Company: SREA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001032208-25-000065
Chunk: 356

Company: SEMPRA
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 8
Chunk 356
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 businesses decreased by $17 million (13%) primarily due to $19 million lower LNG purchases offset by higher natural gas purchases related to asset and supply optimization.

In the nine months ended September 30, 2025 compared to the same period in 2024, Sempra’s revenues from energy-related businesses increased by $48 million (4%) primarily due to:

▪$53 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

▪$51 million from asset and supply optimization from contracts to sell natural gas and LNG to third parties, including: 

◦$75 million driven by higher natural gas prices and higher volumes associated with optimization of transport and storage contracts

◦$22 million primarily from higher diversion fees due to higher natural gas prices 

Offset by:

◦$45 million from higher unrealized losses on commodity derivatives

▪$15 million higher revenues in 2025 due to the commencement of commercial operations at the Topolobampo marine terminal in June 2024

Offset by:

▪$30 million lower transportation revenues driven by a customer’s early termination of firm transportation agreements

▪$15 million from TdM mainly due to lower volumes and lower power prices

▪$13 million from lower power prices from solar power generation assets and lower volumes from wind power generation assets

In the nine months ended September 30, 2025 compared to the same period in 2024, Sempra’s cost of sales from energy-related businesses increased by $24 million (8%) primarily due to $24 million driven by higher natural gas purchases offset by lower LNG purchases related to asset and supply optimization.

104

Operation and Maintenance

OPERATION AND MAINTENANCE(Dollars in millions) Three months ended September 30,Nine months ended September 30, 2025202420252024Sempra:Sempra California$1,047 $1,080 $3,222 $3,190 Sempra Texas Utilities1 — 4 4 Sempra Infrastructure257 218 644 616 Segment totals1,305 1,298 3,870 3,810 Parent and other(1)44 28 61 61 Total$1,349 $1,326 $3,931 $3,871 

(1)    Includes eliminations of intercompany activity.