Statoil Announces Surprise Profit in Q1
Norwegian energy firm Statoil ASA (STO) reported Wednesday that its first-quarter net income attributable to equity holders of the company was $607 million or $0.19 per share, compared to a loss of $4.58 billion or $1.44 per share a year ago.
Net impairment reversals of $308 million before tax in the first quarter of 2016 positively impacted the results, while last year’s results were hurt by impairment charges of $5.94 billion before tax.
Adjusted earnings after tax were $122 million in the first quarter, compared to $902 million in the same period in 2015. The reduction was primarily a consequence of significantly lower liquids and gas prices, partially offset by good operational performance and reduced underlying operating costs.
Revenues declined to $10.09 billion from $15.40 billion a year ago.
Statoil delivered equity production of 2,054 mboe per day in the first quarter. The underlying production growth in the quarter, after adjusting for divestments, was 2%.
Average daily production of liquids and gas increased 2% to 1,320 mboe per day in the first quarter.
Further, the Board of directors has decided to pay a dividend of $0.2201 per ordinary share for the first quarter.
