SOCGP — SOUTHERN CALIFORNIA GAS CO SEC Filings

What Changed

Risk factors · Feb 25, 2025 → Feb 26, 2026

86 added · 83 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.

Newly disclosed

At December 31, 2025, Sempra Infrastructure owned or held interests in the following assets: 2025 Form 10-K | 22 Tab le of Cont ents At December 31, 2025, Sempra, KKR Pinnacle and ADIA each hold a 70%, 20%, and 10% interest, respectively, in SI Partners.
SEMPRA’S OWNERSHIP INTERESTS At December 31, 2025 Projected post-sale Cameron LNG Phase 1 facility 35.1 % 12.6 % Cameron LNG Phase 2 project 35.1 12.6 ECA LNG Phase 1 project 58.4 20.9 Ecogas 70.0 — IMG 28.0 10.0 PA LNG Phase 1 project 19.6 7.0 PA LNG Phase 2 project 35.1 12.5 Sonora pipeline – Guaymas-El Oro segment 100.0 100.0 TAG Norte 35.0 12.5 2025 Form 10-K | 23 Tab le of Cont ents Sempra Infrastructure consolidates Sempra’s ownership and management of its non-U.S. utility energy infrastructure assets in North America under a single platform.
SI Partners manages commodity price risk at TdM through a mix of day-ahead sales of energy, energy spreads hedging, ancillary services, and short-term to medium-term capacity sales. 2025 Form 10-K | 28 Tab le of Cont ents REGULATION We discuss the material effects of compliance with government regulations, including environmental regulations, on our capital expenditures, earnings and competitive position in “Part II – Item 7.
Risk Factors,” are designed to increase the government’s control and participation in the energy sector. 2025 Form 10-K | 31 Tab le of Cont ents Licenses and Permits Our utilities in California and Texas obtain numerous permits, authorizations and licenses for, as applicable, the transmission and distribution of natural gas and electricity and the operation and construction of related assets, including electric generation and natural gas storage facilities, some of which require periodic renewal.
However, the PUCT or any city retaining original jurisdiction over rates may direct the utility to file a base rate review, or the utility may voluntarily file a base rate review, any time prior to that deadline. 2025 Form 10-K | 33 Tab le of Cont ents In addition, PUCT rules allow for interim rate adjustments known as capital trackers that allow Texas electric utilities to recover, subject to reconciliation, the cost of certain investments before a comprehensive base rate review.
Reaching substantial completion under the EPC contract is subject to various milestones, including achieving certain performance tests and functionality. 2025 Form 10-K | 24 Tab le of Cont ents PA LNG Phase 1 Project.
We expect to complete the sale in the second or third quarter of 2026, subject to closing conditions. 2025 Form 10-K | 26 Tab le of Cont ents LPG Storage and Associated Systems.
The FERC also regulates SDG&E’s: ▪ electric transmission rates ▪ transmission and wholesale sales of electricity in interstate commerce ▪ transmission access ▪ rates of return and rates of depreciation on electric transmission investments ▪ electric rates involving sales for resale ▪ the application of the uniform system of accounts The FERC enforces mandatory reliability standards developed by the North American Electric Reliability Corporation, including standards designed to protect the power system against potential disruptions from cyber and physical security breaches.
At December 31, 2025, SoCalGas’ natural gas facilities included 52,765 miles of distribution pipelines, 3,030 miles of transmission and storage pipelines, 48,900 miles of service pipelines and seven transmission compressor stations, and SDG&E’s natural gas facilities consisted of 9,206 miles of distribution pipelines, 177 miles of transmission pipelines, 6,795 miles of service pipelines and one compressor station.
NATURAL GAS CUSTOMER METERS AND VOLUMES Customer meter count Volumes (Bcf) (1) December 31, Years ended December 31, 2025 2025 2024 2023 SDG&E: Residential 888,245 Commercial 29,215 Electric generation and transportation 3,137 Natural gas sales 44 45 48 Transportation 34 38 39 Total 920,597 78 83 87 SoCalGas: Residential 5,938,904 Commercial 248,047 Industrial 23,554 Electric generation and wholesale 38 Natural gas sales 289 304 321 Transportation 471 522 549 Total 6,210,543 760 826 870 (1) Includes intercompany sales.
Oncor delivers electricity to more than 4.1 million homes and businesses and operates more than 145,000 circuit miles of transmission and distribution lines as of December 31, 2025 in a territory with an estimated population of approximately 14 million.
In December 2025, we entered into an agreement to sell Ecogas, a natural gas regulated distribution utility that we describe below, to Gas Natural del Noroeste S.A. de C.V. for 9.0 billion Mexican pesos (approximately $500 million U.S. dollar-equivalent at December 31, 2025), subject to adjustments.

No longer disclosed

These assets include LNG and natural gas infrastructure in the U.S. and Mexico and renewable energy, LPG and refined products infrastructure in Mexico, which are managed through three business lines: LNG, Energy Networks and Low Carbon Solutions. 2024 Form 10-K | 21 Table of Contents At December 31, 2024, Sempra Infrastructure owned or held interests in the following assets: For a discussion of the risks and uncertainties facing Sempra Infrastructure’s business, see “Part 1 – Item 1A.
The overall demand for natural gas distribution services increases during the winter months, while the overall demand for power increases during the summer months. 2024 Form 10-K | 25 Table of Contents Low Carbon Solutions Sempra Infrastructure’s Low Carbon Solutions business line is focused on commercializing and deploying low carbon solutions in support of meeting the demand for lower carbon and reliable energy supply.
Some of its competitors (including public or state-operated companies and their affiliates) may have better access to capital or greater financial and other resources or advantages, which could give them a competitive advantage for such projects. 2024 Form 10-K | 26 Table of Contents Sempra Infrastructure sells power from its ESJ wind power facility into California, where renewable energy demand is affected by U.S. state mandates requiring a portion of energy to come from renewable sources.
Recent Mexican Constitutional reforms have proposed to transfer significant powers from the CRE to SENER; implementing legislation on these reforms is expected to be forthcoming. 2024 Form 10-K | 29 Table of Contents Licenses and Permits Our utilities in California and Texas obtain numerous permits, authorizations and licenses for, as applicable, the transmission and distribution of natural gas and electricity and the operation and construction of related assets, including electric generation and natural gas storage facilities, some of which may require periodic renewal.
In addition, we record amounts authorized to be recovered in rates under the Hazardous Waste Collaborative mechanism as regulatory assets. 2024 Form 10-K | 32 Table of Contents Air Quality and GHG Emissions The natural gas and electric industries are subject to increasingly stringent air quality and GHG emissions standards.
In addition, for purposes of these net-zero aims, we expect that achievement of net-zero GHG emissions will be determined based on operations in 2050 and GHG emissions will be calculated according to widely accepted emissions reporting guidelines or mandates at that time, and our net-zero aim does not include Oncor, which sets its own goals due to certain ring-fencing measures that limit Sempra’s ability to direct the management or activities of Oncor. 2024 Form 10-K | 33 Table of Contents OTHER MATTERS Information About Our Executive Officers INFORMATION ABOUT EXECUTIVE OFFICERS Name Age (1) Positions held over last five years Time in position Sempra: Jeffrey W.

SOUTHERN CALIFORNIA GAS CO

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