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Text: The factors that could cause our actual results to differ materially are discussed in the company's most recent 10-K and 10-Q filed with the SEC.
We also encourage you to review our quarterly report on Form 10-Q for the quarter ended September 30th, 2021.
Several years ago we revised our business strategy to narrow the focus of the company to invest in an energy infrastructure in markets where we expect high growth.
Today, there is a growing recognition about why these types of investments are increasingly important, whether it's the current dislocation in European energy markets or high prices for LNG in Asia or even challenging weather events here at home that call for greater resiliency, new investments in energy infrastructure are certainly needed.
Bipartisan support in Washington for the pending infrastructure bill provides further validation of this trend.
In addition to help meet the needs of the market, at Sempra, we certainly believe energy infrastructure right here in North America is a key driver of job creation, economic growth, and competitiveness across the economy.
Moreover, maintaining a modern, flexible, and secure network of electric transmission and distribution lines, natural gas pipelines, and storage facilities is essential to delivering affordable and increasingly clean energy to U.S. businesses and consumers while promoting growth across all sectors of our economy.
Against that backdrop, we'll provide a business update today on the key activities in our California and Texas utilities.
Also Justin Bird, our new CEO of Sempra Infrastructure will provide an update on how he's organized that business to capture exciting new growth opportunities.
This will be followed by a summary of our financial performance.
As an overview for the quarter, our strategic focus on investing in energy infrastructure across each of our three growth platforms together with a commitment to operational excellence continue to drive strong financial performance.
As you know, we have a long track record of continuing to raise our guidance and then working hard to meet or exceed that guidance.
This is a result of our high-performing culture and continuous focus on improving the quality of our operations.
As a result of these efforts, we expect to be at the upper-end of our full-year 2021 adjusted earnings per share guidance range and we're reaffirming our full-year 2022 earnings per share guidance range.
Now please turn to the next slide where Justin and I will provide business updates.
Let me start with our California utilities.
In August, SDG&E filed an off-cycle application with the CPUC to update its cost of capital effective January 1, 2022.
This application would increase SDG&E's equity ratio from 52% to 54%, ROE from 10.20% to 10.55% while also lowering cost of debt from from 4.59% to 3.84%.
The application, if accepted by the CPUC, would supersede the automatic cost of capital adjustment mechanism.
In terms of timing, SDG&E has requested a decision in the first half of 2022.
Also at SoCalGas, we recently announced agreements expected to resolve substantially all material civil litigation against SoCalGas and Sempra related to the 2015 Aliso Canyon natural gas storage facility leak with net after-tax cash flows for SoCalGas expected to ultimately be up to $895 million after taking into consideration collection of existing insurance receivables and other adjustments.
These agreements are important milestones that will help the community and our company work toward putting this difficult chapter behind us.
In addition, last month, SoCalGas issued an important technical analysis, underscoring the essential role of clean fuel networks that leverage existing gas infrastructure to help California achieve its net zero goals and more importantly, to do so more affordably and more efficiently than other alternatives.
Moving now to Texas, Oncor announced its updated 2022 to 2026 capital plan of approximately $15 billion.
It's important to note that this plan is a $2.8 billion increase over its 2021 to 2025 capital plan that was presented at the 2021 Investor Day in June.
At Sempra Infrastructure, we recently finalized a series of transactions including the sale of a non-controlling interest to KKR, completing the exchange offer and subsequent cash tender offer to purchase the publicly owned IEnova shares, and delisting IEnova shares from the Mexican Stock Exchange.
Additionally, I'd like to note related to the formation of Sempra Infrastructure, we've updated our GAAP guidance range for 2021 to include items expected to be reflected in our fourth quarter results.
You can find a GAAP reconciliation in the appendix to the slide decks.
Please turn to the next slide.
Before I hand the call over to Justin, I want to make one follow-on point about Oncor.
We've talked a lot in the past about being in the most attractive energy markets in North America and Texas is certainly an example.
Oncor today operates in one of the fastest growing markets in the country with some forecasts estimating that the Texas population will nearly double by 2050.
With strong macro fundamentals across its service territory, Oncor just announced a record-high five-year capital plan of $15 billion.
This capital plan is primarily earmarked to meet load growth with two-thirds of the plan dedicated to expansions of the company's transmission and distribution network.
Oncor's robust projected capital plan and rate base figures are expected to support economic development across its service territory, increases in generation interconnection, strong premise growth, and critical new investments in grid modernization and resiliency.
And finally, Oncor now expects to grow its rate base to nearly $28 billion by 2026, which reflects a compound annual growth rate of about 8% over the five-year period.
The growth the company is experiencing is just remarkable.
Please turn to the next slide where I'll pass the call over to Justin to review the latest updates at Sempra Infrastructure.
I'm excited to present the newly formed Sempra Infrastructure platform.
We expect the formation of Sempra Infrastructure along with the financial strength of KKR to give us added scale to execute on a wide range of energy infrastructure opportunities across Sempra Infrastructure's three business lines.
Since closing this transaction a month ago, we're already seeing the benefits of combining the two organizations through financial synergies and commercial optimization.
For example, we've been able to restack our capital structure to create meaningful cost savings.
To capture new development opportunities, we've organized into three business lines: LNG and Net Zero Solutions, Energy Networks, and Clean Power.
We expect this structure will enhance growth and quality execution.
This also strategically positions us to benefit from North America's continued trend toward the clean energy transition by optimizing the natural partnership between natural gas and renewables to help meet decarbonization goals here in North America and abroad.
Energy infrastructure as Jeff described at the top of today's call is the focus of our development program.
Now please turn to the next slide, where I'll briefly discuss how we're advancing growth in each of our business lines.
First at LNG and Net Zero Solutions, the LNG market has recovered quite dramatically as evidenced by the spot market with record high prices being seen in Europe and Asia and a recent uptick in long-term contracting activity around the world.
With that constructive backdrop, our LNG development portfolio is expected to benefit from the strategic advantage of being situated on both the Pacific and Gulf Coast with direct access to both Asian and European markets.
As a reminder, ECA LNG Phase 1 was the only LNG export project in the world to take a final investment decision last year, which reinforces the competitive advantage of brownfield sites that can dispatch into the Atlantic and Pacific basins.
Now looking forward, we remain focused on the construction of ECA LNG Phase 1, working with our partners to optimize Cameron LNG's current operations as well as the development of the Cameron LNG expansion, and finally, working on an exciting new Pacific opportunity in Topolobampo, Mexico called Vista Pacifico LNG.
At ECA LNG Phase 1 engineering, equipment, fabrication, and site preparation are well underway.
The project is on time and on budget and we continue to expect first LNG production by the end of 2024.
At Cameron LNG, the current facility is running well and hit record production levels during the month of October.
Together with our partners, we are developing a projected 7 million tonnes per annum expansion project benefiting from 1 million tonnes per annum of debottlenecking Trains 1-3.
With innovations in train design coupled with the high performance of trains one through three, we expect this to be a very competitive, capital efficient expansion.
In terms of next steps, we plan to move to feed early next year to file an amendment with FERC to build Train 4 with electric drives in order to reduce Scope 1 emissions and to work closely with our partners as we advance toward FID.
Lastly, Vista Pacifico LNG is a new development project located adjacent to Topolobampo refined products terminal.
This new project is expected to be a mid-scale facility connected to two existing pipelines, one of them being the high pressure pipeline system we own in Sonora.
The project would source lower cost natural gas from the Permian Basin for export to high demand Asian markets.
At our Energy Networks and Clean Power businesses, I'd like to highlight two important projects: the expansion of the GRO pipeline and the expansion of our ESJ wind farm.
The GRO expansion is a pipeline project in development that is expected to increase gas delivery capacity to the Baja peninsula and play a critical role in supplying gas to the ECA LNG Phase 1 project.
We continue to advance a series of our cross-border renewable projects that are expected to dispatch directly into California.
Specifically, the ESJ expansion leverages the existing power transmission capacity that we own on the U.S. and Mexico border.
We're the only company that owns cross-border transmission lines that can connect into the California electric grid and that allow us to have a competitive advantage in helping the state meet its growing need for new renewable energy resources.
I'm excited about the team we've put together and about the business we're building.
It's a unique opportunity.
We're well situated to compete and we certainly expect to play a crucial role in investing in energy infrastructure right here in North America that supports the global energy transition.
Please turn to the next slide where I'll pass the call to Trevor to review our financial results.
This compares to third quarter 2020 GAAP earnings of $351 million or $1.21 per share.
On an adjusted basis, third quarter 2021 earnings were $545 million or $1.70 per share.
This compares to our third quarter 2020 adjusted earnings of $432 million or $1.49 per share.
Please turn to the next slide.
The variance in the third quarter 2021 adjusted earnings compared to the same period last year was affected by the following key items: $35 million of higher earnings at Sempra Mexico due to higher ownership of IEnova; $35 million of higher CPUC base operating margin, net of operating expenses at SDG&E and SoCalGas; $29 million of lower losses at parent and other primarily due to lower preferred dividends; and $29 million related to the energy efficiency program refund in the third quarter of 2020 at SDG&E.
Please turn to the next slide.
We are pleased with our operational and financial performance this quarter and are focused on continuing to execute through the remainder of the year.
We also think our strong year-to-date performance sets us up well to have a great year in 2022.

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sempra energy - qtrly adjusted earnings per share $1.70.

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