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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
02/02/201616:38:00Southern California Gas Company Statement Regarding Lawsuit by...
01/31/201612:00:00SoCalGas Wants Customers to Know They Might Have Higher Natural...
01/28/201616:58:00SDG&E To Install Thousands Of Electric Vehicle Charging Stations
01/25/201622:47:00Aliso Canyon Gas Leak -- Incident Update -- January 25, 2016
01/20/201616:36:18Statement of Changes in Beneficial Ownership (4)
01/20/201616:35:27Statement of Changes in Beneficial Ownership (4)
01/20/201616:35:27Statement of Changes in Beneficial Ownership (4)
01/20/201616:33:29Statement of Changes in Beneficial Ownership (4)
01/20/201616:32:11Statement of Changes in Beneficial Ownership (4)
01/18/201621:07:00SoCalGas Expects to Stop Aliso Canyon Leak by Late February...
01/14/201622:03:00SoCalGas Statement on Los Angeles City Council Motion on Expanded...
01/14/201615:15:25Statement of Changes in Beneficial Ownership (4)
01/13/201619:14:00Southern California Gas Aliso Canyon Progress Update
01/12/201619:00:00California Air Resources Board Latest Leak Estimates Indicate...
01/11/201619:49:00SoCalGas Statement Regarding Senate Legislative Bill Package...
01/11/201616:23:13Statement of Changes in Beneficial Ownership (4)
01/11/201615:48:00Local Officials, SDG&E Urge Emergency Preparedness During El...
01/07/201606:09:02Current Report Filing (8-k)
01/06/201618:49:31Statement of Changes in Beneficial Ownership (4)
01/06/201618:49:01Statement of Changes in Beneficial Ownership (4)

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