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.

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