Company: SREA
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001032208-25-000027
Chunk: 245

Company: SEMPRA
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 8
Chunk 245
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,068 $2,060 Regulatory revenues(2)(48)(255)Total revenues2,020 1,805 Depreciation and amortization(242)(223)Interest income2 2 Interest expense(90)(77)Income tax expense(38)(43)Other segment items(3)(1,209)(1,105)Earnings attributable to common shares$443 $359 Capital expenditures for property, plant and equipment$555 $519 (1)    SoCalGas did not have revenues from transactions with a single external customer that amounted to 10% or more of its total revenues.(2)    See “Revenues from Sources Other Than Contracts with Customers” in Note 3 of the Notes to Consolidated Financial Statements in the Annual Report for a description of this revenue source, which may be additive or subtractive from period to period.(3)    Includes cost of natural gas, O&M, franchise fees and other taxes, and other income (expense), net.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

PageOverview78Results of Operations by Registrant79Sempra79SDG&E87SoCalGas89Capital Resources and Liquidity91Critical Accounting Estimates104New Accounting Standards104

OVERVIEW

This combined MD&A includes the operational and financial results of the following three Registrants: 

▪Sempra is a California-based holding company with energy infrastructure investments in North America. Our businesses invest in, develop and operate energy infrastructure, and provide electric and gas services to customers.

▪SDG&E is a regulated public utility that provides electric service to San Diego and southern Orange counties and natural gas service to San Diego County.

▪SoCalGas is a regulated public natural gas distribution utility, serving customers throughout most of Southern California and part of central California.

This combined MD&A should be read in conjunction with the Condensed Consolidated Financial Statements and the Notes thereto in this report, and the Consolidated Financial Statements and the Notes thereto, “Part I – Item 1A. Risk Factors” and “Part II – Item 7. MD&A” in the Annual Report.

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Table of Contents

Sempra has the following three reportable segments, which reflect how the CODM oversees operational and financial performance:

▪Sempra California

▪Sempra Texas Utilities

▪Sempra Infrastructure

SDG&E and SoCalGas each has one reportable