Company: SREA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001032208-25-000048
Chunk: 145

Company: SEMPRA
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 145
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 relevant, judgmental and/or material to our financial position and results of operations, and/or because they require the use of material judgments and estimates. We discuss critical accounting estimates in “Part II – Item 7. MD&A” in the Annual Report.

NEW ACCOUNTING STANDARDS

We discuss any recent accounting pronouncements that have had or may have a significant effect on our financial statements and/or disclosures in Note 2 of the Notes to Condensed Consolidated Financial Statements.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We provide disclosure regarding derivative activity in Note 8 of the Notes to Condensed Consolidated Financial Statements. We discuss our market risk and risk policies in detail in “Part II – Item 7A. Quantitative and Qualitative Disclosures About Market Risk” in the Annual Report.

COMMODITY PRICE RISK

Sempra Infrastructure is exposed to commodity price risk indirectly through its LNG, natural gas pipelines and storage, and power-generating assets. In the first six months of 2025, a hypothetical 10% change in commodity prices would have resulted in a change in the fair value of our commodity-based natural gas and electricity derivatives of $16 million at June 30, 2025 compared to $13 million at December 31, 2024.

The one-day value at risk for SDG&E’s and SoCalGas’ commodity positions were $2 million and $9 million, respectively, at June 30, 2025 compared to $2 million for each at December 31, 2024.

INTEREST RATE RISK

The table below shows the nominal amount of our debt:

NOMINAL AMOUNT OF DEBT(1)(Dollars in millions) June 30, 2025December 31, 2024 SempraSDG&ESoCalGasSempraSDG&ESoCalGasShort-term:Sempra California$211 $— $211 $1,454 $417 $1,037 Other2,074 — — 562 — — Long-term:Sempra California fixed-rate$17,909 $9,800 $8,109 $16,309 $8,950 $7,359 Other fixed-rate16,150 — — 15,527 — — Other variable-rate1,350 — — 1,