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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
04/28/201611:46:22INVESTOR ALERT: The Law Offices of Vincent Wong Reminds Investors...
04/28/201611:46:02SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with...
04/28/201611:46:01INVESTOR NOTICE: Rosen Law Firm Reminds Sempra Energy Investors...
04/27/201623:35:00Media Statement on Court's Decision to Extend Temporary Relocation...
04/26/201609:00:00Laclede to Acquire Parent Company of Mobile Gas and Willmut Gas
04/26/201609:00:00Sempra U.S. Gas & Power To Sell Parent Company Of Mobile Gas...
04/25/201615:00:00Mobile Home Parks Receive Financing Assistance to Upgrade Utility...
04/22/201617:33:00SoCalGas Announces Complimentary Interior Cleaning Services to...
04/21/201611:00:00SoCalGas Hosts 16th Municipal Green Building Conference
04/20/201609:00:00Sempra Energy To Report First-Quarter 2016 Earnings May 4
04/19/201611:11:08INVESTOR ALERT: Levi & Korsinsky, LLP Reminds Shareholders of...
04/15/201620:00:00IMPORTANT SHAREHOLDER ALERT: Wolf Haldenstein Adler Freeman...
04/15/201616:29:00SDG&E Invention Saves Time, Money For New Private Solar Customers
04/15/201616:16:00SoCalGas Announces Transition of Relocated Families to Temporary...
04/15/201615:00:00SHAREHOLDER ALERT: Levi & Korsinsky, LLP Notifies Shareholders...
04/15/201612:00:00New SoCalGas Murrieta Fueling Station Offers Easy Access for...
04/14/201617:59:33DEADLINE ALERT: Rigrodsky & Long, P.A. Reminds Shareholders Of...
04/14/201611:07:00SHAREHOLDER ALERT- Bronstein, Gewirtz & Grossman, LLC Notifies...
04/13/201623:55:00Media Statement on Court of Appeal Decision to Continue the Relocation...
04/12/201613:13:00INVESTOR ALERT: The Law Offices of Vincent Wong Notifies Investors...

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