BG Sees Profit of at Least $2.3 Billion After Oil-Price Slumpby
Company says E&P production volumes ahead of guidance
U.K. producer increased oil, natural-gas output last year
That profit for 2015 included a post-tax gain of at least $600 million, the Reading, England-based company said on Wednesday. BG reported preliminary numbers before a shareholder vote on the merger takes place next week.
In Pictures: Aboard a Rig That Helps Power Britain
Look inside BG Group's Armada gas platform off the coast of Aberdeen
Oil’s collapse to a 12-year low has driven down profit and revenue at energy companies around the world and forced them to cut spending, write down the value of assets, defer and cancel projects and fire employees. BG, the U.K.’s third-biggest oil and gas producer, is one of the few companies where output is increasing, a boon for Shell.
BG shares rose 1.2 percent in London on Tuesday, trimming this year’s decline to 4.6 percent. BG will report final quarterly and full-year results on Feb. 5.
Brent crude averaged $44.69 a barrel in the fourth quarter in London trading, 42 percent lower than a year earlier. It dropped below $28 a barrel on Monday.