BG Group Posts Bumper Second Quarter

Revenue and other operating income increased by 49% to £3,216 million, reflecting higher volumes in E&P and higher commodity prices. Total operating profit increased by 92% to £1 431 million primarily due to higher commodity prices and higher E&P volumes, partially offset by higher gas costs at Comgas.

Cash generated by operations increased by £759 million to £1,588 million primarily due to higher operating profits. Capital investment in the quarter of £634 million, excluding acquisitions of £316 million, comprised continuing investment in Africa, Middle East and Asia (£254 million), Europe and Central Asia (£217 million) and Americas and Global LNG (£163 million).

The company reported earnings per share up 101% to 24.1p.

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

Also a significant factor in BG's strong second quarter was its acquisition of Origin Energy Limited. In June, BG Group announced its offer to acquire all of the issued shares in Origin at A$15.50 cash per share by way of a formal bid, valuing Origin’s ordinary equity at approximately A$13.8 billion (£6.7 billion) fully diluted.
 

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