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Statoil Posts Drop In Q1 Profit


Statoil ASA (NYSE: STO) 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.

Posted-In: profitEarnings News


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