The shares of BG (LSE: BG.) climbed 32p to 1,057p during early afternoon trading after the global gas and oil production company announced its full-year results.
The FTSE 100 member reported revenue flat at $19bn and total operating profits of $7.6bn, down 5%.
BG attributed the results to “a greater proportion of oil in the portfolio” and “increased sales to high value Asian markets”.
The group added that production for 2014 would be between 590,000 and 630,000 barrels of oil a day.
The statement also highlighted earnings per share unchanged at $1.29 and a 10% dividend lift to 18.02 pence per share.
Fourth-quarter results showed revenues rising 14% to $5bn.
Chris Finlayson, BG’s chief executive, said:
“In 2013, we met all of our key milestones and continued to progress our growth projects in Australia and Brazil.
“In 2014, we will see the first LNG exports from our QCLNG project in the final quarter and we will continue to ramp up production in Brazil. Clearly, we also have to address the near-term challenges we face in Egypt, and deliver our plans consistently and effectively. Our capital expenditure will begin to decline in 2014 and we continue to expect to be free cash flow positive in 2015.”
Mr Finlayson added that “the Group continued to increase its acquisition of acreage, securing more than 48 000 square kilometres and access to two new basins”.
