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Sempra raises 2006 guidance, disposes of Argentine gas assets
Platts
Washington
Petroleumworld.com 12 28 06Sempra Energy Wednesday said it expects earnings from continued
operations for 2006 to exceed $4/share because of increased profitability
at its commodities business.
The latest guidance is an increase from prior estimates of
$3.50-$3.70/share. Sempra is scheduled to release full year and fourth-quarter
results February 22, the San Diego, California-based company said in a
statement.
Sempra will sell its interests in two Argentine gas-distribution
companies in "a continuation of our strategy to shed non-strategic assets and
focus on growing our natural gas infrastructure and marketing businesses and
our California utilities," said Chairman and CEO Donald Felsinger.
In a filing Wednesday with the US Securities and Exchange Commission,
Sempra said it decided to sell its 37% interest in Camuzzi Gas Pampeana and
its 39% stake in Camuzzi del Sur, both based in Buenos Aires, "in view of
continuing disputes with the Argentine government."
It added that its decision to dispose of the Argentine assets "will not
have a material effect on the company's balance sheet or net equity, because
the investments were previously reduced by direct charges against Accumulated
Other Comprehensive Income (a component of shareholder's equity) resulting
from devaluations in the Argentine peso."
Sempra said it will reverse those Accumulated Other Comprehensive Income
charges and record a non-cash impairment charge of about $200 million to Q4
net income.For more news, request a free trial to Platts Gas Daily at
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Platts 27 12 06
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