Company: SOJE
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000092122-25-000076
Chunk: 311

Company: SOUTHERN CO
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 8
Chunk 311
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 Illinois for gas distribution operations and in Illinois and Georgia for gas marketing services. Therefore, weather typically does not have a significant net income impact.

During the Heating Season, more customers are connected to the gas distribution systems and natural gas usage is higher in periods of colder weather. Southern Company Gas' base operating expenses, excluding cost of natural gas and bad debt expense, are incurred relatively evenly throughout the year. Seasonality also affects the comparison of certain balance sheet items across quarters, including receivables, unbilled revenues, natural gas for sale, and notes payable. However, these items are comparable when reviewing Southern Company Gas' annual results. Thus, Southern Company Gas' operating results for the interim periods presented are not necessarily indicative of annual results and can vary significantly from quarter to quarter as a result of seasonality.

Net Income

Second Quarter 2025 vs. Second Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024(change in millions)(% change)(change in millions)(% change)$(2)(1.9)$71.4

Southern Company Gas' net income in the second quarter 2025 was $106 million compared to $108 million for the corresponding period in 2024. The decrease was primarily due to a $7 million decrease in net income at gas pipeline investments and a $5 million increase in net loss at all other, largely offset by an $11 million increase in net income at gas distribution operations.

For year-to-date 2025, net income was $524 million compared to $517 million for the corresponding period in 2024. The increase was primarily due to a $24 million increase in net income at gas distribution operations, partially offset by an $11 million decrease in net income at gas pipeline investments and a $6 million decrease in net income at all other.

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    Table of Contents                                Index to Financial StatementsMANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONAND RESULTS OF OPERATIONS (Continued)

Natural Gas Revenues

In the second quarter 2025, natural gas revenues were $979 million compared to $831 million for the corresponding period in 2024. For year-to-date 2025, natural gas revenues were $2.8 billion compared to $2.5 billion for the corresponding period in 2024. Details of the changes in natural gas revenues were as follows:

Second Quarter 2025 vs. Second Quarter 2024Year-to-