May 10, 2018
Sempra Energy of San Diego, California, has completed its $9.4 billion acquisition of Dallas-based Energy Future Holdings and its regulated utility subsidiary, Oncor Electric Delivery Company LLC, but the purchase came at a cost to Sempra’s bottom line.
Sempra’s earnings, reported Wednesday, were down by $94 million when compared to the same period of 2017.
Reported net income was $347 million ($1.33 per share), compared with $441 million ($1.75 per share) for the first quarter of last year.
The parent company of Southern California Gas, Sempra earned $2.96 billion in revenues for the quarter, compared with $3.03 billion a year earlier.
Sempra took over Energy Future, gaining its 80% sharehold of Oncor, on March 9th, the day after it received the blessing of the Public Utility Commission of Texas for the all-cash deal.