Wed, Jan. 27, 12:33 PM
- California air regulators are suing Sempra Energy (SRE -0.1%) subsidiary SoCalGas, seeking penalties that could surpass $25M for the months-long natural gas leak that has sickened residents and has prompted a mass evacuation of a Los Angeles-area neighborhood.
- The lawsuit says the South Coast Air Quality Management District has received more than 2K complaints of odor from people living or working near the facility since the leak began; however, officials have said that they do not expect long-term health problems associated with the leak.
- Earlier: Leaking Los Angeles gas well ordered shut down (Jan. 25)
Mon, Jan. 25, 7:56 AM
- California regulators have ordered SoCal Gas to permanently close and seal the natural gas storage well in Aliso Canyon that has been leaking since October.
- The Sempra Energy (NYSE:SRE) subsidiary also is ordered to fund an independent health study for residents of the Porter Ranch community as well as inspect all 115 wells at the Aliso Canyon storage facility to prevent any future gas leaks.
- Critics are angry that the regulatory authority did not order all the wells at the Aliso Canyon storage site closed down; the "failure to put Californians' livelihoods first is shameful, and Gov. Brown should intervene swiftly," says Sierra Club executive director Michael Brune.
- Earlier: SoCalGas says LA gas leak to be stopped by late February (Jan. 19)
Tue, Jan. 19, 10:49 AM
- Sempra Energy's (SRE +1.1%) SoCalGas says its relief well project to fight the huge natural gas leak in Los Angeles is proceeding ahead of schedule and should stop the leak by the end of February or sooner.
- The utility says the relief well it began drilling in early December should reach the bottom of the 8,500-ft. deep well by late February or sooner, at which time it will be permanently taken out of service.
- SoCal Gas says it is abandoning a plan to burn off gas over fears that it could not be done safely; California regulators had been scheduled to vote Wednesday on the plan, which had been intended to give quicker relief to residents suffering sickness and irritation because of the emissions.
- The company says recent estimates show a more than 60% drop in emissions since the November peak, and that benzene levels are at the same level in the Porter Ranch area of the leak than they are in other areas of Los Angeles.
Fri, Jan. 8, 9:51 AM
- Sempra Energy (SRE +1.7%), parent company of Southern California Gas, discloses that it has spent ~$50M because of the massive leak from the Aliso Canyon underground natural gas storage well near Los Angeles.
- More than 25 lawsuits have been lodged against the utility, and "the cost of defending the lawsuits, and any damages, if awarded, could be significant," according to the filing.
- SRE says it has "at least four types of insurance policies that it believes will cover many of the current and expected claims, losses and litigation" which have a combined limit available "in excess of $1B."
- The leak has been out of control since late October and has driven thousands of people out of the upscale Porter Ranch community.
- Earlier: California governor declares state of emergency over gas leak (Jan. 6)
Wed, Jan. 6, 4:56 PM
- California Gov. Brown declares a state of emergency over the massive gas leak in the Porter Ranch neighborhood near Los Angeles, where thousands of residents have been evacuated due to the leak that is gushing huge amounts of methane every day.
- Brown says he acted based on the requests of local residents and the “prolonged and continuing” nature of the gas blowout at the underground storage facility.
- Southern California Gas, a unit of Sempra Energy (NYSE:SRE), has said it may take at least another two months to stop the leak.
Mon, Jan. 4, 9:56 AM
- The natural gas leak at the Porter Ranch community outside of Los Angeles is not likely to be fixed for at least another two months because of the specific dynamics of the leak, according to officials with Sempra Energy's (SRE -1.4%) Southern California Gas unit.
- Crews are not expected to plug the leak at the Aliso Canyon Underground Storage Facility until at least late February, possibly until late March.
- The leak, already several months old, persists because workers were unable to plug it and instead have the painstaking task of drilling two relief wells.
Dec. 21, 2015, 10:49 AM
- Officials have declared a state of emergency in the Porter Ranch neighborhood of Los Angeles, where more than 1,600 residents have been displaced by a massive leak of methane gas now entering its ninth week.
- Southern California Gas, a unit of Sempra Energy (SRE +0.3%), says it may take until March to stop the leak flowing from an old oil field used to store natural gas; the utility says it has made six unsuccessful efforts to stop the leak, which appears to be coming from a well rupture ~500 ft. below the surface.
- The cost of the relief effort is unknown, but SRE reported in an SEC filing earlier this month that it carries ~$1B in insurance.
- The Los Angeles Unified School District says it may sue the utility to recover costs of relocating students and staff; two state agencies have begun investigations to determine the cause of the leak, the utility's response to the leak, and if any laws were broken.
- The site is leaking up to 145K lbs./hour of methane, or at least 80K tons so far, according to the California Air Resources Board.
Dec. 15, 2015, 1:48 PM
- Sempra Energy (NYSE:SRE) declares $0.70/share quarterly dividend, in line with previous.
- Forward yield 3.0%
- Payable Jan. 15; for shareholders of record Dec. 28; ex-div Dec. 23.
Dec. 7, 2015, 2:19 PM
- Sempra Energy (SRE -2.4%) says any estimates published in the media discussing the potential costs of a leaking well at its Southern California Gas subsidiary's Aliso Canyon natural gas storage facility are "premature and purely speculative."
- SRE says it will assess the amount of gas lost from the leak, which was discovered in late October, and report it to regulators, but believes it is not yet possible to accurately measure the amount of gas being lost from the leak.
- Bloomberg calculates that SRE faces as much as $900M in costs including relocation and legal expenses, not including potential fines and penalties, and believes the 8,700-ft. deep well has leaked 800K metric tons of gases, or ~25% of California emissions.
- Dennis Arriola, president and CEO of Southern California Gas, says it will take at least three months to stop the leak; on Friday, the company began drilling a relief well that will be used to plug the leak.
Nov. 3, 2015, 3:45 PM
- Sempra Energy (SRE +1.9%) is higher after reporting better than expected Q3 earnings and raising its full-year earnings guidance.
- SRE now sees FY 2015 EPS of $4.95-$5.15, ahead of prior guidance of $4.60-$5.00 and the $4.85 analyst consensus estimate.
- In its earnings conference call today, CEO Debra Reed said SRE will not go forward with plans to form an MLP that would own stakes in its natural gas and renewable energy assets, and will re-evaluate prospects in the middle of next year.
- Reed said SRE does not need to form an MLP to reach its growth targets, as the company is on target to meet or exceed its 11% annual adjusted EPS growth rate for 2015-2019.
Nov. 3, 2015, 9:08 AM
- Sempra Energy (NYSE:SRE): Q3 EPS of $0.99 beats by $0.11.
- Revenue of $2.48B (-12.1% Y/Y) misses by $460M.
Nov. 2, 2015, 5:30 PM
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Sep. 22, 2015, 11:27 AM
- The FERC approves construction of a pipeline project that will supply natural gas to Sempra Energy's (SRE +0.9%) Cameron LNG export facility in southwest Louisiana
- The Cameron Access Project by Columbia Pipeline Group (CPGX -1.6%) and Columbia Pipeline Partners (CPPL -2.3%) involves an investment of ~$310M; construction is expected to begin in spring 2016, with service starting in Q1 2018.
Sep. 10, 2015, 1:26 PM
- Sempra Energy (NYSE:SRE) declares $0.70/share quarterly dividend, in line with previous.
- Forward yield 3.1%
- Payable Oct. 15; for shareholders of record Sept. 25; ex-div Sept. 23.
Aug. 4, 2015, 9:05 AM
- Sempra Energy (NYSE:SRE): Q2 EPS of $1.00 in-line.
- Revenue of $2.4B (-10.4% Y/Y) misses by $370M.
Aug. 3, 2015, 8:08 AM
- Sempra Energy's (NYSE:SRE) Mexican subsidiary said late Friday it will take full control of a Mexican natural gas pipeline business in a deal valued at $1.33B.
- SRE's IEnova unit owned 50% of the Gasoductos de Chihuahua joint venture, and Mexico's state oil company Pemex owned the other half, and now expects to buy Pemex's stake within the next 120 days, pending approval from Mexican regulators.
- Gasoductos de Chihuahua owns three natural gas pipelines, an ethane pipeline, a liquid natural gas pipeline and a liquid natural gas storage terminal.
- SRE said the purchase will add ~$0.05/share to its annual profit in 2016, and ~$0.10/share by 2019.
Sempra Energy is an energy-services holding company, whose operating units invests in, develop and operate energy infrastructure, and provide gas and electricity services to their customers in North and South America. It operates through the following segments: San Diego Gas & Electric Company... More
Industry: Gas Utilities
Country: United States