Company: SREA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001032208-25-000048
Chunk: 305

Company: SEMPRA
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 305
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 and other(1)(13)(18)(32)(32)Total$499 $373 $880 $848 Cost of sales(2):  Sempra Infrastructure$85 $54 $204 $163 

(1)    Includes eliminations of intercompany activity.

(2)    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 revenues from energy-related businesses increased by $126 million (34%) primarily due to:

▪$104 million from asset and supply optimization from contracts to sell natural gas and LNG to third parties, including: 

◦$60 million from $48 million unrealized gains in 2025 compared to $12 million unrealized losses in 2024 on commodity derivatives

◦$25 million primarily from higher natural gas prices

◦$12 million primarily from higher diversion fees due to higher natural gas prices

▪$18 million higher revenues driven by satisfaction of performance obligations related to customer payments received in advance from a contract modification in December 2024 on an LNG storage and regasification agreement

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▪$9 million from TdM driven by higher volumes in 2025 from scheduled major maintenance in April 2024

▪$7 million higher revenues in 2025 due to the commencement of commercial operations at the Topolobampo marine terminal in June 2024

Offset by:

▪$11 million from lower power prices from solar generation assets and lower volumes from wind power generation assets

In the three months ended June 30, 2025 compared to the same period in 2024, Sempra’s cost of sales from energy-related businesses increased by $31 million primarily due to $29 million higher natural gas purchases related to asset and supply optimization.

In the six months ended June 30, 2025 compared to the same period in 2024, Sempra’s revenues from energy-related businesses increased by $32 million (4%) primarily due to:

▪$35 million higher revenues driven by satisfaction of performance obligations related to customer payments received in advance from a contract modification in December 2024 on an LNG storage and regasification agreement

▪$14 million higher revenues in 2025 due to the commencement of commercial operations at the Topolobampo marine terminal in June