San Diego-Based Sempra Energy Reports Third-Quarter Earnings

SAN DIEGO, CA — San Diego-based Sempra Energy Thursday reported net income of $351 million, or $1.21 per diluted share, in the third quarter compared to $813 million, or $2.84 per diluted share, in the same period last year.

In August, Phase 1 of the company's Cameron LNG export facility in Hackberry, Louisiana, reached full commercial operations.

Sempra Energy's share of "full run-rate" earnings from the Phase 1 project is expected to be between $400 and $450 million annually, according to the company.

Company executives are also working with the Mexican government to advance the permit process for the Energia Costa Azul LNG Phase 1 project. The company expects to reach a final investment decision in the fourth quarter this year.

For the first nine months as a whole, Sempra reported net income of $3.35 billion, or $11.43 per diluted share, compared with $1.61 billion, or $5.74 per diluted share, in the same period last year.

Among its major subsidiaries, San Diego Gas & Electric saw a third quarter net income of $178 million, compared with a net income of $263 million in last year's third quarter. For the first three quarters combined, net income was $633 million, compared with $582 million last year.

Southern California Gas Co. reported net losses of $24 million in this year's third quarter, compared with net earnings of $143 million in last year's third quarter. SoCalGas' nine-month earnings this year were $425 million compared with $437 million in 2019.

— City News Service