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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