DBA Sempra

Today, ladies and gentlemen, welcome to the SEMPRA first quarter earnings call. Today's conference is being recorded. At this time, I turn the conference over to Mr. Donovan. Please go ahead.

Good morning, everyone, and welcome to SEMPRA's first quarter 2022 earnings call. A live webcast of this teleconference and slide presentation is available on our website on the investor section. We have several members of our management team with us today, including Jeff Martin, Chairman and Chief Executive Officer, Trevor Mihalik, Executive Vice President and Chief Financial Officer. Lisa Alexander, Senior Vice President, Corporate Affairs and Chief Sustainability Officer. Justin Bird, Chief Executive Officer of Semper Infrastructure. Faisal Khan, Senior Vice President and Chief Financial Officer of Semper Infrastructure. Alan Lai, Chief Executive Officer of Encore. Kevin Segarra, Executive Vice President and Group President and Peter Wall, Senior Vice President, Controller, and Chief Accounting Officer. Before starting, I'd like to remind everyone that we'll be discussing forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected in any forward-looking statement we make today. 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. All of the earnings per share amounts in our presentation are shown on a diluted basis and we'll be discussing certain non-GAAP financial measures. Please refer to the presentation slides that accompany this call for reconciliation to GAAP measures. We also encourage you to review our 10Q for the quarter ended March 31, 2022. I'd also like to mention that the forward-looking statements contained in this presentation speak only of today, May 5th, 2022. And it's important to know that the company does not assume any obligation to update or revise any of these forward-looking statements in the future. With that, please turn to slide four and let me hand the call over to Jeff.

Thank you, Glenn, and thank you all for joining us today. Against the backdrop of a challenging economic environment, our company remains focused on executing our T&D investment strategy in our core markets. Sempra California is preparing to submit GRC filings at both SDG&E and SoCalGas later this month, focused on providing safe, reliable, and cleaner energy to its 26 million consumers. Turning to Texas, Encore is executing on its record five-year capital plan focused on critical T&D infrastructure investments across its service territory to support strong demographic growth and plans to file its rate case later this month. And at Semper Infrastructure, they're developing a platform that's uniquely positioned to export LNG directly from the Gulf and Pacific Coast to customers in Europe and Asia. The recent tragic events unfolding in Ukraine have highlighted the need for secure access to reliable sources of cleaner energy and simple infrastructure is well positioned to be part of the solution. Our strategy of investing in T&D infrastructure to expand and modernize North America's energy systems across each of our three growth platforms is continuing to drive our record $36 billion five-year capital plan. and it's helped us deliver another quarter of strong financial results. Also in April, we completed $250 million of share repurchases under our existing board authorization. In the last six months, we've returned $750 million of capital to our shareholders in the form of share repurchases, which taken together with our dividend program, demonstrates our commitment to returning value to our owners while remaining focused on investing in and growing our businesses as part of the disciplined capital allocation strategy. Shifting to our quarter results, earlier this morning we reported first quarter 2022 adjusted earnings per share of $2.91. We're also affirming our full year adjusted EPS guidance range for 2022 and our EPS guidance range for 2023. Please turn to the next slide. I'd now like to briefly highlight some of the key strategic advantages of our T&D portfolio. SEMPRA's three growth platforms are strategically positioned in highly attractive and contiguous markets in North America and serve one of the largest utility consumer bases in the United States. Our strong position helps create momentum for critical investments in advancing safety, reliability, and cleaner energy as the global energy market continues to evolve. We also believe our platforms will play an important role in building the energy systems of the future. Please turn to the next slide where I'll turn the call over to Lisa to provide an update on our sustainable business practices.