Sempra Infrastructure to Build New LNG Plant In Texas, Adding Volume To Undersupplied Market

• Sempra Infrastructure, a unit of Sempra Energy (NYSE: SRE), is reportedly moving forward with a project to build a natural-gas export terminal on the U.S. Gulf Coast by early next year.

• The project is the first phase of Port Arthur LNG, Wall Street Journal reported citing people familiar with the matter.

• The project is a roughly $10.5 billion export facility in South Texas that would start delivering cargo around 2027.

• The project will produce up to about 13.5 million metric tons of LNG annually.

• Sempra Infrastructure is now targeting a final investment decision for Phase 1 of its Port Arthur LNG project in Q1 of 2023.

• Cheniere Energy Inc (NYSE: LNG) and Venture Global LNG approved two projects to develop export terminals in Texas and Louisiana earlier this year.

• Combined with Port Arthur LNG, those projects will add about 37 million metric tons of LNG a year to global supplies starting in 2025—roughly half the current U.S. export capacity, according to the companies and federal data.

• Earlier today, Sempra reported Q3 adjusted EPS of $1.97, better than $1.70 a year ago, beating the consensus of $1.85.

• Sales of $3.62 billion came in above the estimated $3.36 billion.

• Sempra raised FY22 adjusted EPS guidance to $8.70-$9.00 from $8.10-$8.70 versus the consensus of $8.66.

• Price Action: SRE shares are up 0.99% at $152.03 on the last check Thursday.

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