Sempra Sees Rise in Q1 Earnings

Sempra Energy reported first-quarter 2014 earnings of $247 million, compared with first-quarter 2013 earnings of $178 million.

Excluding a $9 million after-tax charge related to the closure of the San Onofre Nuclear Generating Station (SONGS), Sempra Energy’s adjusted earnings were $256 million in the first quarter 2014.

We are seeing year-over-year earnings growth consistent with our expectations,” said Debra L. Reed, chairman and CEO of Sempra Energy. We are on track to meet our 2014 earnings guidance.  Our Cameron LNG liquefaction-export project continues to make strong progress toward the start of construction later this year and we have several large projects in Mexico and Peru coming online in the second half of 2014.”

Earlier this week, Cameron LNG received notice that it had completed the environmental review process with the Federal Energy Regulatory Commission.  Also, in March, Cameron LNG awarded a construction contract to a joint venture between CB&I and Chiyoda International.  Construction on the project is expected to begin later this year, with commercial operations slated to start in 2018.

Press Release, May 2, 2014; Image: Sempra

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