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Statoil's earnings higher than expectedWednesday, 08 February 2012
The Norwegian oil and gas giant Statoil reported a larger profit gains than expected and are encouraging more investment in order to exploit oil reserves in the U.S..
Net income for the fourth quarter was up Nkr14.5 billion excluding non-recurring items. This compares with profit of Nkr10.8 billion the same period in 2010 and analysts' average forecast of 13.2 billion was what wxpected was.
Production on the whole was higher than expected during the quarter report Reuter
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