BG Group profits soar on oil prices

24-07-2008

BG Group profits soar on oil prices
Energy firm BG Group has posted a 92 per cent increase in second quarter operating profit to £1.4 billion on soaring oil prices.

Net profit rose 59 per cent to £747 million, while earnings per share were up 101 per cent to 24.1p.

The firm, which has seen its share price rise as oil costs shot up in recent months, said higher commodity prices, particularly for liquefied natural gas, fuelled the jump in profits.

The average realised gas price per produced therm in the UK rose by 8.9p to 32.8p during the period.

BG Group's chief executive, Frank Chapman said: "I am delighted to report that BG Group has delivered another strong business performance and continues to create material value through our exploration programme with successful results in Brazil, Algeria, Norway, Trinidad and Tobago and the UK."

The group said its exploration programme had seen "significant success" during the quarter and has discovered new gas areas all over the world.

In the UK, BG Group confirmed the presence of hydrocarbons in a separate structure to the north-east of the Jasmine field, in which BG has a 30.5 per cent stake.

The Grangemouth dispute in the UK as well as an outage in India held back production volumes, which increased by just two per cent, the company added.

In June, BG Group launched a £6.7 billion takeover bid for Australian firm Origin Energy.

Bookmark with:
Bookmark with: Digg Digg Bookmark with: Del.icio.us Delicious Bookmark with: Reddit Reddit Bookmark with: StumbleUpon StumbleUpon Bookmark with: Google Google Bookmark with: Technorati Technorati Bookmark with: Netvouz Netvouz

Latest News:

Search News
News Front Page
Accountancy / Tax
Advertising / PR
Armed Forces
Automotive
Aviation / Aerospace
Banking / Finance
Charities / Voluntary
Childcare / Youth
Construction / Property
Customer Services
Education / Training / Teaching
Emergency Services
Engineering / Electronics
Entertainment / TV / Theatre
Graduate Roles
HR / Recruitment
Health / Beauty
Hotel / Catering / Restaurants
IT / Internet
Insurance / Pensions
International / Overseas
Legal
Management / Business
Manufacturing / Industry
Media / New Media / Creative
Medical / Healthcare
Pharmaceutical Industry
Public Sector
Retail / Wholesale
Sales / Purchasing / Marketing
Science / Technology
Secretarial / PA / Admin
Skilled / Semi-skilled Manual
Telecommunications
Transport / Logistics
Travel / Tourism / Leisure