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Sempra Energy posts Q3 beat, signs 20-year Mexican LNG deal

Nov. 07, 2018 7:57 AM ETSempra (SRE) StockBy: Carl Surran, SA News Editor5 Comments
  • Sempra Energy (NYSE:SRE+0.5% pre-market after coming through with strong beats on Q3 earnings and revenues, and reaffirming full-year earnings guidance.
  • Q3 revenues in the company's utilities segment rose 8% Y/Y to $2.46B, while sales in energy related businesses jumped 19% to $480M.
  • SRE sees FY 2018 GAAP EPS of $2.83-$3.44 and adjusted EPS of $5.30-$5.80 vs. $5.42 analyst consensus estimate.
  • SRE also announces its IEnova and Sempra LNG & Midstream subsidiaries have signed three Heads of Agreements with Total (TOT), Mistui (OTCPK:MITSF, OTCPK:MITSY) and Tokyo Gas (OTCPK:TKGSF) for the full export capacity of Phase 1 of the Energia Costa Azul liquefied natural gas project located in Baja California, Mexico.
  • The HOAs contemplate the parties negotiating and finalizing definitive 20-year sales-and-purchase agreements, with each of the companies purchasing ~800K metric tons/year of LNG.

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