Company: SREA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001032208-25-000065
Chunk: 181

Company: SEMPRA
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 2
Chunk 181
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30, 2025202420252024Sempra:Revenues:  Sempra Infrastructure$540 $523 $1,452 $1,403 Parent and other(1)(12)(11)(44)(43)Total$528 $512 $1,408 $1,360 Cost of sales(2):  Sempra Infrastructure$117 $134 $321 $297 

(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 September 30, 2025 compared to the same period in 2024, Sempra’s revenues from energy-related businesses increased by $16 million (3%) primarily due to:

▪$39 million from asset and supply optimization from contracts to sell natural gas and LNG to third parties, including: 

◦$90 million driven by higher natural gas prices and higher volumes associated with optimization of transport and storage contracts

Offset by: 

◦$60 million from $50 million unrealized losses in 2025 compared to $10 million unrealized gains in 2024 on commodity derivatives

▪$18 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

Offset by:

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

▪$8 million from TdM due to lower power prices and lower volumes

In the three months ended September 30, 2025 compared to the same period in 2024, Sempra’s cost of sales from energy-related 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