SAN DIEGO GAS & ELECTRIC CO

For the period ended Jun 30, 2025. Filed Aug 7, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2025 · Filed Aug 7, 2025

SRE$78.77+0.8%Stored close · as of Nov 9, 2026

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Item 1. Financial Statements

SEMPRA
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in millions, except per share amounts; shares in thousands)
	Three months ended June 30,		Six months ended June 30,
	2025	2024	2025	2024
(unaudited)
REVENUES
Utilities:
Natural gas	$1,470	$1,494	$3,832	$3,603
Electric	1,031	1,144	2,090	2,200
Energy-related businesses	499	373	880	848
Total revenues	3,000	3,011	6,802	6,651
EXPENSES AND OTHER INCOME
Utilities:
Cost of natural gas	(183)	(137)	(676)	(691)
Cost of electric fuel and purchased power	(91)	(156)	(143)	(245)
Energy-related businesses cost of sales	(85)	(54)	(204)	(163)
Operation and maintenance	(1,239)	(1,333)	(2,582)	(2,545)
Depreciation and amortization	(653)	(603)	(1,293)	(1,197)
Franchise fees and other taxes	(165)	(156)	(361)	(340)
Other income, net	59	30	150	129
Interest income	14	17	48	30
Interest expense	(359)	(311)	(792)	(616)
Income before income taxes and equity earnings	298	308	949	1,013
Income tax (expense) benefit	(172)	130	(229)	(42)
Equity earnings	393	433	718	781
Net income	519	871	1,438	1,752
Earnings attributable to noncontrolling interests	(46)	(146)	(48)	(215)
Preferred dividends	(11)	(11)	(22)	(22)
Preferred dividends of subsidiary	(1)	(1)	(1)	(1)
Earnings attributable to common shares	$461	$713	$1,367	$1,514
Basic EPS:
Earnings	$0.71	$1.13	$2.10	$2.39
Weighted-average common shares outstanding	652,664	633,450	652,330	633,135
Diluted EPS:
Earnings	$0.71	$1.12	$2.09	$2.38
Weighted-average common shares outstanding	653,224	636,279	653,123	635,817

SEMPRA
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in millions)
	Sempra shareholders’ equity
	Pretaxamount	Income tax(expense) benefit	Net-of-taxamount	Noncontrollinginterests (after tax)	Total
(unaudited)
	Three months ended June 30, 2025 and 2024
2025:
Net income	$645	$(172)	$473	$46	$519
Other comprehensive income (loss):
Foreign currency translation adjustments	11	—	11	5	16
Financial instruments	(36)	3	(33)	(7)	(40)
Pension and other postretirement benefits	3	(1)	2	—	2
Total other comprehensive loss	(22)	2	(20)	(2)	(22)
Comprehensive income	623	(170)	453	44	497
Preferred dividends of subsidiary	(1)	—	(1)	—	(1)
Comprehensive income, after preferred dividends of subsidiary	$622	$(170)	$452	$44	$496
2024:
Net income	$595	$130	$725	$146	$871
Other comprehensive income (loss):
Foreign currency translation adjustments	(16)	—	(16)	(7)	(23)
Financial instruments	5	(12)	(7)	55	48
Pension and other postretirement benefits	8	(2)	6	—	6
Total other comprehensive (loss) income	(3)	(14)	(17)	48	31
Comprehensive income	592	116	708	194	902
Preferred dividends of subsidiary	(1)	—	(1)	—	(1)
Comprehensive income, after preferred dividends of subsidiary	$591	$116	$707	$194	$901
	Six months ended June 30, 2025 and 2024
2025:
Net income	$1,619	$(229)	$1,390	$48	$1,438
Other comprehensive income (loss):
Foreign currency translation adjustments	11	—	11	5	16
Financial instruments	(72)	7	(65)	(12)	(77)
Pension and other postretirement benefits	6	(1)	5	—	5
Total other comprehensive loss	(55)	6	(49)	(7)	(56)
Comprehensive income	1,564	(223)	1,341	41	1,382
Preferred dividends of subsidiary	(1)	—	(1)	—	(1)
Comprehensive income, after preferred dividends of subsidiary	$1,563	$(223)	$1,340	$41	$1,381
2024:
Net income	$1,579	$(42)	$1,537	$215	$1,752
Other comprehensive income (loss):
Foreign currency translation adjustments	(13)	—	(13)	(6)	(19)
Financial instruments	48	(16)	32	169	201
Pension and other postretirement benefits	13	(3)	10	—	10
Total other comprehensive income	48	(19)	29	163	192
Comprehensive income	1,627	(61)	1,566	378	1,944
Preferred dividends of subsidiary	(1)	—	(1)	—	(1)
Comprehensive income, after preferred dividends of subsidiary	$1,626	$(61)	$1,565	$378	$1,943

SEMPRA
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
	June 30,	December 31,
	2025	2024(1)
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$155	$1,565
Restricted cash	25	21
Accounts receivable – trade, net	1,612	1,983
Accounts receivable – other, net	433	397
Due from unconsolidated affiliates	3	13
Income taxes receivable	148	90
Inventories	625	559
Prepaid expenses	157	255
Regulatory assets	343	60
Fixed-price contracts and other derivatives	142	91
Greenhouse gas allowances	217	217
Assets held for sale	273	—
Other current assets	36	34
Total current assets	4,169	5,285
Other assets:
Restricted cash	3	3
Regulatory assets	4,196	3,937
Greenhouse gas allowances	1,229	845
Nuclear decommissioning trusts	878	875
Dedicated assets in support of certain benefit plans	591	585
Deferred income taxes	159	172
Right-of-use assets – operating leases	1,152	1,177
Investment in Oncor Holdings	16,402	15,400
Other investments	2,586	2,534
Goodwill	1,602	1,602
Other intangible assets	279	292
Wildfire fund	255	262
Other long-term assets	1,604	1,749
Total other assets	30,936	29,433
Property, plant and equipment:
Property, plant and equipment	84,459	80,397
Less accumulated depreciation and amortization	(19,657)	(18,960)
Property, plant and equipment, net	64,802	61,437
Total assets	$99,907	$96,155

SEMPRA
CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(Dollars in millions)
	June 30,	December 31,
	2025	2024(1)
(unaudited)
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt	$2,282	$2,016
Accounts payable – trade	2,026	2,238
Accounts payable – other	265	208
Due to unconsolidated affiliates	8	—
Dividends and interest payable	818	773
Accrued compensation and benefits	402	558
Regulatory liabilities	54	141
Current portion of long-term debt and finance leases	1,372	2,274
Greenhouse gas obligations	217	217
Other current liabilities	1,163	1,251
Total current liabilities	8,607	9,676
Long-term debt and finance leases	34,936	31,558
Deferred credits and other liabilities:
Due to unconsolidated affiliates	359	352
Regulatory liabilities	3,906	3,817
Greenhouse gas obligations	879	506
Pension and other postretirement benefit plan obligations, net of plan assets	163	168
Deferred income taxes	6,161	5,845
Asset retirement obligations	3,848	3,737
Deferred credits and other	2,752	2,708
Total deferred credits and other liabilities	18,068	17,133
Commitments and contingencies (Note 12)
Equity:
Preferred stock (50,000,000 shares authorized; 900,000 shares of series C outstanding)	889	889
Common stock (1,125,000,000 shares authorized; 652,248,768 and 650,629,876 sharesoutstanding at June 30, 2025 and December 31, 2024, respectively; no par value)	13,518	13,520
Retained earnings	17,505	16,979
Accumulated other comprehensive income (loss)	(215)	(166)
Total Sempra shareholders’ equity	31,697	31,222
Preferred stock of subsidiary	20	20
Other noncontrolling interests	6,579	6,546
Total equity	38,296	37,788
Total liabilities and equity	$99,907	$96,155

SEMPRA
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in millions)
	Six months ended June 30,
	2025	2024
(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$1,438	$1,752
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,293	1,197
Deferred income taxes and investment tax credits	128	(34)
Equity earnings	(718)	(781)
Share-based compensation expense	11	41
Fixed-price contracts and other derivatives	82	28
Bad debt expense	37	94
Other	(36)	(5)
Net change in working capital components	(498)	(99)
Distributions from investments	516	405
Changes in other noncurrent assets and liabilities, net	13	(78)
Net cash provided by operating activities	2,266	2,520
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property, plant and equipment	(4,640)	(3,830)
Expenditures for investments	(972)	(387)
Purchases of nuclear decommissioning and other trust assets	(531)	(401)
Proceeds from sales of nuclear decommissioning and other trust assets	580	442
Other	—	8
Net cash used in investing activities	(5,563)	(4,168)
CASH FLOWS FROM FINANCING ACTIVITIES
Common dividends paid	(787)	(741)
Preferred dividends paid	(22)	(22)
Issuances of common stock	19	18
Repurchases of common stock	(58)	(40)
Issuances of debt (maturities greater than 90 days)	5,458	3,812
Payments on debt (maturities greater than 90 days) and finance leases	(3,411)	(1,197)
Increase (decrease) in short-term debt, net	682	(817)
Advances from unconsolidated affiliates	44	45
Contributions from noncontrolling interests	83	786
Distributions to noncontrolling interests	(91)	(203)
Other	(26)	(23)
Net cash provided by financing activities	1,891	1,618
Effect of exchange rate changes on cash, cash equivalents and restricted cash	1	(8)
Less: Increase in cash held for sale	(1)	—
Decrease in cash, cash equivalents and restricted cash	(1,406)	(38)
Cash, cash equivalents and restricted cash, January 1	1,589	389
Cash, cash equivalents and restricted cash, June 30	$183	$351

SEMPRA
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(Dollars in millions)
	Six months ended June 30,
	2025	2024
(unaudited)
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest payments, net of amounts capitalized	$691	$574
Income tax payments, net of refunds	290	233
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Repayments of advances from unconsolidated affiliate in lieu of distributions	$45	$62
Accrued capital expenditures for PP&E	1,167	885
Increase (decrease) in ARO capitalized to PP&E	60	(2)
Increase in finance lease obligations capitalized to PP&E	31	12
Unamortized debt issuance costs reclassified from noncurrent asset to long-term debt	37	2
Preferred dividends declared but not paid	11	11
Common dividends declared but not paid	421	393
Common dividends issued in stock	26	27

SEMPRA
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Dollars in millions)
Preferred stock · Common stock · Retained earnings · Accumulatedothercomprehensive income (loss) · Semprashareholders'equity · Non-controllinginterests · Total equity
(unaudited)
	Three months ended June 30, 2025
Balance at March 31, 2025	$889		$13,484		$17,465	$(195)		$31,643			$6,559	$38,202
Net income				473		473		46			519
Other comprehensive loss					(20)	(20)		(2)			(22)
Share-based compensation expense		13				13				13
Dividends declared:
Series C preferred stock ($12.19/share)				(11)		(11)				(11)
Common stock ($0.64/share)				(421)		(421)				(421)
Preferred dividends of subsidiary				(1)		(1)				(1)
Issuances of common stock		22				22				22
Repurchases of common stock		(1)				(1)				(1)
Noncontrolling interest activities:
Contributions							49		49
Distributions							(53)		(53)
Balance at June 30, 2025	$889		$13,518		$17,505	$(215)		$31,697			$6,599	$38,296
	Three months ended June 30, 2024
Balance at March 31, 2024	$889		$12,209		$16,141	$(104)		$29,135			$5,526	$34,661
Net income				725		725		146			871
Other comprehensive (loss) income					(17)	(17)		48			31
Share-based compensation expense		20				20				20
Dividends declared:
Series C preferred stock ($12.19/share)				(11)		(11)				(11)
Common stock ($0.62/share)				(393)		(393)				(393)
Preferred dividends of subsidiary				(1)		(1)				(1)
Issuances of common stock		21				21				21
Noncontrolling interest activities:
Contributions							312		312
Distributions							(92)		(92)
Balance at June 30, 2024	$889		$12,250		$16,461	$(121)		$29,479			$5,940	$35,419

SEMPRA
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Dollars in millions)
Preferred stock · Common stock · Retained earnings · Accumulatedothercomprehensiveincome (loss) · Semprashareholders’equity · Non-controllinginterests · Totalequity
(unaudited)
	Six months ended June 30, 2025
Balance at December 31, 2024	$889		$13,520		$16,979	$(166)		$31,222			$6,566	$37,788
Net income				1,390		1,390		48			1,438
Other comprehensive loss					(49)	(49)		(7)			(56)
Share-based compensation expense		11				11				11
Dividends declared:
Series C preferred stock ($24.38/share)				(22)		(22)				(22)
Common stock ($1.29/share)				(841)		(841)				(841)
Preferred dividends of subsidiary				(1)		(1)				(1)
Issuances of common stock		45				45				45
Repurchases of common stock		(58)				(58)				(58)
Noncontrolling interest activities:
Contributions							83		83
Distributions							(91)		(91)
Balance at June 30, 2025	$889		$13,518		$17,505	$(215)		$31,697			$6,599	$38,296
	Six months ended June 30, 2024
Balance at December 31, 2023	$889		$12,204		$15,732	$(150)		$28,675			$4,979	$33,654
Net income				1,537		1,537		215			1,752
Other comprehensive income					29	29		163			192
Share-based compensation expense		41				41				41
Dividends declared:
Series C preferred stock ($24.38/share)				(22)		(22)				(22)
Common stock ($1.24/share)				(785)		(785)				(785)
Preferred dividends of subsidiary				(1)		(1)				(1)
Issuances of common stock		45				45				45
Repurchases of common stock		(40)				(40)				(40)
Noncontrolling interest activities:
Contributions							786		786
Distributions							(203)		(203)
Balance at June 30, 2024	$889		$12,250		$16,461	$(121)		$29,479			$5,940	$35,419

SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED STATEMENTS OF OPERATIONS
(Dollars in millions)
	Three months ended June 30,		Six months ended June 30,
	2025	2024	2025	2024
(unaudited)
Operating revenues:
Electric	$1,034	$1,149	$2,098	$2,209
Natural gas	228	206	584	525
Total operating revenues	1,262	1,355	2,682	2,734
Operating expenses:
Cost of electric fuel and purchased power	106	175	179	282
Cost of natural gas	44	37	131	139
Operation and maintenance	403	423	843	834
Depreciation and amortization	323	304	643	602
Franchise fees and other taxes	98	91	208	195
Total operating expenses	974	1,030	2,004	2,052
Operating income	288	325	678	682
Other income, net	31	23	71	56
Interest income	2	3	2	4
Interest expense	(139)	(131)	(274)	(259)
Income before income taxes	182	220	477	483
Income tax expense	(7)	(34)	(21)	(74)
Net income/Earnings attributable to common shares	$175	$186	$456	$409

SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in millions)
	Pretaxamount	Income tax expense	Net-of-taxamount
(unaudited)
	Three months ended June 30, 2025 and 2024
2025:
Net income/Comprehensive income	$182	$(7)	$175
2024:
Net income/Comprehensive income	$220	$(34)	$186
	Six months ended June 30, 2025 and 2024
2025:
Net income/Comprehensive income	$477	$(21)	$456
2024:
Net income/Comprehensive income	$483	$(74)	$409

SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED BALANCE SHEETS
(Dollars in millions)
	June 30,	December 31,
	2025	2024(1)
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$28	$—
Accounts receivable – trade, net	714	774
Accounts receivable – other, net	139	89
Due from unconsolidated affiliates	9	—
Income taxes receivable, net	19	27
Inventories	253	202
Prepaid expenses	71	139
Regulatory assets	176	16
Greenhouse gas allowances	27	27
Other current assets	38	27
Total current assets	1,474	1,301
Other assets:
Regulatory assets	2,210	2,024
Greenhouse gas allowances	281	272
Nuclear decommissioning trusts	878	875
Right-of-use assets – operating leases	790	795
Wildfire fund	255	262
Other long-term assets	125	133
Total other assets	4,539	4,361
Property, plant and equipment:
Property, plant and equipment	34,216	33,162
Less accumulated depreciation and amortization	(8,375)	(8,051)
Property, plant and equipment, net	25,841	25,111
Total assets	$31,854	$30,773

SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED BALANCE SHEETS (CONTINUED)
(Dollars in millions)
	June 30,	December 31,
	2025	2024(1)
(unaudited)
LIABILITIES AND SHAREHOLDER’S EQUITY
Current liabilities:
Short-term debt	$—	$417
Accounts payable	768	742
Due to unconsolidated affiliates	49	59
Interest payable	96	84
Accrued compensation and benefits	105	175
Accrued franchise fees	53	54
Regulatory liabilities	53	75
Current portion of long-term debt and finance leases	794	42
Greenhouse gas obligations	27	27
Asset retirement obligations	95	97
Other current liabilities	220	215
Total current liabilities	2,260	1,987
Long-term debt and finance leases	10,093	10,018
Deferred credits and other liabilities:
Regulatory liabilities	2,816	2,701
Greenhouse gas obligations	100	62
Pension obligation, net of plan assets	40	28
Deferred income taxes	3,291	3,211
Asset retirement obligations	797	803
Deferred credits and other	1,437	1,399
Total deferred credits and other liabilities	8,481	8,204
Commitments and contingencies (Note 12)
Shareholder’s equity:
Preferred stock (45,000,000 shares authorized; none issued)	—	—
Common stock (255,000,000 shares authorized; 116,583,358 shares outstanding;no par value)	1,660	1,660
Retained earnings	9,372	8,916
Accumulated other comprehensive income (loss)	(12)	(12)
Total shareholder’s equity	11,020	10,564
Total liabilities and shareholder's equity	$31,854	$30,773

SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in millions)
	Six months ended June 30,
	2025	2024
(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$456	$409
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	643	602
Deferred income taxes and investment tax credits	(1)	51
Bad debt expense	22	24
Other	(22)	(19)
Net change in working capital components	(200)	(28)
Changes in noncurrent assets and liabilities, net	(33)	17
Net cash provided by operating activities	865	1,056
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property, plant and equipment	(1,270)	(1,234)
Purchases of nuclear decommissioning trust assets	(469)	(362)
Proceeds from sales of nuclear decommissioning trust assets	499	380
Other	—	10
Net cash used in investing activities	(1,240)	(1,206)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuances of debt (maturities greater than 90 days)	848	594
Payments on debt (maturities greater than 90 days) and finance leases	(21)	(422)
Decrease in short-term debt, net	(417)	—
Debt issuance costs	(7)	(6)
Net cash provided by financing activities	403	166
Increase in cash and cash equivalents	28	16
Cash and cash equivalents, January 1	—	50
Cash and cash equivalents, June 30	$28	$66
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest payments, net of amounts capitalized	$258	$249
Income tax payments, net of refunds	17	—
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures for PP&E	$220	$188
Increase in finance lease obligations capitalized to PP&E	4	2

SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDER’S EQUITY
(Dollars in millions)
Commonstock · Retainedearnings · Accumulatedothercomprehensiveincome (loss) · Totalshareholder’sequity
(unaudited)
	Three months ended June 30, 2025
Balance at March 31, 2025	$1,660		$9,197		$(12)	$10,845
Net income		175		175
Balance at June 30, 2025	$1,660		$9,372		$(12)	$11,020
	Three months ended June 30, 2024
Balance at March 31, 2024	$1,660		$8,473		$(8)	$10,125
Net income		186		186
Balance at June 30, 2024	$1,660		$8,659		$(8)	$10,311
	Six months ended June 30, 2025
Balance at December 31, 2024	$1,660		$8,916		$(12)	$10,564
Net income		456		456
Balance at June 30, 2025	$1,660		$9,372		$(12)	$11,020
	Six months ended June 30, 2024
Balance at December 31, 2023	$1,660		$8,250		$(8)	$9,902
Net income		409		409
Balance at June 30, 2024	$1,660		$8,659		$(8)	$10,311

SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED STATEMENTS OF OPERATIONS
(Dollars in millions)
	Three months ended June 30,		Six months ended June 30,
	2025	2024	2025	2024
(unaudited)
Operating revenues	$1,268	$1,309	$3,288	$3,114
Operating expenses:
Cost of natural gas	152	114	567	579
Operation and maintenance	622	707	1,379	1,320
Depreciation and amortization	251	224	493	447
Franchise fees and other taxes	62	60	141	134
Total operating expenses	1,087	1,105	2,580	2,480
Operating income	181	204	708	634
Other (expense) income, net	(2)	13	40	60
Interest income	1	2	3	4
Interest expense	(89)	(78)	(179)	(155)
Income before income taxes	91	141	572	543
Income tax expense	(6)	(10)	(44)	(53)
Net income	85	131	528	490
Preferred dividends	(1)	(1)	(1)	(1)
Earnings attributable to common shares	$84	$130	$527	$489

SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in millions)
	Pretaxamount	Income tax expense	Net-of-taxamount
(unaudited)
	Three months ended June 30, 2025 and 2024
2025:
Net income	$91	$(6)	$85
Other comprehensive income (loss):
Pension and other postretirement benefits	1	—	1
Total other comprehensive income	1	—	1
Comprehensive income	$92	$(6)	$86
2024:
Net income	$141	$(10)	$131
Other comprehensive income (loss):
Financial instruments	1	—	1
Total other comprehensive income	1	—	1
Comprehensive income	$142	$(10)	$132
	Six months ended June 30, 2025 and 2024
2025:
Net income	$572	$(44)	$528
Other comprehensive income (loss):
Pension and other postretirement benefits	3	—	3
Total other comprehensive income	3	—	3
Comprehensive income	$575	$(44)	$531
2024:
Net income	$543	$(53)	$490
Other comprehensive income (loss):
Financial instruments	1	—	1
Pension and other postretirement benefits	1	—	1
Total other comprehensive income	2	—	2
Comprehensive income	$545	$(53)	$492

SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED BALANCE SHEETS
(Dollars in millions)
	June 30,	December 31,
	2025	2024(1)
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$—	$12
Accounts receivable – trade, net	610	932
Accounts receivable – other, net	56	71
Due from unconsolidated affiliates	2	16
Inventories	268	287
Regulatory assets	166	42
Greenhouse gas allowances	178	176
Other current assets	55	71
Total current assets	1,335	1,607
Other assets:
Regulatory assets	1,917	1,844
Greenhouse gas allowances	805	526
Right-of-use assets – operating leases	11	18
Other long-term assets	583	609
Total other assets	3,316	2,997
Property, plant and equipment:
Property, plant and equipment	30,048	29,084
Less accumulated depreciation and amortization	(8,634)	(8,330)
Property, plant and equipment, net	21,414	20,754
Total assets	$26,065	$25,358

SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED BALANCE SHEETS (CONTINUED)
(Dollars in millions)
	June 30,	December 31,
	2025	2024(1)
(unaudited)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debt	$211	$1,037
Accounts payable – trade	490	752
Accounts payable – other	215	158
Due to unconsolidated affiliates	43	38
Accrued compensation and benefits	191	245
Contributions in aid of construction	159	117
Regulatory liabilities	—	64
Current portion of long-term debt and finance leases	529	373
Greenhouse gas obligations	178	176
Asset retirement obligations	86	91
Other current liabilities	288	334
Total current liabilities	2,390	3,385
Long-term debt and finance leases	7,622	7,031
Deferred credits and other liabilities:
Regulatory liabilities	1,089	1,115
Greenhouse gas obligations	735	410
Pension obligation, net of plan assets	31	45
Deferred income taxes	2,168	2,005
Asset retirement obligations	2,957	2,839
Deferred credits and other	382	367
Total deferred credits and other liabilities	7,362	6,781
Commitments and contingencies (Note 12)
Shareholders’ equity:
Preferred stock (11,000,000 shares authorized; 862,043 shares outstanding)	22	22
Common stock (100,000,000 shares authorized; 91,300,000 shares outstanding;no par value)	2,316	2,316
Retained earnings	6,377	5,850
Accumulated other comprehensive income (loss)	(24)	(27)
Total shareholders’ equity	8,691	8,161
Total liabilities and shareholders’ equity	$26,065	$25,358

(1) Derived from audited financial statements.

SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in millions)
	Six months ended June 30,
	2025	2024
(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$528	$490
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	493	447
Deferred income taxes and investment tax credits	7	56
Bad debt expense	17	45
Other	(14)	(13)
Net change in working capital components	(34)	73
Changes in noncurrent assets and liabilities, net	145	(52)
Net cash provided by operating activities	1,142	1,046
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property, plant and equipment	(1,045)	(978)
Net cash used in investing activities	(1,045)	(978)
CASH FLOWS FROM FINANCING ACTIVITIES
Preferred dividends paid	(1)	(1)
Issuances of debt (maturities greater than 90 days)	1,090	797
Payments on debt (maturities greater than 90 days) and finance leases	(1,063)	(11)
Decrease in short-term debt, net	(126)	(840)
Debt issuance costs	(9)	(5)
Net cash used in financing activities	(109)	(60)
(Decrease) increase in cash and cash equivalents	(12)	8
Cash and cash equivalents, January 1	12	2
Cash and cash equivalents, June 30	$—	$10
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest payments, net of amounts capitalized	$170	$142
Income tax payments, net of refunds	55	—
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures for PP&E	$221	$222
Increase in finance lease obligations capitalized to PP&E	27	10
Increase (decrease) in ARO capitalized to PP&E	60	(2)

SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Dollars in millions)
Preferredstock · Commonstock · Retainedearnings · Accumulatedothercomprehensiveincome (loss) · Totalshareholders’equity
(unaudited)
	Three months ended June 30, 2025
Balance at March 31, 2025	$22	$2,316		$6,293		$(25)	$8,606
Net income			85			85
Other comprehensive income				1		1
Dividends declared:
Preferred stock ($0.37/share)			(1)			(1)
Balance at June 30, 2025	$22	$2,316		$6,377		$(24)	$8,691
	Three months ended June 30, 2024
Balance at March 31, 2024	$22	$2,316		$5,454		$(22)	$7,770
Net income			131			131
Other comprehensive income				1	1
Dividends declared:
Preferred stock ($0.37/share)			(1)			(1)
Balance at June 30, 2024	$22	$2,316		$5,584		$(21)	$7,901
	Six months ended June 30, 2025
Balance at December 31, 2024	$22	$2,316		$5,850		$(27)	$8,161
Net income			528			528
Other comprehensive income				3		3
Dividends declared:
Preferred stock ($0.75/share)			(1)			(1)
Balance at June 30, 2025	$22	$2,316		$6,377		$(24)	$8,691
	Six months ended June 30, 2024
Balance at December 31, 2023	$22	$2,316		$5,095		$(23)	$7,410
Net income			490			490
Other comprehensive income				2		2
Dividends declared:
Preferred stock ($0.75/share)			(1)			(1)
Balance at June 30, 2024	$22	$2,316		$5,584		$(21)	$7,901

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