Company: SREA
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001032208-25-000027
Chunk: 127

Company: SEMPRA
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 2
Chunk 127
---
 losses on commodity derivatives 

▪$16 million from TdM mainly due to lower volumes, including from a scheduled maintenance outage in March 2025

Offset by:

▪$17 million higher revenues driven by satisfaction of performance obligations related to customer payments received in advance from a contract modification in December 2024 on an LNG storage and regasification agreement

▪$7 million higher revenues in 2025 due to the commencement of commercial operations at the Topolobampo marine terminal in June 2024

In the three months ended March 31, 2025 compared to the same period in 2024, Sempra’s cost of sales from energy-related businesses increased by $10 million (9%) primarily due to:

▪$15 million driven by higher natural gas purchases related to asset and supply optimization

Offset by:

▪$6 million at TdM driven by lower volumes, including from a scheduled maintenance outage in March 2025

83

Table of Contents

Operation and Maintenance

OPERATION AND MAINTENANCE(Dollars in millions) Three months ended March 31, 20252024Sempra:Sempra California$1,175 $1,004 Sempra Texas Utilities2 2 Sempra Infrastructure174 189 Segment totals1,351 1,195 Parent and other(1)(8)17 Total$1,343 $1,212 

(1)    Includes eliminations of intercompany activity.

In the three months ended March 31, 2025 compared to the same period in 2024, Sempra’s O&M increased by $131 million (11%) primarily due to:

▪$171 million increase at Sempra California due to:

◦$180 million higher expenses associated with refundable programs, which costs are recovered in revenue

Offset by:

◦$9 million lower non-refundable operating costs

Offset by:

▪$25 million decrease at Parent and other primarily due to a $19 million change in deferred compensation from a $9 million benefit in 2025 compared to $10 million expense in 2024

▪$15 million decrease at Sempra Infrastructure due to:

◦$26 million from lower provisions for expected credit losses

Offset by:

◦$7 million higher development costs and certain non-capitalized expenses from projects under construction 

Other Income, Net

In the three months ended March 31, 2025 compared to the same period in