as the opposition by some members of the Yaqui tribe to the construction of the Guaymas-El Oro segment of the Sonora pipeline, which we discuss in in Note 1 of the Notes to Consolidated Financial Statements; work stoppages; unavailability or increased costs of materials, equipment, labor and commodities due to inflation, tariffs or supply chain or other issues; and a variety of other factors, many of which we discuss above under “Risks Related to All Sempra Businesses – Operational Risks” and elsewhere in this risk factorRisk factors (Item 1A)
Places
China
earns fromnamed as a riskThese recent tariffs, along with other U.S. trade actions, have triggered retaliatory actions by certain affected countries, including China’s announcement of a tariff on U.S. LNG.Risk factors (Item 1A)
Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more
City of San Diego
operates innamed as a riskThe City of San Diego is studying the feasibility of municipalization as a potential alternative to SDG&E’s existing electric franchise agreement, and various aspects of SDG&E’s natural gas and electric franchise agreements have also been challenged in a lawsuit that we discuss in Note 16 of the Notes to Consolidated Financial Statements.Risk factors (Item 1A)
Hazards
LA Fires (Palisades and Eaton fires)
approximately 16,200 structuresnamed as a riskSoCalGas and Sempra are subject to pending litigation with respect to the operation of SoCalGas’ system and damage sustained as a result of the fires, which we discuss in Note 16 of the Notes to Consolidated Financial Statements.Risk factors (Item 1A)
California wildfires
concentrated innamed as a riskFrequent and severe drought conditions, inconsistent and extreme swings in precipitation, changes in vegetation, unseasonably warm temperatures, low humidity, strong winds and other factors have increased the duration of the wildfire season and the intensity, prevalence and difficulty of preventing and containing wildfires in California, including in SDG&E’s and SoCalGas’ service territories.Risk factors (Item 1A)
Texas wildfires
concentrated innamed as a riskAdditionally, in July 2025, S&P lowered Oncor’s senior secured debt and commercial paper ratings, citing elevated wildfire risk as a result of changing climate conditions and the lack of certain legal protections for wildfire litigation in Texas.Risk factors (Item 1A)
Commodities and inputs
Natural gas
exposed to its price · $11 millionnamed as a riskA hypothetical 10% change in commodity prices would have resulted in a change in the fair value of our commodity-based natural gas and electricity derivatives of $11 million and $13 million at December 31, 2025 and 2024, respectively.Market risk (Item 7A)
Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more
Mexican peso
exposed to its price · 124named as a riskOur operations in Mexico pose foreign currency exchange rate and inflation risks.Risk factors (Item 1A)
Also named by AYI, AZO, BAX, CCK, CDRE, CP, DCH, EZPW and 14 more
Mexican inflation
exposed to its price · approximately $89 million lower earningsnamed as a riskBased on a net monetary liability position of $4.5 billion, including those related to our equity method investments, at December 31, 2025, the hypothetical effect of a 10% increase in the Mexican inflation rate is approximately $89 million lower earnings attributable to common shares as a result of higher income tax expense for our consolidated entities, as well as lower equity earnings for our equity method investees.Market risk (Item 7A)
Baja California natural gas supply
depends onnamed as a riskIn addition, the Baja California region does not have extensive sources of natural gas, and at times, natural gas supply to the region is severely constrained and may impact our costs and our ability to source all feed gas required under our ECA LNG Phase 1 supply contracts.Risk factors (Item 1A)
Regulators
Federal Energy Regulatory Commission (FERC)
subject tonamed as a riskIn December 2024, the FERC issued an order, which SDG&E has appealed, finding that SDG&E is not eligible for the California ISO adder and that the TO5 adder refund provision had been triggered, requiring SDG&E to refund customers the California ISO adder retroactively from June 1, 2019.Risk factors (Item 1A)
Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more
Public Utility Commission of Texas (PUCT)
subject tonamed as a riskHowever, there is no assurance that the PUCT will judge all of the Texas utilities’ costs to have been prudently incurred and therefore fully recoverable.Business (Item 1)
California Public Utilities Commission (CPUC)
subject tonamed as a riskThe CPUC regulates SDG&E’s and SoCalGas’ customer rates and conditions of service, except for SDG&E’s interstate electric transmission and wholesale electric rates and conditions of service, which are regulated by the FERC.Risk factors (Item 1A)
U.S. Department of Energy (DOE) LNG export authorization
subject tonamed as a riskIn September 2025, we submitted a filing with the DOE to extend the construction deadline associated with our non-FTA permits for the ECA LNG Phase 1 project until the end of summer 2026, but we may not receive this extension on a timely basis or at all.Risk factors (Item 1A)
Laws and programs
California Wildfire Fund
subject to · in excess of $1 billionnamed as a riskThe 2019 Wildfire Legislation established the Wildfire Fund and the 2025 Wildfire Legislation established the Continuation Account, which offer liquidity to reimburse wildfire-related claims incurred by participating California electric IOUs in excess of $1 billion, subject to the coverage of each fund.Risk factors (Item 1A)
Also named by EIX
Community Choice Aggregation (CCA) and Direct Access (DA)
1,229,624named as a riskDue to this departed load, SDG&E’s historical energy procurement commitments for future deliveries exceed the needs of its remaining bundled customers.Risk factors (Item 1A)
California RPS Program
subject to · at least 50% of its annual retail electricity delivered from renewable energy or zero-carbon sources by the end of 2026SB 100 (enacted in 2018) and SB 1020 (enacted in 2022) require each California electric utility, including SDG&E, to procure at least 50% of its annual retail electricity delivered from renewable energy or zero-carbon sources by the end of 2026, 60% by the end of 2030, 90% by the end of 2035, 95% by the end of 2040, and 100% by the end of 2045.Business (Item 1)
U.S. tariffs on steel, aluminum and copper
subject tonamed as a riskThese threatened and imposed tariffs have created uncertainty in our business development efforts and for projects currently under construction, and we expect them to impact our businesses’ costs related to construction, pipeline transportation, electricity procurement and financing, among other areas, and increase costs across the LNG value chain.Risk factors (Item 1A)
Net Energy Metering (NEM)
subject tonamed as a riskAs more and higher electric-use customers switch to NEM and self-generate energy, the burden on remaining non-NEM customers, who effectively subsidize the unpaid NEM costs, increases, which in turn encourages more self-generation and further increases rate pressure on remaining non-NEM customers.Risk factors (Item 1A)
Texas Unified Tracker Mechanism (UTM)
subject tonamed as a riskHowever, the PUCT has not finalized rules with respect to use of the UTM, and as a result any positions Oncor has taken with respect to interpreting the legislation could be revised as a result of the PUCT’s final rules and interpretations, and such revisions could have a material adverse impact on our results of operations, financial condition, cash flows and/or prospects.Risk factors (Item 1A)
Mexico 2025 Energy Laws
subject tonamed as a riskThese laws and future implementation of existing and any new regulations could adversely affect SI Partners’ ability to secure favorable rate cases and operate its existing assets at their current levels; result in increased costs to SI Partners and its customers; adversely impact SI Partners’ ability to secure and retain permits and develop new projects in Mexico; result in decreased revenues and/or cash flows; and negatively impact SI Partners’ ability to recover the carrying values of its investments in Mexico, any of which could have a material adverse impact on our business, results of operations, financial condition, cash flow and/or prospects.Risk factors (Item 1A)
Gas Cost Incentive Mechanism (GCIM)
subject tonamed as a riskHowever, SoCalGas may, at times, be exposed to market risk as a result of the GCIM, which awards or penalizes the utility for commodity costs below or above certain benchmarks.Market risk (Item 7A)
California natural gas reduction policies
subject tonamed as a riskMoreover, a substantial reduction in or the elimination of natural gas use in California could result in impairment of some or all of SDG&E’s and SoCalGas’ natural gas infrastructure assets without adequate recovery of investments, if they were not permitted to be repurposed, or if they were required to be depreciated on an accelerated basis or were to become stranded, in which case, SDG&E and SoCalGas could be required to incur significant decommissioning or other costs, which may require additional funding and may not be recoverable in rates.Risk factors (Item 1A)
Vistra spin-off tax treatment
named as a riskIf it is ultimately determined that the Merger caused the spin-off not to qualify for the Intended Tax Treatment, Sempra, through its ownership of Sempra Texas Holdings Corp., could incur substantial tax liabilities, which would materially reduce the value associated with our investment in Oncor and could have a material adverse effect on our results of operations, financial condition, cash flows and/or prospects.Risk factors (Item 1A)