Sempra logs higher profit

San Diego-based energy company and LNG operator Sempra Energy on Tuesday reported a 4 percent rise in its fourth-quarter profit.

Sempra Energy’s fourth-quarter adjusted earnings rose to $383 million, or $1.52 per diluted share, compared with $367 million, or $1.46 per diluted share, in the fourth quarter 2015.

The LNG operator posted revenue of $2.87 billion in the period as compared to 2.7 billion the year before.

For the year, the company reported a profit of $1.37 billion, compared with 2015 earnings of $1.35 billion.

Sempra LNG & Midstream, the company’s unit that operates the Cameron LNG terminal and is developing new liquefaction projects, recorded a loss of $3 million in the fourth quarter 2016.

For the year, Sempra LNG & Midstream recorded a loss of $107 million in 2016, compared with earnings of $44 million in 2015, due primarily to losses on the permanent release of pipeline capacity contracts, the company said.

Sempra said it has raised its 2017 earnings-per-share guidance range to $4.85 to $5.25 from the prior range of $4.80 to $5.20.

“In 2016, we met our key financial targets and executed well on our strategic plan, positioning ourselves for strong performance in 2017 and enabling us to raise our 2017 earnings guidance,” said Debra L. Reed, chairman and CEO of Sempra Energy.

 

 

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Posted on March 1, 2017 with tags .

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