BG hit by turmoil in Egypt and Tunisia

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The Independent Online

BG missed market hopes for underlying pre-tax profits for the first quarter yesterday after the FTSE 100-listed group's oil and gas production was hit by civil unrest in Egypt and Tunisia.

The company's operations were also challenged by flooding in Australia and a shutdown in the North Sea, its chief executive, Frank Chapman, said. In the UK, the group said it had taken a $264m (£162m) charge to cover the costs of the Chancellor's decision to raise taxes on North Sea oil firms.

Overall, BG reported $1.01bn in underlying pre-tax profits, against market expectations of $1.24bn, sending its shares down by 1.6 per cent even as the FTSE 100 rose to a one-week closing high.