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Sempra Energy

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.
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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
August 3, 2007 | From Times Wire Services
Sempra Energy said second-quarter profit fell 26% from last year even as its energy-trading business produced strong results. The company earned $277 million, or $1.05 a share, compared with $373 million, or $1.43, a year earlier. The 2006 figure included $188 million, or 72 cents a share, from selling a coal-fired power plant in Texas and other assets. Revenue climbed 7% to $2.66 billion.
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
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.
BUSINESS
December 28, 2006 | From the Associated Press
Sempra Energy said Wednesday that it would shed holdings in two natural gas distributors in Argentina and take a loss of about $200 million on an investment that soured when the country went into an economic tailspin five years ago. The San Diego-based company is seeking buyers for its 37% stake in Camuzzi Gas Pampeana and its 39% of Camuzzi del Sur, which serve a combined 1.5 million customers in central and southern Argentina.
BUSINESS
July 25, 2006 | Elizabeth Douglass and Marc Lifsher, Times Staff Writers
If there's anything comforting for Californians wilting in the seemingly endless run of triple-digit temperatures, it's that the kilowatt crunch of today has few forecasters talking about a market meltdown of the type the state endured in 2000-01. "The major difference is that we know the monster that we're dealing with. We can see it. It's Mother Nature that's really tasking us," said Michael Shames, executive director of the Utility Consumers' Action Network, a San Diego watchdog group.
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