BG Group Q3 Operating Profit Surges

BG Group has reported that its total operating profit for the third quarter of 2008 increased 106% to GBP1.38 billion, compared to GBP672 million in the same period of 2007.

The group’s revenue and other operating income increased by 78% to GBP3.29 billion reflecting higher commodity prices and exploration and production (E&P) volumes, compared GBP1.85 billion in the same period of 2007.

For the first nine months of 2008, the group has reported an operating profit of GBP4.22 billion, an increase of 88%, compared to GBP2.24 billion in the same period of 2007.

Frank Chapman, CEO of BG Group, said: “BG Group delivered another excellent result in the third quarter. The outlook for the business remains strong and we have confirmed our 2009 E&P volume target as 680,000 barrels of oil equivalent per day.”