Company: SREA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001032208-25-000065
Chunk: 351

Company: SEMPRA
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 8
Chunk 351
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 to customers in rates substantially as incurred and without markup. The GCIM provides for SoCalGas to share in the savings and/or costs from buying natural gas for its core customers at prices below or above monthly market-based benchmarks. This mechanism permits full recovery of costs incurred when average purchase costs are within a price range around the benchmark price. Any higher costs incurred or savings realized outside this range are shared between SoCalGas and its core customers. We provide further discussion in Note 3 of the Notes to Consolidated Financial Statements in the Annual Report.

UTILITIES: NATURAL GAS REVENUES AND COST OF NATURAL GAS(Dollars in millions) Three months ended September 30,Nine months ended September 30, 2025202420252024Sempra:Natural gas revenues:  Sempra California$1,353 $1,186 $5,152 $4,750 Sempra Infrastructure15 15 59 63 Segment totals1,368 1,201 5,211 4,813 Eliminations and adjustments(5)(6)(16)(15)Total$1,363 $1,195 $5,195 $4,798 Cost of natural gas(1): Sempra California$205 $97 $871 $777 Sempra Infrastructure6 4 21 18 Segment totals211 101 892 795 Eliminations and adjustments(1)(2)(6)(5)Total$210 $99 $886 $790 

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

In the three months ended September 30, 2025 compared to the same period in 2024, Sempra’s natural gas revenues increased by $168 million (14%) driven by Sempra California, which included:

▪$122 million higher CPUC-authorized base revenues, including certain incremental and balanced capital projects that are now in CPUC-authorized base revenues as a result of the 2024 GRC FD offset by $7 million lower authorized cost of capital

▪$108 million increase in cost of natural gas sold, which we discuss below

▪$58 million higher regulatory revenues, including gas repairs tax benefits, which are offset in income tax (expense) benefit. Gas repairs tax benefits in the first three quarters of 2024 were recorded as a regulatory liability that was released in the