SAN DIEGO, Sept. 12, 2016 /PRNewswire/ -- Sempra U.S. Gas
& Power, a unit of Sempra Energy (NYSE: SRE), today announced
that it has completed the previously announced transaction to sell
EnergySouth, Inc. (EnergySouth), the parent company of Mobile Gas
Service Corp. (Mobile Gas) and Willmut Gas & Oil Company
(Willmut Gas), to Spire Inc. (Spire) (NYSE:SR) for cash proceeds of
$320 million, with Spire assuming
existing debt of $67 million.
The transaction included only Mobile Gas and Willmut Gas. Sempra
U.S. Gas & Power continues to own Bay Gas Storage Co.,
Mississippi Hub, LLC, Liberty Gas Storage and Southern Gas
Transmission, all of which previously were part of EnergySouth.
J.P. Morgan Securities LLC acted as financial advisor and Latham
& Watkins LLP acted as legal counsel for Sempra U.S. Gas &
Power.
Sempra U.S. Gas & Power acquired EnergySouth in 2008 and
Willmut Gas in 2012.
Mobile Gas provides service to about 85,000 residential,
commercial and industrial customers in Mobile and Baldwin counties in southwest Alabama.
Willmut Gas provides service to about 19,000 residential,
commercial and industrial customers in greater Hattiesburg, Miss. (which includes portions of
Forrest and Lamar Counties) as well as portions of
Covington, Jones, Simpson and Rankin Counties.
Sempra U.S. Gas & Power, LLC is a leading developer of
renewable energy and natural gas projects. For more information,
visit www.SempraUSGP.com. Sempra U.S. Gas & Power is a
subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500
energy services holding company with 2015 revenues of
$10 billion. The Sempra Energy
companies' 17,000 employees serve more than 32 million consumers
worldwide.
This press release contains statements that are not
historical fact and constitute forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements can be identified by words like
"believes," "expects," "anticipates," "plans," "estimates,"
"projects," "forecasts," "contemplates," "intends," "assumes,"
"depends," "should," "could," "would," "will," "confident," "may,"
"potential," "possible," "proposed," "target,"
"pursue," "goals," "outlook," "maintain," or similar expressions or
discussions of guidance, strategies, plans, goals, opportunities,
projections, initiatives, objectives or intentions.
Forward-looking statements are not guarantees of performance.
They involve risks, uncertainties and assumptions. Future
results may differ materially from those expressed in the
forward-looking statements.
Forward-looking statements are necessarily based upon various
assumptions involving judgments with respect to the future and
other risks, including, among others: local, regional,
national and international economic, competitive, political,
legislative, legal and regulatory conditions, decisions and
developments; actions and the timing of actions, including general
rate case decisions, new regulations, issuances of permits to
construct, operate and maintain facilities and equipment and to use
land, franchise agreements and licenses for operation, by the
California Public Utilities Commission, California State
Legislature, U.S. Department of Energy, California Division of Oil,
Gas, and Geothermal Resources, Federal Energy Regulatory
Commission, Nuclear Regulatory Commission, California Energy
Commission, U.S. Environmental Protection Agency, Pipeline and
Hazardous Materials Safety Administration, California Air Resources
Board, South Coast Air Quality Management District, Los Angeles
County Department of Public Health, Mexican Competition Commission,
states, cities and counties, and other regulatory and governmental
bodies in the countries in which we operate; the timing and
success of business development efforts and construction,
maintenance and capital projects, including risks in obtaining,
maintaining or extending permits, licenses, certificates and other
authorizations on a timely basis, risks in obtaining the consent of
our partners, and risks in obtaining adequate and competitive
financing for such projects; the resolution of civil and criminal
litigation and regulatory investigations; deviations from
regulatory precedent or practice that result in a reallocation of
benefits or burdens among shareholders and ratepayers, and delays
in, or disallowance or denial of, regulatory agency
authorization to recover costs in rates from customers; the
availability of electric power, natural gas and liquefied natural
gas, and natural gas pipeline and storage capacity, including
disruptions caused by failures in the North American transmission
grid, moratoriums on the ability to withdraw natural gas from or
inject natural gas into storage facilities, pipeline explosions and
equipment failures; energy markets; the timing and extent of
changes and volatility in commodity prices; the impact on the value
of our natural gas storage and related assets and our investments
from low natural gas prices, low volatility of natural gas prices
and the inability to procure favorable long-term contracts for
natural gas storage services; risks posed by decisions and actions
of third parties who control the operations of investments in which
we do not have a controlling interest, and risks that our partners
or counterparties will be unable (due to liquidity issues,
bankruptcy or otherwise) or unwilling to fulfill their contractual
commitments; weather conditions, natural disasters,
catastrophic accidents, equipment failures, terrorist attacks and
other events that may disrupt our operations, damage our facilities
and systems, cause the release of greenhouse gasses, radioactive
materials and harmful emissions, and subject us to third-party
liability for property damage or personal injuries, fines and
penalties, some of which may not be covered by insurance (including
costs in excess of applicable policy limits) or may be disputed by
insurers; cybersecurity threats to the energy grid, natural gas
storage and pipeline infrastructure, the information and systems
used to operate our businesses and the confidentiality of our
proprietary information and the personal information of our
customers and employees; failure to obtain regulatory approval for
projects required to enhance safety and reliability; the ability to
win competitively bid infrastructure projects against a number of
strong competitors willing to aggressively bid for these projects;
capital markets conditions, including the availability of credit
and liquidity of our investments, and inflation, interest and
currency exchange rates; disallowance of regulatory assets
associated with, or decommissioning costs of, the San Onofre
Nuclear Generating Station facility due to increased regulatory
oversight, including motions to modify settlements; expropriation
of assets by foreign governments and title and other property
disputes; the impact on reliability of San Diego Gas & Electric
Company's (SDG&E) electric transmission and distribution system
due to increased amount and variability of power supply from
renewable energy sources and increased reliance on natural gas and
natural gas transmission systems; the impact on competitive
customer rates of the growth in distributed and local power
generation and the corresponding decrease in demand for power
delivered through SDG&E's electric transmission and
distribution system; the inability or determination not to enter
into long-term supply and sales agreements or long-term firm
capacity agreements due to insufficient market interest,
unattractive pricing or other factors; and other uncertainties, all
of which are difficult to predict and many of which are beyond our
control.
These risks and uncertainties are further discussed in the
reports that Sempra Energy has filed with the Securities and
Exchange Commission. These reports are available through the EDGAR
system free-of-charge on the SEC's
website, www.sec.gov, and on the company's
website at www.sempra.com. Investors should
not rely unduly on any forward-looking statements. These
forward-looking statements speak only as of the date hereof, and
the company undertakes no obligation to update or revise these
forecasts or projections or other forward-looking statements,
whether as a result of new information, future events or
otherwise.
Sempra International, LLC, Sempra U.S. Gas & Power, LLC,
and Sempra Partners, LP, are not the same companies as
the California utilities, San Diego Gas & Electric
(SDG&E) or Southern California Gas Company (SoCalGas), and
Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and
Sempra Partners, LP, are not regulated by the California Public
Utilities Commission. Sempra International's underlying entities
include Sempra Mexico and Sempra South American Utilities. Sempra
U.S. Gas & Power's underlying entities include Sempra
Renewables and Sempra Natural Gas.
Media
Contacts:
|
Jill
Howard
|
|
Sempra U.S. Gas &
Power
|
|
(877)
855-7887
|
|
www.semprausgp.com
|
|
|
Financial
Contact:
|
Patrick
Billings
|
|
Sempra
Energy
|
|
(877)
696-2461
|
|
Investor@Sempra.com
|
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SOURCE Sempra U.S. Gas & Power