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Sempra Energy announces third quarter 2017 earnings

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LNG Industry,

Sempra Energy today reported third-quarter 2017 earnings of US$57 million, or US$0.22 per diluted share, compared with third quarter 2016 earnings of US$622 million, or US$2.46 per diluted share.

On an adjusted basis, Sempra Energy’s third-quarter 2017 earnings increased to US$265 million, or US$1.04 per diluted share, from US$259 million, or US$1.02 per diluted share, in the third quarter 2016. Adjusted earnings excluded a US$208 million after-tax impairment in the most recent quarter related to a proposed decision by administrative law judges with the California Public Utilities Commission (CPUC) denying the request by San Diego Gas & Electric (SDG&E) to recover costs related to the 2007 San Diego wildfires. Adjusted earnings in last year’s third quarter excluded a US$350 million after-tax remeasurement gain related to the acquisition of PEMEX’s share of the Gasoductos de Chihuahua (GdC) joint venture by Sempra Energy’s Mexican subsidiary IEnova, a US$78 million after-tax gain on the sale of EnergySouth and net after-tax losses of US$65 million related to the planned sale of IEnova’s Termoeléctrica de Mexicali (TdM) power plant.

For the first nine months of 2017, Sempra Energy’s earnings were US$757 million, or US$2.99 per diluted share, compared with US$991 million, or US$3.93 per diluted share, in the first nine months of 2016. Adjusted earnings for the first nine months of 2017 increased to US$979 million, or US$3.87 per diluted share, from US$884 million, or US$3.51 per diluted share, for the first nine months of 2016.

These results reflect certain significant items as described in the following table of GAAP earnings, reconciled to adjusted earnings on an after-tax basis, for the third quarter and first nine months of 2017 and 2016.

“Based on our strong operating and financial performance through the first nine months, we are on track for one of the best years in our history,” said Debra L. Reed, chairman, president and CEO of Sempra Energy. “During the third quarter, we saw continued growth in our utility and infrastructure businesses, while laying the groundwork for a significant new growth platform with our agreement to acquire a majority stake in Oncor.”

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