BG Group Announces 2011 Third Quarter Results

BG Group​ plc reported its 2011 Third Quarter Results to the London Stock Exchange at 07:00 am  on Tuesday 25 October 2011.

On the same day at 12.00 noon, BG Group will hold a conference call and audio webcast, at which Sir Frank Chapman, Chief Executive and Fabio Barbosa, Chief Financial Officer, will comment on the results.

 First Quarter Key Points:

• Higher UK North Sea tax reduces earnings by $265 million

• LNG operating profit for 2011 expected towards upper end of $1.9 to $2.2 billion range

• Significant progress on long-term growth programme

• Positive appraisal results on the Guará and Iara discoveries in Brazil

• LNG sales agreements signed with Tokyo Gas and Chubu Electric

• Third exploration success offshore Tanzania

 BG Group’s Chief Executive, Frank Chapman said:

“It was a challenging quarter for our E&P operations, with civil unrest in North Africa, flooding in Australia, an increase in UK tax and a shutdown in the North Sea. We now expect modest production growth in 2011. The plans for a ramp-up in production in 2012 and 2013, as well as our 2020 goals, are unaffected and are supported by significant progress with our growth projects in Brazil, the USA and Australia, as well as further exploration and appraisal success in Brazil and Tanzania.”

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Source: BG , October 25, 2011