Sempra Energy earnings slide

Sempra Energy earnings slide
Image courtesy of Sempra Energy

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.

Share this article

Follow LNG World News

Events>

<< Apr 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 1 2 3 4 5

Downstream 2019

Renowned as the most significant global meeting place for Downstream professionals…

read more >

Central and Eastern Europe SSLNG Forum

SSLNG projects are important for Central and Eastern Europe (CEE) because they offer opportunities for solving issues…

read more >

Klaipeda LNG Forum 2019

Klaipėda LNG forum 2019 organised by Klaipėda Science and Technology Park, Klaipėdos nafta and Embassy of the Netherlands will take place on the 15-16 May at Klaipėda Castle’s site hall, Lithuania.

read more >

Flame 2019

Flame is Europe’s largest gathering of midstream gas & LNG players, bringing together everyone who matters – from producers to utilities, purchasers, infrastructure providers, traders, regulators and policy makers.

 

More info

read more >