BG Group profits up 11%

Profits at oil business BG Group are 11% higher for the second quarter of 2014 than they were at the same time last year. The success comes despite having no […]

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By Vicky Ellis

Profits at oil business BG Group are 11% higher for the second quarter of 2014 than they were at the same time last year.

The success comes despite having no CEO with Stephen Finlayson resigning in April for personal reasons.

Total operating profit for April to June rose from $1,788m (£1,059m) last year to $1,992m (£1,180m) in 2014.

While the amount of oil and gas it pumped out of Egypt and the USA dropped, “excellent” flow rates in Brazil bumped up production.

BG Group’s interim Executive Chairman, Andrew Gould said: “We have delivered a good set of results for the second quarter. E&P performance reflects the growing proportion of oil in the portfolio, principally from Brazil and the deferral of maintenance shutdown activity in the UK to later in the year.”