BG Group, the oil exploration group that will soon be absorbed into Shell in one of the largest oil and gas mergers of all time, also had poor year in 2015, although compared to the performance of Arcelor, it looks pretty mild.
The oil giant booked a loss of $1.17 billion (£810 million) in the final quarter of 2015, which is actually a substantial improvement on losses seen in the same period of 2014, when BG took an $8.3 billion (£5.7 billion) hit. Like iron ore, the price of oil has collapsed substantially over the last year, down from a high above $110 (£75.70) to around $30 (£20.64) a barrel.
Here are some of the key takeaways from BG's results:
Earnings before interest and tax fell a massive 62% from $9.2 billion (£6.3 billion) in 2014, to $5.6 billion (£3.85 billion) in 2015;
Upstream earnings — getting oil out of the ground — fell by 35% to $4.16 billion (£2.86 billion), while earnings in the liquid natural gas sector fell 46%;
Business Performance earnings fell to $1.7 billion (£1.17 billion), while earnings per share dropped to 49.7 cents, both down by 58%;
Free cash flow fell 8% to $5.2 billion (£3.6 billion):
Dividends for the end of 2015 have been cancelled.
Dividends have been cancelled, no phone calls please.
http://www.msn.com/en-us/money/companies/the-worlds-biggest-steel-maker-just-lost-dollar79-billion/ar-BBp9VH6?li=BBnbfcL&ocid=iehp
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