Company: SREA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001032208-25-000048
Chunk: 154

Company: SEMPRA
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 2
Chunk 154
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G&E and SoCalGas to recover certain program expenditures and other costs authorized by the CPUC (referred to as “refundable programs”).

Utilities: Natural Gas Revenues and Cost of Natural Gas

Our utilities revenues include natural gas revenues at Sempra California and Sempra Infrastructure, which includes Ecogas. Intercompany revenues are eliminated in Sempra’s Condensed Consolidated Statements of Operations. 

SDG&E and SoCalGas operate under a regulatory framework that permits the cost of natural gas purchased for core customers to be passed through to customers in rates substantially as incurred and without markup. The GCIM provides for SoCalGas to share in the savings and/or costs from buying natural gas for its core customers at prices below or above monthly market-based benchmarks. This mechanism permits full recovery of costs incurred when average purchase costs are within a price range around the benchmark price. Any higher costs incurred or savings realized 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