| Balance Sheet
At the end of 2Q10, cash and cash equivalents were $188.0 million versus $818.0 million in 2Q09. Accounts receivable were $818.0 million versus $596.0 million in 2Q09. Property, plant and equipment, net were $18,924.0 million versus $17,413.0 million in 2Q09. Long-term debt was $7,562.0 million versus $6,723.0 million in 2Q09. Accounts payable were $649.0 million versus $616.0 million in 2Q09. Shareholders’ equity was $9,410.0 million versus $8,732.0 million in 2Q09.
Dividend
On July 15, 2010, Sempra Energy paid a quarterly dividend of $0.39 per share of common stock, to shareholders of record as of June 18, 2010, as declared by the Board of Directors on May 12, 2010.
On October 15, 2010, Sempra Energy is expected to pay a quarterly dividend of $0.39 per share of common stock, to shareholders of record on September 29, 2010, as declared by the Board of Directors on August 19, 2010.
Share Repurchase
On September 21, 2010, Sempra Energy announced that the company has entered into a $500.0 million share repurchase program with a major multinational bank. The company said the common shares will be repurchased under an accelerated share repurchase (ASR) program at a fixed discount to market averages over a period expected to extend into 1Q11.
One firm (MorganStanley) expects the share buyback program to be expanded to the high end of the $500.0 million–$1.0 billion range guided by the company once the remaining portion of the Commodities joint venture is sold. According to most of the firms, the company has the capacity to buy back another $500.0 million once the first ASR is complete.
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