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DEBT AND CREDIT FACILITIES
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
DEBT AND CREDIT FACILITIES DEBT AND CREDIT FACILITIES
SHORT-TERM DEBT
Committed Lines of Credit
At December 31, 2025, Sempra had an aggregate capacity of $10.2 billion under eight primary committed lines of credit, which provide liquidity and support our commercial paper programs. Because our commercial paper programs are supported by some of these lines of credit, we reflect the amount of commercial paper outstanding, before reductions of any unamortized discounts, and any letters of credit outstanding as a reduction to the available unused credit capacity in the following table.
COMMITTED LINES OF CREDIT
(Dollars in millions)
December 31, 2025
BorrowerExpiration date of facilityTotal facilityCommercial
paper
outstanding		Amounts outstandingLetters of credit outstandingAvailable unused credit
SempraOctober 2030$4,000 $(983)$— $— $3,017 
SDG&EOctober 20301,500 (532)— — 968 
SoCalGasOctober 20301,200 (504)— — 696 
SI Partners and IEnovaSeptember 2026500 — (91)— 409 
SI Partners and IEnovaAugust 20281,500 — (266)— 1,234 
SI Partners and IEnova
December 2028(1)
1,000 — — — 1,000 
Port Arthur LNG IMarch 2030200 — — (87)113 
Port Arthur LNG IISeptember 2030300 — — (111)189 
Total$10,200 $(2,019)$(357)$(198)$7,626 
(1)    In December 2025, SI Partners and IEnova amended their shared credit facility to extend the expiration date from August 2026 to December 2028.
The principal terms of Sempra’s, SDG&E’s and SoCalGas’ lines of credit reflected in the table above include the following:
▪Each revolving credit facility has a syndicate of 23 lenders. No single lender has greater than a 6% share in any facility.
▪Sempra’s, SDG&E’s and SoCalGas’ facilities provide for the issuance of $200 million, $100 million and $150 million, respectively, of letters of credit. Subject to obtaining commitments from existing or new lenders and satisfaction of other specified conditions, Sempra, SDG&E and SoCalGas each have the right to increase its letter of credit commitment to up to $500 million, $250 million and $250 million, respectively.
▪Borrowings bear interest at a benchmark rate plus a margin that varies with the borrower’s credit rating.
▪Each borrower must maintain a ratio of indebtedness to total capitalization (as defined in each of the applicable credit facilities) of no more than 65% at the end of each quarter. At December 31, 2025, each Registrant was in compliance with this ratio under its respective credit facility.
SI Partners and IEnova have three combined lines of credit, reflected in the table above, that require borrowings to be issued in U.S. dollars only and include the following principal terms:
▪Borrowings on the $500 million revolving credit facility bear interest at a per annum rate equal to term SOFR plus 80 bps (including a credit adjustment spread).
▪The $1.5 billion revolving credit facility provides for borrowings by SI Partners of up to $1.5 billion through a syndicate of 12 lenders and by IEnova of up to $1,365 million through a syndicate of 11 lenders, subject to a combined borrowing limit of $1.5 billion, bearing interest at a per annum rate equal to term SOFR plus 90 bps (including a credit adjustment spread).
▪The $1.0 billion revolving credit facility provides for borrowings through a syndicate of 12 lenders. This facility:
◦Charges interest on borrowings at a benchmark rate plus a margin that varies with SI Partners’ credit rating (plus a term SOFR credit adjustment spread of 10 bps in all tenors).
◦Provides for issuance of up to $200 million of letters of credit, subject to a combined letter of credit commitment of $200 million, which can be issued in U.S. dollars or Mexican pesos, and which reduces available unused credit.
◦Includes a $100 million swingline loan sub-limit, whereby any outstanding amounts would reduce available unused credit. No swingline loan borrowings were outstanding at December 31, 2025.
◦Gives either SI Partners or IEnova the right to increase the total facility to $1.5 billion, subject to lender approval.
Additionally, the three lines of credit that are shared by SI Partners and its subsidiary, IEnova, require that SI Partners maintain a ratio of consolidated adjusted net indebtedness to consolidated earnings before interest, taxes, depreciation and amortization (as defined in each credit facility) of no more than 5.25 to 1.00 at the end of each quarter. At December 31, 2025, SI Partners was in compliance with this ratio.
Port Arthur LNG I and Port Arthur LNG II have working capital facility agreements, reflected in the table above, that permit borrowings of up to $200 million and $300 million, respectively. Borrowings under these facilities bear interest by reference to term SOFR, plus the applicable margin and a credit adjustment spread. The credit facilities also provide for the issuance of up to $200 million and $300 million, respectively, of letters of credit, which reduces available unused credit. SI Partners has provided a guarantee for repayment of the $300 million credit facility supporting construction of the PA LNG Phase 2 project.
The three lines of credit that are shared by SI Partners and IEnova and the Port Arthur LNG I and Port Arthur LNG II credit facilities are included in the disposal group that is classified as held for sale that we discuss in Note 6 but remain legally accessible and a source of available credit to Sempra Infrastructure until the planned sale of a portion of our equity interest in SI Partners closes.
Uncommitted Line of Credit
ECA LNG Phase 1, which is included in the disposal group that is classified as held for sale, has an uncommitted line of credit with an aggregate capacity of $100 million that expires in August 2026. Borrowings are generally used for working capital requirements and can be in U.S. dollars or Mexican pesos. At December 31, 2025, ECA LNG Phase 1 had outstanding borrowings of $5 million, before reductions of any unamortized discounts, in Mexican pesos that bear interest at a variable rate based on the 28-day Interbank Equilibrium Interest Rate plus 154 bps. Borrowings made in U.S. dollars bear interest at a variable rate based on the one-month or three-month SOFR plus 164 bps and a credit adjustment spread of 10 bps.
Uncommitted Letters of Credit
Outside of our domestic and foreign credit facilities, we have unsecured standby letter of credit capacity with select lenders that is uncommitted and supported by reimbursement agreements. At December 31, 2025, we had $202 million in standby letters of credit outstanding under these agreements.
UNCOMMITTED LETTERS OF CREDIT OUTSTANDING
(Dollars in millions)
Expiration date rangeDecember 31, 2025
SDG&EJanuary 2026 - November 2026$21 
SoCalGasMarch 2026 - December 202615 
Other Sempra(1)
March 2026 - June 2026166 
Total Sempra$202 
(1)    Excludes $1,784 in unsecured standby letters of credit with expiration dates ranging from January 2026 - November 2054 that are included in the disposal group that is classified as held for sale.
Term Loans
SoCalGas
In May 2024, SoCalGas entered into a $500 million, 364-day term loan facility with a maturity date of May 22, 2025, and in December 2024, SoCalGas increased the amount of the term loan to $700 million. SoCalGas borrowed the full $700 million available under the term loan, net of negligible debt issuance costs. The borrowings bore interest at a per annum rate equal to term SOFR, plus 80 bps and a credit adjustment spread of 10 bps. SoCalGas used the proceeds to repay commercial paper and for other general corporate purposes. SoCalGas repaid the term loan in full in May 2025, at which time the term loan facility ceased to be in effect.
In December 2025, SoCalGas entered into a $400 million, term loan facility with a maturity date of 364 days from the initial borrowing date. On December 10, 2025, SoCalGas borrowed the full $400 million available under the term loan. The borrowings bear interest at a per annum rate equal to term SOFR plus 75 bps. SoCalGas used the proceeds for working capital, capital expenditures and other general corporate purposes.
Other Sempra
In May 2025, Sempra entered into a $1.25 billion, term loan facility with a maturity date of 364 days from the initial borrowing date. On July 28, 2025, Sempra borrowed the full $1.25 billion available under the term loan. Sempra was permitted to request an increase in the term loan facility of up to $500 million prior to the maturity date, subject to lender approval, which it requested, received and borrowed in full in October 2025. The borrowings bear interest at a per annum rate equal to term SOFR, plus 80 bps and a credit adjustment spread of 10 bps. Sempra used the proceeds for working capital, capital expenditures, other general corporate purposes and to pay a portion of the cost to redeem all outstanding shares of Sempra’s series C preferred stock.
Weighted-Average Interest Rates
The weighted-average interest rates on all short-term debt were as follows:
WEIGHTED-AVERAGE INTEREST RATES
December 31,
20252024
Sempra4.32 %5.03 %
SDG&E3.96 4.76 
SoCalGas4.17 5.02 
LONG-TERM DEBT
The following tables show the detail and maturities of long-term debt outstanding.
LONG-TERM DEBT AND FINANCE LEASES
(Dollars in millions)
 December 31,
 20252024
SDG&E:
First mortgage bonds (collateralized by plant assets):
2.50% May 15, 2026
$500 $500 
6.00% June 1, 2026
250 250 
4.95% August 15, 2028
600 600 
1.70% October 1, 2030
800 800 
3.00% March 15, 2032
500 500 
5.40% April 15, 2035
850 — 
5.35% May 15, 2035
250 250 
6.125% September 15, 2037
250 250 
6.00% June 1, 2039
300 300 
5.35% May 15, 2040
250 250 
4.50% August 15, 2040
500 500 
3.95% November 15, 2041
250 250 
4.30% April 1, 2042
250 250 
3.75% June 1, 2047
400 400 
4.15% May 15, 2048
400 400 
4.10% June 15, 2049
400 400 
3.32% April 15, 2050
400 400 
2.95% August 15, 2051
750 750 
3.70% March 15, 2052
500 500 
5.35% April 1, 2053
800 800 
5.55% April 15, 2054
600 600 
 9,800 8,950 
Finance lease obligations:
Power purchase agreements1,109 1,138 
Other67 67 
1,176 1,205 
10,976 10,155 
Current portion of long-term debt and finance leases(798)(42)
Unamortized discount on long-term debt(33)(33)
Unamortized debt issuance costs(64)(62)
Total SDG&E$10,081 $10,018 
LONG-TERM DEBT AND FINANCE LEASES (CONTINUED)
(Dollars in millions)
 December 31,
 20252024
SoCalGas:
First mortgage bonds (collateralized by plant assets):
3.20% June 15, 2025
$— $350 
2.60% June 15, 2026
500 500 
2.55% February 1, 2030
650 650 
5.20% June 1, 2033
500 500 
5.05% September 1, 2034
600 600 
5.45% June 15, 2035
600 — 
5.75% November 15, 2035
250 250 
5.125% November 15, 2040
300 300 
3.75% September 15, 2042
350 350 
4.45% March 15, 2044
250 250 
4.125% June 1, 2048
400 400 
4.30% January 15, 2049
550 550 
3.95% February 15, 2050
350 350 
6.35% November 15, 2052
600 600 
5.75% June 1, 2053
500 500 
5.60% April 1, 2054
500 500 
6.00% June 15, 2055
500 — 
7,400 6,650 
Other long-term debt (uncollateralized):
1.875% Notes May 14, 2026(1)
4 4 
2.95% Notes April 15, 2027
700 700 
5.67% Notes January 18, 2028(2)
5 5 
Finance lease obligations117 110 
826 819 
8,226 7,469 
Current portion of long-term debt and finance leases(529)(373)
Unamortized discount on long-term debt(25)(18)
Unamortized debt issuance costs(53)(47)
Total SoCalGas$7,619 $7,031 
(1)    Callable long-term debt not subject to make-whole provisions.
(2)    Debt is not callable.
LONG-TERM DEBT AND FINANCE LEASES (CONTINUED)
(Dollars in millions)
 December 31,
 20252024
Other Sempra:
Sempra - Other long-term debt (uncollateralized):
3.30% Notes April 1, 2025
$— $750 
5.40% Notes August 1, 2026
550 550 
3.25% Notes June 15, 2027
750 750 
3.40% Notes February 1, 2028
1,000 1,000 
3.70% Notes April 1, 2029
500 500 
5.50% Notes August 1, 2033
700 700 
3.80% Notes February 1, 2038
1,000 1,000 
6.00% Notes October 15, 2039
750 750 
4.00% Notes February 1, 2048
800 800 
4.125% (next rate reset on April 1, 2027) Junior Subordinated Notes April 1, 2052(1)
1,000 1,000 
6.40% (next rate reset on October 1, 2034) Junior Subordinated Notes October 1, 2054(1)
1,250 1,250 
6.875% (next rate reset on October 1, 2029) Junior Subordinated Notes October 1, 2054(1)
600 600 
6.875% (next rate reset on October 1, 2029) Junior Subordinated Notes October 1, 2054(1)
500 500 
6.55% (next rate reset on April 1, 2035) Junior Subordinated Notes April 1, 2055(1)
600 600 
6.625% (next rate reset on April 1, 2030) Junior Subordinated Notes April 1, 2055(1)
400 400 
6.375% (next rate reset on April 1, 2031) Junior Subordinate Notes April 1, 2056(1)
800 — 
5.75% Junior Subordinated Notes July 1, 2079(1)
758 758 
 11,958 11,908 
Sempra Infrastructure - Other long-term debt (uncollateralized unless otherwise noted)(2):
Loan at variable rates (weighted-average rate of 7.29% at December 31, 2024)
December 9, 2025
— 1,063 
3.75% Notes January 14, 2028
— 300 
Loan at variable rates (5.329% after floating-to-fixed rate swaps effective 2023)
March 20, 2030, collateralized by plant assets(1)
— 1,090 
3.25% Notes January 15, 2032
— 400 
Loan at variable rates (4.03% after floating-to-fixed rate swap effective 2019)
payable June 15, 2022 through November 19, 2034(1)
— 90 
Loan at variable rates (4.03% after floating-to-fixed rate swap effective 2019)
payable June 15, 2022 through November 19, 2034(1)
— 90 
Loan at variable rates (2.38% after floating-to-fixed rate swap effective 2020)
payable June 15, 2022 through November 19, 2034(1)
— 90 
2.90% Loan payable June 15, 2022 through November 19, 2034(1)
— 219 
4.875% Notes January 14, 2048
— 540 
4.75% Notes January 15, 2051
— 800 
— 4,682 
11,958 16,590 
Current portion of long-term debt(549)(1,859)
Unamortized discount on long-term debt(26)(78)
Unamortized debt issuance costs(104)(144)
Total Other Sempra11,279 14,509 
Total Sempra$28,979 $31,558 
(1)    Callable long-term debt not subject to make-whole provisions.
(2)    At December 31, 2025, $7,744 of long-term debt, net of $49 of current portion of long-term debt, $89 of unamortized discount on long-term debt, and $43 of unamortized debt issuance costs is included in Liabilities Held for Sale on the Sempra Consolidated Balance Sheet.
At December 31, 2025, scheduled maturities of long-term debt are as follows:
MATURITIES OF LONG-TERM DEBT(1)
(Dollars in millions)
 SDG&ESoCalGas
Other
Sempra(2)
Total
Sempra(2)
2026$750 $504 $550 $1,804 
2027— 700 750 1,450 
2028600 5 1,000 1,605 
2029— — 500 500 
2030800 650 — 1,450 
Thereafter7,650 6,250 9,158 23,058 
Total$9,800 $8,109 $11,958 $29,867 
(1)    Excludes finance lease obligations, discounts, and debt issuance costs.
(2)    Excludes $49 in 2026, $1,325 in 2027, $376 in 2028, $177 in 2029, $3,149 in 2030, and $2,849 thereafter within the disposal group that is classified as held for sale.
Various long-term obligations totaling $12.7 billion at Sempra at December 31, 2025 are unsecured. This includes unsecured long-term obligations totaling $709 million at SoCalGas and excludes $3.8 billion unsecured long-term obligations within the disposal group that is classified as held for sale.
Callable Long-Term Debt
At the option of Sempra, SDG&E and SoCalGas, certain debt at December 31, 2025 is callable subject to premiums:
CALLABLE LONG-TERM DEBT
(Dollars in millions)
 SDG&ESoCalGas
Other
Sempra(1)
Total
Sempra(1)
Not subject to make-whole provisions$— $4 $5,908 $5,912 
Subject to make-whole provisions9,800 8,100 6,050 23,950 
(1)    Excludes $3,610 not subject to make-whole provisions and $4,315 subject to make-whole provisions within the disposal group that is classified as held for sale.
First Mortgage Bonds
SDG&E and SoCalGas issue first mortgage bonds secured by liens on their respective utility plant assets. SDG&E and SoCalGas may issue additional first mortgage bonds if in compliance with the provisions of their bond agreements (indentures). These indentures require, among other things, the satisfaction of pro forma earnings-coverage tests on first mortgage bond interest and the availability of sufficient mortgaged property to support the additional bonds, after giving effect to prior bond redemptions. The most restrictive of these tests (the property test) would permit the issuance, subject to CPUC authorization, of additional first mortgage bonds of $9.2 billion at SDG&E and $1.3 billion at SoCalGas at December 31, 2025.
SDG&E
In March 2025, SDG&E issued $850 million aggregate principal amount of 5.40% first mortgage bonds due in full upon maturity on April 15, 2035 and received proceeds of $840 million (net of debt discount, underwriting discounts and debt issuance costs of $10 million). The first mortgage bonds are redeemable prior to maturity, subject to their terms, and in certain circumstances subject to make-whole provisions. SDG&E used the net proceeds for general corporate purposes, including repayment of outstanding commercial paper and other indebtedness.
SoCalGas
In May 2025, SoCalGas issued $600 million aggregate principal amount of 5.45% first mortgage bonds due in full upon maturity on June 15, 2035 and received proceeds of $592 million (net of debt discount, underwriting discounts and debt issuance costs of $8 million), and $500 million aggregate principal amount of 6.00% first mortgage bonds due in full upon maturity on June 15, 2055 and received proceeds of $488 million (net of debt discount, underwriting discounts, and debt issuance costs of $12 million). Each series of first mortgage bonds is redeemable prior to maturity, subject to its terms, and in certain circumstances subject to make-whole provisions. SoCalGas used the net proceeds to repay outstanding indebtedness and for other general corporate purposes.
Other Long-Term Debt
Other Sempra
Sempra. In August 2025, Sempra issued $800 million aggregate principal amount of 6.375% fixed-to-fixed reset rate junior subordinated notes maturing on April 1, 2056. Interest on the notes accrues from and including August 29, 2025 and is payable semi-annually in arrears on April 1 and October 1 of each year, beginning on April 1, 2026. The notes bear interest (i) from and including August 29, 2025 to, but excluding, April 1, 2031 at the rate of 6.375% per annum and (ii) from and including April 1, 2031, during each subsequent five-year period beginning on April 1 of every fifth year, at a rate per annum equal to the Five-year U.S. Treasury Rate (as defined in the notes) as of the day falling two business days before the first day of such five-year period plus a spread of 2.632%, to be reset on April 1 of every fifth year beginning in 2031; provided that the interest rate during any such five-year period will not reset below 6.375% per annum. We received proceeds of $791 million (net of underwriting discounts and debt issuance costs of $9 million). We used the proceeds from the offering to pay a portion of the cost to redeem all outstanding shares of Sempra’s series C preferred stock.
We may redeem some or all of the notes before their maturity, as follows:
▪in whole or in part, (i) on any day in the period commencing on the date falling 90 days prior to, and ending on and including April 1, 2031 and (ii) after April 1, 2031, on any interest payment date, at a redemption price in cash equal to 100% of the principal amount of the notes being redeemed, plus, subject to the terms of the notes, accrued and unpaid interest on the notes to be redeemed to, but excluding, the redemption date;
▪in whole but not in part, at any time following the occurrence and during the continuance of a tax event (as defined in the notes) at a redemption price in cash equal to 100% of the principal amount of the notes, plus, subject to the terms of the notes, accrued and unpaid interest on the notes to, but excluding, the redemption date; and
▪in whole but not in part, at any time following the occurrence and during the continuance of a rating agency event (as defined in the notes) at a redemption price in cash equal to 102% of the principal amount of the notes, plus, subject to the terms of the notes, accrued and unpaid interest on the notes to, but excluding, the redemption date.
The notes are unsecured obligations and rank junior and subordinate in right of payment to our existing and future senior indebtedness. The notes rank equally in right of payment with our existing 4.125% fixed-to-fixed reset rate junior subordinated notes due 2052, 6.40% fixed-to-fixed reset rate junior subordinated notes due 2054, 6.875% fixed-to-fixed reset rate junior subordinated notes due 2054, 6.55% fixed-to-fixed reset rate junior subordinated notes due 2055, 6.625% fixed-to-fixed reset rate junior subordinated notes due 2055, and 5.75% junior subordinated notes due 2079 and with any future unsecured indebtedness that we may incur if the terms of such indebtedness provide that it ranks equally with the notes in right of payment. The notes are effectively subordinated in right of payment to any secured indebtedness we have incurred or may incur (to the extent of the value of the collateral securing such secured indebtedness) and to all existing and future indebtedness and other liabilities and any preferred equity of our subsidiaries.
ECA LNG Phase 1. ECA LNG Phase 1 has a loan agreement with a syndicate of external lenders that was set to mature on December 9, 2025 for an aggregate principal amount of up to $1.3 billion. In July 2025, ECA LNG Phase 1 amended this loan agreement to extend the maturity date to December 30, 2027 and increase the aggregate borrowing capacity to $1.5 billion. The modified loan agreement bears interest at a weighted-average blended rate of 2.29% plus a benchmark interest rate per annum equal to (a) term SOFR based on a tenor comparable to the applicable interest period, plus (b) a credit adjustment spread of 10 bps.
IEnova and TotalEnergies SE have provided guarantees for repayment of the loan of up to $1,226 million and $305 million, respectively, plus accrued and unpaid interest. The effective interest rate of the loan is based on the interest payments made to external lenders and guarantee payments made to TotalEnergies SE as a guarantor.
At December 31, 2025 and 2024, $1.3 billion and $1.1 billion, respectively, of borrowings from external lenders were outstanding under the loan agreement, with a weighted-average interest rate of 6.06% and 7.29%, respectively. Proceeds from the loan are being used to finance the cost of construction of the ECA LNG Phase 1 project.
Port Arthur LNG I. Port Arthur LNG I has a seven-year term loan facility agreement with a syndicate of lenders that matures on March 20, 2030 for an aggregate principal amount of approximately $6.8 billion. At December 31, 2025 and 2024, $3.2 billion and $1.1 billion, respectively, of borrowings were outstanding under the loan agreement, with an all-in weighted-average interest rate of 5.47% and 5.33%, respectively. At December 31, 2025, previous borrowings of $983 million have been repaid, as we discuss below, and cannot be reborrowed. Proceeds from the loan are being used to finance the cost of construction of the PA LNG Phase 1 project.
In January 2025, Port Arthur LNG I issued senior secured notes for an aggregate principal amount of $750 million and received proceeds of $742 million (net of debt issuance costs of $8 million). In April 2025, Port Arthur LNG I issued senior secured notes for an aggregate principal amount of $250 million and received proceeds of $248 million (net of debt issuance costs of $2 million). The notes issued in January 2025 and April 2025 bear interest at the rate of 6.27% and 6.32%, respectively, and mature on December 15, 2042. The net proceeds were used to repay borrowings and accrued interest under the existing Port Arthur LNG I term loan facility.