Company: SREA
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001032208-25-000012
Chunk: 572

Company: SEMPRA
Filing Date: 2025-02-25
Form: 10-K
Item: Item 16
Chunk 572
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 Commissions’ treatment of similar costs under similar circumstances. 

▪We evaluated the external information and compared it to management’s recorded regulatory asset and liability balances for completeness.

▪We evaluated SoCalGas’ disclosures related to the impacts of rate regulation.

/s/ DELOITTE & TOUCHE LLP

San Diego, California

February 25, 2025

We have served as SoCalGas’ auditor since 1937.

2024 Form 10-K  |  F-7

SEMPRACONSOLIDATED STATEMENTS OF OPERATIONS(Dollars in millions, except per share amounts; shares in thousands) Years ended December 31, 202420232022REVENUES Utilities:Natural gas$7,141 $9,495 $7,868 Electric4,296 4,334 4,783 Energy-related businesses1,748 2,891 1,788 Total revenues13,185 16,720 14,439 EXPENSES AND OTHER INCOME Utilities: Cost of natural gas(1,132)(3,719)(2,603)Cost of electric fuel and purchased power(245)(375)(937)Energy-related businesses cost of sales(380)(548)(942)Operation and maintenance(5,336)(5,458)(4,746)Aliso Canyon litigation and regulatory matters— — (259)Depreciation and amortization(2,437)(2,227)(2,019)Franchise fees and other taxes(693)(677)(635)Other income, net136 131 24 Interest income61 89 75 Interest expense(1,049)(1,309)(1,054)Income before income taxes and equity earnings2,110 2,627 1,343 Income tax expense(219)(490)(556)Equity earnings1,609 1,481 1,498 Net income3,500 3,618 2,285 Earnings attributable to noncontrolling interests(638)(543)(146)Preferred dividends(44)(44)(44)Preferred dividends of subsidiary(1)(1)(1)Earnings attributable to common shares$2,817 $3,030 $2,094 Basic EPS:Earnings$4.44 $4.81 $3.32 Weighted-average common shares outstanding633,795 630,296 630,318 Diluted EPS