BG’s Q1 results lower than expected

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British oil and gas firm, BG Group, which has operations in Egypt, Thursday said it had posted first quarter profits that were lower than expectations.
This announcement was made a couple of days after CEO, Chris Finlayson, resigned for personal reasons immediate effect.
He had been at the helm of the FTSE 100 firm for 16 months, a period during which the company had many challenges to with. BG Group posted a 6 percent profit to $2 billion during the quarter, but comforted investors by saying its huge projects were currently underway and doing well to meet its 2014 production target of 590,000-630,000 barrels of oil a day, according to Reuters.
“Following the surprise departure of the CEO this week, BG’s Q1 results prove reassuring for investors,” analysts at Bernstein told Reuters.
The company said it has started the search for Finlayson’s successor. “The search is under way, we are and we will wait to get the right CEO,” Reuters quoted interim chairman, Andrew Gould, as saying.
BG’s first-quarter exploration and production (E&P) volumes sagged 4 percent, battered by output glitches in the troubled Egypt.
In Egypt, BG Group’s liquefied natural gas (LNG) strategy was unsuccessful in delivering any freight in the first quarter of this year. (VENTURES AFRICA)