BG Group plc Announce 2014 Fourth Quarter & Full Year Results

BG Group plc Announce 2014 Fourth Quarter & Full Year Results

Full year key points
E&P production within guidance at 606 kboed; LNG total operating profit ahead of guidance at $2 544 million; both 4% lower than 2013

  1. • First LNG from QCLNG Train 1; five FPSOs onstream in Brazil, net production above 125 kboed in January
  1. • Signed agreements for non-core asset disposals totaling $6.6 billion ($1.1 billion completed in 2014)
  1. • Business Performance earnings $4 035 million, down 8%
  1. • Total earnings down to $(1 051) million, reflecting non-cash post-tax impairments of $5 928 million
  1. • Business Performance EPS down 8% to 118.4 cents; Total EPS down to (30.8) cents
  1. • Full year dividend held flat at 28.75 cents per share (17.99 pence per share)
  1. • 2015 E&P production 650 – 690 kboed; 2015 LNG S&M segment total operating profit $0.7 – 1.0 billion
  1. • 2015 capital investment on a cash basis $6 – 7 billion

BG Group’s interim Executive Chairman, Andrew Gould said:
“BG Group made substantial progress on a number of fronts in 2014. The start-up of QCLNG and the continued introduction of FPSOs in Brazil were notable operational successes. The infrastructure transactions in the North Sea and Queensland coupled with improved collections from Egypt provide greater assurance on the Group’s cash position.

However, the sharp deterioration in commodity prices in the second half of the year has led us to recognise significant asset impairment charges in the fourth quarter. In the new environment we are well placed to manage the downturn as we are reaching the end of a high capital expenditure cycle and will continue to add further production in 2015 from Brazil and Australia. We will proactively manage our costs, both capital and operating, to adapt to the new business circumstances. We look forward to welcoming Helge Lund as our
new Chief Executive shortly.”

Source: BG Group

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