Saturday, October 25, 2014   

BP turns red in fourth quarter
(02-04 16:37)

BG Group sank into the red in the fourth quarter, hit by a vast writedown on its activities in Egypt and the United States, the British energy firm said Tuesday.
Losses after taxation stood at US$1.079 billion in the three months to December, BG said in a results statement, AFP reports.
That contrasted with a net profit of US$1.741 billion in the same part of 2012.
BG Group added that annual net profits slumped 47 percent to US$2.45 billion, while revenues rose 15 percent to US$5.45 billion.
The London-listed company's results were skewed by a vast US$2.4-billion writedown on the value of its assets in both Egypt and the United States.
"Clearly we also have to address the near-term challenges we face in Egypt and deliver our plans consistently and effectively,'' said chief executive Chris Finalyson.
BG Group had shocked investors last week, when it declared a force majeure for gas supply agreements, owing to turmoil in Egypt, and revealed news of the huge writedown.
The firm had declared the force majeure -- limiting its liabilities owing to circumstances beyond its control -- due to the continued diversion of Egyptian gas exports to the local market.
The group has meanwhile faced lower-than-expected natural gas prices in the United States, making its shale assets unprofitable.
BG added on Tuesday that output this year would stand at between 590,000 to 630,000 of barrels of oil equivalent per day (boepd), down from 633,000 boepd last year. Production next year was forecast to be in the range of 710,000 to 750,000 boepd.   
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