SAN DIEGO, Aug. 10, 2020 /PRNewswire/ -- Sempra LNG, a
subsidiary of Sempra Energy (NYSE: SRE), today announced that the
Cameron LNG export facility in Hackberry,
Louisiana, has begun full commercial operations under
Cameron LNG's tolling agreements.
"At Sempra LNG, we set a goal of building the leading LNG export
business in North America. With
Cameron LNG moving to full commercial operations, we are one step
closer to that goal. We look forward to continuing to work
with customers and partners around the world to achieve their
energy transition goals," said Justin
Bird, chief executive officer of Sempra LNG.
Cameron LNG achieved commercial operations of Train 1 and Train
2 in August 2019 and February 2020, respectively. To date, the
facility has shipped nearly 100 cargoes totaling more than 6
million tonnes of liquefied natural gas (LNG). The construction
activities for the facility concluded with a safety record of more
than 89 million hours without a lost-time incident.
Commercial operations of Train 3 mark the beginning of full
run-rate earnings under Cameron LNG's tolling agreements. The
facility is expected to generate nearly $12
billion of after-debt service cash flows for Sempra Energy
during the 20-year contract period.
Cameron LNG is jointly owned by affiliates of Sempra LNG, TOTAL
SE, Mitsui & Co., Ltd., and Japan LNG Investment, LLC, a
company jointly owned by Mitsubishi Corporation and Nippon Yusen
Kabushiki Kaisha. Sempra Energy indirectly owns 50.2% of Cameron
LNG.
Sempra LNG and its partners are developing Cameron LNG Phase 2,
previously authorized by the Federal Energy Regulatory Commission.
Project owners have signed memorandums of understanding for 100% of
Phase 2's offtake capacity with no change in equity ownership.
The successful development and ultimate construction of Cameron
LNG Phase 2 and Sempra Energy's other LNG export projects currently
under development are subject to a number of risks and
uncertainties and there can be no assurance that any of these
projects will be completed.
About Sempra LNG
Sempra LNG's mission is to be North
America's premier LNG infrastructure company by providing
sustainable, safe and reliable access to U.S. natural gas for
global markets. Sempra LNG owns a 50.2% interest in Cameron
LNG, a 12 million tonnes per annum (Mtpa) export facility operating
in Hackberry, Louisiana and is
currently developing additional LNG export facilities on the Gulf
Coast and Pacific Coast of North
America through Cameron LNG expansion, Port Arthur LNG in
Texas and Energía Costa Azul LNG
in Mexico. Through our disciplined value creation process,
Sempra LNG evaluates expansion opportunities at each of these
locations and other infrastructure investments along the LNG value
chain.
About Sempra Energy
Sempra Energy's mission is to be North
America's premier energy infrastructure company. With more
than $60 billion in total assets in
2019, the San Diego-based company
is the utility holding company with the largest U.S. customer base.
The Sempra Energy companies' more than 18,000 employees deliver
energy with purpose to over 35 million consumers. The company is
focused on the most attractive markets in North America, including California, Texas, Mexico
and the LNG export market. Sempra Energy has been consistently
recognized for its leadership in sustainability, and diversity and
inclusion, and is a member of the S&P 500 Utilities Index and
the Dow Jones Utility Index. The company was also named one of the
"World's Most Admired Companies" for 2020 by Fortune Magazine.
This press release contains statements that are not
historical fact and constitute forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements are based on assumptions with
respect to the future, involve risks and uncertainties, and are not
guarantees of performance. Future results may differ materially
from those expressed in the forward-looking statements. These
forward-looking statements represent our estimates and assumptions
only as of the date of this press release. We assume no obligation
to update or revise any forward-looking statement as a result of
new information, future events or other factors.
In this press release, forward-looking statements can be
identified by words such as "believes," "expects," "anticipates,"
"plans," "estimates," "projects," "forecasts," "should," "could,"
"would," "will," "confident," "may," "can," "potential,"
"possible," "proposed," "target," "pursue," "outlook," "maintain,"
or similar expressions, or when we discuss our guidance, strategy,
goals, vision, mission, opportunities, projections or
intentions.
Factors, among others, that could cause our actual results
and future actions to differ materially from those described in any
forward-looking statements include risks and uncertainties relating
to: decisions, investigations, regulations, issuances of permits
and other authorizations, and other actions by the U.S. Department
of Energy, regulatory and governmental bodies and jurisdictions in
the U.S. and other countries in which we operate; the success of
business development efforts, construction projects and major
acquisitions and divestitures, including risks in (i) the ability
to make a final investment decision and completing construction
projects on schedule and budget, (ii) obtaining the consent of
partners, (iii) counterparties' financial or other ability to
fulfill contractual commitments, (iv) the ability to complete
contemplated acquisitions and/or divestitures, and (v) the ability
to realize anticipated benefits from any of these efforts once
completed; the impact of the COVID-19 pandemic on our (i) ability
to commence and complete capital and other projects and obtain
regulatory approvals, (ii) supply chain and current and prospective
counterparties, contractors, customers, employees and partners,
(iii) liquidity, resulting from bill payment challenges experienced
by our customers, decreased stability and accessibility of the
capital markets and other factors, and (iv) ability to sustain
operations and satisfy compliance requirements due to social
distancing measures or if employee absenteeism were to increase
significantly; the resolution of civil and criminal litigation,
regulatory investigations and proceedings, and arbitrations;
actions by credit rating agencies to downgrade our credit ratings
or to place those ratings on negative outlook and our ability to
borrow at favorable interest rates; moves to reduce or eliminate
reliance on natural gas and the impact of the extreme volatility
and unprecedented decline of oil prices on our businesses and
development projects; weather, natural disasters, accidents,
equipment failures, computer system outages and other events that
disrupt our operations, damage our facilities and systems, cause
the release of harmful materials, cause fires and subject us to
liability for property damage or personal injuries, fines and
penalties, some of which may not be covered by insurance (including
costs in excess of applicable policy limits), may be disputed by
insurers or may impact our ability to obtain satisfactory levels of
affordable insurance; cybersecurity threats to storage and pipeline
infrastructure, the information and systems used to operate our
businesses, and the confidentiality of our proprietary information
and the personal information of our customers and employees;
expropriation of assets, the failure of foreign governments and
state-owned entities to honor the terms of contracts, and property
disputes; volatility in foreign currency exchange, interest and
inflation rates and commodity prices and our ability to effectively
hedge the risk of such volatility; changes in trade policies, laws
and regulations, including tariffs and revisions to or replacement
of international trade agreements, such as the North American Free
Trade Agreement, that may increase our costs or impair our ability
to resolve trade disputes; the impact of changes to federal and
state tax laws and our ability to mitigate adverse impacts; and
other uncertainties, some of which may be difficult to predict and
are beyond our control.
These risks and uncertainties are further discussed in the
reports that Sempra Energy has filed with the U.S. Securities and
Exchange Commission (SEC). These reports are available through the
EDGAR system free-of-charge on the SEC's website, www.sec.gov, and
on the company's website at www.sempra.com. Investors should not
rely unduly on any forward-looking statements.
Sempra LNG, Cameron LNG, Port Arthur LNG and ECA LNG are not
the same company as San Diego Gas & Electric (SDG&E) or
Southern California Gas Company (SoCalGas), and Sempra LNG, Cameron
LNG, Port Arthur LNG and ECA LNG are not regulated by the
California Public Utilities Commission.
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SOURCE Sempra LNG