Company: SREA
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001032208-25-000027
Chunk: 82

Company: SEMPRA
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 1
Chunk 82
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 lower market prices

Energy-Related Businesses: Revenues and Cost of Sales

ENERGY-RELATED BUSINESSES: REVENUES AND COST OF SALES(Dollars in millions) Three months ended March 31, 20252024Sempra:Revenues:  Sempra Infrastructure$400 $489 Parent and other(1)(19)(14)Total$381 $475 Cost of sales(2):  Sempra Infrastructure$119 $109 

(1)    Includes eliminations of intercompany activity.

(2)    Excludes depreciation and amortization, which are presented separately on Sempra’s Condensed Consolidated Statements of Operations.

In the three months ended March 31, 2025 compared to the same period in 2024, Sempra’s revenues from energy-related businesses decreased by $94 million (20%) primarily due to:

▪$92 million from asset and supply optimization from contracts to sell natural gas and LNG to third parties, including: 

◦$45 million from lower optimization of transport and storage contracts primarily due to changes in natural gas prices

◦$45 million higher unrealized 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

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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