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.
BG Group
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FTSE 100
8,060.61
15:45 15/11/24
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FTSE 350
4,453.56
15:45 15/11/24
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FTSE All-Share
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Oil & Gas Producers
8,043.72
15:45 15/11/24
1.32%
105.17
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.