Sempra is a utility holding company whose core business is owning and operating regulated electric and natural gas utilities in California and Texas. In California, Sempra owns SDG&E, which delivers electricity and natural gas to roughly 3.6 million and 3.3 million people, respectively, across San Diego County and part of Orange County, and SoCalGas, the largest natural gas distribution utility in the U.S., serving approximately 21.3 million people across Southern California and parts of central California. In Texas, Sempra owns an 80.25% stake in Oncor, the largest electricity transmission and distribution utility in Texas, serving over 4.1 million homes and businesses across the Dallas-Fort Worth area and much of north and west Texas. Sempra's regulated utilities earn money by investing in infrastructure and earning a regulated rate of return on that rate base — as capital investment grows, so does the rate base and earnings. Sempra also owns Sempra Infrastructure, which includes LNG export facilities, natural gas pipelines in Mexico, and renewable generation, though Sempra has agreed to sell a majority stake in this business to KKR for ~$10B, reducing Sempra's ownership to 25% and effectively converting Sempra into a near-pure regulated utility. Sempra's growth strategy centers on expanding the rate base in California and Texas, with Oncor serving as a key growth vehicle given Texas's population growth and rising data center and industrial electricity demand.