Company: SREA
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001032208-25-000012
Chunk: 246

Company: SEMPRA
Filing Date: 2025-02-25
Form: 10-K
Item: Item 1
Chunk 246
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%) to $1.7 billion primarily due to:

▪$1.0 billion from asset and supply optimization from contracts to sell natural gas and LNG to third parties, including:

◦$896 million primarily driven by $51 million unrealized losses in 2024 compared to $710 million unrealized gains in 2023 on commodity derivatives and $177 million primarily from lower natural gas prices offset by higher volumes

◦$115 million primarily from lower diversion fees due to lower natural gas prices

▪$55 million lower pipeline transportation revenues primarily from a customer’s early termination of firm transportation agreements in the first quarter of 2023 and lower rates

▪$45 million lower transportation revenues

▪$45 million from TdM mainly due to $78 million from lower power prices offset by $26 million from higher volumes

▪$25 million from lower volumes from wind power generation assets

In 2024 compared to 2023, Sempra’s cost of sales from energy-related businesses decreased by $168 million (31%) to $380 million primarily due to:

▪$99 million at TdM driven by $111 million from lower natural gas prices offset by $11 million from higher volumes 

▪$69 million driven by lower natural gas purchases related to asset and supply optimization

Operation and Maintenance

OPERATION AND MAINTENANCE(Dollars in millions) Years ended December 31, 202420232022Sempra:Sempra California$4,398 $4,591 $4,012 Sempra Texas Utilities5 5 6 Sempra Infrastructure858 793 656 Segment totals5,261 5,389 4,674 Parent and other(1)75 69 72 Total$5,336 $5,458 $4,746 

(1)    Includes eliminations of intercompany activity.

2024 Form 10-K  |  72

In 2024 compared to 2023, Sempra’s O&M decreased by $122 million (2%) to $5.3 billion primarily due to:

▪$193 million decrease at Sempra California due to:

◦$255 million lower expenses associated with refundable programs, which costs are recovered in revenue

Offset by:

◦$45 million higher non-refundable operating costs

◦$20 million impairment from disallowed capital costs in the 2024 GRC FD

Offset by:

▪$