Sempra Energy posts boosted third-quarter earnings

Sempra Energy posts boosted third-quarter earningsImage courtesy of Sempra Energy

San Diego-based energy company and LNG operator Sempra Energy reported a jump in earnings for the third quarter of 2019. 

The company said on Friday its third-quarter earnings reached $813 million, up from $274 million in the corresponding quarter last year.

Sempra added that it is continuing to advance its liquefied natural gas development projects.

In October the company has entered a memorandum of understanding (MoU) with Mitsui & Co. reflecting the parties’ preliminary agreement for Mitsui’s participation in the Cameron LNG Phase 2 project, and future expansion of the Energía Costa Azul (ECA) LNG project in Baja California, Mexico. The MOU is non-binding and contemplates the continued mutual support for the development of Cameron LNG Phase 2, including Mitsui’s potential purchase of up to one-third of the available capacity of the project, as well as the potential offtake of approximately 1 million tonnes per annum of LNG and equity participation in a future expansion of ECA LNG.

In September, Sempra LNG also entered into an MOU with China Three Gorges Corporation regarding potential cooperation in supplying LNG to support demand growth in China, including the growth of natural gas power generation.

In August, the Cameron LNG liquefaction-export project in Hackberry, Louisiana, began commercial operations at Train 1 of the facility. The project, including Trains 2 and 3, is over 96 percent complete. Commissioning of Train 2 is underway, and the previously disclosed project timeline remains unchanged.

Sempra Energy’s earnings for the first nine months of 2019 were $1.61 billion, compared with earnings of $60 million in the first nine months of 2018.

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