The company's total 2015 earnings of $US2.328 billion ($A3.28 billion) included a $1.672 billion gain from disposing non-current assets, particularly in relation to the QCLNG pipeline sale, and exceptional one-off and prior period taxation credits of $692 million.

That pipeline sale also helped cut BG’s debt of $10.068 billion.

The gains were mostly offset by its $691 million post-tax impairment charges and a net $659 million charge from foreign exchange movements on deferred and current tax balances.

Its Australian volumes more than doubled to 117,000 barrels of oil equivalent per day for the December 2015 quarter as QCLNG sent 32 cargoes and 13 additional spot cargoes into the market.

Of the 88 cargoes the company sent overall, 69 went to Asian markets, while BG also sent its first cargo to Jordan during the quarter.

With the ramp-up in supply from QCLNG (77 cargoes) and additional spot availability (31 additional cargoes), BG delivered 282 cargoes (17.9 million tonnes) last year, 104 more cargoes than in 2014 (6.9 million additional tonnes) – with 74% of cargoes being delivered to Asian markets in 2015 (2014 68%) plus three new markets.

BG assumed operational control of QCLNG’s Train 2 in November and started full commercial operations.

The company and its and partners also announced in November the approval of a $1.4 billion (gross) development program called Charlie as part of the continuous development of tenements in the Surat Basin to sustain gas supply to both domestic customers and to QCLNG.

BG’s equity share of the investment (73.75%) is within its ongoing capital expenditure program.

The development involves the construction of 300-400 wells, a large field compression station and associated pipelines and facilities which will feed into existing gas processing and water infrastructure at Woleebee Creek.

BG cut capital spending by 32% last year to $6.4 billion and beat its $330 million cost savings target.

At first glance, its December quarter 2015 earnings looked messy, plummeting to $29 million from $5.03 billion a year prior.

Yet QCLNG’s start-up, along with higher volumes across its upstream and LNG shipping and marketing segments, offset BG’s overall 2% revenue drop to $4.3 billion and partially offset the 12% drop in earnings before interest, tax, depreciation and amortisation (EBIDTA) to $1.072 billion, which was part of the UK major’s overall 22% fall in EBITDA.

BG’s revenue and other operating income dropped 2% to $4.3 billion due to lower realised sales prices for both its upstream and LNG shipping and marketing segments.

The good news is that production volumes rose 20%, with LNG delivered volumes up 110%, proving perhaps a worthwhile spend of $1.585 billion in Australia and $2.656 billion in Brazil – the two geographies where Shell is looking to boosts its leverage on oil and LNG markets.

BG CEO Helge Lund, who will step down once the merger with Shell is completed, was happy that the group’s operational performance last year was in line with, or ahead of, its guidance for the year.

“The ramp-up of both LNG trains at our QCLNG project in Australia and the ramp up in Brazil, including the start-up of our sixth FPSO, drove a strong E&P operational performance,” Lund said.

“Our LNG shipping and marketing business delivered 282 cargoes, an increase of 58% on 2014, in difficult market conditions.

“The addition of new low cash cost volumes in Brazil and Australia and delivery of our operating and capital cost savings has helped to partly mitigate the impact of lower commodity prices.

“This strong operational performance is the result of the capability and commitment of our teams across the organisation and we will deliver a high-performing business into the combination with Shell.”

Broking firm Killik & Co said BG’s results showed the continued resilience of BG’s extensive low-cost assets in the weak oil price environment.

“We continue to believe that the company will significantly strengthen Shell’s asset base and give it an excellent platform to reposition production costs downwards,” Killik said.