BG Group's first quarter earnings hit by depressed oil and gas prices

London-listed energy company BG Group, which accepted a $70bn takeover over from Shell in April, posted a 41% drop on Friday in core first-quarter earnings.

Earnings before interest, taxes, depreciation and amortisation fell to $2.72m from $1.59m in the same period last year, hit by depressed oil and gas prices.

Revenue and other operating income dropped 21% to $4bn, although this was offset somewhat by gains in the company’s liquefied natural gas shipping and marketing segment.

Completion of Shell’s takeover deal is expected in early 2016. “ Until then, BG Group will operate independently and our teams remain focused on delivering our plans safely and efficiently,” said chief executive Helge Lund.