Q3 highlights
- Appointment of Helge Lund as Chief Executive.
- E&P production down 2% at 569 kboed; decline in Egypt, partially offset by higher production in Brazil; no change to 2014 production guidance.
- Upstream total operating profit at $746 million, down 36%; increased proportion of higher margin oil, more than offset by lower realised prices and higher costs.
- LNG total operating profit at $576 million, down 4%; no change to 2014 LNG guidance.
- Business Performance EPS down 29% to 22.3 cents; Total EPS up 22% to 44.3 cents.
- Excellent flow rates in Brazil; BG Group net production exceeded 100 kboed in October.
- QCLNG remains on track for first LNG in December; commenced mechanical testing of compressors.
- U$ 350 million equivalent received from Egyptian government in October; receivables down to US$ 1.2 billion.
BG Group’s interim Executive Chairman, Andrew Gould said:
“We have made good progress with our key projects in the quarter and delivered a solid set of results. Earlier this month, we appointed a new Chief Executive, Helge Lund. 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.
Our developments in Brazil and Australia are progressing well and, in the case of Brazil, beginning to have a material impact on our business. Reaching net production of over 100 kboed from our Brazil assets is a major achievement, and to do it so swiftly after first commercial production in 2010 reflects the quality and the scale of our interests there. In Australia, the Queensland Curtis LNG project is on target to export its first LNG cargo by the end of the year, which will add volumes and flexibility to the company’s global LNG portfolio.”
A full breakdown of the results can be accessed here.
Adapted from a press release by David Bizley