Company: SREA
Filing Date: 2025-09-23
Form Type: 8-K
Source: 0001032208-25-000055
Chunk: 4

Company: SEMPRA
Filing Date: 2025-09-23
Form: 8-K
Item: Item 8.01
Chunk 4
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 second phase of the Port Arthur LNG liquefaction project, which is expected to have a nameplate capacity of

approximately 13 million tonnes per annum (“ Mtpa”) and include two liquefied natural gas (“ LNG”) trains, one LNG storage tank and associated facilities and infrastructure (the “ PA LNG Phase 2 project”). Commercial operations for the third and fourth LNG trains of the full Port Arthur facility project are expected to commence in 2030 and 2031, respectively. The total currently estimated capital expenditures for the project are approximately $14 billion, including, among other items, project contingency and an approximately $2 billion true-up payment to the PA LNG Phase 1 project to acquire a 50% interest in the common facilities.

Subject to the terms of the investor equity subscription described below, Sempra Infrastructure Partners and its subsidiaries will own and operate the PA LNG Phase 2 project. Definitive 20-year agreements for an aggregate of 10 Mtpa of LNG offtake with (i) ConocoPhillips Marketing & Trading International LLC, (ii) a subsidiary of Sempra Infrastructure Partners, (iii) JERA Co, Inc. and (iv) EQT LNG Trading LLC became effective upon reaching FID for the project. In addition, a subsidiary of Sempra Infrastructure Partners has entered into offtake agreements for excess quantities of LNG, which includes an offtake agreement for a 30-year term to the extent of incremental amounts produced above 10 Mtpa up to an additional 0.75 Mtpa. The PA LNG Phase 2 project has contracted for capacity on a 240-mile Mustang Express Pipeline, for which Sempra provided certain equity commitments subject to rights to transfer such commitments to third parties; Sempra expects the entire amount of these commitments to be transferred to third parties before funding.

Investor Equity Subscription

On September 22, 2025, a subsidiary of Sempra Infrastructure Partners that is an indirect owner of the PA LNG Phase 2 project (“ JVCo”) issued an aggregate of 49.9% of its equity interests to a consortium led by Blackstone Credit & Insurance (collectively, the “ Investor Members”) for immediately funded capital contributions of $3.4 billion and an additional $3.6 billion of capital contributions to be paid on a pre-determined funding schedule. A Sempra Infrastructure Partners subsidiary (the “ JVCo Member”) was issued the remaining 50.1% of JVCo’s equity interests.

Under JVCo’s limited liability company agreement