Sempra Energy’s second quarter results show a loss of $561m, compared with earnings of $259m in the second quarter 2017.

Sempra Energy’s second-quarter 2018 results included a $755m impairment (after tax and noncontrolling interests) related to the planned sale of certain U.S. midstream assets and a $145m after-tax impairment related to the planned sale of U.S. wind investments.

On an adjusted basis, excluding the aforementioned impairment charges, Sempra Energy’s second-quarter 2018 earnings were $361m, up from $276 million in last year’s second quarter.

“In the second quarter, we achieved solid operating results and, with our recent successful equity offerings, we have strengthened our balance sheet,” said Jeffrey Martin, CEO of Sempra Energy. “We also have taken significant steps to begin optimising our portfolio of assets and expand our LNG business. These initiatives are integral to our long-term strategic plan, which should deliver shareholder value through superior earnings and dividend growth.”

Sempra Energy’s losses for the first six months of 2018 were $214m, compared with earnings of $700m in the first six months of 2017. Adjusted earnings for the first six months of 2018 were $733m, compared with $714m in the first six months of 2017.

In the second quarter, Sempra LNG & Midstream advanced development of its Port Arthur LNG and Energía Costa Azul natural gas liquefaction-export projects. On June 26, Port Arthur LNG entered into a preliminary 20-year agreement for the sale of 2 million tonnes per annum (Mtpa) of natural gas to the Polish national oil company, beginning in 2023, subject to reaching a definitive agreement.

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7th August 2018

7th August 2018