— Sempra is also selling its U.S. solar energy assets.

Asset sales are also on the minds of Elliott Management and Bluescape Resources Group, activist investors who own about 5 percent of Sempra. Elliott and Bluescape would like to see Sempra streamline its business model by selling more units and spinning off its LNG enterprise to shareholders as a separate business.

The Elliott partnership made its demands in June, calling on Sempra to immediately seat six board members of its choosing.

A representative of the investor group declined to comment on the second quarter financial results.

Martin told analysts that Sempra was still meeting with the activists and talks were “quite constructive.” The most recent meeting had three Sempra board members and Martin meet with Elliott and Bluescape in their New York offices.

“I think all the conversations you’d expect us to be having, they’re being had,” the CEO said.

In other news, Sempra said:

• It completed equity offerings expected to raise $1.82 billion, which will complete financing for acquiring an approximate 80 percent stake in Texas utility Oncor Electric Delivery Co.

Sempra is issuing several types of stock. There are roughly $1.11 billion of common shares in forward sale agreements (to be settled by December 2019), some $166 million of common shares and $575 million in preferred stock. The latter is 6.75 percent mandatory convertible preferred shares in Series B.

• It recorded a charge of $22 million related to the Aliso Canyon litigation. Subsidiary SoCalGas runs the Aliso Canyon natural gas storage facility in the Los Angeles area. The underground storage area experienced a major leak which forced nearby residents to leave their homes.

(SoCalGas announced Aug. 8 that it agreed to pay $119.5 million in a legal settlement reached with the Los Angeles city and county governments, the state attorney general and the California Air Resources Board, to resolve all claims by the government against the company.)

• It is pursuing changes in California law on how much liability utilities have for wildfires.

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