Statoil Performs Well in 3rd Quarter

Performance of the company (as compared to III quarter 2009):

Revenues – $ 21.55 billion (+3%)

Net profit – $ 2.36 billion (2 times)

Net profit of the largest Norwegian Petroleum Corporation Statoil in III quarter has grown twice to $2.36 billion, while analysts expected a profit of $ 1.59 billion. Company noted that the positive factor was the high price of oil and gas, which in the third quarter increased by 14% and 8%, respectively.

Statoil's oil production in third quarter declined in 17% to 1.55 million barrels per day, which is associated with a lot of maintenance. For the first nine months of 2010, production volume dropped 3% compared to last year.

Statoil – the second largest producer of natural gas supplier in Europe – has reduced the production forecast for this year to 1.9 million barrels of oil equivalent per day from 1.925 – 1.975 million. The company maintained production forecast for 2012 at 2.06 – 2.16 million barrels per day, adding that he expects the weak production growth in 2011.

The Director-General Elga Lund explained that the decrease in the forecast for 2010 is due to preventive work and delayed the start of production at new fields, and not deterioration in the quality of deposits.

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