Company: SREA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001032208-25-000048
Chunk: 153

Company: SEMPRA
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 2
Chunk 153
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’s decision to hold the asset for sale

▪$15 million from TdM driven by unrealized losses in 2025 compared to unrealized gains in 2024 on commodity derivatives due to changes in power prices

▪$8 million interest expense from unrealized losses in 2025 on interest rate swaps related to the PA LNG Phase 1 project

▪$4 million from asset and supply optimization driven by lower optimization of transport and storage contracts offset by unrealized gains in 2025 compared to unrealized losses in 2024 on commodity derivatives due to changes in natural gas prices and higher LNG diversion fees

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Offset by:

▪$17 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

▪$16 million lower O&M in 2025 from lower provisions for expected credit losses

▪$10 million interest income from a change in the fair value of the Support Agreement

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

Parent and Other

In the three months ended June 30, 2025 compared to the same period in 2024, the decrease in losses of $18 million (19%) was primarily due to:

▪$16 million higher income tax benefit from the interim period application of an annual forecasted consolidated ETR

▪$15 million higher net investment gains on dedicated assets in support of our employee nonqualified benefit plan and deferred compensation plan

▪$5 million related to settlement charges from our nonqualified pension plan in 2024

Offset by: 

▪$23 million higher net interest expense

In the six months ended June 30, 2025 compared to the same period in 2024, the decrease in losses of $3 million (2%) was primarily due to:

▪$18 million higher income tax benefit from the interim period application of an annual forecasted consolidated ETR

▪$15 million higher net investment gains on dedicated assets in support of our employee nonqualified benefit plan and deferred compensation plan

▪$5 million related to settlement charges from our nonqualified pension plan in 2024

Offset by: 

▪$40 million higher net interest expense

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SIGNIFICANT CHANGES IN REVENUES AND COSTS

The regulatory framework permits SD