Sempra to Sell Oil, Gas Production Business
From Bloomberg News
Sempra Energy agreed to sell its oil and gas production business to PEC Minerals for about $225 million in cash to tighten its focus on transporting and distributing fuel.
The sale will result in an after-tax gain of about $110 million, San Diego-based Sempra said.
The transaction should be completed in July, the company said.
Sempra said it planned to use proceeds from the deal to help fund development of terminals to import liquefied natural gas as well as to expand its network of gas pipelines and storage facilities.
The company’s first LNG terminal will be completed near Ensenada, Mexico, in 2008.
