LONDON: British energy firm BG Group, facing a mega takeover by Royal Dutch Shell, announced a slump in first-quarter profits on Friday in the wake of sliding oil and gas prices. <\/p>\n
Profit after tax tumbled 78 percent to $240 million (214 million euros) in the three months to the end of March compared with $1.11 billion in the first quarter of 2014, BG Group said in a statement. <\/p>\n
Revenue dropped 23 percent to $3.82 billion, “reflecting a significant fall in realised commodity prices”, it added. <\/p>\n
Royal Dutch Shell last month announced a takeover of BG Group worth \u00a347 billion, as the pair seek to consolidate their positions in a sector battered by sliding prices. <\/p>\n
It will help also Anglo-Dutch giant Shell to boost its flagging output thanks to BG’s strong position in liquefied natural gas (LNG), a cleaner alternative to coal and nuclear energy. <\/p>\n
The new company will be worth twice the value of BP and overtake US energy giant Chevron Corp. upon finalising the sector’s biggest deal in a decade. <\/p>\n
“The attractive offer is now subject to regulatory and shareholder approvals and completion is expected in early 2016,” BG Group chief executive Helge Lund said Friday. <\/p>\n
“Until then, BG Group will operate independently and our teams remain focused on delivering our plans safely and efficiently.”<\/p>\n","protected":false},"excerpt":{"rendered":"
LONDON: British energy firm BG Group, facing a mega takeover by Royal Dutch Shell, announced a slump in first-quarter profits on Friday in the wake of sliding oil and gas prices. Profit after tax tumbled 78 percent to $240 million (214 million euros) in the three months to the end of March compared with $1.11 billion in the first quarter of 2014, BG Group said in a statement. Revenue dropped 23 percent to $3.82 billion, “reflecting a significant fall in realised commodity prices”, it added. Royal Dutch Shell last month announced a takeover of BG Group worth \u00a347 billion, as […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[132],"tags":[],"class_list":["post-14030","post","type-post","status-publish","format-standard","hentry","category-power"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/14030","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=14030"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/14030\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=14030"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=14030"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=14030"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}