DALLAS (May 7, 2019) — Oncor Electric Delivery Company LLC (“Oncor”) today reported three months ended March 31, 2019 net income of $116 million.  Oncor’s first quarter 2019 net income increased $27 million, up from $89 million in the first quarter of 2018. Financial and operational results are provided in Tables A, B, C and D below.

From the Permian and Delaware Basins, to the Dallas-Ft. Worth metroplex, to the I-35 corridor, we continue to see robust and diverse growth across our service territory, and Oncor stands ready to power the growth here in Texas,” said Allen Nye, chief executive of Oncor. “We are pleased with our financial results this quarter, and look forward to a strong and exciting year ahead in 2019 as we continue to deliver for our customers and our stakeholders.”

Operating Highlights

In October 2018, Oncor announced its intent to acquire 100 percent of the equity interests of InfraREIT, Inc. (NYSE: HIFR) (“InfraREIT”) and all of the limited-partnership units of its subsidiary, InfraREIT Partners, LP, for a purchase price of approximately $1.275 billion based on the number of shares and partnership units outstanding.  Oncor will also bear certain transaction costs incurred by InfraREIT. Sempra Energy (the holder of 80.25% of Oncor’s equity interests) and certain indirect equity holders of Texas Transmission Investment LLC (the holder of 19.75% of Oncor’s equity interests) have committed to provide their pro rata share of capital contributions to Oncor in an aggregate amount of up to $1.330 billion to fund the cash consideration payable by Oncor and the payment of certain fees and expenses relating to the transaction. The transaction also includes InfraREIT’s outstanding debt, which totaled approximately $946 million at March 31, 2019. The transaction is subject to the satisfaction of certain closing conditions, including the approval of the Public Utility Commission of Texas (“PUCT”).  If PUCT approval is received and all closing conditions are satisfied, Oncor expects to close the transaction in mid-2019.

Sempra Energy Internet Broadcast Today

Sempra Energy will broadcast a live discussion of its earnings results over the Internet today at 12 p.m. (Eastern Time) with senior management of Sempra Energy, which will include discussion of earnings and other information relating to Oncor. Access is available by logging on to Sempra Energy’s website, www.sempra.com. An accompanying slide presentation will also be posted at sempra.com. For those unable to obtain access to the live webcast, it will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 7994290.

Oncor’s Quarterly Report on Form 10-Q for the period ended March 31, 2019 will be filed with the U.S. Securities and Exchange Commission after Sempra Energy’s conference call

Oncor Electric Delivery Company LLC

Table A – Condensed Statements of Consolidated Net Income

Three Months Ended March 31, 2019 and 2018; $ millions

Oncor Electric Delivery Company LLC

Table B – Condensed Statements of Consolidated Cash Flows

Three Months Ended March 31, 2019 and 2018; $ millions

Oncor Electric Delivery Company LLC

Table C – Condensed Consolidated Balance Sheets

At March 31, 2019 and December 31, 2018; $ millions

Oncor Electric Delivery Company LLC

Table D – Operating Statistics

Three Months Ended March 31, 2019 and 2018; mixed measures

(a)   Based on number of active meters

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Headquartered in Dallas, Oncor Electric Delivery Company LLC is a regulated electricity distribution and transmission business that uses superior asset management skills to provide reliable electricity delivery to consumers. Oncor operates the largest distribution and transmission system in Texas, delivering power to more than 3.6 million homes and businesses and operating more than 137,000 miles of transmission and distribution lines in Texas. While Oncor is owned by a limited number of investors (including majority owner, Sempra Energy), Oncor is managed by its Board of Directors, which is comprised of a majority of disinterested directors.

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Forward-Looking Statements

This press release contains forward-looking statements relating to Oncor within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. All statements in this press release, other than statements of historical facts (often, but not always, through the use of words or phrases such as ”expects,” “intends,” “plans,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “should,” “projection,” “target,” “goal,” “objective” and “outlook”), are forward-looking statements. They involve risks, uncertainties and assumptions. Further discussion of risks and uncertainties that could cause actual results to differ materially from management’s current projections, forecasts, estimates and expectations is contained in filings made by Oncor with the U.S. Securities and Exchange Commission. Specifically, Oncor makes reference to the section entitled “Risk Factors” in its annual and quarterly reports. Any forward-looking statement speaks only as of the date on which it is made, and Oncor undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of unanticipated events.