Excluding a prior-period tax writedown of GBP76 million, overall earnings for Q2 rose by 46% to GBP126 million. The results include GBP55 million in charges relating to an increased exploration budget.
BG added that it has made further exploration acquisitions in Nigeria, Madagascar, China and Alaska, while developing further its existing operations in Egypt, Tunisia and the UK.
CEO Frank Chapman commented that the firm has delivered another strong performance. Operating profit for the half year is up 75%, driven by outstanding growth in E&P volumes and contracted LNG supply, together with higher realizations. We continued to add to our exploration portfolio, and made good progress on key projects keeping our growth program on track.
However, the London Evening Standard reports that the profits undercut analysts’ predictions by around GBP5 million.
