Company: SREA
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001032208-25-000027
Chunk: 69

Company: SEMPRA
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 1
Chunk 69
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2025, $36 million in each of 2026 and 2027, $41 million in 2028, $43 million in 2029 and $477 million thereafter (through expiration in 2043).Lessor AccountingSempra Infrastructure is a lessor for certain of its natural gas and ethane pipelines, compressor stations, liquid petroleum gas storage facilities, a rail facility and refined products terminals, which we account for as operating or sales-type leases.We provide information below for leases for which we are the lessor.LESSOR INFORMATION ON THE CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Dollars in millions)Three months ended March 31,20252024Sempra – Sales-type leases:Interest income$1 $1 Total revenues from sales-type leases(1)$1 $1 Sempra – Operating leases:Fixed lease payments$86 $89 Variable lease payments5 10 Total revenues from operating leases(1)$91 $99 Depreciation expense$18 $18 (1)    Included in Revenues: Energy-Related Businesses on the Condensed Consolidated Statements of Operations.

CONTRACTUAL COMMITMENTSWe discuss below significant changes in the first three months of 2025 to contractual commitments discussed in Note 15 of the Notes to Consolidated Financial Statements in the Annual Report.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 through 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 March 31, 2025, we expect the commitment amount to decrease by $53 million in 2025, increase by $1 million in 2026, and decrease by $82 million in 2027, $105 million in 2028, and $58 million in 2029 compared to December 31, 2024, reflecting changes in estimated forward prices since December 31, 2024 and actual transactions for the first three months of 2025. These LNG commitment amounts are based on the assumption that all LNG cargoes under the agreement are delivered, less those already confirmed to be diverted as of March 31, 2025. Actual LNG purchases in the current and prior years have been