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Sempra Energy 1Q Profit Down 7% On Weaker Performance In Gas Business

DOW JONES NEWSWIRES Sempra Energy's (SRE) first-quarter earnings declined 7% as profit from its natural gas business weakened considerably in the absence of a key contract with the state of California. The power and energy company owns electric and natural gas utilities in California; utilities in South America; and natural gas pipelines and storage facilities and liquefied natural gas terminals in the U.S. and Mexico. With prices for natural gas at historic lows, Sempra is in the process of obtaining government approvals to build a facility in Louisiana that would liquefy gas produced in the U.S. and load it onto tankers to ship abroad. It has obtained preliminary government approval to export natural gas from the terminal to countries that have free-trade agreements with the U.S. Sempra needs approval from the Federal Energy Regulatory Commission to proceed with exports. For the first quarter, Sempra reported a profit of $238 million, compared with a year-earlier profit of $256 million. Per-share earnings, which reflect the payment of preferred dividends of subsidiaries, fell to 97 cents a share from $1.05 a year ago. Revenue decreased 2.1% to $2.38 billion. Analysts were looking for earnings of 98 cents a share on $2.33 billion in revenue, according to a poll conducted by Thomson Reuters. At the company's California utilities, San Diego Gas & Electric utility posted an 18% increase in profit, due primarily to earnings from construction work in progress. Southern California Gas Co. earnings were down about 3% at $66 million. The company's natural-gas business, meanwhile, saw its earnings slump 98% to $1 million, a decline the company said mostly reflected the expiration of a 10-year power-supply contract with the California Department of Water Resources last year. Shares were recently up 1% at $64.64 in trade shortly after the New York market open. --By Mia Lamar, Dow Jones Newswires; 212-416-3207; mia.lamar@dowjones.com

Stock News for Sempra (SRE)
DateTimeHeadline
07/31/201519:02:10Petróleos Mexicanos to Sell Its Stake in Pipeline to Ienova
07/31/201517:24:00IEnova To Acquire PEMEX's Equity Interest In Joint Venture
07/31/201513:15:00Sempra Energy Releases 2014 Corporate Responsibility Report
07/27/201511:30:00SDG&E And Girl Scouts Partner To Improve Fire Safety
07/24/201518:13:00SoCalGas Sponsors 2015 Special Olympics World Games with more...
07/21/201510:30:00Sempra Energy To Report Second-Quarter 2015 Earnings Aug. 4
07/16/201511:00:00SDG&E To Award $1,000,000 To Non-Profit Safety Partners
07/16/201509:35:00Utilities Sector Equities under the Scanner -- Eversource Energy...
07/14/201519:42:00Sempra Energy Unit Awarded Natural Gas Pipeline Contract in Chihuahua...
07/14/201517:01:40Mexico's Stocks Rise With U.S., Peso Firms Against Dollar
07/08/201516:52:00SoCalGas Teams with California Trucking Association: Joint Drive...
07/02/201516:12:05Statement of Changes in Beneficial Ownership (4)
07/02/201516:11:37Statement of Changes in Beneficial Ownership (4)
07/02/201516:10:46Statement of Changes in Beneficial Ownership (4)
07/02/201516:10:19Statement of Changes in Beneficial Ownership (4)
07/02/201516:09:27Statement of Changes in Beneficial Ownership (4)
07/02/201516:09:01Statement of Changes in Beneficial Ownership (4)
07/02/201516:08:10Statement of Changes in Beneficial Ownership (4)
07/02/201516:07:43Statement of Changes in Beneficial Ownership (4)
07/02/201516:06:51Statement of Changes in Beneficial Ownership (4)

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