Production growth boosts Statoil’s Q1 earnings

Production growth boosts Statoil's Q1 earnings

Norwegian energy giant and LNG operator Statoil reported a jump in adjusted profit during the first quarter of 2017. 

The company reported an adjusted income of US$3.3 billion during the first quarter of 2017, significantly increasing from $857 million in the corresponding quarter last year.

Higher prices for both oil and North American gas, solid operational performance with high production and continued progress on improvement initiatives contributed to the increase.

Eldar Sætre, president and CEO of Statoil, said, “Our solid financial result and strong cash flow across all segments was driven by higher prices, good operational performance and an organic production growth of 5 percent.”

He added that the company’s production from the Norwegian Continental Shelf was at its highest level in five years, driven by high regularity and ramp-up of new fields.

Statoil delivered equity production of 2,146 mboe per day in the first quarter, an increase from 2,054 mboe per day in the same period in 2016.

The increase was primarily due to ramp-up of new fields, increased gas offtake and solid operational performance, the statement reads.

 

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Posted on May 4, 2017 with tags .

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