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Record Earnings growth for Norwegian Statoil



  

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Thursday, 28 July 2011
Norwegian oil company Statoil reported an adjusted EBITDA of Nkr43.6 billion for the second quarter of this year compared to corresponding period last year where earnings stood at Nkr36.5 billion.

Statoil's second-quarter results are well above market expectations, but CEO Helge Lund, who are experiencing severe production drops and jumps in the costs get much boost from a sharp increase in oil prices and a large disposable income following the sale of oil fields.

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This is because higher prices are said to be the main underlying driver for this profit growth. Revenues rose during the quarter to Nkr168.8 billion, compared with Nkr129.3 billion similar periods a year ago.

Statoil was surfing on a sharp rise in oil prices during the quarter with a 32 percent increase in the average price of liquids measured in Norwegian kroner, and a 28 percent increase in the average price for gas. The result includes a gain of Nkr8.8 billion after revenue recognition of sales of 40 percent share in the Brazilian Peregrino field.

“We achieved a record profit in second quarter 2011. The results reflect the operations in accordance with expectations, the value-added from the Peregrino transaction and strong oil and gas prices throughout the period supported. Production was mainly influenced by the previously announced extensive shutdowns and seasonal variation in gas sales. We continued progress in exploration and project development in the second quarter and is on track to achieve future growth,” said Statoil chief executive Helge Lund.
By Scancomark.se Team


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