Statoil Q1 Net Profit Drops 58%

Norwegian company Statoil ASA STO posted a 58% drop in its first-quarter net profit. Statoil's quarterly net profit fell to 6.4 billion Norwegian kroner ($1.1 billion), or NOK2.02 per share. However, analysts were expecting a net profit of NOK13.76 billion. Its adjusted earnings before interest and tax came in at NOK42.4 billion, from NOK59.2 billion. Its revenue came in at NOK162.2 billion, versus analysts' estimates of NOK166.22 billion. Statoil shares closed at $24.21 yesterday.