Sempra LNG Earns USD 24 Million in Third Quarter (USA)

Sempra Energy today reported third-quarter 2011 earnings of $296 million, or $1.22 per diluted share, up from $131 million, or $0.53 per diluted share, in the third quarter 2010.

Third-quarter 2010 results included an after-tax charge of $139 million, or $0.56 per diluted share, from the write-down of Sempra Energy’s investment in the RBS Sempra Commodities joint venture, which was sold last year.

Sempra Energy’s earnings for the first nine months of 2011 were $1.1 billion, or $4.40 per diluted share, up from $459 million, or $1.84 per diluted share, in the same period last year.  Excluding a second-quarter 2011 gain of $277 million related to the South American utility acquisitions, Sempra Energy’s nine-month earnings in 2011 were $788 million, or $3.26 per diluted share.

“Based on our excellent results in the third quarter and continued progress on our major projects, we expect to meet our financial and operational objectives for the year,” said Debra L. Reed, chief executive officer of Sempra Energy.

In September, Sempra Energy announced several key executive appointments.  Additionally, the company announced that, effective Jan. 1, 2012, its Sempra Generation, Sempra Pipelines & Storage and Sempra LNG subsidiaries will be consolidated into two new operating units:  Sempra International and Sempra U.S. Gas & Power.

Sempra LNG

Sempra LNG earned $24 million in the third quarter 2011, up from $5 million in last year’s third quarter, due primarily to additional revenues for contracted cargoes that were not delivered.

In the first nine months of 2011, Sempra LNG earnings rose to $75 million from $50 million in the same period last year.

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Source: Sempra, November 3, 2011