BG Group profits slip after global gas prices are hit

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The bottom line was also hit by a $377 million loss from the sale of three US power plants.

Stripping that out, profit for the first three months of the year came in at $1.12 billion.

BG's production in the quarter rose 6% to 61.3 million barrels of oil equivalent compared with the same time last year.

Chief executive Frank Chapman said that was "complemented by excellent project progress which further de-risks our key ventures in Australia, Brazil, the UK and the USA".

He added: "We have continued the strengthening and rebalancing of our global portfolio with the expansion of our US upstream position, which will take our US reserves and resources to around five trillion cubic feet."

Chapman has recently caught the ire of shareholders over his £28 million pay package.

Today he claimed the pay reflected his performance and said it was a matter for the board's remuneration committee.

Andrew Whittock, analyst at Oriel Securities, said the group's exploration and production output "was better than expected" and flagged up potential for further significant discoveries offshore in Brazil.