British energy group BG says Q3 profits jump by a quarter

25th October 2011, Comments 0 comments

British energy producer BG Group said Tuesday that net profits soared by 25 percent in the third quarter, as the group was lifted by elevated global energy prices, soaring revenues and rising output.

Earnings after taxation leapt to $1.06 billion (762 million euros) in the three months to the end of September, BG Group said in a results statement. That compared with $849 million in the same part of last year.

Total oil and gas production increased by one percent to 617,000 barrels of oil equivalent per day, while revenues jumped 22.4 percent to $5.39 billion.

"I am pleased with the progress we are making on delivering our key growth projects, underpinned by our strong resource base, and also on the work being undertaken to improve future production performance from existing assets," said chief executive Frank Chapman in the statement.

He added that the group's performance was "driven by higher realised prices and a one-percent increase in exploration and production volumes."

© 2011 AFP

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