Civil unrest in North Africa, severe floods in Australia and a shock UK tax hike all rocked BG in the first quarter, prompting the UK gas giant to describe the three months as "challenging" and to forecast only "modest" production growth over the full year. Operating profits for the quarter to Mar. 31 totaled $1.97 billion, up 1% year-onyear, while underlying earnings fell 8% to $1.01 billion. Both fell short of analysts' expectations, which is unusual for BG. Net profits tumbled 25% to $819 million. Production slid to 647,000 barrels of oil equivalent per day, down 5% on the year and 2% on the preceding quarter, also hit by mostly planned UK field maintenance.
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