US-based Sempra Energy reports $874mn Q1 profit
US-based utility company Sempra Energy reported that its earnings during the first quarter marked a year-on-year improvement of some $114mn.
Sempra recorded Q1 earnings of $874mn, besting its report of $760mn during the same period last year.
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CEO Jeffery Martin said the company over the last few years has sharpened its market focus while investing more in its utilities.
"Taken together, these activities also support our financial commitments and, in part, are reflected in the strength of our first quarter results,” he said. “The company is well positioned to deliver another strong year of financial performance."
The company reported total revenues for the three-month period ending March 31 of $3.3bn, compared with $3bn in Q1 2020. Most of that came from its utilities segment, and the boost came in spite of a year-on-year increase in the price it pays for natural gas.
Sempra has been exploring alternative forms of energy. Subsidiary San Diego Gas & Electric said April 19 it would explore about a half dozen different end-use scenarios for hydrogen as part of its effort to reach net-zero greenhouse gas emissions by 2045.
Through the use of renewable natural gas, hydrogen as a power source and other clean-energy initiatives, the company estimated that it already avoids more than 3.2mn mt/yr of CO2-equivalent emissions, or about the same as removing more than 700,000 passenger vehicles from the road each year.
Elsewhere, the company said last month it was targeting the acquisition of IEnova, its Mexican counterpart.
Sempras LNG had already announced plans to work with IEnova on a proposed LNG export facility, Energia Costa Azul, in northwestern Mexico.
If built, it would also be the first LNG export terminal that would connect to natural gas reserves in western US states such as Texas and New Mexico, which host parts of the Permian shale basin.
Sempra through its subsidiaries services an estimated 36mn consumers.