BG Group @ 1395p, +17p (+1.23%)
BG added to the good news for the Oil and Gas section of my portfolio with its own Q3 update which reported:
- a 17% year on year increase in pre-tax profits to $1.9bn (from $1.3bn)
- a 59% year on year increase in cash-flow
- increased demand for liquefied natural gas is such that BG now expects to report operating profits of $2.4bn from its LNG operations which are in excess of previous guidance.
On the slight downside production only grew by 1% mainly due to reported downtime in North Sea operations over the last 9 months but, all operations are now back on stream. Remaining global operations have grown in line with plans.
In the various media reports, the company's Chief Executive, Sir Frank Chapman appeared to be particularly enthusiastic about the company's investments in Brazil and Australia which are expected to underpin future growth. In Sir Frank's words these projects "were advancing with "material progress"."
On the back of the Q3 update, the shares did advance 5.9% to an intra-day high of 1406.5p before ending the day at a slightly more modest 1378p (+3.8%).
The shares are still well shy of their 52 week high of 1564p but have continued to advance today and closed at 1395p.
Related articles:
- www.bg-group.com: 2011 THIRD QUARTER & NINE MONTHS RESULTS
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