Statoil Profits Halved

The company’s second quarter results, which were presented Thursday morning indicate that the company earned significantly less money than last year with operating profit of 34.3 billion – compared with 62.0 billion in the same quarter last year.

– Our financial results were impacted by lower prices for liquids and gas, and weak trading results, says Statoil CEO Helge Lund, according to company’s press release.

Helge Lund reviews that Statoil delivered an operationally solid quarter. The company produced as planned, delivering record production from portfolio outside Norway. “We are on track and maintain our guidance for 2013”, – implies Lund.

Statoil however is looking to the future with hope continuing its exploration progress with five discoveries in the quarter. The company has accessed attractive exploration acreage in Norway, Russia, Azerbaijan, Tanzania and Australia, further strengthening its position for profitable long-term growth

Statoil’s share price has declined by -1.6 per cent in the early hours of Thursday, while the Oslo Stock Exchange’s main index is down by 0.3 percent.

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