Argus
•
Nov 21, 2025
Sempra: Potential for negative year-over-year comparisons in 4Q25 and 2025 could create a more favorable entry point
Summary
Sempra Energy, based in San Diego, is an energy services holding company. In 2024, the company had $13.2 billion in revenues with almost 55% from natural gas utilities and 33% from electric utilities. Its 20,000 employees serve more than 40 million customers. The company’s main regulated utilities are San Diego Gas & Electric (3.7 million gas and electric customers) and Southern California Gas (22 million gas customers). Oncor, a joint venture, is the largest regulated electric utility in Texas (13 million customers). Of 2024 adjusted earnings, about two-thirds were from electric transmission and distribution.
Sempra LNG is a gas infrastructure company and developer of liquefaction facilities in North America, including new operations in Port Arthur, Texas. IEnova is a joint venture that develops and operates energy infrastructure in Mexico and is increasing its use of renewables, including renewable hydrogen, with a 2050 target of net-zero emissions. The company has had gas operations in Mexico for two decades. As o
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