Company: SREA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001032208-25-000048
Chunk: 144

Company: SEMPRA
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 144
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)(4)$273 $237 $(49)

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Table of Contents

Capital Expenditures for PP&E and Investments

CAPITAL EXPENDITURES FOR PP&E AND INVESTMENTS(Dollars in millions)Six months ended June 30, 20252024Sempra:Sempra California(1)$2,315 $2,212 Sempra Texas Utilities971 385 Sempra Infrastructure2,323 1,619 Segment totals5,609 4,216 Parent and other3 1 Total Sempra$5,612 $4,217 

(1)    Includes capital expenditures for PP&E of $1,270 and $1,234 at SDG&E and $1,045 and $978 at SoCalGas for 2025 and 2024, respectively.

We expect capital expenditures for PP&E and investments in 2025 to total $12.1 billion. When (i) including Sempra’s proportionate ownership interest in expected capital expenditures for PP&E at unconsolidated equity method investees while excluding Sempra’s expected capital contributions to those unconsolidated equity method investees and (ii) excluding NCI’s proportionate ownership interest in expected capital expenditures for PP&E at Sempra and at unconsolidated equity method investees, we expect capital expenditures for PP&E in 2025 to total $12.5 billion. 

In addition, Oncor anticipates that its capital plan will grow over the 2025 through 2029 period, particularly in the latter years of its five-year capital plan, due to a variety of potential projects and developments, and that such incremental capital expenditures may exceed $12 billion over that period. Changes in Oncor’s capital expenditures plan could result in corresponding changes to our capital expenditures plan based on our ownership interest in Oncor.

Our level of capital expenditures for PP&E and investments will depend on, among other things, the cost and availability of financing, regulatory approvals, changes in tax law and business opportunities providing desirable rates of return, among various other factors described in this MD&A and in “Part I – Item 1A. Risk Factors” in the Annual Report. We aim to finance our capital expenditures for PP&E and investments in a manner that will maintain our investment-grade credit ratings and capital structure, but there is no guarantee that we will be able to do so.

CRITICAL ACCOUNTING ESTIMATES

Management views certain accounting estimates as critical because their application is the most