USA: Sempra Q1 Earnings Down

Sempra Energy today reported first-quarter 2012 earnings of $236 million, compared with $254 million in the first quarter 2011.

“Our solid first-quarter results put us on track to meet our 2012 earnings-per-share guidance range of $4 to $4.30,” said Debra L. Reed, chief executive officer of Sempra Energy.  “We also made significant progress in developing a liquefied natural gas export facility at our Cameron LNG terminal.”

Yesterday, Sempra Energy announced that its Cameron LNG subsidiary signed a third and final commercial development agreement with a subsidiary of GDF SUEZ Ltd. to develop a natural gas liquefaction export facility at the site of the Cameron LNG receipt terminal in Louisiana.  In April, Cameron LNG signed commercial development agreements with Mitsubishi Corporation and Mitsui & Co., Ltd.  The three agreements bind the parties to fund all development expenses, including design, permitting and engineering, as well as to negotiate 20-year tolling agreements, based on key terms outlined in the commercial development agreements.

The completed liquefaction facility is expected to be comprised of three liquefaction trains with a total export capability of 12 million tonnes per annum of liquefied natural gas, or approximately 1.7 billion cubic feet per day.  Pending regulatory approvals and achievement of other key milestones, the company plans to start construction of the facility next year and begin operations in late 2016.

[mappress]
LNG World News Staff, May 3, 2012