Company: SREA
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001032208-25-000012
Chunk: 503

Company: SEMPRA
Filing Date: 2025-02-25
Form: 10-K
Item: Item 1
Chunk 503
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Gas transports natural gas primarily under long-term firm interstate pipeline capacity agreements that provide for annual reservation charges, which are recovered in rates. SoCalGas has commitments with interstate pipeline companies for firm pipeline capacity under contracts that expire at various dates through 2032.Sempra has various capacity agreements for natural gas storage and transportation that expire at various dates through 2059. Transportation costs on these agreements vary based on pipeline capacity.

2024 Form 10-K  |  F-133

Payments on our natural gas contracts could exceed the minimum commitment based on portfolio needs. At December 31, 2024, the future minimum payments under existing natural gas contracts and natural gas storage and transportation contracts are as follows:FUTURE MINIMUM PAYMENTS(Dollars in millions)SempraSoCalGas Storage andtransportationNatural gas(1)Total(1)TransportationNatural gasTotal2025$229 $65 $294 $130 $61 $191 2026225 175 400 125 108 233 2027203 271 474 104 124 228 2028155 242 397 71 83 154 2029140 152 292 59 — 59 Thereafter1,283 212 1,495 118 — 118 Total minimum payments$2,235 $1,117 $3,352 $607 $376 $983 (1)    Excludes amounts related to the LNG purchase agreement that we discuss below.

Total payments under natural gas contracts and natural gas storage and transportation contracts as well as payments to meet additional portfolio needs at Sempra and SoCalGas were as follows:PAYMENTS UNDER NATURAL GAS CONTRACTS(Dollars in millions) Years ended December 31, 202420232022Sempra $1,185 $4,030 $2,536 SoCalGas1,088 3,857 2,492 LNG Purchase AgreementSempra Infrastructure has an SPA for the supply of LNG to the ECA Regas Facility. The commitment amount is calculated using a predetermined formula based on estimated forward prices of the index applicable from 2025 to 2029. Although this agreement specifies a number of cargoes to be delivered, under its terms, the supplier may divert certain cargoes, which would reduce amounts paid under the agreement by Sempra Infrastructure.At December 31, 2024, the following LNG commitment amounts are based on