Company: SREA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001032208-25-000048
Chunk: 96

Company: SEMPRA
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 96
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 outside this range are shared between SoCalGas and its core customers. We provide further discussion in Note 3 of the Notes to Consolidated Financial Statements in the Annual Report.

UTILITIES: NATURAL GAS REVENUES AND COST OF NATURAL GAS(Dollars in millions) Three months ended June 30,Six months ended June 30, 2025202420252024Sempra:Natural gas revenues:  Sempra California$1,458 $1,480 $3,799 $3,564 Sempra Infrastructure18 18 44 48 Segment totals1,476 1,498 3,843 3,612 Eliminations and adjustments(6)(4)(11)(9)Total$1,470 $1,494 $3,832 $3,603 Cost of natural gas(1): Sempra California$181 $136 $666 $680 Sempra Infrastructure4 5 15 14 Segment totals185 141 681 694 Eliminations and adjustments(2)(4)(5)(3)Total$183 $137 $676 $691 

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

In the three months ended June 30, 2025 compared to the same period in 2024, Sempra’s natural gas revenues decreased by $24 million (2%) driven by Sempra California, which included:

▪$97 million lower revenues associated with refundable programs, which are fully offset in O&M

▪$70 million lower revenues from incremental and balanced capital projects, including those that are now in CPUC-authorized base revenues as a result of the 2024 GRC FD and lower authorized cost of capital

▪$29 million lower revenues from disallowed regulatory recovery of COVID-19 costs

▪$7 million lower regulatory revenues, including gas repairs tax benefits, which are offset in income tax expense. Gas repairs tax benefits in the first three quarters of 2024 were recorded as a regulatory liability that was released in the fourth quarter of 2024 as a result of the 2024 GRC FD

▪$3 million lower revenues associated with impacts resulting from changes in tax laws tracked in the income tax expense memorandum account

Offset by:

▪$129 million higher CPUC-authorized base revenues, including certain incremental and balanced