Statoil Posts Upbeat Q2 Profit

Statoil ASA

posted a better-than-expected net profit for the second quarter. Statoil's quarterly net profit fell 1.8% to 26.43 billion Norwegian kroner ($4.38 billion), versus analysts' estimates of NOK15.6 billion. Its adjusted earnings before interest and taxes came in at NOK45.8 billion, versus analysts' estimates of NOK49.2 billion. Its oil and gas production surged 17% to 1.980 million barrels of oil equivalent a day, versus 1.692 million barrels a day, in the year-ago quarter. Statoil's revenue rose to NOK186.5 billion, versus analysts' estimates of NOK172.86 billion. Statoil shares closed at $23.27 yesterday.