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Bg Group Sees Profits Soar On Strong Gas Price

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BG Group, the oil and gas group that is bidding for Australia's Origin Energy, has reported a 67 per cent leap in operating profits in the first half of the year, largely due to higher prices for gas and oil and higher production volumes, particularly of liquified natural gas.

BG said that total operating profits for the first half rose to £1.3 billion compared with £793 million in the first half of 2007.

Half year operating profits for the company's exploration and production arm rose by £727 million to £1.9 billion reflecting the high price of oil since the beginning of the year, although this was partially offset by a higher exploration charge.

Production volumes have increased in the Buzzard field in the North Sea and the Tapti field in India.

I thought the higher prices we where paying was just to keep the profit equilibrium???? It appears that we are again being screwed.

However it doesn't surprise, it was odds on that all the energy companies would start reporting big profit increases. If you need to increase the YoY profit figures to keep the share price up put up the prices. Although exposing this inflationary pressure doesn't come under Mystic Merv's remit.

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  • 399 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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