Company: SREA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001032208-25-000065
Chunk: 182

Company: SEMPRA
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 2
Chunk 182
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 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.

In the three months ended September 30, 2025 compared to the same period in 2024, Sempra’s O&M increased by $23 million (2%) primarily due to:

▪$39 million increase at Sempra Infrastructure due to:

◦$18 million from higher provisions for expected credit losses

◦$17 million primarily due to higher expenses in 2025 in advance of ECA LNG Phase 1 commencing commercial operations and higher maintenance expenses

◦$8 million higher development costs and certain non-capitalized expenses from projects under construction

▪$16 million increase at Parent and other primarily due to non-recoverable insurance claims in 2025

Offset by: