BG Group share price: Q1 results out

BG Group (LON:BG) today released its first-quarter results.

**Highlights from the company’s statement:**
Recommended cash and share offer for BG Group by Royal Dutch Shell; Helge Lund joined BG Group as Chief Executive; Commissioning of QCLNG progressing to plan; nine cargoes shipped; Brazil net production exceeds 145 kboed in April with additional wells connected; Knarr FPSO onstream in March; E&P production up 1% to 638 kboed; Australia and Brazil more than doubled; UK volumes lower reflecting shut-ins associated with CATS repairs and the asset integrity programme; Upstream EBITDA down 56% to $870 million; increased oil in mix, more than offset by lower realised prices; LNG Shipping & Marketing EBITDA at $708 million; now expect full year EBITDA of $1.3-1.5 billion; Business Performance EPS down 51% to 16.6 cents; Total EPS down to 6.8 cents
BG Group’s Chief Executive, Helge Lund said: “We have had a solid operational start to the year. Our growth assets in Brazil and Australia continued to ramp up, with production in each more than doubling year-on-year. We also started up the Knarr FPSO in Norway, however we produced fewer barrels in the UK than expected due to shut-ins. Our LNG business performed strongly. We delivered more cargoes and in our North American gas marketing business we demonstrated our ability to move swiftly to capture the benefits of the rise in US gas prices due to cold weather.
Following the end of the quarter, the company announced an offer from Shell, which the Board has recommended to shareholders. The attractive offer is now subject to regulatory and shareholder approvals and completion is expected in early 2016. Until then, BG Group will operate independently and our teams remain focused on delivering our plans safely and efficiently.”
**More to follow…**
As of 07:12 BST, Friday, 08 May, BG Group plc share price is 1,174.00p.