Sector News

BG Group reports 41% drop in earnings – just weeks after Shell’s takeover bid

May 8, 2015
BG Group has reported a 41% drop in its first-quarter earnings just weeks after it accepted a $70billion takover from its rival Shell.
The UK’s third biggest energy company saw its earning from $2.7billion in the same last year to $1.6billion in the first quarter of 2015.
The company’s revenue and other income fell 21% year-on-year to $4billion.
This was despite a doubling in its output from both its Australian and Brazilian operations and shipping more LNG cargoes than in the previous year.
BG posted a record $5 billion loss in the fourth quarter, mainly due to writing down the value of its Australian assets as commodity prices fell.
Source: Energy Voice

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