Energy BG :double profits

British energy producer BG Group announced Tuesday that net profits doubled in the second quarter on the back of soaring revenues, falling exploration costs, and higher oil and gas prices. Profits after taxation surged to £758 million ($1.24 billion) in the three months to June, compared with £368 million ($602 million) in the same part of 2010, BG said in a results statement. Market expectations had been for net profit of £650 million ($1.06 billion) according to analysts polled by Dow Jones Newswires. Total revenues rocketed 47 percent to £3.24 billion ($5.30 billion), while oil and gas output rose three percent to 58.9 million barrels of oil equivalent per day. "Revenue and other operating income increased ... reflecting the benefit of higher commodity prices and a 3.0-percent increase in exploration and production," the group said in the earnings release, noting that there was "solid operational performance across the group's assets".