BG Group warns on production, declares force majeure in Egypt

|About: BG Group Plc ADR (BRGYY)|By:, SA News Editor

BG Group (BRGYY, BRGXF) issues downside guidance for its 2014 oil and gas production and says it wrote down the value of its assets in the U.S. and Egypt by $2.4B.

BG also declares force majeure on contracts in Egypt, because the country’s government had not honored BG’s share of gas from fields.

Foresees this year's output at 590K-630K boe/day vs. 633K last year before recovering to 710K-750K bbl/day next year.

Says preliminary results indicate 2013 earnings fell 33% Y/Y to $0.65/share, or $2.2B.

Shares -15% in London trading.