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BG Raises 2015 Outlook
Energy

BG Raises 2015 Outlook

BG Group raised its 2015 production forecast for the second time this year on Friday, as Britain's third-biggest energy company posted a sharp but better-than-expected fall in third-quarter earnings. BG, which has accepted a $70-billion takeover offer from Shell, cited higher-than-expected output from fields in Brazil and Australia for its higher production guidance, Reuters reported. Its quarterly core earnings fell 37% to $1.24 billion, better than the $1.16 billion consensus estimate of analysts polled by the company. A day earlier BG's acquirer Shell missed third-quarter expectations, as it took an $8.2 billion charge after scrapping projects in the Arctic and Canada. A continued fall in oil prices since Shell's acquisition was announced in April has raised concerns among investors that it may be overpaying for BG. BG's third-quarter performance could help restore shareholders' confidence in the deal. "It's a good, solid performance," said Oswald Clint, senior analyst at Bernstein. BG also plans to save at least $300 million this year in costs, it said. The gas-focused company raised its 2015 production outlook to 680,000-700,000 barrels of oil equivalent per day from 650,000-690,000.

 

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