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SUBSEQUENT EVENTS | 3 Months Ended
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Jun. 30, 2015
Subsequent Events (Abstract) |
Subsequent Events | NOTE 13. SUBSEQUENT EVENT SEMPRA MEXICO IEnova and Petróleos Mexicanos (or PEMEX, the Mexican state-owned oil company), are 50-50 partners in the joint venture Gasoductos de Chihuahua (GdC). On July 31, 2015, IEnova entered into an agreement to purchase PEMEX’s 50-percent interest for $1.325 billion (excluding the assumption of approximately $170 million of net debt), increasing its interest from 50 percent to 100 percent. GdC develops and operates energy infrastruct ure in Mexico. The assets involved in the acquisition include three natural gas pipelines, an ethane pipeline, and a liquid petroleum gas pipeline and associated storage terminal. The transaction excludes the Los Ramones Norte pipeline that IEnova will con tinue to develop under a joint venture with PEMEX at the existing holding company for the project, through which IEnova’s interest in the project will remain at the current 25 percent. The transaction is subject to approval by IEnova shareholders, satisfac tory completion of the Mexican anti-trust review and other customary closing conditions and is expected to close in the fourth quarter of 2015. IEnova currently accounts for its 50-percent interest in GdC as an equity method investment. At closing, GdC will become a wholly owned, consolidated subsidiary of IEnova. We anticipate that we will recognize a noncash gain associated with the remeasurement of our equity interest in GdC upon consummation of the transaction, however, as the transaction is not expected to close until the fourth quarter of 2015, we are unable to estimate the gain at this time. We expect the acquisition to be funded with a combination of debt and equity issuances at IEnova. Sempra Global has committed to IEnova to provide up to $1.325 billion of interim financing for the transaction. The commitment expires no later than the end of 2015. If IEnova elects to borrow money under this commitment, the loan will have a term of two months at an interest rate of one month LIBOR plus 120 ba sis points. The term may be extended, triggering a reevaluation of the interest rate. After financing at the IEnova level, we expect the acquisition to be accretive to Sempra Energy’s diluted earnings per share in 2016 and beyond, based on the joint ventur e’s strong historical performance and the expected benefits of the acquisition. These benefits include an ongoing relationship with PEMEX for joint development of new projects in the future; opportunities for asset optimization and expansion into areas suc h as the transportation and storage of refined products; and a larger platform and presence in Mexico to participate in energy sector reform.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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