BG profits up in Q1
BG Group said on Wednesday that its total operating profit in the first quarter increased by £579 million to £1,402 million.
First Great Western to invest £29 mln in service improvementsThe company said that its E&P (Exploration and Production) division saw its operating profit rise £316 million to £942 million in the same period, whilst its LNG (Liquefied Natural Gas) division saw annual profit rise £274 million to £395 million.
BG said that its earnings per share were also up 10.5 pence to 23.6 pence per share. Other highlights for the company in the first quarter included the completion of its acquisition of Queensland Gas Company, and an agreement to supply three mtpa of LNG to Singapore for 20 years starting from 2012.
Frank Chapman, chief executive of BG, said, "BG Group has made an excellent start to the year driven by increased production volumes, higher commodity prices and strong first quarter performance in LNG. We made significant progress in our Asia Pacific strategy with a new LNG supply agreement in Singapore and the completion of our alliance with Queensland Gas Company in Australia."
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