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Sempra Energy Company

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BUSINESS
November 5, 2004 | Elizabeth Douglass, Times Staff Writer
Big gains in energy trading and electricity production boosted Sempra Energy's profit by 9.5% in the third quarter, but a weather-related drop in electricity use caused a 91% decline in net income at power merchant Calpine Corp. The stocks of both companies rose in the wake of their earnings reports Thursday. Sempra added 45 cents to close at $35.16 a share and Calpine jumped 34 cents, or 14%, to $2.77.
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BUSINESS
July 29, 2008 | Elizabeth Douglass, Times Staff Writer
Increasing its already substantial bet on natural gas projects, Sempra Energy said Monday that it would pay $510 million for EnergySouth Inc., a gas storage and distribution company based in Mobile, Ala. "These new assets complement our existing operations in the region and position us for future growth," Sempra Chief Executive Donald E. Felsinger said.
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BUSINESS
September 17, 2000 | NANCY RIVERA BROOKS, TIMES STAFF WRITER
Sempra Energy just can't seem to get out of the hot seat. First there was the controversial 1998 merger between the parents of San Diego Gas & Electric and Southern California Gas, which created the Sempra Energy holding company and gave it more customers--21 million--than any other utility company in the nation. Now, although the calendar says autumn is less than a week away, warm weather still has Sempra sweating through a summer of electricity discontent.
BUSINESS
March 28, 2008 | From Times Wire Services
Sempra Energy, owner of the largest U.S. natural-gas utility, expects 2009 per-share profit to rise to $4.35 to $4.60 as the company opens natural-gas import terminals and extends pipeline operations. Its shares rose 3.9%. Sempra, based in San Diego, was expected to earn $4.58 a share, excluding one-time items, next year, according to a Bloomberg survey. Sempra expects to complete two gas-import terminals in Baja California and Louisiana this year. A $4.4-billion pipeline venture with ConocoPhillips and Kinder Morgan Energy Partners began interim shipments from Colorado to Kansas in January, with full service to Ohio expected by mid-2009.
BUSINESS
February 22, 2005 | James F. Peltz, Times Staff Writer
When Sempra Energy Chief Executive Stephen Baum recently took stock of his years at the helm of the nation's largest utility owner, he was characteristically blunt about the milestones. "We didn't bankrupt the company," the ex-Marine said. Sempra is the parent of Southern California Gas Co. and San Diego Gas & Electric Co. -- two utilities that played key roles in California's 2000-01 energy crunch.
BUSINESS
July 29, 2008 | Elizabeth Douglass, Times Staff Writer
Increasing its already substantial bet on natural gas projects, Sempra Energy said Monday that it would pay $510 million for EnergySouth Inc., a gas storage and distribution company based in Mobile, Ala. "These new assets complement our existing operations in the region and position us for future growth," Sempra Chief Executive Donald E. Felsinger said.
BUSINESS
October 30, 2004 | Chris Kraul, Times Staff Writer
Sempra Energy said Friday that it had won a high-stakes race for approval to construct North America's first West Coast liquefied natural gas terminal. San Diego-based Sempra, parent of Southern California Gas Co. and San Diego Gas & Electric Co., said it would begin building the project early next year at a seaside location north of Ensenada. Half a dozen companies -- including ChevronTexaco Corp., Mitsubishi Corp., BHP Billiton and Marathon Oil Corp.
BUSINESS
May 5, 2001 | NANCY RIVERA BROOKS, TIMES STAFF WRITER
Gov. Gray Davis announced a $7-billion agreement Friday to buy electricity for 10 years from the most robust of California's utility companies, Sempra Energy, parent of San Diego Gas & Electric Co. In contrast, a decidedly more troubled Edison International launched a $3-million advertising campaign to build support for completion of its deal, brokered by Davis, to sell its transmission grid to the state for $2.76 billion.
BUSINESS
June 15, 2006 | Elizabeth Douglass
San Diego County Superior Court Judge Ronald Prager gave final approval to a nearly $1.8-billion settlement with Sempra Energy over allegations that it conspired to restrict natural gas supplies and raise prices during the state's energy crisis. Sempra, which owns utilities Southern California Gas Co. and San Diego Gas & Electric Co.
BUSINESS
October 26, 2005 | From Bloomberg News
Sempra Energy said it was in talks with Algeria's Sonatrach to import natural gas through one of Sempra's three terminals that are under development. Sempra, based in San Diego, has signed a preliminary agreement with state-owned Sonatrach to supply up to 500 million cubic feet of Algerian gas per day to Sempra's planned liquefied natural gas plant near Lake Charles, La., the company said.
BUSINESS
February 27, 2008 | From Bloomberg News
Sempra Energy reported Tuesday that net income for the fourth quarter more than doubled. Profit jumped to $289 million, or $1.10 a share, from $125 million, or 47 cents, a year earlier, said the San Diego-based owner of Southern California Gas Co. and San Diego Gas & Electric Co. Per-share profit was 6 cents higher than the average of 12 analyst estimates compiled by Bloomberg. Sempra is expanding with investments in liquefied natural gas projects and a pipeline venture.
BUSINESS
December 21, 2007 | From Times Wire Services
Sempra Energy, owner of the largest U.S. natural-gas utility, agreed to purchase $1 billion of its shares from Merrill Lynch & Co. as part of a $2-billion buyback program. Sempra will pay Merrill for the shares on Feb. 8, and the receipt of the shares may extend into the fourth quarter of 2008, according to a public filing by the San Diego-based company. It said in July that it would repurchase as much as $2 billion of its shares with proceeds from the planned $1.
BUSINESS
November 2, 2007 | From Reuters
Utility owners Sempra Energy and PG&E Corp. posted lower third-quarter earnings Thursday on the absence of gains that had boosted year-earlier results. San Diego-based Sempra also was hampered by its commodities business, and San Francisco-based PG&E by higher costs to buy electricity. Sempra Energy, parent of San Diego Gas & Electric, said net income was $305 million, or $1.15 a share, compared with $653 million, or $2.49, a year earlier. Sales fell 1% to $2.66 billion.
BUSINESS
July 10, 2007 | Elizabeth Douglass, Times Staff Writer
Sempra Energy on Monday sold a majority stake in its fast-growing commodities trading business to Royal Bank of Scotland Group for $1.35 billion, a move that limits risk for Sempra and gives the bank a foothold in the recently lucrative business of buying and selling oil, natural gas and other commodities. The deal creates a joint venture between the two companies and frees more than $1 billion of San Diego-based Sempra's investment in the commodities operation.
BUSINESS
June 30, 2007 | From Times Wire Services
Sempra Energy, owner of the largest U.S. natural-gas utility, said it agreed to buy the development rights to a wind-power facility in Mexico as part of a venture into renewable energy. Sempra said it agreed to acquire the rights to develop a 250-megawatt wind-power project near La Rumorosa, a town in Baja California about 70 miles east of San Diego, where Sempra is based. It is buying the rights from Cannon Power Corp. One megawatt is enough to power about 750 average U.S. homes.
BUSINESS
May 3, 2007 | Elizabeth Douglass, Times Staff Writer
Utility owner Sempra Energy said Wednesday that its first-quarter earnings fell 11% and missed Wall Street expectations but blamed the shortfall on accounting rules that cut into commodities trading profit. Despite the profit slide, Sempra Chief Executive Don Felsinger said he was pleased with the results. He declared that San Diego-based Sempra, which owns Southern California Gas Co. and San Diego Gas & Electric Co., was on track to meet its full-year earnings estimate of $3.75 to $3.
BUSINESS
September 9, 2000 | CHRIS KRAUL, TIMES STAFF WRITER
Wholesale energy prices on the California Power Exchange continued to soar in August, pushing the state's utilities more than $3 billion into a financial hole and adding to calls for dismantling the state's deregulated power market. The chairman of Sempra Energy, parent of San Diego Gas & Electric, called on federal regulators Friday to scrap the power exchange as unworkable and suggested a new system of price controls, generation incentives and mandatory metering.
BUSINESS
March 28, 2006 | From Bloomberg News
Honeywell International Inc. agreed to buy the energy-services unit of Sempra Energy as companies look for ways to cut electricity and gas costs, the companies said Monday. Terms of the deal weren't disclosed. The energy-services group helps government, healthcare facilities, colleges and businesses reduce energy costs, said San Diego-based Sempra, parent of Southern California Gas Co. and San Diego Gas & Electric Co.
BUSINESS
April 12, 2007 | From Times staff and wire reports
Edison International, PG&E Corp. and Sempra Energy sued Los Angeles and 17 other cities and municipal utilities for $100 million for selling electricity at inflated prices during 2000-01. The public utilities sold power on the wholesale market during California's energy crisis at rates that the Federal Energy Regulatory Commission determined were "unjust, unreasonable, and unlawful," the energy companies said in the Los Angeles Superior Court lawsuit.
BUSINESS
March 30, 2007 | From Times Wire Services
Sempra Energy, parent of Southern California Gas Co. and San Diego Gas & Electric Co., on Thursday issued a forecast for 2008 earnings that was below Wall Street expectations. Net income will be $3.85 to $4.05 a share in 2008, San Diego-based Sempra said in a statement before a presentation to analysts. That projection falls short of analysts' consensus forecast of $4.15 a share, according to a Thomson Financial poll. Last month, Sempra raised its guidance for 2007 earnings to a range of $3.
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