British energy firm BG says profits double in second quarter

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British energy producer BG Group announced Tuesday that net profits doubled in the second quarter on the back of soaring revenues, falling exploration costs, and higher oil and gas prices.

Profits after taxation surged to $1.24 billion (854 million euros) in the three months to June, compared with $602 million in the same part of 2010, BG said in a results statement.

Market expectations had been for net profit of $1.06 billion according to analysts polled by Dow Jones Newswires.

Total revenues rocketed 47 percent to $5.30 billion, while oil and gas output rose three percent to 58.9 million barrels of oil equivalent per day.

"Revenue and other operating income increased ... reflecting the benefit of higher commodity prices and a 3.0-percent increase in exploration and production," the group said in the earnings release, noting that there was "solid operational performance across the group's assets".

© 2011 AFP

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