UK gas producer BG Group reported a 31% drop in second-quarter net profit today as gas and oil prices fell sharply.

The company also said that lower gas demand meant it would not meet its 2009 production target.

BG made a second-quarter net profit of £513m ($842m), down from £747m in the same period last year.

In line with some analyst predictions, BG said that it would not be able to meet its 2009 production target of 680,000 barrels of oil equivalent per day.

The company did, however, manage to lift production 7% in the quarter, compared with the same period in 2008, to 643,000 barrels of oil equivalent per day thanks to new projects coming online.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData