Norwegian energy giant and LNG operator Statoil reported an increase in net profit for the first quarter of 2018, underpinned by higher oil and gas prices and high production.
The company’s IFRS net income was at $1.3 billion, up from $1.1 billion for the corresponding quarter in 2017.
The company’s report also shows the adjusted earnings rising to $4.4 billion during the period under review, from $3.3 billion in the first quarter of 2017.
Statoil delivered equity production of 2,180 mboe per day in the first quarter, an increase from 2,146 mboe per day in the same period in 2017, mostly due to higher production in the United States.
“The cash flow from operating activities was very strong and above 7 billion dollars in the quarter. We have reduced our net debt ratio from 29.0 percent to 25.1 percent after paying for Martin Linge,” said Eldar Sætre, president and CEO of Statoil.
Statoil’s cash flows provided by operating activities amounted to $7.1 billion for the first quarter of 2018 compared to $5.9 billion in the same period 2017.