Sempra is a California-based holding company focused on energy infrastructure investments in North America. The company invests in, develops, and operates energy infrastructure, providing electric and gas services to customers. Sempra's core business model centers on transmission and distribution investments, with a focus on producing stable cash flows and earnings visibility. Key markets include California and Texas, with a growing presence in Mexico. The company's competitive advantages lie in its regulated utility presence and its focus on LNG and low-carbon solutions.

Sempra operates in a competitive landscape with other energy infrastructure companies and regulated utilities.

• Employees: 16,835 (as of December 31, 2023)
• Geographic Footprint: North America (U.S. and Mexico)
• Headquarters: San Diego, California
• Founded: 1998
• Number of locations/facilities: Multiple facilities across its service territories
• Revenue: $16.72 billion (FY2023)
• Key Subsidiaries/Brands: SDG&E, SoCalGas, Oncor, Sharyland Utilities, Sempra Infrastructure

• CEO: Jeffrey W. Martin (since May 2018)
• CFO: Trevor I. Mihalik (since May 2018)
• Other Key Executives: Karen L. Sedgwick (Executive Vice President and Chief Financial Officer), Justin C. Bird (Executive Vice President), Peter R. Wall (Senior Vice President), Diana L. Day (Senior Vice President)

Key executives have extensive experience in the energy and finance sectors.

• Annual Revenue: $16.72 billion (FY2023)
• Net Income: $3.03 billion (FY2023)
• Total Assets: $87.18 billion (as of December 31, 2023)
• Number of Employees: 16,835 (as of December 31, 2023)
• Key Financial Highlights: Increased revenues and net income compared to the prior year, driven by asset optimization and strategic initiatives.

Sempra provides a range of products and services through its subsidiaries:

• Electric Services: Generation, transmission, and distribution of electricity through SDG&E.
• Natural Gas Services: Distribution, transmission, and storage of natural gas through SDG&E and SoCalGas.
• LNG and Energy Infrastructure: Development, construction, and operation of LNG facilities, energy networks and low-carbon solutions through Sempra Infrastructure.

Sempra's business is organized into three reportable segments:

• Sempra California: Includes SDG&E and SoCalGas operations.
• Sempra Texas Utilities: Includes investments in Oncor and Sharyland Utilities.
• Sempra Infrastructure: Includes LNG, energy networks and low carbon solutions.

Historical segment disclosures have been restated to conform with the current presentation.

Sempra's strategic priorities include:

• Focusing on transmission and distribution investments.
• Delivering safe, reliable and increasingly clean forms of energy.
• Increasing shareholder value.

Key strategic initiatives include expanding LNG infrastructure, developing renewable energy projects, and investing in grid modernization. The company is also focused on meeting environmental and sustainability goals.

Sempra operates in the energy infrastructure industry, which is undergoing significant transformation due to:

• Primary Industry: Energy Infrastructure (Electric and Gas Utilities, LNG)
• Market Trends: Increasing demand for clean energy, grid modernization, and electrification.
• Key Competitors: Other large energy infrastructure companies and regulated utilities.

Sempra's market position is strong in its service territories, but it faces competition from other utilities, distributed generation and third-party energy providers. Market share information is not explicitly provided in the 10K.

• Market Risks: Exposure to commodity price volatility, interest rate fluctuations, and changes in customer demand.
• Operational Risks: Potential for infrastructure failures, cybersecurity threats, and severe weather events.
• Financial Risks: Dependence on subsidiary performance, debt service obligations, and the availability and cost of financing.
• Regulatory Risks: Exposure to extensive regulation, including potential changes in rate structures and environmental compliance requirements.
• Wildfire Risks: Potential liability for damages from wildfires in California.