SoCalGas Statement on California Department of Conservation's Division of Oil, Gas and Geothermal Resources Announcement of Public Meeting

Jan 17, 2017

LOS ANGELES, Jan. 17, 2017 /PRNewswire/ -- Earlier today, the California Department of Conservation's Division of Oil, Gas and Geothermal Resources announced that a public meeting on Aliso Canyon required under SB 380 will be held on February 1 and 2, 2017. SoCalGas issued the following statement in response:

"Southern California Gas Co. supports the public participation outlined in Senate Bill 380. The upcoming meetings on February 1 and 2 mark an important next step in the State's comprehensive safety review process and are one of the conditions necessary for us to resume injections at Aliso Canyon.

"As the Division of Oil, Gas and Geothermal Resources said in its announcement today, the entire facility has undergone extensive inspections and each well has been thoroughly tested with stringent standards.  

"Just last week the Division of Oil, Gas and Geothermal Resources and the California Public Utilities Commission hosted tours of Aliso Canyon for community and elected leaders to see firsthand the extensive physical upgrades and advanced technologies that have been deployed to enhance safety at the facility.

"The State's energy experts and independent third parties have concluded, in three consecutive technical assessments, that Aliso Canyon is needed to meet the region's natural gas and electricity needs.

"Over the last year, the field has remained available for withdrawal to meet the region's energy needs. The ability to resume injections at Aliso Canyon will further enhance the reliability of the region's natural gas and electricity systems.

"We understand and support that the Division of Oil, Gas and Geothermal Resources and the California Public Utilities Commission have taken these important next steps in the process and we are currently reviewing the additional guidelines that were announced today."

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. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain" or similar expressions, or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.

Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, and national economic, competitive, political, legislative, legal, and regulatory conditions, decisions, and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and to use land, franchise agreements, and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas and Geothermal Resources, Federal Energy Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, cities and counties, and other regulatory, governmental and environmental bodies in the United States; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers and delays in regulatory agency authorization to recover costs in rates from customers; the availability of electric power and natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices; the impact on the value of our natural gas storage assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; risks that our partners or counterparties will be unable (due to liquidity issues, bankruptcy or otherwise) or unwilling to fulfill their contractual commitments; capital markets conditions, including the availability of credit and the liquidity of our investments, and inflation and interest rates; cybersecurity threats to the energy grid, natural gas 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; terrorist attacks that threaten system operations and critical infrastructure; wars; weather conditions, natural disasters, catastrophic accidents, equipment failures and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases and harmful emissions, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance or may be disputed by insurers; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.

These risks and uncertainties are further discussed in the reports that the company has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.

 

SOURCE Southern California Gas Company

For further information: SoCalGas | 24-Hour Media Line: 213-244-2442 | socalgas.com/newsroom


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