Company: SREA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001032208-25-000065
Chunk: 335

Company: SEMPRA
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 8
Chunk 335
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 operating lease liabilities of $291 million. Future minimum lease payments are $12 million in 2025, and $29 million in each of 2026 through 2029 and $303 million thereafter.

Leases That Have Not Yet Commenced SDG&E previously entered into two PPAs, of which SDG&E expects one will commence in 2027 and one will commence in 2028. SDG&E expects the future minimum lease payments to be $4 million in 2028, $5 million in 2029 and $71 million thereafter (through expiration in 2043).SoCalGas previously entered into a lease agreement for a new headquarters office space in Los Angeles that it expects will commence in 2026. In July 2025, the lease agreement was amended to increase the square footage. At September 30, 2025, SoCalGas expects future minimum lease payments to decrease by $3 million in 2028 and increase by $3 million in 2029 and $38 million thereafter (through expiration in 2041) compared to December 31, 2024.Lessor AccountingSempra Infrastructure is a lessor for certain of its natural gas and ethane pipelines, compressor stations, liquid petroleum gas storage facilities, a rail facility and refined products terminals, which we account for as operating or sales-type leases.We provide information below for leases for which we are the lessor.LESSOR INFORMATION ON THE CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Dollars in millions)Three months ended September 30,Nine months ended September 30,2025202420252024Sempra – Sales-type leases:Interest income$— $1 $2 $4 Total revenues from sales-type leases(1)$— $1 $2 $4 Sempra – Operating leases:Fixed lease payments$93 $83 $269 $259 Variable lease payments6 9 17 29 Total revenues from operating leases(1)$99 $92 $286 $288 Depreciation expense$18 $17 $53 $53 (1)    Included in Revenues: Energy-Related Businesses on the Condensed Consolidated Statements of Operations.

CONTRACTUAL COMMITMENTSWe discuss below significant changes in the first nine months of 2025 to contractual commitments discussed in Note 15 of the Notes to Consolidated Financial Statements in the Annual Report.Natural Gas ContractSempra InfrastructureSempra Infrastructure entered into