In the fourth quarter of 2023, Sempra realigned its reportable segments to reflect changes in how the CODM oversees its three platforms: Sempra California, Sempra Texas Utilities and Sempra Infrastructure.

Sempra's business strategy focuses on transmission and distribution investments, with a focus on LNG, energy networks, and low carbon solutions.

Sempra Infrastructure continues to evaluate the development of new LNG export projects, including Cameron LNG Phase 2, ECA LNG Phase 2 and Vista Pacifico LNG projects.

Sempra's mission is to be North America's premier energy infrastructure company, with a focus on delivering safe, reliable and increasingly clean forms of energy.

Sempra's business strategy focuses on transmission and distribution investments, among other areas, that are capable of producing stable cash flows and earnings visibility, with the goals of increasing shareholder value.

Sempra Infrastructure develops, builds, operates and invests in energy infrastructure to help enable the energy transition in North American markets and globally.

Sempra, SDG&E and SoCalGas face risks from California wildfires, including potential liability for damages regardless of fault.

Sempra faces risks related to decisions, investigations, inquiries, regulations, denials or revocations of permits, consents, approvals or other authorizations by regulatory bodies.

Sempra faces evolving cybersecurity risks associated with the energy grid, natural gas pipelines, storage and other infrastructure as well as the collection of personal, sensitive and confidential customer and employee information.

SDG&E faces competition to serve its customer load from distributed and local power generation growth, including solar installations.

In multi-certificated areas of Texas, Oncor competes with certain other utilities and rural electric cooperatives for the right to serve end-use customers.

Our LNG projects in development, under construction and in operation all compete globally to market and sell LNG to remarketers and end users, including gas and electric utilities located in LNG-importing countries around the world.

SDG&E and SoCalGas are subject to extensive regulation, which impacts their operational efficiency.

Oncor's revenues and results of operations are subject to seasonality, weather conditions and other electricity usage drivers, with revenues being highest in the summer.

Sempra Infrastructure's Energy Networks business line is comprised of a natural gas transportation and distribution network, which is subject to operational risks.

Sempra is focused on developing new technologies in the energy space, including those related to hydrogen, liquefaction, energy storage, carbon sequestration, grid modernization and others.

The electric industry is undergoing rapid technological change, and third-party DER and other technologies may increasingly compete with traditional infrastructure in delivering electricity to consumers.

Sempra Infrastructure develops, builds, invests in and operates renewable energy generation facilities that have long-term PPAs to sell the electricity they generate to their customers.

Sempra's businesses are capital-intensive, with significant and increasing capital spending expected in future periods.

In general, Sempra relies on long-term debt to fund a significant portion of its capital expenditures and repay outstanding debt, and relies on short-term debt to fund a significant portion of day-to-day operations.

The economic interest, voting rights and market value of our outstanding common and preferred stock may be adversely affected by any additional equity securities we may issue.

Sempra's mission is to be North America's premier energy infrastructure company, with a focus on delivering safe, reliable and increasingly clean forms of energy to customers.

Sempra is subject to the impact of climate and sustainability policies, laws, rules, regulations, disclosures and trends, including actions to reduce or eliminate reliance on natural gas.

Sempra's businesses face climate change concerns and have environmental compliance and clean energy transition and reporting costs.

Sempra's businesses are subject to macroeconomic trends or other factors that could change our capital expenditure plans and their potential impact on rate base or other growth.

Sempra's international businesses and operations expose us to increased legal, regulatory, tax, economic, geopolitical and management oversight risks and challenges.

Sempra's businesses are subject to industry trends and drivers, including those related to tax and trade policy and the energy industry in Mexico.