North American utilities and LNG
Sempra
Sempra earns primarily from regulated electric and gas utilities in California and Texas while developing North American LNG export facilities backed by long-term offtake contracts. It invests in grid modernization and LNG liquefaction projects, paying major EPC contractors and the associated equipment and construction supply chain.
SRE Updated Sep 11, 2026 2 AI consumers· 1 recurring
Per the valuechain.wiki graph, Sempra is directly linked to 4 companies (0 supply, 3 revenue, 1 investment relationships) and reaches 6 companies within two hops; the links are backed by 11 dated sources, 4 of them primary filings (as of 2026-09-11).
Financials & Segments
- Total revenue · FY2025 revenue from contracts with customers: $12.418 billion
- Segments · Sempra California · Sempra Texas Utilities · Sempra Infrastructure
Revenue from
- ConocoPhillips High confidence· Count 4 Mtpa · Port Arthur LNG Phase 2 20-year SPA · ConocoPhillips annual offtake volume from Port Arthur LNG Phase 2
ConocoPhillips is a cornerstone customer for Port Arthur LNG Phase 2 under a 20-year agreement covering 4 Mtpa. The relationship also includes 5 Mtpa of Phase 1 offtake and a 30% Phase 1 equity interest. - EQT Corporation High confidence· Count 2 Mtpa · Port Arthur LNG Phase 2 20-year SPA · EQT annual offtake volume from Port Arthur LNG Phase 2
EQT will purchase 2 Mtpa from Port Arthur LNG Phase 2 for 20 years. The free-on-board contract is indexed to Henry Hub.Confirms EN Sempra Infrastructure Published Aug 27, 2025: Sempra Infrastructure and EQT Announce Long-Term LNG Supply Agreement from Port Arthur LNG Phase 2 - Valero Energy Corporation High confidence
Sempra provides Valero with exclusive use of three Veracruz and inland terminals operated by its Mexican affiliate IEnova under long-term agreements, which Valero accounts for as finance leases without separately disclosing the service payments to Sempra.
Pays to
- Bechtel Energy Inc. High confidence· Contract value $9.2B (est.) · Port Arthur LNG Phase 2 EPC contract · Estimated price of the Bechtel EPC contract for Port Arthur LNG Phase 2
Bechtel is the EPC contractor for both phases of Port Arthur LNG. Sempra estimates the Phase 2 EPC contract at $9.2 billion, while cautioning that the actual cost may differ.Confirms EN Japan Organization for Metals and Energy Security (JOGMEC) Published Feb 19, 2025: Selected Companies' LNG Related Activities: Sempra Energy - TP Oil & Gas Mexico, S. de R.L. de C.V. High confidence· Contract value $1.6B (est.) · ECA LNG Phase 1 EPC contract · Estimated price of the TP Oil & Gas Mexico EPC contract for ECA LNG Phase 1
Technip Energies affiliate TP Oil & Gas Mexico is the EPC contractor for ECA LNG Phase 1 in Mexico. Sempra estimates the contract price at $1.6 billion.Confirms EN TechnipFMC Published Nov 17, 2020: TechnipFMC Receives Notice to Proceed for EPC Contract for Sempra LNG's and IEnova's Energía Costa Azul LNG Facility
Investors
- KKR & Co. High confidence· Contract value $10B · Sempra Infrastructure Partners 45% equity sale agreement · Aggregate base purchase price for the equity sale to KKR affiliates and a co-investor
Sempra agreed to sell a 45% interest and all general-partner interests in Sempra Infrastructure Partners to KKR affiliates and a co-investor for a $9.99 billion base price. As of August 6, 2026, the transaction remained pending and was expected to close in the third quarter of 2026.Confirms EN Energy Analytics Institute Published Aug 6, 2026: Sempra Infrastructure Says 45% Equity Divestment to KKR on Track to Close in 3Q:26Confirms KO Maeil Business Newspaper Published Feb 27, 2026: Sempra Energy Reports 2025 Adjusted EPS of $4.69 and a $65 Billion Five-Year Investment Plan
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Southwest Airlines | lead2 | -8.1 | -21.4 | -11.8 | +19.1 | +25.6 | -2.9 |
| Sinopec Corp | lead2 | +20 | +19.4 | +4 | +13 | +34 | -8.2 |
| Valero Energy Corporation | lead1 | +40.3 | +75 | +5.9 | -3 | +37 | +131.1 |
| ConocoPhillips | lead1 | +86.6 | +71.7 | +2 | -12.2 | -2.3 | +46.6 |
| EQT Corporation | lead1 | +71.6 | +57.6 | +16.2 | +21.4 | +17.6 | +3.8 |
| Sempra | node | +7.4 | +20.3 | -0.1 | +21.1 | +3.9 | -3.5 |
| KKR & Co. | benef1 | +85.8 | -37 | +80.5 | +79.6 | -13.3 | -15 |
YTD as of 2026-09-04 · source: Yahoo Finance
Sempra operates across North American utilities and LNG. It is -3.5% in 2026. The demand side (avg +88.9%) leads the stock (-3.5%), so customer moves come first here. Among connected nodes the furthest ahead is Valero Energy Corporation (+131.1%) and the furthest behind is ConocoPhillips (+46.6%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It invests in grid modernization and LNG liquefaction projects, paying major EPC contractors and the associated equipment and construction supply chain.
Analysis generated from returns as of 2026-09-04