- BG Group (BRGYY, BRGXF) reports a Q4 loss of $1.08B as it wrote down assets in Egypt and its shale gas business in the U.S.
- Despite the loss, BG says it still expects to meet its 2015 target to be cash flow positive, with first liquefied natural gas exports from its QCLNG project in Australia expected later this year, production in Brazil ramping up and capital spending set to decline.
- Q$ revenues rose 15% to $5.45B from $4.74B in the year-ago quarter because of a greater proportion of oil in the portfolio and increased sales of liquefied natural gas to Asian markets.
- BG expects 2013 production will end at 590K-630K boe/day, down from 633K boe/day last year; output next year is forecast at 710K-750K boe/day.
BG posts $1B Q4 loss hit by Egypt, U.S. shale
Feb 4 2014, 08:15 ET