BG Group climbs as profit doubles in second quarter

SHARES in UK gas producer BG Group climbed more than four per cent yesterday as the company reported pre-tax profits of $2.25bn (£1.38bn) for the second quarter – more than doubling last year’s figures.

Revenues at the group jumped 26 per cent to $5.1bn, with soaring natural gas prices and a three per cent production hike contributing to the increase, said BG.

“We made good progress in both our exploration and production and LNG businesses,” said chief executive Sir Frank Chapman. “In Brazil, we saw major increases in our reserves and resources; with the new resources delivering a higher unit value as their production is expected to require no additional surface facilities.”

BG Group closed up 4.3 per cent yesterday at £14.87p.