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Displaying results 841 - 855 of 1201
Meals on Wheels West Honors Two SoCalGas Employees with 2019 Community Champion Award
LOS ANGELES, May 24, 2019 – Southern California Gas Co. (SoCalGas) announced that it has received the 2019 Community Champions by Meals on Wheels West (MOW West). Two employees, John Thompson, storage operations manager for SoCalGas, started delivering meals every Friday in 2004, and Sam Kunemoto, principal engineer for SoCalGas, joined the effort in 2005. MOW West’s Annual Volunteer Appreciation Breakfast was hosted by The Fairmont Miramar Hotel & Bungalows in Santa Monica today. The organization recognized SoCalGas for its support through their corporate philanthropy program and Thompson and Kunemoto for their more than 14 years of service. A photo is available here. “For more than a decade, Thompson and Kunemoto have steadfastly supported our mission each week by delivering meals to home-bound individuals living in Santa Monica,” Kevin McNulty, Chief Administrative Officer for Meals on Wheels West. “There is hidden hunger even in the most affluent communities. In 2018, MOW West served nearly 122,000 meals to more than 460 individuals and the need will continue to grow. Meals on Wheels West is grateful for the support and friendship of John, Sam and SoCalGas.” “SoCalGas is proud of Thompson and Kunemoto for generously giving their time and energy volunteering in the community,” said Mike Harriel, regional public affairs manager for SoCalGas. “In addition, our company supports their volunteer efforts through the Volunteer Incentive Program, a corporate philanthropic program.” “Sam and I appreciate the opportunity to be part of the great work at MOW West,” said John Thompson. “Volunteering is an enjoyable activity, we get to meet people, make new friends and deliver food that is essential to living. It doesn’t take too much time, plus it feels good to support such an important mission.” In 2018, SoCalGas invested more than $7.5 million to nearly 1,000 organizations across its service territory, benefiting in part underserved community groups in African American, Hispanic American, Asian Pacific American, and Native American communities. For more information about SoCalGas' charitable giving, please visit the 2018 Community Giving Report. Since 1974, MOW West has provided home-delivered meals to the veterans, disabled, ill, mobility impaired and seniors who are homebound and unable to provide for themselves. Home delivered meals reduces hunger and isolation for our homebound neighbors. MOW West serves residents living in Santa Monica, Pacific Palisades, Malibu, Venice and Marina Del Rey. It is a 501 (c)(3) not for profit organization. Our Mission Statement: Meals on Wheels West provides community-based services that nourish and enrich the lives of our home-delivered neighbors, of all ages, by providing nutritious meals, emergency preparedness and referrals to other services that promote independent living and wellbeing. About SoCalGas Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants. SoCalGas’ vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook .
SoCalGas Declares Preferred Dividends
LOS ANGELES, May 24, 2019 /PRNewswire/ -- The board of directors of Southern California Gas Co. (SoCalGas) has declared regular quarterly dividends for the preferred series stock of the company as follows: SoCalGas: Preferred Stock $0.375 per share Preferred Stock, Series A $0.375 per share The dividends are payable on July 15, 2019, to shareholders of record on June 10, 2019. About SoCalGas Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants. SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook . SOURCE Southern California Gas Company
Sempra LNG And Aramco Services Company Sign Heads Of Agreement For Port Arthur LNG
DHAHRAN, Saudi Arabia and SAN DIEGO, May 22, 2019 /PRNewswire/ -- Sempra Energy (NYSE:SRE) and Saudi Aramco today announced their respective subsidiaries, Sempra LNG and Aramco Services Company, have signed a heads of agreement (HOA). The HOA anticipates the negotiation and finalization of a definitive 20-year liquefied natural gas (LNG) sale-and-purchase agreement (SPA) for 5 million tonnes per annum (Mtpa) of LNG offtake from Phase 1 of the Port Arthur LNG export project under development. It also includes the negotiation and finalization of a 25% equity investment in Phase 1 of Port Arthur LNG. Amin Nasser, Saudi Aramco's CEO & President, said, "The agreement with Sempra LNG is a major step forward in Saudi Aramco's long term strategy to become a leading global LNG player. With global demand for LNG expected to grow by around 4% per year, and likely to exceed 500 million metric tons a year by 2035, we see significant opportunities in this market and we will continue to pursue strategic partnerships which enable us to meet rising global demand for LNG." "At Sempra Energy, we are developing one of the largest LNG export infrastructure portfolios in North America, with an eye towards connecting millions of consumers to cleaner, more reliable energy sources," said Jeffrey W. Martin, chairman and CEO of Sempra Energy. "We are pleased to partner with affiliates of Saudi Aramco, the largest oil and gas company in the world, to advance the development of Sempra LNG's natural gas liquefaction facility in Texas and enable the export of American natural gas to global markets." The proposed Port Arthur LNG Phase 1 project is expected to include two liquefaction trains, up to three LNG storage tanks and associated facilities that should enable the export of approximately 11 Mtpa of LNG on a long-term basis. Port Arthur LNG could be one of the largest LNG export projects in North America, with potential expansion capabilities up to eight liquefaction trains or approximately 45 Mtpa of capacity. Notes to Editors Earlier this month, the U.S. Department of Energy issued Port Arthur LNG's authorization to export domestically produced natural gas to countries that do not have a free trade agreement with the U.S. Last month, Port Arthur LNG and its affiliates received authorization from the Federal Energy Regulatory Commission to site, construct and operate the liquefaction export facility and related natural gas pipelines. Port Arthur LNG is one of Sempra LNG's five strategically located LNG development opportunities in North America and is a component of Sempra LNG's goal of delivering 45 Mtpa of clean natural gas to the global LNG market. Development of Sempra Energy's LNG export projects is contingent upon obtaining additional customer commitments, completing the required commercial agreements, securing all necessary permits, obtaining financing, incentives and other factors, and reaching a final investment decision. The ultimate participation by Aramco Services Company and its affiliates in the Port Arthur LNG project remains subject to finalization of definitive agreements, among other factors. About Aramco Services Company Aramco Services Company (ASC) is the U.S.-based subsidiary of Saudi Aramco, a world leader in integrated energy and chemicals, and has had a presence in the U.S. for more than 60 years. ASC is a contributor to the U.S. energy sector through employment, partnerships with energy peers and oil services companies, joint industry and academic collaborations, and research and technology development. The company is headquartered in Houston, and maintains offices in New York, Washington D.C., Boston, and Detroit. ASC is committed to being a positive contributor in the communities where its employees live and work, and to making a difference through outreach that benefits the arts, geosciences, education and the environment. www.aramcoservices.com About Saudi Aramco Saudi Aramco is a global integrated energy and chemicals company. We are driven by the core belief that energy is opportunity. From producing approximately one in every eight barrels of the world's oil supply to developing new energy technologies, our global team is dedicated to creating impact in all that we do. We focus on making our resources more dependable, more sustainable and more useful. This helps promote stability and long-term growth around the world. www.saudiaramco.com Media Relations: international.media@aramco.com l @Saudi_Aramco About Sempra Energy Sempra Energy's mission is to be North America's premier energy infrastructure company. With 2018 reported revenues of more than $11.6 billion, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees are focused on delivering energy with purpose to approximately 40 million consumers worldwide. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and social responsibility, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. Media Contact: Amber Albrecht, media@sempra.com Financial Contact: Patrick Billings, investor@sempra.com SOURCE Sempra Energy
SoCalGas Issues Statement on Blade's Analysis of Aliso Canyon Well Failure
LOS ANGELES, May 17, 2019 /PRNewswire/ -- Earlier today, Blade Energy Partners (Blade) published a report detailing its analysis of the 2015 natural gas leak at SoCalGas' Aliso Canyon storage facility. The investigation was conducted at the direction of the California Public Utilities Commission and the Division of Oil, Gas and Geothermal Resources. The report concluded that a rupture in the outer casing of the well occurred on the morning of October 23, 2015, followed hours later by a complete separation of the casing. According to the report, microbial induced corrosion caused the metal in the outer casing to thin, which led to the rupture. Blade's report confirms SoCalGas complied with gas storage regulations in existence at the time of the leak. Blade also determined that SoCalGas' current practices and new state regulations address most, if not all, of the causes identified in the report. SoCalGas is still reviewing the report and issued the following media statement in response to the report's release: "The release of this report marks an important milestone in helping the region and California move forward from the Aliso Canyon natural gas leak. The leak was an industry changing event resulting in the development and implementation of enhanced safety regulations and practices. "Today Aliso Canyon is safe to operate and Blade's report indicates the industry leading safety enhancements and new regulations put in place after the leak should prevent this type of incident from occurring again. "While we are still reviewing the report released today, we appreciate Blade acknowledging SoCalGas' full cooperation and support. "Within two days of discovering the leak, we brought in Boots & Coots, the world's preeminent well control company, best known for controlling hundreds of wells during the Persian Gulf War. The leak at Aliso Canyon was stopped on February 11, 2016. "In the months after the leak was stopped, SoCalGas and state regulators, who worked in consultation with independent experts at the U.S. Department of Energy's National Labs, conducted a comprehensive safety review at Aliso Canyon. That review and safety enhancements SoCalGas completed have been recognized as the most rigorous and comprehensive in the nation. "The Blade report confirms SoCalGas complied with gas storage regulations in existence at the time of the leak and that the related compliance activities conducted prior to the leak did not find indications of a casing integrity issue. In Blade's opinion, there were measures, though not required by the gas storage regulations at the time, that could have been taken to aid in the early identification of corrosion and that, in their opinion, would have prevented or mitigated the leak. "We look forward to reviewing the report in detail and to receiving the supplementary reports, so we can better understand the technical basis for some of Blade's conclusions." This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, mission opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements. Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Los Angeles County Department of Public Health, U.S. Environmental Protection Agency, Federal Energy Regulatory Commission, Pipeline and Hazardous Materials Safety Administration, states, cities and counties, and other regulatory and governmental bodies in the U.S.; the success of business development efforts and construction projects, including risks in: (i) obtaining or maintaining authorizations; (ii) completing construction projects on schedule and budget; (iii) obtaining the consent of partners; (iv) counterparties' ability to fulfill contractual commitments; and (v) the ability to realize anticipated benefits from any of these efforts once completed; the resolution of civil and criminal litigation and regulatory investigations and proceedings; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements; delays in, or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; moves to reduce or eliminate reliance on natural gas; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; changes in capital markets, energy markets and economic conditions, including the availability of credit; and volatility in currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; the impact of federal or state tax reform and our ability to mitigate adverse impacts ; and other uncertainties, some of which may be difficult to predict and are beyond our control. These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise. Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission. SOURCE Southern California Gas Company
SoCalGas Granted Approval from California Public Utilities Commission to Move Forward with Dairy Biomethane Projects
LOS ANGELES, May 16, 2019 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced the utility received approval from the California Public Utilities Commission (CPUC) to begin the next phase in construction of four new dairy biomethane projects in California. Last week, the CPUC approved the contracts signed between SoCalGas and the developers of the four projects for the construction of infrastructure that will connect each biomethane facility to the SoCalGas pipeline system. This approval now allows SoCalGas to move forward, starting with the design and engineering phase. When completed, biogas from anaerobic digesters at 35 dairies will be collected and then cleaned to produce pipeline-quality renewable natural gas. The new projects represent four of six pilot projects in the San Joaquin and Sacramento Valleys selected by the CPUC, the Air Resources Board (CARB) and the Department of Food and Agriculture in December 2018. These new dairy biomethane facilities will significantly reduce greenhouse gas emissions by harnessing methane emissions from dairy digesters and converting that energy into renewable natural gas (RNG) which can be used to heat homes and businesses, for cooking and to fuel trucks and buses. The facilities are targeted to be completed by December 2020 and combined, will have the ability to produce enough renewable natural gas to fuel close to 40,000 homes each year. Today, there are about 37 dairy methane capture projects either operating or in development, and experts estimate there could be as many as 120 projects funded and operating in the next five years. In addition, as the state seeks to divert organic waste from landfills and capture emissions from wastewater treatment plants, more locally produced RNG will become available. "In the last year we began injecting RNG into the SoCalGas system through a project at an anaerobic digester in Perris and a dairy digester pipeline cluster in Pixley," said Sharon Tomkins, vice president of strategy and engagement for SoCalGas. "We look forward to bringing these four dairy biomethane projects online as we all work to help achieve California's ambitious environmental goals." Earlier this year, SoCalGas announced plans to offer RNG to its 21 million customers in Central and Southern California. The program is part of the SoCalGas' overall vision to be the cleanest natural gas utility in North America. As part of this plan, the utility committed to displacing 20 percent of its traditional natural gas supply with RNG by 2030 and replacing five percent of the traditional gas supply with RNG by 2022. State law requires 40 percent of methane from California's dairies and other waste sectors to be captured, with provisions to deliver that energy to customers. This will bolster the supply of RNG that is already growing rapidly as cities and towns across the country look to divert organic waste from landfills. In California, scientists at the University of California, Davis estimate that the state's existing organic waste could produce enough RNG to meet the needs of 2.3 million homes. Research shows that replacing about 20 percent of California's traditional natural gas supply with RNG would lower emissions equal to retrofitting every building in the state to run on electric only energy and at a fraction of the cost. Using RNG in buildings can be two to three times less expensive than any all-electric strategy and does not require families or businesses to purchase new appliances or take on costly construction projects. SoCalGas recently released a broad, inclusive and integrated plan to help achieve California's ambitious environmental goals in a paper titled California's Clean Energy Future: Imagine the Possibilities. The plan embraces an all-of-the-above approach to fight climate change, keeps energy affordability as a key focus, calls for developing long-term renewable energy storage using existing infrastructure, and can aid in promoting rapid consumer adoption. RNG is one of many tools California will need to achieve its environmental goals. You can read SoCalGas' plan at www.socalgas.com/vision. About SoCalGas Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants. SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook . SOURCE Southern California Gas Company
Sempra Energy Celebrates Operational Milestones At Cameron LNG
SAN DIEGO, May 14, 2019 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today celebrated the completion of construction of Train 1 of the Cameron LNG export project in Hackberry, La., with a group of international, federal, state and local officials, including the U.S. president and members of the U.S. administration. The celebratory visit coincided with today's announcement that Cameron LNG is producing liquefied natural gas (LNG) from the first liquefaction train of the three-train facility, a major commissioning milestone. Sempra Energy set a goal in 2018 to become the largest developer of North American LNG export infrastructure, targeting 45 million tonnes per annum of LNG export capacity to serve global markets. "With a renaissance in domestic energy production, Sempra Energy is pleased to advance America as one of the world's largest exporters of LNG," said Jeffrey W. Martin, chairman and CEO of Sempra Energy. "We are committed to providing a cleaner fuel source to the global markets while supporting job creation right here at home." Over 11,000 highly skilled workers have contributed to the construction of this U.S. energy infrastructure project, including welders, iron workers, insulators, electricians, construction workers, logistics professionals and other important vocations. Cameron LNG Phase 1 is one of five LNG projects Sempra Energy is developing in North America. Other projects under development include Cameron LNG Phase 2, previously authorized by the Federal Energy Regulatory Commission (FERC), which could include up to two additional liquefaction trains and up to two additional LNG storage tanks; Port Arthur LNG in Texas, which recently was approved by FERC; and Energía Costa Azul LNG Phase 1 and Phase 2 in Mexico. "Sempra Energy is developing five world-class projects that offer more choice to our customers, including brown-field locations, access to both the Asian and European markets, and flexibility and scalability to meet growing demand," added Martin. Development of Sempra Energy's LNG export projects are contingent upon obtaining binding customer commitments, completing the required commercial agreements, securing all necessary permits, obtaining financing, other factors, and reaching final investment decisions. In addition, the ability to successfully complete construction projects, such as the Cameron LNG export project, is subject to a number of risks and uncertainties. Cameron LNG is jointly owned by affiliates of Sempra LNG, Total, Mitsui & Co., Ltd., and Japan LNG Investment, LLC, a company jointly owned by Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha (NYK). Sempra Energy indirectly owns 50.2% of Cameron LNG. Sempra Energy's mission is to be North America's premier energy infrastructure company. With 2018 reported revenues of more than $11.6 billion, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees are focused on delivering energy with purpose to approximately 40 million consumers worldwide. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and social responsibility, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. Visit sempra.com/mediakits for high resolution, downloadable images and b-roll, Martin's full remarks, and additional facts about Sempra LNG and Cameron LNG. This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, mission, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements. Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations and issuances of authorizations by the U.S. Department of Energy, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency and Pipeline and Hazardous Materials Safety Administration, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the success of business development efforts and construction projects, including risks in (i) obtaining or maintaining authorizations; (ii) completing construction projects on schedule and budget; (iii) obtaining the consent of partners; (iv) counterparties' ability to fulfill contractual commitments; and (v) the ability to realize anticipated benefits from any of these efforts once completed; the availability of natural gas and liquefied natural gas, and natural gas pipeline and storage capacity; equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to storage and pipeline infrastructure, the information and systems used to operate our businesses; the impact of federal and state tax reform and our ability to mitigate adverse impacts; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to or the replacement of international trade agreements, and changes that make our exports less competitive or otherwise restrict our ability to export; and other uncertainties, some of which may be difficult to predict and are beyond our control. These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise. Sempra LNG and Port Arthur LNG, LLC are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), or Oncor Electric Delivery Company LLC (Oncor) and are not regulated by the California Public Utilities Commission. SOURCE Sempra Energy
Cameron LNG Begins Production At Train 1 Of Liquefaction-Export Facility
SAN DIEGO, May 14, 2019 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that Cameron LNG has begun producing liquefied natural gas (LNG) from the first liquefaction train of the Cameron LNG export project in Hackberry, La. "Reaching this important milestone of first LNG production is truly a credit to the team at Cameron LNG and the work they've done to reach this point," said Lisa Glatch, chief operating officer of Sempra LNG and board chair for Cameron LNG. "Cameron LNG expects to load cargoes in the coming weeks – another major step forward to bringing cleaner, affordable energy to global markets." Cameron LNG completed all major construction activities for Train 1 of the liquefaction-export project and began the commissioning and start-up process in November 2018. Last month, the facility began receiving gas flow for testing as it reached the final stage of the commissioning process. Phase 1 of the Cameron LNG export project includes the first three liquefaction trains that will enable the export of approximately 12 million tonnes per annum of LNG, or approximately 1.7 billion cubic feet per day. Cameron LNG is jointly owned by affiliates of Sempra LNG, Total, Mitsui & Co., Ltd., and Japan LNG Investment, LLC, a company jointly owned by Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha (NYK). Sempra Energy indirectly owns 50.2% of Cameron LNG. Cameron LNG Phase 1 is one of five LNG export projects Sempra Energy is developing in North America. The other projects include Cameron LNG Phase 2, previously authorized by the Federal Energy Regulatory Commission (FERC), which could include up to two additional liquefaction trains and up to two additional LNG storage tanks; Port Arthur LNG in Texas, which recently was approved by FERC; and Energía Costa Azul (ECA) LNG Phase 1 and Phase 2 in Mexico. Development of Sempra Energy's LNG export projects is contingent upon obtaining binding customer commitments, completing the required commercial agreements, securing all necessary permits, obtaining financing, other factors, and reaching final investment decisions. In addition, the ability to successfully complete construction projects, such as the Cameron LNG export project, is subject to a number of risks and uncertainties. Sempra Energy's mission is to be North America's premier energy infrastructure company. With 2018 reported revenues of more than $11.6 billion, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees are focused on delivering energy with purpose to approximately 40 million consumers worldwide. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and social responsibility, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. Visit sempra.com/mediakits for high resolution, downloadable images and b-roll, and additional facts about Sempra LNG and Cameron LNG. This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, mission, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements. Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations and issuances of authorizations by the U.S. Department of Energy, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency and Pipeline and Hazardous Materials Safety Administration, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the success of business development efforts and construction projects, including risks in (i) obtaining or maintaining authorizations; (ii) completing construction projects on schedule and budget; (iii) obtaining the consent of partners; (iv) counterparties' ability to fulfill contractual commitments; and (v) the ability to realize anticipated benefits from any of these efforts once completed; the availability of natural gas and liquefied natural gas, and natural gas pipeline and storage capacity; equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to storage and pipeline infrastructure, the information and systems used to operate our businesses; the impact of federal and state tax reform and our ability to mitigate adverse impacts; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to or the replacement of international trade agreements, and changes that make our exports less competitive or otherwise restrict our ability to export; and other uncertainties, some of which may be difficult to predict and are beyond our control. These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise. Sempra LNG and Port Arthur LNG, LLC are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), or Oncor Electric Delivery Company LLC (Oncor) and are not regulated by the California Public Utilities Commission. SOURCE Sempra Energy
Sempra Energy Names George W. Bilicic Group President
SAN DIEGO, May 13, 2019 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that George W. Bilicic has been named group president for Sempra Energy, effective upon completion of his service at Lazard later this year. Bilicic will lead the company's strategy, corporate development, and legal activities, reporting to Jeffrey W. Martin, chairman and CEO of Sempra Energy. Bilicic is currently a vice chairman of investment banking with Lazard Ltd, a New York-based investment banking firm. He also serves as global head of power, energy and infrastructure and head of Midwest investment banking. " George Bilicic is a well-respected advisor and leader in our industry and I could not be more pleased that he is joining the Sempra team," said Martin. "He is an outstanding strategist, with a background in the law and especially deep experience in the capital markets. He also has a uniquely broad perspective on our industry. I look forward to him joining our world-class executive team and together building on Sempra's continued success as we advance our mission to become North America's premier energy infrastructure company." Prior to joining Lazard, Bilicic served as managing director and head of infrastructure at KKR, a global investment firm. He also served as a managing director at Merrill Lynch in its mergers and acquisitions department and was a partner in the law firm of Cravath, Swaine & Moore. Bilicic serves on the boards of directors of Polaris Industries and The HistoryMakers, and the boards of trustees of the Mayo Clinic and the Museum of Science and Industry. He also serves on the Georgetown University Law Center Board of Visitors. Bilicic holds a bachelor's degree from DeSales University and a law degree from Georgetown University. Sempra Energy's mission is to be North America's premier energy infrastructure company. With 2018 reported revenues of more than $11.6 billion, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees are focused on delivering energy with purpose to approximately 40 million consumers worldwide. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and social responsibility, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infrastructure Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission. SOURCE Sempra Energy
Sempra Energy Reports Higher First-Quarter 2019 Earnings
SAN DIEGO, May 7, 2019 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today reported first-quarter 2019 earnings of $441 million, or $1.59 per diluted share, up from first-quarter 2018 earnings of $347 million, or $1.33 per diluted share. On an adjusted basis, the company's first-quarter 2019 earnings increased to $534 million, or $1.92 per diluted share, from $372 million, or $1.43 per diluted share, in the first quarter 2018. "Our earnings performance this quarter reflects our strategic focus, improved capital investments and commitment to a high-performance culture, as we work to achieve our mission to be North America's premier energy infrastructure company," said Jeffrey W. Martin, chairman and CEO of Sempra Energy. "Sempra Energy is well positioned at the intersection of two key trends – the transition toward cleaner energy, and the U.S.' rise as a global energy leader – and this creates a unique opportunity for our company's continued growth." These financial results reflect certain significant items, as described on an after-tax basis in the following table of GAAP earnings reconciled to adjusted earnings for the first quarter of 2018 and 2019. Three months ended March 31 (Unaudited; Dollars, except EPS, and shares, in millions) 2019 2018 GAAP Earnings $ 441 $ 347 Tax Impacts From Expected Sale of South American Businesses (1) 93 - Impact From the Tax Cuts and Jobs Act of 2017 - 25 Adjusted Earnings (2) $ 534 $ 372 Adjusted diluted weighted-average shares outstanding (2),(3) 291 259 Adjusted Earnings Per Diluted Common Share (2) $ 1.92 (4) $ 1.43 GAAP diluted weighted-average shares outstanding 277 259 GAAP Earnings Per Diluted Common Share $ 1.59 $ 1.33 1) $103 million increase to adjusted earnings due to change in indefinite reinvestment assertion of basis differences in discontinued operations, partially offset by $10 million reduction in tax valuation allowance against certain NOL carryforwards at Parent & Other. 2) Sempra Energy Adjusted Earnings, Adjusted EPS and Adjusted Diluted Weighted-Average Shares Outstanding are non-GAAP financial measures. See Table A for information regarding non-GAAP financial measures and descriptions of adjustments above. 3) Adjusted diluted weighted-average shares outstanding include 13,951 shares of Series A mandatory convertible preferred stock for the three months ended March 31, 2019 due to their dilutive effect. 4) Preferred dividends of $26 million have been added back to adjusted earnings for the three months ended March 31, 2019 because of the dilutive effect of Series A mandatory convertible preferred stock. OPERATING HIGHLIGHTS In April, Oncor Electric Delivery Company LLC (Oncor) and Sempra Energy reached a settlement agreement with several Texas stakeholders for Oncor's proposed acquisition of InfraREIT, Inc. and Sempra Energy's proposed acquisition of 50% of Sharyland Utilities, LP. The last regulatory step in the transaction is approval of a final order from the Public Utility Commission of Texas (PUCT). If approved by the PUCT, Oncor and Sempra Energy expect to close the transaction in mid-2019. San Diego Gas & Electric Company and Southern California Gas Co. are awaiting a proposed decision for their 2019 General Rate Case from the California Public Utilities Commission (CPUC), which is expected in mid-2019. Additionally, the California utilities filed their application in the Cost-of-Capital proceeding with the CPUC on April 22. Sempra Energy also announced in April that Cameron LNG has begun pipeline feed gas flow to the first liquefaction train, which is the final commissioning step for Train 1 of the liquefaction-export facility in Hackberry, La. Production of LNG at the facility is expected to occur this quarter. In March, Sempra Energy also increased its projected share of full run-rate earnings from the first three trains at Cameron LNG to be between $400 million and $450 million annually, up from the previous projection of $365 million to $425 million. Sempra Energy expects to begin recognizing earnings from Train 1 in mid-2019. Additionally, IEnova recently announced two new capacity contracts with a global integrated oil company. This included an additional contract for 740,000 barrels of storage at the previously announced Manzanillo marine terminal development project, as well as the storage of up to 290,000 barrels of capacity at a new storage terminal project in Guadalajara. The Guadalajara terminal is IEnova's seventh terminal project and one of 12 projects currently in development or under construction. The sales process of Sempra Energy's equity interests in its South American businesses, including its 83.6% stake in Luz del Sur S.A.A. in Peru and 100% stake in Chilquinta Energía S.A. in Chile, also remains on track. First-round bids are expected in June. 2019 EARNINGS GUIDANCE Sempra Energy today affirmed its 2019 adjusted earnings-per-share guidance range of $5.70 to $6.30 and 2020 earnings-per-share guidance range of $6.70 to $7.50. The earnings-per-share guidance range for 2020 does not include impacts from the planned sale of Sempra Energy's South American businesses. NON-GAAP FINANCIAL MEASURES Non-GAAP financial measures for Sempra Energy include first-quarter 2018 and 2019 adjusted earnings, adjusted diluted weighted-average shares outstanding, adjusted earnings per share and 2019 adjusted earnings-per-share guidance. See Table A for additional information regarding these non-GAAP financial measures. INTERNET BROADCAST Sempra Energy will broadcast a live discussion of its earnings results over the Internet today at 12 p.m. ET with senior management of the company. Access is available by logging onto the website at www.sempra.com. For those unable to log onto the live webcast, the teleconference will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 7994290. Sempra Energy's mission is to be North America's premier energy infrastructure company. With 2018 reported revenues of more than $11.6 billion, the San Diego- based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees are focused on delivering energy with purpose to approximately 40 million consumers worldwide. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and social responsibility, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions, or when we discuss our guidance, strategy, plans, goals, vision, mission, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements. Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to the greater degree and prevalence of wildfires in California in recent years and the risk that we may be found liable for damages regardless of fault, such as where inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California; actions and the timing of actions, including decisions, new regulations and issuances of authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Los Angeles County Department of Public Health, U.S. Environmental Protection Agency, Federal Energy Regulatory Commission, Pipeline and Hazardous Materials Safety Administration, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the success of business development efforts, construction projects, major acquisitions, divestitures and internal structural changes, including risks in (i) obtaining or maintaining authorizations; (ii) completing construction projects on schedule and budget; (iii) obtaining the consent of partners; (iv) counterparties' ability to fulfill contractual commitments; (v) winning competitively bid infrastructure projects; (vi) disruption caused by the announcement of contemplated acquisitions and/or divestitures or internal structural changes; (vii) the ability to complete contemplated acquisitions and/or divestitures; and (viii) the ability to realize anticipated benefits from any of these efforts once completed; the resolution of civil and criminal litigation and regulatory investigations and proceedings; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements; delays in, or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; and moves to reduce or eliminate reliance on natural gas; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; actions of activist shareholders, which could impact the market price of our securities and disrupt our operations as a result of, among other things, requiring significant time by management and our board of directors; changes in capital markets, energy markets and economic conditions, including the availability of credit; and volatility in currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; the impact of federal or state tax reform and our ability to mitigate adverse impacts; changes in foreign and domestic trade policies and laws, including border tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement or the United States-Mexico-Canada Agreement (subject to congressional approval), that may increase our costs or impair our ability to resolve trade disputes; expropriation of assets by foreign governments and title and other property disputes; the impact at San Diego Gas & Electric Company on competitive customer rates and reliability of electric transmission and distribution systems due to the growth in distributed and local power generation and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation and the potential risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements and other regulatory and governance commitments, including the determination by a majority of Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; and other uncertainties, some of which may be difficult to predict and are beyond our control. These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov , and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise. Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission. SEMPRA ENERGY Table A CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three months ended March 31, (Dollars in millions, except per share amounts; shares in thousands) 2019 2018 (1) (unaudited) REVENUES Utilities $ 2,515 $ 2,190 Energy-related businesses 383 346 Total revenues 2,898 2,536 EXPENSES AND OTHER INCOME Utilities: Cost of natural gas (531) (348) Cost of electric fuel and purchased power (256) (271) Energy-related businesses cost of sales (108) (69) Operation and maintenance (832) (741) Depreciation and amortization (383) (372) Franchise fees and other taxes (130) (117) Other income, net 82 152 Interest income 21 29 Interest expense (260) (206) Income from continuing operations before income taxes and equity earnings (losses) of unconsolidated entities 501 593 Income tax expense (42) (242) Equity earnings (losses) 101 (21) Income from continuing operations, net of income tax 560 330 (Loss) income from discontinued operations, net of income tax (42) 28 Net income 518 358 (Earnings) losses attributable to noncontrolling interests (41) 17 Mandatory convertible preferred stock dividends (36) (28) Earnings attributable to common shares $ 441 $ 347 Basic earnings (losses) per common share: Earnings from continuing operations attributable to common shares $ 1.79 $ 1.26 (Losses) earnings from discontinued operations attributable to common shares $ (0.19) $ 0.08 Earnings attributable to common shares $ 1.60 $ 1.34 Weighted-average common shares outstanding 274,674 257,932 Diluted earnings (losses) per common share: Earnings from continuing operations attributable to common shares $ 1.78 $ 1.25 (Losses) earnings from discontinued operations attributable to common shares $ (0.19) $ 0.08 Earnings attributable to common shares $ 1.59 $ 1.33 Weighted-average common shares outstanding 277,228 259,490 (1) Amounts have been retrospectively adjusted for discontinued operations SEMPRA ENERGY Table A (Continued) RECONCILIATION OF SEMPRA ENERGY ADJUSTED EARNINGS TO SEMPRA ENERGY GAAP EARNINGS (Unaudited) Sempra Energy Adjusted Earnings and Adjusted Earnings Per Common Share (Adjusted EPS) exclude items in 2019 and 2018 as follows: Three months ended March 31, 2019: Associated with holding the South American businesses for sale: $(103) million income tax expense from outside basis differences in our South American businesses primarily related to the change in our indefinite reinvestment assertion from our decision in January 2019 to hold these businesses for sale $10 million income tax benefit from a reduction in a valuation allowance against certain net operating loss (NOL) carryforwards as a result of our decision to sell our South American businesses Three months ended March 31, 2018: $(25) million income tax expense to adjust the Tax Cuts and Jobs Act of 2017 (TCJA) provisional amounts recorded in 2017 Sempra Energy Adjusted Earnings, Weighted-Average Shares Outstanding – Adjusted and Adjusted EPS are non-GAAP financial measures (GAAP represents accounting principles generally accepted in the United States of America). Because of the significance and/or nature of the excluded items, management believes that these non-GAAP financial measures provide a meaningful comparison of the performance of Sempra Energy's business operations from 2019 to 2018 and to future periods. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles for historical periods these non-GAAP financial measures to Sempra Energy GAAP Earnings, Weighted-Average Shares Outstanding – GAAP and GAAP Diluted Earnings Per Common Share (GAAP EPS), which we consider to be the most directly comparable financial measures calculated in accordance with GAAP. Income taxexpense(benefit) Earnings Income taxexpense Earnings (Dollars in millions, except per share amounts; shares in thousands) Three months ended March 31, 2019 Three months ended March 31, 2018 Sempra Energy GAAP Earnings $ 441 $ 347 Excluded items: Associated with holding the South American businesses for sale: Change in indefinite reinvestment assertion of basis differences in discontinued operations $ 103 103 $ — — Reduction in tax valuation allowance against certain NOL carryforwards (10) (10) — — Impact from the TCJA — 25 25 Sempra Energy Adjusted Earnings $ 534 $ 372 Diluted earnings per common share: Sempra Energy GAAP Earnings $ 441 $ 347 Weighted-average shares outstanding, diluted – GAAP 277,228 259,490 Sempra Energy GAAP EPS $ 1.59 $ 1.33 Sempra Energy Adjusted Earnings for Adjusted EPS (1) $ 560 $ 372 Weighted-average shares outstanding, diluted – Adjusted (1) 291,179 259,490 Sempra Energy Adjusted EPS (1) $ 1.92 $ 1.43 (1) In the three months ended March 31, 2019, the assumed conversion of the series A preferred stock and the series B preferred stock are antidilutive for GAAP earnings, however, the series A preferred stock is dilutive for the higher Adjusted Earnings. As such, the series A preferred stock dividends of $26 million have been added back to the numerator and the dilutive effect of the series A preferred stock shares of 13,951 has been added to the denominator when calculating Adjusted EPS. SEMPRA ENERGY Table A (Continued) SEMPRA ENERGY 2019 ADJUSTED EPS GUIDANCE RANGE (Unaudited) Sempra Energy 2019 Adjusted EPS Guidance Range of $5.70 to $6.30 excludes: $103 million income tax expense recorded in the first quarter of 2019 from outside basis differences in our South American businesses primarily related to the change in our indefinite reinvestment assertion from our decision in January 2019 to hold these businesses for sale $10 million income tax benefit from a reduction in a valuation allowance against certain NOL carryforwards as a result of our decision to sell our South American businesses an approximate $35 million after-tax (1) (approximately $50 million pretax) gain, plus working capital and other customary adjustments, related to our sale of the remaining U.S. renewables assets and investments to American Electric Power, which closed in April 2019 any potential gain from the planned sale of our South American businesses Sempra Energy 2019 Adjusted EPS Guidance is a non-GAAP financial measure. Because of the significance and nature of the excluded items, management believes that this non-GAAP financial measure provides better clarity into the ongoing results of the business and the comparability of such results to prior and future periods. Sempra Energy 2019 Adjusted EPS Guidance should not be considered an alternative to GAAP EPS Guidance. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. Because the sale process for the planned divestiture of our South American businesses initiated in January 2019 is ongoing, the terms and structure of any potential sale transaction or transactions are unknown, including the terms that would impact the final income tax expense resulting from the expected change in our assertion regarding indefinite reinvestment of foreign undistributed earnings, including timing and amounts of repatriation of such earnings. As a result, 2019 GAAP EPS Guidance, the most directly comparable financial measure calculated in accordance with GAAP, is inestimable. (1) Income taxes on estimated gain were calculated based on applicable statutory tax rates. SEMPRA ENERGY Table B CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in millions) March 31,2019 December 31,2018 (1) (unaudited) Assets Current assets: Cash and cash equivalents $ 78 $ 102 Restricted cash 41 35 Accounts receivable, net 1,542 1,535 Due from unconsolidated affiliates 50 37 Income taxes receivable 121 60 Inventories 189 258 Regulatory assets 87 138 Greenhouse gas allowances 61 59 Assets held for sale 374 713 Assets held for sale in discontinued operations 457 459 Other 262 249 Total current assets 3,262 3,645 Other assets: Restricted cash 21 21 Due from unconsolidated affiliates 668 644 Regulatory assets 1,838 1,589 Nuclear decommissioning trusts 1,037 974 Investment in Oncor Holdings 9,748 9,652 Other investments 2,290 2,320 Goodwill 1,602 1,602 Other intangible assets 222 224 Dedicated assets in support of certain benefit plans 413 416 Insurance receivable for Aliso Canyon costs 477 461 Deferred income taxes 139 141 Greenhouse gas allowances 353 289 Right-of-use assets – operating leases 612 — Assets held for sale in discontinued operations 3,388 3,259 Sundry 850 962 Total other assets 23,658 22,554 Property, plant and equipment, net 34,698 34,439 Total assets $ 61,618 $ 60,638 (1) Derived from audited financial statements, which have been retrospectively adjusted for discontinued operations. SEMPRA ENERGY Table B (Continued) CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in millions) March 31,2019 December 31,2018 (1) (unaudited) Liabilities and Equity Current liabilities: Short-term debt $ 2,523 $ 2,024 Accounts payable, net 1,155 1,298 Due to unconsolidated affiliates 10 10 Dividends and interest payable 496 480 Accrued compensation and benefits 264 440 Regulatory liabilities 523 105 Current portion of long-term debt and finance leases 2,152 1,644 Reserve for Aliso Canyon costs 60 160 Greenhouse gas obligations 61 59 Liabilities held for sale in discontinued operations 375 368 Other 993 935 Total current liabilities 8,612 7,523 Long-term debt and finance leases 19,738 20,903 Deferred credits and other liabilities: Due to unconsolidated affiliates 38 37 Pension and other postretirement benefit plan obligations, net of plan assets 1,155 1,143 Deferred income taxes 2,622 2,321 Deferred investment tax credits 23 24 Regulatory liabilities 3,996 4,016 Asset retirement obligations 2,795 2,786 Greenhouse gas obligations 174 131 Liabilities held for sale in discontinued operations 1,046 1,013 Deferred credits and other 1,949 1,493 Total deferred credits and other liabilities 13,798 12,964 Equity: Sempra Energy shareholders' equity 17,346 17,138 Preferred stock of subsidiary 20 20 Other noncontrolling interests 2,104 2,090 Total equity 19,470 19,248 Total liabilities and equity $ 61,618 $ 60,638 (1) Derived from audited financial statements, which have been retrospectively adjusted for discontinued operations. SEMPRA ENERGY Table C CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Three months ended March 31, (Dollars in millions) 2019 2018 (1) (unaudited) Cash Flows from Operating Activities Net income $ 518 $ 358 Loss (income) from discontinued operations, net of income tax 42 (28) Income from continuing operations, net of income tax 560 330 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 383 372 Deferred income taxes and investment tax credits 24 202 Equity (earnings) losses (101) 21 Share-based compensation expense 21 15 Fixed-price contracts and other derivatives (27) (35) Other 13 7 Intercompany activities with discontinued operations, net 31 — Net change in other working capital components 169 101 Insurance receivable for Aliso Canyon costs (16) (29) Changes in other noncurrent assets and liabilities, net (199) (94) Net cash provided by continuing operations 858 890 Net cash provided by discontinued operations 93 76 Net cash provided by operating activities 951 966 Cash Flows from Investing Activities Expenditures for property, plant and equipment (783) (979) Expenditures for investments and acquisitions, net of cash and cash equivalents acquired (94) (9,617) Proceeds from sale of assets 327 — Purchases of nuclear decommissioning trust assets (225) (210) Proceeds from sales of nuclear decommissioning trust assets 225 210 Advances to unconsolidated affiliates — (81) Repayments of advances to unconsolidated affiliates 3 1 Intercompany activities with discontinued operations, net — (3) Other 7 35 Net cash used in continuing operations (540) (10,644) Net cash used in discontinued operations (70) (58) Net cash used in investing activities (610) (10,702) Cash Flows from Financing Activities Common dividends paid (232) (194) Preferred dividends paid (36) — Issuances of mandatory convertible preferred stock, net of $32 in offering costs — 1,693 Issuances of common stock, net of $24 in offering costs in 2018 11 1,278 Repurchases of common stock (14) (19) Issuances of debt (maturities greater than 90 days) 304 5,949 Payments on debt (maturities greater than 90 days) and finance leases (837) (154) Increase in short-term debt, net 497 1,149 Purchases of and distributions to noncontrolling interests (27) (3) Intercompany activities with discontinued operations, net (2) 67 Other — (82) Net cash (used in) provided by continuing operations (336) 9,684 Net cash used in discontinued operations (45) (6) Net cash (used in) provided by financing activities (381) 9,678 Effect of exchange rate changes in continuing operations — 1 Effect of exchange rate changes in discontinued operations 1 — Effect of exchange rate changes on cash, cash equivalents and restricted cash 1 1 Decrease in cash, cash equivalents and restricted cash, including discontinued operations (39) (57) Cash, cash equivalents and restricted cash, including discontinued operations, January 1 246 364 Cash, cash equivalents and restricted cash, including discontinued operations, March 31 $ 207 $ 307 (1) Amounts have been retrospectively adjusted for discontinued operations. SEMPRA ENERGY Table D SEGMENT EARNINGS (LOSSES) AND CAPITAL EXPENDITURES, INVESTMENTS AND ACQUISITIONS Three months endedMarch 31, (Dollars in millions) 2019 2018 (1) (unaudited) Earnings (Losses) SDG&E $ 176 $ 170 SoCalGas 264 225 Sempra Texas Utility 94 15 Sempra Mexico 57 20 Sempra Renewables 13 21 Sempra LNG 5 (16) Parent and other (117) (109) Discontinued operations (51) 21 Total $ 441 $ 347 Three months endedMarch 31, (Dollars in millions) 2019 2018 (1) (unaudited) Capital Expenditures, Investments and Acquisitions SDG&E $ 356 $ 475 SoCalGas 324 403 Sempra Texas Utility 56 9,161 Sempra Mexico 85 87 Sempra Renewables — 31 Sempra LNG 56 46 Parent and other — 393 Total $ 877 $ 10,596 (1) Amounts have been retrospectively adjusted for discontinued operations. SEMPRA ENERGY Table E OTHER OPERATING STATISTICS (Unaudited) Three months endedMarch 31, UTILITIES 2019 2018 SDG&E and SoCalGas Gas sales (Bcf) (1) 139 113 Transportation (Bcf) (1) 144 147 Total deliveries (Bcf) (1) 283 260 Total gas customer meters (thousands) 6,894 6,854 SDG&E Electric sales (millions of kWhs) (1) 3,582 3,603 Direct Access and Community Choice Aggregation (millions of kWhs) 840 745 Total deliveries (millions of kWhs) (1) 4,422 4,348 Total electric customer meters (thousands) 1,460 1,449 Oncor (2) Total deliveries (millions of kWhs) 30,112 6,655 Total electric customer meters (thousands) 3,639 3,572 Ecogas Natural gas sales (Bcf) 1 6 Natural gas customer meters (thousands) 124 121 ENERGY-RELATED BUSINESSES Power generated and sold (millions of kWhs) Sempra Mexico (3) 1,382 1,221 Sempra Renewables (4) 609 1,192 (1) Includes intercompany sales. (2) Includes 100 percent of the electric deliveries and customer meters of Oncor Electric Delivery Company LLC (Oncor), in which we hold an 80.25-percent interest through our March 2018 acquisition of our equity method investment in Oncor Electric Delivery Holdings Company LLC (Oncor Holdings). Total deliveries for the three months ended March 31, 2018 only include volumes from the March 9, 2018 acquisition date. (3) Includes power generated and sold at the TdM natural gas-fired power plant and the Ventika wind power generation facilities. Also includes 50 percent of total power generated and sold at the Energía Sierra Juárez wind power generation facility, in which Sempra Energy has a 50-percent ownership interest. Energía Sierra Juárez is not consolidated within Sempra Energy, and the related investment is accounted for under the equity method. (4) We include 50 percent of total power generated and sold related to U.S. solar and wind projects in which Sempra Energy has a 50-percent ownership. These subsidiaries are not consolidated within Sempra Energy, and the related investments are accounted for under the equity method. On June 25, 2018, our board of directors approved a plan to sell all U.S. wind and solar assets and investments, resulting in the sale of all Sempra Renewables' solar and wind projects in separate transactions that closed in December 2018 and April 2019, respectively. SEMPRA ENERGY Table F (Unaudited) STATEMENTS OF OPERATIONS DATA BY SEGMENT Three months ended March 31, 2019 (Dollars in millions) SDG&E SoCalGas Sempra TexasUtility Sempra Mexico Sempra Renewables Sempra LNG Consolidating Adjustments, Parent &Other Total Revenues $ 1,145 $ 1,361 $ — $ 383 $ 7 $ 141 $ (139) $ 2,898 Cost of sales and other expenses (697) (913) — (192) (11) (142) 98 (1,857) Depreciation and amortization (186) (147) — (44) — (2) (4) (383) Other income, net 22 16 — 19 — — 25 82 Income (loss) before interest and tax (1) 284 317 — 166 (4) (3) (20) 740 Net interest (expense) income (102) (34) — (11) 7 10 (109) (239) Income tax (expense) benefit (5) (19) — (72) 10 (4) 48 (42) Equity earnings, net — — 94 2 3 2 — 101 Earnings attributable to noncontrolling interests (1) — — (28) (3) — — (32) Preferred dividends — — — — — — (36) (36) Earnings (losses) from continuing operations $ 176 $ 264 $ 94 $ 57 $ 13 $ 5 $ (117) 492 Loss from discontinued operations (51) Earnings attributable to common shares $ 441 Three months ended March 31, 2018 (2) (Dollars in millions) SDG&E SoCalGas Sempra TexasUtility Sempra Mexico Sempra Renewables Sempra LNG Consolidating Adjustments, Parent &Other Total Revenues $ 1,055 $ 1,126 $ — $ 308 $ 25 $ 104 $ (82) $ 2,536 Cost of sales and other expenses (641) (713) — (129) (21) (102) 60 (1,546) Depreciation and amortization (166) (135) — (43) (13) (11) (4) (372) Other income (expense), net 28 33 — 93 — — (2) 152 Income (loss) before interest and tax (1) 276 311 — 229 (9) (9) (28) 770 Net interest (expense) income (51) (27) — (15) (3) 5 (86) (177) Income tax (expense) benefit (56) (59) — (155) 7 (12) 33 (242) Equity earnings (losses), net — — 15 (41) 5 — — (21) Losses attributable to noncontrolling interests 1 — — 2 21 — — 24 Preferred dividends — — — — — — (28) (28) Earnings (losses) from continuing operations $ 170 $ 225 $ 15 $ 20 $ 21 $ (16) $ (109) 326 Earnings from discontinued operations 21 Earnings attributable to common shares $ 347 (1) Management believes Income (Loss) Before Interest and Tax is a useful measurement of our segments' performance because it can be used to evaluate the effectiveness of our operations exclusive of interest and income tax, neither of which is directly relevant to the efficiency of those operations. (2) Amounts have been retrospectively adjusted for discontinued operations. [SRE-F] SOURCE Sempra Energy
SoCalGas Kicks-Off 2019 Environmental Champions Grant Program
LOS ANGELES, May 3, 2019 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) has kicked-off its 2019 Environmental Champions Grant initiative, announcing the company is accepting applications from nonprofit organizations focused on clean air, clean energy and renewable natural gas. Eligible organizations can apply for grants of up to $25,000 each by visiting this link between May 2 and June 5, 2019. Winners will be selected and notified of their selection in Sept. 2019. Last year, SoCalGas awarded nearly $400,000 in grants to 32 nonprofits for projects related to clean air, energy, or water. Since its inception in 2015, the Environmental Champions Initiative, which is funded by Sempra Energy shareholders, has awarded more than 150 grants totaling over $2 million. "SoCalGas is committed to being the cleanest natural gas utility in North America, and part of that commitment is helping advance the work of the environmental champions working to improve our local communities each day," said Sharon Tomkins, vice president of strategy and engagement for SoCalGas. "Since our Environmental Champions initiative launched in 2015, SoCalGas has been proud to partner with more than 150 local leaders to develop projects that help improve our environment and tackle climate change." Last year's winners include: Amigos De Los Rios: The Emerald Necklace Multi-Campus Urban Greening project will demonstrate urban greening at three San Gabriel Valley schools through the creation of a habitat and green infrastructure that is designed to provide mental health, academic performance, and physical education benefits. Climate Resolve: The #keepLAcool project will hold a public event in northeast San Fernando Valley to showcase cooling strategies for mitigating and adapting to climate change impacts and provide ongoing tours and education on cool surfaces. The San Bernardino Valley College Foundation: The Compressed Natural Gas, Electric, and Hybrid Training Expansion project will expand the heavy-duty engine repair training program at San Bernardino Valley College by adding a second equipment lab. Special Service for Groups/Asian Pacific Islander Forward Movement: The Particulate Matters project will install the largest air pollution sensor array in the San Gabriel Valley and collect data for research on air pollution and health outcomes in the region. Energy Independence Now: The Hydrogen Solutions for California's Clean Economy project will engage stakeholders on the health, economic, and environmental benefits of hydrogen-electric vehicles and renewable/carbon-free hydrogen. Southeast Community Development Corporation: The Southeast LA STEM Environmental Leadership Academy project will consist of educational workshops (focused on clean air, water, and energy), STEM Labs with mentors, field trips, and 1st Annual SELA STEM Fest event. The project targets high school students from the southeast area of Los Angeles county. The program goal is to educate and mentor future community leaders and develop potential solutions to regional environmental problems. "Energy Independence Now (EIN) was honored to be recognized by SoCalGas with the Environmental Champions Award. We are proud to stand alongside our peers in the environmental community as we advocate for clean air and the fight against climate change. As the only nonprofit environmental organization dedicated to advancing zero-emission hydrogen fuel cell electric vehicles and renewable hydrogen, EIN applauds the work SoCalGas is doing to decarbonize their business model and to further the green hydrogen marketplace," said Brian Goldstein, executive director of Energy Independence Now. "Together, we are exploring renewable energy storage, zero-emission fuel distribution and deep decarbonization opportunities. EIN is thrilled to team up with SoCalGas to improve air quality and to address climate change." "The Environmental Champions Initiative has provided Southeast Community Development Corporation with the opportunity to focus on educating our youth about clean air, clean water, and renewable energy in the Southeast area," said Cesar Zaldivar-Motts, executive director of the SCDC. "This initiative will assist with educating and mentoring our future community leaders to develop potential solutions to regional environmental problems. Thank you to SoCalGas for supporting these efforts." The following groups are eligible to apply for the 2019 grant initiative: 501(c)(3) organizations that provide programs in communities in the counties of Los Angeles, Orange, San Bernardino, Riverside, Imperial, Kern, Kings, Ventura, Tulare, Santa Barbara, Fresno, and San Luis Obispo. Projects must commence in 2019 or 2020 and be 85% completed by December 31, 2020. Eligible proposals include new or existing projects or programs that address the local challenges of clean air, clean energy and renewable natural gas. Applications must be submitted by 5 p.m. on June 5, 2019. Following submission, applicants will receive a confirmation email acknowledging receipt of their application. Supporting local environmental organizations is part of SoCalGas' vision to the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. As part of that vision, SoCalGas committed to replace 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. In addition, SoCalGas recently announced a broad, integrated, and inclusive plan to help achieve California's ambitious climate goals in a paper titled, California's Clean Energy Future: Imagine the Possibilities. The plan embraces an all-of-the-above approach to fight climate change, keeps energy affordability as a key focus, calls for developing long-term renewable energy storage using existing infrastructure, and can aid in promoting rapid consumer adoption. About SoCalGas Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants. SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook . SOURCE Southern California Gas Company
Port Arthur LNG Receives Non-FTA Authorization For Liquefaction-Export Project In Texas
SAN DIEGO, May 2, 2019 /PRNewswire/ -- U.S. Secretary of Energy Rick Perry today signed the Department of Energy's authorization allowing Sempra Energy's (NYSE: SRE) Port Arthur LNG to export approximately 13.5 million tonnes per annum (Mtpa) of U.S.-produced liquefied natural gas (LNG) to countries that do not have a free-trade agreement (FTA) with the U.S. during the first U.S.-EU Energy Council High-Level Energy Forum in Brussels, Belgium. "I am pleased to announce the order signed today authorizing Port Arthur LNG to export up to 1.91 billion cubic feet per day of LNG, to any country that does not have an FTA with the United States," said Perry. " The United States is in its third consecutive year as a net exporter of natural gas, now exporting domestic LNG to 35 countries. I applaud the American private sector for continuing to reach new milestones and look forward to continued growth in this sector." The Port Arthur LNG export project in development in Jefferson County, Texas is expected to include two liquefaction trains, up to three LNG storage tanks and associated facilities. "Today's approval marks a major regulatory step for the development of Port Arthur LNG that would allow LNG to be exported from Port Arthur to all European, Asian and other markets around the world," said Carlos Ruiz Sacristán, chairman and CEO of Sempra North American Infrastructure. "Port Arthur LNG is one of Sempra Energy's five LNG-export projects under development that we believe will help to further establish the U.S. as a global leader in LNG exports." Port Arthur LNG is expected to create approximately 3,500 on-site engineering and construction jobs, as well as several hundred jobs in Texas in support of the project, including fabrication and operational jobs. Nearly 200 full-time jobs will be created to operate and maintain Port Arthur LNG facility. Last month, Port Arthur LNG received authorization from the Federal Energy Regulatory Commission to site, construct and operate the liquefaction project. In December 2018, Port Arthur LNG and the Polish Oil & Gas Company signed a definitive 20-year sale-and-purchase agreement for 2 Mtpa of LNG from the Port Arthur LNG project, subject to certain conditions. Bechtel has been selected as the engineering, procurement, construction and commissioning contractor for the project, subject to reaching a definitive agreement. Development of the Port Arthur LNG project is contingent upon obtaining additional customer commitments, completing the required commercial agreements, obtaining financing, incentives and other factors, as well as reaching a final investment decision. Sempra LNG develops, builds and invests in natural gas liquefaction facilities and is pursuing the development of five strategically located LNG projects in North America with a goal of delivering 45 Mtpa of clean natural gas to the largest world markets, making Sempra Energy one of North America's largest developers of LNG-export facilities. This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements. Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations and issuances of authorizations by the U.S. Department of Energy, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency and Pipeline and Hazardous Materials Safety Administration, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the success of business development efforts and construction projects, including risks in (i) obtaining or maintaining authorizations; (ii) completing construction projects on schedule and budget; (iii) obtaining the consent of partners; (iv) counterparties' ability to fulfill contractual commitments; and (v) the ability to realize anticipated benefits from any of these efforts once completed; the availability of natural gas and liquefied natural gas, and natural gas pipeline and storage capacity; equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to storage and pipeline infrastructure, the information and systems used to operate our businesses; the impact of recent federal tax reform and our ability to mitigate adverse impacts; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to or the replacement of international trade agreements, and changes that make our exports less competitive or otherwise restrict our ability to export; and other uncertainties, some of which may be difficult to predict and are beyond our control. These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov , and on the company's website at www.sempra.com . Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise. Sempra LNG and Port Arthur LNG, LLC are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), or Oncor Electric Delivery Company LLC (Oncor) and are not regulated by the California Public Utilities Commission. SOURCE Sempra Energy
Sempra Energy To Report First-Quarter 2019 Earnings May 7
SAN DIEGO, April 23, 2019 /PRNewswire/ -- Sempra Energy (NYSE: SRE) plans to release its first-quarter 2019 earnings at 7 a.m. ET, May 7. Sempra Energy executives will conduct a conference call at 12 p.m. ET, May 7. Investors, media, analysts and the public may listen to a live webcast of the conference call on the company's website, sempra.com, by clicking on the appropriate audio link. Prior to the conference call, a slide presentation detailing the earnings results also will be posted at 7 a.m. ET, May 7, on Sempra Energy's website. For those unable to obtain access to the live webcast, it will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 7994290 or it can be accessed on the company's website. Sempra Energy's mission is to be North America's premier energy infrastructure company. With 2018 reported revenues of more than $11.6 billion, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees are focused on delivering energy with purpose to approximately 40 million consumers worldwide. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, social responsibility and investment value, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. SOURCE Sempra Energy
Sempra Energy Completes $2.5 Billion Divestiture Of US Renewables And Non-Utility Natural Gas Storage Assets
SAN DIEGO, April 22, 2019 /PRNewswire/ -- Sempra Energy (NYSE: SRE), today announced that it has completed the divestiture of its U.S. renewables business and non-utility natural gas storage assets, generating approximately $2.5 billion in total cash proceeds. The announcement comes with today's completion of the sale of its remaining ownership interests in operating and development-stage wind assets to American Electric Power Company, Inc. (NYSE: AEP) for $584 million in cash, subject to customary post-closing adjustments. "We have a long and successful track record of actively managing our portfolio, including exiting businesses that are no longer consistent with our strategy," said Joseph A. Householder, president and chief operating officer of Sempra Energy. "The proceeds from the asset sales will be used to pay down debt and redeploy capital to support the strategic growth of Sempra Energy in North America." The sale to AEP included approximately 724 megawatts of net operating capacity comprising the following projects: Black Oak Getty Wind in Minnesota and Apple Blossom Wind in Michigan, as well as Sempra Energy's interests in jointly-owned projects with BP Wind Energy: Auwahi Wind in Hawaii (wind and battery storage), Flat Ridge 2 Wind in Kansas, Mehoopany Wind in Pennsylvania, Cedar Creek 2 Wind in Colorado, and Fowler Ridge 2 Wind in Indiana. AEP also acquired all of Sempra Energy's wind projects currently in development. In February, Sempra Energy completed the sale of its non-utility U.S. natural gas storage facilities to an affiliate of ArcLight Capital Partners for $328 million in cash, subject to post-closing adjustments. In December 2018, Sempra Energy completed the sale of its U.S. solar assets and battery storage development projects, as well as its ownership interest in one wind facility, to Consolidated Edison for approximately $1.6 billion. The company also is in the process of selling its equity interests in its South American businesses, including its 83.6% stake in Luz del Sur S.A.A. in Peru and 100% stake in Chilquinta Energía S.A. in Chile. Credit Suisse and J.P. Morgan served as Sempra Energy's lead financial advisors and Latham & Watkins LLP its legal advisor on the sale of the wind portfolio. AEP is one of the nation's largest investor-owned energy delivery companies, with approximately $16 billion in annual revenues and $69 billion in assets. Sempra Energy's mission is to be North America's premier energy infrastructure company. With 2018 reported revenues of more than $11.6 billion, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees are focused on delivering energy with purpose to approximately 40 million consumers worldwide. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, social responsibility and investment value, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements. Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: the greater degree and prevalence of wildfires in California in recent years and the risk that we may be found liable for damages regardless of fault, such as where inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California; actions and the timing of actions, including decisions, new regulations and issuances of authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Los Angeles County Department of Public Health, U.S. Environmental Protection Agency, Federal Energy Regulatory Commission, Pipeline and Hazardous Materials Safety Administration, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; the success of business development efforts, construction projects, major acquisitions, divestitures and internal structural changes, including risks in (i) obtaining or maintaining authorizations; (ii) completing construction projects on schedule and budget; (iii) obtaining the consent of partners; (iv) counterparties' ability to fulfill contractual commitments; (v) winning competitively bid infrastructure projects; (vi) disruption caused by the announcement of contemplated acquisitions and/or divestitures or internal structural changes; (vii) the ability to complete contemplated acquisitions and/or divestitures; and (viii) the ability to realize anticipated benefits from any of these efforts once completed; the resolution of civil and criminal litigation and regulatory investigations and proceedings; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements; delays in, or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; and moves to reduce or eliminate reliance on natural gas; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; actions of activist shareholders, which could impact the market price of our securities and disrupt our operations as a result of, among other things, requiring significant time by management and our board of directors; changes in capital markets, energy markets and economic conditions, including the availability of credit; and volatility in currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; the impact of recent federal tax reform and our ability to mitigate adverse impacts; changes in foreign and domestic trade policies and laws, including border tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; expropriation of assets by foreign governments and title and other property disputes; the impact at San Diego Gas & Electric Company on competitive customer rates and reliability of electric transmission and distribution systems due to the growth in distributed and local power generation and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation and the potential risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements and other regulatory and governance commitments, including the determination by a majority of Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; and other uncertainties, some of which may be difficult to predict and are beyond our control. These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise. Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission. SOURCE Sempra Energy
Port Arthur LNG Receives Federal Authorization For Liquefaction-Export Project In Texas
SAN DIEGO, April 18, 2019 /PRNewswire/ -- Sempra Energy (NYSE:SRE) today announced that its subsidiary, Port Arthur LNG, LLC, received authorization from the Federal Energy Regulatory Commission (FERC) to site, construct and operate its natural gas liquefaction-export facility under development in Jefferson County, Texas. "With today's FERC order and the commercial momentum of the Port Arthur LNG project, we are one step closer to reaching a final investment decision and delivering low-cost, reliable and clean U.S. natural gas to world markets," said Carlos Ruiz Sacristán, chairman and CEO of Sempra North American Infrastructure. "Port Arthur LNG should help us achieve our goal to become one of the largest exporters of North American liquefied natural gas (LNG). We are grateful to all of our stakeholders for supporting this important infrastructure project that is expected to create thousands of jobs and provide economic benefits for years to come." The Port Arthur LNG project is expected to include two liquefaction trains, up to three LNG storage tanks and associated facilities that will enable the export of approximately 11 million tonnes per annum (Mtpa) of LNG. The FERC order also approved the construction of the Texas and Louisiana connector pipeline projects that will provide natural gas transportation for the new liquefaction facilities. In December 2018, Port Arthur LNG and the Polish Oil & Gas Company signed a definitive 20-year sale-and-purchase agreement for two Mtpa of LNG from the Port Arthur LNG project, subject to certain conditions. Last year, Sempra LNG selected Bechtel as the engineering, procurement, construction and commissioning contractor for the project, subject to reaching a definitive agreement. Port Arthur LNG received authorization from the Department of Energy (DOE) in August 2015 to export domestically produced natural gas to countries with which the U.S. has free trade agreements and has a pending application to export natural gas to non-free trade agreement countries. Development of the Port Arthur LNG project is contingent upon obtaining additional customer commitments, completing the required commercial agreements, securing all necessary permits, obtaining financing, incentives and other factors, and reaching a final investment decision. Sempra LNG develops, builds and invests in natural gas liquefaction facilities and is pursuing the development of five strategically located LNG projects in North America with a goal of delivering 45 Mtpa of clean natural gas to the largest world markets, making Sempra Energy one of North America's largest developers of LNG export facilities. Sempra Energy's mission is to be North America's premier energy infrastructure company. With 2018 revenues of more than $11.6 billion, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees are focused on delivering energy with purpose to approximately 40 million consumers worldwide. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, social responsibility and investment value, and is a member of the Dow Jones Utility Index. This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements. Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations and issuances of authorizations by the U.S. Department of Energy, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency and Pipeline and Hazardous Materials Safety Administration, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the success of business development efforts and construction projects, including risks in (i) obtaining or maintaining authorizations; (ii) completing construction projects on schedule and budget; (iii) obtaining the consent of partners; (iv) counterparties' ability to fulfill contractual commitments; and (v) the ability to realize anticipated benefits from any of these efforts once completed; the availability of natural gas and liquefied natural gas, and natural gas pipeline and storage capacity; equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to storage and pipeline infrastructure, the information and systems used to operate our businesses; the impact of recent federal tax reform and our ability to mitigate adverse impacts; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to or the replacement of international trade agreements, and changes that make our exports less competitive or otherwise restrict our ability to export; and other uncertainties, some of which may be difficult to predict and are beyond our control. These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov , and on the company's website at www.sempra.com . Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise. Sempra LNG and Port Arthur LNG, LLC are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), or Oncor Electric Delivery Company LLC (Oncor) and are not regulated by the California Public Utilities Commission. SOURCE Sempra Energy
Cameron LNG Reaches Final Commissioning Stage Of First Liquefaction Train
SAN DIEGO, April 15, 2019 /PRNewswire/ -- Sempra Energy (NYSE:SRE) today announced that Cameron LNG has begun pipeline feed gas flow to the first liquefaction train of the liquefaction-export project as it prepares to begin production of liquefied natural gas (LNG) at the facility in Hackberry, La. This is the final commissioning step for Train 1 of Cameron LNG Phase 1. "The entire Cameron LNG team has worked safely and diligently to reach this milestone and we expect to start producing LNG this quarter," said Lisa Glatch, chief operating officer of Sempra LNG and board chair for Cameron LNG. "Sempra Energy is now one step closer to reaching our goal of building up to 45 million tonnes per annum (Mtpa) of LNG export capacity to serve global markets." Following authorization received from the Federal Energy Regulatory Commission Friday, April 5, allowing the introduction of pipeline feed gas, Cameron LNG will begin ramping up the feed gas deliveries to the facility as it completes the commissioning process. Phase 1 of the Cameron LNG liquefaction-export project, which includes the first three liquefaction trains, is a $10 billion facility with a projected export of 12 Mtpa of LNG, or approximately 1.7 billion cubic feet per day. Cameron LNG Phase 1 is jointly owned by affiliates of Sempra LNG, Total, Mitsui & Co., Ltd., and Japan LNG Investment, LLC, a company jointly owned by Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha (NYK). Sempra Energy indirectly owns 50.2% of Cameron LNG. Sempra Energy's share of full run-rate earnings from the first three trains at Cameron LNG are projected to be between $400 million and $450 million annually. Cameron LNG Phase 1 is one of five LNG export projects Sempra Energy is developing in North America: Cameron LNG Phase 2, previously authorized by FERC, encompasses up to two additional liquefaction trains and up to two additional LNG storage tanks; Port Arthur LNG in Texas; and Energía Costa Azul (ECA) LNG Phase 1 and Phase 2 in Mexico. Development of Sempra Energy's LNG export projects is contingent upon obtaining binding customer commitments, completing the required commercial agreements, securing all necessary permits, obtaining financing, other factors, and reaching final investment decisions. In addition, the ability to successfully complete construction projects, such as the Cameron LNG facility, is subject to a number of risks and uncertainties. Sempra Energy's mission is to be North America's premier energy infrastructure company. With 2018 revenues of more than $11.6 billion, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees are focused on delivering energy with purpose to approximately 40 million consumers worldwide. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, social responsibility and investment value, and is a member of the Dow Jones Utility Index. This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements. Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations and issuances of authorizations by the U.S. Department of Energy, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency and Pipeline and Hazardous Materials Safety Administration, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the success of business development efforts and construction projects, including risks in (i) obtaining or maintaining authorizations; (ii) completing construction projects on schedule and budget; (iii) obtaining the consent of partners; (iv) counterparties' ability to fulfill contractual commitments; and (v) the ability to realize anticipated benefits from any of these efforts once completed; the availability of natural gas and liquefied natural gas, and natural gas pipeline and storage capacity; equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to storage and pipeline infrastructure, the information and systems used to operate our businesses; the impact of recent federal tax reform and our ability to mitigate adverse impacts; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to or the replacement of international trade agreements, and changes that make our exports less competitive or otherwise restrict our ability to export; and other uncertainties, some of which may be difficult to predict and are beyond our control. These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise. Sempra LNG and Port Arthur LNG, LLC are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), or Oncor Electric Delivery Company LLC (Oncor) and are not regulated by the California Public Utilities Commission. [SRE-F] SOURCE Sempra Energy

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Sempra Infrastructure Partners and its subsidiaries, and the Sempra Texas utilities (Oncor and Sharyland Utilities) are not the same companies as the Sempra California utilities, SDG&E or SoCalGas, nor are they regulated by the California Public Utilities Commission (CPUC).