BG Group Q2 Operating Profit Up 92%

BG Group, an integrated natural gas company, has reported that its total operating profit for the second quarter of 2008 increased by 92% to GBP1.43 billion, primarily due to higher commodity prices and higher exploration and production volumes, partially offset by higher gas costs at its subsidiary Comgas.

The group’s revenue increased by 49% to GBP3.22 billion, reflecting higher volumes in exploration and production (E&P) and higher commodity prices. Cash generated by operations increased by GBP759 million to GBP1.59 billion primarily due to higher operating profits.

The total operating profit in the first half of 2008 increased 80% to GBP2.83 billion, reflecting higher commodity prices, and liquefied natural gas volumes.

Frank Chapman, CEO of BG Group, said: “I am delighted to report that BG Group has delivered another strong business performance and continues to create material value through our exploration program with successful results in Brazil, Algeria, Norway, Trinidad and Tobago and the UK.”