San Diego-based Sempra Energy Friday reported earnings of $354 million, or $1.26 per diluted share, in the second quarter compared to a loss of $561 million, or $2.11 per diluted share, in the same period last year.
The 2018 second-quarter results included $755 million in costs related to the planed sale of certain U.S. midstream assets, which relate to Gulf Coast natural gas storage, and $145 million in costs related to the planned sale of U.S. wind investments.
Otherwise, Sempra would have earned $361 million, or $1.35 per diluted share, during that quarter, according to the company.
In the first six months of 2019, the company earned $795 million, or $2.85 per diluted share, compared with losses of $214 million in the same period last year.
“We’ve set a clear mission to be North America’s premier energy infrastructure company and I am proud of the steps we’ve taken to capitalize on the once-in-a-generation opportunity created by the need to develop energy infrastructure that supports the trend toward cleaner energy and greater exports of North America’s energy,” said Sempra CEO Jeffrey W. Martin.
Commercial operation at the company’s Cameron Liquefied Natural Gas project in Hackberry, LA, is expected to begin in mid-August.
Among its major subsidiaries, San Diego Gas & Electric saw a second quarter net income of $143 million, compared with earnings of $146 million in last year’s second quarter. For the first two quarters combined, net income was $319 million, compared with $316 million last year.
Net income for Southern California Gas Co. was $30 million in the second quarter, compared with $33 million in earnings in last year’s second quarter.
SoCalGas’ six-month earnings were $294 million this year, compared with $258 million in the same period last year.
— City News Service