San Diego-based energy company and LNG operator Sempra Energy reported a slide in its first-quarter earnings due to higher financing costs at the parent company.
The first-quarter earnings were at $347 million compared to $441 million in the corresponding period last year.
The company’s revenues dropped from $3 billion in the first quarter of 2017 to $2.9 billion during the quarter under review.
Sempra Energy noted the financing costs were incurred starting in January, primarily related to the anticipated acquisition of a majority stake in Oncor Electric Delivery Company (Oncor), which was completed in early March.
“During the quarter, we successfully implemented our leadership succession plan, completed the Oncor transaction and continued execution of our capital program in our utility and infrastructure businesses,” said Jeffrey Martin, CEO of Sempra Energy.
On March 9, Sempra Energy completed its $9.45 billion acquisition of an approximate 80-percent indirect ownership interest in Oncor, after receiving final regulatory approvals for the transaction.