BG Beats 1Q Estimates after Losing CEO


LONDON, May 1 (Reuters) – British oil and gas company BG Group reported a lower-than-expected drop in first-quarter profit on Thursday, just days after its chief executive resigned.

The FTSE 100 company saw a 6 percent fall in operating profit to $2 billion but beat consensus forecasts and reassured investors its big projects were on track to help meet its 2014 production target of 590,000-630,000 barrels of oil equivalent per day.

The company has cut its output forecast several times in the last two years, resulting in a profit warning earlier this year.

Shares in BG were trading 3 percent higher at 1,235 pence at 1144 BST, one of the top four risers on the FTSE 100.

"Following the surprise departure of the CEO this week, BG's Q1 results should prove reassuring for investors," said analysts at Bernstein Research.

The Reading-based company lost chief executive Chris Finlayson earlier this week after just 16 months in the job and has begun the search for a successor at a time when the firm is under pressure to restore its reputation.

"The search is under way, we are ready and we will wait to get the right CEO," interim executive chairman Andrew Gould told reporters.


View Full Article

Copyright 2017 Thomson Reuters. Click for Restrictions.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Production Analyst
Expertise: Accounting|Financial Analyst
Location: Midland, TX
United States Denver: Proposals Specialist
Expertise: Business Development|Marketing|Sales
Location: Denver, CO
US Houston: Accounting Supervisor (Financial Forecasting)
Expertise: Accounting|Financial Analyst
Location: Houston, TX
search for more jobs

Brent Crude Oil : $50.56/BBL 0.15%
Light Crude Oil : $47.7/BBL 0.70%
Natural Gas : $3.05/MMBtu 1.32%
Updated in last 24 hours