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Summarised BG Group quarterly results

BUSINESS PERFORMANCE

    Q2
2011		 Q1
2011		   Q4
2010		 Q3
2010		 Q2
2010 Restated		 Q1
2010 Restated
Dated Brent assumption ($/bbl)   117.36 104.97   86.48 76.86 78.30 76.24
FX rate ($/£)   1.63 1.59   1.58 1.53 1.49 1.59
Henry Hub ($/mmbtu)   4.31 4.11   3.79 4.38 4.09 5.30
BG Group E&P production (mmboe)   58.9 58.2   60.7 56.4 57.3 61.3
– oil volume (mmboe)   6.2 6.6   7.6 6.5 7.1 7.9
– liquids volume (mmboe)   8.8 8.7   8.9 7.7 8.8 9.0
– gas volume (mmboe)   43.9 42.9   44.2 42.2 41.4 44.4
BG Group avg UK gas price pence per produced therm   44.43 42.37   43.78 30.43 29.97 41.00
BG Group avg UK gas price cents per produced therm   72.46 67.32   69.25 46.58 45.16 65.22
BG Group avg Int’l gas price cents per produced therm   39.02 36.00   32.81 32.45 33.35 32.64
Overall BG Group avg gas price cents per produced therm   42.75 39.45   37.61 34.12 34.80 37.37
BG Group avg oil price ($/bbl)   117.95 108.58   82.69 74.88 75.86 76.45
BG Group avg liquids price ($/bbl)   98.32 83.32   67.52 66.88 66.43 62.81
Total operating profit including share of pre-tax operating results from joint ventures and associates ($ million)                
Exploration and Production   1 420 1 258   1 067 761 746 1 192
Liquefied Natural Gas   553 570   550 725 541 633
Transmission and Distribution   167 145   190 197 184 140
Other activities(2)   12 (8)   (5) (16) 30 (10)
Total operating profit   2 152 1 965   1 802 1 667 1 501 1 955
Net finance income/(costs)(3)   (59) (79)   (48) (123) 25 (10)
Profit before tax   2 093 1 886   1 754 1 544 1 526 1 945
Tax on profit on ordinary activities(4)   (942) (1 044)   (656) (520) (608) (822)
Profit for the period   1 151 842   1 098 1 024 918 1 123
Non-controlling interest   (31) (23)   (42) (46) (36) (26)
Earnings (BG Group shareholders)   1 120 819   1 056 978 882 1 097
Earnings per ordinary share   33.1c 24.2c   31.2c 28.9c 26.1c 32.5c
Net cash flow from operating activities   2 031 982   1 432 1 132 1 864 1 958
Net borrowings   (9 468) (8 510)   (6 973) (6 265) (5 047) (4 483)
Capital investment   2 537 2 296   2 497 2 078 2 745 1 899

ADDITIONAL INFORMATION: EXPLORATION AND PRODUCTION

Lifting costs ($/boe)   5.83 5.24   4.89 4.88 4.91 4.48
Opex ($/boe)   8.93 7.99   7.32 7.08 7.77 6.95
Development expenditure ($ million)   1 541 1 195   1 432 1 314 1 006 607
Gross exploration expenditure ($ million)   318 615   459 230 1 218 435
– capitalised   238 514   360 132 1 126 341
– other expenditure   80 101   99 98 92 94
  • (1) BG Group changed its reporting currency to US Dollars with effect from 1 January 2010. Financial information excludes amounts relating to discontinued operations (see above).
  • (2) Other activities include new business development expenditure and certain corporate costs.
  • (3) Includes share of joint ventures and associates net finance costs.
  • (4) Includes share of joint ventures and associates tax.
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