BG LNG profit climbs

BG Group’s LNG Shipping & Marketing business earned $749 million in the second quarter of 2014, up 44 pct as compared to 2013.

Revenue and other operating income was 46% higher reflecting a 29% increase in delivered volumes and favourable pricing resulting from higher realised prices in Asian and South American markets. Revenues in 2013 also included losses from the Group’s historical LNG hedging programme which completed in the first quarter of 2014.

BG expects full year LNG Shipping & Marketing total operating profit to be in the range $2.1 – 2.4 billion, with the remainder of the year reflecting forecast lower near-term global LNG prices and an adverse change in the Group’s supply and sales mix, combined with lower delivered volumes.

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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. LNG performance reflects additional cargo deliveries and favourable realised prices. There is no change to our full year E&P production volume and LNG operating profit guidance, with lower E&P volumes and fewer LNG cargoes expected in the second half of 2014.

We also continued to deliver important milestones for our key growth projects. In Brazil, new wells were connected with flow rates exceeding expectations. In Australia, commissioning of the gas turbine
generators at the QCLNG liquefaction plant has begun and, subject to the current risk of industrial action on Curtis Island, we remain on track for first LNG by the end of the year.”

 

LNG World News Staff, July 31, 2014; Image: BG

 

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