BG Group Profits Crash By 65%
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The oil price rout found new victims on both sides of the Atlantic yesterday as BG Group and Chevron revealed profits had tanked.
BG, which is in the process of being sold to Royal Dutch Shell, reported a 65 per cent fall in second quarter profit to £275.5million, while Chevron’s fell 90 per cent.
The oil price has crashed by around 50 per cent since last summer as the shale oil boom in the US, which turned it into the world’s largest fuel exporter, pushed global production higher.
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