UK's BG Group Profit Up As Revenues Grow

LONDON--U.K. oil and gas company BG Group PLC said Thursday that its second-quarter net profit was up 25%, reflecting higher revenues and a rise in higher-value oil volumes, particularly from Brazil.

The U.K.'s third-largest producer of natural gas posted a net profit of $1.37 billion for the three months ending on June 30, compared with $1.09 billion for the second quarter of 2013.

Revenue increased 25% to $5.51 billion from $4.41 billion for the same period a year earlier because of higher realized prices in Asian and South American markets, the company said.

While production volumes were lower, revenues benefited from a material increase in oil volumes, particularly from Brazil, combined with higher oil and liquids prices, BG said.

Production fell 10% to 591,000 barrels of oil equivalent a day, primarily as a result of declines in Egypt and the U.S.

The company said production is expected to be slightly below the level of the second quarter for the rest of the year because of maintenance shutdowns.

Write to Selina Williams at [e-mail]

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