British Gas's exploration arm reports 13% rise in profits
Exploration: like much of the industry British Gas's fortunes have been transformed due to the Brazilian gas and oil boom
11 April 2012
BG Group, the exploration arm of the old British Gas, today beat analyst forecasts with a 13% rise in fourth quarter profit as higher gas and oil prices more than offset a dip in production volumes.
The group today posted fourth quarter earnings of $1.06 billion, ahead of an average forecast of $924 million from a company-supplied poll of fourteen analysts, and higher than the $931 million it made in the same period last year.
BG's fortunes have been transformed by the prospect of huge future growth from offshore Brazilian oil and gas fields where it has done a string of recent deals.
