BG Group: Wikis

  
  

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BG Group plc
Type Public (LSE: BG Group, Pink Sheets: BG Group)
Founded 1997 Demerger of Centrica
2000 Demerger of Latice Group from BG Group
Headquarters Reading, England
Key people Sir Robert Wilson, Chairman
Frank Chapman, Chief Executive
Industry Oil Production
Natural Gas Companies
Products Oil
Natural Gas
Revenue £10,213 million (2009)[1]
Operating income £3,881 million (2009)[1]
Net income £2,264 million (2009)[1]
Employees circa 9,000
Website www.bg-group.com

BG Group PLC (LSE: BG.) is an integrated oil and gas company which has its headquarters in Reading, Berkshire, England. The Company is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.

Contents

History

British Gas

The company was created in 1997 when British Gas plc divested Centrica[2] and became BG plc, which was reorganised in 1999 as BG Group plc.[3]

Lattice Group de-merger

On 23 October 2000, a further demerger separated the company into Lattice Group and BG Group.[3] Lattice took ownership of Transco (the gas transporter for the UK), Advantica (gas engineering and consultancy specialist) along with the property and transport companies and BG Group took ownership of gas fields and other assets.[3]

In 2002, Lattice merged with National Grid Company to become National Grid Transco which was renamed National Grid in 2005.[3]

Delisting

In September 2007, BG Group delisted its ADRs from the New York Stock Exchange after expressing concerns over the tougher rules and high costs associated with the Sarbanes-Oxley Act.[4] Instead its shares began trading on the US over-the-counter market known as the Pink Sheets "International Premier QX".[5]

Acquisitions

In June 2008 BG Group launched a US$13.1 billion hostile and ultimately unsuccessful bid to acquire Origin Energy, Australia's largest coal-seam gas producer: BG Group were out-manoeuvered by ConocoPhillips who offered to invest US$9.1 billion in a joint venture with Origin.[6]

In October 2008 BG Group agreed to buy Queensland Gas for US$3.4bn so enabling it to operate in Asia's liquified natural gas market.[7]

Operations

BG Group's main business is exploration for and the extraction of natural gas, liquefied natural gas and to a lesser extent oil. It sells these products to wholesale customers such as retail gas suppliers and electricity generating companies. It also owns some gas pipelines and is involved in some power generation projects. It is active around the world, with only a minority of its business being in the UK. BG Group is a multinational company with operations in 27 countries. Key areas for the company include:

Senior management

Frank Chapman was appointed Chief Executive of the BG Group in October 2000. His remuneration for this role in 2008 consisted of £1,081,588 base salary and a £1,944,000 bonus.[8]

References

  1. ^ a b c Preliminary Results 2009
  2. ^ British Gas to split in February 1997
  3. ^ a b c d Competition Commission Report Page 313
  4. ^ Sarbos strikes again: BG to delist from NYSE
  5. ^ Pink Sheets Press Release (25 September, 2007): BG Group plc Joins International OTCQX
  6. ^ BG Group admits defeat in bid for Origin
  7. ^ BG Group to buy Queensland Gas for $3.4bn
  8. ^ "Remuneration report". Annual Report & Accounts 2008. BG Group. http://bgara.blacksunplc.com/ara/report_corp_gov/directors_remuneration.html. Retrieved 23 August 2009. 

External links








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