USA: Sempra Posts 2Q Results

Sempra Energy today reported second-quarter 2012 earnings of $62 million, compared with earnings of $503 million, in the second quarter 2011.

Second-quarter 2012 earnings included a $179 million non-cash charge related to a write-down on the company’s investment in the Rockies Express Pipeline. Last year’s second-quarter earnings included a gain of $277 million, reflecting the write-up in the value of the company’s original investments in Chile and Peru as a result of the acquisition of a controlling interest in those utilities.

Excluding these unusual items in both years, adjusted second-quarter earnings increased to $241 million in 2012 from $226 million in 2011.

Sempra Energy’s earnings through the first six months of 2012 were $298 million, compared with $757 million in the first six months of 2011. Excluding the Rockies Express Pipeline charge, adjusted earnings for the first six months were $477 million compared with adjusted earnings of $480 million in the same period last year.

“We are pleased with our operating results during the quarter and, after adjusting for the impairment charge, remain on course to meet our 2012 earnings guidance,” said Debra L. Reed, chief executive officer of Sempra Energy. “Our utilities continue to make progress with their major infrastructure projects. In June, SDG&E energized its Sunrise Powerlink transmission line. The 117-mile line will help meet summer power demand and improve reliability of the

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LNG World News Staff, August 02, 2012