Alexa
  • Directory of Taiwan

Statoil Q3 profits soar on higher oil, gas prices

Statoil Q3 profits soar on higher oil, gas prices

Norwegian energy group Statoil ASA has posted an 87 percent jump in third-quarter net profits, helped mainly by higher oil and gas prices.
Wednesday's report showed profits surging to 13.8 billion ($2.4 billion) kroner from 7.4 billion kroner a year ago. Aside from higher selling prices, earnings were also boosted by lower taxes and lower impairment losses.
Revenues for the three-month period ended Sept. 30 reached 125.8 billion kroner, up from 122.4 billion kroner.
CEO Helge Lund says temporary production slowdowns on two of its North Sea fields have led to a small cut in the company's 2010 production guidance, to 1.9 billion barrels of oil equivalents per day.


Updated : 2021-07-30 15:30 GMT+08:00