Company: SREA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001032208-25-000065
Chunk: 97

Company: SEMPRA
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 1
Chunk 97
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0252024Sempra – 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 a 20-year transportation services agreement to secure natural gas transportation capacity, with an option to extend the term, resulting in a commitment for fixed costs of approximately $180 million per year during the term of the agreement. 

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LNG Purchase AgreementECA Regas FacilitySempra Infrastructure has an SPA for the supply of LNG to the ECA Regas Facility. The commitment amount is calculated using a predetermined formula based on estimated forward prices of the index applicable from 2025 through 2029. Although this agreement specifies a number of cargoes to be delivered, under its terms, the supplier may divert certain cargoes, which would reduce amounts paid under the agreement by Sempra Infrastructure. At September 30, 2025, we expect the commitment amount to decrease by $321 million in 2025, $74 million in 2026, $53 million in 2027, $64 million in 2028, and $38 million in 2029 compared to December 31, 2024, reflecting changes in estimated forward prices since December 31, 2024 and actual transactions for the first nine months of 2025. These LNG commitment amounts are based on the assumption that all LNG cargoes under the agreement are delivered, less those already confirmed to be diverted as of September 30, 2025. Actual LNG purchases in the current and prior years have been significantly lower than the maximum amount provided under the agreement due to the supplier electing to divert cargoes as allowed by the agreement.

ENVIRONMENTAL ISSUESWe disclose any proceeding under environmental laws to which a government authority is a