Sempra U.S. Gas & Power to Acquire Mississippi Natural Gas Utility
Jan 3, 2012
SAN DIEGO, Jan. 3, 2012 /PRNewswire/ -- Sempra U.S. Gas & Power, a subsidiary of Sempra Energy (NYSE: SRE), today announced that it has agreed to purchase Hattiesburg, Miss.-based Willmut Gas & Oil Company (Willmut). The terms of the deal were not disclosed.
The privately-held natural gas utility provides service to about 20,000 customers in greater Hattiesburg as well as portions of Covington, Jones, Rankin and Simpson Counties, and has operated for more than 75 years.
The acquisition expands Sempra U.S. Gas & Power's growing natural gas footprint in the Southeast U.S. The company owns Mobile Gas, a natural gas distribution utility that serves approximately 90,000 residential, commercial and industrial customers in Mobile, Ala., along with several natural gas storage and pipeline assets in Mississippi, Louisiana, and Alabama.
"Against the backdrop of increased demand for clean natural gas, we are excited to provide exceptional service to Willmut customers in this fast-growing region," said Jeffrey W. Martin, president and chief executive officer of Sempra U.S. Gas & Power. "Mississippi is a great place for business and we're pleased to have the opportunity to expand our presence in the state. We understand the importance energy plays in a growing economy and we stand ready to work with customers on innovative solutions for their homes and businesses."
The transaction requires approval by the Mississippi Public Service Commission.
Sempra U.S. Gas & Power, LLC is a leading developer of renewable energy and natural gas solutions. The company operates solar, wind and natural gas power plants that generate enough electricity for nearly 1 million homes, along with natural gas storage and pipelines, and distribution utilities. Sempra U.S. Gas & Power is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company with 2010 revenues of $9 billion. The Sempra Energy companies' nearly 17,500 employees serve about 31 million consumers worldwide. For more information, visit www.SempraUSGP.com.
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," "intends," "plans," "estimates," "may," "will," "would," "could," "should," "potential," "target," "depends," or similar expressions, or discussions of strategies, plans or intentions. These forward-looking statements represent our estimates and assumptions only as of the date of this news release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors. 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, national and international economic, competitive, political, legislative and regulatory conditions and developments; actions by the California Public Utilities Commission, California State Legislature, Federal Energy Regulatory Commission, Nuclear Regulatory Commission, California Energy Commission, California Air Resources Board, and other regulatory, governmental and environmental bodies in the United States and other countries where the company does business; capital market conditions, including the availability of credit and the liquidity of our investments; inflation, interest and exchange rates; energy markets, including the timing and extent of changes and volatility in commodity prices; the availability of electric power, natural gas and liquefied natural gas; weather conditions, natural disasters, catastrophic accidents, and conservation efforts; wars, terrorist attacks and cybersecurity threats; business, regulatory, environmental and legal decisions and requirements; the status of deregulation of retail natural gas and electricity delivery; the timing and success of business development efforts and construction, maintenance and capital projects; the inability or determination not to enter into long-term supply and sales agreements or long-term capacity agreements; the resolution of litigation; and other uncertainties, all of which are difficult to predict and many of which are beyond the control of the company. These risks and uncertainties are further discussed in the reports that Sempra Energy 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, and on the company's website at www.sempra.com.
Sempra U.S. Gas & Power, LLC is not the same company as the utility, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra U.S. Gas & Power, LLC is not regulated by the California Public Utilities Commission.
SOURCE Sempra U.S. Gas & Power