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Annual Report and Accounts 2013

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Annual Report and Accounts 2013 BG Group Annual Report and Accounts 2013 FOCUSED ON DELIVERY ANNUAL REPORT AND ACCOUNTS 2013 Our Vision BG GROUP’S VISION IS TO BE AN INTERNATIONALLY DIVERSIFIED EXPLORATION AND PRODUCTION COMPANY WITH A SPECIALISM IN GAS and LNG. Legal notice or inducement to invest in BG Group plc or with the internationally recognised Petroleum For further details of BG Group’s proved Certain statements included in this Annual any other entity, and must not be relied upon Resources Management System published reserves as at 31 December 2013, and related Report and Accounts contain forward- in any way in connection with any investment by the Society of Petroleum Engineers, supplemental gas and oil information, and looking information concerning BG Group’s decision. The Company undertakes no American Association of Petroleum Geologists, for an explanation of terms used in connection strategy, operations, financial performance obligation to update any forward-looking World Petroleum Council and the Society with such additional reserves and resources or condition, outlook, growth opportunities statements. of Petroleum Evaluation Engineers, known information, see Supplementary information – or circumstances in the countries, sectors or as the SPE PRMS, in accordance with gas and oil, on page 134. markets in which the Group operates. By their References in this report to other reports recommendations issued by the European nature, forward-looking statements involve or materials, such as a website address, have Securities and Markets Authority (ESMA) risk and uncertainty because they depend on been provided to direct the reader to other and to achieve greater consistency across future circumstances, and relate to events, not sources of BG Group information which its reporting of reserves and resources. Inside cover image all of which are within the Company’s control may be of interest. Neither the content of Hibiscus production platform, or can be predicted by the Company. Although BG Group’s website nor any website accessible BG Group has used gas and crude oil price Trinidad and Tobago the Company believes that the expectations by hyperlinks from BG Group’s website nor any forecasts that are based on its reference BG Group is a key gas producer reflected in such forward-looking statements additional materials contained or accessible conditions to determine reserves estimates in Trinidad and Tobago, operating are reasonable, no assurance can be given that thereon, are incorporated in, or form part of, for the year ended 31 December 2013. This since 1989. The Hibiscus platform such expectations will prove to have been this report. report also contains additional information is located 40 kilometres off the correct. Actual results could differ materially about other BG Group gas and oil reserves north coast of Trinidad. from those set out in the forward-looking BG Group is subject to the regulatory and resources that would not be permitted statements. For a description of factors that requirements of the Financial Conduct in SEC filings. Cover image may affect BG Group’s business, financial Authority of the United Kingdom. Methane Kari Elin LNG vessel performance or results of operations, we Reserves (proved and probable) are measured The Methane Kari Elin is one of urge you to look at the Principal risks and Explanatory note for US investors relating in accordance with SPE PRMS definitions BG Group’s core fleet of LNG vessels. uncertainties included in this Annual Report to gas and oil reserves and resources and guidelines and, in this transition year, are BG Group has one of the largest and Accounts, see pages 38 to 43. No part BG Group has decided, from the year ended voluntarily shown together with the estimates shipping fleets of any international of these results or this report constitutes, 31 December 2013 onwards, to adopt the under the SEC definitions, which formed oil and gas company. or shall be taken to constitute, an invitation reserves definitions and guidelines consistent the basis for measurement previously used by the Group. BG Group Annual Report and Accounts 2013 01 CONTENTS STRATEGIc rEPORT CORPORATe gOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION An overview of our strategy and The Board of Directors and Group Financial statements, Shareholder information and business model, and the principal Executive Committees, and our notes and other key data. Notice of Annual General Meeting. risks we face, accompanied approach to corporate governance by relevant performance and and remuneration. 86 Independent auditor’s report 146 Presentation of non-GAAP operating information. 88 Principal accounting policies measures 46 Chairman’s overview 147 Glossary of terms 02 Chairman’s statement 48 Board of Directors Primary statements 148 Shareholder information STRATEGIC REPORT STRATEGIC 04 Global business environment 50 Group Executive Committee 92 – Consolidated income statement 150 Notice of Annual General Meeting 06 Where we work and Company Secretary 93 – Consolidated statement 156 Directions to the Annual and our business segments 52 Corporate governance of comprehensive income General Meeting 62 Compliance with the UK 94 – Balance sheets 157 Index Our strategy Corporate Governance Code 96 – Statements of changes in equity 08 Chief Executive’s statement 64 Remuneration report 97 – Cash flow statements 10 How we create value 80 Other disclosures 98 Notes to the accounts MORE ONLINE 14 How we deliver value 82 Disclosure statement 134 Supplementary information Detailed corporate reports, including 16 How we work – gas and oil (unaudited) the Annual Report and Accounts, 20 What our strategy delivers 141 Historical production (unaudited) BG Group Data Book and the Sustainability Report, can be found GOVERNANCE ORPORATE 142 Five-year financial summary C Performance and risks online at www.bg-group.com/reports (unaudited) 22 Our performance 24 Operating review S 24 – Upstream 28 – LNG Shipping & Marketing 30 Outlook TATEMENT 32 Financial review S 38 Principal risks and uncertainties FINANCIAL FINANCIAL ORMATION F SHAREHOLDER IN SHAREHOLDER 02 Strategic report BG Group Annual Report and Accounts 2013 CHAIRMAN’S STATEMENT “Despite progress on project milestones, developments in 2013, particularly in Egypt and the USA, reduced BG Group’s growth outlook for 2014 and 2015. The Board recognises that this is a frustrating setback for our shareholders.” ANDREW GOuld CHAIRMAN BG Group finished 2013 having delivered its project milestones. Longer-term strategy Progress was made in Australia with the delivery of first gas onto BG Group aims to be an internationally diversified exploration Curtis Island before year end and, in Brazil, two new floating and production company, with specialisations in gas and LNG. It is production units came onstream. Despite this progress, developments committed to delivering industry-leading growth and shareholder in 2013, particularly in Egypt and the USA, reduced BG Group’s value, safely and responsibly. growth outlook for 2014 and 2015. The Board recognises that this is a frustrating setback for our shareholders. To achieve that, the Group needs to continue to do what it has always done well – to create value in exploration, both in gas and The continuing deterioration in the operating and business environment oil, and in LNG. in Egypt led the Group to issue Force Majeure notices in January 2014, and to record a non-cash, post-tax impairment of $1.3 billion that also I also recognise that shareholders expect BG Group to execute successfully reflected a reserves revision. In the USA, the Group recorded a non-cash, its active portfolio management strategy. The Group must keep its post-tax impairment of $1.1 billion as a result of lower forward US gas portfolio under constant review and pursue opportunities rigorously prices and lower production expectations based on the well performance to divest assets for value. of the Group’s US shale assets. In addition to the new supply from Sabine Pass in the USA, BG Group Although business performance earnings per share (EPS) was broadly flat is making progress with new LNG growth options at Lake Charles on year on year at 128.6 cents, total results EPS was down 33% at 64.8 cents, the US Gulf Coast, in Tanzania and in western Canada. While the Group reflecting the fourth quarter impairments for Egypt and the USA. continues to advance each of these three LNG projects, the Group may not take them all to sanction and will not participate in all of Delivery against plan them at current equity levels. In their feedback to me, following our 27 January 2014 announcement, investors were clear they want to see delivery against the Group’s 2014 Balance sheet and 2015 targets and delivery of the longer-term value that has been Net debt and gearing were broadly flat year on year at $10.6 billion articulated. Investors wish to know whether the reward for waiting for and 24.8% respectively. BG Group expects its balance sheet to improve delivery outweighs the risk of further disappointment. It is clear that over the next few years as its growth projects come onstream, the Group must regain investor confidence. although the pace of this improvement will depend on prevailing oil and gas prices. In his statement, Chris outlines his priorities for 2014 and the actions being taken to simplify the organisation and to create a culture of clear 2014 planned capital expenditure on a cash basis is expected to be personal accountability. Progress is being made but more work is lower than in 2013, with around 70% committed to Australia and Brazil. needed to embed cultural change across BG Group. Total capital expenditure is expected to fall to $8-$10 billion in 2015 and 2016. In 2014, BG Group’s priority is to deliver its project milestones, which have been agreed with the Board. These milestones include commissioning The Group therefore anticipates that it has passed its peak year for Queensland Curtis LNG (QCLNG) and bringing more floating production, capital expenditure, and expects to be free cash flow positive* in 2015.
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