Company: SREA
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001032208-25-000012
Chunk: 5

Company: SEMPRA
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7
Chunk 5
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, 202420232022Sempra:Natural gas revenues:  Sempra California$7,083 $9,425 $7,792 Sempra Infrastructure78 87 89 Segment totals7,161 9,512 7,881 Eliminations and adjustments(20)(17)(13)Total$7,141 $9,495 $7,868 Cost of natural gas(1): Sempra California$1,118 $3,747 $2,562 Sempra Infrastructure22 8 37 Segment totals1,140 3,755 2,599 Eliminations and adjustments(8)(36)4 Total$1,132 $3,719 $2,603 

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

In 2024 compared to 2023, Sempra’s natural gas revenues decreased by $2.4 billion (25%) to $7.1 billion driven by Sempra California, which included:

▪$2.6 billion decrease in cost of natural gas sold, which we discuss below

▪$268 million lower revenues from incremental and balanced capital projects that are now in CPUC-authorized revenues as a result of the 2024 GRC FD, offset by higher authorized cost of capital

▪$79 million lower revenues associated with refundable programs, which are fully offset in O&M

▪$31 million lower franchise fee revenues

▪$7 million lower regulatory awards approved by the CPUC

Offset by:

▪$372 million higher CPUC-authorized revenues in 2024, including certain incremental and balanced capital projects that are now in CPUC-authorized revenues as a result of the 2024 GRC FD and higher authorized cost of capital

▪$310 million higher regulatory revenues primarily from the release of a tax regulatory liability for gas repairs expenditures as a result of the 2024 GRC FD

▪$26 million lower regulatory revenues in 2023 from the recognition of previously unrecognized income tax benefits pertaining to gas repairs expenditures, which are offset in income tax expense

In 2024 compared to 2023, Sempra’s cost of natural gas decreased by $2.6 billion to $1.1 billion driven by Sempra California, which included:

▪$2.4 billion lower average natural gas prices 

▪$239