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LNG remains robust (on liquefaction)

  • 13 Nov 15

The group reported its Q3 15 earning, down 37% yoy to $1.24bn, better than the $1.16bn expected. By division: - *Upstream's EBITDA came down 22% (only) to $1.09bn thanks to production up 26% at 716kbpd, with a greater contribution from oil (vs. dry nat gas). Brazilian production reached 175kbpd in October*. This growth (from Australia, Brazil and Norway) was partially offset by production in Egypt. Lifting costs increased by 20% following the ramp up of production in Brazil and Australia. Liquefaction's EBITDA increased by $156m to $184m reflecting the first full quarter of commercial operations at QCLNG Train 1. - LNG Shipping and Marketing's EBITDA came down 65% to $213m, thanks to higher volumes. *Despite the challenges in the LNG environment, the group maintained its EBITDA guidance for 2015 in the range of $1.3-1.5bn based on mid-October forward commodity price curves.* The majority of the new supply from QCLNG is in the upstream division (as is liquefaction). The Shipping and Marketing segment delivered 75 cargoes (4.8m tons) in the quarter. 54 were supplied to Asians marketing the LNG, 45 cargoes from QCLNG were delivered in the first nine months for €844m. Gearing came in at 24.5% with net debt at 24.5%. - The group’s 2015 cost and efficiency programme is progressing well, with the emphasis on lifting, organisation and infrastructure cost savings, and remains on track to deliver at least the $300m targeted savings for 2015. BG Group’s sensitivity to a $1/bbl movement if the oil prices is still expected to be between $60-$70m at te earnings level and between $70-$80m on the post operating cash flow, on an annual basis for 2015. In Q3 15 cash flow from operations came in at €844m with investment still high at $1.3bn.

Impressive production growth, worrying LNG

  • 04 Aug 15

BG group reported a net result at $1.17bn in Q2 15, above expectations thanks to strong production growth and lower tax and despite falling LNG earnings. By division: 1) Upstream Ebit declined by 65% yoy to $422m in Q2 15, but nearly doubled compared to Q1 15 thanks to strong production. Open decreased from $15.42/bbl to $14.3/bbl due to a reduction in royalty (on lower commodity prices) and on the back of an overall production increase combined with the change in the mix of producing fields. The group revised up its production guidance to the “upper half” of its previous guidance of 650-690kbpdd Production was up 19% to 703kbpd, driven by Australia and Brazil. Production volumes in both Australia and Brazil more than doubled in the quarter, to an average of 80kbpd in Australia and 143kbpd in Brazil. In Australia, Train 2 started up in July, so production continues to ramp up as planned and the group expects up to 20% of gas for the two train to be supplied by third parties during the ramp up phase. The full projects remain on track to reach plateau production in mid-2016. In Brazil, the fourth and fight FPSOs will continue to ramp up during 2015 with additional well connections. The 6th FPSO should be on stream in Q3 15. 2) LNG Ebit came down by 68% yoy to $236m in Q2 15, with the Ebitda margin at $72$/tonnes (vs. $252/t a year ago). 58 cargoes have been shipped. LNG Ebitda guidance remains in the $1.3-$1.5bn range for 2015 based on the mid-July forward commodity curve. Supply volumes are expected to be slightly lower than in 2014. As previously mentioned by the company, most of QCLNG's contribution will be reported in the upstream division Cash flow from operations came in at $926m, with capex of $1.3bn and dividends of $495m. Divestments (QCLNG pipeline) of $4.7bn helped to decrease net debt to $8.5bn from $10.3bn with gearing at 22%. Capex on a cash basis is still expected to be 30% lower than in 2014 at between $6-$7bn.