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Statoil increased net profit by 21% in the first quarter

26.04.2018 09:00:09

In the first quarter of 2018, the Norwegian oil and gas producing company Statoil reported net profit growth of 21% year-on-year to $1 billion 285 million, driven by an increase in oil prices and production. Analysts had predicted the figure at 1 billion 480 million dollars. Quarterly revenues amounted to 19 billion 780 million dollars, increased by 28% in annual terms. Experts had expected revenue of $18 billion 370 million dollars. Adjusted EBIT increased by 33% to 4 billion 410 million dollars. Statoil increased its production of hydrocarbons to 2 million 180 thousand barrels of oil equivalent per day, mainly due to production in the United States.

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