Statoil results decline sharply

Statoil logoStatoil logo.Photo: Norway today Media

Statoil’s second quarter results showed a loss before tax of $ 302 million, around 2.6 billion kroner. In the second quarter of last year  the profit was at $ 886 million.

The falling price of oil has made solid inroads in the accounts of Statoil.
The operating profit thise year was $ 180 million and the adjusted operating profit at $ 913 million, while the adjusted operating profit in the same quarter last year was at 2.9 billion dollars.
– We delivered a solid operational performance with strong production growth and good progress in our projects. However, the financial results were  impacted by low oil and gas prices in the quarter, says CEO Eldar Sætre.
Beforehand analysts had predicted a halving of the group result by presenting the financial statements for the second quarter, but the real figures showed a decline of 68 percent for adjusted earnings, from 2.883 million in the second quarter last year to this year’s $ 913 million.


Source: NTB scanpix / Norway Today