Norway’s Statoil posted significantly better than expected quarterly results on Thursday, helped by a rise in output and higher crude prices year-on-year.
The results are in line with the industry’s broader upward trend as oil majors Shell, BP, ExxonMobil, Chevron and Total also reported earnings that topped expectations.
“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 per cent,” the company said.
The oil and gas company reported adjusted operating profit of US$3.3 billion in the quarter, against expectations of $2.67bn. A year ago, adjusted operating profit stood at $857 million.
Cash flows from operating activities more than doubled to $5.97bn in the first quarter from $2.2bn in the year-ago period with its international operations also delivering positive results.
Statoil’s quarterly petroleum production stood at 2,146 million barrels of oil equivalents per day (boed), with production from the Norwegian continental shelf hitting the highest level in five years.
The company kept its 2017 outlook and maintained a dividend of $0.22 per ordinary share for the first quarter.
* Reuters
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