Statoil Posts Drop In Q1 Profit

Statoil ASA

reported a drop in its first-quarter earnings. Statoil's oil and gas production surged 11.3% to 2.193 million barrels of oil equivalent a day, verus 1.971 million barrels a day, in the year-ago period. Its quarterly net profit fell to 15.12 billion Norwegian kroner ($2.61 billion), from NOK15.98 billion, versus analysts' estimates of NOK14.99 billion. It projects capital expenditures of about $17 billion in 2012. Statoil shares closed at $26.09 yesterday.