BG Group has reported a 19% rise in its full-year operating profits to $8.2bn in 2011 and said it is well set to deliver its global growth programme.
The company’s revenue and other operating income in 2011 increased to $21.14bn, 22% higher than 2010, because of higher realised prices in the company’s exploration and production and LNG businesses, and an increase in the sale of LNG cargoes in markets outside the US.
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The $9.7bn generated by operations is 17% higher than that of the previous year, mainly because of higher profits and a lower working capital cash outflow.
The revenue and other operating income in the fourth quarter of 2011 increased by 34% from a year earlier to $5.83bn on the back of higher LNG demand in Asia.
BG Group chief executive Sir Frank Chapman said the outlook for global gas and LNG demand is strong.
"The near-term picture is also very positive and we are raising our LNG profit guidance for 2012 by over 30% to between $2.6bn and $2.8bn. Our LNG business is set fair with the prospect of excellent profit momentum for many years," Chapman said.
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By GlobalDataBG Group now sees strong growth owing to the increase in its profits and the company aims to exceed its 2015 LNG supply target of 20 million tonnes per annum.
