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MarketScreener Homepage  >  Equities  >  Nyse  >  PG&E Corporation    PCG

PG&E CORPORATION

(PCG)
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PG&E : Seeks Buyers for its Pleasant Creek Natural Gas Storage Field Located in Yolo County

12/01/2020 | 05:01pm EST

Pacific Gas and Electric Company (PG&E) announced today that it plans to sell its Pleasant Creek natural gas storage field, located in Yolo County, Calif. The Pleasant Creek field is the smallest of four underground natural gas storage fields owned wholly or partly by PG&E. With a natural gas inventory capacity of 2.3 billion cubic feet (Bcf), the Pleasant Creek field accounts for about two percent of PG&E’s total storage inventory capacity.1 A successful sale will allow ratepayers to avoid decommissioning and remediation costs.

About the Pleasant Creek Natural Gas Storage Field

The Pleasant Creek storage field lies partly within the city of Winters and partly in unincorporated Yolo County. A previous owner discovered the field and operated it from 1948 to 1958 as a natural gas production field. PG&E acquired the field in 1958 and began operating it as a natural gas storage field in 1960.

The Pleasant Creek storage field consists of approximately 400 acres of land, an additional 2,167 acres of subsurface rights, six injection and withdrawal wells, compression and processing facilities, as well as pipeline infrastructure that connects the field to PG&E’s gas transmission system.

Reasons for Sale

Several factors led PG&E to a determination that the Pleasant Creek field is no longer a necessary asset for providing safe, reliable natural gas service to customers, including PG&E’s assessment of future gas demand and the existence of ample storage capacity at PG&E’s other gas storage fields.

In its 2019 Gas Transmission and Storage (GT&S) Rate Case at the California Public Utilities Commission (CPUC), PG&E proposed a reliability-focused storage service strategy, which was approved. This proposal included the sale or decommissioning of the Pleasant Creek field. In the event of a successful sale, the facility will not be decommissioned by PG&E.

The proposed sale is not related to bankruptcy, from which PG&E emerged this past July.

Sale Announcement

PG&E’s full sale notification may be found here. This link provides a summary description of the Pleasant Creek field and invites interested parties to: (1) notify PG&E of their interest; (2) sign a standard non-disclosure agreement; and (3) receive a prospectus and other confidential materials describing the Pleasant Creek natural gas storage field.

About PG&E

Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is one of the largest combined natural gas and electric energy companies in the United States. Based in San Francisco, with more than 23,000 employees, the company delivers some of the nation's cleanest energy to 16 million people in Northern and Central California. For more information, visit pge.com and pge.com/news.

 


1 PG&E’s other three natural gas storage fields—Los Medanos, McDonald Island, and Gill Ranch (25 percent interest)—have a combined maximum inventory capacity of 104.9 Bcf.


© Business Wire 2020
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Financials (USD)
Sales 2020 18 607 M - -
Net income 2020 -1 222 M - -
Net Debt 2020 39 415 M - -
P/E ratio 2020 -13,3x
Yield 2020 -
Capitalization 25 184 M 25 184 M -
EV / Sales 2020 3,47x
EV / Sales 2021 3,27x
Nbr of Employees 23 000
Free-Float 74,3%
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PG&E Corporation Technical Analysis Chart | PCG | US69331C1080 | MarketScreener
Technical analysis trends PG&E CORPORATION
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 13,63 $
Last Close Price 12,69 $
Spread / Highest target 18,2%
Spread / Average Target 7,37%
Spread / Lowest Target -13,3%
EPS Revisions
Managers
NameTitle
William Lloyd Smith Chief Executive Officer & Director
Robert C. Flexon Independent Non-Executive Chairman
Christopher Foster Chief Financial Officer & Vice President-Treasury
Ajay Waghray Chief Information Officer & Senior Vice President
Cheryl F. Campbell Independent Director
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