UK’s BG Group said its LNG shipping and marketing operating profit decreased 4% to $2 668 million last year, reflecting lower margins from higher costs of supply primarily as a result of the increase in spot cargo purchases.
Revenue and other operating income was 7% higher as a result of lower losses from the Group’s LNG hedging programme, which completed in the first quarter of 2014, and favourable LNG sales prices in the first half of 2014, BG said in a statement.
BG delivered 10.61 million tonnes of LNG, or 178 cargoes in 2014.
Overall volumes increased 1% despite fewer cargoes delivered from Egypt (falling from 25 in 2013 to one in 2014) primarily as a result of an increase in spot cargo purchases, according to the statement.
The company’s revenue and other operating income increased 2% to $19 546 million, driven by the LNG shipping & marketing segment. Total operating profit decreased 14% to $6 537 million.
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Image: BG Group