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BG Group Q2 profits halve as oil price drop bites

Reuters - UK Focus

LONDON, July 31 (Reuters) - BG Group (LSE: BG.L - news) 's core earnings nearly halved in the second quarter after a huge hit from persistently weak oil prices, though the company'[s results still beat market expectations.

BG's core earnings dropped to $1.372 billion, the company said on Friday, down 48 percent from a year earlier but above analysts' forecast of $1.328 billion, according to a consensus provided by the company.

BG reported a 19 percent rise in oil and gas production during the quarter to 703,000 barrels of oil equivalent per day (boed) and increased its full-year output forecast to "the upper half" of its previous range of 650,000 to 690,000 boed.

BG, which has accepted a $70 billion takeover offer from Shell (LSE: RDSB.L - news) , maintained its dividend at 14.38 cents per share. (Reporting by Ron Bousso; editing by David Clarke)