Quarterly Summary

Summarised BG Group quarterly results⁽¹⁾
US Dollars

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BUSINESS PERFORMANCE

2011

Dated Brent assumption ($/bbl)

109.31

113.46

117.36

104.97

FX rate (US$/UK£)

1.59

1.62

1.63

1.59

Henry Hub (US$/mmbtu)

3.55

4.20

4.31

4.11

BG Group E&P production (mmboe)

60.2

56.8

58.9

58.2

– oil volume (mmboe)

8.6

5.4

6.2

6.6

– liquids volume (mmboe)

8.0

8.2

8.8

8.7

– gas volume (mmboe)

43.6

43.2

43.9

42.9

BG Group E&P production
('000 boepd)

654

617

647

Realised avg UK gas
(price pence per produced therm)

47.92

38.96

44.43

42.37

Realised avg UK gas
(price cents per produced therm)

76.04

63.09

72.46

67.32

Realised avg Int’l gas price
(cents per produced therm)

38.54

39.06

39.02

36.00

Overall avg gas price
(cents per produced therm)

42.94

40.62

42.75

39.45

Realised avg oil price ($/bbl)

108.30

113.71

117.95

108.58

Realised avg liquids price ($/bbl)

89.87

96.01

98.32

83.32

Total operating profit including share of pre-tax operating
results from joint ventures and associates ⁽²⁾

$ million

E&P (excluding exploration charge)

1,504

1,310

1,540

1,442

Exploration charge

(216)

(127)

(120)

(184)

Exploration and Production

1,288

1,183

1,420

1,258

LNG

830

620

553

570

Transmission and Distribution

130

167

145

Other activities⁽³⁾

(34)

(8)

Total operating profit

2,149

1,943

2,152

1,965

Net finance costs⁽⁴⁾

(31)

(50)

(59)

(79)

Profit before tax

2,118

1,893

2,093

1,886

Tax on profit on ordinary activities⁽⁵⁾

(631)

(851)

(942)

(849)

Profit for the period

1,487

1,042

1,151

1,037

Non-controlling interest

(10)

(21)

(31)

(23)

Earnings

1,477

1,021

1,120

1,014

Prior Period Taxation⁽⁶⁾

–

(195)

Earnings after prior period taxation

1,477

1,021

1,120

819

Earnings per ordinary share (cents)

43.5

30.1

33.1

24.2

Cash generated by operations

2,655

2,738

2,581

1,799

Net (borrowings)/funds

(11,336)

(10,845)

(9,468)

(8,510)

Capital investment

2,869

2,900

2,537

2,296

ADDITIONAL INFORMATION: EXPLORATION AND PRODUCTION

Lifting costs ($/boe)

$5.98

$5.66

$5.83

$5.24

Opex ($/boe)

$9.19

$8.96

$8.93

$7.99

Development expenditure
($ million)

1,640

1,785

1,541

1,195

Gross exploration expenditure
($ million)

425

259

318

615

– capitalised

318

193

238

514

– other expenditure

107

101

⁽¹⁾	All information is prepared under IFRS
⁽²⁾	The Power Generation segment was discontinued in Q3 2010, following the disposal of the majority of the Group's power assets. The remaining Power businesses have been allocated to other business segments based on their activity and location. Prior quarters have been restated to reflect this.
⁽³⁾	Other activities include new business development expenditure and certain corporate costs
⁽⁴⁾	Includes share of joint ventures and associates net finance costs
⁽⁵⁾	Includes share of joint ventures and associates tax
⁽⁶⁾	Prior period taxation represents an additional charge of $195 million in respect of the revision of deferred tax balances at 1 January 2011 due to changes in UK taxation rates. This comprised a charge of $203 million as a result of the increase in North Sea taxation and a credit of $8 million as a result of a reduction in the UK taxation rate applicable outside the North Sea.