Statoil’s first-quarter earnings down 71%

Reflecting lower prices for liquids and natural gas, Statoil ASA reported first-quarter earnings of $857 million, a decline of 71% compared with $2.945 billion in the same period in 2015.

Adjusted earnings after tax were $122 million compared with $902 million a year earlier.

Equity production averaged 2.06 million boe/d, which was about the same level as a year earlier (OGJ Online, May 1, 2015). Underlying production growth was 2% after adjusting for divestments.

Production from the Norwegian continental shelf averaged 1.32 million boe/d while equity production outside Norway was 734,000 boe/d.

Adjusted exploration expenses were $280 million, down from $351 million a year earlier.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...

The Multi-Tax Challenge of Managing Excise Tax and Sales Tax

To be able to accurately calculate multiple tax types, companies must be prepared to continually ...

Operational Analytics in the Power Industry

Cloud computing, smart grids, and other technologies are changing transmission and distribution. ...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...