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Sempra Energy 4Q Profit Up 3.9%; Dividend Raised 25%

DOW JONES NEWSWIRES Sempra Energy's (SRE) fourth-quarter earnings rose 3.9% as the natural-gas distributor and market posted strong growth at its San Diego Gas & Electric utility and the company's pipelines and storage segment. The company's board approved a 25% increase in the quarterly dividend, raising it to 60 cents a share, up by 12 cents a share. The increased payout is estimated to cost Sempra an additional $116 million a year. For the year, the company projected per-share earnings of $4 to $4.30, reflecting changes in how it accounts for its solar-generation projects. Analysts polled by Thomson Reuters recently expected $4.46. Sempra, which owns electric and natural-gas utilities in California, as well as gas pipelines and storage facilities and gas export terminals in the U.S. and Mexico, has been expanding into the wholesale solar-power and wind-power markets. The San Diego-based company's Cameron LNG recently was authorized to export liquefied natural-gas, to countries that have free-trade agreements with the U.S. Domestic natural gas producers are hoping to sell the commodity overseas, where it can command much higher prices than in the U.S. Sempra reported a profit of $294 million, or $1.21 a share, up from $283 million, or $1.15 a share, a year earlier. Analysts polled by Thomson Reuters most recently projected earnings of $1.06. Revenue increased 11% to $2.6 billion. San Diego Gas & Electric posted a 50% rise in earnings, due primarily to a favorable resolution of regulatory matters, earnings from construction projects in progress and higher authorized margins. Southern California Gas Co. earnings rose 6.8%. Sempra Pipelines and Storage earnings were up 79%, with a boost from the acquisition of the controlling interest in two South American utilities in April 2011. Sempra Generation swung to a segment loss of $6 million from year-earlier earnings of $43 million, mostly owing to the expiration of a 10-year California Department of Water Resources power-supply contract in September. Shares were up 2% at $59.07 in recent premarket trading. -By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com

Stock News for Sempra (SRE)
DateTimeHeadline
02/16/201714:30:00SoCalGas to Install up to 60 New Valves in 2017 to Enhance Pipeline...
02/14/201709:00:00Sempra Energy To Report Fourth-Quarter 2016 Earnings Feb. 28
02/13/201717:21:07Statement of Changes in Beneficial Ownership (4)
02/13/201716:41:00SoCalGas to Feature Biogas Technology and Powerful New Compressed...
02/13/201706:31:54Amended Statement of Ownership (sc 13g/a)
02/10/201713:06:00SoCalGas Declares Preferred Dividends
02/09/201715:02:00SoCalGas Pilot Biogas Project Selected by U.S. Energy Department...
02/09/201710:00:23Statement of Ownership (sc 13g)
02/07/201716:48:00Sempra Energy Announces California Utilities' Settlement Agreement...
02/07/201716:45:06Current Report Filing (8-k)
01/31/201715:46:00SoCalGas and CR&R Environmental Announce Construction of Pipeline...
01/30/201715:05:00SoCalGas Offers Tips on Reducing Winter Gas Bills
01/27/201706:04:28Amended Statement of Ownership (sc 13g/a)
01/26/201717:50:00SoCalGas Advisory Lifted
01/23/201709:45:00SoCalGas Advisory Now in Effect
01/22/201716:41:00SoCalGas Announces "SoCalGas Advisory"
01/20/201720:43:00SDG&E Aims To Reduce Air Pollution By Deploying Electric Vehicle...
01/19/201714:01:58Statement of Changes in Beneficial Ownership (4)
01/17/201721:28:00SoCalGas Statement on California Department of Conservation's...
01/11/201714:42:00SoCalGas Announces Funding for Demonstration of Mobile CNG Refueling...

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