28th Oct 2014 07:25
LONDON (Alliance News) - BG Group PLC Tuesday reported a rise in third quarter pretax earnings, boosted by disposals, but said its exploration and production guidance remains at the low end of its forecast range.
Group pretax profit rose to USD1.99 billion in the three months to September 30, from USD1.91 billion a year earlier, as revenue rose to USD4.59 billion, from USD4.43 billion.
The company's third-quarter E&P production was 569 thousand barrels of oil equivalent a day, at the lower end of the 590-630 thousand barrels of oil equivalent a day range, reflecting its continuing issues in Egypt and the acceleration into 2014 of production sharing contract effects in Kazakhstan following higher than reference condition oil prices.
Interim Executive Chairman Andrew Gould said the appointment of new Chief Executive Helge Lund, formerly chief executive at Norway's Statoil, would provide stability for the group.
"Helge's track record in building a world class exploration and production portfolio speaks for itself, and we believe we have the best person in the international oil and gas market to lead BG Group in its next phase of growth," Gould said.
By Ian Edmondson
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