Statoil Q3 Net Profit Up 38.2%

Statoil ASA

reported a rise in its net profit for the third quarter. Statoil's quarterly net profit attributable to shareholders surged 38.2% to 14.4 billion Norwegian kroner ($2.5 billion), versus analysts' estimates of NOK12 billion. Its adjusted earnings before interest and taxes fell to NOK40.0 billion, from NOK43.1 billion and versus analysts' estimates of NOK42.53 billion. Its revenue came in at NOK165.3 billion, versus analysts' expectations of NOK156.37 billion. The company's oil and gas production increased 3% y/y to 1.811 million barrels of oil equivalent a day on average, versus 1.764 million barrels a day. Statoil shares closed at $24.73 yesterday.